Document:

exv4w3

 

Exhibit 4.3

 

GATX CORPORATION

And

U.S. BANK NATIONAL ASSOCIATION,

as Trustee

 

PASS THROUGH TRUST AGREEMENT

Dated as of                     , 200[_]

 

 

 

Reconciliation
and tie between Pass Through Trust Agreement dated as of ___, 200___ and the Trust
Indenture Act of 1939. This reconciliation does not constitute part of the Pass Through Trust
Agreement.

	 	 	 
	TRUST INDENTURE	 	PASS THROUGH TRUST
	ACT OF 1939 SECTION	 	AGREEMENT SECTION
	310(a)(1)
	 	7.07
	310(a)(2)
	 	7.07
	312(a)
	 	3.09; 8.01; 8.02
	313(a)
	 	7.06
	314(a)
	 	8.04(a) — (c)
	314(b)
	 	8.04(d)
	314(c)(1)
	 	1.02
	314(c)(2)
	 	1.02
	314(d)(1)
	 	7.12; 11.01
	314(d)(2)
	 	7.12; 11.01
	314(d)(3)
	 	2.01
	314(e)
	 	1.02
	315(b)
	 	8.03
	316(a)(last sentence)
	 	1.01
	316(a)(1)(A)
	 	6.04
	316(a)(1)(B)
	 	6.05
	316(b)
	 	6.06
	316(c)
	 	1.04(d)
	317(a)(1)
	 	6.03
	317(b)
	 	7.12
	318(a)
	 	12.06

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page
	ARTICLE I      DEFINITIONS
	 	 	2	 
	 
	 	 	 	 
	Section 1.01.      Definitions
	 	 	2	 
	Section 1.02.      Compliance Certificates and Opinions
	 	 	9	 
	Section 1.03.      Form of Documents Delivered to Trustee
	 	 	9	 
	Section 1.04.      Acts of Certificateholders
	 	 	10	 
	 
	 	 	 	 
	ARTICLE II      ORIGINAL ISSUANCE OF CERTIFICATES ACQUISITION OF EQUIPMENT NOTES
	 	 	11	 
	 
	 	 	 	 
	Section 2.01.      Amount Unlimited; Issuable in Series
	 	 	11	 
	Section 2.02.       Acquisition of Equipment Notes
	 	 	13	 
	Section 2.03.       Acceptance by Trustee
	 	 	14	 
	Section 2.04.       Limitation of Powers
	 	 	15	 
	 
	 	 	 	 
	ARTICLE III      THE CERTIFICATES
	 	 	15	 
	 
	 	 	 	 
	Section 3.01.       Form, Denomination and Execution of Certificates
	 	 	15	 
	Section 3.02.       Authentication of Certificates
	 	 	16	 
	Section 3.03.       Temporary Certificates
	 	 	16	 
	Section 3.04.       Registration of Transfer and Exchange of Certificates
	 	 	16	 
	Section 3.05.      Mutilated, Destroyed, Lost or Stolen Certificates
	 	 	17	 
	Section 3.06.       Persons Deemed Owners
	 	 	17	 
	Section 3.07.      Cancellation
	 	 	17	 
	Section 3.08.       Limitation of Liability for Payments
	 	 	17	 
	Section 3.09.      Book-Entry and Definitive Certificates
	 	 	18	 
	 
	 	 	 	 
	ARTICLE IV      DISTRIBUTIONS; STATEMENTS TO CERTIFICATEHOLDERS
	 	 	20	 
	 
	 	 	 	 
	Section 4.01.       Certificate Account and Special Payments Account
	 	 	20	 
	Section 4.02.      Distributions from Certificate Account and Special Payments Account
	 	 	20	 
	Section 4.03.      Statements to Certificateholders
	 	 	22	 
	Section 4.04.      Investment of Special Payment Moneys
	 	 	22	 
	 
	 	 	 	 
	ARTICLE V      THE COMPANY
	 	 	23	 
	 
	 	 	 	 
	Section 5.01.      Maintenance of Corporate Existence
	 	 	23	 
	Section 5.02.      Consolidation, Merger or Sale of Assets Permitted
	 	 	23	 
	 
	 	 	 	 
	ARTICLE VI      DEFAULT
	 	 	23	 
	 
	 	 	 	 
	Section 6.01.      Events of Default
	 	 	23	 
	Section 6.02.      Incidents of Sale of Equipment Notes
	 	 	24	 
	Section 6.03.      Judicial Proceedings Instituted by Trustee
	 	 	25	 
	Section 6.04.      Control by Certificateholders
	 	 	25	 
	Section 6.05.       Waiver of Defaults
	 	 	26	 
	Section 6.06.       Undertaking to Pay Court Costs
	 	 	26	 

i

 

TABLE OF CONTENTS
(continued)

	 	 	 	 	 
	 	 	Page
	Section 6.07.      Right of Certificateholders to Receive Payments Not to Be Impaired
	 	 	27	 
	Section 6.08.      Certificateholders May Not Bring Suit Except Under Certain Conditions
	 	 	27	 
	Section 6.09.     Remedies Cumulative
	 	 	28	 
	 
	 	 	 	 
	ARTICLE VII      THE TRUSTEE
	 	 	28	 
	 
	 	 	 	 
	Section 7.01.      Certain Duties and Responsibilities
	 	 	28	 
	Section 7.02.      Notice of Defaults
	 	 	29	 
	Section 7.03.      Certain Rights of Trustee
	 	 	29	 
	Section 7.04.      Not Responsible for Recitals or Issuance of Certificates
	 	 	30	 
	Section 7.05.      May Hold Certificates
	 	 	30	 
	Section 7.06.      Money Held in Trust
	 	 	31	 
	Section 7.07.      Compensation and Reimbursement
	 	 	31	 
	Section 7.08.      Corporate Trustee Required; Eligibility
	 	 	32	 
	Section 7.09.      Resignation and Removal; Appointment of Successor
	 	 	32	 
	Section 7.10.      Acceptance of Appointment by Successor
	 	 	34	 
	Section 7.11.      Merger, Conversion, Consolidation or Succession to Business
	 	 	34	 
	Section 7.12.      Maintenance of Agencies
	 	 	34	 
	Section 7.13.      Money for Certificate Payments to Be Held in Trust
	 	 	36	 
	Section 7.14.      Registration of Equipment Notes in Trustee’s Name
	 	 	36	 
	Section 7.15.      Representations and Warranties of Trustee
	 	 	36	 
	Section 7.16.     Withholding Taxes; Information Reporting
	 	 	37	 
	Section 7.17.      Trustee’s Liens
	 	 	37	 
	 
	 	 	 	 
	ARTICLE VIII       CERTIFICATEHOLDER’S LISTS AND REPORTS BY TRUSTEE
	 	 	38	 
	 
	 	 	 	 
	Section 8.01.      The Company to Furnish Trustee with Names and Addresses of
Certificateholders
	 	 	38	 
	Section 8.02.     Preservation of Information; Communication to Certificateholders
	 	 	38	 
	Section 8.03.     Reports by Trustee
	 	 	38	 
	Section 8.04.     Reports by Company
	 	 	38	 
	 
	 	 	 	 
	ARTICLE IX      SUPPLEMENTAL TRUST AGREEMENTS
	 	 	39	 
	 
	 	 	 	 
	Section 9.01.      Supplemental Trust Agreements Without Consent of Certificateholders
	 	 	39	 
	Section 9.02.     Supplemental Trust Agreements with Consent of Certificateholders
	 	 	40	 
	Section 9.03.     Documents Affecting Immunity or Indemnity
	 	 	40	 
	Section 9.04.     Execution of Supplemental Trust Agreements
	 	 	41	 
	Section 9.05.     Effect of Supplemental Trust Agreements
	 	 	41	 
	Section 9.06.     Conformity to Trust Indenture Act
	 	 	41	 
	Section 9.07.     Reference in Certificates to Supplemental Trust Agreements
	 	 	41	 

ii

 

TABLE OF CONTENTS
(continued)

	 	 	 	 	 
	 	 	Page
	ARTICLE X      AMENDMENTS TO INDENTURES AND NOTE DOCUMENTS
	 	 	41	 
	 
	 	 	 	 
	Section 10.01.      Amendments and Supplements to Indenture and Other Note Documents
	 	 	41	 
	 
	 	 	 	 
	ARTICLE XI      TERMINATION OF TRUST
	 	 	42	 
	 
	 	 	 	 
	Section 11.01.       Termination of the Trust
	 	 	42	 
	 
	 	 	 	 
	ARTICLE XII     MISCELLANEOUS PROVISIONS
	 	 	43	 
	 
	 	 	 	 
	Section 12.01.       Limitation on Rights of Certificateholders
	 	 	43	 
	Section 12.02.       Certificates Nonassessable and Fully Paid
	 	 	43	 
	Section 12.03.       Notices
	 	 	43	 
	Section 12.04.      Governing Law
	 	 	43	 
	Section 12.05.      Severability of Provisions
	 	 	44	 
	Section 12.06.      Trust Indenture Act Controls
	 	 	44	 
	Section 12.07.       Effect of Headings and Table of Contents
	 	 	44	 
	Section 12.08.       Successors and Assigns
	 	 	44	 
	Section 12.09.       Benefits of Agreement
	 	 	44	 
	Section 12.10.       Legal Holidays
	 	 	44	 
	Section 12.11.       Counterparts
	 	 	44	 
	 
	 	 	 	 
	Signature
	 	 	 	 
	 
	 	 	 	 
	EXHIBIT A — FORM OF CERTIFICATE
	 	 	 	 

iii

 

     THIS PASS THROUGH TRUST AGREEMENT, dated as of ___, 200[_], between GATX Corporation, a New
York corporation, and U.S. Bank National Association, a national banking association, as Trustee,
is made with respect to the formation from time to time of separate GATX Corporation Pass Through
Trusts, and the issuance from time to time of separate series of Pass Through Certificates
representing fractional undivided interests in the respective Trusts.

WITNESSETH:

     WHEREAS, from time to time the Company and the Trustee shall enter into a Trust Supplement
pursuant to which the Trustee shall declare the creation of a separate Trust for the benefit of the
Holders of the series of Certificates to be issued in respect of such Trust, and the initial
Holders of the Certificates of such series, as the grantors of such Trust, by their respective
acceptances of the Certificates of such series, shall join in the creation of such Trust with the
Trustee;

     WHEREAS, all Certificates to be issued in respect of each separate Trust will be issued as a
separate series pursuant to the Basic Agreement and the related Trust Supplement, will evidence
fractional undivided interests in such Trust, and will have no rights, benefits or interest in
respect of any other separate Trust or the property held therein;

     WHEREAS, one Owner Trustee or each of two or more Owner Trustees, each acting on behalf of one
or more Owner Participants, may issue Equipment Notes to finance a portion of the purchase price of
Equipment to be purchased by such Owner Trustee and leased to the Company pursuant to the related
Lease;

     WHEREAS, each such Owner Trustee will issue Equipment Notes on a non-recourse basis under a
separate Indenture in order to finance a portion of the purchase price paid, or to be paid, for
such Equipment;

     WHEREAS, from time to time, pursuant to the terms and conditions of this Basic Agreement as
supplemented by a separate Trust Supplement with respect to a separate Trust to be formed
hereunder, the Trustee shall purchase one or more series of Equipment Notes of the same tenor as
the series of Certificates to be issued in respect of such Trust and shall hold such Equipment
Notes in trust for the benefit of the Certificateholders of such Trust;

     WHEREAS, to facilitate the sale of Equipment Notes to the Trustee on behalf of each Trust
created from time to time pursuant to this Basic Agreement and the related Trust Supplement, the
Company has duly authorized the execution and delivery of this Basic Agreement and each Trust
Supplement as the “issuer,” as such term is defined in and solely for purposes of the Securities
Act of 1933, as amended, of the Certificates to be issued in respect of each Trust and as the
“obligor,” as such term is defined in and solely for purposes of the Trust Indenture Act of 1939,
as amended, with respect to all such Certificates and is undertaking to perform certain
administrative and ministerial duties hereunder and is also undertaking to pay the fees and
expenses of the Trustee;

 

     WHEREAS, this Basic Agreement, as supplemented from time to time, is subject to the provisions
of the Trust Indenture Act of 1939, as amended, and shall, to the extent applicable, be governed by
such provisions;

     NOW, THEREFORE, in consideration of the mutual agreements herein contained, and of the other
good and valuable consideration the receipt and adequacy of which are hereby acknowledged, the
parties hereto agree as follows:

ARTICLE I

DEFINITIONS

     Section 1.01. Definitions. For all purposes of this Basic Agreement, except as otherwise
expressly provided or unless the context otherwise requires:

     (1) the terms used herein that are defined in this Article have the meanings assigned
to them in this Article, and include the plural as well as the singular;

     (2) all other terms used herein which are defined in the Trust Indenture Act, either
directly or by reference therein, have the meanings assigned to them therein;

     (3) all references in this Basic Agreement to designated “Articles”, “Sections” and
other subdivisions are to the designated Articles, Sections and other subdivisions of this
Basic Agreement; and

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

     “Act” when used with respect to any Holder, has the meaning specified in Section 1.04.

     “Affiliate” of any specified Person, means any other Person which directly or indirectly
controls or is controlled by, or is under common control with, such specified Person. For the
purposes of this definition, “control” means the possession, directly or indirectly, of the power
to direct or cause the direction of the management and policies of such Person, whether through the
ownership of voting securities, by contract or otherwise; and the terms “controlling” and
“controlled” have meanings correlative to the foregoing.

     “Authorized Agent” when used with respect to the Certificates of any series, means any Paying
Agent or Registrar for the Certificates of such series.

     “Avoidable Tax” has the meaning specified in Section 7.09(e).

     “Basic Agreement” means this Pass Through Trust Agreement, as the same may from time to time
be supplemented, amended or modified, but does not include any Trust Supplement.

     “Book-Entry Certificates” when used with respect to the Certificates of any series, means a
beneficial interest in the Certificates of such series, ownership and transfers of which shall be
made through book entries by a Clearing Agency as described in Section 3.09.

2

 

     “Business Day” means any day other than a Saturday, a Sunday, or a day on which commercial
banking institutions are authorized or obligated by law, executive order, or governmental decree to
be closed in New York, New York, Chicago, Illinois, the city and state in which the Corporate Trust
Office of the Indenture Trustee is located or the city and state in which the Corporate Trust
Office of the Trustee is located.

     “Certificate” means any one of the certificates executed and authenticated by the Trustee,
substantially in the form of Exhibit A hereto.

     “Certificate Account” when used with respect to the Certificates of any series, means the
account or accounts created and maintained for such series pursuant to Section 4.01(a) and the
related Trust Supplement.

     “Certificateholder or Holder” or “Certificateholders or Holders” when used with respect to
the Certificates of any series, means the Person or Persons in whose name a Certificate of such
series is, or Certificates of such series are, registered in the Register for Certificates of such
series.

     “Certificate Owner” when used with respect to the Certificates of any series, means, for
purposes of Section 3.09, the Person who owns a Book-Entry Certificate of such series.

     “Clearing Agency” means an organization registered as a “clearing agency” pursuant to Section
17A of the Securities Exchange Act of 1934, as amended.

     “Clearing Agency Participant” means a broker, dealer, bank, other financial institution or
other Person for whom from time to time a Clearing Agency effects, directly or indirectly,
book-entry transfers and pledges of securities deposited with the Clearing Agency.

     “Commission” means the Securities and Exchange Commission, as from time to time constituted,
created under the Securities Exchange Act of 1934, or, if at any time after the execution of this
instrument such Commission is not existing and performing the duties now assigned to it under the
Trust Indenture Act, then the body performing such duties on such date.

     “Company” means GATX Corporation, a New York corporation, or its successor in interest
pursuant to Section 5.02, or any other obligor with respect to the Certificates (within the meaning
of the Trust Indenture Act).

     “Corporate Trust Office” with respect to the Owner Trustee, means the office of such trustee
in the city at which at any particular time its corporate trust business shall be principally
administered and, with respect to the Trustee and the Indenture Trustee, means the corporate trust
office at which the Basic Agreement or the Indenture, as appropriate, is administered.

     “Cut-Off-Date” when used with respect to the Certificates of any series, means the date
designated as such in the Trust Supplement of such series.

     “Default” means any event which is, or after notice or lapse of time or both would become, an
Event of Default.

3

 

     “Definitive Certificates” when used with respect to the Certificates of any series, has the
meaning specified in Section 3.09.

     “Direction” has the meaning specified in Section 1.04(c).

     “DTC” means The Depository Trust Company and any successor clearing agency.

     “Equipment” means items of railroad rolling stock which are the subject of any Lease.

     “Equipment Note” when used with respect to any Trust, means any one of the Equipment Notes (as
defined in the applicable Indenture) described in, or on a schedule attached to, the Trust
Supplement in respect of such Trust and to be held by the Trustee as a part of such Trust,
including any Equipment Note (as so defined) issued under the applicable Indenture in replacement
or substitution therefor.

     “Escrow Account” when used with respect to the Certificates of any series, has the meaning
specified in Section 2.02(b).

     “Escrowed Funds” when used with respect to any Trust, has the meaning specified in Section
2.02(b).

     “Event of Default” when used with respect to any Trust, means an event described in Section
6.01.

     “Fractional Undivided Interest” means the fractional undivided interest in a Trust that is
evidenced by a Certificate relating to such Trust.

     “Indenture” when used with respect to any Trust, means each of the one or more separate trust
indentures and security agreements described in, or on a schedule attached to, the Trust Supplement
relating to such Trust and which relates to a series of Equipment Notes to be held in such Trust,
as such agreement may be amended or supplemented in accordance with its terms; and Indentures means
all of such agreements.

     “Indenture Event of Default” when used with respect to any Indenture, means any Indenture
Event of Default (as such term is defined in such Indenture).

     “Indenture Trustee” when used with respect to any Equipment Note or the Indenture applicable
thereto, means the bank or trust company designated as indenture trustee under such Indenture; and
any successor to such Indenture Trustee as such trustee; and Indenture Trustees means all of the
Indenture Trustees under the Indentures.

     “Initial Regular Distribution Date” when used with respect to the Certificates of any series
means the first Regular Distribution Date on which a Scheduled Payment is to be made.

     “Issuance Date” when used with respect to any Trust, means the date of the issuance of the
series of Certificates of such Trust.

4

 

     “Lease” means any lease between an Owner Trustee, as the lessor, and the Company, as the
lessee, described in an Indenture, as each such lease may be amended or supplemented in accordance
with its respective terms; and Leases means all of such Leases.

     “Letter of Representations” when used with respect to the Certificates of any series, means
the initial agreement among the Company, the Trustee and the initial Clearing Agency substantially
in the form attached as an exhibit to the related Trust Supplement.

     “Note Documents” when used with respect to any Equipment Note, means the applicable Indenture,
Participation Agreement and Lease.

     “Officer’s Certificate” means a certificate signed (i) in the case of a corporation by the
President, any Vice President, the Treasurer, an Assistant Treasurer, the Secretary or an Assistant
Secretary of such corporation, (ii) in the case of a partnership by the Chairman of the Board, the
President or any Vice President the Treasurer or an Assistant Treasurer of a corporate general
partner, and (iii) in the case of the Owner Trustee or the Indenture Trustee, a certificate signed
by a Responsible Officer of the Owner Trustee or Indenture Trustee.

     “Opinion of Counsel” means an opinion in writing, signed by legal counsel, who may be (a) the
General Counsel or Assistant General Counsel of the Company or (b) such other counsel designated by
the Company, the Owner Trustee or the Indenture Trustee, whether or not such counsel is an employee
of any of them and who shall be acceptable to the Trustee.

     “Outstanding” when used with respect to Certificates of any series, means, as of the date of
determination, all Certificates of such series theretofore authenticated and delivered under this
Basic Agreement and the related Trust Supplement, except:

     (i) Certificates of such series theretofore canceled by the Registrar or delivered to
the applicable Trustee or the Registrar for cancellation;

     (ii) Certificates of such series for which money in the full amount has been
theretofore deposited with the applicable Trustee or any Paying Agent in trust for the
Certificateholders of such series as provided in Section 4.01 pending distribution of such
money to the Certificateholders of such series pursuant to the final distribution payment to
be made pursuant to Section 11.01 hereof; and

     (iii) Certificates of such series in exchange for or in lieu of which other
Certificates of such series have been authenticated and delivered pursuant to this Basic
Agreement and the related Trust Supplement.

     “Owner Participant” means the “Owner Participant” referred to in the applicable Indenture and
any permitted successor or assign of any such Owner Participant; and Owner Participants at any time
of determination means all of the Owner Participants then referred to in the Indentures.

     “Owner Trustee” when used with respect to any Indenture or the Equipment Notes, the Lease or
the Equipment related thereto, means the “Owner Trustee” referred to in such Indenture, not in its
individual capacity but solely as trustee, and each other Person which may

5

 

from time to time be acting as Owner Trustee in accordance with the provisions of the related
Note Documents; and Owner Trustees means all of the Owner Trustees party to any of the respective
Indentures.

     “Participation Agreement” means any participation or similar agreement described in an
Indenture providing for, among other things, the issuance of Equipment Notes pursuant to such
Indenture to finance a portion of the purchase price of Equipment to be purchased by an Owner
Trustee and leased to the Company pursuant to a Lease; and Participation Agreements means all such
agreements.

     “Paying Agent” when used with respect to the Certificates of any series, means the paying
agent maintained and appointed for the Certificates of such series pursuant to Section 7.12.

     “Permitted Government Investment” means obligations of the United States of America and
agencies thereof for the payment of which the full faith and credit of the United States of America
is pledged, maturing in not more than 60 days or such lesser time as is necessary for payment of
any Special Payments on a Special Distribution Date.

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

     “Pool Balance” when used with respect to any Trust, means, as of any date, the aggregate
unpaid principal amount of the Equipment Notes held in such Trust on such date plus the amount of
the principal payments on such Equipment Notes held by the Trustee and not yet distributed plus the
amount of any moneys held in the related Escrow Account (other than earnings thereon). The Pool
Balance as of any Regular Distribution Date or Special Distribution Date, if any, with respect to
such Trust shall be computed after giving effect to the payment of principal, if any, on the
Equipment Notes and distribution thereof to be made on that date.

     “Pool Factor” when used with respect to any Trust, means, as of any date, the quotient
(rounded to the seventh decimal place) computed by dividing (i) the Pool Balance of such Trust by
(ii) the aggregate original principal amount of the Equipment Notes held in such Trust. The Pool
Factor, as of any Regular Distribution Date or Special Distribution Date, if any, with respect to
such Trust shall be computed after giving effect to the payment of principal, if any, on the
Equipment Notes and distribution thereof to be made on that date.

     “Postponed Notes” when used with respect to any Trust or the related series of Certificates,
means the Equipment Notes to be held in such Trust as to which a Postponement Notice shall have
been delivered pursuant to Section 2.02(b).

     “Postponement Notice” when used with respect to any Trust or the related series of
Certificates, means a certificate of the Company signed by an officer of the Company (1) requesting
that the Trustee temporarily postpone purchase of the related Equipment Notes to a date later than
the Issuance Date of such series of Certificates, (2) identifying the amount of the purchase price
of each such Equipment Note and the aggregate purchase price of all such Equipment Notes and (3)
with respect to such Equipment Notes referred to in Clause (1), either (a) setting or resetting a
new Transfer Date (which shall be on or prior to the applicable Cut-off

6

 

Date) for payment by the Trustee of such purchase price and issuance by the Owner Trustee of
the related Equipment Note, or (b) indicating that such new Transfer Date (which shall be on or
prior to the applicable Cut-off Date) will be set by subsequent written notice not less than one
Business Day prior to such new Transfer Date.

     “Record Date” when used with respect to any Trust or the related series of Certificates, means
(i) for Scheduled Payments to be distributed on any Regular Distribution Date, other than the final
distribution, the day (whether or not a Business Day) which is 15 days preceding such Regular
Distribution Date, and (ii) for Special Payments to be distributed on any Special Distribution
Date, if any, other than the final distribution, the day (whether or not a Business Day)which is 15
days preceding such Special Distribution Date.

     “Register and Registrar” when used with respect to the Certificates of any series, means the
register maintained and the registrar appointed pursuant to Sections 3.04 and 7.12.

     “Regular Distribution Date” when used with respect to distributions from any Trust of
Scheduled Payments, means each date designated as such in the related Trust Supplement, until
payment of all the Scheduled Payments to be made under the Equipment Notes held in such Trust has
been made.

     “Request” means a request by the Company setting forth the subject matter of the request
accompanied by an Officer’s Certificate and an Opinion of counsel as provided in Section 1.02
hereof.

     “Responsible Officer” when used with respect to the initial Trustee, the initial Indenture
Trustee or the Owner Trustee means any officer in its Corporate Trust Office; when used with
respect to any successor Trustee, or successor Indenture Trustee, means the chairman or
vice-chairman of the board of directors or trustees, the chairman or vice-chairman of the executive
or standing committee of the board of directors or trustees, the president, the chairman of the
committee on trust matters, any vice-president, any second vice-president, the secretary, any
assistant secretary, the treasurer, any assistant treasurer, the cashier, any assistant cashier,
any trust officer or assistant trust officer, the comptroller and any assistant comptroller; and,
when used with respect to the Trustee and the Indenture Trustee, also means, when used with respect
to the Trustee, Indenture Trustee or Owner Trustee with respect to a particular corporate trust
matter, any other officer to whom such matter is referred because of his knowledge of and
familiarity with the particular subject.

     “Scheduled Payment” when used with respect to a Regular Distribution Date, means any payment
(other than a Special Payment) of interest on or principal and interest on an Equipment Note, due
from the Owner Trustee which issued the Equipment Note, which payment represents the payment of a
regularly scheduled installment of principal at the stated maturity of such installment of
principal on such Equipment Note or, the payment of regularly scheduled interest accrued on such
Equipment Note, or both.

     “Special Distribution Date” means each date on which a Special Payment is to be distributed,
as specified in the applicable Trust Supplement.

7

 

     “Special Payment” when used with respect to a Special Distribution Date, means (i) any payment
of principal, premium, if any, and interest on an Equipment Note resulting from the prepayment or
purchase of such Equipment Note held in a Trust, (ii) any payment of principal and interest
(including any interest accruing upon default) on, or any other amount in respect of, an Equipment
Note upon an Indenture Event of Default in respect thereof or upon an acceleration under the
Indenture relating thereto, (iii) any Scheduled Payment or any Special Payment referred to in
clause (i) of this definition which is not in fact paid within ten business days of the Regular
Distribution Date or Special Distribution Date applicable thereto, (iv) the amounts required to be
distributed by the penultimate paragraph of Section 2.02(b) or (v) any proceeds from the sale of
any Equipment Note by the Trustee pursuant to Article VI hereof; and Special Payments means all of
such Special Payments.

     “Special Payments Account” when used with respect to the Certificates of any series, means
the account or accounts created and maintained for such series pursuant to Section 4.01(b) and the
related Trust Supplement.

     “Specified Investments” when used with respect to any Trust, means, unless otherwise specified
in the related Trust Supplement (i) direct obligations of the United States of America and agencies
thereof for which the full faith and credit of the United States is pledged, (ii) obligations fully
guaranteed by the United States of America, (iii) certificates of deposit issued by, or bankers’
acceptances of, or time deposits with, any bank, trust company or national banking association
incorporated or doing business under the laws of the United States of America or one of the states
thereof having combined capital and surplus and retained earnings of at least $500,000,000
(including the Indenture Trustee or Owner Trustee if such conditions are met), and (iv) repurchase
agreement with any financial institution having a combined capital and surplus of at least
$750,000,000 fully collateralized by obligations of the type described in clauses (i) through (iii)
above; provided that if all of the above investments are unavailable, the entire amount to be
invested may be used to purchase Federal funds from an entity described in (iii) above; and
provided further that no investment shall be eligible as a “Specified Investment” unless the final
maturity or date of return of such investment is 91 days or less from the date of purchase thereof.

     “Transfer Date” has the meaning assigned to that term or any of the terms “Delivery Date,”
“Funding Date” or “Closing Date” in a Participation Agreement.

     “Trust” means the trust created by a Trust Supplement, the estate of which consists of the
related Trust Property.

     “Trustee” means the institution executing this Basic Agreement as Trustee, or its successor in
interest, and any successor trustee appointed as provided herein.

     “Trust Indenture Act” except as otherwise provided in Section 9.06, means the Trust Indenture
Act of 1939 as in force at the date as of which this Basic Agreement was executed.

     “Trust Property” when used with respect to any Trust, means the Equipment Notes held as the
property of such Trust and all monies at any time paid thereon and all monies due and to become due
thereunder, funds from time to time deposited in the related Escrow Account, the

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related Certificate Account and the related Special Payments Account and any proceeds from the
sale by the Trustee pursuant to Article VI hereof of any such Equipment Note.

     “Trust Supplement” means an agreement supplement hereto pursuant to which (i) a separate Trust
is created for the benefit of the Holders of the Certificates of a series, (ii) the issuance of the
Certificates of such series representing Fractional Undivided Interests in such Trust is
authorized, and (iii) the terms of the Certificates of such series are established, as such
agreement may from time to time be supplemented, amended or modified.

     Section 1.02. Compliance Certificates and Opinions. Upon any application or request by the
Company, any Owner Trustee or any Indenture Trustee to the Trustee to take any action under any
provision of this Basic Agreement or any Trust Supplement, the Company, such Owner Trustee or such
Indenture Trustee, as the case may be, shall furnish to the Trustee an (i) Officer’s Certificate
stating that, in the opinion of the signer, all conditions precedent, if any, provided for in this
Basic Agreement or the applicable Trust Supplement relating to the proposed action have been
complied with, (ii) an Opinion of Counsel stating that in the opinion of such counsel all such
conditions precedent, if any, have been complied with, except that in the case of any such
application or request as to which the furnishing of such documents is specifically required by any
provision of this Basic Agreement or any Trust Supplement relating to such particular application
or request, no additional certificate or opinion need be furnished, and (iii) in the case of
conditions precedent compliance with which is subject to verification by accountants, a certificate
or opinion of an accountant that satisfies Section 314(c)(3) of the Trust Indenture Act.

     Every certificate or opinion with respect to compliance with a condition or covenant provided
for in this Basic Agreement or any Trust Supplement shall include:

     (1) a statement that each individual signing such certificate or opinion has read such
covenant or condition and the definitions herein and in the applicable Trust Supplement
relating thereto;

     (2) a brief statement as to the nature and scope of the examination or investigation
upon which the statements or opinions contained in such certificate or opinion are based;

     (3) a statement that, in the opinion of each such individual, he has made such
examination or investigation as is necessary to enable him to express an informed opinion as
to whether or not such covenant or condition has been complied with; and

     (4) a statement as to whether, in the opinion of each such individual, such condition
or covenant has been complied with.

     Section 1.03. Form of Documents Delivered to Trustee. In any case where several matters are
required to be certified by, or covered by an opinion of, any specified Person, it is not necessary
that all such matters be certified by, or covered by the opinion of only one such Person, or that
they be so certified or covered by only one document, but one such Person may certify or give an
opinion with respect to some matters and one or more other such Persons as to

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other matters and any such Person may certify or give an opinion as to such matters in one or
several documents.

     Any Opinion of Counsel stated to be based on the opinion of other counsel shall be accompanied
by a copy of such other opinion.

     Where any Person is required to make, give or execute two or more applications, requests,
consents, certificates, statements, opinions or other instruments under this Basic Agreement or any
Trust Supplement, they may, but need not, be consolidated and form one instrument.

     Section 1.04. Acts of Certificateholders. (a) Any direction, consent, waiver or other action
provided by this Basic Agreement or any Trust Supplement to be given or taken by Certificateholders
may be embodied in and evidenced by one or more instruments of substantially similar tenor signed
by such Certificateholders in person or by an agent duly appointed in writing; and, except as
herein otherwise expressly provided, such action shall become effective when such instrument or
instruments are delivered to the Trustee and, where it is hereby expressly required, to the Company
or any Indenture Trustee. Such instrument or instruments (and the action embodied therein and
evidenced thereby) are herein sometimes referred to as the “Act” of the Certificateholders signing
such instrument or instruments. Proof of execution of any such instrument or of a writing
appointing any such agent shall be sufficient for any purpose of this Basic Agreement or any Trust
Supplement and (subject to Section 7.01) conclusive in favor of the Trustee, the Company and the
Indenture Trustee, if made in the manner provided in this Section.

     (b) The fact and date of the execution by any Person of any such instrument or writing may be
proved by the certificate of any notary public or other officer of any jurisdiction authorized to
take acknowledgements of deeds or administer oaths that the Person executing such instrument
acknowledged to him the execution thereof, or by an affidavit of a witness to such execution sworn
to before any such notary or such other officer and where such execution is by an officer of a
corporation or association or a member of a partnership, on behalf of such corporation, association
or partnership such certificate or affidavit shall also constitute sufficient proof of his
authority. The fact and date of the execution of any such instrument or writing, or the authority
of the Person executing the same, may also be proved in any other reasonable manner which the
Trustee deems sufficient.

     (c) In determining whether the Certificateholders of the requisite Fractional Undivided
Interests of Certificates of any series Outstanding have given any direction, consent or waiver (a
“Direction”), under this Basic Agreement or any Trust Supplement, Certificates owned by the
Company, any related Owner Trustee, any related Owner Participant or any Affiliate of any such
Person shall be disregarded and deemed not to be Outstanding for purposes of any such
determination. In determining whether the Trustee shall be protected in relying upon any such
Direction, only Certificates of such series which the Trustee knows to be so owned shall be so
disregarded. Notwithstanding the foregoing, (i) if any such Person owns 100% of the Certificates
of any series Outstanding, such Certificates shall not be so disregarded as aforesaid, and (ii) if
any amount of Certificates of such series so owned by any such Person have been pledged in good
faith, such Certificates shall not be disregarded as aforesaid if the pledgee

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establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to
such Certificates and that the pledgee is not the Company, any related Owner Trustee, any related
Owner Participant or any Affiliate of any such Persons.

     (d) The Company may at its option by delivery of an Officer’s Certificate to the Trustee set a
record date to determine the Certificateholders entitled to give any consent, request, demand,
authorization, Direction, notice, waiver or other Act. Notwithstanding Section 316(c) of the Trust
Indenture Act, such record date shall be the record date specified in such Officer’s Certificate
which shall be a date not more than 30 days prior to the first solicitation of Certificateholders
in connection therewith. If such a record date is fixed, such consent, request, demand,
authorization, Direction, notice, waiver or other Act may be given before or after such record
date, but only the Certificateholders of record of the applicable series at the close of business
on such record date shall be deemed to be Certificateholders for the purposes of determining
whether Certificateholders of the requisite proportion of Outstanding Certificates of such series
have authorized or agreed or consented to such consent, request, demand, authorization, Direction,
notice, waiver or other Act, and for that purpose the Outstanding Certificates of such series shall
be computed as of such record date; provided that no such consent, request, demand, authorization,
Direction, notice, waiver or other Act by the Certificateholders on such record date shall be
deemed effective unless it shall become effective pursuant to the provisions of this Basic
Agreement not later than one year after such record date.

     (e) Any Direction, consent, waiver or other action by the Certificateholder of any Certificate
shall bind the Certificateholder of every Certificate issued upon the transfer thereof or in
exchange therefor or in lieu thereof, whether or not notation of such action is made upon such
Certificate.

     (f) Except as otherwise provided in Section 1.04(c), Certificates of any series owned by or
pledged to any Person shall have an equal and proportionate benefit under the provisions of this
Basic Agreement and the related Trust Supplement, without preference, priority, or distinction as
among all of the Certificates of such series.

ARTICLE II

ORIGINAL ISSUANCE OF CERTIFICATES

ACQUISITION OF EQUIPMENT NOTES

     Section 2.01. Amount Unlimited; Issuable in Series. (a) The aggregate principal amount of
Certificates which may be authenticated and delivered under this Basic Agreement is unlimited. The
Certificates may be issued from time to time in one or more series and shall be designated
generally as the “Pass Through Certificates,” with such further designations added or incorporated
in such title for the Certificates of each series as specified in the related Trust Supplement.
Each Certificate shall bear upon its face the designation so selected for the series to which it
belongs. All Certificates of the same series shall be substantially identical except that the
Certificates of a series may differ as to denomination and as may otherwise be provided in the
Trust Supplement establishing the Certificates of such series. Each separate series of
Certificates issued pursuant to this Basic Agreement and related Trust Supplement will evidence
Fractional Undivided Interests in the separate Trust formed by such Trust Supplement, and will have
no rights, benefits or interests in respect of any other separate Trust or the Trust Property

11

 

held therein. All Certificates of the same series issued under this Basic Agreement and the
related Trust Supplement shall be in all respects equally and ratably entitled to the benefits of
this Basic Agreement and the related Trust Supplement without preference, priority, or distinction
on account of the actual time or times of authentication and delivery, all in accordance with the
terms and provisions of this Basic Agreement and the related Trust Supplement.

     (b) The following matters shall be established with respect to the Certificates of each series
issued hereunder by a Trust Supplement executed and delivered by and between the Company and the
Trustee:

     (1) the formation of the Trust as to which the Certificates represent Fractional
Undivided Interests and its designation (which designation shall distinguish such Trust from
each other Trust created under this Basic Agreement and a Trust Supplement);

     (2) the specific title of the Certificates (which title shall distinguish the
Certificates of the series from each other series of Certificates issued under this Basic
Agreement);

     (3) any limit upon the aggregate principal amount of the Certificates which may be
authenticated and delivered under this Basic Agreement (which limit shall not pertain to
Certificates authenticated and delivered upon registration of transfer of, or in exchange
for, or in lieu of, other Certificates of the series pursuant to Sections 3.03, 3.04 and
3.05);

     (4) the Cut-Off Date with respect to the Certificates and the related Trust;

     (5) the Regular Distribution Dates applicable to the Certificates and the related
Trust;

     (6) the Special Distribution Dates applicable to the Certificates and the related
Trust;

     (7) if other than as provided in Section 7.12, the Registrar or the Paying Agent for
the Certificates of such series, including any Co-Registrar or additional Paying Agent;

     (8) if other than as provided in Section 3.01, the denominations in which the
Certificates of such series shall be issuable;

     (9) the specific form of the Certificates of such series and whether or not such
Certificates are to be issued as Book-Entry Certificates;

     (10) a description of the Equipment Notes to be acquired and held in the Trust formed
by such Trust Supplement and of the related Equipment and Note Documents;

     (11) provisions with respect to the terms for which the definitions set forth in
Article I hereof permit or require further specification in the related Trust Supplement;
and

12

 

     (12) any other terms of the Certificates of such series (which terms shall not be
inconsistent with the provisions of the Trust Indenture Act or adversely affect the interest
of the Certificateholders of any series Outstanding at the time), including any terms which
may be required or advisable under United States laws or regulations or advisable in
connection with the marketing of Certificates of the series.

     (c) At any time and from time to time after the execution and delivery of this Basic Agreement
and a Trust Supplement forming a Trust and establishing the terms of Certificates of a series,
Certificates of such series shall be executed, authenticated and delivered by the Trustee to the
Person or Persons specified by the Company upon request of the Company and upon satisfaction of any
conditions precedent set forth in the related Trust Supplement.

     Section 2.02. Acquisition of Equipment Notes. (a) Certificates of a series executed,
authenticated and delivered by the Trustee upon request of the Company in accordance with Section
2.01(c) shall equal in the aggregate the aggregate principal amount of the Equipment Notes to be
purchased by the Trustee pursuant to the related Participation Agreements and shall evidence the
entire ownership of the related Trust. The Trustee shall issue and sell such Certificates, in
authorized denominations and in such Fractional Undivided Interests, so as to result in the receipt
of consideration in an amount equal to the aggregate principal amount of such Equipment Notes and,
concurrently therewith, the Trustee shall purchase, pursuant to the terms and conditions of the
Participation Agreements, the Equipment Notes (except Postponed Notes, if any) at a purchase price
equal to the amount of such consideration so received. Except as provided in Sections 3.03, 3.04
and 3.05 hereof, the Trustee shall not execute, authenticate or deliver Certificates of such series
in excess of the aggregate amount specified in this paragraph. The provisions of this Subsection
(a) are subject to the provisions of Subsection (b) below.

     (b) If on or prior to the Issuance Date with respect to a series of Certificates and the
related Trust the Company shall deliver to the Trustee a Postponement Notice relating to one or
more Postponed Notes, the Trustee shall postpone the purchase of the related Postponed Notes and
shall deposit into an escrow account (the “Escrow Account”) to be maintained as a part of such
Trust an amount equal to the purchase price of such Postponed Notes (the “Escrowed Funds”). The
Escrowed Funds so deposited shall be invested by the Trustee at the direction and risk of, and for
the benefit of, the Company in Specified Investments (i) maturing no later than any scheduled
Transfer Date relating to such series of Certificates, or (ii) if no such Transfer Date has been
scheduled, maturing on the next Business Day, or (iii) if the Company has given notice to the
Trustee that any Postponed Notes will not be issued, with respect to the portion of the Escrowed
Funds relating to such Postponed Notes, maturing on the next applicable Special Distribution Date,
if such investments are reasonably available for purchase. The Trustee shall make withdrawals from
the Escrow Account only as provided in this Basic Agreement and the related Trust Supplement.

     Upon request of the Company on one or more occasions, and the satisfaction of the closing
conditions specified in the applicable Participation Agreements on or prior to the related Cut-Off
Date, the Trustee shall purchase the applicable Postponed Notes with the Escrowed Funds. The
purchase price shall equal the principal amount of such Postponed Notes. On the Initial Regular
Distribution Date, the Company will pay (in immediately available funds) to the Trustee an amount
equal to the interest that would have accrued on any Postponed Notes

13

 

purchased after the Issuance Date if such Postponed Notes had been purchased on the Issuance
Date, from the Issuance Date to, but not including, the date of the purchase of such Postponed
Notes by the Trustee.

     The Trustee shall hold all such Specified Investments until the maturity thereof and will not
sell or otherwise transfer such Specified Investments. If Specified Investments held in the Escrow
Account mature prior to any applicable Transfer Date, any proceeds received on the maturity of such
Specified Investments (other than any earnings thereon) shall be reinvested by the Trustee at the
direction and risk of, and for the benefit of, the Company in Specified Investments maturing as
provided in the second preceding paragraph.

     Any earnings on Specified Investments received from time to time by the Trustee shall be
promptly distributed to the Company. The Company shall pay to the Trustee for deposit to the
Escrow Account an amount equal to any losses realized on such Specified Investments.

     If the Company notifies the Trustee prior to the applicable Cut-Off Date that any of the
Postponed Notes will not be issued on or prior to the Cut-Off Date for any reason, on the next
Special Distribution Date for the series of Certificates related to such Postponed Notes occurring
more than 10 days following the date of such notice (i) the Company shall pay to the Trustee for
deposit in the related Special Payments Account, in immediately available funds, an amount equal to
the interest that would have accrued on the Postponed Notes designated in such notice at a rate
equal to the interest rate applicable to such series of Certificates from the Issuance Date to, but
not including, such Special Distribution Date and (ii) the Trustee shall transfer an amount equal
to that amount of Escrowed Funds that would have been used to purchase the Postponed Notes
designated in such notice and the amount paid by the Company pursuant to the immediately preceding
clause (i) to the related Special Payments Account for distribution as a Special Payment in
accordance with the provisions hereof.

     If, on the applicable Cut-Off Date, an amount equal to less than all of the Escrowed Funds
(other than Escrowed Funds referred to in the immediately preceding paragraph) has been used to
purchase Postponed Notes, on the Special Distribution Date for the series of Certificates related
to such Postponed Notes next following such Cut-Off Date by more than 10 days (i) the Company shall
pay to the Trustee for deposit in the related Special Payments Account, in immediately available
funds, an amount equal to the interest that would have accrued on such Postponed Notes contemplated
to be purchased with such unused Escrowed Funds (other than Escrowed Funds referred to in the
immediately preceding paragraph) but not so purchased at a rate equal to the interest rate
applicable to such series of Certificates from the Issuance Date to, but no including, such Special
Distribution Date and (ii) the Trustee shall transfer such unused Escrowed Funds and the amount
paid by the Company pursuant to the immediately preceding clause (i) to such Special Payments
Account for distribution as a Special Payment in accordance with the provisions hereof.

     Section 2.03. Acceptance by Trustee. The Trustee, upon the execution and delivery of a Trust
Supplement creating a Trust and a series of Certificates, shall acknowledge its acceptance of all
right, title and interest in and to the Equipment Notes to be acquired pursuant to Section 2.02
hereof and the Participation Agreements and shall declare that the Trustee holds and will hold such
right, title, and interest, together with all other property constituting the Trust Property,

14

 

for the benefit of all present and future Certificateholders of such series, upon the trusts
herein and in such Trust Supplement set forth. By its payment for and acceptance of each
Certificate of such series issued to it under this Basic Agreement and such Trust Supplement, each
initial Certificateholder of such series as grantor of the Trust thereby joins in the creation and
declaration of such Trust.

     Section 2.04. Limitation of Powers. Each Trust shall be constituted solely for the purpose of
making the investment in the Equipment Notes provided for in the related Trust Supplement, and,
except as set forth herein or in such Trust Supplement, the Trustee shall not be authorized or
empowered to acquire any other investments or engage in any other activities and, in particular,
the Trustee shall not be authorized or empowered to do anything that would cause the Trust to fail
to qualify as a “grantor trust” for federal income tax purposes (including, as subject to this
restriction, acquiring any Equipment (as defined in the related Indenture) by bidding the Equipment
Notes or otherwise, or taking any action with respect to any such Equipment once acquired).

ARTICLE III

THE CERTIFICATES

     Section 3.01. Form, Denomination and Execution of Certificates. The Certificates of each
series shall be issued in registered form without coupons and shall be substantially in the form
attached hereto as Exhibit A, with such omissions, variations and insertions as are permitted by
this Basic Agreement or the related Trust Supplement, and may have such letters, numbers or other
marks of identification and such legends or endorsements printed, lithographed or engraved thereon,
as may be required to comply with the rules of any securities exchange on which such Certificates
may be listed or to conform to any usage in respect thereof, or as may, consistently herewith, be
prescribed by the Trustee or by the officer executing such Certificates, such determination by said
officer to be evidenced by his signing such Certificates.

     Except as provided in Section 3.09, the definitive Certificates of such series shall be
printed, lithographed or engraved or produced by any combination of these methods or may be
produced in any other manner permitted by the rules of any securities exchange on which such
Certificates may be listed, all as determined by the officer executing such Certificates, as
evidenced by his execution of such Certificates.

     Except as otherwise provided in the related Trust Supplement, the Certificates of each series
shall be issued in denominations of $1,000 or integral multiples thereof except that one
Certificate of such series may be issued in a denomination of less than $1,000.

     The Certificates of each series shall be executed on behalf of the Trustee by manual or
facsimile signature of a Responsible Officer of the Trustee. Certificates bearing the manual or
facsimile signature of an individual who was, at the time when such signature was affixed,
authorized to sign on behalf of the Trustee shall be valid and binding obligations of the Trustee,
notwithstanding that such individual has ceased to be so authorized prior to the authentication and
delivery of such Certificates or did not hold such office at the date of such Certificates. No
Certificate of any series shall be entitled to any benefit under this Basic Agreement or any Trust
Supplement, or be valid for any purposes, unless there appears on such Certificate a certificate of

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authentication substantially in the form set forth in Exhibit A hereto executed by the Trustee
by manual signature, and such certificate upon any Certificate shall be conclusive evidence, and
the only evidence, that such Certificate has been duly authenticated and delivered hereunder. All
Certificates of any series shall be dated the date of their authentication.

     Section 3.02. Authentication of Certificates. The Trustee shall duly authenticate and deliver
Certificates of each series in authorized denominations equalling in the aggregate the aggregate
principal amount of the Equipment Notes to be purchased by the Trustee pursuant to the related
Participation Agreement, and evidencing the entire ownership of the related Trust.

     Section 3.03. Temporary Certificates. Pending the preparation of definitive Certificates of
any series, the Trustee may execute, authenticate and deliver temporary Certificates of such series
which are printed lithographed, typewritten, or otherwise produced, in any denomination, containing
substantially the same terms and provisions as set forth in Exhibit A, except for such appropriate
insertions, omissions, substitutions and other variations relating to their temporary nature as the
officer executing such temporary Certificates may determine, as evidenced by his execution of such
temporary Certificates.

     If temporary Certificates of any series are issued, the Trustee will cause definitive
Certificates of such series to be prepared without unreasonable delay. After the preparation of
definitive Certificates, the temporary Certificates shall be exchangeable for definitive
Certificates of such series upon surrender of the temporary Certificates at the Corporate Trust
Office of the Trustee, or at the office or agency of the Trustee maintained in accordance with
Section 7.12, without charge to the holder. Upon surrender for cancellation of any one or more
temporary Certificates, the Trustee shall execute, authenticate and deliver in exchange therefor
definitive Certificates of like series, in authorized denominations of a like aggregate Fractional
Undivided Interest. Until so exchanged, such temporary Certificates shall in all respects be
entitled to the same benefits under this Basic Agreement and the related Trust Supplement as
definitive Certificates of such series.

     Section 3.04. Registration of Transfer and Exchange of Certificates. (a) The Trustee shall
cause to be kept at the office or agency to be maintained by it in accordance with the provisions
of Section 7.12 a register (the “Register”) for each series of Certificates in which, subject to
the provisions of this Section 3.04 and the Certificates, the Trustee shall provide for the
registration of Certificates and of transfers and exchanges of Certificates as herein provided.
The Trustee shall initially be the registrar (the “Registrar”) for the purpose of registering
Certificates of each series and transfers and exchanges of Certificates as herein provided.

     (b) Upon surrender for registration of transfer of any Certificate at the Corporate Trust
Office or such other office or agency, the Trustee shall execute, authenticate and deliver, in the
name of the designated transferee or transferees, one or more new Certificates of like series, in
authorized denominations of a like aggregate Fractional Undivided Interest. At the option of a
Certificateholder, Certificates may be exchanged for other Certificates of like series, in
authorized denominations of a like aggregate Fractional Undivided Interest, upon surrender of the
Certificates to be exchanged at any such office or agency. Whenever any Certificates are so
surrendered for exchange, the Trustee shall execute, authenticate and deliver the Certificates that
the Certificateholder making the exchange is entitled to receive. Every Certificate presented or

16

 

surrendered for registration of transfer or exchange shall be duly endorsed or accompanied by
a written instrument of transfer in form satisfactory to the Trustee and the Registrar duly
executed by the Holder thereof or his attorney duly authorized in writing.

     (c) No service charge shall be made to a Certificateholder for any registration of transfer or
exchange of Certificates, but the Trustee shall require payment of a sum sufficient to cover any
tax or governmental charge that may be imposed in connection with any transfer or exchange of
Certificates.

     (d) All Certificates surrendered for registration of transfer and exchange shall be cancelled
and subsequently destroyed by the Trustee.

     Section 3.05. Mutilated, Destroyed, Lost or Stolen Certificates. If (a) any mutilated
Certificate is surrendered to the Registrar, or the Registrar receives evidence to its satisfaction
of the destruction, loss or theft of any Certificate and (b) there is delivered to the Registrar
and the Trustee such security, indemnity or bond, as may be required by them to save each of them
harmless, then, in the absence of notice to the Registrar or the Trustee that such Certificate has
been acquired by a bona fide purchaser, the Trustee shall execute, authenticate and deliver, in
exchange for or in lieu of any such mutilated, destroyed, lost or stolen Certificate, a new
Certificate of like series and of like Fractional Undivided Interest with the same final Regular
Distribution Date. In connection with the issuance of any new Certificate under this Section 3.05,
the Trustee shall require the payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in relation thereto and any other expenses (including the fees and
expenses of the Trustee and the Registrar) connected therewith. Any duplicate Certificate issued
pursuant to this Section 3.05 shall constitute conclusive evidence of the appropriate Fractional
Undivided Interest in the related Trust, as if originally issued, whether or not the lost, stolen
or destroyed Certificate shall be found at any time.

     Section 3.06. Persons Deemed Owners. Prior to due presentation of a Certificate for
registration of transfer, the Trustee, the Registrar, and any Paying Agent of the Trustee may treat
the person in whose name any Certificate is registered as the owner of such Certificate for the
purpose of receiving distributions pursuant to Section 4.02 and for all other purposes whatsoever,
and neither the Trustee, the Registrar, nor any Paying Agent of the Trustee shall be affected by
any notice to the contrary.

     Section 3.07. Cancellation. All Certificates surrendered for payment or transfer or exchange
shall, if surrendered to any Person a party hereto other than the Registrar, be delivered by such
Person to the Registrar for cancellation. No Certificates shall be authenticated in lieu of or in
exchange for any Certificates cancelled as provided in this Section, except as expressly permitted
by this Basic Agreement. All cancelled Certificates held by the Registrar shall be destroyed and a
certification of their destruction delivered to the Trustee.

     Section 3.08. Limitation of Liability for Payments. All payments or distributions made to
Certificateholders of any series under this Basic Agreement or the related Trust Supplement shall
be made only from such Trust Property of the related Trust and only to the extent that the Trustee
shall have sufficient income or proceeds from the Trust Property to make such payments in
accordance with the terms of Article IV of this Basic Agreement and the

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related Trust Supplement. Each Certificateholder, by its acceptance of such Certificate,
agrees that it will look solely to the income and proceeds from the Trust Property of the related
Trust to the extent available for distribution to the Holder thereof as provided in this Basic
Agreement and the related Trust Supplement. Nothing in this Basic Agreement shall be construed as
an agreement, or otherwise creating an obligation, of the Company to pay any of the principal,
premium, if any, and interest due from time to time under the Equipment Notes or in respect of the
Certificates.

     Section 3.09. Book-Entry and Definitive Certificates. (a) Except for one Certificate of each
series that may be issued in a denomination of less than $1,000, the Certificates of each series
may be issued in the form of one or more typewritten Certificates representing the Book-Entry
Certificates of such series, to be delivered to DTC, the initial Clearing Agency, by, or on behalf
of, the Company. In such case, the Certificates of such series delivered to DTC shall initially be
registered on the Register in the name of CEDE & Co., the nominee of the initial Clearing Agency,
and no Certificate Owner will receive a definitive certificate representing such Certificate
Owner’s interest in the Certificates of such series, except as provided above and in Subsection (d)
below. Except with respect to the one Certificate of each series that may be issued in a
denomination of less than $1,000, unless and until definitive, fully registered Certificates of
such series (the “Definitive Certificates”) have been issued pursuant to Subsection (d) below:

     (i) the provisions of this Section 3.09 shall be in full force and effect;

     (ii) the Company, the Paying Agent, the Registrar and the Trustee may deal with the
Clearing Agency for all purposes (including the making of distributions on the Certificates)
as the authorized representative of the Certificate Owners;

     (iii) to the extent that the provisions of this Section 3.09 conflict with any other
provisions of this Basic Agreement or any Trust Supplement (other than the provisions of any
Trust Supplement amending this Section 3.09 as permitted by this Basic Agreement), the
provisions of this Section 3.09 shall control;

     (iv) the rights of Certificate Owners shall be exercised only through the Clearing
Agency and shall be limited to those established by law and agreements between such
Certificate Owners and the Clearing Agency Participants; and until Definitive Certificates
are issued pursuant to Subsection (d) below, the Clearing Agency will make book-entry
transfers among the Clearing Agency Participants and receive and transmit distributions of
principal and interest and premium, if any, on the Certificates to such Clearing Agency
Participants; and

     (v) whenever this Basic Agreement or any Trust Supplement requires or permits actions
to be taken based upon instructions or directions of Certificateholders of such series
holding Certificates of such series evidencing a specified percentage of the Fractional
Undivided Interests in the related Trust, the Clearing Agency shall be deemed to represent
such percentage only to the extent that it has received instructions to such effect from
Certificate Owners and/or Clearing Agency Participants owning or representing, respectively,
such required percentage of the beneficial interest in

18

 

Certificates of such series and has delivered such instructions to the Trustee. The
Trustee shall have no obligation to determine whether the Clearing Agency has in fact
received any such instructions.

     (b) Except with respect to the one Certificate of each series that may be issued in a
denomination of less than $1,000, whenever notice or other communication to the Certificateholders
of such series is required under this Basic Agreement or the related Trust Supplement, unless and
until Definitive Certificates shall have been issued pursuant to Subsection (d) below, the Trustee
shall give all such notices and communications specified herein to be given to Certificateholders
of such series to the Clearing Agency and/or the Clearing Agency Participants, and shall make
available additional copies as requested by such Clearing Agency Participants.

     (c) Unless and until Definitive Certificates of a series are issued pursuant to Subsection (d)
below, on the Record Date prior to each applicable Regular Distribution Date and Special
Distribution Date, the Trustee will request from DTC a Securities Position Listing (as defined in
the Letter of Representations) setting forth the names of all Clearing Agency Participants
reflected on DTC’s books as holding interests in the Certificates of such series on such Record
Date. The Trustee shall mail to each such Clearing Agency Participant, the statements described in
Section 4.03 hereof and will make available additional copies as requested by such Clearing Agency
Participant to be available for forwarding to Certificate Owners.

     (d) If with respect to the Certificates of any series, (i) the Company advises the Trustee in
writing that the Clearing Agency is no longer willing or able to properly discharge its
responsibilities and the Trustee or the Company is unable to locate a qualified successor, (ii) the
Company at its option, advises the Trustee in writing that it elects to terminate the book-entry
system through the Clearing Agency or (iii) after the occurrence of an Event of Default,
Certificate Owners of Book-Entry Certificates of such series evidencing Fractional Undivided
Interests aggregating not less than a majority in interest in the related Trust, by Act of said
Certificate Owners delivered to the Company and the Trustee, advise the Trustee and the Clearing
Agency through the Clearing Agency Participants in writing that the continuation of a book-entry
system through the Clearing Agency is no longer in the best interests of the Certificate Owners of
such series, then the Trustee shall notify all Certificate Owners of such series, through the
Clearing Agency, of the occurrence of any such event and of the availability of Definitive
Certificates. Upon surrender to the Trustee of all the Certificates of such series held by the
Clearing Agency, accompanied by registration instructions from the Clearing Agency for registration
of Definitive Certificates in the names of Certificate Owners of such series, the Trustee shall
issue and deliver the Definitive Certificates of such series in accordance with the instructions of
the Clearing Agency. Neither the Company, the Registrar, the Paying Agent nor the Trustee shall be
liable for any delay in delivery of such instructions and may conclusively rely on, and shall be
protected in relying on, such registration instructions. Upon the issuance of Definitive
Certificates of such series, the Trustee shall recognize the Person in whose name such Definitive
Certificates are registered in the Register as Certificateholders of such series hereunder.
Neither the Company nor the Trustee shall be liable if the Trustee or the Company is unable to
locate a qualified successor Clearing Agency.

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     (e) Except as otherwise provided in the related Trust Supplement, the Trustee shall enter into
the applicable Letter of Representations with respect to each series of Certificates and fulfill
its responsibilities thereunder.

     (f) The provisions of this Section 3.09 may be made inapplicable to any series or may be
amended with respect to any series in the related Trust Supplement.

ARTICLE IV

DISTRIBUTIONS; STATEMENTS TO

CERTIFICATEHOLDERS

     Section 4.01. Certificate Account and Special Payments Account. (a) The Trustee shall
establish and maintain on behalf of the Certificateholders of each series a Certificate Account as
one or more non-interest-bearing accounts. The Trustee shall hold the Certificate Account in trust
for the benefit of the Certificateholders of such series, and shall make or permit withdrawals
therefrom only as provided in this Basic Agreement or the related Trust Supplement. On each day
when a Scheduled Payment is made under any Indenture to the Trustee, as holder of the Equipment
Notes issued under such Indenture, the Trustee upon receipt shall immediately deposit the aggregate
amount of such Scheduled Payment in the applicable Certificate Account.

     (b) The Trustee shall establish and maintain on behalf of the Certificateholders of each
series a Special Payments Account as one or more accounts, which shall be non-interest-bearing
except as provided in Section 4.04. The Trustee shall hold such Special Payments Account in trust
for the benefit of the Certificateholders of such series, and shall make or permit withdrawals
therefrom only as provided in this Basic Agreement or the related Trust Supplement. On each day
when one or more Special Payments (other than a Special Payment that represents either payment
received with respect to an Equipment Note upon an Event of Default in respect thereof or the
proceeds of any sale pursuant to Article VI hereof by the Trustee of an Equipment Note) is made
under any Indenture to the Trustee, as holder of the Equipment Notes issued under such Indenture,
the Trustee upon receipt shall immediately deposit the aggregate amounts of such Special Payments
in the applicable Special Payments Account. Upon the sale of any Equipment Note by the Trustee
pursuant to Article VI hereof and the realization of any proceeds thereof, the Trustee shall
deposit the aggregate amount of such proceeds as a Special Payment in the applicable Special
Payments Account.

     (c) The Trustee shall present to the Indenture Trustee to which an Equipment Note relates such
Equipment Note on the date of its stated final maturity, or in the case of any Equipment Note which
is to be prepaid or purchased in whole pursuant to the relevant Indenture, on the applicable
prepayment or purchase date under such Indenture.

     Section 4.02. Distributions from Certificate Account and Special Payments Account. (a) On
each Regular Distribution Date with respect to a series of Certificates or as soon thereafter as
the Trustee has confirmed receipt of the payment of the Scheduled Payments due on the Equipment
Notes held in the related Trust on such date, the Trustee shall distribute out of the applicable
Certificate Account the entire amount deposited therein on account of Scheduled Payments pursuant
to Section 4.01(a). There shall be so distributed to each Certificateholder of

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record on the Record Date with respect to such Regular Distribution Date (other than as
provided in Section 11.01 concerning the final distribution) (i) by check mailed to such
Certificateholder at the address appearing in the Register or (ii) prior to the time Definitive
Certificates are issued, by wire transfer of same-day funds to the account designated by the
Certificateholder to the Trustee on or prior to the Record Date relating to such Regular
Distribution Date, such Certificateholder’s pro rata share (based on the aggregate Fractional
Undivided Interest in the related Trust held by such Certificateholder) of the aggregate amount in
the applicable Certificate Account.

     (b) On each Special Distribution Date with respect to any Special Payment with respect to a
series of Certificates or as soon thereafter as the Trustee has confirmed receipt of the Special
Payments due on the Equipment Notes held in the related Trust or realized upon the sale of any such
Equipment Note, the Trustee shall distribute out of the applicable Special Payments Account the
entire amount deposited therein on account of Special Payments pursuant to Section 4.01(b). There
shall be so distributed to each Certificateholder of record of such series on the Record Date with
respect to such Special Distribution Date (other than as provided in Section 11.01 concerning the
final distribution) (i) by check mailed to such Certificateholder at the address appearing in the
Register or (ii) prior to the time Definitive Certificates are issued, by wire transfer of same-day
funds to the account designated by the Certificateholder to the Trustee on or prior to the Record
Date relating to such Special Distribution Date, such Certificateholder’s pro rata share (based on
the aggregate Fractional Undivided Interest in the related Trust held by such Certificateholder) of
the aggregate amount in the applicable Special Payments Account on account of such Special Payment.

     (c) The Trustee shall at the expense of the Company cause notice of each Special Payment with
respect to a series of Certificates to be mailed to each Certificateholder of such series at his
address as it appears in the Register. In the event of a prepayment or purchase of Equipment Notes
held in the related Trust, such notice shall be mailed not less than 20 days prior to the date any
such Special Payment is scheduled to be distributed. In the case of a Special Payment pursuant to
either of the last two paragraphs of Section 2.02(b), such notice shall be mailed not less than 10
days prior to the date any such Special Payment is scheduled to be distributed. In the case of any
other Special Payments, such notice shall be mailed as soon as practicable after the Trustee has
confirmed that it has received funds for such Special Payment. Notices mailed by the Trustee shall
set forth:

     (i) the Special Distribution Date and the Record Date therefor (except as otherwise
provided in Section 11.01);

     (ii) the amount of the Special Payment for each $1,000 face amount Certificate (taking
into account any payment to be made by the Company pursuant to Section 2.02(b)) and the
amount thereof constituting principal, premium, if any, and interest;

     (iii) the reason for the Special Payment; and

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     (iv) if the Special Distribution Date is the same date as a Regular Distribution Date
for the Certificates of such series, the total amount to be received on such date for each
$1,000 face amount Certificate.

     If the amount of premium payable upon the prepayment or purchase of an Equipment Note has not been
calculated at the time that the Trustee mails notice of a Special Payment, it shall be sufficient
if the notice sets forth the other amounts to be distributed and states that any premium received
will also be distributed.

     Section 4.03. Statements to Certificateholders. (a) On each Regular Distribution Date and
Special Distribution Date, if any, with respect to a series of Certificates the Trustee will
include with each distribution to Certificateholders of the related series a statement, giving
effect to such distribution to be made on such Regular Distribution Date or Special Distribution
Date, as the case may be, setting forth the following information (per a $1,000 face amount
Certificate as to (i) and (ii) below):

     (i) the amount of such distribution allocable to principal and the amount allocable to
premium, if any;

     (ii) the amount of such distribution allocable to interest; and

     (iii) the Pool Balance and the Pool Factor of the related Trust.

     (b) Within a reasonable period of time after the end of each calendar year but not later than
the latest date permitted by law, the Trustee shall furnish to each Person who at any time during
such calendar year was a Certificateholder of record a statement containing the sum of the amounts
determined pursuant to clauses (a)(i) and (a)(ii) with respect to the related Trust for such
calendar year or, in the event such Person was a Certificateholder of record during a portion of
such calendar year, for the applicable portion of such year, and such other items as are readily
available to the Trustee and which a Certificateholder shall reasonably request as necessary for
the purpose of such Certificateholder’s preparation of its Federal Income tax returns.

     Section 4.04. Investment of Special Payment Moneys. Any money received by the Trustee
pursuant to Section 4.01(b) representing a Special Payment which is not to be promptly distributed
shall, to the extent practicable, be invested in Permitted Government Investments by the Trustee
pending distribution of such Special Payment pursuant to Section 4.02. Any investment made
pursuant to this Section 4.04 shall be in such Permitted Government Investments having maturities
not later than the date that such moneys are required to be used to make the payment required under
Section 4.02 on the applicable Special Distribution Date and the Trustee shall hold any such
Permitted Government Investments until maturity. The Trustee shall have no liability with respect
to any investment made pursuant to this Section 4.04, other than by reason of the willful
misconduct or negligence of the Trustee. All income and earnings from such investments shall be
distributed on such Special Distribution Date as part of such Special Payment.

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ARTICLE V

THE COMPANY

     Section 5.01. Maintenance of Corporate Existence. The Company, at its own costs and expense,
will do or cause to be done all things necessary to preserve and keep in full force and effect its
corporate existence, rights and franchises, except as otherwise specifically permitted in Section
5.02; provided, however, that the Company shall not be required to preserve any right or franchise
if the Company shall determine that the preservation thereof is no longer desirable in the conduct
of the business of the Company and that the loss thereof is not prejudicial in any material respect
to the Certificateholders.

     Section 5.02. Consolidation, Merger or Sale of Assets Permitted. (a) The Company covenants
that it will not consolidate with or merge into any other corporation or sell, convey or otherwise
dispose of all or substantially all of its assets as an entirety to any Person unless the successor
or transferee corporation (if other than the Company) shall be a corporation organized and existing
under the laws of the United States of America or a state thereof or the District of Columbia, and
such corporation shall expressly assume the due and punctual performance and observance of all of
the covenants and conditions of this Basic Agreement and the related Trust Supplement to be
performed by the Company by supplemental agreement given by such successor corporation to the
Trustee.

     (b) The Company agrees with the Certificateholders of each series that, immediately prior to
and after giving effect to any transaction described in Section 5.02(a), no Event of Default with
respect to Equipment Notes held in the related Trust arising solely as a result of an event of
default under a related Lease and no Indenture Event of Default with respect to such Equipment
Notes arising solely as a result of an event of default under a related lease, and no event that,
after notice or lapse of time, or both, would become such an Event of Default or such an Indenture
Event of Default, shall have occurred and be continuing. The Trustee, subject to the provisions of
Sections 7.01 and 7.02, may receive an Officer’s Certificate and an Opinion of Counsel as
conclusive evidence that any such consolidation, merger, sale or conveyance, and any such
assumption complies with the provisions of this Section 5.02.

     (c) In case of any such merger, consolidation, sale, conveyance or other disposition and upon
any such assumption by the successor corporation, such successor corporation shall succeed to and
be substituted for the Company hereunder, with the same effect as if it had been named herein as
the party of the first part.

ARTICLE VI

DEFAULT

     Section 6.01. Events of Default. If in respect of any Trust, any Indenture Event of Default
under any applicable Indenture (an “Event of Default”) shall occur and be continuing, then, and in
each and every case, so long as such Indenture Event of Default shall be continuing, the Trustee
may vote all of the Equipment Notes issued under the applicable Indenture and held in the Trust,
and upon the direction of the Certificateholders evidencing Fractional Undivided Interests
aggregating not less than a majority in interest in such Trust, the Trustee shall vote a
corresponding majority of such Equipment Notes, in favor of directing the Indenture Trustee

23

 

under such Indenture, to declare the unpaid principal amount of the Equipment Notes then
outstanding to which such Event of Default relates and accrued interest thereon to be due and
payable under, and in accordance with the provisions of, the applicable Indenture. In addition, if
an Indenture Event of Default shall have occurred and be continuing under any Indenture, the
Trustee may in accordance with the applicable Indenture vote the Equipment Notes held in the Trust
to which such Event of Default relates to direct the Indenture Trustee regarding the exercise of
remedies provided in such Indenture.

     In addition, after an Event of Default shall have occurred and be continuing with respect to
any Equipment Notes, the Trustee may in its discretion, and upon the direction of the
Certificateholders evidencing Fractional Undivided Interests aggregating not less than a majority
in interest in the related Trust shall, by such officer or agent as it may appoint, sell, convey,
transfer and deliver such Equipment Note or Equipment Notes, without recourse to or warranty by the
Trustee or any Certificateholder, to any Person. In any such case, the Trustee shall sell, assign,
contract to sell or otherwise dispose of and deliver such Equipment Note or Equipment Notes in one
or more parcels at public or private sale or sales, at any location or locations at the option of
the Trustee, all upon such terms and conditions as it may reasonably deem advisable and at such
prices as it may reasonably deem advisable, for cash. If the Trustee so decides or is required to
sell or otherwise dispose of any Equipment Note pursuant to this Section, the Trustee shall take
such of the actions described above as it may reasonably deem most effectual to complete the sale
or other disposition of such Equipment Note, so as to provide for the payment in full of all
amounts due on the related series of Certificates. The Trustee shall give notice to the Company
promptly after any such sale. Notwithstanding the foregoing, any action taken by the Trustee under
this Section shall not, in the reasonable judgment of the Trustee, be adverse to the best interests
of the Certificateholders of such series.

     Section 6.02. Incidents of Sale of Equipment Notes. Upon any sale of all or any part of the
Equipment Notes made either under the power of sale given under this Basic Agreement or the related
Trust Supplement or otherwise for the enforcement of this Basic Agreement or the related Trust
Supplement, the following shall be applicable:

     (a) Certificateholders and Trustee May Purchase Equipment Notes. Any Certificateholder, the
Trustee in its individual or any other capacity or any other Person may bid for and purchase any of
the Equipment Notes, and upon compliance with the terms of sale, may hold, retain, possess and
dispose of such Equipment Notes in their or its or his own absolute right without further
accountability.

     (b) Receipt of Trustee Shall Discharge Purchaser. The receipt of the Trustee or of the
officer making such sale shall be a sufficient discharge to any purchaser for his purchase money,
and, after paying such purchase money and receiving such receipt, such purchaser or his personal
representative or assigns shall not be obliged to see to the application of such purchase money, or
be in any way answerable for any loss, misapplication or non-application thereof.

     (c) Application of Moneys Received upon Sale. Any moneys collected by the Trustee upon any
sale made either under the power of sale given by this Basic Agreement and the related Trust
Supplement or otherwise for the enforcement of this Basic Agreement and the related Trust
Supplement, shall be applied as provided in Section 4.02.

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     Section 6.03. Judicial Proceedings Instituted by Trustee.

     (a) Trustee May Bring Suit. If there shall be a failure to make payment of the principal of,
premium, if any, or interest on any Equipment Note, or if there shall be any failure to pay Rent
(as defined in the applicable Lease) under any Lease when due and payable, then the Trustee, in its
own name, and as trustee of an express trust, as holder of such Equipment Notes, shall be, to the
extent permitted by and in accordance with the terms of the Note Documents, entitled and empowered
to institute any suits, actions or proceedings at law, in equity or otherwise, for the collection
of the sums so due and unpaid or proceedings at law, in equity or otherwise, for the collection of
the sums so due and unpaid on such Equipment Notes or under such Lease and may prosecute any such
claim or proceeding to judgment or final decree with respect to the whole amount of any such sums
so due and unpaid.

     (b) Trustee May File Proofs of Claim; Appointment of Trustee as Attorney-in-Fact in Judicial
Proceedings. The Trustee in its own name, or as trustee of an express trust, or as
attorney-in-fact for the Certificateholders of any series, or in any one or more of such capacities
(irrespective of whether distributions on the Certificates of any series shall then be due and
payable, or the payment of the principal on any Equipment Notes shall then be due and payable, as
therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have
made any demand to the relevant Indenture Trustee for the payment of overdue principal, premium (if
any) or interest on the Equipment Notes), shall be entitled and empowered to file such proofs of
claim and other papers or documents as may be necessary or advisable in order to have the claims of
the Trustee and of the Certificateholders of any series allowed in any receivership, insolvency,
bankruptcy, liquidation, readjustment, reorganization or any other judicial proceedings relative to
the Company or any Owner Trustee or Owner Participant, their respective creditors or property. Any
receiver, assignee, trustee, liquidator, sequestrator (or similar official) in any such judicial
proceeding is hereby authorized by each Certificateholder to make payments in respect of such claim
to the Trustee, and in the event that the Trustee shall consent to the making of such payments
directly to the Certificateholders of any series, to pay to the Trustee any amount due to it for
the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and
counsel. Nothing contained in this Basic Agreement or any related Trust Supplement shall be deemed
to give to the Trustee any right to accept or consent to any plan of reorganization or otherwise by
action of any character in any such proceeding or to waive or change in any way any right of any
Certificateholder of any series.

     Section 6.04. Control by Certificateholders. Subject to Section 2.04, the Certificateholders
holding Certificates of a series evidencing Fractional Undivided Interests aggregating not less
than a majority in interest in the related Trust shall have the right to direct the time, method
and place of conducting any proceeding for any remedy available to the Trustee, or exercising any
trust or power conferred on the Trustee under this Basic Agreement or the related Trust Supplement,
including any right of the Trustee as holder of the Equipment Notes, provided that:

     (1) such direction shall not be in conflict with any rule of law or with this Basic
Agreement or the related Trust Supplement and would not involve the Trustee in personal
liability or expense,

25

 

     (2) the Trustee shall not determine that the action so directed would be unjustly
prejudicial to the Certificateholders of such series not taking part in such direction,

     (3) the Trustee may take any other action deemed proper by the Trustee which is not
inconsistent with such direction, and

     (4) if any Indenture Event of Default under a related Indenture shall have occurred and
be continuing, such direction shall not obligate the Trustee to vote more than a
corresponding majority of the related Equipment Notes held by the Trust in favor of
directing any action by the Indenture Trustee with respect to such Indenture Event of
Default.

     Section 6.05. Waiver of Defaults. The Certificateholders holding Certificates of a series
evidencing Fractional Undivided Interests aggregating not less than a majority in interest in the
Trust may on behalf of all of the Certificateholders of such series waive any Default or Event of
Default and its consequences hereunder or under the related Trust Supplement with respect to such
series or may instruct the Trustee to waive any default under the related Indenture, this Basic
Agreement or the related Trust Supplement with respect to such series and its consequences, except
a Default:

     (1) in the deposit of any Scheduled Payment or Special Payment under Section 4.01 or in
the distribution of any payment under Section 4.02 on the Certificates of such series, or

     (2) in the payment of the principal of, premium, if any, or interest on any Equipment
Notes, or

     (3) in respect of a covenant or provision hereof which under Article IX hereof cannot
be modified or amended without the consent of the Certificateholder of each Outstanding
Certificate of such series affected.

     Upon any such waiver, such Default shall cease to exist with respect to the Certificates of
such series, and any Event of Default arising therefrom shall be deemed to have been cured for
every purpose in respect of such series and any direction given by the Trustee on behalf of the
Certificateholders of such series to the Indenture Trustee shall be annulled with respect thereto;
but no such waiver shall extend to any subsequent or other Default or Event of Default or impair
any right consequent thereon. Upon any such waiver, the Trustee shall vote the Equipment Notes
issued under the Indenture to waive the corresponding Indenture Default or Indenture Event of
Default.

     Section 6.06. Undertaking to Pay Court Costs. All parties to this Basic Agreement and the
related Trust Supplement, and each Certificateholder by his acceptance of a Certificate, shall be
deemed to have agreed that any court may in its discretion require, in any suit, action or
proceeding for the enforcement of any right or remedy under this Basic Agreement or the related
Trust Supplement, or in any suit, action or proceeding against the Trustee for any action taken or
omitted by it as Trustee hereunder or under the related Trust Supplement, the filing by any party
litigant in such suit, action or proceeding of an undertaking to pay the costs of such suit, action
or

26

 

proceeding, and that such court may, in its discretion, assess reasonable costs, including
reasonable attorneys’ fees, against any party litigant in such suit, action or proceeding, having
due regard to the merits and good faith of the claims or defenses made by such party litigant;
provided, however, that the provisions of this Section shall not apply to (a) any suit, action or
proceeding instituted by any Certificateholder or group of Certificateholders of any series
evidencing Fractional Undivided Interests aggregating more than 10% of the relevant Trust, (b) any
suit, action or proceeding instituted by any Certificateholder of any series for the enforcement of
the distribution of payments pursuant to Section 4.02 hereof on or after the respective due dates
expressed herein or (c) any suit, action or proceeding instituted by the Trustee.

     Section 6.07. Right of Certificateholders to Receive Payments Not to Be Impaired. Anything in
this Basic Agreement or any Trust Supplement to the contrary notwithstanding, including without
limitation Section 6.08 hereof, the right of any Certificateholder to receive distributions of
payments required pursuant to Section 4.02 hereof on the Certificates when due, or to institute
suit for the enforcement of any such payment on or after the applicable Regular Distribution Date
or Special Distribution Date, shall not be impaired or affected without the consent of such
Certificateholder.

     Section 6.08. Certificateholders May Not Bring Suit Except Under Certain Conditions. A
Certificateholder of any series shall not have the right to institute any suit, action or
proceeding at law or in equity or otherwise with respect to this Basic Agreement or the related
Trust Supplement, for the appointment of a receiver or for the enforcement of any other remedy
under this Basic Agreement or the related Trust Supplement, unless:

     (1) such Certificateholder previously shall have given written notice to the Trustee of
a continuing Event of Default;

     (2) the Certificateholders holding Certificates of such series evidencing Fractional
Undivided Interests aggregating not less than a majority in interest of the Trust shall have
requested the Trustee in writing to institute such action, suit or proceeding and shall have
offered to the Trustee indemnity as provided in Section 7.03(e);

     (3) the Trustee shall have refused or neglected to institute any such action, suit or
proceeding for 60 days after receipt of such notice, request and offer of indemnity; and

     (4) no direction inconsistent with such written request has been given to the Trustee
during such 60 day period by the Certificateholders holding Certificates of such series
evidencing Fractional Undivided Interests aggregating not less than a majority in interest
in the related Trust.

     It is understood and intended that no one or more of the Certificateholders of any series
shall have any right in any manner whatever hereunder or under the related Trust Supplement or
under the Certificates of such series to (i) surrender, impair, waive, affect, disturb or prejudice
any property in the Trust Property of the related Trust or the lien of any applicable Indenture on
any property subject thereto, or the rights of the Certificateholders of such series or the holders

27

 

of the applicable Equipment Notes, (ii) obtain or seek to obtain priority over or preference
to any other Certificateholder of such series or (iii) enforce any right under this Basic Agreement
or the related Trust Supplement, except in the manner herein or therein provided and for the equal,
ratable and common benefit of all the Certificateholders of such series subject to the provisions
of this Basic Agreement and the related Trust Supplement.

     Section 6.09. Remedies Cumulative. Every remedy given hereunder to the Trustee or to any of
the Certificateholders of any series shall not be exclusive of any other remedy or remedies, and
every such remedy shall be cumulative and in addition to every other remedy given hereunder or now
or hereafter given by statute, law, equity or otherwise.

ARTICLE VII

THE TRUSTEE

     Section 7.01. Certain Duties and Responsibilities. (a) Except during the continuance of an
Event of Default,

     (1) the Trustee undertakes to perform such duties as are specifically set forth in this
Basic Agreement and related Trust Supplement, and no implied covenants or obligations shall
be read into this Basic Agreement or related Trust Supplement against the Trustee; and

     (2) in the absence of bad faith on its part, the Trustee may conclusively rely, as to
the truth of the statements and the correctness of the opinions expressed therein, upon
certificates or opinions furnished to the Trustee and conforming to the requirements of this
Basic Agreement and the related Trust Supplement; but in the case of any such certificates
or opinions which by any provision hereof are specifically required to be furnished to the
Trustee, the Trustee shall be under a duty to examine the same to determine whether or not
they conform to the requirements of this Basic Agreement and related Trust Supplement.

     (b) In case an Event of Default has occurred and is continuing, the Trustee shall exercise
such of the rights and powers vested in it by this Basic Agreement and related Trust Supplement,
and use the same degree of care and skill in their exercise, as a prudent man would exercise or use
under the circumstances in the conduct of his own affairs.

     (c) No provision of this Basic Agreement and related Trust Supplement shall be construed to
relieve the Trustee from liability for its own negligent action, its own negligent failure to act,
or its own willful misconduct, except that

     (1) this Subsection shall not be construed to limit the effect of Subsection (a) of
this Section;

     (2) the Trustee shall not be liable for any error of judgment made in good faith by a
Responsible Officer of the Trustee, unless it shall be proved that the Trustee was negligent
in ascertaining the pertinent facts;

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     (3) the Trustee shall not be liable with respect to any action taken or omitted to be
taken by it in good faith in accordance with the direction of the Certificateholders of any
series evidencing Fractional Undivided Interests aggregating not less than a majority in
interest in the relevant Trust relating to the time, method and place of conducting any
proceeding for any remedy available to the Trustee, or exercising any trust or power
conferred upon the Trustee, under this Basic Agreement or any related Trust Supplement; and

     (4) no provision of this Basic Agreement or any related Trust Supplement shall require
the Trustee to expend or risk its own funds in the performance of any of its duties
hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable
grounds for believing that repayment of such funds or adequate indemnity against such risk
is not reasonably assured to it.

     (d) Whether or not herein expressly so provided, every provision of this Basic Agreement or
any related Trust Supplement relating to the conduct or affecting the liability of or affording
protection to the Trustee shall be subject to the provisions of this Section.

     Section 7.02. Notice of Defaults. As promptly as practicable after, and in any event within
90 days after, the occurrence of any Default hereunder, the Trustee shall transmit by mail to the
Company, the related Owner Trustee, the related Indenture Trustee and to all Certificateholders
holding Certificates of the related series in accordance with Section 313(c) of the Trust Indenture
Act, as their names and addresses appear in the Register, notice of such Default hereunder known to
the Trustee, unless such Default shall have been cured or waived; provided, however, that, except
in the case of a Default in the payment of the principal of, premium, if any, or interest on any
Equipment Note, the Trustee shall be protected in withholding such notice if and so long as the
board of directors, the executive committee or a trust committee of directors and/or Responsible
Officers of the Trustee in good faith determines that the withholding of such notice is in the
interests of the Certificateholders of the related series.

     Section 7.03. Certain Rights of Trustee. Subject to the provisions of Section 315 of the
Trust Indenture Act: (a) the Trustee may rely and shall be protected in acting or refraining from
acting in reliance upon any resolution, certificate, statement, instrument, opinion, report,
notice, request, direction, consent, order, bond, debenture or other paper or document believed by
it to be genuine and to have been signed or presented by the proper party or parties;

     (b) any request or direction of the Company mentioned herein shall be sufficiently evidenced
by a Request;

     (c) whenever in the administration of this Basic Agreement or any Trust Supplement the Trustee
shall deem it desirable that a matter be proved or established prior to taking, suffering or
omitting any action hereunder, the Trustee (unless other evidence be herein specifically
prescribed) may, in the absence of bad faith on its part, rely upon an Officer’s Certificate of the
Company, any Owner Trustee or any Indenture Trustee;

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     (d) the Trustee may consult with counsel and the advice of such counsel or any Opinion of
Counsel shall be full and complete authorization and protection in respect of any action taken,
suffered or omitted by it hereunder in good faith and in reliance thereon;

     (e) the Trustee shall be under no obligation to exercise any of the rights or powers vested in
it by this Basic Agreement or any Trust Supplement at the request or direction of any of the
Certificateholders of any series pursuant to this Basic Agreement or any Trust Supplement, unless
such Certificateholders shall have offered to the Trustee reasonable security or indemnity against
the cost, expenses and liabilities which might be incurred by it in compliance with such request or
direction;

     (f) the Trustee shall not be bound to make any investigation into the facts or matters stated
in any resolution, certificate, statement, instrument, opinion, report, notice, request,
direction, consent, order, bond, debenture or other paper or document;

     (g) the Trustee may execute any of the trusts or powers hereunder or perform any duties under
this Basic Agreement or any Trust Supplement either directly or by or through agents or attorneys
and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent
or attorney appointed with due care by it hereunder;

     (h) the Trustee shall not be deemed to have knowledge of an Event of Default except any Event
of Default of which the Trustee shall have received written notification or obtained actual
knowledge; and

     (i) delivery of reports, information and documents to the Trustee under Section 8.04(a) and
(b) is for informational purposes only and the Trustee’s receipt of the foregoing shall not
constitute constructive notice of any information contained therein or determinable from
information contained therein, and the Trustee shall be entitled to rely conclusively on the
certificates to be delivered to the Trustee under Section 8.04(d) as to the Company’s compliance
with any of their covenants hereunder.

     Section 7.04. Not Responsible for Recitals or Issuance of Certificates. The recitals
contained herein and in the Certificates of each series, except the certificates of authentication,
shall not be taken as the statements of the Trustee, and the Trustee assumes no responsibility for
their correctness. Subject to Section 7.15, the Trustee makes no representations as to the
validity or sufficiency of this Basic Agreement, any Trust Supplement, the Note Documents, the
Indentures, the Equipment Notes or the Certificates, except that the Trustee hereby represents and
warrants that this Basic Agreement has been, and each Trust Supplement and each Certificate of each
series will be, executed and delivered by one of its officers who is duly authorized to execute and
deliver such document on its behalf.

     Section 7.05. May Hold Certificates. The Trustee, any Paying Agent, Registrar or any other
agent, in their respective individual or any other capacity, may become the owner or pledgee of
Certificates and may otherwise deal with the Company, any Owner Trustee or any Indenture Trustee
with the same rights it would have if it were not Trustee, Paying Agent, Registrar or such other
agent.

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     Section 7.06. Money Held in Trust. Money held by the Trustee or the Paying Agent in trust
under this Basic Agreement or under any Trust Supplement need not be segregated from other funds
except to the extent required herein, in any Trust Supplement or by law and neither the Trustee nor
the Paying Agent shall have any liability for interest upon any such moneys except as provided for
herein or in any Trust Supplement.

     Section 7.07. Compensation and Reimbursement. The Company agrees

     (1) to pay, or cause to be paid, to the Trustee from time to time the compensation set
forth in the schedule agreed to by the Trustee and the Company for all services rendered by
it hereunder (which compensation shall not be limited by any provision of law in regard to
the compensation of a trustee of an express trust);

     (2) except as otherwise expressly provided herein or in any Trust Supplement, to
reimburse, or cause to be reimbursed, the Trustee upon its request for all reasonable
out-of-pocket expenses, disbursements and advances incurred or made by the Trustee in
accordance with any provision of this Basic Agreement or any Trust Supplement (including the
reasonable compensation and the expenses and disbursements of its agents and counsel),
except any such expense, disbursement or advance as may be attributable to its negligence,
willful misconduct or bad faith or as may be incurred due to the Trustee’s breach of its
representations and warranties set forth in Section 7.15;

     (3) to indemnify, or cause to be indemnified, the Trustee in accordance with the
applicable Participation Agreement. The Trustee shall notify the Company promptly of any
claim for which it may seek indemnity. The Company shall defend the claim and the Trustee
shall cooperate in the defense. The Trustee may have separate counsel with the consent of
the Company and the Company will pay the reasonable fees and expenses of such counsel. The
Company need not pay for any settlement made without its consent; and

     (4) to indemnify, or cause to be indemnified, the Trustee, solely in its individual
capacity, for, and to hold it harmless against, any tax (other than for or with respect to
any tax referred to in the next paragraph, provided that no indemnification shall be
available with respect to any tax attributable to the Trustee’s compensation for serving as
such) incurred without negligence, willful misconduct or bad faith, on its part, arising out
of or in connection with the acceptance or administration of this Trust, including any costs
and expenses incurred in contesting the imposition of any such tax. The Trustee, in its
individual capacity, shall notify the Company promptly of any tax for which it may seek
indemnity. The Company shall defend against the imposition of such tax and the Trustee, in
its individual capacity, shall cooperate in the defense. The Trustee, in its individual
capacity, may have separate counsel with the consent of the Company and the Company will pay
the reasonable fees and expenses of such counsel. The Company need not pay for any taxes
paid, in settlement or otherwise, without its consent.

     In addition, the Trustee shall be entitled to reimbursement from, and shall have a lien prior
to the Certificates upon, all property and funds held or collected by the Trustee in its capacity
as Trustee for any tax incurred without negligence, bad faith or willful misconduct, on

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its part, arising out of or in connection with the acceptance or administration of the Trust
created pursuant to any Trust Supplement (other than any tax attributable to the Trustee’s
compensation for serving as such), including any costs and expenses incurred in contesting the
imposition of any such tax. If the Trustee reimburses itself for any such tax it will within 30
days mail a brief report setting forth the circumstances thereof to all Certificateholders as their
names and addresses appear in the Register.

     Section 7.08. Corporate Trustee Required; Eligibility. Each Trust shall at all times have a
Trustee which shall be eligible to act as a Trustee under Section 310(a) of the Trust Indenture Act
and which shall be a corporation organized and doing business under the laws of the United States
of America or of any state, authorized under such laws to exercise corporate trust powers, having
(or, in the case of a subsidiary of a bank holding company, its parent shall have) a combined
capital and surplus of a least $100,000,000, and subject to supervision or examination by Federal
or state authority. If such corporation publishes reports of condition at least annually, pursuant
to law or to the requirements of the aforesaid supervising or examining authority, then for the
purposes of this Section, the combined capital and surplus of such corporation shall be deemed to
be its combined capital and surplus as set forth in its most recent report of condition so
published. If at any time the Trustee shall cease to be eligible in accordance with the provisions
of this Section to act as Trustee of any Trust, the Trustee shall resign immediately in the manner
and with the effect hereinafter specified in Section 7.09.

     Section 7.09. Resignation and Removal; Appointment of Successor. (a) No resignation or
removal of the Trustee of any Trust and no appointment of a successor Trustee pursuant to this
Article shall become effective until the acceptance of appointment by the successor Trustee under
Section 7.10.

     (b) The Trustee may resign at any time as Trustee of any or all Trusts by giving written
notice thereof to the Company, the Authorized Agents, the related Owner Trustee and the related
Indenture Trustee. If an instrument of acceptance by a successor Trustee shall not have been
delivered to the Company, the related Owner Trustee and the related Indenture Trustee within 30
days after the giving by the Trustee of such notice of resignation, the resigning Trustee may
petition any court of competent jurisdiction for the appointment of a successor Trustee.

     (c) The Trustee may be removed at any time as Trustee of any Trust by Act of
Certificateholders of the related series holding Certificates of such series evidencing Fractional
Undivided Interests aggregating not less than a majority in interest in such Trust delivered to the
Trustee and to the Company, the related Owner Trustee and the related Indenture Trustee.

     (d) If at any time in respect of any Trust:

     (1) the Trustee shall fail to comply with Section 310 of the Trust Indenture Act after
written request therefor by the Company or by any Certificateholder of the related series
who has been a bona fide Certificateholder for at least six months; or

     (2) the Trustee shall cease to be eligible under Section 7.08 and shall fail to resign
after written request therefor by the Company or by any such Certificateholder; or

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     (3) the Trustee shall become incapable of acting or shall be adjudged a bankrupt or
insolvent or a receiver of the Trustee or of its property shall be appointed or any public
officer shall take charge or control of the Trustee or of its property or affairs for the
purpose of rehabilitation, conservation or liquidation;

then, in any case, (i) the Company may remove the Trustee or (ii) subject to Section 6.06, any
Certificateholder of the related series who has been a bona fide Certificateholder for at least six
months may, on behalf of himself and all others similarly situated, petition any court of competent
jurisdiction for the removal of the Trustee and the appointment of a successor Trustee of such
Trust.

     (e) If a Responsible Officer of the Trustee shall obtain actual knowledge of an Avoidable Tax
(as hereinafter defined) in respect of any Trust which has been or is likely to be asserted, the
Trustee shall promptly notify the Company and the related Owner Trustees thereof and shall, within
30 days of such notification, resign hereunder unless within such 30 day period the Trustee of such
Trust shall have received notice that the Company or the related Owner Trustee has agreed to pay
such tax. The Company shall promptly appoint a successor Trustee of such Trust in a jurisdiction
where there are no Avoidable Taxes. As used herein an Avoidable Tax means a state or local tax:
(i) upon (w) the Trust, (x) the Trust Property of such Trust, (y) Certificateholders of such Trust
or (z) the Trustee for which the Trustee is entitled to seek reimbursement from the Trust Property
of such Trust, and (ii) which would be avoided if the Trustee were located in another state, or
jurisdiction within a state, within the United States. A tax shall not be an Avoidable Tax if the
Company or the related Owner Trustee shall agree to pay, and shall pay, such tax.

     (f) If the Trustee shall resign, be removed or become incapable of acting as Trustee of any
Trust, or if a vacancy shall occur in the office of the Trustee of any Trust for any cause, the
Company shall promptly appoint a successor Trustee of such Trust. If, within 90 days after such
resignation, removal or incapability, or the occurrence of such vacancy, a successor Trustee of
such Trust shall be appointed by Act of the Certificateholders holding Certificates evidencing
Fractional Undivided Interests aggregating not less than a majority in interest in such Trust
delivered to the Company, the related Owner Trustee, the related Indenture Trustee and the retiring
Trustee, the successor Trustee so appointed of such Trust shall, forthwith upon its acceptance of
such appointment, become the successor Trustee of such Trust and supersede the successor Trustee
appointed as provided above. If no successor Trustee of such Trust shall have been so appointed as
provided above and accepted appointment in the manner hereinafter provided, any Certificateholder
who has been a bona fide Certificateholder of the related series for at least six months may, on
behalf of himself and all others similarly situated, petition any court of competent jurisdiction
for the appointment of a successor Trustee for such Trust.

     (g) The successor Trustee of a Trust shall give notice of the resignation and removal of the
Trustee and appointment of the successor Trustee by mailing written notice of such event by
first-class mail, postage prepaid, to the Certificateholders of the related series as their names
and addresses appear in the Register. Each notice shall include the name of such successor Trustee
and the address of its Corporate Trust Office.

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     Section 7.10. Acceptance of Appointment by Successor. (a) Every successor Trustee
appointment hereunder shall execute, acknowledge and deliver to the Company and to the retiring
Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the
retiring Trustee with respect to the related Trusts shall become effective and such successor
Trustee, without any further act, deed or conveyance, shall become vested with all the rights,
powers, trusts and duties of the retiring Trustee with respect to related Trusts; but, on request
of the Company or the successor Trustee, such retiring Trustee shall execute and deliver an
instrument transferring to such successor Trustee all the rights, powers and trusts of the retiring
Trustee and such successor Trustee shall duly assign, transfer and deliver to such successor
Trustee all property and money held by such retiring Trustee with respect to the related Trusts,
subject nevertheless to its lien, if any, provided for in Section 7.07. Upon request of any such
successor Trustee, the Company, the retiring Trustee and such provisions as shall execute and
deliver any and all instruments containing such provisions as shall be necessary or desirable to
transfer and confirm to, and for more fully and certainly vesting in, such successor Trustee all
such rights, powers and trusts.

     (b) If a successor Trustee is appointed with respect to one or more (but not all) Trusts, the
Company, the predecessor Trustee and each successor Trustee with respect to any Trust shall execute
and deliver an agreement supplemental hereto which shall contain such provisions as shall be deemed
necessary or desirable to confirm that all the rights, powers, trusts and duties of the predecessor
Trustee with respect to the Trusts as to which the predecessor Trustee is not retiring shall
continue to be vested in the predecessor Trustee, and shall add to or change any of the provisions
of this Basic Agreement as shall be necessary to provide for or facilitate the administration of
the Trusts hereunder by more than one Trustee, it being understood that nothing herein or in such
supplemental agreement shall constitute such Trustee co-Trustees of the same Trust and that each
such Trustee shall be Trustee of separate Trusts.

     Section 7.11. Merger, Conversion, Consolidation or Succession to Business. Any corporation
into which the Trustee may be merged or converted or with which it may be consolidated, or any
corporation resulting from any merger, conversion or consolidation to which the Trustee shall be a
party, or any corporation succeeding to all or substantially all of the corporate trust business of
the Trustee, including the administration of the Basic Agreement, shall be the successor of the
Trustee hereunder, provided such corporation shall be otherwise qualified and eligible under this
Article, without the execution or filing of any paper or any further act on the part of any of the
parties hereto. In case any Certificates shall have been authenticated, but not delivered, by the
Trustee then in office, any successor by merger, conversion or consolidation to such authenticating
Trustee may adopt such authentication and deliver the Certificates so authenticated with the same
effect as if such successor Trustee had itself authenticated such Certificates.

     Section 7.12. Maintenance of Agencies. (a) With respect to each series of Certificates,
there shall at all times be maintained in the Borough of Manhattan, The City of New York, an office
or agency where Certificates of such series may be presented or surrendered for registration of
transfer or for exchange, and for payment thereof and where notices and demands to or upon the
Trustee in respect of the Certificates or of this Basic Agreement or any Trust Supplement may be
served. Such office or agency shall be initially at U.S. Bank Trust National Association, 100 Wall
Street, Suite 1600, New York, NY 10005, Attention: Corporate Trust

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Services (GATX Corporation 200[    ] Pass Through Trust Agreement). Written notice of the
location of each such other office or agency and of any change of location thereof shall be given
by the Trustee to the Company, the Owner Trustees, the Indenture Trustees and the
Certificateholders of such series. In the event that no such office or agency shall be maintained
or no such notice of location or of change of location shall be given, presentations and demands
may be made and notices may be served at the Corporate Trust Office of the Trustee.

     (b) There shall at all times be a Registrar and a Paying Agent with respect to the
Certificates of each series. Each such Authorized Agent shall be a bank or trust company, shall be
a corporation organized and doing business under the laws of the United States or any state, with
(or, in the case of a subsidiary of a bank holding company, its parent shall have) a combined
capital and surplus of at least $100,000,000, and shall be authorized under such laws to exercise
corporate trust powers, subject to supervision by Federal or state authorities. The Trustee shall
initially be the Paying Agent and, as provided in Section 3.04, Registrar hereunder with respect to
the Certificates of each series. Each Registrar shall furnish to the Trustee, at stated intervals
of nor more than six months, and at such other times as the Trustee may request in writing, a copy
of the Register.

     (c) Any corporation into which any Authorized Agent may be merged or converted or with which
it may be consolidated, or any corporation resulting from any merger, consolidation or conversion
to which any Authorized Agent shall be a party, or any corporation succeeding to the corporate
trust business of any Authorized Agent, shall be the successor of such Authorized Agent hereunder,
if such successor corporation is otherwise eligible under this Section, without the execution or
filing of any paper or any further act on the part of the parties hereto or such Authorized Agent
or such successor corporation.

     (d) Any Authorized Agent may at any time resign by giving written notice of resignation to the
Trustee, the Company, the related Owner Trustees and the related Indenture Trustees. The Company
may, and at the request of the Trustee shall, at any time terminate the agency of any Authorized
Agent by giving written notice of termination to such Authorized Agent and to the Trustee. Upon
the resignation or termination of an Authorized Agent or in case at any time any such Authorized
Agent shall cease to be eligible under this Section (when, in either case, no other Authorized
Agent performing the functions of such Authorized Agent shall have been appointed), the Company
shall promptly appoint one or more qualified successor Authorized Agents, reasonably satisfactory
to the Trustee, to perform the functions of the Authorized Agent which has resigned or whose agency
has been terminated or who shall have ceased to be eligible under this Section. The Company shall
give written notice of any such appointment made by it to the Trustee, the related Owner Trustees
and the related Indenture Trustees; and in each case the Trustee shall mail notice of such
appointment to all Certificateholders of the related series as their names and addresses appear on
the Register for such series.

     (e) The Company agrees to pay, or cause to be paid, from time to time to each Authorized Agent
the compensation as set forth in the schedule agreed to by each Authorized Agent and the Company
for its services and to reimburse it for its reasonable expenses.

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     Section 7.13. Money for Certificate Payments to Be Held in Trust. All moneys deposited with
any Paying Agent for the purpose of any payment on Certificates of any series shall be deposited
and held in trust for the benefit of the Certificateholders entitled to such payment, subject to
the provisions of this Section. Moneys so deposited and held in trust shall constitute a separate
trust fund for the benefit of the Certificateholders with respect to which such money was
deposited.

     The Trustee will cause each Paying Agent other than the Trustee to execute and deliver to it
an instrument in which such Paying Agent shall agree with the Trustee, subject to the provisions of
this Section, that such Paying Agent will

     (1) hold all sums held by it for payments on Certificates of any series in trust for
the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or
otherwise disposed of as herein provided;

     (2) give the Trustee notice of any default by any obligor upon the Certificates of any
series in the making of any such payment; and

     (3) at any time during the continuance of any such default, upon the written request of
the Trustee, forthwith pay to the Trustee all sums so held in trust by such Paying Agent.

     The Trustee may at any time, for the purpose of obtaining the satisfaction and discharge of
this Basic Agreement or for any other purpose, direct any Paying Agent to pay to the Trustee all
sums held in trust by such Paying Agent, such sums to be held by the Trustee upon the same trusts
as those upon which such sums were held by such Paying Agent; and, upon such payment by any Paying
Agent to the Trustee, such Paying Agent shall be released from all further liability with respect
to such money.

     Section 7.14. Registration of Equipment Notes in Trustee’s Name. The Trustee agrees that all
Equipment Notes, Permitted Government Investments, if any, and Specified Investments, if any, shall
be issued in the name of the Trustee for the applicable Trust or its nominee and held by the
Trustee, or, if not so held, the Trustee or its nominee shall be reflected as the owner of such
Equipment Notes, Permitted Government Investments or Specified Investments, as the case may be, in
the register of the issuer of such Equipment Notes, Permitted Government Investments or Specified
Investments under the applicable provisions of the Uniform Commercial Code in effect where the
Trustee holds such Equipment Notes, Permitted Government Investments, Specified Investments, or
other applicable law then in effect.

     Section 7.15. Representations and Warranties of Trustee. The Trustee hereby represents and
warrants that:

     (i) the Trustee is a national banking association duly organized, validly existing, and
in good standing under the laws of the United States of America;

     (ii) the Trustee has full power, authority and legal right to execute, deliver, and
perform this Basic Agreement and the Participation Agreement and has taken all

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necessary action to authorize the execution, delivery, and performance by it of this
Basic Agreement;

     (iii) the execution, delivery and performance by the Trustee of this Basic Agreement
(a) will not violate any provision of any United States law or regulation governing the
banking and trust powers of the Trustee or any order, writ, judgment, or decree of any
court, arbitrator, or governmental authority applicable to the Trustee or any of its assets,
(b) will not violate any provision of the articles of association or by-laws of the Trustee,
or (c) will not violate any provision of, or constitute, with or without notice or lapse of
time, a default under, or result in the creation or imposition of any lien on any properties
included in the Trust Property or any Trust pursuant to the provisions of any mortgage,
indenture, contract, agreement or other undertaking to which it is a party, which violation,
default or lien could reasonably be expected to have an adverse effect on the Trustee’s
performance or ability to perform its duties hereunder or thereunder or on the transactions
contemplated herein or therein;

     (iv) the execution, delivery and performance by the Trustee of this Basic Agreement
will not require the authorization, consent, or approval of, the giving of notice to, the
filing or registration with, or the taking of any other action in respect of, any United
States or other governmental authority or agency regulating the banking and corporate trust
activities of the Trustee; and

     (v) this Basic Agreement has been duly executed and delivered by the Trustee and
constitutes the legal, valid, and binding agreement of the Trustee, enforceable in
accordance with its terms, provided that enforceability may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the rights of
creditors generally and general principles of equity.

     Section 7.16. Withholding Taxes; Information Reporting. The Trustee, as trustee of each
grantor trust created by this Basic Agreement and the related Trust Supplement, shall exclude and
withhold from each distribution of principal, premium, if any, and interest and other amounts due
hereunder or under any Trust Supplement or under the Certificates of any series any and all
withholding taxes applicable thereto as required by law. The Trustee agrees to act as such
withholding agent and, in connection therewith, whenever any present or future taxes or similar
charges are required to be withheld with respect to any amounts payable in respect of the
Certificates of any series, to withhold such amounts and timely pay the same to the appropriate
authority in the name of and on behalf of the holders of the Certificates of any series, that it
will file any necessary withholding tax returns or statements when due, and that, as promptly as
possible after the payment thereof, it will deliver to each holder of a Certificate of any series
appropriate documentation showing the payment thereof, together with such additional documentary
evidence as such holders may reasonably request from time to time. The Trustee agrees to file any
other information reports as it may be required to file under United States law.

     Section 7.17. Trustee’s Liens. The Trustee, in its individual capacity, agrees that it will
at its own cost and expense promptly take any action as may be necessary to duly discharge and
satisfy in full any mortgage, pledge, lien, charge, encumbrance, security interest or claim
(“Trustee’s Liens”) on or with respect to the Trust Property of any Trust which is either (i)

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attributable to the Trustee in its individual capacity and which is unrelated to the
transactions contemplated by this Basic Agreement, any Trust Supplement, the related Participation
Agreement or the related Note Documents, or (ii) attributable to the Trustee as trustee hereunder
or in its individual capacity and which arise out of acts or omissions which are prohibited by this
Basic Agreement or any Trust Supplement.

ARTICLE VIII

CERTIFICATEHOLDER’S LISTS AND REPORTS BY TRUSTEE

     Section 8.01. The Company to Furnish Trustee with Names and Addresses of Certificateholders.
With respect to the Certificates of any series, the Company will furnish to the Trustee within 15
days after each Record Date with respect to a Scheduled Payment, and at such other times as the
Trustee may request in writing, within 30 days after receipt by the Company of any such request, a
list, in such form as the Trustee may reasonably require, of all information, if any, in the
possession or control of the Company as to the names and addresses of the Holders of Certificates
of such series, in each case as of a date not more than 15 days prior to the time such list is
furnished; provided, however, that so long as the Trustee is the sole Registrar, no such list need
be furnished; and provided further, however, that no such list need be furnished for so long as a
copy of the Register is being furnished to the Trustee pursuant to Section 7.12(b).

     Section 8.02. Preservation of Information; Communication to Certificateholders. The Trustee
shall preserve, in as current a form as is reasonably practicable, the names and addresses of
Certificateholders of each series contained in the most recent list furnished to the Trustee as
provided in Section 7.12(b) or Section 8.01, as the case may be, and the names and addresses of
Certificateholders of each series, received by the Trustee in its capacity as Registrar, if so
acting. The Trustee may destroy any list furnished to it as provided in Section 7.12(b) or Section
8.01, as the case may be, upon receipt of a new list so furnished.

     Section 8.03. Reports by Trustee. Within 60 days after May 15 of each year commencing with
the year 200___, the Trustee shall transmit to the Certificateholders of each series, as provided in
Section 313(c) of the Trust Indenture Act, a brief report dated as of such May 15, if required by
Section 313(a) of the Trust Indenture Act.

     Section 8.04. Reports by Company. The Company shall: (a) file with the Trustee, within 30
days after the Company is required to file the same with the Commission, copies of the annual
reports and of the information, documents and other reports (or copies of such portions of any of
the foregoing as the Commission may from time to time by rules and regulations prescribe) which the
Company is required to file with the Commission pursuant to section 13 or section 15(d) of the
Securities Exchange Act of 1934, as amended; or, if the Company is not required to file
information, documents or reports pursuant to either of such sections, then to file with the
Trustee and the Commission, in accordance with rules and regulations prescribed by the Commission,
such of the supplementary and periodic information, documents and reports which may be required
pursuant to section 13 of the Securities Exchange Act of 1934, as amended, in respect of a security
listed and registered on a national securities exchange as may be prescribed in such rules and
regulations;

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     (b) file with the Trustee and the Commission, in accordance with the rules and regulations
prescribed by the Commission, such additional information, documents and reports with respect to
compliance by the Company with the conditions and covenants provided for in this Basic Agreement or
any Trust Supplement, as may be required by such rules and regulations, including, in the case of
annual reports, if required by such rules and regulations, certificates or opinions of independent
public accountants, conforming to the requirements of Section 1.02;

     (c) transmit to all Certificateholders, in the manner and to the extent provided in Section
313(c) of the Trust Indenture Act such summaries of any information, documents and reports required
to be filed by the Company pursuant to subsections (a) and (b) of this Section 8.04 as may be
required by rules and regulations prescribed by the Commission; and

     (d) furnish to the Trustee, not less often than annually, a brief certificate from the
principal executive officer, principal financial officer or principal accounting officer as to his
or her knowledge of the Company’s compliance with all conditions and covenants under this Basic
Agreement and any Trust Supplement. For purposes of this paragraph (d), such compliance shall be
determined without regard to any period of grace or requirement of notice provided under this Basic
Agreement or any Trust Supplement.

ARTICLE IX

SUPPLEMENTAL TRUST AGREEMENTS

     Section 9.01. Supplemental Trust Agreements Without Consent of Certificateholders. Without
the consent of the Certificateholders of any series, the Company may, and the Trustee (subject to
Section 9.03) shall, at any time and from time to time enter into one or more agreements
supplemental hereto, in form satisfactory to the Trustee, for any of the following purposes:

     (1) to evidence the succession of another corporation to the Company and the assumption
by any such successor of the obligations of the Company herein contained and under the
applicable Trust Supplement; or

     (2) to add to the covenants of the Company for the benefit of the Certificateholders of
any series; or

     (3) to cure any ambiguity, to correct any manifest error or to correct or supplement
any provision herein, in any Trust Supplement or any supplemental trust agreement which may
be defective or inconsistent with any other provision herein, in any Trust Supplement or any
supplemental trust agreement or to make any other provisions with respect to matters or
questions arising under this Basic Agreement or any Trust Supplement, provided that any such
action shall not adversely affect the interest of the Certificateholders of any series; or

     (4) to evidence and provide for the acceptance of appointment hereunder and under the
applicable Trust Supplements by a successor Trustee with respect to one or more Trusts; or

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     (5) to make any other amendments or modifications hereto, provided such amendments or
modifications shall only apply to Certificates of one or more series to be thereafter
issued.

     Section 9.02. Supplemental Trust Agreements with Consent of Certificateholders. With respect
to each separate Trust and the series of Certificates relating thereto, with the consent of the
Certificateholders holding Certificates evidencing Fractional Undivided Interests aggregating not
less than a majority in interest in such Trust, by Act of said Certificateholders delivered to the
Company and the Trustee, the Company may and the Trustee (subject to Section 9.03) shall, enter
into an agreement or agreements supplemental hereto for the purpose of adding any provisions to or
changing in any manner or eliminating any of the provisions of this Basic Agreement or the related
Trust Supplement to the extent applicable to such Certificateholders or of modifying in any manner
the rights and obligations of the Certificateholders of such series under this Basic Agreement or
the related Trust Supplement; provided, however, that no such supplemental agreement shall, without
the consent of the Holder of each Outstanding Certificate affected thereby:

     (1) reduce in any manner the amount of, or delay the timing of, any receipt by the
Trustee of payments on the Equipment Notes held in such Trust or distributions that are
required to be made herein on any Certificate of any series, or change the coin or currency
in which, any Certificate of any series is payable, or impair the right to institute suit
for the enforcement of any such payment or distribution on or after the Regular Distribution
Date or Special Distribution Date applicable thereto; or

     (2) permit the disposition of any Equipment Note in the Trust Property of such Trust
except as permitted by this Basic Agreement or related Trust Supplement; or

     (3) reduce the percentage of the aggregate Fractional Undivided Interests of such Trust
which is required for any such supplemental agreement, or reduce such percentage required
for any waiver (of compliance with certain provisions of this Basic Agreement or related
Trust Supplement or certain defaults hereunder and their consequences) provided for in this
Basic Agreement or such Trust Supplement.

     It shall not be necessary for any Act of Certificateholders under this Section to approve the
particular form of any proposed supplemental agreement, but it shall be sufficient if such Act
shall approve the substance thereof.

     Section 9.03. Documents Affecting Immunity or Indemnity. If in the opinion of the Trustee any
document required to be executed by it pursuant to the terms of Section 9.01 or 9.02 affects any
interest, right, duty, immunity or indemnity in favor of the Trustee under this Basic Agreement or
any Trust Supplement, the Trustee may in its discretion decline to execute such document.

     Section 9.04. Execution of Supplemental Trust Agreements. In executing, or accepting the
additional trusts created by, any supplemental agreement permitted by this Article or the
modifications thereby of the trusts created by this Basic Agreement and the related Trust
Supplement, the Trustee shall be entitled to receive, and (subject to Section 7.01) shall be fully

40

 

protected in relying upon, an Opinion of Counsel stating that the execution of such
supplemental agreement is authorized or permitted by this Basic Agreement and the related Trust
Supplement.

     Section 9.05. Effect of Supplemental Trust Agreements. Upon the execution of any supplemental
agreement under this Article, this Basic Agreement shall be modified in accordance therewith, and
such supplemental agreement shall form a part of this Basic Agreement for all purposes; and every
Certificateholder of each series theretofore or thereafter authenticated and delivered hereunder
shall be bound thereby to the extent applicable to such series.

     Section 9.06. Conformity to Trust Indenture Act. Every supplemental agreement executed
pursuant to this Article shall conform to the requirements of the Trust Indenture Act as then in
effect.

     Section 9.07. Reference in Certificates to Supplemental Trust Agreements. Certificates of
each series authenticated and delivered after the execution of any supplemental agreement
applicable to such series pursuant to this Article may bear a notation in form approved by the
Trustee as to any matter provided for in such supplemental agreement; and, in such case, suitable
notation may be made upon Outstanding Certificates of such series after proper presentation and
demand.

ARTICLE X

AMENDMENTS TO INDENTURES AND NOTE DOCUMENTS

     Section 10.01. Amendments and Supplements to Indenture and Other Note Documents. In the event
that the Trustee, as holder of any Equipment Note in trust for the benefit of the
Certificateholders of any series, receives a request for a consent to any amendment, modification,
waiver or supplement under any related Indenture or other related Note Document, which requires the
consent of the Certificateholders of such series, the Trustee shall forthwith send a notice of such
proposed amendment, modification, waiver or supplement, to each Certificateholder of such series
registered on the Register as of such date. The Trustee shall request from the Certificateholders
of such series Directions as to (i) whether or not to direct the applicable Indenture Trustee to
take or refrain from taking any action which a holder of such Equipment Note has the option to
direct, (ii) whether or not to give or execute any waivers, consents, amendments, modifications or
supplements as a holder of such Equipment Note and (iii) how to vote any Equipment Note if a vote
has been called for with respect thereto. Provided such a request for Certificateholder Direction
shall have been made, in directing any action or casting any vote or giving any consent as the
holder of any Equipment Note, the Trustee shall vote or consent with respect to such Equipment Note
in the same proportion as the Certificates of such series were actually voted by Acts of Holders
delivered to the Trustee prior to two Business Days before the Trustee directs such action or casts
such vote or gives such consent. Notwithstanding the foregoing, but subject to Section 6.04, in
the case that an Event of Default hereunder with respect to such series shall have occurred and be
continuing, the Trustee may, in its own discretion and at its own direction, consent and notify the
applicable Indenture Trustee of such consent to any amendment, modification, waiver or supplement
under the applicable Indenture or other related Note Document.

41

 

ARTICLE XI

TERMINATION OF TRUST

     Section 11.01. Termination of the Trust. With respect to each Trust created hereby and by its
related Trust Supplement, the respective obligations and responsibilities of the Company and the
Trustee created hereby and thereby and such Trust created hereby and thereby shall terminate upon
the distribution to all Certificateholders of the related series of all amounts required to be
distributed to them pursuant to this Basic Agreement and the related Trust Supplement and the
disposition of all property held as part of the Trust Property of such Trust; provided, however,
that in no event shall such Trust continue beyond the final expiration date determined as provided
in such Trust Supplement.

     Notice of any termination of a Trust, specifying the applicable Regular Distribution Date (or
Special Distribution Date, as the case may be) upon which the Certificateholders of any series may
surrender their Certificates to the Trustee for payment of the final distribution and cancellation,
shall be mailed promptly by the Trustee to Certificateholders of such series not earlier than the
60th day and not later than the 20th day next preceding such final distribution specifying (A) the
Regular Distribution Date (or Special Distribution Date, as the case may be) upon which final
payment of the Certificates of such series will be made upon presentation and surrender of
Certificates of such series at the office or agency of the Trustee therein specified, (B) the
amount of any such final payment, and (C) that the Record Date otherwise applicable to such Regular
Distribution Date (or Special Distribution Date, as the case may be) is not applicable, payments
being made only upon presentation and surrender of the Certificates of such series at the office or
agency of the Trustee therein specified. The Trustee shall give such notice to the Registrar at
the time such notice is given to Certificateholders of such series. Upon presentation and
surrender of the Certificates of such series, the Trustee shall cause to be distributed to
Certificateholders of such series amounts distributable on such Regular Distribution Date or
Special Distribution Date, as the case may be, pursuant to Section 4.02.

     In the event that all of the Certificateholders of such series shall not surrender their
Certificates for cancellation within six months after the date specified in the above-mentioned
written notice, the Trustee shall give a second written notice to the remaining Certificateholders
of such series to surrender their Certificates for cancellation and receive the final distribution
with respect thereto. In the event that any money held by the Trustee for the payment of
distributions on the Certificates of such series shall remain unclaimed for two years (or such
lesser time as the Trustee shall be satisfied, after sixty days’ notice from the Company, is one
month prior to the escheat period provided under applicable law) after the final distribution date
with respect thereto, the Trustee shall pay to the applicable Indenture Trustee the appropriate
amount of money relating to such Indenture Trustee and shall give written notice thereof to the
applicable Owner Trustee and the Company.

ARTICLE XII

MISCELLANEOUS PROVISIONS

     Section 12.01. Limitation on Rights of Certificateholders. The death or incapacity of any
Certificateholder of any series shall not operate to terminate this Basic Agreement, the related
Trust Supplement or the related Trust, nor entitle such Certificateholder’s legal

42

 

representatives or heirs to claim an accounting or to take any action or commence any
proceeding in any court for a partition or winding up of the related Trust, nor otherwise affect
the rights, obligations, and liabilities of the parties hereto or any of them.

     Section 12.02. Certificates Nonassessable and Fully Paid. Certificateholders of each series
shall not be personally liable for obligations of the related Trust, the Fractional Undivided
Interests represented by the Certificates of any series shall be nonassessable for any losses or
expenses of the related Trust or for any reason whatsoever, and Certificates of such series upon
authentication thereof by the Trustee pursuant to Section 3.02 are and shall be deemed fully paid.
No Certificateholder of such series shall have any right (except as expressly provided herein) to
vote or in any manner otherwise control the operation and management of the related Trust Property,
the related Trust, or the obligations of the parties hereto, nor shall anything set forth herein,
or contained in the terms of the Certificates of such series, be construed so as to constitute the
Certificateholders of such series from time to time as partners or members of an association.

     Section 12.03. Notices. With respect to Certificates of each series, all demands, notices,
and communications under the Basic Agreement or such Trust Supplement with respect to such Trust
shall be in writing, personally delivered or mailed by certified mail-return receipt requested, and
shall be deemed to have been duly given upon receipt, in the case of the Company, at the following
address: GATX Corporation, 500 West Monroe Street, Chicago, Illinois 60661-3676,
Attention:Treasurer, and, in the case of the Trustee, at the following address: U.S. Bank National
Association, 225 Asylum Street, 23rd Floor, Hartford, CT 06103, Attention: Corporate
Trust Services (GATX Corporation 200[_] Pass Through Trust Agreement) or, in each case, at such
other address as shall be designated by such party in a written notice to the other parties. Any
notice required or permitted to be given to a Certificateholder of any series hereunder shall be
mailed by first class mail, postage prepaid, at the address of such Holder as shown in the
Register. Any notice so mailed within the time prescribed in this Basic Agreement or the related
Trust Supplement shall be conclusively presumed to have been duly given, whether or not the
Certificateholder of such series received such notice. The Trustee shall promptly furnish the
Company with a copy of each demand, notice or written communication received by the Trustee
hereunder from any Certificateholder of any series, any Owner Trustee or any Indenture Trustee.

     Section 12.04. Governing Law. THIS BASIC AGREEMENT AND THE CERTIFICATES SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK AND THE OBLIGATIONS, RIGHTS, AND REMEDIES OF THE
PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

     Section 12.05. Severability of Provisions. If any one or more of the covenants, agreements,
provisions, or terms of this Basic Agreement shall be for any reason whatsoever held invalid, then
such covenants, agreements, provisions, or terms shall be deemed severable from the remaining
covenants, agreements, provisions, or terms of this Basic Agreement and shall in no way affect the
validity or enforceability of the other provisions of this Basic Agreement or any Trust, or of the
rights of the Certificateholders thereof.

43

 

     Section 12.06. Trust Indenture Act Controls. This Basic Agreement and any Trust Supplement
are subject to the provisions of the Trust Indenture Act and shall, to the extent applicable, be
governed by such provisions.

     Section 12.07. Effect of Headings and Table of Contents. The Article and Section headings
herein and the Table of Contents are for convenience only and shall not affect the construction
hereof.

     Section 12.08. Successors and Assigns. All covenants, agreements, representations and
warranties in this Basic Agreement by the Trustee and the Company shall bind and, to the extent
permitted hereby, shall inure to the benefit of and be enforceable by their respective successors
and assigns, whether so expressed or not.

     Section 12.09. Benefits of Agreement. Nothing in this Basic Agreement or in the Certificates
of any series express or implied, shall give to any person, other than the parties hereto and their
successors hereunder, and the Certificateholders, any benefit or any legal or equitable right,
remedy or claim under this Basic Agreement.

     Section 12.10. Legal Holidays. In any case where any Regular Distribution Date or Special
Distribution Date relating to any Certificate of any series shall not be a Business Day, then
(notwithstanding any other provision of this Basic Agreement) payment need not be made on such
date, but may be made on the next succeeding Business Day with the same force and effect as if made
on such Regular Distribution Date or Special Distribution Date, and no interest shall accrue during
the intervening period.

     Section 12.11. Counterparts. For the purpose of facilitating the execution of this Basic
Agreement and for other purposes, this Basic Agreement may be executed simultaneously in any number
of counterparts, each of which counterparts shall be deemed to be an original, and all of which
counterparts shall constitute but one and the same instrument.

44

 

     IN WITNESS WHEREOF, the Company and the Trustee have caused this Basic Agreement to be duly
executed and attested by their respective officers, all as of the day and year first above written.

	 	 	 	 	 	 	 
	 	 	GATX CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	ATTEST:
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Assistant Corporate Secretary
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	U.S. BANK NATIONAL ASSOCIATION, as Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	ATTEST:
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Vice President
	 	 	 	 	 	 

45

 

EXHIBIT A

FORM OF CERTIFICATE 1

     Unless this certificate is presented by an authorized representative of DTC, a New York
Corporation (“DTC”) to Issuer or its agent for registration of transfer, exchange or payment, and
any certificate issued is registered in the name of Cede & Co. or in such other name as is
requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such
other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER
USE HEREOF FOR VALUE or OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.

GATX Corporation

___ PASS THROUGH TRUST

___% Pass Through

Certificate, Series ___

CUSIP ___

Final Regular Distribution Date:                     

     evidencing a fractional undivided interest in a trust, the property of which includes certain
Equipment Notes secured by certain railroad rolling stock leased to GATX Corporation.

	 	 	 
	Certificate
	 	 
	No. ___

	 	$                    
Fractional Undivided Interest
	 

	 	representing .                     of the Trust per
	 

	 	$1,000 face amount

     THIS CERTIFIES THAT                                                             , for value received,
is the registered owner
of a $                     (                     dollars) Fractional Undivided Interest in GATX Corporation ___Pass
Trough Trust (the “Trust”) created by U.S. Bank National Association as trustee (the “Trustee”),
pursuant to a Pass Through Trust Agreement dated as of                     , 200___and a related Trust
Supplement dated as of                     , 200___(collectively, the “Agreement”) between the Trustee
and GATX Corporation, a corporation incorporated under New York law (the “Company”), a summary of
certain of the pertinent provisions of which is set forth below. To the extent not otherwise
defined herein, the

 

			
	1	 	This legend to appear on Book-Entry Certificates
to be deposited with The DTC. One Certificate may be issued in a denomination
less than $1,000 which shall not have this legend.

A-1

 

capitalized terms used herein have the meanings assigned to them in the Agreement. This
Certificate is one of the duly authorized Certificates designated as “___% Pass Through
Certificates, Series ___” (herein called the “Certificates”). This Certificate is issued under
and is subject to the terms, provisions, and conditions of the Agreement, to which Agreement the
Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is
bound. The property of the Trust includes certain Equipment Notes (the “Trust Property”). The
Equipment Notes are secured by a security interest in railroad rolling stock leased to the Company.

     The Certificates represent fractional undivided interests in the Trust and the Trust Property,
and have no rights, benefits or interest in respect of any other separate trust established
pursuant to the terms of the Agreement for any other series of certificates issued pursuant
thereto.

     Subject to and in accordance with the terms of the Agreement, from funds then available to the
Trustee, there will be distributed on each                      and                      (a “Regular
Distribution Date”), commencing on                     , to the person in whose name this Certificate is
registered at the close of business on the date of the month which is 15 days preceding the Regular
Distribution Date, an amount in respect of the Scheduled Payments on the Equipment Notes due on
such Regular Distribution Date, the receipt of which has been confirmed by the Trustee, equal to
the product of the percentage interest in the Trust evidenced by this Certificate and an amount
equal to the sum of such Scheduled Payments. Subject to and in accordance with the terms of the
Agreement, in the event that Special Payments on the Equipment Notes are received by the Trustee,
from funds then available to the Trustee, there shall be distributed on the applicable Special
Distribution Date, to the Person in whose name this Certificate is registered at the close of
business on the day of the month which is 15 days preceding the Special Distribution Date, an
amount in respect of such Special Payments on the Equipment Notes, the receipt of which has been
confirmed by the Trustee, equal to the product of the percentage interest in the Trust evidenced by
this Certificate and an amount equal to the sum of such Special Payments so received. If a Regular
Distribution Date or Special Distribution Date is not a Business Day, distribution shall be made on
the immediately following Business Day. The Special Distribution Date shall be the ___th day of
the month determined as provided in the Agreement. The Trustee shall mail notice of each Special
Payment and the Special Distribution Date therefor to the Holders of the Certificates.

     Distributions on this Certificate will be made by the Trustee (i) by check mailed to the
person entitled thereto or (ii) prior to the time Definitive Certificates are issued, by wire
transfer of same-day funds to the account designated by the Certificateholder to the Trustee on or
prior to the applicable Record Date, without the presentation or surrender of this Certificate or
the making of any notation hereon. Except as otherwise provided in the Agreement and
notwithstanding the above, the final distribution on this Certificate will be made after notice
mailed by the Trustee of the pendency of such distribution and only upon presentation and surrender
of this Certificate at the office or agency of the Trustee specified in such notice.

     Unless this certificate is presented by an authorized representative of DTC, a New York
corporation (“DTC”), to the Company or its agent for registration of transfer, exchange, or
payment, and any certificate issued is registered in the name of Cede & Co. or in such other

A-2

 

name as is requested by an authorized representative of DTC (and any payment is made to Cede &
Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL in as much as the
registered owner hereof, Cede & Co., has an interest herein.

     This Certificate shall be governed by and construed in accordance with the laws of the State
of New York.

     Reference is hereby made to the further provisions of this Certificate set forth on the
reverse hereof, which further provisions shall for all purposes have the same effect as if set
forth at this place.

     Unless the certificate of authentication hereon has been executed by the Trustee, by manual
signature, this Certificate shall not be entitled to any benefit under the Agreement or be valid
for any purpose.

A-3

 

     IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly executed.

	 	 	 	 	 	 	 
	 	 	GATX Corporation

  Pass Through Trust	 	 
	 
	 	 	 	 	 	 
	 	 	By U.S. Bank National Association, as Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Title	 	 

A-4

 

EXHIBIT A

[FORM OF THE TRUSTEE’S CERTIFICATE

OF AUTHENTICATION]

Dated:

This is one of the Certificates referred

to in the within-mentioned Agreement.

	 	 	 	 	 	 	 
	 	 	U.S. Bank National Association, as Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Authorized Officer	 	 

[REVERSE OF CERTIFICATE]

     The Certificates do not represent a direct obligation of, or an obligation guaranteed by, or
an interest in, the Company or the Trustee or any affiliate thereof. The Certificates are limited
in right of payment, all as more specifically set forth on the face hereof and in the Agreement.
All payments or distributions made to Certificateholders under the Agreement shall be made only
from the Trust Property and only to the extent that the Trustee shall have sufficient income or
proceeds from the Trust Property to make such payments in accordance with the terms of the
Agreement. Each Holder of this Certificate, by its acceptance hereof, agrees that it will look
solely to the income and proceeds from the Trust Property to the extent available for distribution
to such holder as provided in the Agreement. This Certificate does not purport to summarize the
Agreement and reference is made to the Agreement for information with respect to the interests,
rights, benefits, obligations, proceeds, and duties evidenced hereby. A copy of the Agreement may
be examined during normal business hours at the principal office of the Trustee, and at such other
places, if any, designated by the Trustee, by any Certificateholder upon request.

     The Agreement permits, with certain exceptions therein provided, the amendment thereof and the
modification of the rights and obligations of the Company and the rights of the Certificateholders
under the Agreement at any time by the Company and the Trustee with the consent of the Holders of
Certificates evidencing Fractional Undivided Interests aggregating not less than a majority in
interest in the Trust. Any such consent by the Holder of this Certificate shall be conclusive and
binding on such Holder and upon all future Holders of this Certificate and of any Certificate
issued upon the transfer hereof or in exchange hereof or in lieu hereof whether or not notation of
such consent is made upon this Certificate. The Agreement also permits the amendment thereof, in
certain limited circumstances, without the consent of the Holders of any of the Certificates.

A-5

 

     As provided in the Agreement and subject to certain limitations therein set forth, the
transfer of this Certificate is registrable in the Register upon surrender of this Certificate for
registration of transfer at the offices or agencies maintained by the Trustee in its capacity as
Registrar, or by any successor Registrar, in the Borough of Manhattan, the City of New York, duly
endorsed or accompanied by a written instrument of transfer in form satisfactory to the Trustee and
the Registrar duly executed by the Holder hereof or such Holder’s attorney duly authorized in
writing, and thereupon one or more new Certificates of authorized denominations evidencing the same
aggregate Fractional Undivided Interest in the Trust will be issued to the designated transferee or
transferees.

     The Certificates are issuable only as registered Certificates without coupons in denominations
of $1,000 Fractional Undivided Interest and any integral multiples of $1,000 in excess thereof
except that one Certificate may be in a denomination of less than $1,000. As provided in the
Agreement and subject to certain limitations therein set forth, Certificates are exchangeable for
new Certificates of authorized denominations and like series evidencing the same aggregate
Fractional Undivided Interest in the Trust, as requested by the Holder surrendering the same.

     No service charge will be made for any such registration of transfer or exchange, but the
Trustee shall require payment of a sum sufficient to cover any tax or governmental charge payable
in connection therewith.

     The Trustee, the Registrar, and any agent of the Trustee or the Registrar may treat the person
in whose name this Certificate is registered as the owner hereof for all purposes, and neither the
Trustee, the Registrar, nor any such agent shall be affected by any notice to the contrary.

     The obligations and responsibilities created by the Agreement and the Trust created thereby
shall terminate upon the distribution to Certificateholders of all amounts required to be
distributed to them pursuant to the Agreement and the disposition of all property held as part of
the Trust Property.

A-6

 

EXHIBIT A

[FORM OF TRANSFER NOTICE]

     FOR VALUE RECEIVED the undersigned registered holder hereby sell(s), assign(s) and transfer(s)
unto

	 
	Insert Taxpayer Identification No.

	 

	 

	 

	 

	 

	 

	Please print or typewrite name and address including postal zip code of assignee

	 

	 

	 

	the within Certificate and all rights thereunder, hereby irrevocably constituting and
appointing

	 

	 

	 

	attorney to transfer said Certificate on the books of the Trust with full power of
substitution in the premises.

Date:                                         

                                                                                

	 	 	 	 	 
	 

	 	NOTICE:
	 	The signature to this assignment must
correspond with the name as written
upon the face of the within-mentioned
instrument in every particular, without
alteration or any change whatever.

-1-exv10w1

 

Exhibit 10.1

AMENDED AND RESTATED

EXECUTIVE EMPLOYMENT CONTRACT

     THIS AMENDED AND RESTATED EXECUTIVE EMPLOYMENT CONTRACT (the “Amended Agreement”), made and
entered into as of the 17th day of August, 2007, amends and restates the Executive Employment
Contract dated as of December 1, 2005 (the “Original Agreement”), by and between Sensient
Technologies Corporation, a Wisconsin corporation (hereinafter referred to as the “Company”), and
Kenneth P. Manning (hereinafter referred to as “Executive”);

W I T N E S S E T H :

     WHEREAS, the Executive is presently employed by the Company as its President, Chief Executive
Officer and Chairman of the Board of Directors of the Company (the “Board”);

     WHEREAS, the Board recognizes that the Executive’s contribution to the growth and success of
the Company has been substantial;

     WHEREAS, the Board desires to extend the term of employment of the Executive and to make
certain other changes to the Original Agreement relating to the continued service of the Executive
as a member of the Company’s management and as Chairman of its Board of Directors;

     WHEREAS, the Executive and the Company intend that this Amended Agreement shall supersede and
replace the Original Agreement;

     WHEREAS, the Executive and the Company intend that in the event of a Change of Control (as
defined in the Amended and Restated Change of Control Severance and Employment Agreement, made and
entered into as of November 11, 1999, as amended, by and between the Executive and the Company (the
“Change of Control Agreement”)), this Amended Agreement shall be superseded and replaced by the
Change of Control Agreement; and

     WHEREAS, the Executive is willing to commit himself to continue to serve the Company, on the
terms and conditions herein provided;

     NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements
hereinafter set forth, the parties hereto mutually covenant and agree as follows:

     1. Employment. The Company hereby agrees to continue to employ the Executive, and the
Executive hereby agrees to continue to serve the Company, on the terms and conditions set forth
herein.

     2. Term. The employment of the Executive by the Company as provided in Section 1 of this
Agreement will commence on the date hereof and end immediately following the Company’s 2011 Annual
Meeting of Shareholders to be held on April 21, 2011, unless further extended by mutual agreement
or sooner terminated as hereinafter provided (the “Employment Period”).

- 1 -

 

     3. Position and Duties.

          (a) The Executive shall serve as President of the Company until the election of a new
President and Chief Operating Officer in accordance with the succession plan approved by the Board,
unless otherwise mutually agreed. Throughout that period and thereafter until the Company’s Annual
Meeting of Shareholders to be held on April 22, 2010, and unless otherwise mutually agreed, the
Executive shall serve as Chief Executive Officer of the Company and the Chairman of the Board and
shall have such responsibilities and authority as may from time to time be assigned to the
Executive by the Company’s Board of Directors consistent with his position as President and Chief
Executive Officer of the Company and Chairman of the Board. During the remainder of the Employment
Period and unless otherwise mutually agreed, the Executive shall serve as the Chairman of the Board
and shall have such responsibilities and authority as may from time to time be assigned to the
Executive by the Company’s Board of Directors consistent with his position as Chairman of the
Board.

          (b) During the Employment Period, and excluding any periods of vacation and sick leave to
which the Executive is entitled, the Executive shall devote substantially all his working time and
efforts during normal business hours to the business and affairs of the Company and, to the extent
necessary to discharge the responsibilities assigned to the Executive under this Agreement, use the
Executive’s reasonable best efforts to carry out such responsibilities faithfully and efficiently.
It shall not be considered a violation of the foregoing for the Executive to (A) serve on
corporate, civic or charitable boards or committees, (B) deliver lectures, fulfill speaking
engagements or teach at educational institutions and (C) manage personal investments, so long as
such activities do not significantly interfere with the performance of the Executive’s
responsibilities as an employee of the Company in accordance with this Amended Agreement or
otherwise violate the provisions of Section 14.

     4. Place of Performance. In connection with the Executive’s employment by the Company, the
Executive shall be based in Milwaukee, Wisconsin (at the principal executive offices of the
Company) except for required travel on the Company’s business to an extent substantially consistent
with his present business travel obligations.

     5. Compensation and Related Matters.

          (a) Base Salary. Except as provided below, during the Employment Period, the Company shall pay
to the Executive a salary at a rate of $845,500 per annum pursuant to the Company’s normal payroll
practices (the “Base Salary”). The Base Salary shall be reviewed on or before January 1 of each
year following the date of this Amended Agreement, while this Amended Agreement remains in force,
to ascertain whether in the judgment of the Board or such Committee to whom the Board may have
delegated authority, such Base Salary should be adjusted. Any adjustment shall occur only by mutual
agreement of the Company (acting with the approval of the Compensation Committee) and the
Executive. If so adjusted, the term Base Salary as utilized in this Amended Agreement shall refer
to the Base Salary as so adjusted. Compensation of the Executive by salary payments shall not be
deemed exclusive and shall not prevent the Executive from participating in any other compensation
or benefit plan of the Company. The Base Salary payments (including any adjusted salary payments)
hereunder shall not in any way limit or reduce any other obligation of the Company hereunder, and
no other

- 2 -

 

compensation, benefit or payment hereunder shall in any way limit or reduce the obligation of
the Company to pay the Executive’s Base Salary hereunder.

          (b) Annual Bonus. In addition to the annual Base Salary, the Executive shall be eligible to be
awarded, for each fiscal year or portion of a fiscal year ending during the Employment Period, an
annual bonus (the “Annual Bonus”) pursuant to the terms of the Company’s Incentive Compensation
Plan for Elected Corporate Officers, or any successor or replacement plan.

          (c) Expenses. During the Employment Period, the Executive shall be entitled to receive prompt
reimbursement for all reasonable expenses incurred by the Executive in performing services
hereunder, including all expenses of travel and living expenses while away from home on business or
at the request of and in the service of the Company, provided that such expenses are incurred and
accounted for in accordance with the policies and procedures established by the Company.

          (d) Other Benefits. During the Employment Period: (i) the Executive shall be entitled to
participate in incentive, savings and retirement plans, practices, policies and programs of the
Company to an extent no less favorable than the participation provided generally to other senior
executives of the Company; and (ii) the Executive and/or the Executive’s family, as the case may
be, shall be eligible for participation in, and shall receive benefits under, welfare benefit
plans, practices, policies and programs provided by the Company (including, without limitation,
medical, prescription, dental, disability, employee life insurance, group life insurance,
accidental death and travel accident insurance plans and programs) to an extent no less favorable
than the participation and benefits provided to other senior executives of the Company (and/or
their families).

          (e) Vacation. During the Employment Period, the Executive shall be entitled to paid vacation
that is no less favorable than the paid vacation provided generally to other senior executives of
the Company and to all paid holidays given by the Company to its other senior executives.

          (f) Office and Support Staff. During the entire term of this Amended Agreement, the Company
shall furnish the Executive with office space, secretarial assistance and such other facilities and
services as shall be suitable to the Executive’s position and adequate for the performance of his
duties as set forth in Section 3.

          (g) Fringe Benefits. During the Employment Period, the Executive shall be entitled to fringe
benefits and perquisites, which shall be no less favorable than the fringe benefits and perquisites
provided generally to other senior executives of the Company.

     6. Offices. The Executive agrees to serve without additional compensation, if elected or
appointed thereto, as a director of the Company and any of its subsidiaries and in one or more
executive offices of any of the Company’s subsidiaries, provided that the Executive is indemnified
for serving in any such capacities on a basis no less favorable than is currently provided by the
Company’s By-laws.

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     7. Death. If the Executive shall die during the Employment Period but prior to the delivery of
a Notice of Termination (as hereinafter defined) by the Company or by the Executive for Good Reason
(as hereinafter defined), the Company shall pay the Executive’s estate or legal representative,
within thirty days following the Executive’s Date of Termination (as hereinafter defined), a lump
sum payment equal to the sum of: (1) the accrued but unpaid portion of the Executive’s annual Base
Salary through the Date of Termination (i.e., the portion of the Base Salary for the period before
Executive’s death that remains unpaid), (2) the value of the Executive’s accrued, but unused,
vacation days (based on the Executive’s annual Base Salary) and (3) the product of (x) the average
annual bonus earned by the Executive for the three years immediately prior to the year in which the
Date of Termination occurs and (y) a fraction, the numerator of which is the number of full and
partial months in the fiscal year in which the Date of Termination occurs through the Date of
Termination, and the denominator of which is twelve, in each case to the extent not theretofore
paid (the “Bonus Amount”), and the Company shall have no further obligations to pay other benefits
under this Amended Agreement. The amounts described in clauses (1), (2) and (3) shall be
hereinafter referred to as the “Accrued Obligations.”

     8. Disability.

          (a) If during the Employment Period, the Company or the Executive terminates the Executive’s
employment due to the Executive’s Disability, the Company shall pay the Executive (1) within thirty
days following the Executive’s Date of Termination, a lump sum payment of the Accrued Obligations
and (2) commencing on the Date of Termination until April 21, 2011 or the termination of his
Disability, whichever is first to occur, such amounts which an individual in his earnings category
would be normally entitled to receive as full Long Term Disability (“LTD”) coverage under the
Company LTD plan then in effect, but not less than 60% of his Base Salary as determined under
Section 5(a) at the time of the Date of Termination. During the term of his Disability, the
Executive also shall receive the employee benefits (or service credits therefor, as the case may
be) he would have been entitled to receive, as provided in Section 5(d) (other than under incentive
plans). The obligation to provide the foregoing disability benefits shall survive the termination
of this Amended Agreement provided the Disability was incurred before termination, and the Company
shall have no further obligations to pay compensation or benefits under this Amended Agreement.

          (b) For purposes of this Amended Agreement, “Disability” means that (i) the Executive has been
unable, for a period of 180 consecutive business days, to perform the Executive’s duties under this
Amended Agreement, as a result of physical or mental illness or injury, and (ii) a physician
selected by the Company or its insurers, and acceptable to the Executive or the Executive’s legal
representative, has determined that the Executive’s incapacity is total and permanent. A
termination of the Executive’s employment by the Company for Disability shall be communicated to
the Executive by written notice, and shall be effective on the 30th day after receipt of such
notice by the Executive (the “Disability Effective Date”), unless the Executive returns to
full-time performance of the Executive’s duties before the Disability Effective Date.

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     9. Termination by the Company.

          (a) Termination for Cause. The Executive’s employment may be terminated by the Board at any
time for Cause which shall be defined to mean (I) conviction of the Executive of any act of fraud,
theft or embezzlement or (II) the commission of any of the following acts by the Executive which is
substantially injurious to the Company: dishonesty, gross misconduct, willful disclosure of trade
secrets, gross dereliction of duty or other grave misconduct on the part of the Executive.

          The Executive shall not be deemed to have been terminated for Cause without (i) reasonable
notice to the Executive setting forth the reasons for the Company’s intention to terminate for
Cause, (ii) an opportunity for the Executive, together with his counsel, to be heard before the
Board and (iii) delivery to the Executive of a Notice of Termination from the Board finding that in
the good faith opinion of the Board the Executive was guilty of conduct set forth above in this
Section 9(a), and specifying the particulars thereof in detail. In the event the Executive’s
employment is terminated for Cause, the Executive shall be entitled to his accrued and unpaid Base
Salary through the Date of Termination and shall forfeit his right to any and all compensation and
benefits he would otherwise have been entitled to receive under this Amended Agreement.

          (b) Termination without Cause. The Company has the right to terminate the employment of the
Executive without Cause, upon at least thirty days’ prior written notice, if such termination is
approved by a majority vote of the Board taken at a meeting duly called to consider such matter. In
the event of termination of the Executive’s employment pursuant to this Section 9(b), the Company
shall provide the Executive with the following “Termination Benefits,” and the Company shall have
no further obligations to pay compensation or benefits under this Amended Agreement:

               (i) a lump sum cash payment, within thirty days following the Date of Termination, equal to
the sum of: (A) the Accrued Obligations, and (B) the product of (1) three and (2) the sum of the
Base Salary, plus the higher of Executive’s most recent annual bonus or Executive’s target bonus
for the year in which the Date of Termination occurs (if no target bonus has been set for such
year, the Executive’s target bonus for the prior year shall be used);

               (ii) the Executive shall be credited with three additional years of service for purposes of
calculating his retirement benefit under any supplemental or excess retirement plan of the Company
in which he was a participant as of the Date of Termination;

               (iii) from the Date of Termination until 36 months following the end of the month in which the
Date of Termination occurs, the Company shall continue benefits to the Executive (and/or the
Executive’s family) at least equal to those which would have been provided to them in accordance
with the plans, programs, practices and policies described in Section 5(d)(ii) if the Executive’s
employment had not been terminated or, if more favorable to the Executive, as in effect generally
at any time thereafter with respect to other senior executives of the Company (and their families)
(in addition, if the Executive is eligible for “COBRA” continuation health coverage under Section
4980B of the Internal Revenue Code of 1986, as amended (or any successor provision), such coverage
shall commence upon the end of the

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coverage for the Severance Period); provided, however, that if the Executive becomes
reemployed with another employer and is eligible to receive medical or other welfare benefits under
another employer-provided plan, the medical and other welfare benefits described herein shall be
secondary to those provided under such other plan during such applicable period of eligibility; and

               (iv) the Executive shall be credited with three additional years of service and age for
purposes of eligibility for retiree health benefits under any retiree health plan maintained by the
Company.

     10. Termination by the Executive.

          (a) Without Good Reason. The Executive has the right to terminate his employment at any time
without Good Reason upon no less than thirty days’ prior written notice delivered to the Company.
If the Executive terminates his employment during the Employment Period for any reason other than
Disability or Good Reason, the Company shall pay a lump sum payment to the Executive of the Accrued
Obligations (other than the Bonus Amount), and the Company shall have no further obligations to pay
compensation or benefits under this Amended Agreement.

          (b) For Good Reason. The Executive has the right to terminate his employment for Good Reason
upon thirty days’ prior written notice delivered to the Company within 120 days of the occurrence
of one of the events set forth below. For purposes of this Amended Agreement, “Good Reason” shall
mean, without the Executive’s written consent:

               (i) any reduction in the Executive’s Base Salary;

               (ii) the assignment to the Executive of any duties inconsistent with, or the reduction of
powers or functions associated with, his positions, duties, responsibilities and status with the
Company set forth in Section 3;

               (iii) the Company’s mandatory transfer of the Executive to another geographic location other
than a location within 35 miles of Milwaukee, Wisconsin or to a location other than the Company’s
principal executive offices, except for required travel on the Company’s business to an extent
substantially consistent with the Executive’s business travel obligations as of the date hereof; or

               (iv) any other material breach of this Amended Agreement by the Company.

     An isolated, insubstantial and inadvertent action not taken in bad faith, and which is
remedied by the Company within ten days after notice from the Executive, shall not be treated as
Good Reason under this Amended Agreement. In the event of a termination of employment by the
Executive for Good Reason during the Employment Period, the Executive shall be provided with the
Termination Benefits set forth in Section 9(b) hereof.

     In the event that the Executive shall in good faith give a Notice of Termination (as
hereinafter defined) for Good Reason and it shall thereafter be determined that Good Reason did

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not exist, the employment of the Executive hereunder shall, at the Executive’s option,
continue after such determination; provided, that the Executive continued his employment during the
dispute concerning his alleged Good Reason pursuant to his option to do so as provided in Section
11 and provided further, that in no event shall such employment extend beyond the Employment
Period. If the Executive does not choose to continue his employment hereunder after such
determination, the employment of the Executive shall be deemed to have terminated at the date of
giving such purported Notice of Termination by mutual consent of the Company and the Executive;
provided, however, that if the Executive exercises his option to continue his employment during the
period of dispute concerning his alleged Good Reason as provided in Section 11, the Executive shall
be entitled to compensation and benefits during such continued employment in accordance with
Section 5 of this Amended Agreement.

     11. Notice of Termination; Date of Termination.

          (a) Notice of Termination. Any termination of the Executive’s employment by the Company under
Section 9 or by the Executive under Section 10 shall be communicated by written Notice of
Termination to the other party hereto. For purposes of this Amended Agreement, a “Notice of
Termination” shall mean a notice which shall indicate the specific termination provision in this
Amended Agreement relied upon and the date of the Executive’s termination and shall set forth in
reasonable detail the facts and circumstances claimed to provide a basis for termination of the
Executive’s employment under the provision so indicated. In the event that one party notifies the
other that a dispute exists concerning the termination of the Executive’s employment, the
Executive’s employment under this Amended Agreement shall, at the Executive’s option, not be
terminated until such dispute is finally resolved either by mutual written agreement of the parties
or in accordance with Section 16, as the case may be; provided, however, that in no event shall
such employment extend beyond the Employment Period.

          (b) Date of Termination. The Executive’s “Date of Termination” shall mean: (i) in the event of
his death, the date of death; (ii) in the event of his Disability, the Disability Effective Date;
and (iii) in the event of any other termination of employment, the date specified in the Notice of
Termination.

     12. Non-exclusivity of Rights. Nothing in this Amended Agreement shall prevent or limit the
Executive’s continuing or future participation in any plan, program, policy or practice provided by
the Company for which the Executive may qualify, nor, subject to Section 24, shall anything in this
Amended Agreement limit or otherwise affect such rights as the Executive may have under any
contract or agreement with the Company. Accrued benefits and other amounts that the Executive is
otherwise entitled to receive under any plan, policy, practice or program of, or any contract or
agreement with, the Company on or after the Date of Termination shall be payable in accordance with
such plan, policy, practice, program, contract or agreement, as the case may be, except as
explicitly modified by this Amended Agreement.

     13. Interest and Costs. In the event that any payments due to the Executive hereunder shall
fail to be paid when due, such unpaid amounts shall bear interest at the rate of 8% per annum and
if such unpaid amounts are collected by law or through an attorney-at-law, the Executive shall also
be entitled to collect reasonable attorneys’ fees and all costs of collection. Within ten (10) days
after the Executive’s written request therefor, the Company shall pay to the

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Executive, or such other person or entity as the Executive may designate in writing to the
Company, such reasonable attorneys’ fees and costs of collection in advance of the final
disposition or conclusion of any dispute, legal or arbitration proceeding with respect to such
collection.

     14. Noncompetition; Nonsolicitation and Confidential Information.

          (a) During the Employment Period, Executive shall not provide any assistance to any competitor
of the Company. In addition, for a period of one year after the later of the Executive’s Date of
Termination or the date Executive ceases to serve as Chairman of the Board (the “Noncompetition
Period”), the Executive shall not, except as permitted by the Company’s prior written consent,
engage in, be employed by, or in any way advise or act for, any business which is a competitor of
the Company in any capacity that involves assisting the competitor with respect to competing
against the Company in any market in which, at the beginning of the Noncompetition Period, the
Company either is selling or marketing any of its products or is actively planning to begin selling
or marketing any of its products. Notwithstanding the foregoing, this Section 14(a) shall not apply
during the Noncompetition Period if the Executive’s employment is terminated without Cause or the
Executive terminates his employment for Good Reason.

          (b) During the Noncompetition Period, other than on behalf of the Company, the Executive shall
not induce or solicit any employee of the Company to terminate his or her employment.

          (c) The Executive shall hold in a fiduciary capacity for the benefit of the Company all secret
or confidential information, knowledge or data relating to the Company and its respective
businesses that the Executive obtains during the Executive’s employment by the Company and that is
not public knowledge (other than as a result of the Executive’s violation of this Section 14(c)
(“Confidential Information”)). For so long as any piece of Confidential Information is sensitive
and/or of economic value to the Company, the Executive shall not communicate, divulge or
disseminate any such piece of Confidential Information outside the Company, except with the prior
written consent of the Company or as otherwise required by law or legal process.

          (d) All computer software, business cards, telephone lists, customer lists, price lists,
contract forms, catalogs, the Company books, records, files and know-how acquired while the
Executive is an employee of the Company are acknowledged to be the property of the Company and
shall not be duplicated, removed from the Company’s possession or premises or made use of other
than in pursuit of the Company’s business or as may otherwise be required by law or any legal
process, or as is necessary in connection with any adversarial proceeding against the Company and,
upon termination of employment for any reason, the Executive shall deliver to the Company, without
further demands, the originals and all copies thereof which are then in his possession or under his
control.

          (e) The provisions of Sections 14(a), (b), (c) and (d) shall remain in full force and effect
until the expiration of the period specified herein notwithstanding the earlier termination of the
Executive’s employment hereunder. In the event of a breach of the Executive’s

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covenants under this Section 14, it is understood and agreed that the Company shall be
entitled to injunctive relief, as well as any other legal remedies. For purposes of this Section
14, the “Company” shall include all entities controlling, controlled by or under common control
with the Company.

     15. Resolution of Disputes. Any dispute arising out of this Amended Agreement shall, at the
Executive’s option, be determined by arbitration under the rules of the American Arbitration
Association then in effect, other than any requests for injunctive relief under Section 14(e), or
by litigation. Whether the dispute is to be settled by arbitration or litigation, the venue for the
arbitration or litigation shall be Milwaukee, Wisconsin or, if the Executive is no longer residing
or working in Milwaukee, Wisconsin, such venue shall, at the Executive’s election, be the city in
which the Executive resides. More specifically, if litigation is the method for settling any such
dispute, venue for the litigation shall be in the Circuit Court of Milwaukee County or, if the
Executive is no longer residing or working in Milwaukee, Wisconsin, such venue shall, at the
Executive’s election, be the county court for the county in which the Executive resides. The
parties consent to jurisdiction in the selected venue notwithstanding their residence or situs.

     16. Payment Obligations Absolute. The Company’s obligation during and after the term of the
Executive’s employment hereunder to pay the Executive the compensation and to make the arrangements
provided herein shall be absolute and unconditional and shall not be affected by any circumstances,
including, without limitation, any setoff, counterclaim, recoupment, defense or other right which
the Company may have against him or anyone else, except as provided in Section 9(b)(iii). All
amounts payable by the Company hereunder shall be paid without notice (except as provided in
Section 12) or demand. The Company will not seek to recover all or any part of any such payment
from the Executive or from whomsoever may be entitled thereto, for any reason whatsoever, except as
provided in Section 9(b)(iii).

     17. Strict Compliance. The Executive’s or the Company’s failure to insist upon strict
compliance with any provision of, or to assert any right under, this Amended Agreement (including,
without limitation, the right of the Executive to terminate employment for Good Reason pursuant to
Section 10(b)) shall not be deemed to be a waiver of such provision or right or of any other
provision of or right under this Amended Agreement.

     18. Successors; Binding Agreement.

          (a) The Company will require any successor (whether direct or indirect, by purchase, merger,
consolidation or otherwise) to all or substantially all of the business and/or assets of the
Company, by agreement in form and substance satisfactory to the Executive, to expressly assume and
agree to perform this Amended Agreement in the same manner and to the same extent that the Company
would be required to perform it if no such succession had taken place. Failure of the Company to
obtain such agreement prior to the effectiveness of any such succession shall be a breach of this
Amended Agreement. As used in this Amended Agreement, “Company” shall mean the Company as
hereinbefore defined and any successor to its business and/or assets as aforesaid which executes
and delivers the agreement provided for in this Section 18 or which otherwise becomes bound by all
the terms and provisions of this Amended Agreement by operation of law.

- 9 -

 

          (b) This Amended Agreement and all rights of the Executive hereunder shall inure to the
benefit of and be enforceable by the Executive’s personal or legal representatives, executors,
administrators, successors, heirs, distributees, devisees and legatees. Except as otherwise
expressly provided in Sections 7 and 8 of this Amended Agreement, if the Executive should die while
any amounts would still be payable to him hereunder if he had continued to live, all such amounts,
unless otherwise provided herein, shall be paid in accordance with the terms of this Amended
Agreement to the Executive’s devisee, legatee, or other designee or, if there be no such designee,
to the Executive’s estate.

     19. Notice. All notices, requests, demands and other communications required or permitted to
be given by either party to the other party by this Amended Agreement (including, without
limitation, any Notice of Termination of employment) shall be in writing and shall be deemed to
have been duly given when delivered personally or received by certified or registered mail, return
receipt requested, postage prepaid, at the address of the other party, as follows:

     If to the Company, to:

Sensient Technologies Corporation

777 East Wisconsin Avenue

Milwaukee, Wisconsin 53202

Attention: Secretary

     If to Executive, to the last address for the Executive in the Company’s records.

     Either party hereto may change its address for purposes of this Section 19 by giving fifteen
(15) days prior notice to the other party hereto.

     20. Severability. If any term or provision of this Amended Agreement or the application hereof
to any person or circumstance shall to any extent be invalid or unenforceable, the remainder of
this Amended Agreement or the application of such term or provision to persons or circumstances
other than those as to which it is held invalid or unenforceable shall not be affected thereby, and
each term and provision of this Amended Agreement shall be valid and enforceable to the fullest
extent permitted by law.

     21. Headings. The headings in this Amended Agreement are inserted for convenience of reference
only and shall not be a part of or control or affect the meaning of this Amended Agreement.

     22. Governing Law. This Amended Agreement has been executed and delivered in the State of
Wisconsin and shall in all respects be governed by, and construed and enforced in accordance with,
the laws of the State of Wisconsin.

     23. Payroll and Withholding Taxes. All payments to be made or benefits to be provided
hereunder by the Company shall be subject to reduction for any applicable payroll-related or
withholding taxes.

     24. Entire Agreement. This Amended Agreement supersedes any and all other oral or written
agreements heretofore made relating to the subject matter hereof (including, without

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limitation, the Original Agreement) other than the Change of Control Agreement, and
constitutes the entire agreement of the parties relating to the subject matter hereof.

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

	 	 	 	 	 
	 	SENSIENT TECHNOLOGIES CORPORATION (“Company”)
	 
	 
	 	By  	/s/ Richard Carney
 	 
	 	 	Richard Carney 	 
	 	 	Vice President — Administration 	 
	 
	 
	 	 	Attest: 	/s/ John L. Hammond 	 

	 	 	 	 	 
	 	EXECUTIVE

 	 
	 	/s/ Kenneth P. Manning 	 
	 	Kenneth P. Manning 	 
	 	 	 	 
	 

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