Document:

<PAGE>
                                                                Exhibit 10.31.12

                            AMENDMENT NUMBER FIFTEEN
                                     to the
             Amended and Restated Master Loan and Security Agreement
                           Dated as of March 27, 2000
                                      among
                     HANOVER CAPITAL MORTGAGE HOLDINGS, INC.
                                       and
                   GREENWICH CAPITAL FINANCIAL PRODUCTS, INC.

     This AMENDMENT NUMBER FIFTEEN is made this 14th day of June, 2006, (the
"Effective Date") among HANOVER CAPITAL MORTGAGE HOLDINGS, INC. having an
address at 200 Metroplex Drive, Suite 100, Edison, New Jersey 08817 ("the
Borrower") and GREENWICH CAPITAL FINANCIAL PRODUCTS, INC., having an address at
600 Steamboat Road, Greenwich, Connecticut 06830 (the "Lender"), to the Amended
and Restated Master Loan and Security Agreement, dated as of March 27, 2000, by
and between the Borrower, Hanover Capital Partners Ltd. and the Lender, as
amended (the "Agreement"). Capitalized terms used but not otherwise defined
herein shall have the meanings assigned to such terms in the Agreement.

                                    RECITALS

     WHEREAS, the Borrower and the Lender have agreed to amend the Agreement to
extend the Termination Date as more specifically set forth herein;

     WHEREAS, as of the date of this Amendment Number Fifteen, the Borrower
represents to the Lender that it is in compliance with all of the
representations and warranties and all of the affirmative and negative covenants
set forth in the Agreement and is not in default under the Agreement; and

     WHEREAS, the Borrower and the Lender have agreed to amend the Agreement as
set forth herein.

     NOW THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, and of the mutual covenants herein
contained, the parties hereto hereby agree as follows:

     SECTION 1. Amendment. As of the Effective Date, Section 1.01 of the
     Agreement is hereby amended as follows:

     (a) be deleting the definitions of "Maximum Committed Amount" and "Maximum
Credit" in their entirety and replacing them with the following:

          "Maximum Committed Amount" shall mean $10,000,000.

          "Maximum Credit" shall mean the sum of the Maximum Committed Amount
     and the Maximum Uncommitted Amount, which on the date hereof shall equal
     $10,000,000.

<PAGE>

     (b) by deleting the definition of "Termination Date" in its entirety and
replacing it with the following:

          "Termination Date" shall mean June 13, 2007 or such earlier date on
     which this Loan Agreement shall terminate in accordance with the provisions
     hereof or by operation of law.

     SECTION 2. Fee. In order to induce the Lender to enter into this Amendment
Number Fifteen, the Borrower hereby agrees to pay to the Lender, in addition to
any other amounts required pursuant to the Agreement and as a condition
precedent to the effectiveness of this Amendment Number Fifteen, a renewal fee
in the amount of $175,000.

     SECTION 3. Effectiveness. This Amendment Number Fifteen shall be effective
as of the Effective Date.

     SECTION 4. Defined Terms. Any terms capitalized but not otherwise defined
herein shall have the respective meanings set forth in the Agreement.

     SECTION 5. Fees and Expenses. The Borrower agrees to pay to the Lender all
fees and out of pocket expenses incurred by the Lender in connection with this
Amendment Number Fifteen (including all reasonable fees and out of pocket costs
and expenses of the Lender's legal counsel incurred in connection with this
Amendment Number Fifteen), in accordance with Section 11.03 of the Agreement

     SECTION 6. Limited Effect. Except as amended hereby, the Agreement shall
continue in full force and effect in accordance with its terms. Reference to
this Amendment Number Fifteen need not be made in the Agreement or any other
instrument or document executed in connection therewith, or in any certificate,
letter or communication issued or made pursuant to, or with respect to, the
Agreement, any reference in any of such items to the Agreement being sufficient
to refer to the Agreement as amended hereby.

     SECTION 7. Representations. The Borrower hereby represents to the Lender
that as of the date hereof, the Borrower is in full compliance with all of the
terms and conditions of the Agreement and no Default or Event of Default has
occurred and is continuing under the Agreement.

     SECTION 8. Governing Law. This Amendment Number Fifteen 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 without regard to conflict of laws doctrine applied in such state
(other than Sections 5-1401 and 5-1402 of the New York General Obligations Law).

     SECTION 9. Counterparts. This Amendment Number Fifteen may be executed by
each of the parties hereto on any number of separate counterparts, each of which
shall be an original and all of which taken together shall constitute one and
the same instrument.

<PAGE>

                [REMAINDER OF THIS PAGE LEFT INTENTIONALLY BLANK]

<PAGE>

     IN WITNESS WHEREOF, the Borrower and the Lender have caused this Amendment
Number Fifteen to be executed and delivered by their duly authorized officers as
of the day and year first above written.

                                                     HANOVER CAPITAL MORTGAGE
                                                     HOLDINGS, INC.
                                                     (Borrower)

                                                     By: /s/ John A. Burchett
                                                         -----------------------
                                                     Name: John A. Burchett
                                                     Title: CEO and President

                                                     GREENWICH CAPITAL FINANCIAL
                                                     PRODUCTS, INC.
                                                     (Lender)

                                                     By: /s/ Anthony Palmisano
                                                         ----------------------
                                                     Name: Anthony Palmisano
                                                     Title: Managing Directorexv4w2

 

Exhibit 4.2

GATX FINANCIAL CORPORATION

SUPPLEMENTAL INDENTURE NO. 2

$200,000,000 5.8% Senior Notes due 2016

     THIS SUPPLEMENTAL INDENTURE NO. 2, dated as of March 3, 2006 (this “Supplemental Indenture”),
between GATX FINANCIAL CORPORATION, a Delaware corporation (the “Company”), and JPMORGAN CHASE
BANK, N.A., as trustee (the “Trustee”).

RECITALS OF THE COMPANY:

     WHEREAS, the Company has heretofore executed and delivered to the Trustee an Indenture (the
“Base Indenture”), dated as of November 1, 2003 (as supplemented by this Supplemental Indenture,
the “Indenture”), providing for the issuance from time to time of one or more series of Securities;

     WHEREAS, Section 9.1(e) of the Base Indenture provides that the Company and the Trustee may,
without the consent of any Holders of Securities, enter into an indenture supplemental to the Base
Indenture to establish the form or terms of Securities of any series as permitted by Sections 2.1
and 3.1 of the Base Indenture;

     WHEREAS, the Company has duly authorized the execution and delivery of this Supplemental
Indenture to provide for the issuance of $200,000,000 principal amount of its 5.8% Senior Notes due
2016 (the “Initial Notes”, and, together with any Exchange Notes (as defined below) issued therefor
and any Add On Notes (as defined below) (or any Exchange Notes issued therefor), in each case as
provided for herein, the “Notes”); and

     WHEREAS, the Company has requested that the Trustee execute and deliver this Supplemental
Indenture; all the conditions and requirements necessary to make this Supplemental Indenture, when
duly executed and delivered, a valid and binding agreement in accordance with its terms and for the
purposes herein expressed, have been performed and fulfilled; and the execution and delivery of
this Supplemental Indenture have been duly authorized in all respects.

     NOW THEREFORE, THIS SUPPLEMENTAL INDENTURE WITNESSETH:

     For and in consideration of the premises and the issuance of the series of Securities provided
for herein, the Company and the Trustee mutually covenant and agree as follows:

ARTICLE ONE

RELATION TO THE BASE INDENTURE; DEFINITIONS; RULES OF CONSTRUCTION

     SECTION 1.1 Relation to the Base Indenture. This Supplemental Indenture constitutes
an integral part of the Base Indenture.

 

 

     SECTION 1.2 Definitions. For all purposes of this Supplemental Indenture, the
following terms shall have the respective meanings set forth in this Section 1.2.

     “Add On Notes” has the meaning set forth in Section 2.2.

     “Adjusted Treasury Rate” has the meaning set forth in Section 2.3(e).

     “Base Indenture” has the meaning set forth in the recitals hereto.

     “Business Day” has the meaning set forth in Section 2.3(e).

     “Company” has the meaning set forth in the introductory paragraph hereof.

     “Comparable Treasury Issue” has the meaning set forth in Section 2.3(e).

     “Comparable Treasury Price” has the meaning set forth in Section 2.3(e).

     “Depositary” means The Depository Trust Company, its nominees and their respective
successors.

     “Exchange Act” has the meaning set forth in Section 2.3(a).

     “Exchange Notes” means the Notes issued in a Registered Exchange Offer for a like
principal amount of Initial Notes, Add-On Notes and replacement Notes issued therefor in
accordance with the Indenture.

     “Global Notes” has the meaning set forth in Section 2.4(a).

     “Indenture” has the meaning set forth in the recitals hereto.

     “Initial Notes” has the meaning set forth in the recitals hereto.

     “Initial Purchasers” means Citigroup Global Markets Inc. and Banc of America Securities
LLC.

     “Issue Date” means March 3, 2006.

     “Maturity Date” has the meaning set forth in Section 2.3(b).

     “Non-U.S. Person” has the meaning assigned to such term in Regulation S.

     “Notes” has the meaning set forth in the recitals hereto, and means any Notes
authenticated and delivered pursuant to the Indenture.

     “144A Global Note” means a permanent global note in registered form representing the
Notes issued to Qualified Institutional Buyers on the Issue Date or transferred to Qualified
Institutional Buyers in reliance on Rule 144A.

     “Participant” means members of, or participants in, the Depositary.

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     “Physical Notes” has the meaning set forth in Section 2.4(d).

     “Primary Treasury Dealer” has the meaning set forth in Section 2.3(e).

     “Private Placement Legend” means the legend in the form set forth in Exhibit B
initially set forth on the Notes.

     “Qualified Institutional Buyer” or “QIB” has the meaning specified in Rule 144 A.

     “Quotation Agent” has the meaning set forth in Section 2.3(e).

     “Reference Treasury Dealer” has the meaning set forth in Section 2.3(e).

     “Reference Treasury Dealer Quotations” has the meaning set forth in Section 2.3(e).

     “Registered Exchange Offer” means the offer that may be made by the Company pursuant to
the Registration Agreement to exchange Notes bearing the Private Placement Legend for the
Exchange Notes.

     “Registration Agreement” means the Registration Rights Agreement dated as of March 3,
2006, among the Company and the Initial Purchasers.

     “Regulation S” means Regulation S under the Securities Act.

     “Regulation S Global Note” means a permanent global note in registered form
representing the Notes sold in reliance on Regulation S.

     “Restricted Note” means a Note that constitutes a “restricted security” within the
meaning of Rule 144(a)(3) under the Securities Act; provided, however, that the Trustee
shall be entitled to request and conclusively rely on an Opinion of Counsel with respect to
whether any Note constitutes a Restricted Security.

     “Rule 144A” means Rule 144A under the Securities Act.

     “Securities Act” means the Securities Act of 1933, as amended.

     “Supplemental Indenture” has the meaning set forth in the introductory paragraph
hereof.

     “Trustee” has the meaning set forth in the introductory paragraph hereof.

     SECTION 1.3 Rules of Construction. For all purposes of this Supplemental Indenture,
except as expressly provided or unless the context otherwise requires:

     (a) capitalized terms used herein without definition shall have the meanings specified
in the Base Indenture;

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     (b) all references herein to Articles and Sections, unless otherwise specified, refer
to the corresponding Articles and Sections of this Supplemental Indenture;

     (c) the words “herein”, “hereof” and “hereunder” and other words of similar import
refer to this Supplemental Indenture as a whole and not to any particular Article, Section
or other subdivision; and

     (d) in the event of a conflict with the definition of terms in the Base Indenture, the
definitions in this Supplemental Indenture shall control.

ARTICLE TWO

THE NOTES

     SECTION 2.1 Title of the Notes. The title of the series of Securities designated
hereby is the “5.8% Senior Notes due 2016”.

     SECTION 2.2 Limitation on Aggregate Principal Amount. The Notes are initially
limited in aggregate principal amount to $200,000,000, except for such Notes authorized and
delivered upon registration of transfer of, or in exchange for, or in lieu of other notes, pursuant
to Sections 3.4, 3.5, 3.6, 9.6 or 11.7 of the Base Indenture. The Company may, from time to time,
without the consent of Holders of the Notes, issue notes (“Add On Notes”) under the Indenture in
addition, and with identical terms, to the $200,000,000 aggregate principal amount of Notes (other
than issue date, issue price and the amount of the first payment of interest). Any such additional
notes and the Notes will be treated as a single series for purposes of the Indenture.

     SECTION 2.3 Terms of the Notes.

     (a) The Global Notes may be exchanged for Notes in certificated form only if (i) the
Depositary or any other designated replacement depositary is at any time unwilling or unable
to continue as depositary or ceases to be a clearing agency registered under the Securities
Exchange Act of 1934, as amended (the “Exchange Act”), and a successor depositary registered
as a clearing agency under the Exchange Act is not appointed by the Company within 90
calendar days, (ii) at any time the Company in its sole discretion determines not to have
the Notes represented by the Global Notes or (iii) an Event of Default has occurred and is
continuing with respect to the Notes.

     (b) The principal of the Notes is payable on March 1, 2016 (the “Maturity Date”).

     (c) The Notes shall bear interest at an annual rate of 5.8% from March 3, 2006, or from
the most recent date on which interest has been paid or provided for, payable semi-annually
on March 1 and September 1 of each year commencing September 1, 2006, until the principal of
such Notes is paid or made available for payment. The interest so payable will be paid to
the person in whose name the Notes are registered at the close of business on the preceding
February 15 or August 15, respectively; provided, however, that interest payable on the
Maturity Date, or, if applicable, upon redemption,

4

 

will be payable to the Person to whom the principal of the Notes shall be payable. If
the date on which interest is payable is not a Business Day, the interest will be paid on
the next following Business Day.

     (d) Payment of the principal of (and premium, if any, on) and any such interest on the
Notes will be made at the office or agency of the Company maintained for that purpose in New
York, New York, in such coin or currency of the United States of America as at the time of
payment is legal tender for payment of public and private debts; provided, however, that at
the option of the Company payment of interest may be made by check mailed to the address of
the Person entitled thereto as such address shall appear in the Security Register. JPMorgan
Chase Bank, N.A. is appointed as the Trustee and Paying Agent for the Notes to perform the
functions set forth in the Indenture to be performed by such offices.

     (e) The Notes are redeemable at the option of the Company, in whole or in part at any
time and from time to time, at a Redemption Price equal to the greater of:

       • 100% of the principal amount of the Notes to be redeemed; or

       • the sum of the present values of the remaining scheduled payments of
principal and interest on the Notes (exclusive of interest accrued to the Redemption
Date) discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year
consisting of twelve 30-day months) at the Adjusted Treasury Rate plus 20 basis points,

plus, in each case, accrued and unpaid interest on the principal amount being redeemed to the
Redemption Date.

     “Adjusted Treasury Rate” means, with respect to any Redemption Date, the rate per year equal
to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, assuming a price
for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the
Comparable Treasury Price for the Redemption Date.

     “Business Day” means any day other than a Saturday or Sunday and other than a day on which
banking institutions in Chicago, Illinois or New York, New York, are authorized or obligated by law
or executive order to close.

     “Comparable Treasury Issue” means the United States Treasury security selected by the
Quotation Agent as having a maturity comparable to the remaining term of the Notes to be redeemed
that would be used, at the time of selection and in accordance with customary financial practice,
in pricing new issues of corporate debt securities of comparable maturity to the remaining term of
the Notes.

     “Comparable Treasury Price” means, with respect to any Redemption Date, the average of the
Reference Treasury Dealer Quotations for that Redemption Date.

     “Quotation Agent” means one of the Reference Treasury Dealers appointed by the Company.

5

 

     “Reference Treasury Dealer” means each of Citigroup Global Markets Inc. and Banc of America
Securities LLC and their respective successors; provided, however, that if either of the foregoing
or their successors shall cease to be a primary U.S. Government securities dealer in New York City
(a “Primary Treasury Dealer”), the Company will substitute for it another nationally recognized
investment bank that is a Primary Treasury Dealer.

     “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer
and any Redemption Date, the average, as determined by the Quotation Agent, of the bid and asked
prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal
amount) quoted in writing to the Quotation Agent at 5:00 p.m., New York City time, on the third
Business Day preceding such Redemption Date.

     (f) The Notes are not subject to a sinking fund.

     (g) The Notes shall be issued in denominations of $1,000 and integral multiples of
$1,000.

     (h) The entire principal amount of the Notes shall be payable upon declaration of
acceleration of the Maturity thereof pursuant to Section 5.2 of the Indenture.

     (i) Additional Amounts will not be payable to the Holders of the Notes.

     (j) The Notes shall have such other terms and provisions as are provided in the form
thereof set forth in Exhibit A hereto, which terms and provisions are hereby expressly made
a part of the Indenture and, to the extent applicable, the Company and the Trustee, by their
execution and delivery of this Supplemental Indenture expressly agree to such terms and
provisions and to be bound thereby. Except as otherwise expressly permitted by the
Indenture, all Notes shall be identical in all respects. Notwithstanding any differences
among them, all Notes issued under the Indenture shall vote and consent together on all
matters as one class.

     (k) Under certain circumstances, the Company may be obligated to pay additional
interest to Holders of Notes, all as and to the extent set forth in the Registration
Agreement and any registration rights agreement applicable to Add On Notes. The terms
thereof are incorporated herein by reference and such additional interest is deemed to be
interest for purposes of the Indenture.

     SECTION 2.4 Form and Dating.

     (a) The Notes shall be issued initially in the form of one or more permanent global notes
(“Global Notes”) in definitive, fully registered form without interest coupons in substantially the
form of Exhibit A, which shall be deposited on behalf of the purchasers of the Notes represented
thereby with the Trustee, at its principal corporate trust office in New York City, as custodian
for the Depositary, and registered in the name of the Depositary or a nominee of the Depositary,
duly executed by the Company and authenticated by the Trustee as hereinafter provided. The
aggregate principal amount of the Global Notes may from time to time be increased or decreased by
adjustments made on the records of the Trustee and the Depositary or its nominee in the limited
circumstances hereinafter provided.

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     (b) The Notes may have notations, legends or endorsements required by law, stock exchange
rule, agreements to which the Company is subject, if any, or usage (provided that any such
notation, legend or endorsement is in a form acceptable to the Company).

     (c) Each Note shall be dated the date of its authentication.

     (d) Except as provided in Section 2.3(a), in accordance with Section 2.5, owners of beneficial
interests in Global Notes will not be entitled to receive physical delivery of certificated Notes
(the “Physical Notes”).

     SECTION 2.5 Special Transfer Provisions.

     (a) Transfers to Non-U.S. Persons. The following provisions shall apply with respect
to the registration of any proposed transfer of a Restricted Security to any Non-U.S. Person:

     (i) the Security Registrar shall register the transfer of any Restricted Security,
whether or not such Restricted Security bears the Private Placement Legend, if (x) the
requested transfer is after the second anniversary of the Issue Date; provided, however,
that neither the Company nor any Affiliate of the Company has held any beneficial interest
in such Restricted Security, or portion thereof, at any time on or prior to the second
anniversary of the Issue Date, or (y) the proposed transferor has delivered to the Security
Registrar a certificate substantially in the form of Exhibit C hereto;

     (ii) if the proposed transferee is a Participant and the Notes to be transferred
consist of Physical Notes which after transfer are to be evidenced by an interest in the
Regulation S Global Note, upon receipt by the Security Registrar of the Physical Security
and (x) written instructions given in accordance with the Depositary’s and the Security
Registrar’s procedures and (y) a certificate, if required, substantially in the form of
Exhibit C hereto, the Security Registrar shall (A) register the transfer and reflect on its
books and records the date and an increase in the principal amount of the Regulation S
Global Note in an amount equal to the principal amount of Physical Notes to be transferred
and (B) cancel the Physical Notes so transferred; and

     (iii) if the proposed transferor is a Participant seeking to transfer an interest in a
Global Note which after transfer is to be evidenced by an interest in the Regulation S
Global Note, upon receipt by the Security Registrar of (x) written instructions given in
accordance with the Depositary’s and the Security Registrar’s procedures and (y) a
certificate, if required, substantially in the form of Exhibit C hereto, the Security
Registrar shall register the transfer and reflect on its books and records the date and a
decrease in the principal amount of the Global Note from which such interests are to be
transferred in an amount equal to the principal amount of the Notes to be transferred and an
increase in the principal amount of the Regulation S Global Note in an amount equal to the
principal amount of the Notes to be transferred.

     (b) Transfers to QIBs. The following provisions shall apply with respect to the
registration of any proposed transfer of a Restricted Security to a QIB:

     (i) the Security Registrar shall register the transfer of any Restricted Security,

7

 

whether or not such Restricted Security bears the Private Placement Legend, if (x) the
requested transfer is after the second anniversary of the Issue Date; provided, however,
that neither the Company nor any Affiliate of the Company has held any beneficial interest
in such Restricted Security, or portion thereof, at any time on or prior to the second
anniversary of the Issue Date, or (y) such transfer is being made by a proposed transferor
who has checked the box provided for on the form of the Restricted Security stating, or has
otherwise advised the Company and the Security Registrar in writing, that the sale has been
made in compliance with the provisions of Rule 144A to a transferee who has signed the
certification provided for on the form of Note stating, or has otherwise advised the Company
and the Security Registrar in writing, that it is purchasing the Note for its own account or
an account with respect to which it exercises sole investment discretion and that it and any
such account is a QIB within the meaning of Rule 144A, and is aware that the sale to it is
being made in reliance on Rule 144A and acknowledges that it has received such information
regarding the Company as it has requested pursuant to Rule 144A or has determined not to
request such information and that it is aware that the transferor is relying upon its
foregoing representations in order to claim the exemption from registration provided by Rule
144A;

     (ii) if the proposed transferee is a Participant and the Notes to be transferred
consist of Physical Notes which after transfer are to be evidenced by an interest in the
144A Global Note, upon receipt by the Security Registrar of the Physical Security and
written instructions given in accordance with the Depositary’s and the Security Registrar’s
procedures, the Security Registrar shall (x) register the transfer and reflect on its book
and records the date and an increase in the principal amount of the 144A Global Note in an
amount equal to the principal amount of Physical Notes to be transferred, and (y) cancel the
Physical Notes so transferred; and

     (iii) if the proposed transferor is a Participant seeking to transfer an interest in
the Regulation S Global Note, upon receipt by the Security Registrar of written instructions
given in accordance with the Depositary’s and the Security Registrar’s procedures, the
Security Registrar shall register the transfer and reflect on its books and records the date
and a decrease in the principal amount of the Regulation S Global Note in an amount equal to
the principal amount of the Notes to be transferred and an increase in the principal amount
of the 144A Global Note in an amount equal to the principal amount of the Notes to be
transferred.

     (c) Exchange Offer. Upon the occurrence of the Registered Exchange Offer in
accordance with the Registration Agreement, the Company shall issue and, upon receipt of a Company
Order in accordance with the terms of the Indenture, the Trustee shall authenticate one or more
Global Notes not bearing the Private Placement Legend in an aggregate principal amount equal to the
principal amount of the beneficial interests in the Global Notes tendered for acceptance in
accordance with the Registered Exchange Offer and accepted for exchange in the Registered Exchange
Offer.

     (d) Private Placement Legend. Upon the transfer, exchange or replacement of Notes
not bearing the Private Placement Legend, the Security Registrar or co-Security Registrar shall
deliver Notes that do not bear the Private Placement Legend. Upon the transfer, exchange or

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replacement of Notes bearing the Private Placement Legend, the Security Registrar or
co-Security Registrar shall deliver only Notes that bear the Private Placement Legend unless (i)
there is delivered to the Trustee an Opinion of Counsel reasonably satisfactory to the Company and
the Trustee to the effect that neither such legend nor the related restrictions on transfer are
required in order to maintain compliance with the provisions of the Securities Act or (ii) such
Security has been offered and sold (including pursuant to the Registered Exchange Offer) pursuant
to an effective registration statement under the Securities Act.

     (e) General. (i) By its acceptance of any Note bearing the Private Placement
Legend, each Holder of such a Note acknowledges the restrictions on transfer of such Note set forth
in the Indenture and in the Private Placement Legend and agrees that it will transfer such Note
only as provided in the Indenture.

     (ii) The Security Registrar shall retain copies of all letters, notices and other
written communications received pursuant to this Section 2.5(e). The Company shall have the
right to inspect and make copies of all such letters, notices or other written
communications at any reasonable time upon the giving of reasonable written notice to the
Security Registrar.

     (iii) The Trustee shall have no obligation or duty to monitor, determine or inquire as
to compliance with any restrictions on transfer imposed under the Indenture or under
applicable law with respect to any transfer of any interest in any Note (including any
transfers between or among Participants or beneficial owners of interests in any Global
Note) other than to require delivery of such certificates and other documentation or
evidence as are expressly required by, and to do so if and when expressly required by the
terms of, the Indenture, and to examine the same to determine substantial compliance as to
form with the express requirements hereof.

     (iv) The Trustee shall have no responsibility for the actions or omissions of the
Depositary, or the accuracy of the books and records of the Depositary.

ARTICLE THREE

MISCELLANEOUS PROVISIONS

     SECTION 3.1 Ratification. The Base Indenture, as supplemented by this Supplemental
Indenture, is in all respects hereby adopted, ratified and confirmed.

     SECTION 3.2 Exchange Notes. Without the consent of any Holders of the Notes, the
Company, when authorized by a Board Resolution, and the Trustee, at any time and from time to time,
may amend or modify the Indenture to provide for the issuance of the Exchange Notes.

     SECTION 3.3 Counterparts. This Supplemental Indenture may be executed in any number
of counterparts, each of which when so executed shall be deemed to be an original, and all such
counterparts shall together constitute but one and the same instrument.

     SECTION 3.4 Governing Law. THIS SUPPLEMENTAL INDENTURE AND THE NOTES SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE

9

 

LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE CHOICE OF LAW PRINCIPLES THEREOF.

10

 

     IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly
executed as of the day and year first above written.

	 	 	 	 	 	 	 
	 	 	GATX FINANCIAL CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ William J. Hasek	 	 
	 

	 	 	 	 	 	 
	 	 	Name: William J. Hasek	 	 
	 	 	Title: Vice President and Treasurer	 	 
	 
	 	 	 	 	 	 
	 	 	JPMORGAN CHASE BANK, N.A.	 	 
	 	 	   as Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ George N. Reaves	 	 
	 

	 	 	 	 	 	 
	 	 	Name: George N. Reaves	 	 
	 	 	Title: Authorized Officer	 	 

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EXHIBIT A

Form of Senior Notes due 2016

     THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO
AND IS REGISTERED IN THE NAME OF THE DEPOSITARY OR A NOMINEE OF THE DEPOSITARY, WHICH MAY BE
TREATED BY THE COMPANY, THE TRUSTEE AND ANY AGENT THEREOF AS OWNER AND HOLDER OF THIS SECURITY FOR
ALL PURPOSES.

     UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY, 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 NAME AS IS REQUESTED BY THE 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 THEREIN.

     UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR REGISTERED SECURITIES IN DEFINITIVE
REGISTERED FORM IN THE LIMITED CIRCUMSTANCES REFERRED TO IN THE INDENTURE, THIS GLOBAL SECURITY MAY
NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A
NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE
DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.

A-1

 

			
	No.                     
	 	$                    

CUSIP                     

GATX FINANCIAL CORPORATION

5.8% SENIOR NOTE DUE 2016

     GATX Financial Corporation, a Delaware corporation (herein called the “Company,” which term
includes any successor corporation under the Indenture referred to on the reverse hereof), for
value received, hereby promises to pay to CEDE & CO., the principal sum of                                                             
Dollars ($                    ) on March 1, 2016 (the “Maturity Date”), and to pay interest thereon from
March 3, 2006 or from the most recent Interest Payment Date to which interest has been paid or duly
provided for semi-annually on March 1 and September 1 in each year commencing September 1, 2006, at
the rate of 5.8% per annum until the principal hereof is paid or made available for payment.

     The interest so payable, and punctually paid or duly provided for, on any Interest Payment
Date will, as provided in the Indenture referred to on the reverse hereof, be paid to the Person in
whose name this Security is registered at the close of business on the February 15 or the August 15
(whether or not a Business Day), as the case may be, next preceding such Interest Payment Date;
provided, however, that interest payable on the Maturity Date, or, if applicable, upon redemption,
will be payable to the Person to whom the principal hereof shall be payable; provided further that,
if such Interest Payment Date would fall on a day that is not a Business Day, such Interest Payment
Date shall be the following day that is a Business Day.

     Payment of the principal of (and premium, if any, on) and any such interest on this Security
will be made at the office or agency of the Company maintained for that purpose in New York, New
York, in such coin or currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts; provided, however, that at the option of the
Company payment of interest may be made by check mailed to the address of the Person entitled
thereto as such address shall appear in the Security Register.

     Reference is hereby made to the further provisions of this Security 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 manually executed by or on behalf of
the Trustee under the Indenture referred to on the reverse hereof, this Security shall not be
entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

A-2

 

     IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its
corporate seal.

	 	 	 	 	 	 	 
	Dated: March 3, 2006	 	GATX Financial Corporation	 	 
	 
	 	 	 	 	 	 
	(SEAL)

	 	By: 	 	 	 	 
	 

	 	 	 	 	 

	 	 	 	 	 	 	 
	Attest:	 	 	 	 
	 
	 	 	 	 	 	 
	By: 
	 	 	 	 	 	 
	 

	 	 	 	 	 
	  Secretary	 	 	 	 

Trustee’s Certificate of Authentication

     This is one of the Securities of the series designated herein referred to in the
within-mentioned Indenture.

	 	 	 	 	 	 	 
	 

	 	JPMorgan Chase Bank, N.A., as Trustee
	 	 
	 
	 	 	 	 	 	 
	 

	 	By: 	 	 	 	 
	 

	 	 	 	 	 
	 

	 	 	Authorized Signatory	 	 

A-3

 

GATX FINANCIAL CORPORATION

     This Security is one of a duly authorized issue of securities of the Company (herein called
the “Securities”), issued and to be issued in one or more series under an Indenture dated as of
November 1, 2003, as supplemented by a supplemental indenture dated as of March 3, 2006 (herein
called the “Indenture”), between the Company and JPMorgan Chase Bank, N.A. as trustee (herein
called the “Trustee,” which term includes any successor trustee under the Indenture), to which the
Indenture and all indentures supplemental thereto reference is hereby made for a statement of the
respective rights, limitations of rights, duties and immunities thereunder of the Company, the
Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are
to be, authenticated and delivered. This Security is one of the series designated on the face
hereof, initially limited in aggregate principal amount to $200,000,000.

     The Securities are redeemable at the option of the Company, in whole or in part at any time
and from time to time, at a Redemption Price equal to the greater of

	 	•	 	100% of the principal amount of such Securities to be redeemed; and
	 
	 	•	 	the sum of the present values of the remaining scheduled payments of principal and
interest on the Securities (exclusive of interest accrued to the Redemption Date)
discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year
consisting of twelve 30-day months) at the Adjusted Treasury Rate plus 20 basis points,

plus, in each case, accrued and unpaid interest on the principal amount being redeemed to the
Redemption Date.

     “Adjusted Treasury Rate” means, with respect to any Redemption Date, the rate per year equal
to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, assuming a price
for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the
Comparable Treasury Price for the Redemption Date.

     “Business Day” means any day other than a Saturday or Sunday and other than a day on which
banking institutions in Chicago, Illinois or New York, New York, are authorized or obligated by law
or executive order to close.

     “Comparable Treasury Issue” means the United States Treasury security selected by the
Quotation Agent as having a maturity comparable to the remaining term of the Securities to be
redeemed that would be used, at the time of selection and in accordance with customary financial
practice, in pricing new issues of corporate debt securities of comparable maturity to the
remaining term of such Securities.

     “Comparable Treasury Price” means, with respect to any Redemption Date, the average of the
Reference Treasury Dealer Quotations for that Redemption Date.

A-4

 

     “Quotation Agent” means one of the Reference Treasury Dealers appointed by the Company.

     “Reference Treasury Dealer” means each of Citigroup Global Markets Inc. and Banc of America
Securities LLC and their respective successors; provided, however, that if either of the foregoing
or their successors shall cease to be a primary U.S. Government securities dealer in New York City
(a “Primary Treasury Dealer”), the Company will substitute for it another nationally recognized
investment bank that is a Primary Treasury Dealer.

     “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer
and any Redemption Date, the average, as determined by the Quotation Agent, of the bid and asked
prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal
amount) quoted in writing to the Quotation Agent at 5:00 p.m., New York City time, on the third
Business Day preceding such Redemption Date.

[the following two paragraphs should be included only in a restricted security]

     The holder of this Security is entitled to the benefits of the Registration Rights Agreement,
dated as of March 3, 2006, by and among the Company and Citigroup Global Markets Inc., and Banc of
America Securities LLC (the “Registration Rights Agreement”). If (1) the Exchange Offer
Registration Statement (as defined in the Registration Rights Agreement) is not filed with the
Commission on or prior to the date which is 120 days following the Issue Date, (2) the Exchange
Offer Registration Statement is not declared effective by the Commission within 210 days after the
Issue Date, (3) neither the Registered Exchange Offer (as defined in the Registration Rights
Agreement) is completed nor the Shelf Registration Statement (as defined in the Registration Rights
Agreement) has been declared effective by the Commission within 255 days after the Issue Date, (4)
the Shelf Registration Statement is not declared effective by the Commission on or prior to the
date specified in the Registration Rights Agreement or (5) the Shelf Registration Statement, if
applicable, has been declared effective but ceases to be effective or usable for a period of time
that exceeds 60 days in the aggregate in any 12-month period in which it is required to be
effective or usable under the Registration Rights Agreement (each such event referred to in clauses
(1) through (5), a “Registration Default”), the Company shall be obligated to pay additional
interest (“Additional Interest”) to each Holder of the Securities affected thereby, during the
period of one or more such Registration Defaults, at a rate of 0.25% per annum for the 90-day
period immediately following the occurrence of a Registration Default, increased by an additional
0.25% per annum thereafter (up to a maximum of 0.50% per annum), on the applicable principal amount
of Securities held by such holder until all Registration Defaults have been cured. At any time
that all Registration Defaults have been cured, the accrual of Additional Interest will cease.

     The Company shall notify the Trustee and the Paying Agent under the Indenture immediately upon
the happening of each and every Registration Default. The Company shall pay the Additional
Interest due on the Securities by depositing with the Paying Agent (which may not be the Company
for these purposes), in trust, for the benefit of the holders thereof, on the next applicable
Interest Payment Date specified by the Indenture and the Securities, sums

A-5

 

sufficient to pay the Additional Interest then due. The Additional Interest due shall be
payable on each applicable Interest Payment Date specified by the Indenture and the Securities to
the record holder entitled to receive the interest payment to be made on such date. Each
obligation to pay Additional Interest shall be deemed to accrue from and including the date of the
applicable Registration Default.

     If an Event of Default with respect to Securities of this series shall occur and be
continuing, the principal of the Securities of this series may be declared due and payable in the
manner and with the effect provided in the Indenture.

     The Indenture permits, with certain exceptions as therein provided, the amendment thereof and
the modification of the rights and obligations of the Company and the rights of the Holders of the
Securities of each series under the Indenture to be affected at any time by the Company and the
Trustee with the consent of the Holders of not less than a majority in aggregate principal amount
of the Securities at the time Outstanding of each series to be affected. The Indenture also
contains provisions permitting the Holders of specified percentages in aggregate principal amount
of the Securities of each series at the time Outstanding, on behalf of all the Holders of all
Securities of such series, to waive certain past defaults under the Indenture and their
consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and
binding upon such Holder and upon all future Holders of this Security and of any Security issued
upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not
notation of such consent or waiver is made upon this Security.

     No reference herein to the Indenture and no provision of this Security or of the Indenture
shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay
the principal of (and premium, if any, on) and interest on this Security at the times, place and
rate, and in the coin or currency, herein prescribed.

     “Global Security” and “Global Securities” means a Security or Securities evidencing all or
part of a series of Securities, issued to the Depositary (as hereinafter defined) for such series
or its nominee, and registered in the name of such Depositary or its nominee. “Depositary” means,
with respect to the Securities of any series issuable or issued in whole or in part in the form of
one or more Global Securities, the person designated as the Depositary by the Company.

     No holder of any beneficial interest in this Security held on its behalf by a Depositary or a
nominee of such Depositary shall have any rights under the Indenture with respect to such Global
Security, and such Depositary or nominee may be treated by the Company, the Trustee, and any agent
of the Company or the Trustee as the owner of such Global Security for all purposes whatsoever.
Notwithstanding the foregoing, nothing herein shall impair, as between a Depositary and such
holders of beneficial interests, the operation of customary practices governing the exercise of the
rights of the Depositary as Holder of any Security.

     This Security is exchangeable, in whole but not in part, for Securities registered in the
names of Persons other than the Depositary or its nominee or in the name of a successor to the
Depositary or a nominee of such successor depositary only if (i) the Depositary notifies the

A-6

 

Company that it is unwilling or unable to continue as Depositary for this Security or if at
any time such Depositary ceases to be a clearing agency registered under the Securities Exchange
Act of 1934, as amended, and, in either case, a successor depositary is not appointed by the
Company within 90 days, (ii) the Company in its discretion at any time determines not to have all
of the Securities of this series represented by one or more Global Security or Securities and
notifies the Trustee thereof, or (iii) an Event of Default has occurred and is continuing with
respect to the Securities of this series. If this Security is exchangeable pursuant to the
preceding sentence, it shall be exchangeable for Securities issuable in authorized denominations
and registered in such names as the Depositary holding this Security shall direct. Subject to the
foregoing, this Security is not exchangeable, except for a Security or Securities of the same
aggregate denominations to be registered in the name of such Depositary or its nominee or in the
name of a successor to the Depositary or a nominee of such successor depositary.

     No recourse shall be had for the payment of the principal of (and premium, if any, on) or
interest on this Security, or for any claim based hereon, or otherwise in respect hereof, or based
on or in respect of the Indenture or any indenture supplemental thereto, against any incorporator,
stockholder, officer or director, as such, past, present or future, of the Company or any successor
corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement
of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and
as part of the consideration for the issue hereof, expressly waived and released.

     All capitalized terms used in this Security and not otherwise defined herein shall have the
meanings assigned to them in the Indenture.

     This Security, including without limitation the obligation of the Company contained herein to
pay the principal of (and premium, if any, on) and interest on this Security in accordance with the
terms hereof and of the Indenture, shall be construed in accordance with and governed by the laws
of the State of New York.

A-7

 

ASSIGNMENT FORM

To assign this Security, fill in the form below:

(I) or (we) assign and transfer this Security to

 

(Insert assignee’s social security or tax I.D. no.)

 

 

 

(Print or type assignee’s name, address and zip code)

and irrevocably appoint
                                                           
                      agent to transfer this Security on the
books of the Company. The agent may substitute another to act for him.

	 	 	 	 	 	 	 
	 

	 	Your Signature:
	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	(Sign exactly as your name appears on the other side of	 	 
	 

	 	 	 	this Security)	 	 

	 	 	 	 	 	 	 
	 

	 	Date:
	 	 	 	 
	 

	 	 	 	 	 	 

	 	 	 	 	 	 	 
	 

	 	Medallion
Signature Guarantee: 
	 	 	 
	 

	 	 	 	 	 	 

A-8

 

[FOR INCLUSION ONLY IF THIS SECURITY BEARS A RESTRICTED SECURITIES LEGEND]

Transfer Certificate

     In connection with any transfer of this Security occurring prior to the date which is the
earlier of (i) the date of the declaration by the Commission of the effectiveness of a registration
statement under the Securities Act of 1933, as amended (the “Securities Act”), covering resales of
this Security (which effectiveness shall not have been suspended or terminated at the date of the
transfer) and (ii) the date following the second anniversary of the original issuance of this
Security, the undersigned confirms that it has not utilized any general solicitation or general
advertising in connection with the transfer:

[Check One]

	 	 	 	 
	(1)

	 ̈
	 	to the Company or a subsidiary thereof; or
	 
	 	 	 
	(2)

	 ̈
	 	pursuant to and in compliance with Rule 144A under the Securities Act; or
	 
	 	 	 
	(3)

	 ̈
	 	outside the United States to a “foreign purchaser” in compliance with Rule 904 of
Regulation S under the Securities Act; or
	 
	 	 	 
	(4)

	 ̈
	 	pursuant to the exemption from registration provided by Rule 144 under the
Securities Act; or
	 
	 	 	 
	(5)

	 ̈
	 	pursuant to an effective registration statement under the Securities Act; or
	 
	 	 	 
	(6)

	 ̈
	 	pursuant to another available exemption from the registration requirements of the
Securities Act;

and unless the box below is checked, the undersigned confirms that such Security is not being
transferred to an “affiliate” of the Company as defined in Rule 144 under the Securities Act (an
“Affiliate”):

 ̈      The transferee is an Affiliate of the Company.

     Unless one of the boxes is checked, the Trustee will refuse to register any of the Securities
evidenced by this certificate in the name of any person other than the registered Holder thereof;
provided, however, that if box (3), (4), or (6) is checked, the Company or the Trustee may require,
prior to registering any such transfer of the Securities, in their sole discretion, such written
legal opinions, certifications and other information as the Trustee or the Company has reasonably
requested to confirm that such transfer is being made pursuant to an exemption from, or in a
transaction not subject to, the registration requirements of the Securities Act.

A-9

 

     If none of the foregoing boxes is checked, the Trustee or Registrar shall not be obligated to
register this Security in the name of any person other than the Holder hereof unless and until the
conditions to any such transfer of registration set forth herein and in Section 2.5 of Supplemental
Indenture No. 2 to the Indenture dated March 3, 2006 shall have been satisfied.

	 	 	 	 	 	 	 	 	 	 	 
	Dated: 

	 	 	 	 	 	Signed: 
	 	 	 	 
	 

	 
	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	(Sign exactly as name appears on the	 	 
	 

	 	 	 	 	 	 	 	other side of this Security)	 	 

	 	 	 	 	 
	Signature

	 	 	 	 
	Guarantee:
	 	 	 	 
	 

	 	 	 	 

A-10

 

TO BE COMPLETED BY PURCHASER IF (2) ABOVE IS CHECKED

     The undersigned represents and warrants that it is purchasing this Security for its own
account or an account with respect to which it exercises sole investment discretion and that it and
any such account is a “qualified institutional buyer” within the meaning of Rule 144A under the
Securities Act and is aware that the sale to it is being made in reliance on Rule 144A and
acknowledges that it has received such information regarding the Company as the undersigned has
requested pursuant to Rule 144A or has determined not to request such information and that it is
aware that the transferor is relying upon the undersigned’s foregoing representations in order to
claim the exemption from registration provided by Rule 144A.

	 	 	 	 	 	 	 
	Dated: 

	 	 	 	 
	 	 
	 

	 	 	 	 	 

	 	 	 	 	 
	 

	 	 

NOTICE: To be executed by an executive officer
	 	 

A-11

 

EXHIBIT B

FORM OF PRIVATE PLACEMENT LEGEND

Each Global Note and Physical Note that constitutes a Restricted Security or is sold in compliance
with Regulation S shall bear the following legend on the face thereof until after the second
anniversary of the Issue Date, unless otherwise agreed by the Company and the Holder thereof:

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR UNDER THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. THE HOLDER HEREOF, BY
PURCHASING THIS SECURITY, AGREES FOR THE BENEFIT OF THE COMPANY THAT THIS SECURITY MAY NOT BE
RESOLD, PLEDGED OR OTHERWISE TRANSFERRED (X) PRIOR TO THE SECOND ANNIVERSARY OF THE ISSUE HEREOF
(OR ANY PREDECESSOR SECURITY HEREOF) OR (Y) BY ANY HOLDER THAT WAS AN “AFFILIATE” (WITHIN THE
MEANING OF RULE 144 UNDER THE SECURITIES ACT) OF THE COMPANY AT ANY TIME DURING THE THREE MONTHS
PRECEDING THE DATE OF SUCH TRANSFER, IN EITHER CASE OTHER THAN (1) TO THE COMPANY OR A SUBSIDIARY
THEREOF, (2) SO LONG AS THIS SECURITY IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE
SECURITIES ACT (“RULE 144A”), TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A QUALIFIED
INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A, PURCHASING FOR ITS OWN ACCOUNT OR FOR THE
ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE RESALE, PLEDGE OR OTHER
TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (3) IN AN OFFSHORE TRANSACTION (AS DEFINED IN
REGULATION S UNDER THE SECURITIES ACT) IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT,
(4) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 (IF
APPLICABLE) UNDER THE SECURITIES ACT, (5) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
SECURITIES ACT OR (6) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF
THE SECURITIES ACT, IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF
THE UNITED STATES. THE COMPANY AND THE TRUSTEE SHALL HAVE THE RIGHT TO REQUIRE, PRIOR TO ANY SUCH
RESALE, PLEDGE OR TRANSFER PURSUANT TO CLAUSE (3), (4) OR (6), THE DELIVERY OF AN OPINION OF
COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM.

In addition, the Rule 144A global notes and any certificated notes offered and sold to QIBs
pursuant to Rule 144A will contain an additional legend substantially to the following effect:

B-1

 

EACH PURCHASER OF THIS SECURITY IS HEREBY NOTIFIED THAT THE SELLER OF THIS SECURITY MAY BE RELYING
ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A
THEREUNDER.

B-2

 

EXHIBIT C

Form of Certificate To Be Delivered in

Connection with Transfers Pursuant to Regulation S

[   ], [   ]

JPMorgan Chase Bank, N.A.

227 W. Monroe Street/Suite 2600

Chicago, IL 60606

	Re: GATX Financial Corporation (the “Company”) 5.8% Senior Notes due 2016 (the “Notes”)

	Ladies and Gentlemen:

     In connection with our proposed sale of $[ ] aggregate principal amount of the Notes, we
confirm that such sale has been effected pursuant to and in accordance with Regulation S under the
U.S. Securities Act of 1933, as amended (the “Securities Act”), and, accordingly, we represent
that:

     (1) the offer of the Notes was not made to a person in the United States;

     (2) either (a) at the time the buy offer was originated, the transferee was outside the United
States or we and any person acting on our behalf reasonably believed that the transferee was
outside the United States, or (b) the transaction was executed in, on or through the facilities of
a designated offshore securities market and neither we nor any person acting on our behalf knows
that the transaction has been prearranged with a buyer in the United States;

     (3) no directed selling efforts have been made in the United States in contravention of the
requirements of Rule 903(b) or Rule 904(b) of Regulation S, as applicable;

     (4) the transaction is not part of a plan or scheme to evade the registration requirements of
the Securities Act; and

     (5) we have advised the transferee of the transfer restrictions applicable to the Notes.

C-1

 

     You, the Company and counsel for the Company are entitled to rely upon this letter and are
irrevocably authorized to produce this letter or a copy hereof to any interested party in any
administrative or legal proceedings or official inquiry with respect to the matters covered hereby.
Terms used in this certificate have the meanings set forth in Regulation S.

	 	 	 	 	 	 	 
	 	 	Very truly yours,	 	 
	 	 	[Name of Transferor]	 	 
	 
	 	 	 	 	 	 
	 

	 	By: 	 	 	 	 
	 

	 	 	 	 	 
	 	 	Authorized Signature	 	 

C-2

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