Document:

<PAGE>

                                                                     EXHIBIT 4.4

                          FIRST SUPPLEMENTAL INDENTURE

                         Dated as of November 16, 2006

                                      AMONG

                     TEXTRON FINANCIAL CANADA FUNDING CORP.,

                          TEXTRON FINANCIAL CORPORATION

                                       AND

                   U.S. BANK NATIONAL ASSOCIATION, as Trustee

                                       TO

                                    INDENTURE

                          Dated as of November 30, 2001

                                     BETWEEN

                     TEXTRON FINANCIAL CANADA FUNDING CORP.,

                          TEXTRON FINANCIAL CORPORATION

                                       AND

                         U.S. BANK NATIONAL ASSOCIATION
                (Successor Trustee to SunTrust Bank), as Trustee

<PAGE>

          FIRST SUPPLEMENTAL INDENTURE, dated as of November 16, 2006, by and
among Textron Financial Canada Funding Corp., a Nova Scotia limited liability
company (the "Company"), Textron Financial Corporation, a Delaware corporation
(the "Guarantor"), and U.S. Bank National Association, a national banking
association under the laws of the United States of America and having a
corporate trust office in Atlanta, Georgia, as trustee (the "Trustee").

          WHEREAS, the Company, the Guarantor and the Trustee (as successor
trustee to SunTrust Bank) have heretofore entered into an Indenture, dated as of
November 30, 2001 (the "Indenture") (such term and all other defined terms used
herein and not otherwise defined shall have the meanings set forth in the
Indenture); and

          WHEREAS, each of the Company and the Guarantor by due corporate action
have determined to amend the Indenture by this first supplemental indenture to
amend an event of default for all series of securities issued under the
Indenture after the date hereof; and

          WHEREAS, Section 4.1 of the Indenture provides, among other things,
that the Company and the Guarantor may delete or modify Events of Default for
particular series of Securities as contemplated by Section 2.5 of the Indenture;
and

          WHEREAS, Section 7.1(f) of the Indenture provides, among other things,
that, without the consent of the holders of the Securities, the Company, the
Guarantor and the Trustee may, from time to time and at any time, enter into an
indenture or indentures supplemental to the Indenture, for, among other things,
the following purpose: to change or eliminate any provision or to make such
other provisions in regard to matters or question arising under the Indenture or
under any supplement indenture as the Company or the Guarantor may deem
necessary or desirable and which shall not adversely affect the interests of the
holders of the Securities at the time Outstanding; and

          WHEREAS, each of the Company and the Guarantor by due corporate action
have determined to execute a supplemental indenture in substantially the form of
this First Supplemental Indenture, and all things necessary to make this First
Supplemental Indenture a valid, binding and legal agreement have been done and
performed;

          NOW, THEREFORE, THIS FIRST SUPPLEMENTAL INDENTURE WITNESSETH:

          For and in consideration of the premises, and of other valuable
considerations the receipt whereof is hereby acknowledged, the Company and the
Guarantor each covenants and agrees with the Trustee, for the equal and
proportionate benefit of all holders of the Securities, as follows:

                                       -2-

<PAGE>

                                    ARTICLE I

                           Amendment of the Indenture

          Section 1.1 Amendment. Section 4.1(d) of the Indenture is hereby
amended to read in its entirety as follows:

     "(d)(i) with respect to any Securities issued prior to November 16, 2006,
     if any Event of Default as defined in any mortgage, indenture or instrument
     under which there may be issued, or by which there may be secured or
     evidenced, any indebtedness of the Issuer or the Guarantor for money
     borrowed, whether such indebtedness now exists or shall hereafter be
     created, shall occur and shall result in such indebtedness in principal
     amount in excess of $50,000,000 (or the equivalent thereof in foreign or
     composite currencies) becoming or being declared due and payable prior to
     the date on which it would otherwise become due and payable, and such
     acceleration shall not be rescinded or annulled, or such indebtedness shall
     not have been discharged, within a period of 30 days after written notice
     thereof shall have been given to the Issuer or the Guarantor, as the case
     may be, by the holders of at least 25% in aggregate principal amount of
     Securities of such series then outstanding;

     (ii) with respect to any Securities issued on or after November 16, 2006,
     if any Event of Default as defined in any mortgage, indenture or instrument
     under which there may be issued, or by which there may be secured or
     evidenced, any indebtedness of the Issuer or the Guarantor for money
     borrowed, whether such indebtedness now exists or shall hereafter be
     created, shall occur and shall result in such indebtedness in principal
     amount in excess of $100,000,000 (or the equivalent thereof in foreign or
     composite currencies) becoming or being declared due and payable prior to
     the date on which it would otherwise become due and payable, and such
     acceleration shall not be rescinded or annulled, or such indebtedness shall
     not have been discharged, within a period of 30 days after written notice
     thereof shall have been given to the Issuer or the Guarantor, as the case
     may be, by the holders of at least 25% in aggregate principal amount of
     Securities of such series then outstanding;".

                                   ARTICLE II

                                  Miscellaneous

          Section 2.1 Trustee's Acceptance. The Trustee accepts the provisions
of this First Supplemental Indenture upon the terms and conditions set forth in
the Indenture; provided, however, that the foregoing acceptance shall not make
the Trustee responsible in any manner whatsoever for the correctness of recitals
or statements by other parties herein and the Trustee shall not be responsible
or accountable in any manner for, or with respect to, the validity or
sufficiency of this First Supplemental Indenture or of the Securities.

                                       -3-

<PAGE>

          Section 2.2 Indenture to Remain in Full Force and Effect. Except as
hereby expressly provided, the Indenture, as supplemented and amended by this
First Supplemental Indenture, is in all respects ratified and confirmed and all
its terms, provisions and conditions shall be and remain in full force and
effect.

          Section 2.3 Rights, Etc. of Trustee. All recitals in this First
Supplemental Indenture are made by the Company and Guarantor only and not by the
Trustee; and all of the provisions contained in the Indenture in respect of the
rights, privileges, immunities, powers and duties of the Trustee shall be
applicable in respect hereof as fully and with like effect as if set forth
herein in full.

          Section 2.4 Provisions Binding on Successors. All the covenants,
stipulations, promises and agreements in this First Supplemental Indenture made
by the Company and the Guarantor shall bind its respective successors and
assigns whether so expressed or not.

          Section 2.5 New York Contract. This First Supplemental Indenture shall
be deemed to be a contract made under the laws of the State of New York, and for
all purposes shall be governed by and construed in accordance with the laws of
said State, without regard to principles of conflicts of laws.

          Section 2.6 Titles, Headings, Etc. The titles and headings of the
articles and sections of this First Supplemental Indenture have been inserted
for convenience of reference only, are not to be considered a part hereof, and
shall in no way modify or restrict any of the terms or provisions hereof.

          Section 2.7 Execution in Counterparts. This First Supplemental
Indenture may be executed in any number of counterparts, each of which shall be
deemed an original, but such counterparts shall together constitute but one and
the same instrument.

                                       -4-

<PAGE>

          IN WITNESS WHEREOF, the parties hereto have caused this First
Supplemental Indenture to be duly executed, and their respective corporate seals
to be hereunto affixed and attested, all as of the day and year first above
written.

                                        TEXTRON FINANCIAL CANADA FUNDING CORP.

                                        By: /s/ Christopher P. Sharp
                                            ------------------------------------
                                        Name: Christopher P. Sharp
                                        Title: President

                                        TEXTRON FINANCIAL CORPORATION

                                        By: /s/ Brian F. Lynn
                                            ------------------------------------
                                        Name: Brian F. Lynn
                                        Title: Senior Vice President and
                                               Treasurer

                                        U.S. BANK NATIONAL ASSOCIATION, as
                                        Successor Trustee to SunTrust Bank

                                        By: /s/ Jack Ellerin
                                            ------------------------------------
                                        Name: Jack Ellerin
                                              ----------------------------------
                                        Title: Vice President
                                               ---------------------------------<PAGE>
                                                                   EXHIBIT 10.12

(FERRIS BAKER WATTS LOGO)                     Ferris, Baker Watts, Incorporated
                                              Municipal Capital Markets
                                              Public Finance Department
                                              9211 Forest Hill Avenue, Suite 109
                                              Richmond, Virginia 23235
                                              (804) 782-4001
                                              (800) 446-2921
                                              Fax: (804) 649-2207

October 2, 2006

Mr. Tom Buchanan
Converted Organics, Inc.
1890 Palmer Avenue
Larchmont, NY  10538

                          RE: APPROXIMATELY $17,500,000
                    NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY
                            SOLID WASTE REVENUE BONDS
                       (CONVERTED ORGANICS, INC. PROJECT)
                             TAX-EXEMPT SERIES 2006

Dear Tom:

This Engagement Letter sets forth Ferris, Baker Watts, Inc.'s ("FBW") best
efforts agreement to purchase or otherwise place an offering (the "Offering") of
the subject tax-exempt bonds (the "Bonds"), subject to the terms and conditions
set forth herein.

The proceeds of the Offering will be used by Converted Organics, Inc. (the
"Borrower") (i) to fund the construction and equipping of an approximately
60,000+/- square foot plant for the production of agricultural supplements to be
located in Woodbridge, New Jersey (the "Project") for the Borrower, (ii) to fund
a debt service reserve fund for the Bonds, and (iii) to fund a portion of the
issuance expenses of the Bonds. The buildings and equipment, together with the
leased land on which they are located, all improvements thereon and
appurtenances thereunto, are hereinafter the "Facilities."

Conditions for the Purchase or Placement of Bonds

FBW will purchase or place the Bonds pursuant to a Bond Purchase Agreement in
form and substance acceptable to the parties hereto, with FBW's obligation to
purchase or place the Bonds on a best efforts basis and subject to the
satisfaction at the Bonds' closing of the terms and conditions listed below:

     1.   Receipt of the unqualified legal opinion of bond counsel, in form and
          substance acceptable to FBW, that, upon issuance, the Bonds will be
          legal, valid, and limited obligations of a duly authorized conduit
          state or local authority (the "Authority") and that interest on the
          Bonds will be exempt from all federal and state tax.

     2.   Receipt of the unqualified legal opinion of underwriter's counsel, in
          form and substance acceptable to the parties, that all documents,
          disclosure materials, showings, and other associated matters connected
          with the Bonds are legal and proper.

     3.   Receipt of all information (the "Information") from Borrower which, in
          the judgment of FBW or its counsel, is material to potential investors
          in the Bonds. The Information shall include,

<PAGE>

          without limitation, (a) financial information regarding the Borrower
          and any other entity whose credit is, in the judgment of FBW or its
          counsel, material to potential investors in the Bonds (with the
          Borrower, collectively, a "Credit Entity"), (b) a written agreement on
          behalf of the Credit Entity permitting FBW to disclose Information to
          potential investors in the Bonds and to include it in any private
          placement memorandum (the "PPM") relating to the Bonds, (c) a written
          agreement to provide updated Information, including financial
          information, from time to time in accordance with the requirements of
          potential investors, the Securities and Exchange Commission, and/or
          the Municipal Securities Rulemaking Board, (d) the written consent of
          the auditors for a Credit Entity to the inclusion of its financial
          statements in the private placement memorandum, (e) such comfort
          letters from such auditors as are deemed necessary by FBW or its
          counsel, (f) opinions of counsel to the Credit Entity acceptable to
          FBW and/or its counsel regarding the enforceability of any contracts,
          leases or other documents that are, in the judgment of FBW and/or its
          counsel, material to the Bond transaction, and (g) opinions of counsel
          to the Credit Entity confirming the accuracy of Information disclosed
          to potential investors in the Bonds; all of the foregoing being
          acceptable in all respects to FBW and/or its counsel.

     4.   Receipt of original executed copies of an Indenture of Trust,
          Financing or Loan Agreement, Lease Agreement, Supply Agreements,
          Purchase Contracts, Bond Purchase Agreement and Bonds, in form and
          substance acceptable to FBW, and such other certificates, approvals,
          documents (basic and closing), showings, insurance and opinions as may
          be considered necessary or appropriate by FBW in its sole discretion
          (collectively, the "Bond Documents"). The Financing Agreement will
          require a minimum annual bond debt service coverage of 2.0x and a
          liquidity covenant of 60 days cash-on-hand. We contemplate that a
          portion of these bonds will be sold to one or more institutional
          investors, which may result in additional financial covenants to be
          determined during the marketing period.

     5.   Receipt of an opinion of counsel to the Borrower, in form and
          substance acceptable to FBW and/or its counsel, that the Bond
          Documents have been duly authorized, executed and delivered by the
          Credit Entity and are enforceable in accordance with their terms,
          together with such other matters over which such counsel's opinion may
          be requested by FBW and/or its counsel.

     6.   Preliminary and final Private Placement Memorandums, each acceptable
          to FBW in form, substance, and quantity.

     7.   Certificates and policies of insurance, including business
          interruption insurance for the life of the Bonds, on the Facilities in
          form, amount and substance acceptable to FBW.

     8.   A currently dated survey of the Facilities, in form and substance
          satisfactory to FBW, reflecting all easements of record affecting it,
          means of ingress and egress thereto, existing and proposed
          improvements, boundary lines thereto and certification that the
          Facilities do not lie within special flood hazard areas.

     9.   A copy of the Bonds, in marketable form, in quantity and quality
          acceptable to FBW.

     10.  An environmental assessment by an environmental engineer, in form and
          substance acceptable to FBW.

     11.  A current feasibility study on the Project and the Product from a
          consultant acceptable to FBW demonstrating that it will be financially
          viable, that the assumptions of the Borrower's pro forma financial
          statements are accurate based on the current market, and that the
          Borrower

<PAGE>

          should be able to meet the proposed financial covenants, all in form
          and substance acceptable to FBW.

     12.  Receipt of a "to-be-built" MAI appraisal of the property that
          constitutes security for the Bonds from an appraiser acceptable to
          FBW, in form and substance acceptable to FBW.

     13.  Receipt of audited financial statements (at a minimum, an opening
          balance sheet) for the Borrower, projected financial statements, and
          permission for FBW to use that Information in the Private Placement
          Memorandum, in form and substance acceptable to FBW.

     14.  Receipt of a "Sources and Uses of Funds" statement from the Borrower
          providing a detailed breakdown of construction costs and any
          additional sources of funding of the Facilities, including but not
          limited to junior liens. FBW will have final approval of the sources
          and uses of funds for the Facilities, including any junior lien
          associated with it.

     15.  Borrower must provide evidence of the following prior to FBW's
          marketing of the Bonds: $8,000,000 in equity to be used for the
          Company's new projects, in form and substance acceptable to FBW.

     16.  Receipt of a guaranteed maximum price contract with payment and
          performance bonds for construction of the Facilities, from a general
          contractor acceptable in form and substance acceptable to FBW.

     17.  Receipt of long-term contract(s) for feedstock for the Project
          consisting primarily of food waste at no cost or negative cost
          (tipping fee) to the Borrower, in form and substance acceptable to
          FBW.

     18.  Receipt of long-term contracts or partnership agreements with third
          parties to market and sell all or a portion of the Project's
          production at market prices and in quantities sufficient to generate
          net cash flow to pay all operational expenses and total debt service
          payments with a margin of 1.50:1.

     19.  Evidence of sufficient working capital in the form of equity or a bank
          line of credit to operate the Project and meet all cash flow needs
          based on the Borrower's pro forma monthly cash flow statements.

     20.  Receipt of a guaranty or performance bond from a third party
          creditworthy entity that guarantees that the Project will operate as
          expected and in quantities set forth in the Borrower's pro formas, or
          a reasonable amount of cash equity available to set aside for any
          operational, construction, or design difficulties, in form and
          substance acceptable to FBW.

Termination Events

FBW may terminate this Engagement Letter at any time before a closing (the
"Closing") of the Bonds if any of the following occur:

     1.   Any legislative, executive, regulatory or administrative action or any
          court decision, which (a) may have the effect, directly or indirectly,
          of making interest on the Bonds or on obligations such as the Bonds
          includable in gross income for federal taxation purposes; or (b) in
          the reasonable opinion of FBW, materially affects the market price of
          the Bonds or the market price generally of obligations of the general
          character of the Bonds;
<PAGE>

     2.   Any action by the Securities and Exchange Commission, other
          governmental agency or a court which would indicate that the issuance,
          offer or sale of the Bonds contravenes any provision of the federal
          securities laws, or which would require registration of the Bonds or
          any instrument securing the Bonds under the Securities Act of 1933, as
          amended, or qualification of any such instrument under the Trust
          Indenture Act of 1939, as amended;

     3.   In the reasonable opinion of FBW, the market price of the Bonds, or
          the market price generally of obligations of the general character of
          the Bonds, has been adversely affected because of additional material
          restrictions on trading in securities not in force as of the date of
          this Engagement Letter, or any banking moratorium, or the inception or
          escalation of any war or major military hostilities, foreign or
          domestic, or the occurrence of any disaster, national emergency or
          crisis;

     4.   Any event or condition that shall have occurred or shall exist that,
          in the reasonable opinion of FBW, makes untrue or incorrect as of the
          date of the Closing, any statement or information contained in the
          Private Placement Memorandum, or which requires that information not
          reflected in the Private Placement Memorandum should be reflected
          therein in order to make the information and other statements
          contained therein not misleading in any material respect as of such
          time;

     5.   Any material adverse change in the financial condition of the Borrower
          or Credit Entity from the date of any Information in the Private
          Placement Memorandum;

     6.   Any litigation shall be instituted, pending or threatened to restrain
          or enjoin the issuance or sale of the Bonds or in any way contesting
          or affecting any authority for or the validity of the Bonds.

 Expenses Regardless of Closing

 By accepting this Engagement Letter, the Borrower and its principals will pay
 all reasonable actual out-of-pocket expenses that FBW incurs from the date this
 Engagement Letter is executed. Certain expenses (excluding the underwriting
 fees and investment banking fees) associated with the Bonds for which those
 persons will be responsible and estimates of the amounts of the same are
 detailed in the attached Exhibit A. The expense estimates in Exhibit A are not
 all-inclusive and are not limited to this list. By accepting this Engagement
 Letter, you agree that these expenses will be payable regardless of whether the
 financing is abandoned, for any reason, prior to the issuance of the Bonds.

 Fees Contingent on Closing

 FBW's underwriting or placement fee is 3.0% of the principal amount of the
 Bonds. Such fee is contingent on the Closing of the Bonds and is payable at
 Closing.

 Exclusive Commitment

 This Engagement Letter is an exclusive commitment of FBW to underwrite the
 issuance of the Bonds. The Borrower will not engage another underwriter or
 lender to obtain the financing that is the subject of this Engagement Letter.
 This exclusive commitment will remain in effect until the Project is financed.
 Assuming a successful closing of this transaction, the Borrower agrees to give
 FBW the exclusive right to act as its underwriter/investment banker for any
 future tax-exempt financings under the same fee structure and subject to market
 terms and conditions.

<PAGE>

 Default under the Engagement Letter

 If Borrower fails to satisfy any condition of this Engagement Letter and/or
 closes the Bonds through the use of another underwriter or lender, the Borrower
 and its principals will be liable for both "Fees Contingent on Closing" and
 "Expenses Regardless of Closing," set forth above. If this Engagement Letter is
 terminated by FBW prior to successful closing of this transaction, Borrower
 shall not be responsible for such "Fees Contingent on Closing" or "Expenses
 Regardless of Closing."

 No Oral Modification

 This Engagement Letter cannot be orally modified. Any modification must be in
 writing and signed by the parties to constitute a binding modification.

 Acceptance of the Engagement Letter

 Please indicate your acceptance of this Engagement Letter by executing it and
 returning a copy. The terms of engagement offered in this letter will expire if
 this Engagement Letter is not signed and returned by October 10, 2006.

 I look forward to working with you on this financing.

 Sincerely,

 /s/ Tina K. Neal

 Tina K. Neal
 Senior Vice President

 Attachment:      Exhibit A

 Read and Accepted:

 CONVERTED ORGANICS, INC.

 By: /s/ Tom R. Buchanan                      Date: October 2, 2006
    ----------------------------                   ---------------------------
         Tom R. Buchanan
 Title: Chief Financial Officer
       ------------------------

<PAGE>

(FERRIS BAKER WATTS LOGO)                      NJ ECONOMIC DEVELOPMENT AUTHORITY
                                                 CONVERTED ORGANICS INC. PROJECT
                                                     TAX-EXEMPT FIXED RATE BONDS
                                                  PRELIMINARY FINANCING PROPOSAL

<Table>
<Caption>
                      PRELIMINARY SOURCES AND USES OF FUNDS

<S>                                                              <C>
SOURCES OF FUNDS
Tax-Exempt Bonds                                                 $          17,500,000
Equity Contribution                                              $           4,500,000
                                                                 ---------------------

TOTAL SOURCES OF FUNDS                                           $          22,000,000

USES OF FUNDS
Equipment Purchase                                               $          11,574,719
Construction Expense                                             $           2,300,000
Construction Reserves                                            $           1,289,131
General Contractor and Construction Management Fees              $           1,041,590
Debt Service Reserve Fund (10% of the issue)                     $           1,750,000
Estimated Issuance Expenses*                                     $             947,878
Capitalized Interest (interest only 17 months)                   $           2,032,917
Working Capital                                                  $           1,063,766
                                                                 ---------------------

TOTAL USES OF FUNDS                                              $          22,000,000
                                                                 =====================

ESTIMATED ISSUANCE EXPENSES*
Underwriting Fees (3.0%)                                         $             525,000
Bond Counsel                                                     $             100,000
Underwriter's Counsel                                            $              40,000
Issuer's Counsel                                                 $              40,000
Feasibility Consultant                                           $              90,000
NJ EDA Fees                                                      $              84,378
MAI Appraisal                                                    $               7,500
Phase I Environmental                                            $               3,500
Trustee's Fees                                                   $              10,000
Printing Costs                                                   $              15,000
FBW Administrative Fee                                           $               7,500
Miscellaneous Fees                                               $              25,000
                                                                 ---------------------
TOTAL ESTIMATED ISSUANCE EXPENSES                                $             947,878

                APPROXIMATE TERMS (BASED ON THE CURRENT MARKET):

Interest Rate:                                                                  8.200%

Amortization Term:*                                                           20 Years

Estimated Annual Debt Service:                                   $           1,809,024
Estimated Earnings on DSR Fund @ 4.00%:                          $              70,000
                                                                 ---------------------
Net Estimated Annual Debt Service:                               $           1,739,024
</Table>

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