Document:

Exhibit 10.1 Consulting Services Plan

THIS  CONSULTING SERVICES PLAN (the "Plan") is made as of the 23 day of February
2001, by BEAUTYMERCHANT.COM, Inc. (the "Company"), for the Company's consultants
and  employees  ("the  recipients).

R  E  C  I  T  A  L  S:
The  Company  desires  under  agreement  to  grant compensation to recipients in
exchange for services provided to the Company, shares of the common stock of the
Company  (the  "Common  Stock"),  pursuant  to  the provisions set forth herein;

1.Grant  of Shares.  The Company shall grant to the Recipients from time to time
the  following  shares  of  Common  Stock  (the  "Shares")  in  the  Company.

Class  of  Stock                                  Number  of  Shares
--------------------------------------------------------------------
Common     1,000,000

2.  Services.  Recipients shall provide bona fide services to the Company not in
connection  with  capital  raising  activities.

3.   Compensation.  Recipient's  compensation  is  the Shares identified herein.
The  parties  agree
the  Shares  are  valued  at  $._____  each.  Recipients are responsible for all
income  taxes.

           4.  Registration  or  Exemption.  Notwithstanding  anything  to  the
contrary  contained  herein,  the  Shares  will  be  registered  on  Form  S-8
Registration  Statement  dated  February  3,2001.

5.  Delivery  of Shares.  The Company shall deliver to the Recipient such shares
for  services pursuant to the agreement for services between the Company and the
recipient.

     6.  Waiver.   No waiver is enforceable unless in writing and signed by such
waiving  party,  and  any  waiver  shall
not  be  construed  as a waiver by any other party or of any other or subsequent
breach.

     7.  Amendments.  This  Plan may not be amended unless by the mutual Consent
of  all  of  the  parties  hereto  in  writing.

     8.  Governing Law.  This Plan shall be governed by the laws of the State of
Florida,  and  the  sole  venue  for  any
action  arising  hereunder  shall  be  Palm  Beach  County,  Florida.

     9. Assignment and Binding Effect.  Neither this Plan nor any of the rights,
interests or obligations hereunder shall be assigned by any party hereto without
the  prior  written  Consent  of  the  other parties hereto, except as otherwise
provided  herein.  This  Plan  shall  be binding upon and for the benefit of the
parties  hereto and their respective heirs, permitted successors, assigns and/or
delegates.

     10.  Integration and Captions.  This Plan includes the entire understanding
of  the  parties  hereto  with  respect  to  the
subject  matter  hereof.  The  captions herein are for convenience and shall not
control  the  interpretation  of  this  Plan.

     11.  Legal  Representation.  Each party has been represented by independent
legal  counsel  in connection with this Plan, or each has had the opportunity to
obtain  independent  legal  counsel and has waived such right, and no tax advice
has  been  provided  to  any  party.

     12.  Construction.  Each  party  acknowledges  and  agrees  having  had the
opportunity  to  review,  negotiate  and
approve  all  of  the  provisions  of  this  Plan.

     13.  Cooperation.  The  parties  agree to execute such reasonable necessary
documents  upon  advice  of  legal  counsel
                  in  order  to carry out the intent and purpose of this Plan as
set  forth  herein  above.

     14.  Hand-Written  Provisions.  Any hand-written provisions hereon, if any,
or  attached  hereto,  which  have  been  initialed
                  by  all  of  the parties hereto, shall control all typewritten
provisions  in  conflict  therewith.

     15.  Fees, Costs and Expenses.  Each of the parties hereto acknowledges and
agrees  to  pay,  without  reimbursement
 from  the other party(ies), the fees, costs, and expenses incurred by each such
party  incident  to  this  Plan.

16.Consents  and  Authorizations.  By  the  execution  herein  below, each party
acknowledges  and  agrees  that each such party has the full right, power, legal
capacity and authority to enter into this Plan, and the same constitutes a valid
and  legally  binding  Plan  of  each  such  party in accordance with the terms,
conditions  and  other  provisions  contained  herein.

     17.  Gender  and Number.  Unless the context otherwise requires, references
in  this  Plan  in  any  gender  shall  be
construed  to  include  all  other  genders, references in the singular shall be
construed  to  include  the  singular.

18.Severability.   In  the  event  anyone or more of the provisions of this Plan
shall  be  deemed  unenforceable  by any court of competent jurisdiction for any
reason  whatsoever,  this  Plan  shall  be  construed  as  if such unenforceable
provision  had  never  been  contained  herein.

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EXHIBIT  "A"

Item  1  -  Plan  Information

(a)  General  Plan  Information
 1.  The  title  of the Plan is:  BEAUTYMERCHANT.COM, Inc.-Year 2001 stock award
plan  ("Plan") and the name of the registrant whose securities are to be offered
pursuant  to  the  Plan  is  BEAUTYMERCHANT.COM,  Inc.  ("Company").

2.  The  general  nature  and  purpose  of  the  Plan  is to grant Employees and
Consultants  1,000,000  shares  of  the  Company  as  compensation  for services
rendered  and  service  to  be  rendered  to  the  Company.

3.  To  the  best  of Company's knowledge, the Plan is not subject to any of the
provisions  of  the  Employee  Retirement  Income  Security  Act  of  1974.

4.  The  Company  shall  act  as  Plan  Administrator.  The
Company's  address  is:  BEAUTYMERCHANT.COM,  INC.
4818West  Commercial  Blvd.,  Fort  Lauderdale,  and  FL  33319
The  telephone  number  of  the  Company  is  954-717-8680.

(a)  The  Company,  as  administrator  of  the  Plan,  will  merely issue to the
employees  and  Consultant  shares  of Common Stock pursuant to the terms of the
Plan.

(b)  Securities to be offered.  Pursuant to the terms of the Plan, shares of the
Company's  common  stock  will  be  offered.

(c)  Employees  Who  May Participate in the Plan.  Employees and Consultants who
provide bona fide services to the Company may participate in the plan. Employees
and  Consultants  are eligible to receive the securities provided the securities
have been registered or are exempt from registration under the Securities Act of
1933,  as  amended  (the  "Act").

(d)   Purchase of Securities Pursuant to the Plan.   The Company shall issue and
deliver  the  securities  to  Employees  and Consultants as soon as practicable.

(e)  Resale  Restrictions.  Employees  and  Consultants,  after  receipt  of the
Shares,  may assign, sell, convey or otherwise transfer the securities received,
subject  to  the  requirements  of  the  Act.

(f) Tax Effects of Plan Participation.  The BEAUTYMERCHANT.COM, Inc. - Year 2001
Stock Award Plan is not qualified under Sec. 401 of the Internal Revenue Code of
1986,  as  amended.

(g)  Investment  of  Funds.  n/a

(h) Withdrawal from the Plan; Assignment of Interest.  Withdrawal or termination
as  to  the Plan may occur upon mutual written Consent of the parties. Employees
and  Consultants  have  the  right  to  assign  or  hypothecate  Employees  or
Consultant's  interest  in  the  Plan,  subject  to  Plan  provisions.

(i)  Forfeitures  and  Penalties.  n/a

(j)  Charges  and  Deductions  and  Liens  Therefore.  n/a

Item  2  -Registrant  Information  and  Employee  Plan  Annual  Information.

Registrant,  upon  oral  or  written request by Employees and Consultants, shall
provide,  without  charge,  the  documents incorporated by reference in Part II,
Item  3 of Company's Form S-8 Registration Statement for the securities  as well
as  any other documents required to be delivered pursuant to SEC Rule 428(b) (17
CFR  Section 230.428(b)).  All requests are to be directed to the Company at the
address  provided  in  paragraph  (a)(4)  above.Exhibit 4.1h

                          THE CIT GROUP HOLDINGS, INC.

                           MEDIUM-TERM FIXED RATE NOTE
                   Due Nine Months or More From Date of Issue

REGISTERED

No.  FXR-                                                              CUSIP No.

            If this Security is registered in the name of The
            Depository Trust Company (the "Depositary") (55 Water
            Street, New York, New York) or its nominee, this 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 unless and until this Security is exchanged in
            whole or in part for Securities in definitive form. Unless
            this certificate is presented by an authorized
            representative of the Depositary to the Corporation (as
            defined below) or its agent for registration of transfer,
            exchange or payment, and any certificate issued is
            registered in the name of Cede & Co. or such other name as
            requested by an authorized representative of the
            Depositary and any payment is made to Cede and Co., ANY
            TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
            OTHERWISE BY OR TO ANY PERSON IS WRONGFUL since the
            registered owner hereof, Cede & Co. has an interest
            herein.

      If applicable, the following will be completed solely for purposes of the
U.S. Federal Income Tax "Original Issue Discount" rules, as that term is defined
in Section 1273 of the Internal Revenue Code of 1986, as amended. This
information is provided solely for the purposes of applying the U.S. Federal
Income Tax Original Issue Discount ("OID") rules to the certificate and is based
on an interpretation of proposed Treasury regulations. The Issue Date of this
certificate is _______________. This certificate has been issued with __________
of OID per $1,000 of initial principal amount. The annual yield to maturity is
___%, based on semi-annual compounding. The amount of OID attributable to the
initial accrual period is ____________ per $1,000 of initial principal amount,
computed under the ____________ method as defined in proposed Treasury
regulations.

PRINCIPAL AMOUNT:                                   ISSUE PRICE:      %

REDEEMABLE ON OR AFTER:                             INTEREST PAYMENT DATES:
(AT OPTION OF THE CORPORATION)

INITIAL REDEMPTION PERCENTAGE:                      MATURITY DATE:

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<PAGE>

ANNUAL REDEMPTION PERCENTAGE                        ORIGINAL ISSUE DATE:
REDUCTION:

INITIAL DATE ON WHICH THE NOTE                      SPECIFIED CURRENCY:
IS REPAYABLE AT THE OPTION OF:                      (Only applicable if
THE HOLDER                                          Specified Currency is other
                                                    than U.S. Dollars)

AUTHORIZED DENOMINATIONS:                           DEFAULT RATE:
(Only applicable if Specified Currency is           (Only applicable if issued
other than U.S. Dollars)                            at original issue discount)

EXCHANGE RATE AGENT:                                OID DEFAULT AMOUNT:
(Only applicable if Specified Currency is          (Only applicable if issued at
other than U.S. Dollars)                            original issue discount)

OTHER PROVISIONS:                                   INTEREST RATE PER ANNUM:

THE CIT GROUP HOLDINGS, INC., a corporation duly organized and existing under
the laws of the State of Delaware (herein called the "Corporation"), for value
received, hereby promises to pay to

                                    CEDE & CO

, or registered assigns, at the office or agency of the Corporation in the
Borough of Manhattan, The City of New York, the principal sum of _______________
___________________________________________________________ (Specified Currency)
on the maturity date shown above, or if such date is not a Business Day (as
defined below), the next succeeding Business Day (the "Maturity Date"), in such
coin, currency or currency unit specified above as at the time of payment shall
be legal tender for the payment of public and private debts, and to pay
interest, if any, on said principal sum at the rate per annum (computed on the
basis of a 360-day year of twelve 30-day months) shown above, in like coin,
currency or currency unit, semi-annually on each Interest Payment Date set forth
above from and after the date of this Note and on the Maturity Date or date of
redemption or repayment, if any, until payment of said principal sum has been
made or duly provided; provided, however, that if an Interest Payment Date or
the Maturity Date (or the date of redemption or repayment) would otherwise fall
on a day that is not a Business Day, then interest on this Note will be paid on
the next succeeding Business Day, and no interest on such payment will accrue
for the period from and after such Interest Payment Date or Maturity Date (or
the date of redemption or repayment); provided, further, that (unless the holder
elects otherwise as provided herein) the Corporation will make such payments in
respect of non-U.S. dollar denominated Notes in U.S. dollars in amounts
determined as set forth below. Unless this Note is a Note which has been issued
upon transfer of, in exchange for, or in replacement of a predecessor Note,
interest on this Note shall accrue from the Original Issue Date indicated above.
If this Note has been issued upon transfer of, in exchange for, or in
replacement of a predecessor Note, interest on this Note shall accrue from the
last Interest Payment Date to which interest was paid on such predecessor Note
or, if no interest was paid on such predecessor Note, from the Original Issue
Date indicated above. The

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<PAGE>

first payment of interest on a Note originally issued and dated on or after the
Record Date (as defined below) preceding an Interest Payment Date will not be
made on such Interest Payment Date, but will be made on the next succeeding
Interest Payment Date. Subject to certain exceptions provided in the Indenture
referred to below, the interest so payable on any Interest payment Date will be
paid to the person in whose name this Note is registered at the close of
business on the fourteenth day next preceding such Interest Payment Date (each
such date a "Record Date"), provided, however, that interest payable on the
Maturity Date or upon earlier redemption or repayment (other than a Maturity
Date, redemption date or repayment date that would otherwise be an Interest
Payment Date) will be paid to the person to whom said principal sum is payable.

      Payment of interest on this Note due on any Interest Payment Date (unless
this Note is denominated in a Specified Currency other than U.S. dollars and the
holder elects to receive payments in the Specified Currency as described below)
will be made in U.S. dollars by check mailed to the person entitled thereto at
his last address as it appears on the register books of the Corporation. Except
as otherwise provided below, payment of the principal of, and premium and
interest, if any, on this Note due to the holder hereof at maturity or upon
earlier redemption or repayment will be made in U.S. dollars, in immediately
available funds, upon presentation of this Note at the office or agency of the
Corporation maintained for that purpose in the Borough of Manhattan, The City of
New York. The holder of any Note denominated in a Specified Currency other than
U.S. dollars may elect to receive payments in the Specified Currency by
transmitting a written request for such payment to the principal office of the
Paying Agent under the Indenture prior to the Record Date immediately preceding
any Interest Payment Date or at least 15 days prior to the Maturity Date or date
of redemption or repayment, if any. Such request may be in writing (mailed or
hand delivered) or by cable, telex or other form of facsimile transmission. The
holder of any such Note may elect to receive payment in the Specified Currency
for all principal (and premium, if any) and interest payments and need not file
a separate election for each payment. Any such election will remain in effect
until revoked by written notice to the Paying Agent, but written notice of any
such revocation must be received by the Paying Agent not later than the Record
Date immediately preceding the applicable Interest Payment Date or at least 15
days prior to the Maturity Date or the date of redemption or repayment, if any.

      Payments of interest to be made in a currency or currency unit other than
U.S. dollars (other than interest on this Note due to the holder hereof on the
Maturity Date or upon earlier redemption or repayment) will be paid by bank
draft mailed to the person entitled thereto at his last address as it appears on
the registry books of the Corporation. Payment in a currency or currency unit,
other than U.S. dollars, of the principal of and premium and interest, if any,
on this Note due to the holder hereof on the Maturity Date or upon earlier
redemption or repayment will be paid by bank draft, upon presentation of this
Note, at the office or agency of the Corporation maintained for that purpose in
the Borough of Manhattan, The City of New York.

      Subject to applicable laws and regulations, a holder of $1,000,000 (or the
equivalent in other currencies or currency units) or more in aggregate principal
amount of the Notes may, by delivery of a written request to the Paying Agent
under the Indenture, elect to have all payments to such holder made by wire
transfer of immediately available funds to a designated account maintained (i)
in the United States, in the case of payments to be made in

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<PAGE>

U.S. dollars, or (ii) in ________________ (Country of Specified Currency), in
the case of payments to be made in a Specified Currency other than U.S. dollars;
provided, that such payments to be made on the Maturity Date or upon earlier
redemption or repayment will be made only after surrender of the Note or Notes
at the office or agency of the Corporation maintained for that purpose in the
Borough of Manhattan, The City of New York not later than one Business Day prior
to the Maturity Date or the date of redemption or repayment, if any. Such
request may be in writing (mailed or hand delivered) or by cable, telex or other
form of facsimile transmission and must [(i) include all non-U.S. dollar
denominated Notes held by such holder and (ii)] be delivered not later than the
close of business on the Record Date immediately preceding an Interest Payment
Date or the fifteenth day prior to the Maturity Date or the date of redemption
or repayment, if any. Any such election will remain in effect until revoked by
written notice to the Paying Agent, but written notice of any such revocation
must be received by the Paying Agent not later than the Record Date immediately
preceding the applicable Interest Payment Date or the fifteenth day preceding
the Maturity Date or the date of redemption or repayment, if applicable.

      "Business Day" means any day, other than a Saturday or Sunday, that is
neither a legal holiday nor a day on which banking institutions are generally
authorized or required by law or regulation to close (i) with respect to all
Notes, in The City of New York, and (ii) in the event that this Note is
denominated in a Specified Currency other than U.S. dollars, in the principal
financial center of the country of the Specified Currency (or, in the case of
Notes denominated in European Currency Units, in Brussels, Belgium).

      This Note is one of a duly authorized issue of debentures, notes or other
evidences of indebtedness of the Corporation (hereinafter called the "Debt
Securities"), all issued or to be issued under and pursuant to an indenture
dated as of January 15, 1988 (hereinafter called the "Indenture"), duly executed
and delivered by the Corporation to Continental Bank, National Association, as
Trustee (hereinafter called the "Trustee"), to which Indenture and all
indentures supplemental thereto reference is hereby made for a description of
the rights, duties and immunities thereunder of the Trustee and the rights
thereunder of the holders of the Debt Securities. As provided in the Indenture,
the Debt Securities may be issued in one or more separate series, which
different series may be issued in various aggregate principal amounts, may
mature at different times, may bear interest, if any, at different rates, may be
subject to different redemption provisions, if any, may be subject to different
sinking, purchase or analogous funds, if any, may be subject to different
covenants and events of default, and may otherwise vary as in the Indenture
provided or permitted. This Note is one of a series of the Debt Securities,
which series is limited to $1,020,000,000 in aggregate principal amount,
designated as the Medium-Term Notes Due 9 Months or More From Date of Issue (the
"Notes") of the Corporation. The Notes may mature at different times, bear
interest, if any, at different rates, be redeemable at different times or not at
all, be repayable at the option of the holder at different times or not at all,
be issued at an original issue discount, be extendible, and be denominated in
different currencies.

      If this Note is denominated in a currency or currency unit other than U.S.
dollars, any U.S. dollar amount to be received by a holder of this Note will be
based on the mean bid quotation (calculated to the nearest one
hundred-thousandth of a dollar, with five one-millionths of a dollar rounded
upward) in The City of New York received by the Exchange Rate Agent at

                                       4
<PAGE>

approximately 11:00 a.m., New York City time, on the second Business Day
preceding the applicable payment date from three recognized foreign exchange
dealers (one of which may be the Exchange Rate Agent) for the purchase by the
quoting dealer of the Specified Currency for U.S. dollars for settlement on such
payment date, in an amount equal to the aggregate amount of the Specified
Currency payable to all holders of Notes not electing to receive the Specified
Currency on such payment date and at which the applicable dealer commits to
execute a contract. If such bid quotations are not available, payments will be
made in the Specified Currency. All currency exchange costs will be borne by the
holder of the Note by deductions from such payments.

      If this Note is denominated in a currency or currency unit other than U.S.
dollars and, due to the imposition of exchange controls or other circumstances
beyond the control of the Corporation, the Specified Currency is not available
at the time of any scheduled payment of principal of or premium or interest, if
any, to be made in the Specified Currency, then the Corporation shall be
entitled to satisfy its obligations hereunder by making such payment in U.S.
dollars on the basis of the noon buying rate in The City of New York for cable
transfers of the Specified Currency as certified for customs purposes by the
Federal Reserve Bank of New York (the "Market Exchange Rate") on the second day
prior to such payment, or if such Market Exchange Rate is not then available, on
the basis of the most recently available Market Exchange Rate. Any payment made
under such circumstances in U.S. dollars where required payment is in a
Specified Currency will not constitute a default under the Indenture.

      In case an event of default, as defined in the Indenture, with respect to
the Notes shall have occurred and be continuing, the principal hereof may be
declared, and upon such declaration shall become, due and payable in the manner,
with the effect and subject to the conditions provided in the Indenture.

      The Indenture contains provisions permitting the Corporation and the
Trustee, with the consent of the holders of not less than 66 2/3% in aggregate
principal amount of each series of Debt Securities affected thereby, at the time
outstanding, evidenced as in the Indenture provided, to execute supplemental
indentures adding any provisions to or charging in any manner or eliminating any
of the provisions of the Indenture or of any indenture supplemental thereto or
modifying in any manner the rights of the holders of the Notes; provided,
however, that no such supplemental indenture shall (i) extend the fixed maturity
of any Debt Security, or reduce the principal amount thereof or premium, if any,
with respect thereto, or reduce the rate or extend the time of payment of
interest thereon, or reduce the amount of original issue discount payable upon a
declaration of acceleration of the stated maturity thereof, without the consent
of the holder of each such Debt Security so affected, (ii) reduce the aforesaid
percentage of Debt Securities of any series, the consent of the holders of which
is required for any such supplemental indenture, without the consent of the
holders of all Debt Securities of all such series affected thereby then
outstanding, or (iii) modify, without the written consent of the Trustee, the
rights, duties or immunities of the Trustee. The Indenture also contains
provisions permitting the holders of a majority in aggregate principal amount of
the Debt Securities of any series at the time outstanding, on behalf of the
holders of all the Debt Securities of such series, to waive, insofar as that
series is concerned, compliance by the Corporation with certain provisions of
the Indenture and certain past defaults under the Indenture and their
consequences. Any such consent by the holder of this Note (unless revoked as
provided in the Indenture) shall be

                                       5
<PAGE>

conclusive and binding upon such holder and upon all future holders and owners
of this Note and any Notes which may be issued upon the registration of transfer
hereof or in exchange or substitution herefor, irrespective of whether or not
any notation thereof is made upon this Note or other such Notes.

      Except as otherwise provided on the face of this Note, this Note will not
be redeemable prior to maturity. If so provided in this Note, this Note may be
redeemed by the Corporation on and after the date so indicated above. On and
after the date, if any, from which this Note may be redeemed, this Note may be
redeemed in whole or in part at the option of the Corporation at a redemption
price equal to the product of the principal amount of this Note to be redeemed
multiplied by the Redemption Percentage. The Redemption Percentage shall
initially equal the Initial Redemption Percentage specified on the face of this
Note, and shall decline at each anniversary of the initial date that this Note
is redeemable by the amount of the Annual Redemption Percentage Reduction
specified on the face of this Note, until the Redemption Percentage is equal to
100%. This Note will not be entitled to any sinking fund.

      Except as otherwise provided on the face of this Note, this Note will not
be repayable at the option of the holder. If so provided in this Note, this Note
will be repayable in whole or in part at the option of the holder in increments
of $1,000 or, in case of non-U.S. dollar denominated Notes, in an amount equal
to the integral multiples referred to on the face hereof under "Authorized
Denominations" (or, if no such reference is made, an amount equal to the minimum
Authorized Denomination) (provided that the remaining principal amount of any
Note surrendered for partial repayment shall be at least $1,000 or, in the case
of non-U.S. dollar denominated Notes, the minimum Authorized Denomination
referred to above) on any Business Day on or after the Initial Date on which the
Note is Repayable at the Option of the Holders (as stated above), at 100% of the
principal amount to be repaid, plus accrued interest, if any, to the repayment
date. In order for the exercise of the option to be effective and the Notes to
be repaid, the Corporation must receive at the applicable address of the Paying
Agent set forth below or at such other place or places of which the Corporation
shall from time to time notify the holder of the Note, on or before the
fifteenth, but not earlier than the twenty-fifth, day, or, if such day is not a
Business Day, the next succeeding Business Day, prior to the repayment date,
either (i) this Note, with the form below entitled "Option to Elect Repayment"
duly completed, or (ii) a telegram, telex, facsimile transmission or letter from
a member of a national securities exchange or the National Association of
Securities Dealers, Inc., or a commercial bank or a trust company in the United
States of America setting forth (a) the name, address, and telephone number of
the holder of this Note, (b) the principal amount of this Note and the amount of
this Note to be repaid, (c) a statement that the option to elect repayment is
being exercised thereby, and (d) a guarantee stating that the Corporation will
receive this Note, with the form entitled "Option to Elect Repayment" duly
completed, not later than five Business Days after the date of such telegram,
telex, facsimile transmission or letter (and this Note and form duly completed
are received by the Corporation by such fifth Business Day). Any such election
shall be irrevocable. The addresses to which such deliveries are to be made are
as follows: (i) to Chemical Bank, Attention: Debt Operations, P.O. Box 2862,
G.P.O. Station, New York, New York 10116, if delivery is made by regular or
registered mail, (ii) to Chemical Bank, Bank Window, Room 234, 2nd Floor, North
Building, 55 Water Street, New York, New York, if delivery is made by hand,
armored car or courier services or (iii) to Chemical Bank, Attention: Agency
Administration, 450 West 33rd Street, New York, New York 10001, if delivery is
by telegram or facsimile

                                       6
<PAGE>

transmission (or at such other places as the Corporation shall notify the
holders of the Notes). All questions as to the validity, eligibility (including
time of receipt), and acceptance of any Note for repayment will be determined by
the Corporation, whose determination will be final and binding.

      If this Note is issued with an original issue discount, (i) if an event of
default, as defined in the Indenture, with respect to the Notes shall have
occurred and be continuing, the amount of principal of this Note which may be
declared due and payable in the manner, with the effect and subject to the
conditions provided in the Indenture, shall be determined in the manner set
forth under "OID Default Amount" on the face hereof, and (ii) in the case of a
default of payment in principal upon acceleration, redemption, repayment at the
option of the holder or at the stated maturity hereof, in lieu of any interest
otherwise payable, the overdue principal of this Note shall bear interest at a
rate of interest per annum equal to the Default Rate stated on the face hereof
(to the extent that the payment of such interest shall be legally enforceable,
which shall accrue from the date of such acceleration, redemption, repayment at
the option of the holder or stated maturity, as the case may be, to the date
payment has been made or duly provided for or such default has been waived in
accordance with the terms of the Indenture.

      The Notes are issuable in fully registered form only without coupons in
denominations of $1,000 and integral multiples thereof or, if the Specified
Currency is other than U.S. dollars, in the denominations specified on the face
hereof. Notes denominated and payable in U.S. dollars may be issued, in whole or
in part, in the form of one or more global Notes bearing the legend specified in
the Indenture regarding certain restrictions on registration of transfer and
exchange and issued to The Depository Trust Company as depositary (the
"Depositary") or its nominee and registered in the name of the Depositary or
such nominee. Upon due presentment for registration of transfer of this Note at
the office or agency of the Corporation in the Borough of Manhattan, The City of
New York, a new Note or Notes in authorized denominations in the Specified
Currency for an equal aggregate principal amount and like interest rate and
maturity will be issued to the transferee in exchange therefor, subject to the
limitations provided in the Indenture, without charge except for any tax or
other governmental charge imposed in connection therewith.

      No reference herein to the Indenture and no provision of this Note or of
the Indenture shall alter or impair the obligation of the Corporation, which is
absolute and unconditional, to pay the principal of and interest on this Note at
the places, at the respective times, at the rate and in the currency herein
prescribed.

      The Corporation, the Trustee, and any paying agent may deem and treat the
registered holder hereof as the absolute owner of this Note at his address as it
appears on the register books of the Corporation as kept by the Trustee or duly
authorized agent of the Corporation (whether or not this Note shall be overdue),
for the purpose of receiving payment of or on account hereof and for all other
purposes, and neither the Corporation nor the Trustee nor any paying agent shall
be affected by any notice to the contrary. All payments made to or upon the
order of such registered holder shall, to the extent of the sum or sums paid,
effectually satisfy and discharge liability for moneys payable on this Note.

                                       7
<PAGE>

      No recourse under or upon any obligation, covenant or agreement contained
in the Indenture or any indenture supplemental thereto or in any Note, or
because of any indebtedness evidenced thereby, shall be had against any
incorporator, or against any past, present or future stockholder, officer or
director, as such, of the Corporation or any successor corporation, either
directly or through the Corporation or any successor corporation, under any rule
of law, statute or constitutional provision or by the enforcement of any
assessment or by any legal or equitable proceeding or otherwise, all such
personal liability of every such incorporator, stockholder, officer and
director, as such, being expressly waived and released by the acceptance hereof
and as a condition of and as part of the consideration for the issuance of this
Note.

      Terms used herein which are defined in the Indenture shall have the
respective meanings assigned thereto in the Indenture.

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

      This Note shall not be valid or become obligatory for any purpose until
the Certificate of Authentication hereon shall have been signed by an authorized
officer of the Trustee or its duly authorized agent under the Indenture referred
to above.

                                       8
<PAGE>

      IN WITNESS WHEREOF, THE CIT GROUP HOLDINGS, INC. has caused this
instrument to be signed by its duly authorized officers, and has caused its
corporate seal, or a facsimile thereof, to be affixed hereto or imprinted
hereon.

Dated:

                                               THE CIT GROUP HOLDINGS, INC.

                                               By:
                                                  ------------------------------
                                               Executive Vice President

Attest:
       ---------------------------------
        Secretary

TRUSTEE'S CERTIFICATE
     OF AUTHENTICATION

This Note is one of a series of Debt
Securities described in the Indenture
referred to above.                             [CIT CORPORATE SEAL]

CONTINENTAL BANK, NATIONAL ASSOCIATION,
     as Trustee

By:
   -------------------------------------
   Authorized Officer

           OR

CHEMICAL BANK,
     as Authenticating Agent
     for the Trustee

By:
   -------------------------------------
   Authorized Officer

                                       9
<PAGE>

                            OPTION TO ELECT REPAYMENT

         TO BE COMPLETED ONLY IF THIS NOTE IS REPAYABLE AT THE OPTION OF
            THE HOLDER AND THE HOLDER ELECTS TO EXERCISE SUCH RIGHTS

      The undersigned hereby irrevocably  requests and instructs the Corporation
to repay the within Note (or portion  thereof  specified  below) pursuant to its
terms at a price equal to the principal  amount thereof,  together with interest
to the repayment date, to the undersigned, at

      For this Note to be repaid the Corporation  must receive at the applicable
address of the Paying Agent set forth above, or at such other place or places of
which the  Corporation  shall from time to time  notify the holder of the within
Note, on or before the fifteenth, but not earlier than the twenty-fifth day, or,
if such day is not a Business Day, the next  succeeding  Business Day,  prior to
the repayment  date, (i) this Note,  with this "Option To Elect  Repayment" form
duly completed,  or (ii) a telegram,  telex, facsimile  transmission,  or letter
from a member of a national securities  exchange or the National  Association of
Securities  Dealers,  Inc. or a commercial bank or a trust company in the United
States of America setting forth (a) the name,  address,  and telephone number of
the holder of the Note,  (b) the principal  amount of the Note and the amount of
the Note to be repaid,  (c) a statement  that the option to elect  repayment  is
being exercised thereby,  and (d) a guarantee stating that the Note to be repaid
with the form  entitled  "Option to Elect  Repayment" on the reverse of the Note
duly completed will be received by the  Corporation not later than five business
days after the date of such telegram,  telex, facsimile transmission,  or letter
(and such Note and form duly  completed are received by the  Corporation by such
fifth Business Day).

      If less  than the  entire  principal  amount of the  within  Note is to be
repaid,  specify the portion  thereof  (which  shall be an integral  multiple of
$1,000 or, if the Note is denominated in a currency other than U.S. dollars,  of
an amount equal to the integral  multiples  referred to on the face hereof under
"Authorized Denominations" (or, if no such reference is made, an amount equal to
the minimum  Authorized  Denomination))  which the holder elects to have repaid:
___________ and specify the denomination or denominations (which shall be $1,000
and  integral  multiples  thereof or, if the Note is  denominated  in a currency
other than U.S. dollars, an Authorized  Denomination) of the Note or Notes to be
issued to the holder for the portion of the within Note not being repaid (in the
absence of any  specification,  one such Note will be issued for the portion not
being repaid): ___________.

         Date:
              --------------------              --------------------------------

                                                Notice:  The  signature  to this
                                                Option to Elect  Repayment  must
                                                correspond   with  the  name  as
                                                written  above the Note in every
                                                particular without alteration or
                                                enlargement  or any other change
                                                whatsoever.

                                       10
<PAGE>

                                  ABBREVIATIONS

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

TEN COM     - as tenants in        UNIF GIFT MIN ACT - ...Custodian ...
                common                                    (Cust)   (Minor)
TEN ENT     - as tenants by the                            Under Uniform
                entireties                                 Gifts to Minors Act
JT TEN      - as joint tenants
                with right of
                survivorship and                           ---------------------
                not as tenants in                                  (State)
                common

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

                                   ----------

      FOR  VALUE  RECEIVED,  the  undersigned  hereby  sell(s),   assign(s)  and
transfer(s) unto __________________________.

(Please insert Social Security
or other identifying number
of Assignee)
-----------------------------
|                            |
|                            |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
(Please  print  or  typewrite  name and  address  including  postal  zip code of
Assignee)

--------------------------------------------------------------------------------
the within Note of THE CIT GROUP  HOLDINGS,  INC.  and does  hereby  irrevocably
constitute and appoint

                                                                     attorney to
---------------------------------------------------------------------
transfer  the said Note on the  books of the  Corporation,  with  full  power of
substitution in the premises.

Dated:

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

                                       11

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