Document:

exv4w2

Exhibit 4.2

EXECUTION COPY

 

CIT GROUP INC.,

as Issuer,

THE GUARANTORS NAMED HEREIN, as Guarantors

and

DEUTSCHE BANK TRUST COMPANY AMERICAS,

as Trustee, Series A Parent Collateral Agent and Series A Subsidiary Collateral Agent

 

FIRST SUPPLEMENTAL INDENTURE

 

Dated as of December 10, 2009

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	ARTICLE 1 DEFINITIONS
	 	 	2	 
	Section 1.1 Relation to Base Indenture
	 	 	2	 
	Section 1.2 Definition of Terms
	 	 	2	 
	ARTICLE 2 GENERAL TERMS AND CONDITIONS OF THE NOTES
	 	 	35	 
	Section 2.1 Designation and Principal Amount
	 	 	35	 
	Section 2.2 Maturity
	 	 	35	 
	Section 2.3 Form, Payment and Appointment
	 	 	35	 
	Section 2.4 Global Notes
	 	 	36	 
	Section 2.5 Interest
	 	 	36	 
	ARTICLE 3 REDEMPTION AND REPURCHASE OF THE NOTES
	 	 	37	 
	Section 3.1 No Sinking Fund or Repayment at Option of the Holder
	 	 	37	 
	Section 3.2 Optional Redemption
	 	 	37	 
	Section 3.3 Offer to Purchase by Application of Excess Proceeds
	 	 	37	 
	Section 3.4 Offer to Repurchase Upon Change of Control
	 	 	40	 
	Section 3.5 Effect of Redemption
	 	 	41	 
	Section 3.6 Redemption Procedures
	 	 	41	 
	Section 3.7 No Other Redemption
	 	 	42	 
	ARTICLE 4 FORM OF NOTE
	 	 	42	 
	Section 4.1 Form of Note
	 	 	42	 
	ARTICLE 5 ORIGINAL ISSUE OF NOTES
	 	 	42	 
	Section 5.1 Original Issue of Notes
	 	 	42	 
	ARTICLE 6 AMENDMENT, SUPPLEMENT AND WAIVER
	 	 	42	 
	Section 6.1 General
	 	 	42	 
	Section 6.2 Consent of Holders
	 	 	43	 
	Section 6.3 Without Consent of Holders
	 	 	44	 
	Section 6.4 Form of Consent
	 	 	45	 
	ARTICLE 7 COVENANTS
	 	 	46	 
	Section 7.1 Restricted Payments
	 	 	46	 
	Section 7.2 Incurrence of Indebtedness and Issuance of Preferred Stock
	 	 	50	 
	Section 7.3 Liens
	 	 	54	 
	Section 7.4 Sale and Leaseback Transactions
	 	 	55	 
	Section 7.5 Dividend and Other Restrictions Affecting Restricted Subsidiaries

	 	 	55	 
	Section 7.6 Merger, Consolidation or Sale of All or Substantially All Assets

	 	 	57	 
	Section 7.7 Asset Sales
	 	 	58	 
	Section 7.8 Transactions with Affiliates
	 	 	62	 
	Section 7.9 Business Activities
	 	 	65	 
	Section 7.10 Additional Note Guarantees
	 	 	65	 
	Section 7.11 Designation of Restricted and Unrestricted Subsidiaries
	 	 	65	 
	Section 7.12 Payments for Consent
	 	 	66	 
	Section 7.13 Transfer of Operating Platforms
	 	 	66	 
	Section 7.14 Reports
	 	 	66	 
	Section 7.15 Cash Sweep and Required Cash Sweep Payments
	 	 	68	 
	ARTICLE 8 EVENTS OF DEFAULT
	 	 	70	 
	Section 8.1 Events of Default
	 	 	70	 
	Section 8.2 Effect of Event of Default
	 	 	73	 

i

 

	 	 	 	 	 
	Section 8.3 Company Statement as to Compliance; Notice of Certain Defaults
	 	 	74	 
	ARTICLE 9 GUARANTEE OF NOTES
	 	 	75	 
	Section 9.1 Guarantee
	 	 	75	 
	Section 9.2 Limitation on Guarantor Liability
	 	 	76	 
	Section 9.3 Guarantors May Consolidate, etc., on Certain Terms
	 	 	76	 
	Section 9.4 Releases
	 	 	77	 
	ARTICLE 10 COLLATERAL
	 	 	78	 
	Section 10.1 Intercreditor Agreements
	 	 	78	 
	Section 10.2 Security Documents
	 	 	78	 
	Section 10.3 Release of Liens in Respect of Notes
	 	 	78	 
	Section 10.4 Compliance with Trust Indenture Act
	 	 	78	 
	Section 10.5 Notes Collateral Agent
	 	 	79	 
	ARTICLE 11 SATISFACTION AND DISCHARGE; DEFEASANCE AND COVENANT DEFEASANCE
	 	 	84	 
	Section 11.1 Satisfaction and Discharge
	 	 	84	 
	Section 11.2 Legal Defeasance and Covenant Defeasance
	 	 	86	 
	ARTICLE 12 MISCELLANEOUS
	 	 	88	 
	Section 12.1 Ratification of Indenture
	 	 	88	 
	Section 12.2 No Personal Liability of Directors, Officers, Employees and
Stockholders
	 	 	88	 
	Section 12.3 Subordination
	 	 	88	 
	Section 12.4 Trustee Not Responsible for Recitals
	 	 	89	 
	Section 12.5 New York Law To Govern
	 	 	89	 
	Section 12.6 Separability
	 	 	89	 
	Section 12.7 Counterparts
	 	 	89	 
	Section 12.8 Parent Pledge Collateral Agent
	 	 	89	 

ii

 

     THIS FIRST SUPPLEMENTAL INDENTURE, dated as of December 10, 2009 (the “Supplemental
Indenture”), between CIT Group Inc., a corporation duly organized and existing under the laws of
the State of Delaware (the “Company”), the guarantors named herein and Deutsche Bank Trust Company
Americas, as trustee (the “Trustee”), Series A Parent Collateral Agent and Series A Subsidiary
Collateral Agent, amending and supplementing the Indenture, dated as of December 10, 2009 between
the Company and the Trustee, governing the issuance of debt securities (the “Base Indenture”). The
Base Indenture, as amended and supplemented by the Supplemental Indenture, shall be referred to
herein as the “Indenture”.

RECITALS

     WHEREAS, the Company executed and delivered the Base Indenture to the Trustee to provide for
the future issuance of the Company’s debt securities or other evidence of Indebtedness, to be
issued from time to time in one or more series as might be determined by the Company under the Base
Indenture;

     WHEREAS, Section 9.1(6) of the Base Indenture provides for the Company and the Trustee to
enter into an indenture supplemental to the Base Indenture to establish the forms or terms of
Securities of any series as permitted by Section 2.1 and Section 3.1 of the Base Indenture;

     WHEREAS, pursuant to Section 3.1 of the Base Indenture, the Company wishes to provide for the
issuance of five new series of Securities to be known collectively as its 7% Series A
Second-Priority Secured Notes and the form, terms, provisions and conditions thereof (including the
guarantee thereof) to be set forth as provided in this Supplemental Indenture; and

     WHEREAS, the Company has requested that the Trustee execute and deliver this Supplemental
Indenture, and all requirements necessary to make this Supplemental Indenture a valid, binding and
enforceable instrument in accordance with its terms, and to make the Notes, when executed by the
Company and authenticated and delivered by the Trustee, the valid, binding and enforceable
Obligations of the Company, have been done and performed, and the execution and delivery of this
Supplemental Indenture has been duly authorized in all respects.

     NOW, THEREFORE, in consideration of the covenants and agreements set forth herein and for
other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto hereby agree as follows:

 

 

ARTICLE 1

DEFINITIONS

     Section 1.1 Relation to Base Indenture. This Supplemental Indenture constitutes an integral part of the Base Indenture, and supplements
and amends the Base Indenture solely with respect to the Notes.

     Section 1.2 Definition of Terms. For all purposes of this Supplemental Indenture:

     (a) a term not defined herein that is defined in the Base Indenture has the same
meaning when used in this Supplemental Indenture;

     (b) the definition of any term in this Supplemental Indenture that is also defined in
the Base Indenture shall supersede the definition of such term in the Base Indenture;

     (c) a term defined anywhere in this Supplemental Indenture has the same meaning
throughout;

     (d) the singular includes the plural and vice versa and use of any gender includes each
other gender;

     (e) headings are for convenience of reference only and do not affect interpretation;
and

     (f) the following terms have the meanings given to them in this Section 1.2:

     “2013 Notes”, “2014 Notes”, “2015 Notes”, “2016 Notes” and “2017 Notes” have the meanings set
forth in Section 2.1 hereof.

     “23A Transaction” means any transfer or transfers of assets of the Company or any Restricted
Subsidiary of the Company to CIT Bank pursuant to waivers of Section 23A of the Federal Reserve
Act.

     “Acquired Debt” means, with respect to any specified Person:

     (1) Indebtedness of any other Person existing at the time such other Person is merged with
or into or became a Subsidiary of such specified Person, whether or not such Indebtedness is
incurred in connection with, or in contemplation of, such other Person merging with or into, or
becoming a Subsidiary of, such specified Person; provided, however,
that Indebtedness of such acquired Person which is redeemed, defeased, retired or
otherwise repaid at the time of or immediately upon consummation of the transactions by which
such Person merges with or into or becomes a Subsidiary of such Person shall not be Acquired
Debt; and

2

 

     (2) Indebtedness secured by a Lien encumbering any asset acquired by such specified
Person.

     “Affiliate” of any specified Person means any other Person directly or indirectly controlling
or controlled by or under direct or indirect common control with such specified Person. For
purposes of this definition, “control”, as used with respect to any Person, means the possession,
directly or indirectly, of the power to direct or cause the direction of the management or policies
of such Person, whether through the ownership of voting securities, by agreement or otherwise. For
purposes of this definition, the terms “controlling”, “controlled by” and “under common control
with” have correlative meanings. Notwithstanding anything to the contrary herein, in no event
shall any Person acquired or formed in connection with a workout, restructuring or foreclosure in
the Ordinary Course of Business which is in an industry other than the business of the Company and
its Restricted Subsidiaries be considered an “Affiliate” of the Company or any Guarantor.

     “Affiliate Transaction” has the meaning set forth in Section 7.8(a) hereof.

     “Applicable Percentage” means with respect to the applicable business unit or segment
specified below:

     (1) Corporate Finance (excluding Small Business Lending) — 100%;

     (2) Student Loans — 100%;

     (3) Rail — 100%;

     (4) Aerospace — 100%;

     (5) Trade Finance — 0% prior to a Platform Transfer of Trade Finance and after such
Platform Transfer, 100% of any cash proceeds received on assets remaining in the Company or its
Restricted Subsidiaries (net of amounts due to clients);

     (6) U.S. Vendor Finance — 0% prior to a Platform Transfer of U.S. Vendor Finance and after
such Platform Transfer, 100% of any cash proceeds received on assets remaining in the Company
or its Restricted Subsidiaries; and

     (7) Small Business Lending — 0% prior to a Platform Transfer of Small Business Lending and
after such Platform Transfer, 100% of any cash proceeds received on assets remaining in the
Company or its Restricted Subsidiaries.

     “Applicable Repayment Period” means, with respect to any fiscal quarter: (1) with respect to
repayments of Obligations under the Credit Agreement, the five Business Day period following the
Notice Date occurring after the end of the applicable fiscal quarter and (2) with respect to
repurchase or repayments of Notes or Series B Notes, the 90-day period following the end of the
applicable fiscal quarter.

3

 

     “Approved Restructuring Plan” has the meaning assigned to such term in the Junior
Intercreditor Agreement.

     “Asset Sale” means:

     (1) the sale, lease, conveyance or other disposition of any assets (including rights);
provided that the sale, lease, conveyance or other disposition of all or
substantially all of the assets of the Company and its Restricted Subsidiaries taken as a whole
shall be governed by Sections 3.4 and/or 7.6 hereof and not by the provisions of Section 7.7
hereof; and

     (2) the issuance of Equity Interests in any of the Company’s Restricted Subsidiaries or
the sale of Equity Interests in any of its Restricted Subsidiaries.

     Notwithstanding the preceding, none of the following items shall be deemed to be an Asset Sale:

     (1) any single transaction or series of related transactions that involves assets having a
Fair Market Value of less than $25.0 million;

     (2) a transfer of assets between or among the Company and its Restricted Subsidiaries,
except a transfer by a Guarantor or a Subsidiary of a Guarantor (or, if the Parent Pledge is
granted, the Company) to a non-Guarantor or a Subsidiary of a non-Guarantor;

     (3) a transfer of assets to an Unrestricted Subsidiary of the Company in the Ordinary
Course of Business or consistent with past practice, provided that the Net
Proceeds thereof shall be applied as required by Section 7.7(c) hereof;

     (4) an issuance of Equity Interests by a Restricted Subsidiary of the Company to the
Company or to a Restricted Subsidiary of the Company, provided that Equity
Interests of a Guarantor or of a direct or indirect Subsidiary of a Guarantor may only be
issued to a Guarantor or a Subsidiary of a Guarantor, provided, further,
however, that a Guarantor that is directly owned by the Company may issue Equity
Interests to the Company;

     (5) the sale, funding or other disposition or lease of Portfolio Assets or other assets
(including, without limitation, equipment) in the Ordinary Course of Business;

     (6) any sale or other disposition of damaged, worn-out or obsolete assets or assets that
are no longer useful in the business of the Company or any Restricted Subsidiary of the
Company;

4

 

     (7) the sale or other disposition of Cash or Cash Equivalents;

     (8) sales or grants of licenses or sublicenses of intellectual property, and licenses,
leases or subleases of other assets, of the Company or any Restricted Subsidiary of the Company
to the extent not materially interfering with the business of the Company and its Restricted
Subsidiaries;

     (9) a Restricted Payment that is permitted by Section 7.1 hereof or that is a Permitted
Investment;

     (10) disposition of Investments, receivables or other assets in connection with the
workout, compromise, settlement or collection thereof or exercise of remedies with respect
thereto, in the Ordinary Course of Business or in bankruptcy, foreclosure or similar
proceedings;

     (11) to the extent allowable under Section 1031 of the Internal Revenue Code of 1986, any
exchange of like property (excluding any boot thereon) that are used or useful in a Permitted
Business;

     (12) the sale or other disposition of Equity Interests of an Unrestricted Subsidiary of
the Company;

     (13) Bank Activities;

     (14) the sale of a portfolio of commercial aviation aircraft and related operating lease
agreements having an aggregate net book value of up to $900.0 million; and

     (15) sales or other dispositions of assets constituting Restricted Collateral,
provided that (i) contemporaneously with such sale or other disposition, one or
more Affiliates of the Company that are not Restricted Subsidiaries shall have incurred (x)
Indebtedness or other obligations (as primary obligors) secured by all of such assets and/or
(y) operating lease obligations with respect to such assets and (ii) both before and after
giving effect to such sale or disposition and such incurrence of Indebtedness or lease, no
Event of Default shall have occurred and be continuing.

     “Asset Sale Offer” has the meaning assigned to that term in Section 7.7(f) hereof.

     “Attributable Indebtedness” in respect of a sale and leaseback transaction means, as of the
time of determination, the present value (discounted at the rate per annum equal to the rate of
interest implicit in the lease involved in such sale and leaseback transaction, as determined in
good faith by the Company) of the obligation of the lessee thereunder for rental payments
(excluding, however, any amounts required to be paid by such lessee, whether or not designated as
rent or additional rent, on account of maintenance and repairs, insurance, taxes, assessments,
water rates or similar charges or any amounts required to be paid by such

5

 

lessee thereunder contingent upon the amount of sales or similar contingent amounts) during
the remaining term of such lease (including any period for which such lease has been extended or
may, at the option of the lessor, be extended). In the case of any lease which is terminable by the
lessee upon the payment of a penalty, such rental payments shall also include the amount of such
penalty, but no rental payments shall be considered as required to be paid under such lease
subsequent to the first date upon which it may be so terminated.

     “Australian Guaranty” means the Guaranty dated as of March 5, 2004, as amended by the Guaranty
Confirmation Agreement dated as of November 1, 2009, made by the Company in favor of and for the
benefit of the holders of the CIT Australia Notes.

     “Australian Guaranty Obligations” means the payment obligations of the Company under the
Australian Guaranty.

     “Available Sweep Amount” means, for any fiscal quarter, an amount equal to (1) the sum of (a)
the balance on deposit in the Sweep Accounts at the end of such fiscal quarter and (b) Other
Available Cash at the end of such fiscal quarter in excess of $500 million minus (2) the sum of (a)
TTF Requirements at the end of such fiscal quarter, (b) the amount of Permitted Bank Investments
which, at such time, are both allowed and expected to be made, (c) Required Bank Investments which,
at the end of such fiscal quarter, either are or shall be required to be made and (d) the amount of
Business Reinvestments permitted to be made during the twelve month period following the last day
of such fiscal quarter (it being understood that in no event shall the Available Sweep Amount be
considered less than zero).

     “Bank Activities” means (1) 23A Transactions and (2) any transfer or transfers of assets,
Liens, Indebtedness, subordinations, participations, payments, assignments, reimbursements,
purchases, granting of security interests, perfection thereof, and replacements thereof to secure
obligations, servicing or other agreements or actions by the Company or any Restricted Subsidiary
of the Company in favor of CIT Bank required to be taken or which would be prudent to take in order
to comply with all agreements now and hereafter entered into between any of the Company, any
Restricted Subsidiary of the Company and CIT Bank or CIT Bank and its regulators, and all laws,
federal, state, foreign and local statutes, rules, guidelines, regulations, codes, executive orders
and administrative or judicial precedents or authorities, including the interpretation thereof by
any Governmental Authority charged with the enforcement, interpretation or administration thereof,
and all administrative orders, directed duties, requests, licenses and agreements with such
governmental authorities, whether or not having the force of law, all arising from or relating to
CIT Bank, together with all contractual indemnifications in connection with each of the above, and
any and all actions undertaken in connection with any of the foregoing activities.

     “Bank Agent” means Bank of America, N.A. or its successor.

     “Bankruptcy Custodian” means any receiver, trustee, assignee, liquidator or other similar
official under any Bankruptcy Law.

     “Bankruptcy Law” means title 11, U.S. Code or any similar federal or state law for the relief
of debtors.

     “Barbados Entities” means, collectively, CIT Financial (Barbados) SRL and CIT Holdings
(Barbados) SRL.

6

 

     “Beneficial Owner” has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under
the Exchange Act, except that in calculating the beneficial ownership of any particular “person”
(as that term is used in Section 13(d)(3) of the Exchange Act), such “person” shall be deemed to
have beneficial ownership of all securities that such “person” has the right to acquire by
conversion or exercise of other securities, whether such right is currently exercisable or is
exercisable only after the passage of time. The terms “Beneficially Owns” and “Beneficially Owned”
have a corresponding meaning.

     “Board of Directors” means:

     (1) with respect to a corporation, the board of directors of the corporation or any
committee thereof duly authorized to act on behalf of such board;

     (2) with respect to a partnership, the board of directors of the general partner of the
partnership;

     (3) with respect to a limited liability company, the managing member or members or any
controlling committee of managing members thereof; and

     (4) with respect to any other Person, the board or committee of such Person serving a
similar function.

     “Business Reinvestments” means investments (whether new, modified or amended) in the Corporate
Finance (excluding Small Business Lending), Rail and Aerospace business units or segments in an
aggregate amount not to exceed the sum of (1) $500 million in the aggregate in any twelve-month
period plus (2) an amount equal to the aggregate of contractual commitments in existence on October
12, 2009 to purchase or fund such Corporate Finance assets.

     “Capital Lease Obligation” means, at the time any determination is to be made, the amount of
the liability in respect of a capital lease that would at that time be required to be capitalized
on a balance sheet prepared in accordance with GAAP, and the Stated Maturity thereof shall be the
date of the last payment of rent or any other amount due under such lease prior to the first date
upon which such lease may be prepaid by the lessee without payment of a premium or penalty.

     “Capital Stock” means:

     (1) in the case of a corporation, corporate stock;

     (2) in the case of an association or business entity, any and all shares, interests,
participations, rights or other equivalents (however designated) of corporate stock;

     (3) in the case of a partnership or limited liability company, partnership interests
(whether general or limited) or membership interests; and

7

 

     (4) any other interest or participation that confers on a Person the right to receive a
share of the profits and losses of, or distributions of assets of, the issuing Person, but
excluding from all of the foregoing any debt securities convertible into Capital Stock, whether
or not such debt securities include any right of participation with Capital Stock.

     “Cash” means money, currency or a credit balance in any demand or deposit account.

     “Cash Collections” means Cash representing payments for any or all business units and segments
of the Company and its subsidiaries described in the definition of “Applicable Percentage;”
provided that Cash Collections shall not include any payments received in respect
of an asset sale or other disposition.

     “Cash Equivalents” means, as at any date of determination:

     (1) marketable securities and repurchase agreements for marketable securities (a) issued
or directly and unconditionally guaranteed as to interest and principal by the United States
Government or (b) issued by any agency of the United States the obligations of which are backed
by the full faith and credit of the United States, in each case maturing within one year after
such date;

     (2) marketable direct obligations issued by any state of the United States or any
political subdivision of any such state or any public instrumentality thereof, in each case
maturing within one year after such date and having, at the time of the acquisition thereof, a
rating of at least A-1 from S&P or at least P-1 from Moody’s;

     (3) commercial paper maturing no more than one year from the date of creation thereof and
having, at the time of the acquisition thereof, a rating of at least A-1 from S&P or at least
P-1 from Moody’s;

     (4) time deposits or bankers’ acceptances maturing within one year after such date and
issued or accepted by any lender or by any commercial bank (including any branch of a
commercial bank) that (a) in the case of a commercial bank organized under the laws of the
United States, any state thereof or the District of Columbia is at least “adequately
capitalized” (as defined in the regulations of its primary Federal banking regulator), and has
Tier 1 capital (as defined in such regulations) of not less than $100,000,000 or (b) in the
case of any other commercial bank has a short-term commercial paper rating from S&P of at least
A-1 or from Moody’s of at least P-1; and

     (5) shares of any money market mutual fund that has (a) net assets of not less than
$500,000,000, and (b) the highest rating obtainable from either S&P or Moody’s.

     “CFL” means CIT Financial Ltd.

     “Change of Control” means the occurrence of any of the following:

     (1) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of

8

 

the Exchange Act) is or becomes the Beneficial Owner of more than 50% of the total
outstanding Voting Stock of the Company (measured by voting power
rather than the number of shares);

     (2) the Company consolidates with or merges with or into any Person or sells, assigns,
conveys, transfers, leases or otherwise disposes of all or substantially all of its assets to
any such Person, or any such Person consolidates with or merges into or with the Company in any
such event pursuant to a transaction in which the outstanding Voting Stock of the Company is
converted into or exchanged for cash, securities or other property, other than any such
transaction where:

	 	(a)	 	the Voting Stock of the Company outstanding immediately prior
to such transaction is changed into or exchanged for Voting Stock (other than
Disqualified Stock) of the surviving corporation constituting a majority of the
outstanding shares of such Voting Stock (measured by voting power rather than
the number of shares) of such surviving corporation (immediately after giving
effect to such issuance); and
	 
	 	(b)	 	immediately after such transaction, no “person” or “group” (as
such terms are used in Sections 13(d) and 14(d) of the Exchange Act) is the
Beneficial Owner of more than 50% of the total outstanding Voting Stock
(measured by voting power rather than the number of shares) of the surviving
corporation; or

     (3) the Company is liquidated or dissolved or the Board of Directors of the Company
adopts a plan of liquidation or dissolution other than in a transaction which complies with
Section 7.6 hereof.

     “Change of Control Offer” has the meaning assigned to that term in Section 3.4 hereof.

     “Change of Control Payment” has the meaning assigned to that term in Section 3.4 hereof.

     “Change of Control Payment Date” has the meaning assigned to that term in Section 3.4 hereof.

     “CIT Aerospace” means CIT Aerospace International.

     “CIT Australia” means CIT Group (Australia) Limited.

     “CIT Australia Notes” means (i) the Medium Term Note Programme Issue of A$150,000,000 6.0%
fixed rate notes due March 3, 2011, issued by CIT Australia on March 3, 2006 and guaranteed by
Company, and (ii) the Medium Term Note Programme Issue of A$150,000,000 floating rate notes due
March 3, 2011, issued by CIT Australia on March 3, 2006 and guaranteed by the Company.

     “CIT Australia Notes Obligations” means solely the outstanding Indebtedness and

9

 

other obligations of the Company arising in respect of its guaranty of Indebtedness and other
payment obligations of CIT Australia under the CIT Australia Notes.

     “CIT Bank” means, collectively, CIT Bank, a bank organized under the laws of the State of
Utah, and its consolidated Subsidiaries, together with any other banking institution which is owned
directly or indirectly by the Company from time to time (including without limitation, any banking
institution which is merged with or into CIT Bank or any of its Subsidiaries or which is the
successor in interest to such CIT Bank).

     “CIT China” means CIT Finance and Leasing Corporation.

     “CIT China Facility” means that certain Revolving Facility Agreement in an aggregate principal
amount of up to RMB 3,000,000,000, dated September 24, 2007, among CIT China, as borrower, Citibank
(China) Co., Ltd. Shanghai Branch, as bookrunner, Citibank (China) Co., Ltd. Shanghai Branch and
Standard Chartered Bank (China) Limited, Shanghai Branch, as mandated lead arrangers, Citibank
(China) Co., Ltd. Shanghai Branch, as facility agent, and the financial institutions party thereto
as lender, as amended, supplemented, modified, renewed, refunded, replaced or refinanced in whole
or in part from time to time, so long as the aggregate amount of commitments at any time
outstanding thereunder is not increased in connection therewith.

     “CIT Entities” has the meaning set forth in Section 12.3 hereof.

     “CIT Funding” means CIT Group Funding Company of Delaware LLC, a Delaware limited liability
company.

     “CIT Funding Security Agreements” means, collectively, (i) the Security Agreement (2005-1)
dated as of July 5, 2005 by and between CIT Funding and CIT Holdings (Barbados) SRL, (ii) the
Security Agreement (2005-2) dated as of July 5, 2005 by and between CIT Funding and CIT Holdings
(Barbados) SRL, (iii) the Security Agreement (2005-3) dated as of July 5, 2005 by and between CIT
Funding and CIT Holdings (Barbados) SRL, (iv) the Security Agreement (2006-1) dated as of November
1, 2006 by and between CIT Funding and CIT Holdings (Barbados) SRL and (v) the Security Agreement
(2006-2) dated as of November 1, 2006 by and between CIT Funding and CIT Holdings (Barbados) SRL,
in each case, granting a Lien on assets of CIT Funding in favor of CIT Holdings (Barbados) SRL.

     “CIT Leasing” means C.I.T. Leasing Corporation.

     “CITLC Assigned Note” means that certain Promissory Note No. 3 (MSN 30267), dated as of March
27, 2008, in the original principal amount of $12,223,183.20, by Snapdragon Ltd. in favor of CIT
Leasing, and any promissory note issued from time to time in replacement thereof to the extent such
replacement note is payable to the order of CIT Leasing, together with certain payments received by
or payable to CIT Leasing thereunder.

     “CITLC Loan Assignment and Intercreditor Agreement” means that certain Loan Assignment and
Intercreditor Agreement, dated as of June 11, 2008, by and between CIT Leasing (as both
administrative agent and assignor) and HSH Nordbank AG, New York Branch (as assignee).

     “CIT Leasing Support Agreements” means those support agreements identified on

10

 

Schedule I hereto.

     “Collateral” means the “Series A Collateral” as defined in the Series A Collateral Agreement.

     “Commission” the United States Securities and Exchange Commission.

     “Consolidated Net Income” means, with respect to any specified Person for any period, the
aggregate of the Net Income of such Person and its Restricted Subsidiaries and Regulated
Subsidiaries for such period, on a consolidated basis, determined in accordance with GAAP;
provided that:

     (1) the Net Income (but not loss) of any Person that is not a Restricted Subsidiary or
Regulated Subsidiary or that is accounted for by the equity method of accounting shall be
included only to the extent of the amount of dividends or similar distributions paid in cash to
the specified Person or a Restricted Subsidiary of the Person;

     (2) solely for the purpose of determining the amount available for Restricted Payments
under Section 7.1(a)(B)(1) hereof, the Net Income of any Restricted Subsidiary shall be
excluded to the extent that the declaration or payment of dividends or similar distributions by
that Restricted Subsidiary of that Net Income is not at the date of determination permitted
without any prior governmental approval (that has not been obtained) or, directly or
indirectly, by operation of the terms of its charter or any agreement, instrument, judgment,
decree, order, statute, rule or governmental regulation applicable to that Restricted
Subsidiary or its stockholders, except to the extent that any dividend or distribution is
actually made in cash and not otherwise included therein;

     (3) solely for the purpose of determining the amount available for Restricted Payments
under Section 7.1(a)(B)(ii)(1) hereof, the Net Income of any Regulated Subsidiary shall be
excluded to the extent that the declaration or payment of dividends or similar distributions by
such Regulated Subsidiary of such Net Income is not at the time permitted by the operation of
the terms of its charter or any agreement or instrument with a Person, other than such
Regulated Subsidiary’s applicable regulatory authorities, or any judgment or decree applicable
to such Regulated Subsidiary (except to the extent that (x) any dividend or distribution is
actually made in cash and not otherwise included therein or (y) such Regulated Subsidiary
reasonably believes, in good faith, that such Net Income could have been distributed, declared
or paid as a dividend or similar distribution without having caused such Regulated Subsidiary
to fail to be at least “adequately capitalized” as defined in the regulations of applicable
regulatory authorities, or to meet minimum capital requirements imposed by applicable
regulatory authorities); and

     (4) the cumulative effect of a change in accounting principles shall be excluded.

     “Coupon Rate” has the meaning set forth in Section 2.5(a) hereof.

     “Covenant Defeasance” has the meaning set forth in Section 11.2(b) hereof.

     “Credit Agreement” means that certain Second Amended and Restated Credit and

11

 

Guaranty Agreement, dated as of October 28, 2009, by and among the Company, certain of its
Subsidiaries, Bank of America, N.A., as successor administrative agent and successor collateral
agent, and the lenders party thereto, including any related notes, Guarantees, collateral
documents, instruments and agreements executed in connection therewith, and, in each case, as
amended, restated, modified, renewed, refunded, replaced (whether upon or after termination or
otherwise) or refinanced (including by means of sales of debt securities to institutional
investors), in whole or in part, from time to time.

     “Credit Agreement Effective Date” means October 28, 2009.

     “Credit Facilities” means, one or more debt facilities (including, without limitation, the
Credit Agreement) or commercial paper facilities (secured or unsecured), in each case, with banks
or other institutional lenders providing for revolving credit loans, term loans, receivables or
asset based financing (including through the sale of receivables or assets to such lenders or to
special purpose entities formed to borrow from such lenders against such receivables or assets) or
letters of credit, in each case, as amended, restated, modified, renewed, refunded, replaced
(whether upon or after termination or otherwise) or refinanced (including by means of sales of debt
securities to institutional investors), in whole or in part, from time to time.

     “Credit Party” means each Person that is a Credit Party as defined in and pursuant to the
Credit Agreement.

     “Custodian” means, with respect to any Global Note, the Trustee, as custodian for DTC with
respect to such Global Note.

     “Default” means any event that is, or with the passage of time or the giving of notice or both
would be, an Event of Default.

     “Deposit Account” means a demand, time, savings, passbook or like account with a bank, savings
and loan association, credit union or like organization, other than an account evidenced by a
negotiable certificate of deposit.

     “Discharge of First Lien Obligations” has the meaning set forth in the Senior Intercreditor
Agreement.

     “Disqualified Stock” means any Capital Stock that, by its terms (or by the terms of any
security into which it is convertible, or for which it is exchangeable, in each case, at the option
of the holder of the Capital Stock), or upon the happening of any event, matures or is mandatorily
redeemable, pursuant to a sinking fund obligation or otherwise, or redeemable at the option of the
holder of the Capital Stock, in whole or in part, on or prior to the date that is 91 days after the
date on which the Notes mature. Notwithstanding the preceding sentence, any Capital Stock that
would constitute Disqualified Stock solely because the holders of the Capital Stock have the right
to require the Company to repurchase such Capital Stock upon the occurrence of a change of control
or an asset sale shall not constitute Disqualified Stock if the terms of such Capital Stock provide
that the Company may not repurchase or redeem any such Capital Stock pursuant to such provisions
unless such repurchase or redemption complies with Section 7.1 hereof. The amount of Disqualified
Stock deemed to be outstanding at any time for purposes hereof shall be the maximum amount that the
Company and its Restricted Subsidiaries may become obligated to pay upon the maturity of, or
pursuant to any mandatory redemption provisions of, such Disqualified Stock, exclusive of accrued
dividends.

12

 

     “Domestic Subsidiary” means any Restricted Subsidiary of the Company that was formed under the
laws of the United States or any state of the United States or the District of Columbia.

     “DTC” has the meaning set forth in Section 2.3(d) hereof.

     “ECA Financing” means the ECA-supported financings described on the Refinancing Eligible Debt
Schedule.

     “Equity Interests” means Capital Stock and all warrants, options or other rights to acquire
Capital Stock (but excluding any debt security that is convertible into, or exchangeable for,
Capital Stock).

     “ERISA” means Employee Retirement Income Security Act.

     “Excepted Cash Collections” means (i) refunds of payments made to the Company or any
Subsidiary as a result of error, including, without limitation, refunds made to customers, other
factors or to private lockbox clients; and (ii) amounts previously included in the Sweep Cash
Amount and subsequently released pursuant to Section 7.15(d) that the Company determines in good
faith should have been previously excluded from such Sweep Cash Amount.

     “Excess Proceeds” has the meaning set forth in Section 7.7(f) hereof.

     “Excess Sweep Amounts” means, with respect to any fiscal quarter, an amount equal to (1) the
balance on deposit in the Sweep Accounts at the end of such fiscal quarter minus (2) the sum of (a)
$1.5 billion and (b) the Available Sweep Amount for such fiscal quarter (it being understood that
in no event shall the Excess Sweep Amount be considered less than zero).

     “Exchange Act” means the Securities Exchange Act of 1934, as amended.

     “Fair Market Value” means the value that would be paid by a willing buyer to an unaffiliated
willing seller in a transaction not involving distress or necessity of either party, as determined
in good faith by the chief financial officer, chief accounting officer, treasurer, assistant
treasurer, or controller, and, in the case of any transaction involving aggregate consideration in
excess of $750.0 million, the Board of Directors of the Company or any Restricted Subsidiary of the
Company, as applicable, which determination shall be conclusive (unless otherwise provided herein).

     “FDIC” means the United States Federal Deposit Insurance Corporation or any successor thereto.

     “Funding Accounts” means one or more Deposit Accounts at the Bank Agent in which borrowings
under the Credit Agreement are deposited in accordance with the terms of the Credit Agreement.

     “GAAP” means generally accepted accounting principles set forth in the opinions and
pronouncements of the Accounting Principles Board of the American Institute of Certified Public
Accountants and statements and pronouncements of the Financial Accounting

13

 

Standards Board or in such other statements by such other entity as may be approved by a
significant segment of the accounting profession of the United States, which are in effect from
time to time. At any time after the Issue Date, the Company may elect to apply IFRS accounting
principles in lieu of GAAP and, upon any such election, references herein to GAAP shall thereafter
be construed to mean IFRS (except as otherwise provided herein); provided that
calculation or determination herein that requires the application of GAAP for periods that include
fiscal quarters ended prior to the Company’s election to apply IFRS shall remain as previously
calculated or determined in accordance with GAAP. The Company shall give notice of any such
election made in accordance with this definition to the Trustee and the Holders.

     “Global Notes” has the meaning set forth in Section 2.4 hereof.

     “Governmental Authority” means any federal, state, municipal, national or other government,
governmental department, commission, board, bureau, court, agency or instrumentality or political
subdivision thereof or any entity or officer exercising executive, legislative, judicial,
regulatory or administrative functions of or pertaining to any government or any court, in each
case whether associated with a state of the United States, the United States, or a foreign state or
government.

     “Guarantee” means, with respect to any Person, any Obligation, contingent or otherwise, of
such Person guaranteeing or having the economic effect of guaranteeing any Indebtedness or other
Obligation of any other Person in any manner, whether directly or indirectly, and including any
Obligation of the guarantor, direct or indirect, that is (1) an Obligation of such Person the
primary purpose or intent of which is to provide assurance to an obligee that the Obligation of the
obligor thereof shall be paid or discharged, or any agreement relating thereto shall be complied
with, or the holders thereof shall be protected (in whole or in part) against loss in respect
thereof; or (2) a liability of such Person for an Obligation of another through any agreement
(contingent or otherwise) (a) to purchase, repurchase or otherwise acquire such Obligation or any
security therefor, or to provide funds for the payment or discharge of such Obligation (whether in
the form of loans, advances, stock purchases, capital contributions or otherwise) or (b) to
maintain the solvency or any balance sheet item, level of income or financial condition of another
if, in the case of any agreement described under subclauses (a) or (b) of this clause (2), the
primary purpose or intent thereof is as described in clause (1) above.

     “Guarantors” means each of:

     (1) each Wholly Owned Domestic Subsidiary of the Company on the Issue Date (other than CIT
Funding); and

     (2) any other Wholly Owned Domestic Subsidiary of the Company that executes a Note
Guarantee in accordance with the provisions hereof,

and their respective successors and assigns, in each case, until the Note Guarantee of such Person
has been released in accordance with the provisions hereof.

     “Holder” means the Person in whose name a Note is registered in the Security Register.

14

 

     “IFRS” means International Financial Reporting Standards.

     “Immaterial Subsidiary” means, as of any date, any Subsidiary (1) that (a)(i) has assets with
an aggregate Fair Market Value less than $5.0 million, (ii) has aggregate revenues less than $5.0
million for the most recently ended four full fiscal quarters for which financial statements were
delivered as set forth in Section 7.14 immediately preceding the date on which the calculation is
required to be made and (iii) is not integral to the business or operations of the Company and its
Subsidiaries (other than Immaterial Subsidiaries), and (b) has no Subsidiaries (other than
Immaterial Subsidiaries), or (2) the Capital Stock of which was acquired in connection with the
workout of assets or exercise of remedies in the Ordinary Course of Business or as the proceeds of
collateral securing a loan or other financing asset or in connection with servicing or managing
assets in the Ordinary Course of Business.

     “Indebtedness” as applied to any Person, means, without duplication:

     (1) all indebtedness for borrowed money;

     (2) that portion of Obligations with respect to Capital Lease Obligations that is
properly classified as a liability on a balance sheet in conformity with GAAP;

     (3) all Obligations of such Person evidenced by notes, bonds or similar instruments or
upon which interest payments are customarily paid and all Obligations in respect of drafts
accepted representing extensions of credit whether or not representing Obligations for borrowed
money;

     (4) any Obligation owed for all or any part of the deferred purchase price of property or
services (excluding trade payables incurred in the Ordinary Course of Business having a term of
less than six (6) months that are not overdue by more than sixty (60) days) which purchase
price is (a) due more than six (6) months from the date of incurrence of the Obligation in
respect thereof or (b) evidenced by a note or similar written instrument;

     (5) all Obligations created or arising under any conditional sale or other title
retention agreement with respect to property acquired by such person;

     (6) all indebtedness secured by any Lien on any property or asset owned or held by that
Person regardless of whether the indebtedness secured thereby shall have been assumed by that
Person or is nonrecourse to the credit of that Person;

     (7) the face amount of any letter of credit or letter of guaranty issued, bankers’
acceptances facilities, surety bond and similar credit transactions for the account of that
Person or as to which that Person is otherwise liable for reimbursement of drawings or drafts;

15

 

     (8) the direct or indirect guaranty, endorsement (otherwise than for collection or
deposit in the ordinary course), co-making, discounting with recourse or sale with recourse by
such Person of the Obligation of another;

     (9) any Obligation of such Person the primary purpose or intent of which is to provide
assurance to an obligee that the Obligation of the obligor thereof shall be paid or discharged,
or any agreement relating thereto shall be complied with, or the holders thereof shall be
protected (in whole or in part) against loss in respect thereof;

     (10) any liability of such Person for an Obligation of another through any agreement
(contingent or otherwise) (a) to purchase, repurchase or otherwise acquire such Obligation or
any security therefor, or to provide funds for the payment or discharge of such Obligation
(whether in the form of loans, advances, stock purchases, capital contributions or otherwise)
or (b) to maintain the solvency or any balance sheet item, level of income or financial
condition of another if, in the case of any agreement described under subclauses (a) or (b) of
this clause (10), the primary purpose or intent thereof is as described in clause (9) above;

     (11) all Obligations of such Person in respect of any exchange traded or over the counter
derivative transaction, including any Rate Management Transaction, whether entered into for
hedging or speculative purposes;

     (12) all Obligations of such Person, contingent or otherwise, to purchase, redeem, retire
or otherwise acquire for value any Capital Stock of such Person; and

     (13) all Attributable Indebtedness of such Person.

Indebtedness of any Person shall include the Indebtedness of any partnership or joint venture in
which such Person is a general partner or joint venturer, unless such Indebtedness is expressly or
by operation of law non-recourse to such Person.

     “Insolvency or Liquidation Proceeding” means:

     (1) any case commenced by or against the Company or any Guarantor under Bankruptcy Law,
any other proceeding for the reorganization, recapitalization or adjustment or marshalling of
the assets or liabilities of the Company or any Guarantor, any receivership or assignment for
the benefit of creditors relating to the Company or any Guarantor or any similar case or
proceeding relative to the Company or any Guarantor or its creditors, as such, in each case
whether or not voluntary;

     (2) any liquidation, dissolution, marshalling of assets or liabilities or other winding
up of or relating to the Company or any Guarantor, in each case whether or not voluntary and
whether or not involving bankruptcy or insolvency; or

16

 

     (3) any other proceeding of any type or nature in which substantially all claims of
creditors of the Company or any Guarantor are determined and any payment or distribution is or
may be made on account of such claims.

     “Intercompany Notes” means those intercompany notes identified on Schedule I hereto.

     “Intercreditor Agreements” means the Senior Intercreditor Agreement and the Junior
Intercreditor Agreement.

     “Interest Payment Date” has the meaning set forth in Section 2.5(a) hereof.

     “Investment Grade Rating” means a Moody’s rating of Baa3 or higher and an S&P rating of BBB-
or higher, in each case with a stable outlook.

     “Investments” means, with respect to any Person, all direct or indirect investments by such
Person in other Persons (including Affiliates) in the forms of loans (including Guarantees or other
obligations but excluding extensions of trade credit, accounts receivables or deposits made in the
Ordinary Course of Business), advances or capital contributions (excluding commission, travel and
similar advances to officers and employees made in the Ordinary Course of Business), purchases or
other acquisitions for consideration of Indebtedness, Equity Interests or other securities,
together with all items that are or would be classified as investments on a balance sheet prepared
in accordance with GAAP. If the Company or any Subsidiary of the Company sells or otherwise
disposes of any Equity Interests of any direct or indirect Subsidiary of the Company such that,
after giving effect to any such sale or disposition, such Person is no longer a Subsidiary of the
Company, the Company shall be deemed to have made an Investment on the date of any such sale or
disposition equal to the Fair Market Value of the Company’s Investments in such Subsidiary that
were not sold or disposed of in an amount determined as provided in Section 7.1(c) hereof. The
acquisition by the Company or any Subsidiary of the Company of a Person that holds an Investment in
a third Person shall be deemed to be an Investment by the Company or such Subsidiary in such third
Person in an amount equal to the Fair Market Value of the Investments held by the acquired Person
in such third Person in an amount determined as provided in Section 7.1(c) hereof. Except as
otherwise provided herein, the amount of an Investment shall be determined at the time the
Investment is made and without giving effect to subsequent changes in value.

     “Issue Date” means the date of this Supplemental Indenture.

     “Joint Venture” means a joint venture, partnership or other similar arrangement, in each case
with a Person or Persons who are not Subsidiaries of the Company, whether in corporate, partnership
or other legal form; provided, in no event shall any corporate Restricted Subsidiary of any
Person be considered to be a Joint Venture to which such Person is a party.

     “JPM L/C Facility” means that certain 5-Year Letter of Credit Issuance and Reimbursement
Agreement, dated as of May 23, 2005, among the Company, J.P. Morgan Securities Inc., as sole lead
arranger and bookrunner, Barclays Bank PLC, as syndication agent, Bank of America, N.A. and
Citibank, N.A., as documentation agents, JPMorgan Chase Bank, N.A., as administrative agent and as
issuing bank, and the several banks and other financial institutions as lenders thereto (as in
effect as of the Issue Date).

17

 

     “Junior Intercreditor Agreement” has the meaning set forth in Section 12.3 hereof.

     “Large Asset Sale” means any Asset Sale, whether in a single transaction or series of related
transactions, that involves assets having a Fair Market Value equal to or in excess of $500.0
million.

     “LC Facilities” means (1) the JPM L/C Facility, (2) that certain $500,000,000 Letter of Credit
Agreement, dated as of November 3, 2009, among the Company, certain Subsidiaries of the Company,
Bank of America, N.A., as administrative agent and letter of credit issuer, the other lenders party
thereto, and Banc of America Securities LLC, as sole lead arranger and sole bookrunner, and (3) any
other facility related to the issuance of letters of credit, in each case above, together with any
documents entered into or otherwise related thereto (including any cash collateral and control
agreements), in each case above, as the same may be amended, amended and restated, supplemented or
otherwise modified, replaced or refinanced from time to time.

     “Legal Defeasance” has the meaning set forth in Section 11.2(a) hereof.

     “Lien” means, with respect to any asset, any mortgage, lien, pledge, charge, security interest
or encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise
perfected under applicable law, including any conditional sale or other title retention agreement,
any lease in the nature thereof, any option or other agreement to sell or give a security interest
in and any filing of or agreement to give any financing statement under the Uniform Commercial Code
(or equivalent statutes) of any jurisdiction.

     “LILO Transactions” means Refinancing Eligible Debt identified on the Refinancing Eligible
Debt Schedule as “Rail Head Leases.”

     “Long-Dated Senior Notes Indenture” means the indenture between the Company and The Bank of
New York (as successor to JPMorgan Chase Bank, N.A.), as trustee (or its successor), dated as of
January 20, 2006 (as amended, amended and restated, supplemented or modified from time to time).

     “Long-Dated Senior Notes Obligations” means all obligations of the Company in respect of the
payment of principal of, and interest on, any note, bond, debenture, or other evidence of
Indebtedness, as the case may be, issued pursuant to the Long-Dated Senior Notes Indenture and
outstanding as of the Issue Date, in each case that is not exchanged or treated pursuant to the
Approved Restructuring Plan.

     “Maturity Date” means May 1, 2013 for the 2013 Notes, May 1, 2014 for the 2014 Notes, May 1,
2015 for the 2015 Notes, May 1, 2016 for the 2016 Notes and May 1, 2017 for the 2017 Notes.

     “Moody’s” means Moody’s Investor Services, Inc.

     “Net Income” means, with respect to any specified Person, the net income (loss) of such
Person, determined in accordance with GAAP and before any reduction in respect of preferred stock
dividends, excluding, however:

     (1) any gain (but not loss), together with any related provision for taxes on such gain
(but not loss), realized in connection with: (a) any sale or other disposition of assets

18

 

or (b) the disposition of any securities by such Person or any of its Restricted
Subsidiaries or Regulated Subsidiaries or the extinguishment of any Indebtedness of such Person
or any of its Restricted Subsidiaries or Regulated Subsidiaries;

     (2) cancellation of indebtedness income relating to the acquisition of notes; and

     (3) any extraordinary gain (but not loss), together with any related provision for taxes
on such extraordinary gain (but not loss).

     “Net Proceeds” means the aggregate cash proceeds received by the Company or any of its
Restricted Subsidiaries in respect of any Asset Sale (including, without limitation, any cash
received upon the sale or other disposition of any non-cash consideration received in any Asset
Sale), net of the direct costs relating to such Asset Sale, including, without limitation, legal,
accounting and investment banking fees, and sales commissions, and any relocation expenses incurred
as a result of the Asset Sale, taxes paid or payable as a result of the Asset Sale, in each case,
after taking into account any available tax credits or deductions and any tax sharing arrangements,
and amounts required to be applied to the repayment of Indebtedness secured by a Lien on the asset
or assets that were the subject of such Asset Sale and any reserve for adjustment in respect of the
sale price of such asset or assets established in accordance with GAAP.

     “Non-Recourse Debt” means Indebtedness:

     (1) as to which neither the Company nor any of its Restricted Subsidiaries (a) provides
credit support of any kind (including any undertaking, agreement or instrument that would
constitute Indebtedness), (b) is directly or indirectly liable as a guarantor or otherwise or
(c) constitutes the lender; and

     (2) no default with respect to which (including any rights that the holders of the
Indebtedness may have to take enforcement action against an Unrestricted Subsidiary of the
Company) would permit upon notice, lapse of time or both any holder of any other Indebtedness
of the Company or any of its Restricted Subsidiaries to declare a default on such other
Indebtedness or cause the payment of such Indebtedness to be accelerated or payable prior to
its Stated Maturity.

     “Note Documents” means, collectively, the Notes, the Indenture, the Note Guarantees, the
Security Documents and all other certificates, documents, instruments or agreements executed and
delivered by an Obligor for the benefit of any Holder, the Trustee or the Notes Collateral Agent in
connection herewith.

     “Note Guarantee” means the Guarantee by each Guarantor of the Company’s Obligations under the
Indenture (as it relates to the Notes) and the Notes, executed pursuant to the provisions hereof.

     “Note Obligations” means all Obligations of the Company and each other Obligor under the Note
Documents.

     “Notes” means, collectively, the 2013 Notes, the 2014 Notes, the 2015 Notes, the

19

 

2016 Notes, and the 2017 Notes. The term “Note” refers to any of the foregoing.

     “Notes Collateral Agent” means the Series A Parent Collateral Agent and the Series A
Subsidiary Collateral Agent.

     “Notice Date” has the meaning set forth in Section 7.15(e) hereof.

     “Obligations” means any principal, interest (including interest which, but for the filing of a
petition in bankruptcy with respect to an obligor, would have accrued on any obligation, whether or
not a claim is allowed against such obligor for such interest in the related proceeding),
penalties, fees, indemnifications, reimbursements, damages and other liabilities payable under the
documentation governing any Indebtedness.

     “Obligor” means the Company, any Guarantor or any “Foreign Grantor” as defined in the Series A
Collateral Agreement.

     “Offering Memorandum” means the Amended Offering Memorandum, Disclosure Statement and
Solicitation of Acceptances of a Prepackaged Plan of Reorganization of the Company and CIT Funding
dated October 16, 2009 as supplemented by Supplement No. 1 to the Amended Offering Memorandum,
Disclosure Statement and Solicitation of Acceptances of a Prepackaged Plan of Reorganization dated
October 23, 2009, relating to, amongst other things, the exchange of Outstanding Indebtedness of
the Company and CIT Funding for the Notes and the Series B Notes (including the documents
incorporated by reference).

     “Offer Amount” has the meaning set forth in Section 3.3 hereof.

     “Offer Period” has the meaning set forth in Section 3.3 hereof.

     “Ordinary Course of Business” means each of the following:

     (1) all activities conducted by the Company and its Subsidiaries in the ordinary course of
their businesses, regardless of frequency, including, without limitation, the following
activities: providing, arranging or syndicating financing (whether debt or equity), holding
Portfolio Assets and their other assets and properties, asset management and servicing,
factoring, trade accounts receivable purchasing, trade accounts receivable management services,
leasing (both capital and operating leasing, and sales and exchanges pursuant to such leasing,
and real estate leasing and subleasing to or from third parties with respect to operating
locations), purchases, sales, transfers or other dispositions of Portfolio Assets, investment
advisory services, insurance products, vendor financing, management, purchases and sales or
other dispositions of assets and Capital Stock (including Investments in Joint Ventures)
acquired in workouts of Portfolio Assets or factoring facilities, in each case in this clause
(1), to third parties or to Subsidiaries of the Company in the ordinary course of business;

     (2) any financings (including any Investments and other transactions in connection
therewith) of the foregoing activities through securitizations, secured financings, bank loans,
conduit facilities, trusts, special purpose vehicles or other means;

     (3) any related workout, exercise of remedies or restructuring activities, including,

20

 

without limitation, formation of a special purpose vehicle to acquire, hold or dispose of
assets and Capital Stock obtained in connection with such restructuring or other activities;

     (4) managing and operating assets and businesses acquired through the exercise of
remedies;

     (5) business associated with investments, banking or investment banking (including
commercial and retail deposit taking); and

     (6) any reasonable extension or evolution of the foregoing activities.

     “Other Available Cash” means, at any time of determination, available cash of the Company and
its Restricted Subsidiaries held in accounts other than the Sweep Accounts and Funding Accounts
(excluding (i) restricted cash balances and (ii) cash held by or for third parties (including
securitization, conduit or other similar entities) or Foreign Subsidiaries).

     “Owner-Trustee” means the owner trustee (not in its individual capacity but solely as trustee)
of an owner trust, the property of which is beneficially owned by a grantor in the furtherance of
the Ordinary Course of Business.

     “Parent Pledge” means a Lien on substantially all of the Company’s personal property
(excluding its interest in CIT Bank, certain equity interests in its foreign Subsidiaries and
certain other Regulated Subsidiaries) to secure the Note Obligations, the Series B Obligations, the
Australian Guaranty Obligations and the Long-Dated Senior Notes Obligations in each case, of the
Company.

     “Pari Passu Debt” means Indebtedness of the Company or a Restricted Subsidiary of the Company
that is senior or pari passu in right of payment with the Notes, including, without limitation, the
Series B Notes, Indebtedness under the Australian Guaranty Obligations and the Long-Dated Senior
Notes Obligations. For the purposes of this definition, no Indebtedness shall be considered to be
senior or junior by virtue of being secured on a first or junior priority basis.

     “Pari Passu Lien Priority” means, relative to specified Indebtedness, having a Lien priority
equal to that of the Lien in favor of the Holders on the Collateral and subject to the
Intercreditor Agreements.

     “Payment Default” has the meaning set forth in Section 8.1(a)(v)(1) hereof.

     “Permitted Bank Investments” means Investments to be made pursuant to clauses (15) and (16) of
the definition of “Permitted Investments.”

     “Permitted Business” means the businesses engaged in by the Company and its Subsidiaries on
the Issue Date as described in the Offering Memorandum and businesses that are reasonably related
thereto or reasonable extensions or reasonable evolutions thereof, including, without limitation,
all business conducted by banks (retail and commercial), investment banks and any business
conducted by the Company or its Regulated Subsidiaries.

     “Permitted Debt” has the meaning set forth in Section 7.2(b) hereof.

21

 

     “Permitted Funding Indebtedness” means any: (1) Indebtedness incurred in the Ordinary Course
of Business, the proceeds (if any) of which are used in the Ordinary Course of Business, including,
without limitation, customary loans or lines of credit (revolving and term), asset swaps, factoring
agreements, trade accounts receivable purchasing agreements, securitizations and conduits and other
similar transactions, total return swaps, secured financings, letters of credit facilities,
aircraft acquisition financings, purchase money financing, repurchase transactions, reverse
repurchase transactions or warehouse financings (including any reasonable extension or evolution of
such activities including for purposes of financing other types of financial or operating assets),
and (2) any and all indemnification or guarantee obligations arising in connection with any of the
foregoing activities.

     “Permitted Funding Liens” means (1) Liens described in clauses (2), (3), (4), (5), (6), (9),
(10), (11), (12), (13), (18) and (24) and, in the case of the Barbados Entities only, clause (19)
of the definition of Permitted Liens, (2) Liens refinancing or replacing any of the Liens
contemplated in clause (1) hereof, and (3) Liens that arise by operation of law and are not
voluntarily granted, to the extent entitled by law to priority over the security interests created
by the Security Documents.

     “Permitted Investments” means:

     (1) any Investment in the Company or in a Restricted Subsidiary of the Company, other than
an Investment by a Guarantor or a Subsidiary of a Guarantor in the Company (unless the Parent
Pledge is granted) or a Subsidiary that is not a Guarantor or a Subsidiary of a Guarantor;

     (2) any Investment in Cash and Cash Equivalents;

     (3) any Investment by the Company or any Restricted Subsidiary of the Company in a
Person, if as a result of such Investment:

     (a) such Person becomes a direct or indirect Wholly Owned Restricted Subsidiary of the
Company; or

     (b) such Person is merged, consolidated or amalgamated with or into, or transfers or
conveys substantially all of its assets to, or is liquidated into, the Company or a Wholly
Owned Restricted Subsidiary of the Company;

     (4) any Investment made as a result of the receipt of non-cash consideration from an
Asset Sale that was made pursuant to and in compliance with Sections 3.3 and 7.7 hereof;

     (5) any acquisition of assets or Capital Stock solely in exchange for the issuance of
Equity Interests (other than Disqualified Stock) of the Company;

22

 

     (6) any Investments received in compromise, resolution or full or partial satisfaction of
(a) obligations of trade creditors or customers of the Company or any of its Subsidiaries,
including pursuant to any workout, restructure, foreclosure, exercise of remedies, plan of
reorganization or similar arrangement upon the bankruptcy or insolvency of any trade creditor
or customer or (b) litigation, arbitration or other disputes with Persons who are not
Affiliates;

     (7) Investments represented by Rate Management Transactions entered into in the Ordinary
Course of Business and not for speculative purposes and the TRS Facility;

     (8) loans or advances to employees made in the Ordinary Course of Business of the Company
or any Restricted Subsidiary of the Company;

     (9) repurchases of the Notes or any Series B Notes as long as such Notes and/or Series B
Notes are promptly retired;

     (10) Investments other than the TRS Facility existing on the Issue Date (or Investments
other than the TRS Facility made after the Issue Date pursuant to the terms of agreements in
existence on the Issue Date, as in effect on the Issue Date) and any Investment that replaces,
refinances or refunds an existing Investment other than the TRS Facility; provided
that the new Investment is in an amount that does not exceed the amount replaced,
refinanced or refunded, and is made in the same Person as the Investment replaced, refinanced
or refunded;

     (11) endorsements of negotiable instruments and documents in the Ordinary Course of
Business;

     (12) Investments in CIT Bank or any other Regulated Subsidiary of the Company required by,
or necessary or prudent under, the Bank Holding Company Act, the Federal Reserve Act or the
Federal Deposit Insurance Act or any other domestic or foreign law or regulation applicable to
the Company or its Affiliates or required by any Governmental Authority and any approval,
waiver, consent, stipulation, agreement or commitment entered into in connection therewith or
related thereto;

     (13) Investments represented by Guarantees and intercompany loans that are otherwise
permitted hereunder;

     (14) Investments (other than in the Company) made in the Ordinary Course of Business;

     (15) Investments by a Guarantor in any Regulated Subsidiary in the form of a loan or
advance having a maturity not to exceed 12 months from the date of such loan or advance related
to or in connection with a Platform Transfer that is evidenced by an

23

 

intercompany note, secured by the assets financed by such loan or advance,
provided that the intercompany note is pledged as Collateral;

     (16) Investments in Regulated Subsidiaries of the Company having an aggregate Fair Market
Value not to exceed $400.0 million in any Yearly Period;

     (17) any Investment in a subsidiary in connection with the refunding, refinancing or
replacement of Refinancing Eligible Debt with borrowings under the Credit Agreement; and

     (18) other Investments in any Person (other than a Regulated Subsidiary of the Company)
having an aggregate Fair Market Value (measured on the date each such Investment was made and
without giving effect to subsequent changes in value), when taken together with all other
Investments made pursuant to this clause (18) that are at the time outstanding, not to exceed
$100.0 million.

     “Permitted Liens” means:

     (1) Liens on assets of the Company or any Restricted Subsidiary securing Indebtedness
under the Credit Agreement;

     (2) Liens for taxes, assessments or governmental charges or claims (a) for amounts not
yet overdue or (b) for amounts that are overdue if obligations with respect to such taxes,
assessments or governmental charges are being contested in good faith by appropriate
proceedings promptly instituted and diligently conducted so long as such reserves or other
appropriate provisions, if any, as shall be required by GAAP shall have been made for any such
contested amounts;

     (3) statutory Liens of landlords, banks (and rights of set off), carriers, warehousemen,
mechanics, repairmen, workmen and materialmen, ordinary course liens on aircraft for airport,
navigation and other en-route charges, permitted Liens under leases and other Liens imposed by
law (other than any such Lien imposed pursuant to Section 401(a)(29) or 412(n) of the Internal
Revenue Code or by ERISA) (a) for amounts not yet overdue, or (b) for amounts that are overdue
and that (in the case of any such amounts overdue for a period in excess of five (5) days) are
being contested in good faith by appropriate proceedings, so long as such reserves or other
appropriate provisions, if any, as shall be required by GAAP shall have been made for any such
contested amounts;

     (4) Liens incurred in connection with workers’ compensation, unemployment insurance and
other types of social security, or to secure the performance of tenders, statutory obligations,
surety and appeal bonds, bids, leases, government contracts, trade contracts, performance and
return of money bonds and other similar obligations (exclusive of obligations for the payment
of borrowed money or other Indebtedness), so long as no foreclosure, sale or similar
proceedings have been commenced with respect to any portion of the Collateral on account
thereof, or deposits made to secure liability to
insurance carriers;

24

 

     (5) easements, rights of way, restrictions, encumbrances, encroachments and other minor
defects or irregularities in title or ownership rights, in each case which do not and shall not
interfere in any material respect with the value or use of the property to which such Lien is
attached or with the ordinary conduct of the business of the Company or any of its Restricted
Subsidiaries;

     (6) any interest or title of or through a lessor or sublessor under any lease of real or
personal property permitted hereunder;

     (7) Liens solely on any cash earnest money deposits made by the Company or any of its
Restricted Subsidiaries in connection with any letter of intent or purchase agreement the
consummation of which would be permitted hereunder;

     (8) purported Liens evidenced by the filing of precautionary Uniform Commercial Code
financing statements relating to transactions and Liens evidenced by the filing of UCC
financing statements related to securitizations, conduit facilities and similar transactions,
in each case, entered into in the Ordinary Course of Business;

     (9) Liens in favor of customs and revenue authorities arising as a matter of law to
secure payment of customs duties in connection with the importation of goods;

     (10) any zoning or similar law or right reserved to or vested in any governmental office
or agency to control or regulate the use of any real property;

     (11) licenses or sublicenses of patents, trademarks and other intellectual property rights
granted by the Company or any of its Restricted Subsidiaries in the Ordinary Course of
Business;

     (12) (a) Liens existing on the Issue Date (and, in the case of property that replaces
property existing on the Issue Date, the equivalent Lien on such replacement property to the
extent the applicable collateral agreements as in effect on the Issue Date require Liens on
such replacement property) and (b) Liens incurred after the Issue Date pursuant to the terms of
agreements in existence on the Issue Date as in effect on the Issue Date;

     (13) Liens constituting (and rights of set-off and any rights of use, possession or
disposition with respect to) deposits with derivatives counterparties as may be required
pursuant to any Rate Management Transaction in connection with Indebtedness permitted pursuant
to Sections 7.2(b)(x) or 7.2(b)(xix);

     (14) Liens securing Indebtedness permitted pursuant to Section 7.2(b)(xi);

25

 

     (15) Liens created, incurred, assumed or permitted to exist in connection with or related
to Bank Activities;

     (16) (a) Liens on assets other than Collateral securing Indebtedness permitted pursuant to
Section 7.2(b)(xii) and (b) Liens on Collateral securing Indebtedness permitted pursuant to
Section 7.2(b)(xii) in respect of assets related to aircraft, railcars and related rights and
documents;

     (17) Liens on the assets of a Restricted Subsidiary of the Company that is not a Credit
Party securing Indebtedness and other obligations of such Restricted Subsidiary incurred in
compliance with the terms hereof;

     (18) Liens (a) that are rights of set-off (i) relating to the establishment of depository
relations with banks not given in connection with the issuance of Indebtedness, (ii) relating
to pooled deposit or sweep accounts of the Company or any of its Subsidiaries to permit
satisfaction of overdraft or similar obligations and other cash management activities incurred
in the Ordinary Course of Business, (iii) relating to purchase orders and other agreements
entered into with customers of the Company or any of its Subsidiaries in the Ordinary Course of
Business, or (iv) relating to transactions with a syndicate member or participant or agent or
letter of credit bank or issuer in a loan transaction in the Ordinary Course of Business, (b)
of a collecting bank arising under Section 4-210 of the Uniform Commercial Code on items in the
course of collection, (c) encumbering reasonable and customary initial deposits and margin
deposits and attaching to commodity trading accounts or other brokerage accounts incurred in
the Ordinary Course of Business, and (d) in favor of banking institutions arising as a matter
of law or pursuant to customary account agreements encumbering deposits (including the right of
set-off) and which are within the general parameters customary in the banking industry;

     (19) Liens on Collateral securing the Series A Secured Obligations and the Series B
Secured Obligations;

     (20) Liens in favor of the Company or any Restricted Subsidiary of the Company,
provided that for the purposes of this clause (20) Guarantors and Subsidiaries
of Guarantors may only grant Liens in favor of other Guarantors and/or Subsidiaries of
Guarantors;

     (21) (a) Liens existing on assets or property at the time acquired in connection with a
workout, exercise of remedies or foreclosure or as the proceeds of collateral securing a
Portfolio Asset, in each case, in the Ordinary Course of Business; and (b) other Liens
customarily set forth in documentation related thereto or created, incurred, assumed or
permitted to exist on Portfolio Assets in the Ordinary Course of Business;

     (22) Liens on the assets of the Company and its Subsidiaries in favor of CIT Bank to
secure obligations of the Company or any Subsidiary of the Company to CIT Bank

26

 

existing on the Issue Date other than those permitted under clause (12) above;
provided, the aggregate amount of the value of such assets shall not exceed $150.0
million, measured in the case of each asset at the time such Liens is created and without
giving effect to any reduction in the value of the asset subject to the Lien;

     (23) Liens on Cash and Cash Equivalents in an aggregate amount not to exceed $550.0
million of the Company or any Restricted Subsidiary of the Company securing Indebtedness in an
amount not to exceed $750.0 million of the Company and any Restricted Subsidiary of the Company
incurred under LC Facilities and Liens on intangible contract or similar rights and documents
related to letters of credit issued thereunder;

     (24) Liens on (and rights of set-off and any rights of use, possession or disposition with
respect to) Cash, Cash Equivalents, including, for purposes of this clause (24), long-term
obligations of the United States government, and intangible contract or similar rights securing
the daily mark-to-market obligations of CIT Financial Ltd., CIT Financial (Barbados) Srl and
the Company under a TRS Facility;

     (25) other Liens on assets other than the Collateral securing Indebtedness of the Company
or any Restricted Subsidiary of the Company incurred at a time when no Default or Event of
Default shall have occurred and be continuing in an aggregate amount not to exceed $250.0
million at any time outstanding;

     (26) (a) Liens on assets (including the proceeds thereof) acquired by or assigned to a
Restricted Subsidiary of the Company pursuant to operation of the trade finance business in the
Ordinary Course of Business; provided, as of the date of acquisition such Liens were in
existence to secure an obligation of the seller or assignor of such asset and such Liens were
not created by any Restricted Subsidiary of the Company in contemplation of such acquisition or
assignment, and (b) Liens that are leases on aircraft, rail assets or any other leased assets
that are leased in the Ordinary Course of Business;

     (27) Liens on leased assets (including Portfolio Assets) arising from the action or
inaction of a third-party lessee;

     (28) Liens on assets of the Company and its Restricted Subsidiaries securing (i) the
Australian Guaranty Obligations in an aggregate principal amount not exceeding the amount
thereof outstanding as of the Issue Date and (ii) the Long-Dated Senior Notes Obligations, in
each case in connection with the granting of a Lien by the Company over its assets to secure
such obligations;

     (29) Liens granted on any assets constituting Restricted Collateral at the time of such
grant, provided that (i) such Liens shall secure Indebtedness incurred by the Company or a
Restricted Subsidiary thereof in reliance on clauses (xi), (xii), (xix) or (xxii) of Section
7.2(b) contemporaneously with the granting of such Lien and (ii) both immediately before and
immediately after giving effect to such Lien, no Event of Default

27

 

shall have occurred and be continuing;

     (30) Liens securing Indebtedness and other obligations of CIT China or CIT Australia;
provided, any such Lien shall encumber only assets of CIT China, CIT Australia or their
subsidiaries, and Cash and Cash Equivalents of the Company or any Restricted Subsidiary in an
aggregate amount not to exceed $260,000,000 (or the RMB equivalent thereof on the Issue Date)
to secure obligations of CIT China under the CIT China Facility;

     (31) Liens on the CITLC Assigned Note required to be incurred pursuant to Section 15 of
the CITLC Loan Assignment and Intercreditor Agreement; and

     (32) any extensions, substitutions, replacements or renewals of the foregoing; provided,
any such Lien shall encumber only the same collateral encumbered by the Lien being so extended,
substituted, replaced or renewed and such Lien shall be of the same priority or of a junior
priority to the Lien being so extended, substituted, replaced or renewed.

     “Permitted Reestablishment Indebtedness” means, with respect to each category of Refinancing
Eligible Debt, Indebtedness of one or more of the Company’s Restricted Subsidiaries that (a) is
incurred in an aggregate principal amount not to exceed the principal amount of such Refinancing
Eligible Debt outstanding on the Credit Agreement Effective Date on terms and conditions no less
favorable (when taken as a whole) to the obligors of such Indebtedness than those applicable to the
Credit Agreement as in effect on the Issue Date or (b) would constitute Permitted Refinancing
Indebtedness in respect of such Refinancing Eligible Debt.

     “Permitted Refinancing Indebtedness” means any Indebtedness of the Company or any of its
Restricted Subsidiaries issued in exchange for, or the net proceeds of which are used to renew,
refund, refinance, replace, defease or discharge other Indebtedness of the Company or any of its
Restricted Subsidiaries (other than intercompany Indebtedness or Disqualified Stock);
provided that:

     (1) the principal amount (or accreted value, if applicable) of such Permitted Refinancing
Indebtedness does not exceed the principal amount (or accreted value, if applicable) plus
available commitments for funding of the Indebtedness renewed, refunded, refinanced, replaced,
defeased or discharged (plus all accrued interest on the Indebtedness and the amount of all
fees and expenses, including premiums, incurred in connection therewith plus an amount equal to
up to 2% of the principal amount thereof with respect to any required interest or payment
reserves on such Permitted Refinancing Indebtedness);

     (2) such Permitted Refinancing Indebtedness has a final maturity date later than the
final maturity date of, and has a Weighted Average Life to Maturity equal to or greater than
the Weighted Average Life to Maturity of, the Indebtedness being renewed, refunded, refinanced,
replaced, defeased or discharged;

28

 

     (3) if the Indebtedness being renewed, refunded, refinanced, replaced, defeased or
discharged is subordinated in right of payment to the Notes, such Permitted Refinancing
Indebtedness has a final maturity date later than the final maturity date of, and is
subordinated in right of payment to, the Notes on terms that are not materially less favorable,
taken as a whole, to the Holders as those contained in the documentation governing the
Indebtedness being renewed, refunded, refinanced, replaced, defeased or discharged;

     (4) if the Indebtedness being renewed, refunded, refinanced, replaced, defeased or
discharged is secured by collateral, such Permitted Refinancing Indebtedness shall encumber no
additional collateral other than the collateral securing the Indebtedness being renewed,
refunded, refinanced, replaced, defeased or discharged at such time and the Lien securing such
Permitted Refinancing Indebtedness shall be of the same or of a priority junior to the Lien
securing the Indebtedness being renewed, refunded, refinanced, replaced, defeased or
discharged; and

     (5) if the Indebtedness being refunded, refinanced, renewed, replaced, defeased or
discharged was initially incurred by the Company, such Permitted Refinancing Indebtedness is
incurred by the Company, and provided, further, that Permitted Refinancing
Indebtedness shall not include Indebtedness of a Subsidiary of the Company that is not a
Guarantor that refunds, refinances, renews or replaces Indebtedness of the Company or a
Guarantor.

     “Person” means any individual, corporation, partnership, Joint Venture, association,
joint-stock company, trust, unincorporated organization, limited liability company or government or
other entity.

     “Platform” means a business unit or units (or portions thereof) in the Company’s
Transportation Finance, Trade Finance, Corporate Finance or Vendor Finance business units or
segments as such units or segments exist on the Issue Date.

     “Platform Assets” means, with respect to any Platform, any and all employees, assets
(excluding Portfolio Assets and trade accounts receivables, but including the underlying trade
finance contracts), personnel, systems, intellectual property, books and records, contracts and
contractual rights, and other assets necessary for the operation of the Platform.

     “Platform Transfer” means the contribution of a Platform and related Platform Assets to CIT
Bank.

     “PMSI Assets” has the meaning set forth in Section 7.2(b)(xi) hereof.

     “Portfolio Assets” means, any assets or rights acquired, funded, held, managed, financed,
syndicated or otherwise generated or disposed of in the Ordinary Course of Business, including,
without limitation, loans, leases, equipment, intellectual property rights, securities and
investment property (equity or otherwise), mortgages and instruments (negotiable or otherwise),
receivables, trade payables or trade account receivables, and any other financial assets and the
proceeds and products of the foregoing.

     “Purchase Date” has the meaning set forth in Section 3.3(a) hereof.

29

 

     “Qualified Debt Obligations” means Indebtedness of the Company, secured Indebtedness of
Subsidiaries of the Company that is recourse to the Company and the amount of Indebtedness of CIT
Rail Leasing Trust I in excess of funds available in CIT Rail Leasing Trust I to repay such
Indebtedness.

     “Rate Management Transaction” means any transaction (including an agreement with respect
thereto) now existing or hereafter entered into by the Company or any Restricted Subsidiary of the
Company which is a rate swap, basis swap, forward rate transaction, commodity swap, commodity
option, equity or equity index swap, equity or equity index option, bond option, interest rate
option, foreign exchange transaction, cap transaction, floor transaction, collar transaction,
forward transaction, currency swap transaction, cross-currency rate swap transaction, currency
option or any other similar transaction (including any option with respect to any of these
transactions) or any combination thereof, whether linked to one or more interest rates, foreign
currencies, commodity prices, equity prices or other financial measures, or the purchase of credit
default swaps.

     “Refinancing Eligible Debt” means certain Indebtedness and obligations (including, in each
case, accrued and unpaid interest (if any), premiums owed (if any) not in excess of prepayment
provisions on such Indebtedness or obligations, which provisions were in existence on the Credit
Agreement Effective Date, and the amount of reasonable and customary fees, expenses and costs (if
any) related thereto) in the maximum amounts, subject to the terms and conditions and secured by
the collateral identified on the Refinancing Eligible Debt Schedule.

     “Refinancing Eligible Debt Schedule” means Schedule 1.1B to the Credit Agreement, as such
schedule may be amended from time to time pursuant to the terms of the Credit Agreement.

     “Refinancing Eligible Equipment” means any or all of (a) the aircraft and related rights and
documents subject to the ECA Financing obtained by Madeleine Leasing Limited, as borrower, or (b)
the railcars and other rolling stock and related rights and documents subject to the LILO
Transactions, in each case as described on the Refinancing Eligible Debt Schedule.

     “Regular Record Date” means, with respect to an Interest Payment Date, the fifteenth day
immediately preceding such Interest Payment Date.

     “Regulated Subsidiary” means any entity directly regulated by a Governmental Authority,
including CIT Bank and its Subsidiaries, or whose assets or business consist primarily of assets
(e.g., licenses) or businesses regulated directly by a Governmental Authority.

     “Required Bank Investments” means Investments to be made under clause (12) of the definition
of “Permitted Investments.”

     “Restricted Collateral” means (a) the Collateral listed on the Refinancing Eligible Debt
Schedule (unless acquired after the Credit Agreement Effective Date by the Company or any
Restricted Subsidiary thereof with funds not constituting proceeds of the Credit Agreement), (b)
all of the assets and property, whether now owned or hereafter acquired, of CMS Funding Company LLC
and (c) all of the assets and property, whether now owned or hereafter acquired, of CIT Middle
Market Funding, LLC.

30

 

     “Restricted Investment” means an Investment other than a Permitted Investment.

     “Restricted Subsidiary” of a Person means any Subsidiary of the referent Person that is not an
Unrestricted Subsidiary.

     “S&P” means Standard & Poor’s Ratings Group, a division of The McGraw Hill Corporation.

     “Sale of Collateral” means the sale, lease, conveyance or other disposition of any Collateral
or the Equity Interests of an owner, whether directly or indirectly, of Collateral.

     “Securities Account” means a “securities account” as defined in Section 8-501 of the Uniform
Commercial Code, with a bank or like organization.

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

     “Security Documents” means the Series A Collateral Agreement and each other security document
or pledge agreement executed by the Company or any Guarantor and delivered in accordance with
applicable local or foreign law to grant a valid, perfected security interest in any property as
collateral for the Note Obligations, in each case, as amended, restated, supplemented or otherwise
modified from time to time.

     “Senior Collateral Agent” means the “First Lien Agent” as defined in the Senior Intercreditor
Agreement.

     “Senior Debt” means all Obligations of the Company under the Credit Agreement, including
Obligations incurred after the Issue Date.

     “Senior Intercreditor Agreement” has the meaning set forth in Section 12.3 hereof.

     “Senior Parent Collateral Agent” means the “First Lien Parent Collateral Agent” as such term
is defined in the Senior Intercreditor Agreement.

     “Senior Subsidiary Collateral Agent” means the “First Lien Subsidiary Collateral Agent” as
such term is defined in the Senior Intercreditor Agreement.

     “Series A Collateral Agreement” means that certain Series A Collateral Agreement, dated, as of
December 10, 2009, among Deutsche Bank Trust Company Americas, as the Series A Parent Collateral
Agent and Series A Subsidiary Collateral Agent, the Company and its Subsidiaries party thereto.

     “Series A Parent Collateral Agent” has the meaning assigned to such term in the Series A
Collateral Agreement.

     “Series A Secured Obligations” has the meaning assigned to such term in the Series A
Collateral Agreement.

     “Series A Subsidiary Collateral Agent” has the meaning assigned to such term in the Series A
Collateral Agreement.

     “Series B Collateral Agent” has the meaning assigned to such term in the Series B Collateral
Agreement.

31

 

     “Series B Collateral Agreement” means that certain Series B Collateral Agreement, dated as of
December 10, 2009, among the Company and certain of its Subsidiaries as grantors and Deutsche Bank
Trust Company Americas, as the Series B Parent Collateral Agent and Series B Subsidiary Collateral
Agent.

     “Series B Notes” means the Series B Secured Notes of CIT Funding guaranteed by the Company and
described in the Offering Memorandum.

     “Series B Obligations” means all Obligations of CIT Funding and the other Obligors under the
Series B Notes and the other Series B Documents (as defined in the Senior Intercreditor Agreement).

     “Series B Parent Collateral Agent” has the meaning assigned to such term in the Series B
Collateral Agreement.

     “Series B Trustee” means Deutsche Bank Trust Company Americas, as trustee under the
supplemental indenture governing the Series B Notes.

     “Series B Secured Obligations” has the meaning assigned to such term in the Series B
Collateral Agreement.

     “Significant Subsidiary” means any Restricted Subsidiary or a Regulated Subsidiary that would
be a “significant subsidiary” as defined in Article 1, Rule 1-02 of Regulation S-X, promulgated
pursuant to the Securities Act, as such Regulation is in effect on the Issue Date.

     “Series B Subsidiary Collateral Agent” has the meaning assigned to such term in the Series B
Collateral Agreement.

     “Special Purpose Entity” means a Person formed by the Company or a Subsidiary of the Company
for a limited purpose in conjunction with its Ordinary Course of Business.

     “Stated Maturity” means, with respect to any installment of interest or principal on any
series of Indebtedness, the date on which the payment of interest or principal was scheduled to be
paid in the documentation governing such Indebtedness as of the issue date of such Indebtedness,
and shall not include any contingent obligations to repay, redeem or repurchase any such interest
or principal prior to the date originally scheduled for the payment thereof.

     “Subsidiary” means, with respect to any specified Person:

     (1) any corporation, association or other business entity of which more than 50% of the
total voting power of shares of Capital Stock entitled (without regard to the occurrence of any
contingency and after giving effect to any voting agreement or stockholders’ agreement that
effectively transfers voting power) to vote in the election of directors, managers or trustees
of the corporation, association or other business entity is at the time owned or controlled,
directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person
(or a combination thereof); and

     (2) any partnership (a) the sole general partner or the managing general partner of
which is such Person or a Subsidiary of such Person or (b) the only general
partners of

32

 

which are that Person or one or more Subsidiaries of that Person (or any
combination thereof).

     “Sweep Accounts” has the meaning set forth in Section 7.15(a) hereof.

     “Sweep Cash Amount” means, for any period, for any or all business units and segments
described in the definition of “Applicable Percentage,” the product of (1) freely transferable Cash
Collections identified by the Company or any of its Restricted Subsidiaries in good faith and
consistent with past practices as having been generated during such period by owned assets in
respect of such business units and segments (excluding Excepted Cash Collections, Cash Collections
received by Regulated Subsidiaries and Cash Collections received by Subsidiaries operating outside
the United States, the repatriation of which to the United States would violate applicable law or
result in an adverse tax or regulatory issue as determined by the Company in good faith), net of
(i) aggregate operating expenses or expenditures for each such business unit or segment (including
allocation of such expenses or expenditures by the Company) incurred in the Ordinary Course of
Business consistent with past practice, (ii) costs associated with the servicing of assets incurred
in the Ordinary Course of Business, (iii) the amount of such Cash Collections which are required to
be applied to pay debt service (including without limitation in respect of securitizations,
conduits or similar financings, total return swaps or secured debt) or payments under operating
leases in respect of transportation finance leases and (iv) the amount of such Cash Collections
which are required to be posted in restricted accounts and cash held by or for third parties
(including securitization, conduit and other similar entities and cash received by a business unit
on behalf of other lenders or participants in a particular Portfolio Asset) and (2) the Applicable
Percentage.

     “Total Assets” means the total consolidated assets of the Company and its Subsidiaries as set
forth on the most recent consolidated balance sheet of the Company and its Subsidiaries for which
financial statements were delivered as set forth in Section 7.14 immediately preceding the date on
which any calculation of Total Assets is being made, on a pro forma basis for transactions
consummated on or prior to or simultaneously with the date of the calculation.

     “TRS Facility” means that certain Confirmation, Credit Support Annex, ISDA Master Agreement
and ISDA Schedule, each dated June 6, 2008, between CIT Financial Ltd. and Goldman Sachs
International, as amended, restated, modified, renewed, refunded, replaced or refinanced, in whole
or in part, from time to time.

     “TTF Requirements” means, with respect to the end of any fiscal quarter, the sum of: (1)
payments required to be made during the twelve-month period following the last day of such fiscal
quarter (a) pursuant to contractual commitments to purchase aerospace and railcar assets (including
related progress payments) in existence on October 12, 2009, net of any related committed financing
and (b) in respect of Qualified Debt Obligations (other than Indebtedness of CIT China under the
CIT China Facility to the extent secured by Cash or Cash Equivalents of the Company or any other
Restricted Subsidiary); and (2) a reserve of 50% of future obligations under committed and undrawn
lines in respect of transactions in which the Company or a Restricted Subsidiary of the Company is
lead agent.

     “ULC Financing Agreements” means those agreements identified on Schedule I hereto.

33

 

     “United States” or “U.S.” means the United States of America.

     “Unrestricted Subsidiary” means (a) any Special Purpose Entity (whether bankruptcy remote or
not), Regulated Subsidiary, Joint Venture, Immaterial Subsidiary or any limited purpose trust of
which an Owner-Trustee is trustee and (b) any other Subsidiary of the Company (other than CIT
Funding and CFL) that is designated by the Board of Directors of the Company as an Unrestricted
Subsidiary pursuant to a resolution of the Board of Directors, but only to the extent that such
Subsidiary described in this clause (b):

     (1) has no Indebtedness other than Non-Recourse Debt;

     (2) except as permitted by Section 7.8 hereof, is not party to any agreement, contract,
arrangement or understanding with the Company or any Restricted Subsidiary of the Company
unless the terms of any such agreement, contract, arrangement or understanding are no less
favorable to the Company or such Restricted Subsidiary than those that might be obtained at the
time from Persons who are not Affiliates of the Company;

     (3) is a Person with respect to which neither the Company nor any of its Restricted
Subsidiaries has any direct or indirect obligation (a) to subscribe for additional Equity
Interests or (b) to maintain or preserve such Person’s financial condition or to cause such
Person to achieve any specified levels of operating results; and

     (4) has not Guaranteed or otherwise directly or indirectly provided credit support for
any Indebtedness of the Company or any of its Restricted Subsidiaries.

     “Voting Stock” of any specified Person as of any date means the Capital Stock of such Person
that is at the time entitled to vote in the election of the Board of Directors of such Person.

     “Weighted Average Life to Maturity” means, when applied to any Indebtedness at any date, the
number of years obtained by dividing:

     (1) the sum of the products obtained by multiplying (a) the amount of each then remaining
installment, sinking fund, serial maturity or other required payments of principal, including
payment at final maturity, in respect of the Indebtedness, by (b) the number of years
(calculated to the nearest one-twelfth) that shall elapse between such date and the making of
such payment; by

     (2) the then outstanding principal amount of such Indebtedness.

     “Wholly Owned” means, with respect to any Person, any other Person all of the Capital Stock of
which (other than directors’ qualifying shares required by law, shares owned by any director,
officer or employee of the Company or any Subsidiary of the Company and shares issued to foreign
nationals to the extent required by applicable foreign law) is owned by such Person directly and/or
through other Wholly Owned Persons.

34

 

     “Yearly Period” means, as of any date of determination, the 365 day period immediately
preceding such date.

     The terms “Company”, “Trustee”, “Indenture” and “Base Indenture” shall have the respective
meanings set forth in the paragraph preceding the recitals to this Supplemental Indenture.

ARTICLE 2

GENERAL TERMS AND CONDITIONS OF THE NOTES

     Section 2.1 Designation and Principal Amount. There is hereby established five new series of Securities designated as the 7.0% Series A
Second-Priority Secured Notes due 2013 (the “2013 Notes”), the 7.0% Series A Second-Priority
Secured Notes due 2014 (the “2014 Notes”), the 7.0% Series A Second-Priority Secured Notes due 2015
(the “2015 Notes”), the 7.0% Series A Second-Priority Secured Notes due 2016 (the “2016 Notes”) and
the 7.0% Series A Second-Priority Secured Notes due 2017 (the “2017 Notes”). There is to be
authenticated and delivered an aggregate principal amount of each series of Notes as set forth in
Annex A hereto. The Notes may be issued from time to time upon written order of the Company for the
authentication and delivery of Notes pursuant to Section 3.1 of the Base Indenture.

     Section 2.2 Maturity. Unless earlier redeemed pursuant to Section 3.2 hereof, the date upon which each series of Notes
shall become due and payable at final maturity, together with any accrued and unpaid interest, is
the Maturity Date for that series of Notes.

     Section 2.3 Form, Payment and Appointment.

     (a) Except as provided in Section 2.4, each series of Notes shall be issued in fully
registered, certificated form, bearing identical terms without Coupons. Principal of and
interest on the Notes shall be payable, the transfer of such Notes shall be registrable, and
such Notes shall be exchangeable for Notes of a like aggregate principal amount bearing
identical terms and provisions, at the office or agency of the Company maintained for such
purpose in the Borough of Manhattan, The City of New York, which shall initially be the
Corporate Trust Office of the Trustee; provided, however, that (i)
if a Holder (including a Depositary) has given wire transfer instructions to the Company on
or before the Regular Record Date, then payment of principal, premium, if any, and interest
on that Holder’s Notes shall be paid in accordance with those instructions and (ii) if no
such instructions have been given, then, at the option of the Company, payments of
principal, premium, if any, and interest may be made by check mailed to the Holder at such
address as shall appear in the Security Register. Principal, premium, if any, and interest
shall be payable in U.S. dollars.

     (b) No service charge shall be made for any registration of transfer or exchange of the
Notes, but the Company may require payment from the Holder of a sum sufficient to cover any
tax or other governmental charge that may be imposed in connection therewith.

35

 

     (c) The Paying Agent and Security Registrar for the Notes shall initially be the
Trustee.

     (d) The Company initially appoints The Depository Trust Company (“DTC”) to act as
Depositary with respect to the Global Notes. Deutsche Bank Trust Company Americas shall act
as Custodian with respect to the Global Notes.

     (e) The Notes of each series shall be issuable in the denominations of $1.00 and
integral multiples in excess thereof.

     Section 2.4 Global Notes. Each series of Notes initially shall be issued in permanent global form as one or more Global
Notes (collectively, the “Global Notes”). Except as otherwise provided in the Indenture or this
Section 2.4, Notes represented by the Global Notes shall not be exchangeable for, and shall not
otherwise be issuable as, Notes in certificated form. Unless and until such Global Note is
exchanged for Notes in certificated form, Global Notes may be transferred, in whole but not in
part, and any payments on the Notes shall be made, only to the Depositary or a nominee of the
Depositary, or to a successor Depositary selected or approved by the Company or to a nominee of
such successor Depositary.

     Section 2.5 Interest.

     (a) The unpaid principal amount of the Notes shall bear interest initially at the rate
of 7.0% per year (the “Coupon Rate”) from and including the Issue Date or from the most
recent Interest Payment Date to which interest has been paid or duly provided for, but
excluding, the applicable Maturity Date. Interest on the Notes shall be payable quarterly
in arrears to the Person in whose name the relevant Notes are registered at the close of
business on the Regular Record Date for such Interest Payment Date as follows:

     (i) on each January 10, April 10, July 10 and October 10, commencing
January 10, 2010 with respect to the 2013 Notes and 2014 Notes;

     (ii) on each February 10, May 10, August 10 and November 10, commencing
February 10, 2010 with respect to the 2015 Notes and 2016 Notes; and

     (iii) on each March 10, June 10, September 10 and December 10,
commencing March 10, 2010 with respect to the 2017 Notes.

Each such date on which interest is payable for a series of Notes is an “Interest Payment
Date” for such series.

36

 

     (b) Interest shall be computed on the basis of a 360-day year consisting of twelve
30-day months. In the event that any scheduled Interest Payment Date falls on a day that is
not a Business Day, then payment of interest payable on such Interest Payment Date shall be
made on the next succeeding day that is a Business Day (and without any interest or other
payment in respect of any such delay).

ARTICLE 3

REDEMPTION AND REPURCHASE OF THE NOTES

     Section 3.1 No Sinking Fund or Repayment at Option of the Holder. The Notes are not entitled to the benefit of any sinking fund and are not subject to redemption
at the option of the Holders. Articles 12 and 13 of the Base Indenture shall not apply to the
Notes.

     Section 3.2 Optional Redemption.

     (a) The Company may on any one or more occasions redeem all or a part of any series of
the Notes, upon not less than 30 nor more than 60 days’ notice, at the redemption prices
(expressed as percentages of principal amount) set forth below, plus accrued and unpaid
interest, if any, on the Notes redeemed, to the applicable date of redemption, if redeemed
during the twelve month period beginning on January 1 of the years indicated below, subject
to the rights of Holders on the relevant Regular Record Date to receive interest due on the
relevant Interest Payment Date that is on or prior to the applicable date of redemption:

	 	 	 	 	 
	Year	 	Percentage
	2010
	 	 	103.500	%
	2011
	 	 	102.000	%
	2012 and thereafter
	 	 	100.000	%

     (b) Notwithstanding Section 11.3 of the Base Indenture, if less than all of the Notes
are to be redeemed at any time, the Trustee shall select Notes for redemption on a pro rata
basis unless otherwise required by law or applicable stock exchange requirements. No Notes
of $2,000 or less can be redeemed in part. Notwithstanding any provision of the Indenture
to the contrary, redemption notices may be mailed more than 60 days prior to a redemption
date if the notice is issued in connection with a defeasance of the Notes or a satisfaction
and discharge of the Indenture as it applies to the Notes. Except to the extent modified by
this Supplemental Indenture, the provisions of Article 11 of the Base Indenture shall apply
to redemptions of Notes pursuant to this Section 3.2.

     Section 3.3 Offer to Purchase by Application of Excess Proceeds. In the event that, pursuant to Section 7.7(f) hereof, the Company shall be required to commence
an Asset Sale Offer, it shall follow the procedures specified below.

     (a) The Asset Sale Offer shall remain open for a period of 20 Business Days following
its commencement and no longer, except to the extent that a longer period is required by
applicable law (the “Offer Period”). No later than five Business

37

 

Days after the termination of the Offer Period (the “Purchase Date”), the Company shall
purchase the aggregate principal amount, plus accrued and unpaid interest, if any (except as
provided in Section 3.3(c) hereof), of Notes and other Pari Passu Debt required to be
purchased by it pursuant to Section 7.7(f) hereof (on a pro rata basis if Notes and Pari
Passu Debt tendered are in excess of the Excess Proceeds) (which maximum amount shall be the
“Offer Amount”) or, if less than the Offer Amount has been tendered, all Notes and other
Pari Passu Debt tendered in response to the Asset Sale Offer. Payment for any Notes so
purchased shall be made in the same manner as interest payments are made.

     (b) If the Purchase Date is on or after an Regular Record Date and on or before the
related Interest Payment Date, any accrued and unpaid interest, if any, shall be paid to the
Person in whose name a Note is registered at the close of business on such Regular Record
Date, and no additional interest shall be payable to Holders who tender Notes pursuant to
the Asset Sale Offer.

     (c) Upon the commencement of an Asset Sale Offer, the Company shall send, by first
class mail, a notice to the Trustee and each of the Holders, with a copy to the Trustee.
The notice shall contain all instructions and materials necessary to enable such Holders to
tender Notes pursuant to the Asset Sale Offer. The Asset Sale Offer shall be made to all
Holders. The notice, which shall govern the terms of the Asset Sale Offer, shall state:

     (i) that the Asset Sale Offer is being made pursuant to this Section
3.3 and Section 7.7(f) hereof and the length of time the Asset Sale Offer
shall remain open;

     (ii) that any Note not tendered or accepted for payment shall continue
to accrue interest;

     (iii) that, unless the Company defaults in making such payment, any
Note accepted for payment pursuant to the Asset Sale Offer shall cease to
accrue interest after the Purchase Date;

     (iv) that Holders electing to have a Note purchased pursuant to an
Asset Sale Offer may elect to have Notes purchased in a minimum denomination
of $2,000 only;

     (v) that Holders electing to have a Note purchased pursuant to any
Asset Sale Offer shall be required to surrender the Note, with the form
entitled “Option of Holder to Elect Purchase” on the reverse of the Note
completed, or transfer by book-entry transfer, to the Company, a Depositary,
if appointed by the Company, or a Paying Agent, at the address specified in
the notice at least three days before the Purchase Date;

38

 

     (vi) that Holders shall be entitled to withdraw their election if the
Company, the Depositary or the Paying Agent, as the case may be, receives,
not later than the expiration of the Offer Period, a telegram, facsimile
transmission or letter setting forth the name of the Holder, the principal
amount of the Note the Holder delivered for purchase and a statement that
such Holder is withdrawing his election to have such Note purchased;

     (vii) that, if the aggregate principal amount of Notes and other Pari
Passu Debt surrendered by Holders exceeds the Offer Amount, the Company
shall select the Notes to be purchased on a pro rata basis (with such
adjustments as may be deemed appropriate by the Company so that only Notes
in minimum denominations of $2,000 shall be purchased); and

     (viii) that Holders whose Notes were purchased only in part shall be
issued new Notes equal in principal amount to the unpurchased portion of the
Notes surrendered (or transferred by book-entry transfer).

     (d) On or before the Purchase Date, the Company shall, to the extent lawful, accept for
payment, on a pro rata basis to the extent necessary, the Offer Amount of Notes and other
Pari Passu Debt, or portions thereof, tendered pursuant to the Asset Sale Offer, or if less
than the Offer Amount has been tendered, all Notes and other Pari Passu Debt tendered, and
shall deliver to the Trustee an Officers’ Certificate stating that such Notes or portions
thereof were accepted for payment by the Company in accordance with the terms of this
Section 3.3. The Company, the Depositary or the Paying Agent, as the case may be, shall
promptly (but in any case not later than five days after the Purchase Date) mail or deliver
to each tendering Holder an amount equal to the purchase price of the Notes tendered by such
Holder and accepted by the Company for purchase, and if the Note surrendered was a
certificated Note, the Company shall promptly issue a new certificated Note, without service
charge, and the Trustee, upon receipt of a Company Order, shall authenticate and mail, or
cause to be transferred by book entry, such new certificated Note to such Holder, in a
principal amount equal to any unpurchased portion of the certificated Note surrendered. Any
Note not so accepted shall be promptly mailed or delivered by the Company to the Holder
thereof. The Company shall publicly announce the results of the Asset Sale Offer on or as
soon as reasonably practicable after the Purchase Date.

     (e) The Company shall comply with the requirements of Rule 14e-1 under the Exchange Act
and any other securities laws and regulations thereunder to the extent those laws and
regulations are applicable in connection with each repurchase of Notes pursuant to an Asset
Sale Offer. To the extent that the provisions of any securities laws or regulations conflict
with the Indenture, the Company shall comply with the applicable securities laws and
regulations and shall not be deemed to have breached its obligations under the Indenture
with respect to Asset Sale Offers by virtue of such compliance.

39

 

     Section 3.4 Offer to Repurchase Upon Change of Control.

     (a) If a Change of Control occurs, each Holder shall have the right to require the
Company to repurchase all or any part of principal amount equal to $2,000 or an integral
multiple of $1,000 in excess thereof of such Holder’s Notes pursuant to the offer described
below (the “Change of Control Offer”). The offer price in any Change of Control Offer shall
be payable in cash and shall equal 101% of the aggregate principal amount of any Notes
repurchased plus accrued and unpaid interest, if any, on the Notes (subject to the right of
Holders of record on the relevant Regular Record Date to receive interest due on the
relevant Interest Payment Date), to the date of purchase (the “Change of Control Payment”).
Within 30 days following any Change of Control, the Company shall mail a notice to each
Holder describing the transaction or transactions that constitute the Change of Control and
offering to repurchase Notes on the date specified in the notice (the “Change of Control
Payment Date”). The Change of Control Payment Date shall be no earlier than 30 days and no
later than 60 days from the date the notice is mailed, pursuant to the procedures required
by the Indenture and described in such notice.

     (b) On the Change of Control Payment Date, the Company shall, to the extent lawful:

     (i) accept for payment all Notes or portions of the Notes properly
tendered pursuant to the Change of Control Offer;

     (ii) deposit with the Paying Agent an amount equal to the Change of
Control Payment in respect of all Notes or portions of Notes properly
tendered; and

     (iii) deliver or cause to be delivered to the Trustee the Notes so
accepted together with an Officers’ Certificate stating the aggregate
principal amount of Notes or portions of the Notes being purchased by the
Company.

     (c) The Paying Agent shall promptly mail to each Holder of Notes properly tendered
pursuant to the Change of Control Offer the Change of Control Payment for such Notes, and
the Trustee shall promptly authenticate and mail, or cause to be transferred by book entry,
to each such Holder a new Note equal in principal amount to any unpurchased portion of the
Notes surrendered, if any; provided that the new Note shall be in a principal amount
of $2,000 or an integral multiple of $1,000 in excess thereof. The Company shall publicly
announce the results of the Change of Control Offer on or as soon as reasonably practicable
after the Change of Control Payment Date.

     (d) The Change of Control provisions described in this Section 3.4 shall be applicable
whether or not any other provisions of the Indenture are applicable. The

40

 

Company shall comply with the requirements of Section 14(e) of the Exchange Act and any
other securities laws or regulations to the extent those laws and regulations are applicable
to any Change of Control Offer. If the provisions of any of the applicable securities laws
or securities regulations conflict with the provisions of this Section 3.4, the Company
shall comply with the applicable securities laws and regulations and shall not be deemed to
have breached its obligations under this Section 3.4 by virtue of such compliance.

     (e) The Company shall not be required to make a Change of Control Offer upon a Change
of Control if (i) a third party makes the Change of Control Offer in the manner, at the
times and otherwise in compliance with the requirements set forth in the Indenture
applicable to a Change of Control Offer made by the Company and purchases all Notes properly
tendered and not withdrawn under such Change of Control Offer or (ii) notice of redemption
has been given pursuant to Section 3.2 hereof unless and until there is a default in payment
of the applicable redemption price. Notwithstanding anything to the contrary in the
Indenture, a Change of Control Offer may be made in advance of a Change of Control,
conditional upon such Change of Control, if a definitive agreement is in place for the
Change of Control at the time of making the Change of Control Offer. The provisions under
the Indenture relating to the Company’s obligation to make an offer to repurchase the Notes
as a result of a Change of Control may be waived or modified with the written consent of the
Holders of a majority in principal amount of the Notes then Outstanding.

     Section 3.5 Effect of Redemption. Unless the Company defaults in the payment of the Redemption Price, on and after the Redemption
Date, (a) interest shall cease to accrue on the Notes immediately prior to the close of business on
the Redemption Date, (b) the Notes shall become due and payable at the Redemption Price and (c) the
Notes shall be void and all rights of the Holders in respect of the Notes shall terminate and lapse
(other than the right to receive the Redemption Price upon surrender of such Notes but without
interest on such Redemption Price). Following the notice of a Redemption, neither the Company nor
the Trustee shall be required to register the transfer of or exchange the Notes to be redeemed. The
redemption provisions of Sections 11.5 and 11.6 of the Base Indenture shall not apply to the Notes.

     Section 3.6 Redemption Procedures. On or prior to the Redemption Date, the Company shall deposit with the Trustee immediately
available funds in an amount sufficient to pay, on the Redemption Date, the aggregate Redemption
Price for Notes being redeemed. If the Company gives an irrevocable notice of redemption with
respect to the Notes pursuant to Section 3.2 hereof in connection with an optional redemption, and
the Company has paid to the Trustee the Redemption Price of the Notes to be redeemed, then, on the
Redemption Date, the Trustee shall irrevocably deposit such funds with the Depositary. The Company
shall also give the Depositary irrevocable instructions and authority to pay the Redemption Price
in immediately available funds to the holders of beneficial interests in the Global Notes. If any
Redemption Date is not a Business Day, then the Redemption Amount shall be payable on the next
Business Day (and without any interest or other payment in respect of any such delay). Interest to
be paid on or before the Redemption Date for any Notes called for Redemption shall be payable to
the Holders on the Regular Record Dates for the related Interest Payment Dates. If any Notes called
for redemption are not so paid upon surrender thereof for redemption, the Redemption Price shall,
until paid, bear interest from the Redemption Date at the Coupon Rate. In exchange for the
unredeemed portion of such

41

 

surrendered Notes, new Notes in an aggregate principal amount equal to the unredeemed portion of
such surrendered Notes shall be issued.

     Section 3.7 No Other Redemption. Except as set forth in this Article 3 and Section 7.15, the Notes shall not be redeemable by the
Company prior to the Maturity Date.

ARTICLE 4

FORM OF NOTE

     Section 4.1 Form of Note. The Notes and the Trustee’s Certificate of Authentication to be endorsed thereon are to be
substantially in the forms attached as Exhibit A hereto, with such changes therein as the officers
of the Company executing the Notes (by manual or facsimile signature) may approve, such approval to
be conclusively evidenced by their execution thereof.

ARTICLE 5

ORIGINAL ISSUE OF NOTES

     Section 5.1 Original Issue of Notes. Notes in the aggregate principal amount set forth in Annex A for each series thereof may from
time to time, upon execution of this Supplemental Indenture, be executed by the Company and
delivered to the Trustee for authentication, and the Trustee shall thereupon authenticate and
deliver said Notes to or upon the written order of the Company pursuant to Section 2.2 of the Base
Indenture without any further action by the Company (other than as required by the Base Indenture).

ARTICLE 6

AMENDMENT, SUPPLEMENT AND WAIVER

     Section 6.1 General. Except as provided in Sections 6.2 through 6.4 hereof, the Indenture, the Notes, the Note
Guarantees, the Intercreditor Agreements or the Security Documents may be amended or supplemented
with the consent of the Holders of at least a majority in aggregate principal amount of the Notes
of each affected series then Outstanding under the Indenture (including, without limitation,
consents obtained in connection with a purchase of, or tender offer or exchange offer for, Notes),
with each series voting as a separate class, and any existing Default or Event of Default or
compliance with any provision of the Indenture, the Notes or the Note Guarantees may be waived with
the consent of the Holders of a majority in aggregate principal amount of the then Outstanding
Notes of each affected series (including, without limitation, consents obtained in connection with
a purchase of, or tender offer or exchange offer for, Notes), with each series voting as a separate
class. In addition, upon (a) a series of Notes having an Investment Grade Rating from Moody’s and
S&P and (b) so long as no Default has occurred and is then continuing with respect to Notes of such
series, with the consent of the Holders of at least a majority in aggregate principal amount of the
Notes of such series then Outstanding any Security Document, any Intercreditor Agreements or the
provisions in the Indenture dealing with the Collateral or the Security Documents or the
application of trust proceeds of the Collateral

42

 

may be amended to release all or
substantially all of the Collateral from the Liens of the Security Documents or to change or alter
the priority of the security interests in the Collateral with respect to (and only with respect to)
Notes of such series. Sections 9.1 and 9.2 of the Base Indenture shall not apply to the Notes.

     Section 6.2 Consent of Holders. Without the consent of each Holder of Notes affected, an amendment, supplement or waiver may not
(with respect to any Notes held by a non-consenting Holder):

     (a) reduce the principal amount of Notes whose Holders must consent to an amendment,
supplement or waiver;

     (b) reduce the principal of or change the fixed maturity of any Note or alter the
provisions with respect to the redemption of the Notes (other than provisions relating to
the covenants set forth in Sections 3.3, 3.4 or 7.7 hereof);

     (c) reduce the rate of or change the time for payment of interest, including default
interest, on any Note;

     (d) waive a Default or Event of Default in the payment of principal of, or interest or
premium, if any, on, the Notes (except a rescission of acceleration of the Notes by the
Holders of at least a majority in aggregate principal amount of the then Outstanding Notes
and a waiver of the payment default that resulted from such acceleration);

     (e) make any Note payable in money other than that stated in such Note;

     (f) make any change in the provisions of the Indenture relating to waivers of past
Defaults or the rights of Holders to receive payments of principal of, or interest or
premium, if any, on, the Notes;

     (g) waive a redemption payment with respect to any Note (other than a payment required
by one of the covenants set forth in Sections 3.3, 3.4 or 7.7 hereof);

     (h) release any Guarantor from any of its Obligations under its Note Guarantee or the
Indenture, except in accordance with the terms of the Indenture;

     (i) except as provided in Section 6.1, make any change in any Security Document, any
Intercreditor Agreements or the provisions in the Indenture dealing with the Collateral or
the Security Documents or the application of trust proceeds of the Collateral that would
release all or substantially all of the Collateral from the Liens of the Security Documents
(except as permitted by the terms of the Indenture, the Security Documents and the
Intercreditor Agreements) or change or alter the priority of the security interests in the
Collateral;

43

 

     (j) make any change in Section 4.3 of the Senior Intercreditor Agreement that changes
or alters the payment subordination provision of Section 4.3 in a manner that adversely
affects the rights of any such Holder under such Section 4.3; or

     (k) make any change in this Section 6.2.

     Section 6.3 Without Consent of Holders.

     (a) Notwithstanding Section 6.1 and 6.2 hereof, without the consent of any Holder of
Notes of any series, the Company, the Guarantors and the Trustee may amend or supplement the
Indenture, any series of Notes, the Note Guarantees, any Intercreditor Agreement or any
Security Document:

     (i) to cure any ambiguity, defect or inconsistency;

     (ii) to provide for uncertificated Notes in addition to or in place of
certificated Notes;

     (iii) to provide for the assumption of the Company’s or a Guarantor’s
Obligations to Holders and Note Guarantees in the case of a merger or
consolidation or sale of all or substantially all of the Company’s or such
Guarantor’s assets, as applicable;

     (iv) to make any change that would provide any additional rights or
benefits to the Holders, increase the interest rate applicable to any series
of Notes or that does not adversely affect the legal rights under the
Indenture of any such Holder;

     (v) to comply with requirements of the Commission in order to effect or
maintain the qualification of the Indenture under the Trust Indenture Act;

     (vi) to conform the text of the Indenture, the Note Guarantees or the
Notes to any provision of the Offering Memorandum set forth under the
heading “Description of New Notes” to the extent that such provision was
intended to be a verbatim recitation of a provision of the Indenture, the
Note Guarantees or the Notes;

     (vii) to confirm and evidence the release, termination, subordination
or discharge of any Lien securing the Notes when such release, termination
or discharge is permitted by the Indenture, the Security Documents or the
Intercreditor Agreements;

44

 

     (viii) to provide for the issuance of additional Notes in accordance
with the limitations set forth in the Indenture as of the date thereof;

     (ix) to allow any Guarantor to execute a supplemental indenture and/or
a Note Guarantee with respect to the Notes or to effect the release of any
Guarantor from any of its obligations under its Note Guarantee or the
Indenture (to the extent permitted by the Indenture); or

     (x) in the case of the Intercreditor Agreements, in order to subject
the security interests in the Collateral in respect of any Indebtedness
secured by Liens on the Collateral with Pari Passu Lien Priority to the
terms of the Intercreditor Agreements, in each case to the extent the
incurrence of such Indebtedness, and the grant of all Liens on the
Collateral held for the benefit of such Indebtedness were permitted
hereunder.

     (b) Notwithstanding Section 6.1 and 6.2 hereof, (i) to the extent provided in Section
5.3(e) of the Senior Intercreditor Agreement, any amendment, waiver or consent in respect of
any of the First Lien Collateral Documents (as defined in the Senior Intercreditor
Agreement) for the purpose of adding to, or deleting from, or waiving or consenting to any
departures from any provisions of, any First Lien Collateral Document (as defined in the
Senior Intercreditor Agreement) changing in any manner the rights of the First Lien Agent or
the First Lien Claimholders (as each such term is defined in the Senior Intercreditor
Agreement) or the Company or any Guarantor or any other Grantor (as defined in the Series A
Collateral Agreement), then such amendment, waiver or consent shall apply automatically to
any comparable provision of the comparable Security Documents, to the extent applicable to
any Collateral, will also apply automatically to the comparable Security Documents without
the consent of the Trustee, the Notes Collateral Agent or any Holder of Notes of any series
and without any action by the Trustee, the Notes Collateral Agent, the Company, any
Guarantor or any other Grantor (as defined in the Series A Collateral Agreement) and (ii)
provisions of the Senior Intercreditor Agreement may be amended, modified or waived without
the approval, consent or signature of the Trustee, the Notes Collateral Agent or any Holder
of Notes of any series to the extent such amendment, modification or waiver is effected
solely to implement the succession of a new First Lien Representative and/or First Lien
Collateral Agent (as each such term is defined in the Senior Intercreditor Agreement) upon a
refinancing of the Credit Agreement in whole or in part. Each Holder authorizes the Notes
Collateral Agent execute any documentation reasonably requested by the Company to evidence
any amendment, waiver or consent described in this Section 6.3(b).

     Section 6.4 Form of Consent. The consent of the Holders of any series of Notes is not necessary under the Indenture, any
Security Document or any Intercreditor Agreements to approve the particular form of any proposed
amendment or waiver. Any consent given by any Holder under this Section 6.4 shall be irrevocable
for a period of three months after the day of execution thereof, but may be revoked at any time
thereafter by such Holder or by his

45

 

successor in title by filing written notice of such revocation with the Trustee at its Corporate
Trust Office; provided, however, that such consent shall not be revocable after the
Holders of not less than a majority in aggregate principal amount of the Notes of the series of
which such Note is a part at the time Outstanding shall have consented to such amendment or waiver
or such supplemental indenture. No notation on any Note of the fact of such consent shall be
necessary, but any such written consent by the Holder of any Note shall be conclusive and binding
on all future Holders and owners of the same Note and of all Securities delivered in exchange
therefor, unless revoked in the manner and during the period provided in this Section 6.4.

ARTICLE 7

COVENANTS

In addition to the covenants set forth in Article 10 of the Base Indenture, the following covenants
shall apply to any Outstanding Notes:

     Section 7.1 Restricted Payments.

     (a) The Company shall not, and shall not permit any of its Restricted Subsidiaries to,
directly or indirectly:

     (i) declare or pay any dividend or make any other payment or
distribution on account of the Company’s or any of its Restricted
Subsidiaries’ Equity Interests (including, without limitation, any payment
in connection with any merger or consolidation involving the Company or any
of its Restricted Subsidiaries) or to the direct or indirect holders of the
Company’s or any of its Restricted Subsidiaries’ Equity Interests in their
capacity as such (other than dividends or distributions payable in Equity
Interests (other than Disqualified Stock) of the Company);

     (ii) purchase, redeem or otherwise acquire or retire for value
(including, without limitation, in connection with any merger or
consolidation involving the Company) any Equity Interests of (x) the Company
or (y) any Unrestricted Subsidiary of the Company (unless a Permitted
Investment);

     (iii) make any payment on or with respect to, or purchase, redeem,
defease or otherwise acquire or retire for value, any Indebtedness of the
Company or any Guarantor that is subordinated (either contractually in right
of payment or in respect of Collateral) to the Notes or to any Note
Guarantee (excluding any intercompany Indebtedness between or among the
Company and any of its Restricted Subsidiaries), except (x) a payment of
interest or principal at the Stated Maturity thereof or (y) a payment,
purchase, redemption, defeasance or other acquisition or retirement for
value of any such Indebtedness

46

 

in anticipation of satisfying a sinking fund obligation, principal
installment or final maturity, in each case due within one year of the date
of payment, purchase, redemption, defeasance, acquisition or retirement; or

     (iv) make any Restricted Investment (all such payments and other
actions set forth in these clauses (i) through (iv) above being collectively
referred to as “Restricted Payments”),

unless, at the time of and after giving effect to such Restricted Payment:

     (A) no Default or Event of Default has occurred and is continuing or
would occur as a consequence of such Restricted Payment; and

     (B) such Restricted Payment, together with the aggregate amount
of all other Restricted Payments made by the Company and its
Restricted Subsidiaries since the Issue Date (excluding Restricted
Payments permitted by Section 7.1(b)(ii), (iii), (iv), (vi), (vii),
(viii), (ix) and (x)), is less than the sum, without duplication,
of:

     (1) 50% of the Consolidated Net Income of the Company for the
period (taken as one accounting period) from the beginning of the
first fiscal quarter commencing after the Issue Date to the end of
the Company’s most recently ended fiscal quarter for which internal
financial statements are available at the time of such Restricted
Payment (or, if such Consolidated Net Income for such period is a
deficit, less 100% of such deficit); plus

                    (2) 100% of the aggregate net cash proceeds received by the Company since the
Issue Date as a contribution to its common equity capital or from the issue or sale
of Equity Interests of the Company (other than Disqualified Stock) or from the issue
or sale of convertible or exchangeable Disqualified Stock or convertible or
exchangeable debt securities of the Company that have been converted into or
exchanged for such Equity Interests (other than Equity Interests (or Disqualified
Stock or debt securities) sold to a Subsidiary of the Company); plus

                    (3) to the extent that any Restricted Investment that was made after the Issue
Date is sold for cash or otherwise liquidated or repaid for cash, the lesser of (A)
the cash return of capital with respect to such Restricted Investment (less the cost
of disposition, if any) and (B) the initial amount of such Restricted Investment;
plus

47

 

                    (4) to the extent that any Unrestricted Subsidiary of the Company designated as
such after the Issue Date is redesignated as a Restricted Subsidiary of the Company
after the Issue Date, the Fair Market Value of the Company’s Investment in such
Subsidiary as of the date of such redesignation; plus

                    (5) 100% of any dividends received by the Company or any Restricted Subsidiary
of the Company after the Issue Date from an Unrestricted Subsidiary of the Company,
to the extent such dividends were not otherwise included in Consolidated Net Income
of the Company for such period.

          (b) The preceding provisions shall not prohibit:

     (i) the payment of any dividend or the consummation of any irrevocable
redemption within 60 days after the date of declaration of the dividend or
giving of the redemption notice, as the case may be, if at the date of
declaration or notice, the dividend or redemption payment would have been
permitted under the Indenture;

     (ii) the making of any Restricted Payment in exchange for, or out of
the net cash proceeds of the substantially concurrent sale (other than to a
Subsidiary of the Company) of, Equity Interests of the Company (other than
Disqualified Stock) or from the substantially concurrent contribution of
common equity capital to the Company; provided that the
amount of any such net cash proceeds that are utilized for any such
Restricted Payment shall be excluded from Section 7.1(a)(B)(2);

     (iii) (x) the repurchase, redemption, defeasance or other acquisition
or retirement for value of Indebtedness of the Company or any Restricted
Subsidiary of the Company that is contractually subordinated to the Notes or
to any Note Guarantee with the net cash proceeds from a substantially
concurrent incurrence of Permitted Refinancing Indebtedness in respect of
such Indebtedness and (y) the repurchase, redemption, defeasance or other
acquisition or retirement for value of Indebtedness of the Company or any
Restricted Subsidiary of the Company that is subordinated in respect of
Collateral to the Notes or to any Note Guarantee with the net cash proceeds
from a substantially concurrent incurrence of Permitted Refinancing
Indebtedness in respect of such Indebtedness;

     (iv) the payment of any dividend (or, in the case of any partnership or
limited liability company, any similar distribution) or other distribution
by a Restricted Subsidiary of the Company to the holders of its Equity
Interests on a pro rata basis; provided that if

48

 

such Restricted Subsidiary of the Company is a Guarantor, such payment
must be made to a Guarantor; provided, further,
however, that such payment may be made to the Company if
paid in cash;

     (v) the repurchase, redemption or other acquisition or retirement for
value of any Equity Interests of the Company or any Restricted Subsidiary of
the Company held by any current or former officer, director or employee of
the Company or any of its Restricted Subsidiaries pursuant to any equity
subscription agreement, stock option agreement, shareholders’ agreement or
similar agreement; provided that the aggregate price paid
for all such repurchased, redeemed, acquired or retired Equity Interests may
not exceed $10.0 million in any twelve-month period, plus the aggregate
amount of Restricted Payments permitted (but not made) pursuant to this
clause (v) in the previous calendar year;

     (vi) the repurchase of Equity Interests deemed to occur upon the
exercise of stock options to the extent such Equity Interests represent a
portion of the exercise price of those stock options;

     (vii) payments of cash by the Company or any of its Restricted
Subsidiaries in lieu of the issuance of fractional shares upon the exercise
of options or warrants or the conversion or exchange of Capital Stock of any
such Person;

     (viii) any repricing or issuance of employee stock options or the
adoption of bonus arrangements, and payments pursuant to such arrangements;

     (ix) the purchase by the Company of fractional shares arising out of
stock dividends, splits or combinations or business combinations; and

     (x) other Restricted Payments in an aggregate amount not to exceed
$500.0 million since the Issue Date.

     (c) The amount of all Restricted Payments (other than cash) shall be the Fair Market
Value on the date of the Restricted Payment of the asset(s) or securities proposed to be
transferred or issued by the Company or such Restricted Subsidiary, as the case may be,
pursuant to the Restricted Payment. For purposes of determining compliance with this
covenant, if a Restricted Payment meets the criteria of more than one of the exceptions
described in Section 7.2(b)(i) through (x) or is entitled to be made according to Section
7.1(a), the Company may, in its sole discretion, classify the Restricted Payment in any
manner that complies with this covenant.

49

 

     (d) Notwithstanding anything therein to the contrary, none of the Company or any
Restricted Subsidiary shall make any Investment (except for Investments held by the Company
or any such Restricted Subsidiary therein on the Issue Date) in (x) CIT Funding, (y) CIT
Australia or (z) CIT China, other than (i) Investments in CIT China in an aggregate amount
not to exceed $15,000,000 at any time outstanding and Investments arising from the granting
of Liens on Cash and Cash Equivalents of, and related Rate Management Transactions by, the
Company or any Restricted Subsidiary to secure obligations of CIT China under the CIT China
Facility to the extent such Liens are permitted under clause (30) of the definition of
Permitted Liens, (ii) guaranties by the Company of Indebtedness and other obligations in
respect of the CIT Australia Notes and the CIT China Facility, and (iii) following a Parent
Pledge, a grant by Company of a Lien encumbering its assets securing the Australian Guaranty
Obligations.

     (e) Notwithstanding anything herein to the contrary, CIT Funding shall not be permitted
to make any Restricted Payments.

     Section 7.2 Incurrence of Indebtedness and Issuance of Preferred Stock.

     (a) The Company shall not, and shall not permit any of its Restricted Subsidiaries to,
directly or indirectly, create, incur, issue, assume, guarantee or otherwise become directly
or indirectly liable, contingently or otherwise, with respect to
(collectively, “incur”) any
Indebtedness (including Acquired Debt), and the Company shall not issue any Disqualified
Stock, other than Permitted Debt.

     (b) For the purposes of the Indenture, “Permitted Debt” shall be defined as:

     (i) Indebtedness of the Company and its Restricted Subsidiaries under
the Credit Agreement in an aggregate principal amount at any one time
outstanding (with letters of credit, if any, being deemed to have a
principal amount equal to the maximum potential liability of the Company and
its Restricted Subsidiaries thereunder) in an amount not to exceed (A) the
lesser of (x) $9.625 billion minus the amount outstanding under the TRS
Facility or (y) the amounts committed or outstanding under the Credit
Agreement on the Issue Date plus $100.0 million, minus (B) the amount of all
permanent repayments and/or permanent commitment reductions under the Credit
Agreement after the Issue Date;

     (ii) Indebtedness owed (1) to the Company or any Guarantor or (2) to
any Subsidiary of the Company; provided that any event which
results in any such Subsidiary ceasing to be a Subsidiary or any subsequent
transfer of such Indebtedness (other than to the Company or another
Subsidiary) shall be deemed, in each case, to constitute an Incurrence of
such Indebtedness not permitted by this clause (ii);

50

 

     (iii) Indebtedness under the Notes, the Note Guarantees, the Series B
Notes and the Guarantees of the Series B Notes issued on the Issue Date;

     (iv) Indebtedness incurred by the Company or any of its Restricted
Subsidiaries arising from agreements providing for indemnification,
adjustment of purchase price or similar obligations incurred in connection
with the acquisition or disposition of any business or assets of or by the
Company or any Subsidiary of the Company or Equity Interests of a Subsidiary
of the Company;

     (v) Indebtedness which may be deemed to exist pursuant to (1) any
guaranties of obligations other than Indebtedness, or (2) performance,
surety, statutory, real estate operating leases, appeal or similar
obligations incurred in the Ordinary Course of Business;

     (vi) Indebtedness in respect of netting services, overdraft protections
and otherwise in connection with customary Deposit Accounts maintained by
the Company or any Restricted Subsidiary of the Company as part of its
ordinary cash management program;

     (vii) performance guaranties in the Ordinary Course of Business of the
obligations (other than Indebtedness for money borrowed) of suppliers,
customers, franchisees and licensees of the Company and its Subsidiaries;

     (viii) the Guarantee by the Company or any Restricted Subsidiary of
Indebtedness of the Company or any Restricted Subsidiary of the Company
(other than Guarantees by any Guarantor or any Restricted Subsidiary of the
Company of Indebtedness of the Company (unless the Parent Pledge has been
granted) or any Restricted Subsidiary that is not a Subsidiary of a
Guarantor) that was permitted to be incurred by another provision of this
Section 7.2;

     (ix) Indebtedness existing on the Issue Date not otherwise set forth in
Section 7.2(b)(i) through (viii) or (x) through (xxii);

     (x) (1) Indebtedness of the Company or any of its Subsidiaries under
Rate Management Transactions entered into in the Ordinary Course of Business
and not for speculative purposes and (2) Indebtedness of the Company or any
of its Subsidiaries under Rate Management Transactions in respect of foreign
currencies entered into in connection with the New Notes or the Loans and
not for speculative purposes;

51

 

     (xi) purchase money Indebtedness or Capital Lease Obligations of the
Company or any of its Restricted Subsidiaries; provided that
such Indebtedness or Capital Lease Obligations (x) may be incurred at the
time of purchase of the assets acquired in connection therewith or financed
thereunder or within 180 days thereafter, and (y) is or are secured only by
(1) assets acquired in connection with such financing or
financed thereunder and intangibles and proceeds related thereto (“PMSI Assets”), (2) any other
PMSI Assets which may be acquired in connection with or financed under
Indebtedness or Capital Lease Obligations which are part of the same
transaction or a related series of transactions as such Indebtedness or
Capital Lease Obligations, and (3) any other assets which are not prohibited
by the terms of the indentures from being pledged to secure such
Indebtedness or Capital Lease Obligations;

     (xii) Permitted Funding Indebtedness;

     (xiii) Permitted Refinancing Indebtedness of Indebtedness described in
Section 7.2(b)(iii), (ix) or (xi) (including subsequent refinancings of the
foregoing that constitute Permitted Refinancing Indebtedness);
provided that any such Indebtedness, to the extent secured,
shall not be secured by any collateral other than collateral that secured
the Indebtedness being refinanced or collateral substantially similar
thereto;

     (xiv) Indebtedness incurred or assumed in connection with or related to
Bank Activities;

     (xv) (i) customary subordinated Indebtedness (whether term or
revolving) owed by finance Subsidiaries that are Special Purpose Entities or
other Subsidiaries in connection with securitizations, conduits or like
transactions incurred in the Ordinary Course of Business to enable such
Special Purpose Entity or such other Subsidiary to acquire Portfolio Assets
to be transferred to any such entity under such transactions, and (ii)
limited guaranties of obligations of financing Subsidiaries of the Company
that are Special Purpose Entities and other Subsidiaries of the Company in
connection with securitization, conduit facilities and like transactions
related to Ordinary Course of Business activities (including, without
limitation, to the extent applicable, performance guaranties (other than
payment obligations with respect to the underlying Indebtedness that exceed
10% of the amount of the Indebtedness) and guaranties consistent with the
delivery of a “true sale"/“absolute transfer” opinion with respect to any
transfer by Company or any Restricted Subsidiary to the applicable financing
Special Purpose Entity, Restricted Subsidiary of the Company or other
Subsidiary of the Company);

52

 

     (xvi) guaranties by CIT Aerospace, CIT Leasing or other Restricted
Subsidiaries of the Company operating in the Company’s Transportation
Finance segment of Indebtedness of Unrestricted Subsidiaries of the Company
with respect to the financing of newly acquired transportation assets or the
lease of transportation assets in the Ordinary Course of Business;

     (xvii) guaranties by the Company or any Restricted Subsidiary of the
Company of Indebtedness of any Restricted Subsidiary of the Company incurred
in the Ordinary Course of Business;

     (xviii) guaranties by the Company or a Restricted Subsidiary of
Indebtedness or other obligations of an Owner-Trustee as lessor under a
lease of Portfolio Assets or other related documents, incurred in the
Ordinary Course of Business;

     (xix) Indebtedness under, and guaranties of, the TRS Facility;

     (xx) Indebtedness under, and guaranties of, LC Facilities in an
aggregate amount not to exceed $750.0 million;

     (xxi) obligations of Restricted Subsidiaries of the Company to pay the
deferred purchase price of receivables acquired in the trade finance
business in the Ordinary Course of Business;

     (xxii) Permitted Reestablishment Indebtedness secured by Liens
described in clause (29) of the definition of Permitted Liens; and

     (xxiii) other Indebtedness of the Company and its Restricted
Subsidiaries in an aggregate amount not to exceed at any time the greater of
$500.0 million or 1% of Total Assets.

     (c) For purposes of determining compliance with this Section 7.2, in the event that an
item of proposed Indebtedness meets the criteria of more than one of the categories of
Permitted Debt described in Section 7.2(b)(i) through (xxiii), the Company shall be
permitted to classify such item of Indebtedness on the date of its incurrence, or later
reclassify all or a portion of such item of Indebtedness, in any manner that complies with
this Section 7.2. Indebtedness under Credit Facilities outstanding on the Issue Date shall
initially be deemed to have been incurred on such date in reliance on the exception provided
by Section 7.2(b)(i) (or in the case of Credit Facilities other than the Credit Agreement,
Section 7.2(b)(ix)). Indebtedness under the TRS Facility outstanding on the Issue Date
shall initially be deemed to have been incurred on such date in reliance on the exception
provided by Section

53

 

7.2(b)(xix). Indebtedness under the LC Facilities outstanding on the Issue Date shall
initially be deemed to have been incurred on such date in reliance on the exception provided
by Section 7.2(b)(xx). The accrual of interest, the accretion or amortization of original
issue discount, the payment of interest on any Indebtedness in the form of additional
Indebtedness with the same terms, the reclassification of preferred stock as Indebtedness
due to a change in accounting principles, and the payment of dividends on Disqualified Stock
in the form of additional shares of the same class of Disqualified Stock shall not be deemed
to be an incurrence of Indebtedness or an issuance of Disqualified Stock for purposes of
this Section 7.2. Notwithstanding any other provision of this Section 7.2, the maximum
amount of Indebtedness that the Company or any of its Restricted Subsidiaries may incur
pursuant to this Section 7.2 shall not be deemed to be exceeded solely as a result of
fluctuations in exchange rates or currency values.

          (d) The amount of any Indebtedness outstanding as of any date shall be:

     (i) the accreted value of the Indebtedness, in the case of any
Indebtedness issued with original issue discount;

     (ii) the principal amount of the Indebtedness, in the case of any other
Indebtedness; and

     (iii) in respect of Indebtedness of another Person secured by a Lien on
the assets of the specified Person, the amount of the Indebtedness of the
other Person.

     (e) Notwithstanding anything herein to the contrary, (i) CIT Funding shall not be
permitted to incur any Indebtedness other than Series B Notes, (ii) the Barbados Entities
shall not be permitted to incur any Indebtedness other than Indebtedness under Section
7.2(b)(i), (iii), (ix), (xiii) and (xix), and (iii) CFL shall not be permitted to Guarantee
any Indebtedness of the Company and its Restricted Subsidiaries.

     Section 7.3 Liens.

     (a) The Company shall not, and shall not permit any of its Restricted Subsidiaries to,
create, incur, assume or otherwise cause or suffer to exist or become effective any Lien of
any kind (other than Permitted Liens) upon any of their property or assets, now owned or
hereafter acquired.

     (b) Notwithstanding anything herein to the contrary, none of CIT Funding or the
Barbados Entities shall be permitted to create, incur, assume or otherwise cause or suffer
to exist or become effective any Lien of any kind (other than Permitted Funding Liens) upon
any of their property or assets, now owned or hereafter acquired.

54

 

     Section 7.4 Sale and Leaseback Transactions.

     (a) The Company shall not, and shall not permit any of its Restricted Subsidiaries to,
directly or indirectly, enter into any sale and leaseback transaction; provided
that the Company or one of its Restricted Subsidiaries may enter into a sale and
leaseback transaction if:

     (i) the Company or such Restricted Subsidiary could have (1) incurred
Indebtedness in an amount equal to the Attributable Indebtedness relating to
such sale and leaseback transaction pursuant to Section 7.2 hereof and (2)
incurred a Lien to secure such Indebtedness pursuant to Section 7.3 hereof;

     (ii) the gross cash proceeds of such sale and leaseback transactions
are at least equal to the Fair Market Value of the property that is subject
to such sale and leaseback transaction; and

     (iii) the transfer of assets in such sale and leaseback transaction is
permitted by, and the Company or the applicable Restricted Subsidiary
applies the proceeds of such transaction in compliance with, the covenant
described under Sections 3.3 and 7.7 hereof.

     (b) However, the preceding restrictions shall not apply to (i) a sale and leaseback
transaction constituting a Portfolio Asset, (ii) sale and leaseback transactions entered
into in connection with or related to the Ordinary Course of Business and (iii) sale and
leaseback transactions in respect of Refinancing Eligible Equipment.

     Section 7.5 Dividend and Other Restrictions Affecting Restricted Subsidiaries.

     (a) The Company shall not, and shall not permit any of its Restricted Subsidiaries to,
directly or indirectly, create or permit to exist or become effective any consensual
encumbrance or restriction on the ability of any Restricted Subsidiary of the Company to:

     (i) pay dividends or make any other distributions on its Capital Stock
to the Company or any of its Restricted Subsidiaries, or with respect to any
other interest or participation in, or measured by, its profits, or pay any
Indebtedness owed to the Company or any of its Restricted Subsidiaries;

     (ii) make loans or advances to the Company or any of its Restricted
Subsidiaries; or

55

 

     (iii) sell, lease or transfer any of its properties or assets to the
Company or any of its Restricted Subsidiaries.

     (b) However, the preceding restrictions shall not apply to encumbrances or restrictions
existing under or by reason of:

     (i) agreements and Credit Facilities as in effect on the Issue Date and
any amendments, restatements, modifications, renewals, supplements,
refundings, replacements or refinancings of those agreements;
provided that the amendments, restatements, modifications,
renewals, supplements, refundings, replacements or refinancings are not
materially more restrictive, taken as a whole, with respect to such dividend
and other payment restrictions than those contained in those agreements on
the Issue Date;

     (ii) the Indenture, the indenture governing the Series B Notes, the
Notes, the Series B Notes, the Note Guarantees and the Guarantees of the
Series B Notes;

     (iii) applicable law, rule, regulation or order;

     (iv) any agreement or instrument of a Person acquired by the Company or
any of its Restricted Subsidiaries as in effect at the time of such
acquisition (except to the extent such agreement or instrument was entered
into in connection with or in contemplation of such acquisition), which
encumbrance or restriction is not applicable to any Person, or the
properties or assets of any Person, other than the Person, or the property
or assets of the Person, so acquired;

     (v) agreements evidencing purchase money obligations, Permitted Funding
Indebtedness and Capital Lease Obligations that impose restrictions on the
property purchased, sold, transferred or leased of the nature described in
Section 7.5(a)(iii);

     (vi) provisions limiting the disposition or distribution of assets or
property (including any agreement for the sale or other disposition of a
Restricted Subsidiary of the Company) in asset sale agreements,
sale-leaseback agreements, stock sale agreements and other similar
agreements, which limitation is applicable only to the assets that are the
subject of such agreements;

     (vii) Permitted Refinancing Indebtedness; provided that
the restrictions contained in the agreements governing such Permitted
Refinancing Indebtedness are not materially more restrictive, taken as a

56

 

whole, than those contained in the agreements governing the
Indebtedness being refinanced;

     (viii) Liens permitted to be incurred under Section 7.3 hereof that
limit the right of the debtor to dispose of the assets subject to such
Liens;

     (ix) customary provisions restricting assignments, pledges, subletting
or other transfers or dispositions or dividends or distributions contained
in contracts, leases, licenses, documentation relating to securitizations,
conduit facilities and other similar transactions, joint venture agreements
or equity investment agreements and similar agreements entered into in the
Ordinary Course of Business or in assets obtained in workouts or by
foreclosure or exercise of remedies;

     (x) restrictions on cash or other deposits or net worth imposed by
customers or lessors under contracts or leases entered into in the Ordinary
Course of Business;

     (xi) (1) agreements relating to Indebtedness issued by CIT Australia
and CIT China, in each case, as in effect on the Issue Date, and (2)
agreements governing Indebtedness of the type described in Section 7.2(xix)
hereof (pursuant to the TRS Facility);

     (xii) agreements relating to the LC Facilities, in each case, as in
effect on the Issue Date;

     (xiii) in agreements evidencing Permitted Reestablishment Indebtedness;
and

     (xiv) any encumbrances or restrictions imposed by any amendments or
refinancings of the contracts, instruments or obligations referred to in
Section 7.5(b)(ii), (v), (xi), (xii) or (xiii); provided
that such amendments or refinancings are not materially more
restrictive, with respect to encumbrances or restrictions set forth in
Section 7.5(a)(i), (ii) or (iii), taken as a whole, than such encumbrances
and restrictions prior to such amendment or refinancing (as determined by
the Company in good faith).

     Section 7.6 Merger, Consolidation or Sale of All or Substantially All Assets.

     (a) The Company shall not, directly or indirectly, (1) consolidate or merge with or
into another Person (whether or not the Company is the surviving

57

 

corporation); or (2) sell, assign, transfer, convey or otherwise dispose of all or
substantially all of the properties or assets of the Company and its Restricted
Subsidiaries, taken as a whole, in one or more related transactions, to another Person,
unless:

     (i) either (1) the Company is the surviving corporation or (2) the
Person formed by or surviving any such consolidation or merger (if other
than the Company) or to which such sale, assignment, transfer, conveyance or
other disposition has been made is a Person organized or existing under the
laws of the United States, any state of the United States or the District of
Columbia;

     (ii) the Person formed by or surviving any such consolidation or merger
(if other than the Company) or the Person to which such sale, assignment,
transfer, conveyance or other disposition has been made assumes by contract
or operation of law all the obligations of the Company under the Notes, the
Note Guarantee, the Indenture and each other Note Document to which the
Company is a party pursuant to agreements reasonably satisfactory to the
Trustee; and

     (iii) immediately after, and upon giving effect to, such transaction,
no Default or Event of Default exists.

     (b) In addition, the Company shall not, directly or indirectly, lease all or
substantially all of the properties and assets of it and its Restricted Subsidiaries, taken
as a whole, in one or more related transactions, to any other Person.

     (c) This Section 7.6 shall not apply to:

     (i) a merger of the Company with an Affiliate solely for the purpose of
reincorporating the Company in another jurisdiction; or

     (ii) any consolidation or merger, or any sale, assignment, transfer,
conveyance, lease or other disposition of assets between or among the
Company and its Restricted Subsidiaries.

     (d) Notwithstanding anything herein to the contrary, CIT Funding shall not, and the
Company shall not permit CIT Funding to, consolidate or merge with or into any other Person.

     Section 7.7 Asset Sales.

     (a) The Company shall not, and shall not permit any of its Restricted

58

 

Subsidiaries to, consummate an Asset Sale unless:

     (i) the Company (or the Restricted Subsidiary, as the case may be)
receives consideration at the time of the Asset Sale at least equal to the
Fair Market Value of the assets or Equity Interests issued or sold or
otherwise disposed of (in connection with a Large Asset Sale, as determined
in writing by an accounting, appraisal or investment banking firm of
national standing); and

     (ii) at least 75% of the consideration received in the Asset Sale by
the Company or such Restricted Subsidiary of the Company is in the form of
Cash or Cash Equivalents. For purposes of this Section 7.7, each of the
following shall be deemed to be Cash:

                    (1) any liabilities, as shown on the Company’s most recent consolidated balance
sheet, of the Company or any Restricted Subsidiary of the Company (other than
contingent liabilities and liabilities that are by their terms subordinated to the
Notes or any Note Guarantee) that are assumed or forgiven by the transferee of any
such assets pursuant to a customary novation or other agreement that releases the
Company or such Restricted Subsidiary from further liability; provided
that, if the entity consummating the Asset Sale is a Guarantor, or if the
assets to be sold directly or indirectly include Equity Interests of a Guarantor,
then only liabilities of a Guarantor that are assumed or forgiven by the transferee
shall be included for purposes of this clause (1);

                    (2) any securities, notes or other obligations received by the Company or any
such Restricted Subsidiary from such transferee that are converted by the Company or
such Restricted Subsidiary into Cash within 120 days after the consummation of the
Asset Sale, to the extent of the Cash received in that conversion;

                    (3) except in connection with a Large Asset Sale, any stock or assets of the
kind referred to in Section 7.7(c)(iv) or (vi) (including, without limitation,
financing and leasing assets and related collateral); and

                    (4) Notes that are redeemed or repurchased (by exchange offer or otherwise) by
the purchaser of the assets in connection with the transaction pursuant to which the
Asset Sale is consummated;

provided, however, that if such Asset Sale is made by any
Subsidiary that is a Guarantor or any of its Subsidiaries, then such Cash, stock or
assets referred to in Section 7.7(a)(ii)(2) through (4) must have been received by a
Subsidiary that is a Guarantor or any of its Subsidiaries.

59

 

     (b) If the assets or Equity Interests issued or sold or otherwise disposed of include
assets or Equity Interests of CIT Funding, notwithstanding any provision in the Indenture to
the contrary, the Net Proceeds received by the Company or such Restricted Subsidiary of the
Company shall be at least equal to the sum of (i) the amount then outstanding under the
Credit Agreement plus (ii) an amount sufficient to repurchase all of the Series B Notes then
outstanding pursuant to an Asset Sale Offer assuming all such outstanding Series B Notes
were tendered in such an Asset Sale Offer.

     (c) Within 365 days after the receipt of any Net Proceeds from an Asset Sale (other
than a Large Asset Sale), the Company (or the applicable Restricted Subsidiary, as the case
may be) may apply such Net Proceeds at its option:

     (i) to repay Indebtedness outstanding under Credit Facilities and, if
the Indebtedness repaid is revolving credit Indebtedness, to correspondingly
reduce commitments with respect thereto;

     (ii) to make one or more offers to the Holders (and, at the option of
the Company, the holders of Pari Passu Debt) to purchase Notes (and such
other Pari Passu Debt) pursuant to and subject to the conditions applicable
to Asset Sale Offers in Section 3.3 herein;

     (iii) to repurchase, repay or redeem Pari Passu Debt and, if the
Indebtedness repaid is revolving credit Indebtedness, to correspondingly
reduce commitments with respect thereto;

     (iv) to acquire all or substantially all of the assets of, or any
Capital Stock of, another Permitted Business, if, after giving effect to any
such acquisition of Capital Stock, the Permitted Business is or becomes a
Restricted Subsidiary of the Company;

     (v) to make a capital expenditure;

     (vi) to acquire (or to provide funding to a Subsidiary of the Company
to acquire) other assets (including Portfolio Assets) that are used or
useful in a Permitted Business or to otherwise fund a Permitted Business; or

     (vii) to fund new originations of Portfolio Assets (including to fund
revolver advances and obligations related to letters of credit provided to
or on behalf of customers and borrowers under loan or letter of credit
facilities in the Ordinary Course of Business) or to provide funding to
Subsidiaries of the Company to facilitate the
foregoing;

60

 

provided that if the Net Proceeds applied to any of the uses set forth in
clauses (iv) through (vii) above arise from a Sale of Collateral, then the assets or stock
acquired with such Net Proceeds shall be held by a Guarantor (or a direct or indirect
Subsidiary of a Guarantor) and pledged as Collateral.

     (d) Within 365 days after the receipt of any Net Proceeds from a Large Asset Sale, the
Company (or the applicable Restricted Subsidiary, as the case may be) must apply such Net
Proceeds:

     (i) First, to repay indebtedness outstanding under the Credit
Agreement;

     (ii) Second, to the extent of the balance of Net Proceeds after
application in accordance with Section 7.7(d)(i), to make one or more offers
to the Holders and to the holders of the Series B Notes to purchase the
Notes and the Series B Notes, pursuant to and subject to the conditions
applicable to Asset Sale Offers described in Section 7.7(f);
provided that if the aggregate principal amount of Notes and
Series B Notes tendered into such offer exceeds such balance of Net
Proceeds, then the Notes shall be purchased on a pro rata basis; and

     (iii) Third, to the extent of the balance of Net Proceeds after
application in accordance with Section 7.7(d)(i) and (ii), at its option,
any of the uses set forth in Section 7.7(c)(iii) through (vii).

     (e) Pending the final application of any Net Proceeds, the Company may temporarily
reduce revolving credit borrowings of the Company or its Subsidiaries or otherwise invest
the Net Proceeds in any manner that is not prohibited by the Indenture. In the case of
Section 7.7(c)(iv) and (vi), a binding commitment shall be treated as a permitted
application of the Net Proceeds from the date of such commitment; provided
that (x) the Company uses commercially reasonable efforts to so apply such Net
Proceeds as soon as practicable after entering into such binding commitment and such
investment is consummated within 450 days after receipt by the Company or any Restricted
Subsidiary of the Company of the Net Proceeds of any Asset Sale and (y) if such investment
is not consummated within the period set forth in subclause (x), the Net Proceeds not so
applied shall be deemed to be Excess Proceeds.

     (f) Any Net Proceeds from Asset Sales that are not applied or invested as provided in
Section 7.7(c) or (d) above shall constitute “Excess Proceeds.” When the aggregate amount of
Excess Proceeds equals or exceeds $100.0 million, within 30 days thereof, the Company shall
make an offer to all Holders (an “Asset Sale Offer”) and all holders of other Pari Passu
Debt containing provisions similar to those set forth in the Indenture with respect to
offers to purchase or redeem with the

61

 

proceeds of sales of assets to purchase the maximum principal amount of Notes and such
other Pari Passu Debt that may be purchased out of the Excess Proceeds. The offer price in
any Asset Sale Offer shall be equal to 100% of the principal amount plus accrued and unpaid
interest, if any, to the date of purchase, and shall be payable in cash. If any Excess
Proceeds remain after consummation of an Asset Sale Offer, the Company may use those Excess
Proceeds for any purpose not otherwise prohibited by the Indenture. If the aggregate
principal amount of Notes and other Pari Passu Debt tendered into such Asset Sale Offer
exceeds the amount of Excess Proceeds, then the Notes and such other Pari Passu Debt shall
be purchased on a pro rata basis. Upon completion of each Asset Sale Offer, the amount of
Excess Proceeds shall be reset at zero. The Asset Sale Offer shall be made pursuant to
Section 3.3 hereof.

     Section 7.8 Transactions with Affiliates.

     (a) The Company shall not, and shall not permit any of its Restricted Subsidiaries to,
make any payment to, or sell, lease, transfer or otherwise dispose of any of its properties
or assets to, or purchase any property or assets from, or enter into or make or amend any
transaction, contract, agreement, loan, advance or guarantee with, or for the benefit of,
any Affiliate of the Company involving aggregate consideration in excess of $250.0 million
(each, an “Affiliate Transaction”), unless:

     (i) the Affiliate Transaction is on terms that are no less favorable to
the Company or the relevant Restricted Subsidiary of the Company than those
that would have been obtained in a comparable transaction by the Company or
such Restricted Subsidiary with an unrelated Person; and

     (ii) the Company delivers to the Trustee:

                    (1) with respect to any Affiliate Transaction or series of related Affiliate
Transactions involving aggregate consideration in excess of $250.0 million, a Board
Resolution set forth in an Officers’ Certificate certifying that such Affiliate
Transaction complies with this Section 7.8(a) and that such Affiliate Transaction
has been approved by a majority of the disinterested members of the Board of
Directors of the Company; or

                    (2) with respect to any Affiliate Transaction or series of related Affiliate
Transactions involving aggregate consideration in excess of $500.0 million, an
opinion as to the fairness to the Company or such Subsidiary of such Affiliate
Transaction from a financial point of view issued by an accounting, appraisal or
investment banking firm of national standing.

     (b) The following items shall not be deemed to be Affiliate Transactions and,
therefore, shall not be subject to the provisions of Section 7.8(a):

62

 

     (i) any employment agreement, severance agreement, employee benefit
plan, retirement or bonus plans, officer or director indemnification
agreement or any similar arrangement entered into by the Company or any of
its Restricted Subsidiaries in the Ordinary Course of Business or approved
in good faith by the Board of Directors of the Company and payments pursuant
thereto;

     (ii) transactions between or among the Company and/or its Restricted
Subsidiaries (other than transactions among Guarantors (and, if the Parent
Pledge is granted, the Company) or their Subsidiaries, on the one hand, and
non-Guarantors, on the other hand);

     (iii) payment of reasonable directors’ fees to members of the Board of
Directors of the Company;

     (iv) any issuance of Equity Interests (other than Disqualified Stock)
of the Company to Affiliates of the Company (other than Guarantors and their
Subsidiaries);

     (v) Restricted Payments that do not violate Section 7.1 hereof;

     (vi) 23A Transactions and other transactions in connection with or
related to Bank Activities or which are otherwise required by applicable law
or regulation;

     (vii) transactions in the Ordinary Course of Business, including
transactions relating to ordinary course cash management and working capital
funding arrangements, tax arrangements, and provision of overhead expenses,
securitizations, conduit facilities and other similar transactions, and
transactions related to Portfolio Assets that do not constitute Asset Sales;

     (viii) transactions involving (other than Investments in Indebtedness
or Asset Sales to or from) Care Investment Trust, Inc.;

     (ix) any accommodation lease arrangements arising from cross-border
leasing transactions with a Subsidiary of the Company entered into in the
Ordinary Course of Business;

     (x) ordinary course transactions between an owner trust, its
Owner-Trustee and the beneficiary of the owner trust, solely to the extent
such transactions relate to the operation and governance of the
owner trust;

63

 

     (xi) transactions with Affiliates in connection with workouts,
foreclosures or in connection with the compromise, resolution or full or
partial satisfaction of obligations of trade creditors or customers in the
Ordinary Course of Business;

     (xii) (1) customary subordinated loan transactions (whether term or
revolving) with finance Subsidiaries that are Special Purpose Entities or
other Subsidiaries of the Company in connection with securitizations,
conduits or like transactions related to Ordinary Course of Business
activities to enable such Special Purpose Entities or such other
Subsidiaries of the Company to acquire Portfolio Assets to be transferred to
such entities under such transactions; and (2) customary limited guaranties
of obligations of finance Subsidiaries that are Special Purpose Entities or
other Subsidiaries of the Company in connection with securitizations,
conduits or like transactions related to Ordinary Course of Business
activities (including, without limitation, to the extent applicable,
performance guaranties (other than payment obligations with respect to the
underlying Indebtedness that exceed 10% of the amount of the Indebtedness)
and the guaranties consistent with the delivery of a “true sale"/“absolute
transfer” opinion with respect to any transfer by the Company or any
Restricted Subsidiary of the Company to the applicable financing Special
Purpose Entity, Restricted Subsidiary of the Company or other Subsidiary of
the Company;

     (xiii) any transactions among Subsidiary Guarantors or any transaction
with subsidiaries in connection with the refunding, refinancing or
replacement of Refinancing Eligible Debt with borrowings under the Credit
Agreement;

     (xiv) Investments in CIT China in an aggregate amount not to exceed
$15,000,000 at any time outstanding and Investments arising from the
granting of Liens on Cash and Cash Equivalents of, and related Rate
Management Transactions by, the Company or any Restricted Subsidiary to
secure obligations of CIT China under the CIT China Facility to the extent
such Liens are permitted under clause (30) of the definition of Permitted
Liens;

     (xv) those certain support agreements by CIT Leasing in favor of CIT
Funding dated as of July 5, 2005 and November 1, 2006 (in each case as
amended or otherwise modified on or prior to the Issue Date); and

     (xvi) the CIT Funding Security Agreements (in each case as

64

 

amended or otherwise modified on or prior to the Issue Date).

     Section 7.9 Business Activities

     (a) The Company shall not, and shall not permit any of its Restricted Subsidiaries to,
engage in any business other than Permitted Businesses, except to such extent as would not
be material to the Company and its Restricted Subsidiaries, taken as a whole.

     (b) Except as otherwise permitted by the Indenture, the Company shall not directly own
any assets other than (i) Capital Stock of Subsidiaries of the Company, (ii) assets in
respect of Rate Management Transactions, (iii) Cash and Cash Equivalents and other
immaterial assets held in accordance with Ordinary Course of Business activities consistent
with past practice and (iv) intellectual property consistent with past practice.

     (c) Notwithstanding anything herein to the contrary, at no time shall CIT Funding
engage in any business activities other than (i) owning intercompany receivables from CFL,
(ii) its liabilities under the Credit Agreement and the Series B Notes and (iii) activities
incidental to its organizational existence.

     Section 7.10 Additional Note Guarantees. If the Company or any of its Restricted Subsidiaries acquires or creates another Domestic
Subsidiary after the Issue Date, then that newly acquired or created Domestic Subsidiary shall
become a Guarantor and execute a supplemental indenture and deliver an Opinion of Counsel
satisfactory to the Trustee within 30 Business Days of the date on which it was acquired or
created.

     Section 7.11 Designation of Restricted and Unrestricted Subsidiaries.

     (a) The Board of Directors of the Company may designate any Restricted Subsidiary
(other than CIT Funding and CFL) to be an Unrestricted Subsidiary if that designation would
not cause a Default. If a Restricted Subsidiary of the Company is designated as an
Unrestricted Subsidiary, the aggregate Fair Market Value of all outstanding Investments
owned by the Company and its Restricted Subsidiaries in the Subsidiary designated as an
Unrestricted Subsidiary shall be deemed to be an Investment made as of the time of the
designation and shall reduce the amount available for Restricted Payments under Section 7.1
hereof or under one or more clauses of the definition of Permitted Investments, as
determined by the Company. That designation shall only be permitted if the Investment would
be permitted at that time and if the Restricted Subsidiary otherwise meets the definition of
an Unrestricted Subsidiary. Any Person that is a Subsidiary of an Unrestricted Subsidiary
shall be deemed to be an Unrestricted Subsidiary.

     (b) Any designation of a Subsidiary of the Company as an Unrestricted Subsidiary after
the Issue Date shall be evidenced to the Trustee by filing with the Trustee a certified copy
of a Board Resolution giving effect to such designation and an Officers’ Certificate
certifying that such designation complied with the preceding

65

 

conditions and was permitted by Section 7.1 hereof. If, at any time, any Unrestricted
Subsidiary of the Company would fail to meet the preceding requirements as an Unrestricted
Subsidiary, it shall thereafter cease to be an Unrestricted Subsidiary for purposes of the
Indenture and any Indebtedness of such Subsidiary shall be deemed to be incurred by a
Restricted Subsidiary of the Company as of such date and, if such Indebtedness is not (or
any Liens securing such Indebtedness are not) permitted to be incurred as of such date under
Section 7.2 hereof (or, in the case of any such Lien, Section 7.3 hereof), the Company shall
be in default of such covenant. The Board of Directors of the Company may at any time
designate any Unrestricted Subsidiary to be a Restricted Subsidiary of the Company;
provided that such designation shall be deemed to be an incurrence of
Indebtedness by a Restricted Subsidiary of the Company of any outstanding Indebtedness of
such Unrestricted Subsidiary, and such designation shall only be permitted if (i) such
Indebtedness is (or any Liens securing such Indebtedness are) permitted under Section 7.2
hereof (or, in the case of any such Lien, Section 7.3 hereof), calculated on a pro forma
basis as if such designation had occurred at the beginning of the four-quarter reference
period; and (ii) no Default or Event of Default would be in existence following such
designation.

     Section 7.12 Payments for Consent. The Company shall not, and shall not permit any of its Restricted Subsidiaries to, directly or
indirectly, pay or cause to be paid any consideration to or for the benefit of any Holder for or as
an inducement to any consent, waiver or amendment of any of the terms or provisions of the
Indenture or the Notes unless such consideration is offered to be paid and is paid to all Holders
that consent, waive or agree to amend in the time frame set forth in the solicitation documents
relating to such consent, waiver or amendment.

     Section 7.13 Transfer of Operating Platforms.

     (a) Notwithstanding anything in the Indenture to the contrary, the Company and its
Restricted Subsidiaries shall have the right to cause a Platform or Platforms and related
Platform Assets to be contributed to CIT Bank (directly from a Subsidiary of the Company
(including a Guarantor) or from a Subsidiary of the Company to the Company and then from the
Company to CIT Bank) without limit or restriction. For the avoidance of doubt, such
transfers and contributions shall not constitute Asset Sales or Restricted Payments, and
shall not be subject to the restrictions on Liens or Affiliate Transactions set forth in the
Indenture.

     (b) Prior to making any Platform Transfer, the Board of Directors of the Company, in
consultation with the chief executive officer of the Company, shall have determined that the
Platform Transfer is in the best interests of the Company’s stockholders and would not cause
the Company to be unable to pay Indebtedness or other Obligations when due.

     Section 7.14 Reports.

     (a) Whether or not required by the rules and regulations of the Commission and in lieu
of Section 7.4 of the Base Indenture (solely with respect to

66

 

the Notes), so long as any Notes are Outstanding, the Company shall furnish to the
Holders or cause the Trustee to furnish to the Holders, within 15 days after the Company is
required to file the same with the Commission:

     (i) all quarterly and annual reports that would be required to be filed
with the Commission on Forms 10-Q and 10-K if the Company were required to
file such reports; and

     (ii) all current reports that would be required to be filed with the
Commission on Form 8-K if the Company were required to file such reports.

     (b) All such reports shall be prepared in all material respects in accordance with all
of the rules and regulations applicable to such reports. Each annual report on Form 10-K
shall include a report on the Company’s consolidated financial statements by the Company’s
certified independent accountants. In addition, the Company shall file a copy of each of the
reports referred to in Section 7.14(a)(i) and (ii) above with the Commission for public
availability within the time periods specified in the rules and regulations applicable to
such reports (unless the Commission shall not accept such a filing) and shall post the
reports on its website within those time periods.

     (c) If, at any time, the Company is no longer subject to the periodic reporting
requirements of the Exchange Act for any reason, the Company shall maintain a non-public
website on which Holders, prospective investors and securities analysts are given access to
the quarterly and annual financial information and the Company shall direct Holders,
prospective investors and securities analysts on its publicly available website to contact
the Company’s chief financial officer to obtain access to the non-public website.

     (d) If the Company has designated any of its Subsidiaries as Unrestricted Subsidiaries,
then the quarterly and annual financial information required by this Section 7.14 shall
include a reasonably detailed presentation, either on the face of the financial statements
or in the footnotes thereto, and in Management’s Discussion and Analysis of Financial
Condition and Results of Operations, of the financial condition and results of operations of
the Company and its Restricted Subsidiaries separate from the financial condition and
results of operations of the Unrestricted Subsidiaries of the Company. In addition, for so
long as the Series B Notes remain outstanding, the annual reports and at least one quarterly
report each fiscal year required to be filed and furnished to Holders pursuant to this
covenant shall contain a condensed consolidating footnote consistent with the form of
footnote required under Rule 3-10(i) of Regulation S-X that shall also include separate
columns for CIT Funding, CIT Leasing and CFL.

     (e) In addition, the Company and the Guarantors agree that, for so long as any Notes
remain Outstanding, if at any time they are not required to file with the Commission the
reports required by this Section 7.14, they shall furnish to the Holders and to securities
analysts and prospective investors in the Notes, upon the

67

 

request of any Holder, the information required to be delivered pursuant to Rule
144A(d)(4) under the Securities Act.

     Section 7.15 Cash Sweep and Required Cash Sweep Payments.

     (a) Beginning with the first full month following the Issue Date, each Restricted
Subsidiary shall deposit or cause to be deposited no less frequently than monthly Cash and
Cash Equivalents in an amount equal to the Sweep Cash Amount in one or more Deposit Accounts
or Securities Accounts that shall be, at the Senior Collateral Agent’s election (or after
the Discharge of First Lien Obligations, at the Notes Collateral Agent’s election),
maintained in the name of the Senior Collateral Agent (or after the Discharge of First Lien
Obligations, the Notes Collateral Agent) or maintained in the name of the Company or one or
more Guarantors and subject at all times to a control agreement in favor of the Senior
Collateral Agent (after the Discharge of First Lien Obligations, the Notes Collateral Agent)
to secure the obligations of the Company and the other Guarantors under the Notes and the
Series B Notes (collectively, “Sweep Accounts”). All amounts held in Sweep Accounts shall
be at all times invested solely in Cash and Cash Equivalents.

     (b) The Company shall not, nor shall it permit any of its Restricted Subsidiaries to,
withdraw or seek to withdraw any amount from a Sweep Account, except:

     (i) (1) to pay obligations under the Credit Agreement, (2) after the
Discharge of First Lien Obligations, to repurchase, repay or redeem Notes or
Series B Notes (including purchases of Notes or Series B Notes in
open-market transactions, pursuant to tender offers or otherwise) or any
other obligations thereunder or (3) to make then Required Bank Investments
after all Other Available Cash has been utilized for such purpose; or

     (ii) so long as (1) no Default or Event of Default has occurred and is
continuing and (2) both before and after giving effect thereto, Other
Available Cash is less than or equal to $500 million, (A) to make payments
with respect to TTF Requirements, (B) to make Permitted Bank Investments,
(C) to pay scheduled payments on Qualified Debt Obligations, (D) to fund
Other Available Cash or (E) to fund Business Reinvestments.

     (c) Amounts released shall be applied by the Company within two (2) Business Days
following receipt as set forth in Section 7.15(b) (not including the Business Day on which
such funds were received if received after 12:00 noon, New York time).

     (d) After the end of each fiscal quarter beginning with the first full fiscal quarter
following the Issue Date, the Company shall be required, within the

68

 

Applicable Repayment Period, to apply an amount equal to 100% of the Available Sweep
Amount (i) to repay obligations under the Credit Agreement and (ii) after the Discharge of
First Lien Obligations, to redeem at par or repurchase or repay Notes or Series B Notes
(including purchases of Notes or Series B Notes in open-market transactions, pursuant to
tender offers or otherwise). Without limiting the foregoing, after the end of each such
fiscal quarter, the Company shall use commercially reasonable efforts (taking into account
other near-term obligations and other liquidity sources) to apply Excess Sweep Amounts at
the end of each Applicable Repayment Period to repay obligations under the Credit Agreement
and, after the Discharge of First Lien Obligations, to redeem at par or, at the Company’s
election, to repurchase or repay Notes or Series B Notes (including purchases of Notes or
Series B Notes in open market transactions, pursuant to tender offers or otherwise).

     (e) Within 45 days after the end of each fiscal quarter beginning with the first full
fiscal quarter following the Issue Date (the “Notice Date”), the Company shall furnish to
the Holders or cause the Trustee to furnish to the Holders, a report that shall specify the
amount of:

     (i) the Sweep Cash Amount as of the end of such fiscal quarter;

     (ii) Other Available Cash as of the end of such fiscal quarter;

     (iii) payments made during such fiscal quarter with respect to
obligations that were TTF Requirements as of the end of the three then most
recently completed fiscal quarters and payments on Qualified Debt
Obligations and the projected amounts of such payments for the following
12-month period;

     (iv) Permitted Bank Investments and Required Bank Investments made
during such fiscal quarter;

     (v) Business Reinvestments made during such fiscal quarter; and

     (vi) payments made or required to be made to repay or repurchase
Indebtedness outstanding under Credit Agreement, Series B Notes or Notes, as
applicable, during the fiscal quarter in which such report is received.

     (f) In the event that the Company elects to satisfy its obligations under Section
7.15(d) in any fiscal quarter, in whole or in part, by means of redemption, such redemption
shall be at a redemption price equal to 100% of the aggregate

69

 

principal amount, plus accrued and unpaid interest, if any, on the Notes redeemed, to
the date of redemption and shall otherwise comply with Article 11 of the Base Indenture as
modified by the provisions of Article 3 hereof. In the event that the Company elects to
satisfy its obligations under Section 7.15(d) in any fiscal quarter, in whole or in part, by
means of the repurchase of Notes (including purchases of Notes in open-market transactions,
pursuant to tender offers or otherwise), such repurchases shall be at such prices and on
such terms as are negotiated or offered by the Company. The Company shall comply with the
requirements of Rule 14e-1 under the Exchange Act and any other securities laws and
regulations thereunder to the extent those laws and regulations are applicable in connection
with any such repurchases of Notes. To the extent that the provisions of any securities
laws or regulations conflict with the Indenture, the Company shall comply with the
applicable securities laws and regulations and shall not be deemed to have breached its
obligations under this Section 7.15 by virtue of such compliance.

ARTICLE 8

EVENTS OF DEFAULT

     Section 8.1 Events of Default.

     (a) Solely with respect to the Notes, the following shall be substituted for, and shall
constitute Events of Default in lieu of, the events listed as Events of Default in Section
5.1 of the Base Indenture: “Event of Default” wherever used in the Indenture solely with
respect to Notes of any series, means any one of the following events (whatever the reason
for such Event of Default and whether it shall be voluntary or involuntary or be effected by
operation of law or pursuant to any judgment, decree or order of any court or any order,
rule or regulation of any administrative or governmental body):

     (i) default for 30 days in the payment when due of interest on the
Notes;

     (ii) default in the payment when due (at maturity, upon redemption or
otherwise) of the principal of, or premium, if any, on, the Notes;

     (iii) failure by the Company or any of its Restricted Subsidiaries to
comply with Sections 3.3, 3.4 and 7.6 hereof

     (iv) failure by the Company or any of its Restricted Subsidiaries for
60 days after notice to the Company by the Trustee or the Holders of at
least 25% in aggregate principal amount of the Notes then Outstanding voting
as a single class to comply with any of the other agreements in the
Indenture;

70

 

     (v) default under any mortgage, indenture or instrument under which
there may be issued or by which there may be secured or evidenced any
Indebtedness for money borrowed by the Company or any of its Restricted
Subsidiaries (or the payment of which is guaranteed by the Company or any of
its Restricted Subsidiaries), whether such Indebtedness or Guarantee now
exists, or is created after the Issue Date, if that default:

                    (1) is caused by a failure to pay principal of, or interest or premium, if any,
on, such Indebtedness prior to the expiration of the grace period provided in such
Indebtedness on the date of such default (a “Payment Default”); or

                    (2) results in the acceleration of such Indebtedness prior to its express
maturity,

and, in each case, the principal amount of any such Indebtedness, together with the
principal amount of any other such Indebtedness under which there has been a Payment Default
or the maturity of which has been so accelerated, aggregates $250.0 million or more;

     (vi) failure by the Company or any of its Restricted Subsidiaries to
pay final judgments entered by a court or courts of competent jurisdiction
aggregating in excess of $250.0 million, which judgments are not paid,
discharged or stayed for a period of 60 days;

     (vii) with respect to (x) the Company or any Restricted Subsidiary of
the Company that is a Significant Subsidiary, (y) any group of Restricted
Subsidiaries of the Company that, taken together, would constitute a
Significant Subsidiary or (z) CIT Bank,

     (1) a court of competent jurisdiction enters an order or decree
under any applicable Bankruptcy Law that:

                    (A) is for relief against such Person or Persons in an
involuntary case;

                    (B) appoints a Bankruptcy Custodian of such Person or Persons
or for all or substantially all of the property of such Person or
Persons; or

                    (C) orders the liquidation of such Person or Persons; and the
order or decree remains unstayed

71

 

and in effect for 60 consecutive days; or

     (2) the commencement by such Person or Persons of a voluntary
proceeding under any applicable bankruptcy, insolvency,
reorganization (other than a reorganization under a foreign law that
does not relate to insolvency) or other similar law or of a
voluntary proceeding seeking to be adjudicated insolvent or the
consent by such Person or Persons to the entry of a decree or order
for relief in an involuntary proceeding under any applicable
bankruptcy, insolvency, reorganization or other similar law or to
the commencement of any insolvency proceedings against it, or the
filing by such Person or Persons of a petition or answer or consent
seeking reorganization, arrangement, adjustment or composition of
such Person or Persons or relief under any applicable law, or the
consent by such Person or Persons to the filing of such petition or
to the appointment of or taking possession by a custodian, receiver,
liquidator, assignee, trustee or similar official of such Person or
Persons or any substantial part of the property of such Person or
Persons or the making by such Person or Persons of an assignment for
the benefit of creditors, or the taking of corporate action by such
Person or Persons in furtherance of any such action or the admitting
in writing by such Person or Persons of its or their inability to
pay its debts generally as they become due;

     (viii) any Note Guarantee of any Significant Subsidiary of the Company
ceases to be in full force and effect (other than in accordance with the
terms of such Note Guarantee and the Indenture) or is declared null and void
and unenforceable or found to be invalid or any Guarantor that is a
Significant Subsidiary denies its liability under its Note Guarantee (other
than by reason of release of a Guarantor from its Note Guarantee in
accordance with the terms of the Indenture and the Note Guarantee); and

     (ix) any security interest and Lien purported to be created by any
Security Document with respect to any Collateral, individually or in the
aggregate, having a Fair Market Value in excess of $100.0 million shall
cease to be in full force and effect, or shall cease to give the Notes
Collateral Agent, for the benefit of the Holders, the Liens, rights, powers
and privileges purported to be created and granted thereby (including a
perfected second-priority security interest in and Lien on, all of the
Collateral thereunder (except as otherwise expressly provided in the
Indenture, the Security Documents and the Intercreditor Agreements)) in
favor of the Notes Collateral Agent, or shall be asserted by the Company or
any Guarantor to not be, a valid, perfected, second-priority (except as
otherwise expressly provided in the Indenture, the Security Documents or the
Intercreditor

72

 

Agreements) security interest in or Lien on the Collateral covered
thereby; except to the extent that any such loss of perfection or priority
results from the failure of the Notes Collateral Agent or the Trustee (or an
agent or trustee on its behalf) to make filings, renewals and continuations
(or other equivalent filings) or take other appropriate action or the
failure of the Notes Collateral Agent or the Trustee (or an agent or trustee
on its behalf) to maintain possession of certificates actually delivered to
it (or such agent or trustee) representing securities pledged under the
Security Documents.

     Section 8.2 Effect of Event of Default.

     (a) In the case of an Event of Default arising under Section 8.1(a)(vii), all
Outstanding Notes shall become due and payable immediately without further action or notice.
If any other Event of Default occurs and is continuing, the Trustee or the Holders of at
least 25% in aggregate principal amount of the then Outstanding Notes may declare all the
Notes to be due and payable immediately.

     (b) Subject to certain limitations, Holders of a majority in aggregate principal amount
of the then Outstanding Notes may direct the Trustee in its exercise of any trust or power.
The Trustee may withhold from Holders notice of any continuing Default or Event of Default
if it determines that withholding notice is in their interest, except a Default or Event of
Default relating to the payment of principal, interest or premium, if any.

     (c) Subject to the provisions of the Indenture relating to the duties of the Trustee,
in case an Event of Default occurs and is continuing, the Trustee shall be under no
obligation to exercise any of the rights or powers under the Indenture at the request or
direction of any Holders unless such Holders have offered to the Trustee reasonable
indemnity or security against any loss, liability or expense. Except to enforce the right to
receive payment of principal, premium, if any, or interest when due, no Holder may pursue
any remedy with respect to the Indenture or the Notes unless:

     (i) such Holder has previously given the Trustee notice that an Event
of Default is continuing;

     (ii) Holders of at least 25% in aggregate principal amount of the then
Outstanding Notes have requested the Trustee to pursue the remedy;

     (iii) such Holders have offered the Trustee reasonable security or
indemnity against any loss, liability or expense;

     (iv) the Trustee has not complied with such request within

73

 

60 days after the receipt of the request and the offer of security or
indemnity; and

     (v) Holders of a majority in aggregate principal amount of the then
Outstanding Notes have not given the Trustee a direction inconsistent with
such request within such 60-day period.

     (d) The Holders of a majority in aggregate principal amount of the then Outstanding
Notes of a series by notice to the Trustee may, on behalf of the Holders of all of the Notes
of such series, rescind an acceleration or waive any existing Default or Event of Default
and its consequences under the Indenture except a continuing Default or Event of Default in
the payment of interest or premium, if any, on, or the principal of, the Notes of such
series.

     Section 8.3 Company Statement as to Compliance; Notice of Certain Defaults.

     (a) The Company shall deliver to the Trustee, within 120 days after the end of each
fiscal year, a written statement (which need not be contained in or accompanied by an
Officers’ Certificate) signed by the principal executive officer, the principal financial
officer or the principal accounting officer of the Company, stating that:

     (i) a review of the activities of the Company during such year and of
its performance under this Indenture has been made under his or her
supervision; and

     (ii) to the best of his or her knowledge, based on such review, (a) the
Company has complied with all the conditions and covenants imposed on it
under this Indenture throughout such year, or, if there has been a default
in the fulfillment of any such condition or covenant or agreement,
specifying each such default known to him or her and the nature and status
thereof, and (b) no event has occurred and is continuing which is, or after
notice or lapse of time or both would become, an Event of Default, or, if
such an event has occurred and is continuing, specifying each such event
known to him and the nature and status thereof.

     (b) The Company shall deliver to the Trustee, within 30 days after the occurrence
thereof, written notice of any Event of Default or any event which after notice or lapse of
time or both would become an Event of Default.

     (c) The Trustee shall have no duty to monitor the Company’s compliance with the
covenants contained in this Indenture other than as specifically set forth in this Section
8.3.

74

 

ARTICLE 9

GUARANTEE OF NOTES

     Section 9.1 Guarantee.

     (a) Subject to this Article 9, each of the Guarantors hereby, jointly and severally,
unconditionally guarantees to each Holder of a Note authenticated and delivered by the
Trustee and to the Trustee and its successors and assigns, irrespective of the validity and
enforceability of the Indenture, the Notes or the Obligations of the Company hereunder or
thereunder, that:

     (i) the principal of, premium, if any, and interest on, the Notes shall
be promptly paid in full when due, whether at maturity, by acceleration,
redemption or otherwise, and interest on the overdue principal of and
interest on the Notes, if any, if lawful, and all other obligations of the
Company to the Holders or the Trustee hereunder or thereunder shall be
promptly paid in full or performed, all in accordance with the terms hereof
and thereof; and

     (ii) in case of any extension of time of payment or renewal of any
Notes or any of such other obligations, that same shall be promptly paid in
full when due or performed in accordance with the terms of the extension or
renewal, whether at stated maturity, by acceleration or otherwise.

If the Company fails to make payments when due of any amount so guaranteed or any
performance so guaranteed for whatever reason, the Guarantors shall be jointly and severally
obligated to pay the same immediately. Each Guarantor agrees that this is a guarantee of
payment and not a guarantee of collection.

     (b) The Guarantors hereby agree that their Obligations hereunder are unconditional,
irrespective of the validity, regularity or enforceability of the Notes or the Indenture,
the absence of any action to enforce the same, any waiver or consent by any Holder with
respect to any provisions hereof or thereof, the recovery of any judgment against the
Company, any action to enforce the same or any other circumstance which might otherwise
constitute a legal or equitable discharge or defense of a guarantor. To the extent
permitted by applicable law, each Guarantor hereby waives diligence, presentment, demand of
payment, filing of claims with a court in the event of insolvency or bankruptcy of the
Company, any right to require a proceeding first against the Company, protest, notice and
all demands whatsoever and covenant that this Note Guarantee shall not be discharged except
by complete performance of the Obligations contained in the Notes and the Indenture.

     (c) If any Holder or the Trustee is required by any court or otherwise to return to the
Company, the Guarantors or any custodian, trustee, liquidator or other

75

 

similar official acting in relation to either the Company or the Guarantors, any amount
paid by either to the Trustee or such Holder, the Note Guarantee, to the extent theretofore
discharged, shall be reinstated in full force and effect.

     (d) Each Guarantor agrees that it shall not be entitled to any right of subrogation in
relation to the Holders in respect of any obligations guaranteed hereby until payment in
full of all obligations guaranteed hereby. Each Guarantor further agrees that, as between
the Guarantors, on the one hand, and the Holders and the Trustee, on the other hand, (i) the
maturity of the obligations guaranteed hereby may be accelerated as provided in Article 5 of
the Base Indenture (as amended hereby) for the purposes of this Note Guarantee,
notwithstanding any stay, injunction or other prohibition preventing such acceleration in
respect of the obligations guaranteed hereby, and (ii) in the event of any declaration of
acceleration of such obligations as provided in Article 5 of the Base Indenture (as amended
hereby), such obligations (whether or not due and payable) shall forthwith become due and
payable by the Guarantors for the purpose of this Note Guarantee. The Guarantors shall have
the right to seek contribution from any nonpaying Guarantor so long as the exercise of such
right does not impair the rights of the Holders under the Note Guarantee.

     Section 9.2 Limitation on Guarantor Liability. Each Guarantor, and by its acceptance of Notes, each Holder, hereby confirms that it is the
intention of all such parties that the Note Guarantee of such Guarantor not constitute a fraudulent
transfer or conveyance for purposes of any Bankruptcy Law, the Uniform Fraudulent Conveyance Act,
the Uniform Fraudulent Transfer Act or any similar federal or state law to the extent applicable to
any Note Guarantee. To effectuate the foregoing intention, the Trustee, the Holders and the
Guarantors hereby irrevocably agree that the obligations of such Guarantor shall be limited to the
maximum amount that shall, after giving effect to such maximum amount and all other contingent and
fixed liabilities of such Guarantor that are relevant under such laws and after giving effect to
any collections from, rights to receive contribution from or payments made by or on behalf of any
other Guarantor in respect of the obligations of such other Guarantor under this Article 9, result
in the obligations of such Guarantor under its Note Guarantee not constituting a fraudulent
transfer or conveyance.

     Section 9.3 Guarantors May Consolidate, etc., on Certain Terms.

     (a) Except as otherwise provided in Section 9.4 hereof, no Guarantor may sell or
otherwise dispose of all or substantially all of its assets to, or consolidate with or merge
with or into (whether or not such Guarantor is the surviving Person) another Person, other
than another Guarantor, unless:

     (i) immediately after giving effect to that transaction, no Default or
Event of Default exists; and

     (ii) either:

                    (1) subject to Section 9.4 hereof, the Person acquiring the property in any
such sale or disposition or the Person formed by

76

 

or surviving any such consolidation or merger assumes by contract or operation
of law all the Obligations of that Guarantor under the Indenture, its Note Guarantee
and each other Note Document to which the Guarantor is a party pursuant to a
supplemental indenture in form and substance satisfactory to the Trustee; or

                    (2) the Net Proceeds of such sale or other disposition are applied in
accordance with (and to the extent required by) the applicable provisions of the
Indenture and the Security Documents; and

     (iii) at the time of the transaction such Guarantor or the surviving
Person shall have delivered, or caused to be delivered, to the Trustee, in
form and substance reasonably satisfactory to the Trustee, an Officers’
Certificate and an Opinion of Counsel, each to the effect that such
consolidation, merger, transfer, sale, assignment, conveyance, lease or
other transaction and the supplemental indenture in respect thereof comply
with the Indenture and that all conditions precedent therein provided for
relating to such transaction have been complied with; provided,
however, that this clause (iii) shall not apply to any
Guarantor whose Guarantee of the Notes is unconditionally released and
discharged in accordance with Section 9.4 hereof.

     Section 9.4 Releases.

     (a) A Guarantor shall be automatically released and relieved of its Obligations under
the Note Guarantee:

     (i) in connection with any sale or other disposition of all or
substantially all of the assets of that Guarantor (including by way of
merger or consolidation) to a Person that is not (either before or after
giving effect to such transaction) the Company or a Restricted Subsidiary of
the Company, if the sale or other disposition does not violate the
Indenture;

     (ii) in connection with any sale or other disposition of all of the
Capital Stock of that Guarantor to a Person that is not (either before or
after giving effect to such transaction) the Company or a Restricted
Subsidiary of the Company, if the sale or other disposition does not violate
the Indenture;

     (iii) if the Company designates any Restricted Subsidiary of the
Company that is a Guarantor to be an Unrestricted Subsidiary in accordance
with the applicable provisions of the Indenture;

     (iv) upon legal defeasance or satisfaction and discharge of

77

 

the Indenture as provided under Sections 11.1 and 11.2 hereof; or

     (v) if that Guarantor is released from its guarantee of the Credit
Agreement and all other Pari Passu Debt of the Company.

     (b) Any Guarantor not released from its Obligations under its Note Guarantee as
provided in this Section 9.4 shall remain liable for the full amount of principal of and
interest and premium, if any, on the Notes and for the other obligations of any Guarantor
under the Indenture as provided in this Article 9.

ARTICLE 10

COLLATERAL

     Section 10.1 Intercreditor Agreements. This Article 10 and the provisions of each other Security Document is subject to the terms,
limitations and conditions set forth in the Intercreditor Agreements.

     Section 10.2 Security Documents The payment of the Notes and the Note Guarantee when due (at maturity, upon redemption or
otherwise) shall be secured as provided in the Security Documents which the Company and the
Guarantors and other Grantors (as defined the Series A Collateral Agreement) have entered into on
the Issue Date and shall be secured as provided by all Security Documents hereafter delivered as
required by the Indenture, in each case subject to the terms of the Intercreditor Agreements. Each
Holder of Notes, by its acceptance of a Note, consents and agrees to the terms of each Security
Document and each Intercreditor Agreement, appoints Deutsche Bank Trust Company Americas as Notes
Collateral Agent as of the Issue Date, authorizes and directs the Trustee to enter into each
Intercreditor Agreement and the Notes Collateral Agent to enter into the Security Documents and
each Intercreditor Agreement, and authorizes and empowers each of the Trustee and the Notes
Collateral Agent to bind the Holders as set forth in the Security Documents and the Intercreditor
Agreements.

     Section 10.3 Release of Liens in Respect of Notes. The Holders authorize the Notes Collateral Agent to release or subordinate Liens upon the
Collateral in accordance with, and as required by, the Series A Collateral Agreement, and to take
any further action and enter into any documentation to evidence the release or subordination of
such Lien in accordance with the Series A Collateral Agreement.

     Section 10.4 Compliance with Trust Indenture Act. The Company shall comply with the provisions of Trust Indenture Act Section 314 to the extent
applicable. To the extent applicable, the Company shall cause Trust Indenture Act Section 313(b),
relating to reports, and Trust Indenture Act Section 314(d), relating to the release of property or
securities subject to the Lien of the Security Documents, to be complied with. Any certificate or
opinion required by Trust Indenture Act Section 314(d) shall be made by an officer or legal
counsel, as applicable, of the Company, except in cases where Trust Indenture Act Section 314(d)
requires that such certificate or opinion be made by an independent Person, which Person shall be
an independent engineer, appraiser or other expert selected by or reasonably satisfactory to the
Trustee. Notwithstanding anything to the contrary in this Section 10.4, the

78

 

Company shall not be required to comply with all or any portion of Trust Indenture Act Section
314(d) if it reasonably determines that under the terms of Trust Indenture Act Section 314(d) or
any interpretation or guidance as to the meaning thereof of the Commission and its staff, including
“no action” letters or exemptive orders, all or any portion of Trust Indenture Act Section 314(d)
is inapplicable to any release or series of releases of Collateral. Without limiting the
generality of the foregoing, certain “no action” letters issued by the Commission have permitted an
indenture qualified under the Trust Indenture Act to contain provisions permitting the release of
Collateral from Liens under such indenture in the ordinary course of the issuer’s business without
requiring the issuer to provide certificates and other documents under Trust Indenture Act Section
314(d).

     Section 10.5 Notes Collateral Agent.

     (a) The Holders authorize the Trustee to appoint the Notes Collateral Agent, and the
Trustee, on the terms and conditions hereof, hereby irrevocably appoints and authorizes the
Notes Collateral Agent to act as its agent hereunder and under the Security Documents, with
such powers as are expressly delegated to the Notes Collateral Agent by the terms of the
Indenture and the Security Documents. Without limiting the generality of the foregoing, the
Notes Collateral Agent shall, subject to the terms hereof and the Security Documents: (i)
receive the grant of the security interests under the Series A Collateral Agreement, (ii)
hold, manage, receive, endorse and collect on any Collateral, (iii) take all lawful and
commercially reasonable actions that the Notes Collateral Agent is directed to take by the
Holders in accordance with this Indenture or the Security Documents or are necessary or
advisable to protect or preserve the Collateral or the security interest of the Notes
Collateral Agent therein, (iv) deliver and receive notices pursuant to the Security
Documents, (v) sell, assign, foreclose on, institute legal proceedings with respect to, or
otherwise exercise the rights and remedies of a secured party with respect to the
Collateral, (vi) release or terminate the security interests as provided herein and (vii)
enter into the Intercreditor Agreements and the Series A Debt Documents as defined in the
Series A Collateral Agreement. The execution of this Supplemental Indenture by the Notes
Collateral Agent shall be deemed an acceptance by the Notes Collateral Agent of the
appointment made under this Section 10.5.

     (b) The duties and obligations of the Notes Collateral Agent shall be determined solely
by the express provisions of this Agreement and any other Security Document to which it is a
party and the Notes Collateral Agent shall not be liable except for the performance of such
duties and obligations as are specifically set out in this Agreement or such Security
Document. The Notes Collateral Agent shall be under no liability to any party hereto by
reason of any failure on the part of any party hereto or any maker, guarantor, endorser or
other signatory of any document or any other Person to perform such Person’s obligations
under any such document.

     (c) The Notes Collateral Agent shall not be responsible in any manner for the validity
or sufficiency of this Agreement, the Security Documents or of any Collateral delivered
under the Security Documents, or for the value or collectibility of any Obligations or other
instrument, if any, so delivered, or for any representations made or obligations assumed by
any party other than the Notes Collateral Agent. The

79

 

Notes Collateral Agent shall not be bound to examine or inquire into or be liable for
any defect or failure in the right or title of the Company or any Guarantor to all or any of
such assets whether such defect or failure was known to the Notes Collateral Agent or might
have been discovered upon examination or inquiry and whether capable or remedy of not.

     (d) The Notes Collateral Agent shall not be responsible for any unsuitability,
inadequacy, expiration or unfitness of any security interest created hereunder or pursuant
to any other Security Document pertaining to this matter nor shall it be obligated to make
any investigation into, and shall be entitled to assume, the adequacy and fitness of any
security interest created hereunder or pursuant to any other Security Document pertaining to
this matter.

     (e) The Notes Collateral Agent shall not be liable for any error of judgment, or for
any act done or step taken or omitted by it in good faith or for any mistake in act or law,
or for anything which it may do or refrain from doing in connection herewith, except its own
gross negligence or willful misconduct.

     (f) The Notes Collateral Agent may seek the advice, at the expense of the Company, of
legal counsel (i) in the event of any dispute or (ii) any question as to the construction of
any of the provisions of this Agreement or an ambiguity with respect to its duties hereunder
or under any Security Document or applicable law, and it shall incur no liability and shall
be fully protected in respect of any action taken, omitted or suffered by it in good faith
in accordance with the advice or written opinion of such counsel.

     (g) The Notes Collateral Agent shall not be bound to make any investigation into the
facts or matters stated in any resolution, certificate, statement, instrument, opinion,
report, notice, request, consent, approval or other paper or document.

     (h) In no event shall the Notes Collateral Agent be liable for any indirect, special,
punitive or consequential loss or damage of any kind whatsoever, including, but not limited
to, lost profits, even if such loss or damage was foreseeable or it has been advised of the
likelihood of such loss or damage and regardless of the form of action.

     (i) In no event shall the Notes Collateral Agent be liable for any failure or delay in
the performance of its obligations hereunder because of circumstances beyond its control,
including, but not limited to, acts of God, flood, war (whether declared or undeclared),
terrorism, strikes, work stoppages, civil or military disturbances, nuclear or natural
catastrophes, fire, riot, embargo, loss or malfunctions of utilities, communications or
computer (software and hardware) services, government action, including any laws,
ordinances, regulations, governmental action or the like which delay, restrict or prohibit
the providing of the services contemplated by this Agreement.

80

 

     (j) The Notes Collateral Agent agrees to accept and act upon facsimile transmission of
written instructions pursuant to this Agreement; provided, however,
that (a) the party providing such written instructions, subsequent to such
transmission of written instructions, shall provide the originally executed instructions or
directions to the Notes Collateral Agent in a timely manner, and (b) such originally
executed instructions or directions shall be signed by an authorized representative of the
party providing such instructions or directions.

     (k) In the event of (i) any dispute or (ii) any question as to the construction of any
of the provisions of this Agreement or an ambiguity with respect to its duties hereunder or
any of the Security Documents or applicable law, the Notes Collateral Agent shall be
entitled to seek written directions from the Holders or their representative, prior to
taking any action under the Agreement, the Security Documents any Collateral instrument or
any of the other Security Documents.

     (l) The Notes Collateral Agent shall not be responsible to any Holder for the due
execution, legality, validity, enforceability, genuineness, sufficiency or value of, or the
perfection or priority of any lien or security interest created or purported to be created
under or in connection with, any Security Document or any other instrument or document
furnished pursuant thereto.

     (m) The Notes Collateral Agent shall have no responsibility for or liability with
respect to monitoring compliance of any other party to the Security Documents, the Indenture
or any other document related thereto. The Notes Collateral Agent has no duty to monitor
the value or rating of any Collateral on an ongoing basis.

     (n) No provision of this Indenture shall require the Notes Collateral Agent to expend
or risk its own funds or otherwise incur any financial liability in the performance of any
of its duties hereunder or in any of the Security Documents or in the exercise of any of its
rights or powers hereunder or under any of the Security Documents unless it is indemnified
to its satisfaction and the Notes Collateral Agent shall have no liability to any person for
any loss occasioned by any delay in taking or failure to take any such action while it is
awaiting an indemnity satisfactory to it.

     (o) Whenever in the administration of this Indenture the Notes Collateral Agent shall
deem it desirable that a matter be proved or established prior to taking, suffering or
omitting any action hereunder, the Notes Collateral Agent (unless other evidence be herein
specifically prescribed) may, in the absence of bad faith on its part, may conclusively rely
upon an Officers’ Certificate and/or an Opinion of Counsel.

     (p) The Notes Collateral Agent may act and rely and shall be protected in acting and
relying in good faith on the opinion or advice of, or information obtained from, any
counsel, accountant, investment banker, appraiser or other expert or adviser, whether
retained or employed by the Company or by the Notes Collateral Agent or otherwise.

81

 

     (q) The Notes Collateral Agent shall be under no obligation to exercise any of the
rights or powers vested in it by this Agreement at the request or direction of any of the
Holders or their representative pursuant to this Agreement, unless offered security or
indemnity satisfactory to it against the costs, expenses and liabilities which might be
incurred by it in compliance with such request or direction.

     (r) The Notes Collateral Agent may employ or retain such counsel, accountants,
sub-agent, agent or attorney in fact, appraisers or other experts or advisers as it may
reasonably require for the purpose of determining and discharging its rights and duties
hereunder and shall not be responsible for any misconduct on the part of any of them.

     (s) The Notes Collateral Agent may request that the Company or other parties deliver a
certificate setting forth the names of individuals and/or titles of officers authorized at
such time to take specified actions pursuant to this Agreement.

     (t) Money held by the Notes Collateral Agent in trust hereunder need not be segregated
from other funds except to the extent required by law. The Notes Collateral Agent shall be
under no liability for interest on any money received by it hereunder except as otherwise
agreed in writing with the Company.

     (u) Beyond the exercise of reasonable care in the custody thereof, the Notes Collateral
Agent shall have no duty as to any Collateral in its possession or control or in the
possession or control of any agent or bailee or any income thereon or as to preservation of
rights against prior parties or any other rights pertaining thereto and the Notes Collateral
Agent shall not be responsible for filing any financing or continuation statements or
recording any documents or instruments in any public office at any time or times or
otherwise perfecting or maintaining the perfection of any security interest in the
Collateral. The Notes Collateral Agent shall be deemed to have exercised reasonable care in
the custody of the Collateral in its possession if the Collateral is accorded treatment
substantially equal to that which other collateral agents accord similar collateral and
shall not be liable or responsible for any loss or diminution in the value of any of the
Collateral, by reason of the act or omission of any carrier, forwarding agency or other
agent or bailee.

     (v) The Notes Collateral Agent shall not be responsible for the existence, genuineness
or value of any of the Collateral or for the validity, perfection, priority or
enforceability of the Liens in any of the Collateral, whether impaired by operation of law
or by reason of any action or omission to act on its part hereunder, except to the extent
such action or omission constitutes gross negligence, bad faith or willful misconduct on the
part of the Notes Collateral Agent, for the validity or sufficiency of the Collateral or any
agreement or assignment contained therein, for the validity of the title to the Collateral,
for insuring the Collateral or for the payment of taxes, charges, assessments or Liens upon
the Collateral or otherwise as to the maintenance of the Collateral. The Notes Collateral
Agent shall have no duty to ascertain or inquire as to or monitor the performance or
observance of any of the terms of the Indenture, this

82

 

Agreement or the Security Documents by any other Person.

     (w) The Company and the Guarantors shall on a joint and several basis defend,
indemnify, and hold harmless the Notes Collateral Agent from and against any claims,
demands, penalties, fines, liabilities, settlements, damages, costs, or expenses of whatever
kind or nature, known or unknown, contingent or otherwise, arising out of, or in any way
related to, (w) the presence, disposal, release, or threatened release of any Hazardous
Materials which are on, from, or affecting the soil, water, vegetation, buildings, personal
property, persons, animals, or otherwise; (x) any personal injury (including wrongful death)
or property damage (real or personal) arising out of or related to such Hazardous Materials;
(y) any lawsuit brought or threatened, settlement reached, or government order relating to
such Hazardous Materials, and/or (z) any violation of laws, orders, regulations,
requirements or demands of government authorities, which are based upon or in any way
related to such Hazardous Materials including, without limitation, attorney and consultant
fees and expenses, investigation and laboratory fees, court costs, and litigation expenses,
in each case relating to or arising out of this Agreement and the Security Documents or the
transactions contemplated hereby or thereby (including any enforcement of any of the
Security Documents (including any sale of, collection from, or other realization upon any of
the Collateral or the enforcement of the Notes Obligations). For purposes of this
paragraph, “Hazardous Materials” includes, without limit, any flammable explosives,
radioactive materials, hazardous materials, hazardous wastes, hazardous or toxic substances,
or related materials defined in the U.S. Comprehensive Environmental Response, Compensation,
and Liability Act of 1980, as amended (42 U.S.C. Sections 9601, et. seq.), the Hazardous
Materials Transportation Act, as amended (49 U.S.C. Sections 5108, et seq.), the Resource
Conservation and Recovery Act, as amended (42 U.S.C. Sections 6901, et seq.), and in the
regulations adopted and publications promulgated pursuant thereto, or any other Federal,
state or local environmental law, ordinance, rule, or regulation. The provisions of this
paragraph shall be in addition to any and all other obligations and liabilities the Company
may have to the Notes Collateral Agent at common law, and shall survive the termination of
this Agreement. The provisions of this Section 10.5(w) shall survive the satisfaction,
termination or discharge of this Agreement or the earliest resignation or removal of the
Notes Collateral Agent.

     (x) The Company and the Guarantors jointly and severally agree (i) to pay to the Notes
Collateral Agent from time to time such compensation for all services rendered by it
hereunder as the Company and the Notes Collateral Agent shall from time to time agree in
writing, (ii) except as otherwise expressly provided herein, to reimburse the Notes
Collateral Agent upon its request for all reasonable expenses, disbursements and advances
incurred or made by the Notes Collateral Agent in accordance with any provision of this
Agreement (including reasonable compensation and the expenses, advances and disbursements of
its agents and counsel), except any such expense, disbursement or advance as shall be
determined to have been caused by its own or its representatives’ or agents’ gross
negligence or willful misconduct; and (iii) to indemnify the Notes Collateral Agent (which
for purposes of this Section 10.5(x) shall include its officers, directors, employees and
agents) for, and to hold it harmless against, any loss, claim, damage, liability or expense
incurred without gross negligence or willful misconduct on its own or its representatives’
or agents’ part,

83

 

arising out of or in connection with the acceptance or administration of the agency or
agencies hereunder, including the reasonable costs and expenses of defending itself against
any claim or liability in connection with the exercise or performance of any of its powers
or duties hereunder, except to the extent that any such loss, liability, claim, damage or
expense shall be determined to have been caused by the Notes Collateral Agent’s own or its
representatives’ or agents’ gross negligence or willful misconduct. The provisions of this
Section 10.5(x) shall survive the satisfaction, termination or discharge of this Agreement
or the earliest resignation or removal of the Notes Collateral Agent.

     (y) The Notes Collateral Agent reserves the right to conduct an environmental audit
prior to foreclosing on any real estate Collateral or mortgage Collateral. The Notes
Collateral Agent reserves the right to forebear from foreclosing in its own name if to do so
may expose it to undue risk.

     (z) Upon any payment or distribution of assets hereunder, the Notes Collateral Agent,
and the Holders shall be entitled to conclusively rely upon any order or decree entered by
any court of competent jurisdiction in which such insolvency, bankruptcy, receivership,
liquidation, reorganization, dissolution, winding up or similar case or proceeding is
pending, or a certificate of the trustee in bankruptcy, liquidating trustee, custodian,
receiver, assignee for the benefit of creditors, agent or other person making such payment
or distribution, delivered to the Notes Collateral Agent or to the Holders, for the purpose
of ascertaining the persons entitled to participate in such payment or distribution, the
amount thereof or payable thereon, the amount or amounts paid or distributed thereon and all
other facts pertinent thereto.

     (aa) The rights and protections of the Notes Collateral Agent set forth herein shall
also be applicable to the Notes Collateral Agent in its roles as mortgagee (including
letters of quiet enjoyment), beneficiary, pledgee or any of its other roles under the
Security Documents or any other agreement pertaining to Collateral pledged to the Notes
Collateral Agent.

ARTICLE 11

SATISFACTION AND DISCHARGE; DEFEASANCE AND COVENANT

DEFEASANCE

     Section 11.1 Satisfaction and Discharge.

     (a) The Indenture shall be discharged and shall cease to be of further effect as to all
Notes of any series (if all series issued under the Indenture are not to be affected) issued
thereunder, when:

     (i) either:

84

 

                    (1) all Notes of such series that have been authenticated, except lost, stolen
or destroyed Notes that have been replaced or paid and Notes for whose payment money
has been deposited in trust and thereafter repaid to the Company, have been
delivered to the trustee for cancellation; or

                    (2) all Notes of such series that have not been delivered to the Trustee for
cancellation have become due and payable by reason of the mailing of a notice of
redemption or otherwise or shall become due and payable within one year and the
Company or any Guarantor has irrevocably deposited or caused to be deposited with
the Trustee as trust funds in trust solely for the benefit of the Holders of Notes
of such series, Cash in U.S. dollars, non-callable Government Obligations, or a
combination of Cash in U.S. dollars and non-callable Government Obligations, in
amounts as shall be sufficient, without consideration of any reinvestment of
interest, to pay and discharge the entire Indebtedness on the Notes of such series
not delivered to the Trustee for cancellation for principal, premium, if any, and
accrued interest to the date of maturity or redemption;

     (ii) no Default or Event of Default has occurred and is continuing on
the date of the deposit (other than a Default or Event of Default resulting
from the borrowing of funds to be applied to such deposit and the grant of
any Lien securing such borrowing) and the deposit shall not result in a
breach or violation of, or constitute a default under, any other instrument
to which the Company or any Guarantor is a party or by which the Company or
any Guarantor is bound;

     (iii) the Company or any Guarantor has paid or caused to be paid all
sums payable by it under the Indenture; and

     (iv) the Company has delivered irrevocable instructions to the Trustee
under the Indenture to apply the deposited money toward the payment of the
Notes of such series at maturity or on the redemption date, as the case may
be.

     (b) The Company must deliver an Officers’ Certificate and an Opinion of Counsel to the
Trustee stating that all conditions precedent to satisfaction and discharge have been
satisfied.

     (c) The Collateral shall be released from the Lien securing the Notes upon a
satisfaction and discharge in accordance with this Section 11.1.

     (d) Notwithstanding the satisfaction and discharge of the Indenture with respect to any
series of Notes, the Obligations of the Company to the Trustee under

85

 

Section 6.7 of the Base Indenture and, if money shall have been deposited with the
Trustee pursuant to Section 11.1(a)(i)(2) hereof, the Obligations of the Company and the
Trustee with respect to the Notes of each series under Sections 3.5, 3.6, 4.3, 10.2 and 10.3
of the Base Indenture, and with respect to any rights to convert or exchange such Notes into
securities of the Company or another issuer, shall survive such satisfaction and discharge.

     (e) Section 4.1 of the Base Indenture shall not apply to the Notes.

     Section 11.2 Legal Defeasance and Covenant Defeasance.

     (a) The Company may at any time, at the option of its Board of Directors evidenced by a
Board Resolution set forth in an Officers’ Certificate, elect to have all of its Obligations
discharged with respect to all the series of Outstanding Notes and all Obligations of the
Guarantors discharged with respect to their Note Guarantees (“Legal Defeasance”) except for:

     (i) the rights of Holders of Outstanding Notes to receive payments in
respect of the principal of, or interest or premium, if any, on, such Notes
when such payments are due from the trust referred to in Section 11.2(c);

     (ii) the Company’s Obligations with respect to the Notes concerning
issuing temporary Notes, registration of Notes, mutilated, destroyed, lost
or stolen Notes and the maintenance of an office or agency for payment and
money for security payments held in trust;

     (iii) the rights, powers, trusts, duties and immunities of the Trustee,
and the Company’s and the Guarantors’ Obligations in connection therewith;
and

     (iv) this Section 11.2.

     (b) The Company may, at its option and at any time, elect to have the Obligations of
the Company and the Guarantors released with respect to the Obligations set forth in
Sections 3.3, 3.4, 7.1 through 7.13, 7.15 and 7.16 hereof and each Guarantor’s Obligation
under its Guarantee and thereafter any omission to comply with those covenants shall not
constitute a Default or Event of Default with respect to the Notes. In the event Covenant
Defeasance occurs, the events set forth under Section 8.1(a)(iii), (iv), (v), (vi), (viii)
and (ix) hereof shall no longer constitute an Event of Default with respect to the Notes.

     (c) The following shall be the conditions to the application of Section 11.2(a) or (b)
any Outstanding Notes:

86

 

     (i) The Company must irrevocably deposit with the Trustee, in trust,
for the benefit of the Holders, Cash in U.S. dollars, non-callable
Government Obligations, or a combination of Cash in U.S. dollars and
non-callable Government Obligations, in amounts as shall be sufficient, in
the opinion of a nationally recognized investment bank, appraisal firm or
firm of independent public accountants, to pay the principal of, or interest
and premium, if any, on, the Outstanding Notes on the stated date for
payment thereof or on the applicable redemption date, as the case may be,
and the Company must specify whether such Notes are being defeased to such
stated date for payment or to a particular redemption date;

     (ii) in the case of Legal Defeasance, the Company must deliver to the
Trustee an Opinion of Counsel reasonably acceptable to the Trustee
confirming that (1) the Company has received from, or there has been
published by, the Internal Revenue Service a ruling or (2) since the Issue
Date, there has been a change in the applicable federal income tax law, in
either case to the effect that, and based thereon such Opinion of Counsel
shall confirm that, the Holders of the Outstanding Notes shall not recognize
income, gain or loss for federal income tax purposes as a result of such
Legal Defeasance and shall be subject to federal income tax on the same
amounts, in the same manner and at the same times as would have been the
case if such Legal Defeasance had not occurred;

     (iii) in the case of Covenant Defeasance, the Company must deliver to
the Trustee an Opinion of Counsel reasonably acceptable to the Trustee
confirming that the Holders of the Outstanding Notes shall not recognize
income, gain or loss for federal income tax purposes as a result of such
Covenant Defeasance and shall be subject to federal income tax on the same
amounts, in the same manner and at the same times as would have been the
case if such Covenant Defeasance had not occurred;

     (iv) no Default or Event of Default has occurred and is continuing on
the date of such deposit (other than a Default or Event of Default resulting
from the borrowing of funds to be applied to such deposit and the grant of
any Lien securing such borrowing) and the deposit shall not result in a
breach or violation of, or constitute a default under, any other instrument
to which the Company or any Guarantor is a party or by which the Company or
any Guarantor is bound;

     (v) such Legal Defeasance or Covenant Defeasance shall not result in a
breach or violation of, or constitute a default under, any material
agreement or instrument (other than the Indenture) to which the Company or
any Guarantor is a party or by which the Company or

87

 

any Guarantor is bound;

     (vi) the Company must deliver to the Trustee an Officers’ Certificate
stating that the deposit was not made by the Company with the intent of
preferring the Holders over the other creditors of the Company with the
intent of defeating, hindering, delaying or defrauding any creditors of the
Company or others; and

     (vii) the Company must deliver to the Trustee an Officers’ Certificate
and an Opinion of Counsel, each stating that all conditions precedent
relating to the Legal Defeasance or the Covenant Defeasance have been
complied with.

     (d) The Collateral shall be automatically released from the Lien securing the Notes
upon a Legal Defeasance or Covenant Defeasance.

     (e) Section 4.2 of the Base Indenture shall not apply to the Notes.

ARTICLE 12

MISCELLANEOUS

     Section 12.1 Ratification of Indenture. The Base Indenture, as supplemented by this Supplemental Indenture, is in all respects ratified
and confirmed, and this Supplemental Indenture shall be deemed part of the Indenture in the manner
and to the extent herein and therein provided.

     Section 12.2 No Personal Liability of Directors, Officers, Employees and Stockholders. No director, officer, employee, incorporator or stockholder of the Company, any Guarantor or any
of their Affiliates, will have any liability for any Obligation of the Company or the Guarantors
under the Notes, the Indenture, the Note Guarantees or for any claim based on, in respect of, or by
reason of, such Obligations or their creation. Each Holder of Notes by accepting a Note waives and
releases all such liability. The waiver and release are part of the consideration for issuance of
the Notes. The waiver may not be effective to waive liabilities under the federal securities laws.
For the avoidance of doubt, nothing in this Section 12.2 shall affect, limit, waive, release or
impair in any way any obligation, covenant or agreement contained in the CIT Leasing Support
Agreements or any right or claim based thereon or otherwise in respect thereof.

     Section 12.3 Subordination. Notwithstanding anything herein to the contrary, the payment obligations hereunder are subject
to the provisions of: (i) the Senior Intercreditor and Subordination Agreement, dated as of
December 10, 2009 (as amended, restated, supplemented or otherwise modified from time to time, the
“Senior Intercreditor Agreement”), among, inter alia, Bank of America, N.A., as the Senior Parent
Collateral Agent and the Senior Subsidiary Collateral Agent, Deutsche Bank Trust Company Americas,
as the Series A Parent Collateral Agent, the Series A Subsidiary Collateral Agent, the Trustee, the
Series B Parent Collateral Agent, the Series B Subsidiary Collateral Agent and the Series

88

 

B Trustee, the Company, CIT Funding and certain Subsidiaries of the Company from time to
time a party thereto (the “CIT Entities”); and (ii) the Junior Intercreditor Agreement, dated as of
December 10, 2009 (as amended, restated, supplemented or otherwise modified from time to time, the
“Junior Intercreditor Agreement”), among, inter alia the Series A Parent Collateral Agent, the
Series A Subsidiary Collateral Agent, the Series B Parent Collateral Agent, the Series B Subsidiary
Collateral Agent and the CIT Entities. In the event of any conflict between the terms of the
Senior Intercreditor Agreement, the Junior Intercreditor Agreement and this Agreement, the terms of
the Senior Intercreditor Agreement shall govern and control; and in the event of any conflict
between the terms of the Junior Intercreditor Agreement and this Agreement, the terms of the Junior
Intercreditor Agreement shall govern and control.

     Section 12.4 Trustee Not Responsible for Recitals. The recitals herein contained are made by the Company and not by the Trustee, and the Trustee
assumes no responsibility for the correctness thereof. The Trustee makes no representation as to
the validity or sufficiency of this Supplemental Indenture.

     Section 12.5 New York Law To Govern. THIS SUPPLEMENTAL INDENTURE AND EACH NOTE SHALL BE DEEMED TO BE CONTRACTS MADE UNDER THE LAWS OF
THE STATE OF NEW YORK AND SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE
STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED WHOLLY WITHIN SUCH STATE.

     Section 12.6 Separability. In case any one or more of the provisions contained in this Supplemental Indenture or in the
Notes shall for any reason be held to be invalid, illegal or unenforceable in any respect, then, to
the extent permitted by law, such invalidity, illegality or unenforceability shall not affect any
other provisions of this Supplemental Indenture or of the Notes, but this Supplemental Indenture
and the Notes shall be construed as if such invalid or illegal or unenforceable provision had never
been contained herein or therein.

     Section 12.7 Counterparts. This Supplemental Indenture may be executed in any number of counterparts each of which
shall be an original, but such counterparts shall together constitute but one and the same
instrument. Delivery of an executed counterpart of this Supplemental Indenture by telefacsimile or
by any electronic imaging, electronic mail or other similar means shall be effective as delivery of
a manually executed counterpart of this Supplemental Indenture.

     Section 12.8 Parent Pledge Collateral Agent. The parties hereto acknowledge and accept that the Series A Parent Collateral Agent is not an
agent solely for the Holders, but is also acting as an agent for the trustee under the CIT
Australia Notes and the trustee under the Long-Dated Senior Notes Indenture. In addition, the
parties hereto acknowledge and accept that the Lien on the Collateral of the Company in favor of
the Series A Parent Collateral Agent secures not only the Obligations under this Indenture, but
also the Australian Guaranty Obligations and the Long-Dated Senior Notes Obligations.

89

 

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

	 	 	 	 	 
	 	Deutsche Bank Trust Company Americas,

as Trustee, Series A Parent Collateral Agent and

Series A Subsidiary Collateral Agent

 	 
	 	By:  	/s/ Irene Siegel
 	 
	 	Name:  	Irene Siegel 	 
	 	Title:  	Vice President 	 
	 
	 	 	 
	 	By:  	                        /s/ Eileen M. Hughes
 	 
	 	Name:  	Eileen M. Hughes 	 
	 	Title:  	Director 	 
	 
	 	CIT Group Inc.

 	 
	 	By:  	             /s/ Glenn A. Votek
 	 
	 	Name:  	Glenn A. Votek 	 
	 	Title:  	Executive Vice President & Treasurer 	 
	 
	 	Baffin Shipping Co., Inc.,

C.I.T. Leasing Corporation,

Capita Colombia Holdings Corp.,

Capita Corporation,

Capita International L.L.C.,

Capita Premium Corporation,

CIT Capital USA Inc.,

CIT China 12, Inc.,

CIT China 13, Inc.,

CIT China 2, Inc.,

CIT China 3, Inc.,

CIT Communications Finance Corporation,

CIT Credit Finance Corp.,

CIT Credit Group USA Inc.,

CIT Financial Ltd. of Puerto Rico,

CIT Financial USA, Inc.,

CIT Group (NJ) LLC,

CIT Group SF Holding Co., Inc.,

CIT Healthcare LLC,

CIT Lending Services Corporation,

CIT Lending Services Corporation 

      (Illinois),

CIT Loan Corporation (f/k/a The CIT 

     Group/Consumer Finance, Inc.),

CIT Middle Market Funding Company LLC,

CIT Middle Market Holdings LLC,

CIT Real Estate Holding Corporation,

CIT Realty LLC,

CIT Technologies Corporation,

 	 
	 	 	 
	 	 	 
	 	 	 

 

	 	 	 	 	 

	 	 	 	 	 
	 	CIT Technology Financing Services, Inc.,

CMS Funding Company LLC

Education Loan Servicing Corporation,

Equipment Acceptance Corporation,

Franchise Portfolio 1, Inc.,

Franchise Portfolio 2, Inc.,

GFSC Aircraft Acquisition Financing Corporation,

Hudson Shipping Co., Inc.,

Namekeepers LLC,

Owner-Operator Finance Company,

Student Loan Xpress, Inc.,

The CIT Group/BC Securities Investment, Inc.,

The CIT Group/Business Credit, Inc.,

The CIT Group/Capital Finance, Inc.,

The CIT Group/Capital Transportation, Inc.,

The CIT Group/CmS Securities Investment, Inc.,

The CIT Group/Commercial Services, Inc.,

The CIT Group/Commercial Services, Inc. (Va.),

The CIT Group/Consumer Finance, Inc. (NY),

The CIT Group/Consumer Finance, Inc. (TN),

The CIT Group/Corporate Aviation, Inc.,

The CIT Group/Equipment Financing, Inc.,

The CIT Group/Equity Investments, Inc.,

The CIT Group/Factoring One, Inc.,

The CIT Group/FM Securities Investment, Inc.,

The CIT Group/LsC Securities Investment, Inc.,

The CIT Group/Securities Investment, Inc.,

The CIT Group/Venture Capital, Inc., 

      as Guarantor

Western Star Finance, Inc., 

      as Guarantors

 	 
	 	By:  	/s/ Glenn A. Votek
 	 
	 	Name:  	Glenn A. Votek 	 
	 	Title:  	Authorized Signatory 	 

2

 

	 	 	 	 	 

ANNEX A

PRINCIPAL AND DENOMINATIONS OF NOTES

	 	 	 	 	 
	 	 	Aggregate Principal	 
	           Series	 	Amount	 
	2013 Notes
	 	$	2,103,647,223	 
	2014 Notes
	 	$	3,155,470,813	 
	2015 Notes
	 	$	3,155,470,813	 
	2016 Notes
	 	$	5,259,118,043	 
	2017 Notes
	 	$	7,362,765,258	 

1

 

EXHIBIT A

[IF THIS NOTE IS TO BE A GLOBAL SECURITY, INSERT:]

THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS
NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY
PERSON UNDER ANY CIRCUMSTANCES EXCEPT UNDER THE LIMITED CIRCUMSTANCES EXPLICITLY SET FORTH IN THE
INDENTURE.

UNLESS AND UNTIL IT IS EXCHANGED, IN WHOLE OR IN PART, FOR NOTES IN DEFINITIVE FORM, THIS NOTE 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 THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”) TO THE ISSUER 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 MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT
IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

CIT GROUP INC.

7.0% Series A Second-Priority Secured Notes due [   ]

CUSIP No.: [   ]

ISIN NUMBER: [   ]

No.      $[   ]

     CIT Group Inc., a corporation organized and existing under the laws of Delaware (hereinafter
called the “Company”, which term includes any successor corporation under the Indenture hereinafter
referred to), for value received, hereby promises to pay to [ ], or registered assigns, the
principal sum of [DOLLARS] on May 1, [   ] (such date is hereinafter referred to as the “Maturity
Date”), and to pay interest on the unpaid principal amount thereof from the original issuance date
or the most recent Interest Payment Date to which interest has been paid or duly provided for,
quarterly in arrears on [         ] of each year (each, an “ Interest Payment
Date”), commencing [      ] at the rate of 7.0% per annum through the Maturity Date, unless
earlier redeemed. The Notes shall bear interest, to the extent permitted by law, on any overdue
principal at the Coupon Rate. The amount of interest payable for any period shorter than a full
Interest Period for which interest is computed shall be computed on the basis of a 30-day month
and, for any period less than a month, on the basis of the actual number of days elapsed per 30-day
month. The interest so payable, and punctually paid or duly provided for, on any Interest Payment
Date shall, as

2

 

provided in the Indenture, be paid to the Person in whose name this Note (or one or more
predecessor Notes) is registered at the close of business on the Regular Record Date for such
Interest Payment Date.

     Except as set forth above, payment of the principal of, premium, if any, and interest on this
Note shall be made at the office or agency of the Company maintained for that purpose in The
Borough of Manhattan, The City of New York, which shall initially be the Corporate Trust Office of
the Trustee, in such coin or currency as this Note is denominated as at the time of payment is
legal tender for payment of public and private debts; provided, however, that (a) if a Holder
(including a Depositary) has given wire transfer instructions to the Company on or before the
Regular Record Date, then payment of principal, premium, if any, and interest on that Holder’s
Notes shall be paid in accordance with those instructions and (b) if no such instructions have been
given, then, at the option of the Company, payments of principal, premium, if any, and interest may
be made by check mailed to the Holder at such address as shall appear in the Security Register.

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

     Unless the certificate of authentication hereon has been executed by the Trustee referred to
on the reverse hereof by manual signature, this Note shall not be entitled to any benefit under the
Indenture or be valid or obligatory for any purpose.

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

	 	 	 	 	 	 	 
	 	 	CIT GROUP INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 

	 	 

3

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

     This is one of the Notes referred to in the within mentioned Indenture.

Dated:                                                            

Deutsche Bank Trust Company Americas, as Trustee

	 	 	 	 	 
	 	 	 
	 	By:  	
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 

4

 

REVERSE OF NOTE

     This Note is one of a duly authorized issue of securities of the Company (herein called the
“Notes”), issued and to be issued in one or more series under an Indenture (the “Base Indenture”),
dated as of December 10, 2009, between the Company and Deutsche Bank Trust Company Americas, as
Trustee (herein called the “Trustee”, which term includes any successor trustee), as amended and
supplemented by the First Supplemental Indenture, dated as of December 10, 2009, among the Company,
the guarantors named therein (the “Guarantors”) and the Trustee (the “Supplemental Indenture” and,
together with the Base Indenture, the “Indenture”), to which Indenture reference is hereby made for
a statement of the respective rights, limitations of rights, duties and immunities thereunder of
the Company, the Guarantors, the Trustee and the holders of the Notes and of the terms upon which
the Notes are, and are to be, authenticated and delivered. This Note is one of the series
designated on the face hereof, limited in aggregate principal amount to $[      ].

     All terms used in this Note that are defined in the Indenture shall have the meanings assigned
to them in the Indenture.

     The Company may, at its option, redeem the Notes of this series in whole or in part, on or
after January 1, 2010, at a price per Note equal to the redemption price as set forth in the
Indenture. Except as set forth in this paragraph and in Article 3 and Section 7.15 of the
Supplemental Indenture, the Company may not redeem the Notes at its option prior to the Maturity
Date.

     The Company is obligated to offer to repurchase the Notes in connection with certain Asset
Sales or a Change of Control, as described in the Indenture.

     The Notes are not entitled to the benefit of any sinking fund.

     If an Event of Default with respect to Notes shall occur and be continuing, the principal of
the Notes of this series may become or 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 entry into one or more supplemental indentures for purposes of amending or modifying
the rights and obligations of the Company and the rights of the holders of the Notes under the
Indenture at any time by the Company and the Trustee with the consent of the holders of a majority
in principal amount of the Notes at the time Outstanding. The Indenture also contains provisions
permitting the holders of specified percentages in principal amount of the Notes at the time
Outstanding, on behalf of the holders of all Notes, to waive compliance by the Company with certain
provisions of the Indenture and certain past defaults under the Indenture and the consequences
thereof. Any such consent or waiver by the holder of this Note shall be conclusive and binding
upon such holder and upon all future holders of this Note and of any Note 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 Note.

5

 

     Notes are issuable only in registered form without coupons in the denominations specified in
the Indenture and any integral multiple in excess thereof, except as provided in Section 2.3 of the
Supplemental Indenture.

     Except as provided in Section 2.4 of the Supplemental Indenture, the Notes shall be issued in
fully registered, certificated form, bearing identical terms. Principal of and interest on the
Notes shall be payable, the transfer of such Notes shall be registrable, and such Notes shall be
exchangeable for Notes of a like aggregate principal amount bearing identical terms and provisions,
at the office or agency of the Company maintained for such purpose in the Borough of Manhattan, The
City of New York.

     No service charge shall be made for any registration of transfer or exchange of the Notes, but
the Company may require payment from the holder of a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection therewith.

     The payment of principal of, premium, if any, and interest on this Note is expressly
subordinated, to the extent and in the manner provided in the Indenture, to the Senior Debt.

     The obligations of the Company under the Note have been guaranteed by the Guarantors to the
extent and as is provided in the Indenture.

     The obligations of the Company under the Indenture and the Notes, and of the Guarantors under
the Note Guarantees, have been secured by a second-priority security interest in the Collateral to
the extent and as provided in the Indenture.

     The Trustee and any agent of the Company or the Trustee may treat the Person in whose name
this Note is registered as the owner hereof for all purposes, whether or not this Note is overdue,
and neither the Company, the Trustee nor any such agent shall be affected by notice to the
contrary.

     The Notes are not savings accounts or deposits with CIT Bank or any other Subsidiary of the
Company nor are they insured by the United States Federal Deposit Insurance Corporation or by the
United States or any agency or fund of the United States. In addition, the Notes are not
obligations of, or Guaranteed by, any Regulated Subsidiaries or any other Unrestricted Subsidiaries
of the Company.

     THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED WHOLLY WITHIN SUCH STATE.

6

 

ASSIGNMENT

FOR VALUE RECEIVED, the undersigned assigns and transfers this Note to:

      

      

      

(Insert assignee’s social security or tax identification number)

      

      

      

(Insert address and zip code of assignee) and irrevocably appoints

      

      

      

agent to transfer this Note on the books of the Company. The agent may substitute another to act
for him or her.

Date:                                                            

Signature:                                                 
                 
              

Signature Guarantee:           
                     
        

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

7

 

OPTION OF HOLDER TO ELECT PURCHASE

     If you want to elect to have this Security purchased by the Company pursuant to Section 3.3 or
3.4 of the Indenture, check the box: o

     If you want to elect to have only part of this Security purchased by the Company pursuant to
Section 3.3 or 3.4 of the Indenture, state the amount in principal amount: $

	 	 	 	 	 	 	 	 	 
	Dated:

	 	 	 	 	 	Your Signature:	 	 
	 

	 	 

	 	 	 	 	 	 
 (Sign
Exactly As Your Name Appears
	 

	 	 	 	 	 	 	 	On The Other Side Of This Security.)

	 	 	 	 	 
	Signature Guarantee:
	 	 	 	 
	 

	 	 

(Signature Must Be Guaranteed)
	 	 

Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of
the Registrar, which requirements include membership or participation in the Security Transfer
Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined
by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the
Securities Exchange Act of 1934, as amended.

 

 

SCHEDULE OF INCREASES OR DECREASES IN NOTE

The initial principal amount of this Note is $[     ]. The following increases or decreases in the
principal amount of this Note have been made:

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Principal amount of	 	 
	 	 	Amount of decrease in	 	Amount of increase in	 	this Note following	 	Signature of
	 	 	principal amount of	 	principal amount of	 	such decrease (or	 	authorized signatory
	Date	 	this Note	 	this Note	 	increase)	 	of Trustee
	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 

1

 

Schedule I

Intercompany Notes

Floating Rate Promissory Note of CIT Financial Ltd, dated July 5, 2005, in a
principal amount of $502,588,633 (Reference Number: PN 2005-1), as extended by
the Agreement Extending Maturity Date Under Floating Rate Promissory Note,
dated as of December 10, 2009.

Floating Rate Promissory Note of CIT Financial Ltd, dated July 5, 2005,in a
principal amount of $502,588,633 (Reference Number: PN 2005-2), as extended by
the Agreement Extending Maturity Date Under Floating Rate Promissory Note,
dated as of December 10, 2009.

Fixed Rate Promissory Note of CIT Financial Ltd, dated July 5, 2005, in a
principal amount of $703,624,085 (Reference Number: PN 2005-3), as extended by
the Agreement Extending Maturity Date Under Fixed Rate Promissory Note, dated
as of December 10, 2009.

Floating Rate Promissory Note of CIT Financial Ltd, dated November 1, 2006, in
a principal amount of $249,052,500 (Reference Number: PN 2006-1), as extended
by the Agreement Extending Maturity Date Under Floating Rate Promissory Note,
dated as of December 10, 2009.

Floating Rate Promissory Note of CIT Financial Ltd, dated November 1, 2006, in
a principal amount of $249,052,500 (Reference Number: PN 2006-2), as extended
by the Agreement Extending Maturity Date Under Floating Rate Promissory Note,
dated as of December 10, 2009.

Consent and Confirmation Agreement with respect to Extending the Maturity Dates
of Promissory Notes issued by CIT Financial Ltd, dated as of December 10, 2009,
by and between CIT GROUP FUNDING COMPANY OF DELAWARE LLC, CIT FINANCIAL LTD.,
CIT HOLDINGS (BARBADOS) SRL, and C.I.T. LEASING CORPORATION.

Support Agreements

Support Agreement dated July 5, 2005 by and between CIT LEASING CORPORATION and
CIT GROUP FUNDING COMPANY OF CANADA

Support Agreement dated Nov. 1, 2006 by and between CIT LEASING CORPORATION and
CIT GROUP FUNDING COMPANY OF CANADA

Support Agreement dated July 5, 2005 by and between CIT LEASING CORPORATION and
CIT HOLDINGS (BARBADOS) SRL

Support Agreement dated Nov. 1, 2006 by and between CIT LEASING CORPORATION and
CIT HOLDINGS (BARBADOS) SRL

Amendment to CIT Leasing/Delaware Funding 2005 Support Agreement, dated as of
December 10, 2009, by and between CIT GROUP FUNDING COMPANY OF DELAWARE LLC and
C.I.T. LEASING CORPORATION

Amendment to CIT Leasing/Delaware Funding 2006 Support Agreement, dated as of
December 10, 2009, by and between CIT GROUP FUNDING COMPANY OF DELAWARE LLC and
C.I.T. LEASING CORPORATION

1

 

ULC Financing Agreements

Subscription Agreement dated July 5, 2005 by and between CIT GROUP FUNDING
COMPANY OF CANADA and CIT HOLDINGS (BARBADOS) SRL, 2005-1

Subscription Agreement dated July 5, 2005 by and between CIT GROUP FUNDING
COMPANY OF CANADA and CIT HOLDINGS (BARBADOS) SRL, 2005-2

Subscription Agreement dated July 5, 2005 by and between CIT GROUP FUNDING
COMPANY OF CANADA and CIT HOLDINGS (BARBADOS) SRL, 2005-3

Subscription Agreement dated Nov. 1, 2006 by and between CIT GROUP FUNDING
COMPANY OF CANADA and CIT HOLDINGS (BARBADOS) SRL, 2006-1

Subscription Agreement dated Nov. 1, 2006 by and between CIT GROUP FUNDING
COMPANY OF CANADA and CIT HOLDINGS (BARBADOS) SRL, 2006-2

Security Agreement dated July 5, 2005 by and between CIT GROUP FUNDING COMPANY
OF CANADA and CIT HOLDINGS (BARBADOS) SRL, 2005-1

Security Agreement dated July 5, 2005 by and between CIT GROUP FUNDING COMPANY
OF CANADA and CIT HOLDINGS (BARBADOS) SRL, 2005-2

Security Agreement dated July 5, 2005 by and between CIT GROUP FUNDING COMPANY
OF CANADA and CIT HOLDINGS (BARBADOS) SRL, 2005-3

Security Agreement dated Nov. 1, 2006 by and between CIT GROUP FUNDING COMPANY
OF CANADA and CIT HOLDINGS (BARBADOS) SRL, 2006-1

Security Agreement dated Nov. 1, 2006 by and between CIT GROUP FUNDING COMPANY
OF CANADA and CIT HOLDINGS (BARBADOS) SRL, 2006-2

Security Agreement dated July 5, 2005 by CIT HOLDINGS (BARBADOS) SRL in favor
of CIT FINANCIAL LTD.

Security Agreement dated Nov. 1, 2006 by CIT HOLDINGS (BARBADOS) SRL in favor
of CIT FINANCIAL LTD.

Capital Contribution Agreement dated July 5, 2005 by CIT HOLDINGS (BARBADOS)
SRL in favor of CIT FINANCIAL LTD.

Capital Contribution Agreement dated Nov. 1, 2006 by CIT HOLDINGS (BARBADOS)
SRL in favor of CIT FINANCIAL LTD.

Support Agreement dated July 5, 2005 by and between CIT LEASING CORPORATION and
CIT GROUP FUNDING COMPANY OF CANADA

Support Agreement dated Nov. 1, 2006 by and between CIT LEASING CORPORATION and
CIT GROUP FUNDING COMPANY OF CANADA

2

 

Support Agreement dated July 5, 2005 by and between CIT LEASING CORPORATION and
CIT HOLDINGS (BARBADOS) SRL

Support Agreement dated Nov. 1, 2006 by and between CIT LEASING CORPORATION and
CIT HOLDINGS (BARBADOS) SRL

Characterization Agreement dated July 5, 2005 among C.I.T. LEASING CORPORATION,
CIT GROUP FUNDING COMPANY OF CANADA, CIT FINANCIAL LIMITED and CIT HOLDINGS
(BARBADOS) SRL

Characterization Agreement dated Nov. 1, 2006 among C.I.T. LEASING CORPORATION,
CIT GROUP FUNDING COMPANY OF CANADA, CIT FINANCIAL LIMITED and CIT HOLDINGS
(BARBADOS) SRL

3exv4w3

Exhibit 4.3

EXECUTION COPY

      

CIT GROUP FUNDING COMPANY OF DELAWARE LLC,

Issuer

and

DEUTSCHE BANK TRUST COMPANY AMERICAS,

Trustee

 

INDENTURE

 

Dated as of December 10, 2009

Debt Securities

      

 

 

Reconciliation and tie between

Trust Indenture Act of 1939 (the “Trust Indenture Act”)

and Indenture

	 	 	 	 	 
	Trust Indenture	 	Indenture Act	 
	Section	 	Section	 
	§ 310(a)(1)
	 	 	6.7	 
	(a)(2)
	 	 	6.7	 
	(b)
	 	 	6.8	 
	§ 311
	 	 	6.4	 
	§ 312(a)
	 	 	7.1	 
	(b)
	 	 	7.2	 
	(c)
	 	 	7.2	 
	§ 313(a)
	 	 	7.3	 
	(c)
	 	 	7.3	 
	(d)
	 	 	7.3	 
	§ 314(a)
	 	 	7.4	 
	(c)(l)
	 	 	1.2	 
	(c)(2)
	 	 	1.2	 
	(e)
	 	 	1.1, 1.2	 
	(f)
	 	 	1.2	 
	§ 315(a)-(d)
	 	 	3.3	 
	(b)
	 	 	6.2	 
	(c)
	 	 	6.1(9)	
	(d)
	 	 	6.1(8)	
	(e)
	 	 	5.15	 
	§ 316(a)(last sentence)
	 	 	1.1	 
	(a)(l)(A)
	 	 	5.12	 
	(a)(1)(B)
	 	 	5.13	 
	(b)
	 	 	5.8	 
	§ 317(a)(1)
	 	 	5.3	 
	(a)(2)
	 	 	5.4	 
	(b)
	 	 	10.3	 
	§ 318(a)
	 	 	1.8	 

 

			
	Note:	 	This reconciliation and tie shall not, for any purpose, be deemed to be part of the
Indenture.

i

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	 	Page	 
	ARTICLE 1
	 	 	 	 
	 
	 	 	 	 
	DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION
	 	 	 	 
	 
	 	 	 	 
	Section 1.1 Definitions
	 	 	1	 
	Section 1.2 Compliance Certificates and Opinions
	 	 	11	 
	Section 1.3 Form of Documents Delivered to Trustee
	 	 	12	 
	Section 1.4 Acts of Holders
	 	 	12	 
	Section 1.5 Notices, Etc. to Trustee and Company
	 	 	14	 
	Section 1.6 Notice to Holders of Securities; Waiver
	 	 	15	 
	Section 1.7 Language of Notices
	 	 	16	 
	Section 1.8 Conflict with Trust Indenture Act
	 	 	16	 
	Section 1.9 Effect of Headings and Table of Contents
	 	 	16	 
	Section 1.10 Successors and Assigns
	 	 	16	 
	Section 1.11 Separability Clause
	 	 	16	 
	Section 1.12 Benefits of Indenture
	 	 	17	 
	Section 1.13 Governing Law
	 	 	17	 
	Section 1.14 Legal Holidays
	 	 	17	 
	Section 1.15 Counterparts
	 	 	17	 
	Section 1.16 Judgment Currency
	 	 	17	 
	Section 1.17 Limitation on Individual Liability
	 	 	18	 
	Section 1.18 Waiver of Jury Trial
	 	 	18	 
	Section 1.19 Force Majeure
	 	 	18	 
	 
	 	 	 	 
	ARTICLE 2
	 	 	 	 
	 
	 	 	 	 
	SECURITIES FORMS
	 	 	 	 
	 
	 	 	 	 
	Section 2.1 Forms Generally
	 	 	18	 
	Section 2.2 Form of Trustee’s Certificate of Authentication
	 	 	19	 
	Section 2.3 Securities in Global Form
	 	 	19	 
	 
	 	 	 	 
	ARTICLE 3
	 	 	 	 
	 
	 	 	 	 
	THE SECURITIES
	 	 	 	 
	 
	 	 	 	 
	Section 3.1 Amount Unlimited; Issuable in Series
	 	 	20	 
	Section 3.2 Currency; Denominations
	 	 	25	 
	Section 3.3 Execution, Authentication, Delivery and Dating
	 	 	25	 
	Section 3.4 Temporary Securities
	 	 	26	 
	Section 3.5 Registration, Transfer and Exchange
	 	 	27	 
	Section 3.6 Mutilated, Destroyed, Lost and Stolen Securities
	 	 	31	 

ii

 

	 	 	 	 	 
	 	 	 	Page	 
	Section 3.7 Payment of Interest; Rights to Interest Preserved
	 	 	32	 
	Section 3.8 Persons Deemed Owners
	 	 	34	 
	Section 3.9 Cancellation
	 	 	35	 
	Section 3.10 Computation of Interest
	 	 	35	 
	Section 3.11 CUSIP Numbers
	 	 	35	 
	 
	 	 	 	 
	ARTICLE 4
	 	 	 	 
	 
	 	 	 	 
	SATISFACTION AND DISCHARGE OF INDENTURE;

DEFEASANCE AND COVENANT DEFEASANCE
	 	 	 	 
	 
	 	 	 	 
	Section 4.1 Satisfaction and Discharge
	 	 	35	 
	Section 4.2 Defeasance and Covenant Defeasance
	 	 	37	 
	Section 4.3 Application of Trust Money
	 	 	41	 
	Section 4.4 Reinstatement
	 	 	41	 
	 
	 	 	 	 
	ARTICLE 5
	 	 	 	 
	 
	 	 	 	 
	REMEDIES
	 	 	 	 
	 
	 	 	 	 
	Section 5.1 Events of Default
	 	 	42	 
	Section 5.2 Acceleration of Maturity; Rescission and Annulment
	 	 	43	 
	Section 5.3 Collection of Indebtedness and Suits for Enforcement by Trustee
	 	 	44	 
	Section 5.4 Trustee May File Proofs of Claim
	 	 	45	 
	Section 5.5 Trustee May Enforce Claims without Possession of Securities or Coupons
	 	 	46	 
	Section 5.6 Application of Money Collected
	 	 	46	 
	Section 5.7 Limitations on Suits
	 	 	47	 
	Section 5.8 Unconditional Right of Holders to Receive Principal and any Premium and Interest
	 	 	47	 
	Section 5.9 Restoration of Rights and Remedies
	 	 	48	 
	Section 5.10 Rights and Remedies Cumulative
	 	 	48	 
	Section 5.11 Delay or Omission Not Waiver
	 	 	48	 
	Section 5.12 Control by Holders of Securities
	 	 	48	 
	Section 5.13 Waiver of Past Defaults
	 	 	49	 
	Section 5.14 Waiver of Usury, Stay or Extension Laws
	 	 	49	 
	Section 5.15 Undertaking for Costs
	 	 	49	 
	 
	 	 	 	 
	ARTICLE 6
	 	 	 	 
	 
	 	 	 	 
	THE TRUSTEE
	 	 	 	 
	 
	 	 	 	 
	Section 6.1 Certain Duties and Responsibilities
	 	 	50	 
	Section 6.2 Certain Rights of Trustee
	 	 	51	 
	Section 6.3 Notice of Defaults
	 	 	53	 
	Section 6.4 Not Responsible for Recitals or Issuance of Securities
	 	 	53	 
	Section 6.5 May Hold Securities
	 	 	53	 
	Section 6.6 Money Held in Trust
	 	 	53	 

iii

 

	 	 	 	 	 
	 	 	 	Page	 
	Section 6.7 Compensation and Reimbursement
	 	 	53	 
	Section 6.8 Corporate Trustee Required; Eligibility
	 	 	54	 
	Section 6.9 Resignation and Removal; Appointment of Successor
	 	 	55	 
	Section 6.10 Acceptance of Appointment by Successor
	 	 	57	 
	Section 6.11 Merger, Conversion, Consolidation or Succession to Business
	 	 	58	 
	Section 6.12 Appointment of Authenticating Agent
	 	 	58	 
	Section 6.13 Appointment of Attorney-in-Fact
	 	 	60	 
	 
	 	 	 	 
	ARTICLE 7
	 	 	 	 
	 
	 	 	 	 
	HOLDERS LISTS AND REPORTS BY TRUSTEE AND COMPANY
	 	 	 	 
	 
	 	 	 	 
	Section 7.1 Company to Furnish Trustee Names and Addresses of Holders
	 	 	61	 
	Section 7.2 Preservation of Information; Communications to Holders
	 	 	61	 
	Section 7.3 Reports by Trustee
	 	 	61	 
	Section 7.4 Reports by Company
	 	 	62	 
	 
	 	 	 	 
	ARTICLE 8
	 	 	 	 
	 
	 	 	 	 
	CONSOLIDATION, AMALGAMATIONS, MERGER AND SALES
	 	 	 	 
	 
	 	 	 	 
	Section 8.1 Company May Consolidate, Etc., Only on Certain Terms
	 	 	63	 
	Section 8.2 Successor Person Substituted for Company
	 	 	63	 
	 
	 	 	 	 
	ARTICLE 9
	 	 	 	 
	 
	 	 	 	 
	SUPPLEMENTAL INDENTURES
	 	 	 	 
	 
	 	 	 	 
	Section 9.1 Supplemental Indentures without Consent of Holders
	 	 	64	 
	Section 9.2 Supplemental Indentures with Consent of Holders
	 	 	65	 
	Section 9.3 Execution of Supplemental Indentures
	 	 	67	 
	Section 9.4 Effect of Supplemental Indentures
	 	 	67	 
	Section 9.5 Reference in Securities to Supplemental Indentures
	 	 	67	 
	Section 9.6 Conformity with Trust Indenture Act
	 	 	67	 
	Section 9.7 Notice of Supplemental Indenture
	 	 	67	 
	 
	 	 	 	 
	ARTICLE 10
	 	 	 	 
	 
	 	 	 	 
	COVENANTS
	 	 	 	 
	 
	 	 	 	 
	Section 10.1 Payment of Principal, any Premium, Interest
	 	 	68	 
	Section 10.2 Maintenance of Office or Agency
	 	 	68	 
	Section 10.3 Money for Securities Payments to Be Held in Trust
	 	 	69	 
	Section 10.4 Existence
	 	 	71	 
	Section 10.5 Waiver of Certain Covenants
	 	 	71	 
	Section 10.6 Company Statement as to Compliance; Notice of Certain Defaults
	 	 	71	 

iv

 

	 	 	 	 	 
	 	 	 	Page	 
	ARTICLE 11
	 	 	 	 
	 
	 	 	 	 
	REDEMPTION OF SECURITIES
	 	 	 	 
	 
	 	 	 	 
	Section 11.1 Applicability of Article
	 	 	72	 
	Section 11.2 Election to Redeem; Notice to Trustee
	 	 	72	 
	Section 11.3 Selection by Trustee of Securities to be Redeemed
	 	 	72	 
	Section 11.4 Notice of Redemption
	 	 	73	 
	Section 11.5 Deposit of Redemption Price
	 	 	74	 
	Section 11.6 Securities Payable on Redemption Date
	 	 	75	 
	Section 11.7 Securities Redeemed in Part
	 	 	76	 
	Section 11.8 Cancellation and Destruction of Securities
	 	 	76	 
	 
	 	 	 	 
	ARTICLE 12
	 	 	 	 
	 
	 	 	 	 
	SINKING FUNDS
	 	 	 	 
	 
	 	 	 	 
	Section 12.1 Applicability of Article
	 	 	76	 
	Section 12.2 Satisfaction of Sinking Fund Payments with Securities
	 	 	76	 
	Section 12.3 Redemption of Securities for Sinking Fund
	 	 	77	 
	 
	 	 	 	 
	ARTICLE 13
	 	 	 	 
	 
	 	 	 	 
	REPAYMENT AT THE OPTION OF HOLDERS
	 	 	 	 
	 
	 	 	 	 
	Section 13.1 Applicability of Article
	 	 	77	 
	 
	 	 	 	 
	ARTICLE 14
	 	 	 	 
	 
	 	 	 	 
	SECURITIES IN FOREIGN CURRENCIES
	 	 	 	 
	 
	 	 	 	 
	Section 14.1 Applicability of Article
	 	 	78	 
	 
	 	 	 	 
	ARTICLE 15
	 	 	 	 
	 
	 	 	 	 
	MEETINGS OF HOLDERS OF SECURITIES
	 	 	 	 
	 
	 	 	 	 
	Section 15.1 Purposes for Which Meetings May Be Called
	 	 	78	 
	Section 15.2 Call, Notice and Place of Meetings
	 	 	78	 
	Section 15.3 Persons Entitled to Vote at Meetings
	 	 	79	 
	Section 15.4 Quorum; Action
	 	 	79	 
	Section 15.5 Determination of Voting Rights; Conduct and Adjournment of Meetings
	 	 	80	 
	Section 15.6 Counting Votes and Recording Action of Meetings
	 	 	81	 
	Section 15.7 Preservation of Rights of Trustee and Holders
	 	 	81	 

v

 

Index of Defined Terms

	 	 	 	 	 
	 	 	Page	 
	$ 
	 	 	5	 
	Act
	 	 	2	 
	Affiliate
	 	 	2	 
	Agency
	 	 	7	 
	Authenticating Agent
	 	 	2	 
	Authorized Newspaper
	 	 	2	 
	Authorized Officer
	 	 	3	 
	Bankruptcy Law
	 	 	3, 43	 
	Bearer Security
	 	 	3	 
	Board of Directors
	 	 	3	 
	Board Resolution
	 	 	3	 
	Business Day
	 	 	3	 
	Capital Stock
	 	 	3	 
	Commission
	 	 	3	 
	Common Stock
	 	 	3	 
	Company
	 	 	1, 4	 
	Company Paid Amount
	 	 	42	 
	Company Request and Company Order
	 	 	4	 
	Conversion Event
	 	 	4	 
	Corporate Trust Office
	 	 	4	 
	Corporation
	 	 	4	 
	Coupon
	 	 	4	 
	Currency
	 	 	4	 
	CUSIP number
	 	 	4	 
	Custodian
	 	 	4, 43	 
	default
	 	 	53	 
	Defaulted Interest
	 	 	4, 32	 
	defeasance
	 	 	37	 
	Depository
	 	 	11	 
	Dollars
	 	 	5	 
	Event of Default
	 	 	5, 42	 
	Foreign Currency
	 	 	5	 
	Government Obligations
	 	 	5	 
	Holder
	 	 	5	 
	Indebtedness
	 	 	5	 
	Indenture
	 	 	1, 6	 
	Independent Public Accountants
	 	 	6	 
	Indexed Security
	 	 	6	 
	Interest
	 	 	6	 
	Interest Payment Date
	 	 	6	 
	Judgment Currency
	 	 	6, 18	 
	Maturity
	 	 	6	 
	New York Banking Day
	 	 	7, 18	 
	Office
	 	 	7	 

vi

 

	 	 	 	 	 
	 	 	Page	 
	Officers’ Certificate
	 	 	7	 
	Opinion of Counsel
	 	 	7	 
	Original Issue Discount Security
	 	 	7	 
	Outstanding
	 	 	7	 
	Paying Agent
	 	 	9	 
	Person
	 	 	9	 
	Place of Payment
	 	 	9	 
	Predecessor Security
	 	 	9	 
	Preferred Stock
	 	 	9	 
	Redemption Date
	 	 	9	 
	Redemption Price
	 	 	9	 
	Registered Security
	 	 	9	 
	Regular Record Date
	 	 	9	 
	Required Currency
	 	 	10, 18	 
	Responsible Officer
	 	 	10	 
	Securities
	 	 	1, 10	 
	Security
	 	 	10	 
	Security Register
	 	 	10	 
	Security Registrar
	 	 	10	 
	Special Record Date
	 	 	10	 
	Stated Maturity
	 	 	10	 
	Subsidiary
	 	 	10	 
	Trust Indenture Act
	 	 	10	 
	Trustee
	 	 	1, 11	 
	U.S. Depository
	 	 	11	 
	United States
	 	 	11	 
	Vice President
	 	 	11	 

vii

 

     INDENTURE, dated as of December 10, 2009 (the “Indenture”), between CIT Group Funding Company
of Delaware LLC, a Delaware limited liability company duly organized and existing under the laws of
the State of Delaware (the “Company”) and Deutsche Bank Trust Company Americas, as trustee (the
“Trustee”).

RECITALS

     The Company has duly authorized the execution and delivery of this Indenture to provide for
the issuance from time to time of its debentures, notes or other evidences of indebtedness (the
“Securities”), unlimited as to principal amount, to bear such rates of interest, to mature at such
time or times, to be issued in one or more series and to have such other provisions as shall be
fixed as hereinafter provided.

     The Company has duly authorized the execution and delivery of this Indenture. All things
necessary to make this Indenture a valid and legally binding agreement of the Company, in
accordance with its terms, have been done.

     This Indenture is subject to the provisions of the Trust Indenture Act of 1939, as amended,
and the rules and regulations of the Securities and Exchange Commission promulgated thereunder that
are required to be part of this Indenture and, to the extent applicable, shall be governed by such
provisions.

     NOW, THEREFORE, THIS INDENTURE WITNESSETH:

     For and in consideration of the premises and the purchase of the Securities by the Holders (as
herein defined) thereof, it is mutually covenanted, declared and agreed by and between the parties
hereto, for the equal and proportionate benefit of all Holders of the Securities or of any series
thereof and any Coupons (as herein defined) as follows:

ARTICLE 1

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION 

     Section 1.1 Definitions. Except as otherwise specified with respect to any Securities
issued pursuant to Section 3.1, and except as otherwise expressly provided in or pursuant to this
Indenture, or unless the context otherwise requires, for all purposes of this Indenture:

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

 

 

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

     (3) all accounting terms not otherwise defined herein have the meanings assigned to
them in accordance with generally accepted accounting principles in the United States of
America and, except as otherwise herein expressly provided, the terms “generally accepted
accounting principles” or “GAAP” with respect to any computation required or permitted
hereunder shall mean such accounting principles as are generally accepted in the United
States of America at the date or time of such computation;

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

     (5) the word “or” is always used inclusively (for example, the phrase “A or B” means “A
or B or both,” not “either A or B but not both”). Certain terms used principally in certain
Articles hereof are defined in those Articles.

     “Act,” when used with respect to any Holders, has the meaning specified in Section 1.4.

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

     “Authenticating Agent” means any Person authorized by the Trustee pursuant to Section 6.12 to
act on behalf of the Trustee to authenticate Securities of one or more series.

     “Authorized Newspaper” means a newspaper, in an official language of the place of publication
or in the English language, customarily published on each day that is a Business Day in the place
of publication, whether or not published on days that are legal holidays in the place of
publication, and of general circulation in each place in connection with which the term is used or
in the financial community of each such place. Where successive publications are required to be
made in Authorized Newspapers, the successive
publications may be made in the same or in different newspapers in the same city meeting the
foregoing requirements and in each case on any day that is a Business Day in the place of
publication.

     “Authorized Officer” means, when used with respect to the Company, the Chairman of the Board
of Managers, a Vice Chairman, the President, the Chief Executive Officer, the Chief

2

 

Financial
Officer, any Vice President, the Treasurer, an Assistant Treasurer, the Secretary or an Assistant
Secretary, of the Company.

     “Bankruptcy Law” has the meaning specified in Section 5.1(5).

     “Bearer Security” means any Security in the form established pursuant to Section 2.1 which is
payable to bearer.

     “Board of Directors” means the board of directors of the Company or any committee of that
board duly authorized to act generally or in any particular respect for the Company hereunder.

     “Board Resolution” means a copy of one or more resolutions, certified by the Secretary or an
Assistant Secretary of the Company to have been duly adopted by the Board of Directors and to be in
full force and effect on the date of such certification, delivered to the Trustee.

     “Business Day,” with respect to any Place of Payment or other location, means any day other
than a Saturday, Sunday or other day on which banking institutions in such Place of Payment or
other location are authorized or obligated by law, regulation or executive order to close.

     “Capital Stock” of any Person means any and all shares, interests, rights to purchase,
warrants, options, participations or other equivalents of or interests in (however designated)
equity of such Person, including Preferred Stock, but excluding any debt securities convertible
into such equity.

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

     “Common Stock” in respect of any Corporation means Capital Stock of any class or classes
(however designated) which has no preference as to the payment of dividends, or as to the
distribution of assets upon any voluntary or involuntary liquidation or dissolution of such
Corporation, and which is not subject to redemption by such Corporation.

     “Company” means the Person named as the “Company” in the first paragraph of this instrument
until a successor Person shall have become such pursuant to the applicable provisions

3

 

of this
Indenture, and thereafter “Company” shall mean such successor Person, and any other obligor upon
the Securities.

     “Company Request and Company Order” mean, respectively, a written request or order, as the
case may be, signed in the name of the Company by an Authorized Officer, and delivered to the
Trustee.

     “Conversion Event” means the cessation of use of (i) a Foreign Currency both by the government
of the country or the confederation which issued such Foreign Currency and for the settlement of
transactions by a central bank or other public institutions of or within the international banking
community or (ii) any currency unit or composite currency for the purposes for which it was
established.

     “Corporate Trust Office” means the principal corporate trust office of the Trustee at which at
any particular time its corporate trust business shall be administered, which office at the date of
original execution of this Indenture is located at 101 Barclay Street, Floor 8W, New York, New York
10286, Attn: Corporate Trust Administration, or such other address as the Trustee may designate
from time to time by notice to the Holders and the Company.

     “Corporation” means corporations and limited liability companies and, except for purposes of
Article 8, associations, companies and business trusts.

     “Coupon” means any interest coupon appertaining to a Bearer Security.

     “Currency,” with respect to any payment, deposit or other transfer in respect of the principal
of or any premium or interest on any Security, means Dollars or the Foreign Currency, as the case
may be, in which such payment, deposit or other transfer is required to be made by or pursuant to
the terms hereof or such Security and, with respect to any other payment, deposit or transfer
pursuant to or contemplated by the terms hereof or such Security, means Dollars.

     “CUSIP number” means the alphanumeric designation assigned to a Security by Standard & Poor’s
Ratings Service, CUSIP Service Bureau.

     “Custodian” has the meaning specified in Section 5.1(5).

     “Defaulted Interest” has the meaning specified in Section 3.7.

     “Dollars” or “$” means a dollar or other equivalent unit of legal tender for payment of public
or private debts in the United States of America.

4

 

     “Event of Default” has the meaning specified in Section 5.1.

     “Foreign Currency” means any currency, currency unit or composite currency, including, without
limitation, the euro, issued by the government of one or more countries other than the United
States of America or by any recognized confederation or association of such governments.

     “Government Obligations” means securities which are (i) direct obligations of the United
States of America or the other government or governments which issued the Foreign Currency in which
the principal of or any premium or interest on such Security shall be payable, in each case where
the payment or payments thereunder are supported by the full faith and credit of such government or
governments or (ii) obligations of a Person controlled or supervised by and acting as an agency or
instrumentality of the United States of America or such other government or governments, in each
case where the timely payment or payments thereunder are unconditionally guaranteed as a full faith
and credit obligation by the United States of America or such other government or governments, and
which, in the case of (i) or (ii), are not callable or redeemable at the option of the issuer or
issuers thereof, and shall also include a depository receipt issued by a bank or trust company as
custodian with respect to any such Government Obligation or a specific payment of interest on or
principal of or other amount with respect to any such Government Obligation held by such custodian
for the account of the holder of a depository receipt, provided that (except as required by
law) such custodian is not authorized to make any deduction from the amount payable to the holder
of such depository receipt from any amount received by the custodian in respect of the Government
Obligation or the specific payment of interest on or principal of or other amount with respect to
the Government Obligation evidenced by such depository receipt.

     “Holder,” in the case of any Registered Security, means the Person in whose name such Security
is registered in the Security Register and, in the case of any Bearer Security, means the bearer
thereof and, in the case of any Coupon, means the bearer thereof.

     “Indebtedness” means, with respect to any Person, such Person’s (i) obligations for borrowed
money, (ii) obligations representing the deferred purchase price of property or services other than
accounts payable arising in the ordinary course of such Person’s business, (iii) obligations,
whether or not assumed, secured by Liens on property now or
hereafter owned or acquired by such Person (other than carriers’, warehousemen’s, mechanics’,
repairmen’s or other like nonconsensual statutory Liens arising in the ordinary course of
business), (iv) obligations which are evidenced by notes, acceptances, or other similar
instruments, (v) capitalized lease obligations, (vi) contingent obligations with respect to the
Indebtedness of another Person, including but not limited to the obligation or liability of another
which such Person assumes, guarantees, endorses, contingently agrees to purchase or provide funds
for the payment of, or otherwise becomes contingently liable upon; provided that any
Indebtedness owing by the Company to any of its Subsidiaries or by any Subsidiary of the Company to
the Company or by any Subsidiary of the Company to any other Subsidiary of the Company or any
contingent

5

 

obligation in respect thereof shall not constitute Indebtedness for purposes of this
Agreement, and (vii) obligations for which such Person is obligated in respect of a letter of
credit.

     “Indenture” means this instrument as it may from time to time be supplemented or amended by
one or more indentures supplemental hereto entered into pursuant to the applicable provisions
hereof, including, for all purposes of this instrument and any such supplemental indenture, the
provisions of the Trust Indenture Act that are deemed to be a part of and govern this instrument,
and, with respect to any Security, by the terms and provisions of such Security and any Coupon
appertaining thereto established pursuant to Section 3.1 (as such terms and provisions may be
amended pursuant to the applicable provisions hereof).

     “Independent Public Accountants” means accountants or a firm of accountants that, with respect
to the Company and any other obligor under the Securities or the Coupons, are independent public
accountants within the meaning of the Securities Act of 1933, as amended, and the rules and
regulations promulgated by the Commission thereunder, who may be the independent public accountants
regularly retained by the Company or who may be other independent public accountants. Such
accountants or firm shall be entitled to rely upon any Opinion of Counsel as to the interpretation
of any legal matters relating to this Indenture or certificates required to be provided hereunder.

     “Indexed Security” means a Security the terms of which provide that the principal amount
thereof payable at Stated Maturity may be more or less than the principal face amount thereof at
original issuance.

     “Interest” means interest payable after Maturity with respect to any Original Issue Discount
Security which, by its terms, bears interest only after Maturity.

     “Interest Payment Date,” with respect to any Security, means the Stated Maturity of an
installment of interest on such Security.

     “Judgment Currency” has the meaning specified in Section 1.16.

     “Maturity,” with respect to any Security, means the date on which the principal of such
Security or an installment of principal becomes due and payable as provided in or pursuant to this
Indenture, whether at the Stated Maturity or by declaration of acceleration, notice of redemption
or repurchase, notice of option to elect repayment or otherwise, and includes the Redemption Date.

     “New York Banking Day” has the meaning specified in Section 1.16.

6

 

     “Office” or “Agency” with respect to any Securities, means an office or agency of the Company
maintained or designated in a Place of Payment for such Securities pursuant to Section 10.2 or any
other office or agency of the Company maintained or designated for such Securities pursuant to
Section 10.2 or, to the extent designated or required by Section 10.2 in lieu of such office or
agency, the Corporate Trust Office of the Trustee.

     “Officers’ Certificate” means a certificate signed by the Chairman, Vice Chairman, President,
Chief Executive Officer or a Vice President and by the Chief Financial Officer, Treasurer, an
Assistant Treasurer, the Secretary, or an Assistant Secretary of the Corporation, and delivered to
the Trustee.

     “Opinion of Counsel” means a written opinion of counsel, reasonably acceptable to the Trustee,
who may be an employee of or counsel for the Company or other counsel, that, if required by the
Trust Indenture Act, complies with the requirements of Section 314(e) of the Trust Indenture Act.

     “Original Issue Discount Security” means a Security issued pursuant to this Indenture which
provides for declaration of an amount less than the principal face amount thereof to be due and
payable upon acceleration pursuant to Section 5.2.

     “Outstanding,” when used with respect to any Securities, means, as of the date of
determination, all such Securities theretofore authenticated and delivered under this Indenture,
except:

	 	(a)	 	any such Security theretofore cancelled by the Trustee or the Security
Registrar or delivered to the Trustee or the Security Registrar for cancellation;
	 
	 	(b)	 	any such Security for whose payment at the Maturity thereof money in the
necessary amount has been theretofore deposited pursuant hereto with the Trustee or any
Paying Agent (other than the Company) in trust or set aside and segregated
in trust by the Company (if the Company shall act as its own Paying Agent) for the
Holders of such Securities and any Coupons appertaining thereto, provided
that, if such Securities are to be redeemed, notice of such redemption has been duly
given pursuant to this Indenture or provision therefor satisfactory to the Trustee
has been made;
	 
	 	(c)	 	any such Security with respect to which the Company has effected defeasance
and/or covenant defeasance pursuant to the terms hereof, except to the extent provided
in Section 4.2;

7

 

	 	(d)	 	any such Security which has been paid pursuant to Section 3.6 or in exchange
for or in lieu of which other Securities have been authenticated and delivered pursuant
to this Indenture, unless there shall have been presented to the Trustee proof
satisfactory to it that such Security is held by a bona fide purchaser in whose hands
such Security is a valid obligation of the Company; and
	 
	 	(e)	 	any such Security converted or exchanged as contemplated by this Indenture into
other securities or property of a Person (including the Company) if the terms of such
Security provide for such conversion or exchange pursuant to Section 3.1;

provided, however, that in determining whether the Holders of the requisite
principal amount of Outstanding Securities have given any request, demand, authorization,
direction, notice, consent or waiver hereunder or are present at a meeting of Holders of Securities
for quorum purposes, (i) the principal amount of an Original Issue Discount Security that may be
counted in making such determination and that shall be deemed to be Outstanding for such purposes
shall be equal to the amount of the principal thereof that pursuant to the terms of such Original
Issue Discount Security would be declared (or shall have been declared to be) due and payable upon
a declaration of acceleration thereof pursuant to Section 5.2 at the time of such determination,
and (ii) the principal amount of any Indexed Security that may be counted in making such
determination and that shall be deemed Outstanding for such purposes shall be equal to the
principal face amount of such Indexed Security at original issuance, unless otherwise provided in
or pursuant to this Indenture, and (iii) the principal amount of a Security denominated in a
Foreign Currency shall be the Dollar equivalent, determined on the date of original issuance of
such Security, of the principal amount (or, in the case of an Original Issue Discount Security, the
Dollar equivalent on the date of original issuance of such Security of the amount determined as
provided in (i) above) of such Security, and (iv) Securities owned by the Company or any other
obligor upon the Securities or any Affiliate of the Company or such other obligor, shall be
disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee shall
be protected in making any such determination or relying upon any such request, demand,
authorization, direction, notice, consent or waiver, only Securities which a Responsible Officer of
the Trustee actually knows to be so owned shall be so disregarded. Securities so owned which shall
have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the
satisfaction of the Trustee (A) the pledgee’s right so to act with respect to such Securities
and (B) that the pledgee is not the Company or any other obligor upon the Securities or any Coupons
appertaining thereto or an Affiliate of the Company or such other obligor.

     “Paying Agent” means any Person authorized by the Company to pay the principal of, or any
premium or interest on, any Security or any Coupon on behalf of the Company.

     “Person” means any individual, Corporation, partnership, joint venture, joint-stock company,
trust, unincorporated organization or government or any agency or political subdivision thereof.

8

 

     “Place of Payment,” with respect to any Security, means the place or places where the
principal of, or any premium or interest on, such Security is payable as provided in or pursuant to
this Indenture or such Security.

     “Predecessor Security” of any particular Security means every previous Security evidencing all
or a portion of the same Indebtedness as that evidenced by such particular Security; and, for the
purposes of this definition, any Security authenticated and delivered under Section 3.6 in exchange
for or in lieu of a lost, destroyed, mutilated or stolen Security or any Security to which a
mutilated, destroyed, lost or stolen Coupon appertains shall be deemed to evidence the same
Indebtedness as the lost, destroyed, mutilated or stolen Security or the Security to which a
mutilated, destroyed, lost or stolen Coupon appertains.

     “Preferred Stock” in respect of any Corporation means Capital Stock of any class or classes
(however designated) which is preferred as to the payment of dividends, or as to the distribution
of assets upon any voluntary or involuntary liquidation or dissolution of such Corporation, over
shares of Capital Stock of any other class of such Corporation.

     “Redemption Date” with respect to any Security or portion thereof to be redeemed, means the
date fixed for such redemption by or pursuant to this Indenture or such Security.

     “Redemption Price” with respect to any Security or portion thereof to be redeemed, means the
price at which it is to be redeemed as determined by or pursuant to this Indenture or such
Security.

     “Registered Security” means any Security in the form established pursuant to Section 2.1 which
is registered in a Security Register.

     “Regular Record Date” for the interest payable on any Registered Security on any Interest
Payment Date therefor means the date, if any, specified in or pursuant to this Indenture or such
Security as the “Regular Record Date.”

     “Required Currency” has the meaning specified in Section 1.16.

     “Responsible Officer” means any officer within the corporate trust office of the Trustee,
which may include every vice president or officer senior thereto, every assistant vice president,
every trust officer, every assistant trust officer, and every other officer and assistant officer
of the Trustee customarily performing functions similar to those performed by the persons who at
the time shall be such officers, respectively, or to whom any corporate trust matter is referred
because of his knowledge of, and familiarity with, a particular subject and who shall have direct
responsibility for the administration of this Indenture.

9

 

     “Security” or “Securities” means any note or notes, bond or bonds, debenture or debentures, or
any other evidences of Indebtedness, as the case may be, authenticated and delivered under this
Indenture; provided, however, that, if at any time there is more than one Person
acting as Trustee under this Indenture, “Securities,” with respect to any such Person, shall mean
Securities authenticated and delivered under this Indenture, exclusive, however, of Securities of
any series as to which such Person is not Trustee.

     “Security Register” and “Security Registrar” have the respective meanings specified in Section
3.5.

     “Special Record Date” for the payment of any Defaulted Interest on any Registered Security
means a date fixed by the Company pursuant to Section 3.7.

     “Stated Maturity,” with respect to any Security or any installment of principal thereof or
interest thereon, means the date established by or pursuant to this Indenture or such Security as
the fixed date on which the principal of such Security or such installment of principal or interest
is, due and payable.

     “Subsidiary” means with respect to the Company, such Person which, at the time of
determination, more than 50% of the voting power of the shares of its Capital Stock or other
interests (including partnership interests) entitled (without regard to the occurrence of any
contingency) to vote in the election of directors, managers or trustees thereof is owned or
controlled, directly or indirectly, by (i) the Company and/or (ii) one or more Subsidiaries of the
Company; provided, however, that the term Subsidiary shall not include any Person,
if the earnings of such Person are not consolidated with the financial statements of the Company in
accordance with the requirements of GAAP.

     “Trust Indenture Act” means the Trust Indenture Act of 1939, as amended, and any reference
herein to the Trust Indenture Act or a particular provision thereof shall mean such Act or
provision, as the case may be, as amended or replaced from time to time or as supplemented from
time to time by rules or regulations adopted by the Commission under or in furtherance of the
purposes of such Act or provision, as the case may be.

     “Trustee” means the Person named as the “Trustee” in the first paragraph of this Indenture
until a successor Trustee shall have become such with respect to one or more series of Securities
pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean each
Person who is then a Trustee hereunder; provided, however, that if at any time
there is more than one such Person, “Trustee” shall mean each such Person and as used with respect
to the Securities of any series shall mean the Trustee with respect to the Securities of such
series.

10

 

     “United States,” except as otherwise provided in or pursuant to this Indenture or any
Security, means the United States of America (including the states thereof and the District of
Columbia), its territories and possessions and other areas subject to its jurisdiction.

     “U.S. Depository” or “Depository” means, with respect to any Security issuable or issued in
the form of one or more global Securities, the Person designated as U.S. Depository or Depository
by the Company in or pursuant to this Indenture, which Person must be, to the extent required by
applicable law or regulation, a clearing agency registered under the Securities Exchange Act of
1934, as amended, and, if so provided with respect to any Security, any successor to such Person.
If at any time there is more than one such Person, “U.S. Depository” or “Depository” shall mean,
with respect to any Securities, the qualifying entity that has been appointed with respect to such
Securities.

     “Vice President” when used with respect to the Company or the Trustee, means any vice
president, whether or not designated by a number or a word or words added before or after the title
“Vice President.”

     Section 1.2 Compliance Certificates and Opinions. Except as otherwise expressly provided
in this Indenture, upon any application or request by the Company to the Trustee to take any action
under any provision of this Indenture, the Company shall furnish to the Trustee an Officers’
Certificate stating that all conditions precedent, if any, provided for in this Indenture relating
to the proposed action have been complied with and an Opinion of Counsel stating that, in the
opinion of such counsel, all such conditions precedent, if any, have been complied with, except
that in the case of any such application or request as to which the furnishing of such documents or
any of them is specifically required by any provision of this Indenture relating to such particular
application or request, no additional certificate or opinion need be furnished.

     Every certificate or opinion with respect to compliance with a condition or covenant provided
for in this Indenture shall include:

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

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

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

11

 

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

     Section 1.3 Form of Documents Delivered to Trustee. In any case where several matters are
required to be certified by, or covered by an opinion of, any specified Person, it is not necessary
that all such matters be certified by, or covered by the opinion of, only one such Person, or that
they be so certified or covered by only one document, but one such Person may certify or give an
opinion with respect to some matters and one or more other such Persons as to other matters, and
any such Person may certify or give an opinion as to such matters in one or several documents.

     Any certificate or opinion of an officer of the Company may be based, insofar as it relates to
legal matters, upon an Opinion of Counsel, provided that such officer, after reasonable
inquiry, has no reason to believe and does not believe that the Opinion of Counsel with respect to
the matters upon which his certificate or opinion is based is erroneous. Any such Opinion of
Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of,
or representations by, an officer or officers of the Company, stating that the information with
respect to such factual matters is in the possession of the Company, provided that such
counsel, after reasonable inquiry, has no reason to believe and does not believe that the
certificate or opinion or representations with respect to such matters are erroneous.

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

     Section 1.4 Acts of Holders.

     (1) Any request, demand, authorization, direction, notice, consent, waiver or other
action provided by or pursuant to this Indenture to be given or taken by Holders may be
embodied in and evidenced by one or more instruments of substantially similar tenor signed
by such Holders in person or by an agent duly appointed in writing. If, but only if,
Securities of a series are issuable as Bearer Securities, any request, demand,
authorization, direction, notice, consent, waiver or other action provided in or pursuant to
this Indenture to be given or taken by Holders of Securities of such series may,
alternatively, be embodied in and evidenced by the record of Holders of Securities of such
series voting in favor thereof, either in person or by proxies duly appointed in writing, at
any meeting of Holders of Securities of such series duly called and held in accordance with
the provisions of Article 15, or a combination of such instruments and any such record.
Except as herein otherwise expressly provided, such action shall become effective when such
instrument or instruments or record or both are delivered to the Trustee and, where it is
hereby expressly required, to the Company. Such instrument or instruments and any such
record (and the action embodied therein and evidenced thereby) are herein sometimes referred
to as the “Act” of the Holders signing such instrument or instruments or so voting at any
such meeting. Proof of execution of any such instrument or of a writing appointing any such
agent, or of the holding by any

12

 

Person of a Security, shall be sufficient for any purpose of
this Indenture and (subject to Section 315 of the Trust Indenture Act) conclusive in favor
of the Trustee, the Company and any agent of the Trustee or the Company, if made in the
manner provided in this Section. The record of any meeting of Holders of Securities shall
be proved in the manner provided in Section 15.6.

     Without limiting the generality of this Section 1.4, unless otherwise provided in or pursuant
to this Indenture, a Holder, including a U.S. Depository that is a Holder of a global Security, may
make, give or take, by a proxy or proxies, duly appointed in writing, any request, demand,
authorization, direction, notice, consent, waiver or other Act provided in or pursuant to this
Indenture to be made, given or taken by Holders, and a U.S. Depository that is a Holder of a global
Security may provide its proxy or proxies to the beneficial owners of interests in any such global
Security through such U.S. Depository’s standing instructions and customary practices.

     The Company shall fix a record date for the purpose of determining the Persons who are
beneficial owners of interest in any permanent global Security held by a U.S. Depository entitled
under the procedures of such U.S. Depository to make, give or take, by a proxy or proxies duly
appointed in writing, any request, demand, authorization, direction, notice, consent, waiver or
other Act provided in or pursuant to this Indenture to be made, given or taken by Holders. If such
a record date is fixed, the Holders on such record date or their duly appointed proxy or proxies,
and only such Persons, shall be entitled to make, give or take such request, demand, authorization,
direction, notice, consent, waiver or other Act, whether or not such Holders remain Holders after
such record date. No such request, demand, authorization, direction, notice, consent, waiver or
other Act shall be valid or effective if made, given or taken more than 90 days after such record
date.

     (2) The fact and date of the execution by any Person of any such instrument or writing
referred to in this Section 1.4 may be proved in any reasonable manner; and the Trustee may
in any instance require further proof with respect to any of the matters referred to in this
Section.

     (3) The ownership, principal amount and serial numbers of Registered Securities held by
any Person, and the date of the commencement and the date of the termination of holding the
same, shall be proved by the Security Register.

     (4) The ownership, principal amount and serial numbers of Bearer Securities held by any
Person, and the date of the commencement and the date of the termination of holding the
same, may be proved by the production of such Bearer Securities or by a certificate
executed, as depositary, by any trust company, bank, banker or other depositary reasonably
acceptable to the Company, wherever situated, if such certificate shall be deemed by the
Company and the Trustee to be satisfactory, showing that at the date therein mentioned such
Person had on deposit with such depositary, or exhibited to it, the Bearer Securities
therein described; or such facts may be proved by the certificate or

13

 

affidavit of the Person
holding such Bearer Securities, if such certificate or affidavit is deemed by the Trustee to
be satisfactory. The Trustee and the Company may assume that such ownership of any Bearer
Security continues until (i) another certificate or affidavit bearing a later date issued in
respect of the same Bearer Security is produced, or (ii) such Bearer Security is produced to
the Trustee by some other Person, or (iii) such Bearer Security is surrendered in exchange
for a Registered Security, or (iv) such Bearer Security is no longer Outstanding. The
ownership, principal amount and serial numbers of Bearer Securities held by the Person so
executing such instrument or writing and the date of the commencement and the date of the
termination of holding the same may also be proved in any other manner, which the Company
and the Trustee deem sufficient.

     (5) If the Company shall solicit from the Holders of any Registered Securities any
request, demand, authorization, direction, notice, consent, waiver or other Act, the Company
may at its option (but is not obligated to), by Board Resolution, fix in advance a record
date for the determination of Holders of Registered Securities entitled to give such
request, demand, authorization, direction, notice, consent, waiver or other Act. If such a
record date is fixed, such request, demand, authorization, direction, notice, consent,
waiver or other Act may be given before or after such record date, but only the Holders of
Registered Securities of record at the close of business on such record date shall be deemed
to be Holders for the purpose of determining whether Holders of the requisite proportion of
Outstanding Securities have authorized or agreed or consented to such request, demand,
authorization, direction, notice, consent, waiver or other Act, and for that purpose the
Outstanding Securities shall be computed as of such record date; provided that no
such authorization, agreement or consent by the Holders of Registered Securities shall be
deemed effective unless it shall become effective pursuant to the provisions of this
Indenture not later than six months after the record date.

     (6) Any request, demand, authorization, direction, notice, consent, waiver or other Act
by the Holder of any Security shall bind every future Holder of the same Security and the
Holder of every Security issued upon the registration of transfer thereof or in exchange
therefor or in lieu thereof in respect of anything done or suffered to be done by the
Trustee, any Security Registrar, any Paying Agent or the Company in reliance thereon,
whether or not notation of such Act is made upon such Security.

     Section 1.5 Notices, Etc. to Trustee and Company. Any request, demand, authorization,
direction, notice, consent, waiver or other Act of Holders or other document provided or permitted
by this Indenture to be made upon, given or furnished to, or filed with,

     (1) the Trustee by any Holder or the Company shall be sufficient for every purpose
hereunder if made, given, furnished or filed in writing to or with the Trustee at its
Corporate Trust Office, or

     (2) the Company, by the Trustee or any Holder shall be sufficient for every purpose
hereunder (unless otherwise herein expressly provided) if in writing and mailed,

14

 

first-class
postage prepaid, to the Company, addressed to the attention of its Treasurer, with a copy to
the attention of its General Counsel, at the address of its principal office specified
herein or at any other address previously furnished in writing to the Trustee by the
Company.

     Section 1.6 Notice to Holders of Securities; Waiver. Except as otherwise expressly
provided in or pursuant to this Indenture, where this Indenture provides for notice to Holders of
Securities of any event,

     (1) such notice shall be sufficiently given to Holders of Registered Securities if in
writing and mailed, first-class postage prepaid, to each Holder of a Registered Security
affected by such event, at his address as it appears in the Security Register, not later
than the latest date, and not earlier than the earliest date, prescribed for the giving of
such notice; and

     (2) such notice shall be sufficiently given to Holders of Bearer Securities, if any, if
published in an Authorized Newspaper in The City of New York and, if such Securities are
then listed on any stock exchange outside the United States, in an Authorized Newspaper in
such city as the Company shall advise the Trustee that such stock exchange so requires, on a
Business Day at least twice, the first such publication to be not earlier than the earliest
date and the second such publication not later than the latest date prescribed for the
giving of such notice.

     In any case where notice to Holders of Registered Securities is given by mail, neither the
failure to mail such notice, nor any defect in any notice so mailed, to any particular Holder of a
Registered Security shall affect the sufficiency of such notice with respect to other Holders of
Registered Securities or the sufficiency of any notice to Holders of Bearer Securities given
as provided herein. Any notice that is mailed in the manner herein provided, shall be conclusively
presumed to have been duly given or provided. In the case by reason of the suspension of regular
mail service or by reason of any other cause it shall be impracticable to give such notice by mail,
then such notification as shall be made with the approval of the Trustee shall constitute a
sufficient notification for every purpose hereunder.

     In case by reason of the suspension of publication of any Authorized Newspaper or Authorized
Newspapers or by reason of any other cause it shall be impracticable to publish any notice to
Holders of Bearers Securities as provided above, then such notification to Holders of Bearer
Securities as shall be given with the approval of the Trustee shall constitute sufficient notice to
such Holders for every purpose hereunder. Neither failure to give notice by publication to Holders
of Bearer Securities as provided above, nor any defect in any notice so published, shall affect the
sufficiency of any notice mailed to Holders of Registered Securities as provided above.

15

 

     Where this Indenture provides for notice in any manner, such notice may be waived in writing
by the Person entitled to receive such notice, either before or after the event, and such waiver
shall be the equivalent of such notice. Waivers of notice by Holders of Securities shall be filed
with the Trustee, but such filing shall not be a condition precedent to the validity of any action
taken in reliance upon such waiver.

     All communications hereunder will be in writing and will be mailed, delivered or sent via
facsimile and confirmed to the party receiving such communication at its address or facsimile
number indicated below:

          If to the Company:

CIT Group Funding Company of Delaware LLC

1 CIT Drive

Livingston, New Jersey 07039

Facsimile: (973) 740-5750

Attention: Treasurer and General Counsel

          If to the Trustee:

Deutsche Bank Trust Company Americas

60 Wall Street 26th Floor

New York, NY 10005

Facsimile: (212) 553-2460

Attention: Corporate Trust Administration

     Section 1.7 Language of Notices. Any request, demand, authorization, direction, notice,
consent, election or waiver required or permitted under this Indenture shall be in the
English language, except that, if the Company so elects, any published notice may be in an official
language of the country of publication.

     Section 1.8 Conflict with Trust Indenture Act. If any provision hereof limits, qualifies
or conflicts with any duties under any required provision of the Trust Indenture Act imposed hereon
by Section 318(c) thereof, such required provision shall control.

     Section 1.9 Effect of Headings and Table of Contents. The Article and Section headings
herein and the Table of Contents are for convenience only and shall not affect the construction
hereof.

     Section 1.10 Successors and Assigns. All covenants and agreements in this Indenture by the
Company shall bind its successors and assigns, whether so expressed or not.

     Section 1.11 Separability Clause. In case any provision in this Indenture, any Security or
any Coupon shall be invalid, illegal or unenforceable, the validity, legality and enforceability of
the remaining provisions shall not in any way be affected or impaired thereby.

16

 

     Section 1.12 Benefits of Indenture. Nothing in this Indenture, any Security or any Coupon,
express or implied, shall give to any Person, other than the parties hereto, any Security
Registrar, any Paying Agent, any Authenticating Agent and their successors hereunder and the
Holders of Securities or Coupons, any benefit or any legal or equitable right, remedy or claim
under this Indenture.

     Section 1.13 Governing Law. This Indenture, the Securities and any Coupons shall be
governed by and construed in accordance with the laws of the State of New York applicable to
agreements made or instruments entered into and, in each case, performed in said state.

     Section 1.14 Legal Holidays. Unless otherwise specified in or pursuant to this Indenture
or any Securities, in any case where any Interest Payment Date, Stated Maturity or Maturity of any
Security, or the last date on which a Holder has the right to convert or exchange Securities of a
series that are convertible or exchangeable, shall not be a Business Day at any Place of Payment,
then (notwithstanding any other provision of this Indenture, any Security or any Coupon other than
a provision in any Security or Coupon that specifically states that such provision shall apply in
lieu hereof) payment need not be made at such Place of Payment on such date, and such Securities
need not be converted or exchanged on such date, but such payment may be made, and such Securities
may be converted or exchanged, on the next succeeding day that is a Business Day at such Place of
Payment, and no interest shall accrue on the amount payable on such date or at such time for the
period from and after such Interest Payment Date, Stated Maturity, Maturity or last day for
conversion or exchange, as the case may be, to such next succeeding Business Day, except that if
such next succeeding Business Day is in the next succeeding calendar year, such payment may be
made, and such Securities may be converted or exchanged, on the immediately preceding Business Day
(in the case of each of the foregoing, with the same force and effect as if made on such Interest
Payment Date or at such Stated Maturity or Maturity or on such last day for conversion or exchange,
as the case may be).

     Section 1.15 Counterparts. This Indenture may be executed in any number of counterparts,
each of which shall be an original and all of which shall constitute but one and the same
instrument.

     Section 1.16 Judgment Currency. The Company agrees, to the fullest extent that it may
effectively do so under applicable law, that (a) if for the purpose of obtaining judgment in any
court it is necessary to convert the sum due in respect of the principal of, or premium or
interest, if any, (the “Required Currency”) into a currency in which a judgment will be rendered
(the “Judgment Currency”), the rate of exchange used shall be the rate at which in accordance with
normal banking procedures the Trustee could purchase in The City of New York the requisite amount
of the Required Currency with the Judgment Currency on the New York Banking Day preceding the day
on which a final unappealable judgment is given and (b) its obligations under this Indenture to
make payments in the Required Currency (i) shall not be discharged or satisfied by any tender, or
any recovery pursuant to any judgment (whether or not entered in accordance with clause (a)), in
any currency other than the Required Currency, except to the extent that such tender or recovery
shall result in the actual receipt, by the payee, of the full amount of

17

 

the Required Currency
expressed to be payable in respect of such payments, (ii) shall be enforceable as an alternative or
additional cause of action for the purpose of recovering in the Required Currency the amount, if
any, by which such actual receipt shall fall short of the full amount of the Required Currency so
expressed to be payable and (iii) shall not be affected by judgment being obtained for any other
sum due under this Indenture. For purposes of the foregoing, “New York Banking Day” means any day
except a Saturday, Sunday or a legal holiday in The City of New York or a day on which banking
institutions in The City of New York are authorized or obligated by law, regulation or executive
order to be closed.

     Section 1.17 Limitation on Individual Liability. No recourse under or upon any obligation,
covenant or agreement contained in this Indenture or in any Security, or for any claim based
thereon or otherwise in respect thereof, shall be had against any incorporator, shareholder,
officer or director, as such, past, present or future, of the Company, either directly or through
the Company, whether by virtue of any constitution, statute or rule of law, or by the enforcement
of any assessment or penalty or otherwise; it being expressly understood that this Indenture and
the obligations issued hereunder are solely corporate obligations, and that no such personal
liability whatever shall attach to, or is or shall be incurred by, the incorporators, shareholders,
officers or directors, as such, of the Company, or any of them, because of the creation of the
indebtedness hereby authorized, or under or by reason of the obligations, covenants or agreements
contained in this Indenture or in any Security or implied therefrom; and that any and all such
personal liability of every name and nature, either at common law or in equity or by constitution
or statute, of, and any and all such rights and claims against, every such incorporator,
shareholder, officer or director, as such, because of the creation of the indebtedness hereby
authorized, or under or by reason of the obligations, covenants or agreements contained in this
Indenture or in any Security or implied therefrom, are hereby expressly waived and released as a
condition of, and as a consideration for, the execution of this Indenture and the issuance of such
Security.

     Section 1.18 Waiver of Jury Trial. EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN
ANY LEGAL
PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTION CONTEMPLATED
HEREBY.

     Section 1.19 Force Majeure. In no event shall the Trustee be responsible or liable for any
failure or delay in the performance of its obligations hereunder arising out of or caused by,
directly or indirectly, forces beyond its control, including, without limitation, strikes, work
stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural
catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications
or computer (software and hardware) services; it being understood that the Trustee shall use
reasonable efforts which are consistent with accepted practices in the banking industry to resume
performance as soon as practicable under the circumstances.

ARTICLE 2

SECURITIES FORMS

     Section 2.1 Forms Generally. Each Registered Security, Bearer Security, Coupon and
temporary or permanent global Security issued pursuant to this Indenture shall be in the form
established by or pursuant to a Board Resolution or in one or more indentures supplemental

18

 

hereto,
shall have such appropriate insertions, omissions, substitutions and other variations as are
required or permitted by or pursuant to this Indenture or any indenture supplemental hereto and may
have such letters, numbers or other marks of identification and such legends or endorsements placed
thereon as may, consistently herewith, be determined by the officers executing such Security or
Coupon as evidenced by their execution of such Security or Coupon, or as may be required to comply
with any law or with any rule or regulation made pursuant thereto or with any rule or regulation of
any stock exchange on which the Securities may be listed.

     Unless otherwise provided in or pursuant to this Indenture or any Securities, the Securities
shall be issuable in registered form without Coupons and shall not be issuable upon the exercise of
warrants.

     Definitive Securities and definitive Coupons shall be printed, lithographed or engraved or
produced by any combination of these methods on a steel engraved border or steel engraved borders
or may be produced in any other manner, all as determined by the officers of the Company executing
such Securities or Coupons, as evidenced by their execution of such Securities or Coupons.

     Section 2.2 Form of Trustee’s Certificate of Authentication. Subject to Section 6.12, the
Trustee’s certificate of authentication shall be in substantially the following form:

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

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	DEUTSCHE BANK TRUST COMPANY AMERICAS,

     as Trustee
	 
	 	 	 	 	 	 	 	 
	Date:

	 	 	 	 	 	By:	 	 
	 

	 	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	Authorized Officer

     Section 2.3 Securities in Global Form. Unless otherwise provided in or pursuant to this
Indenture or any Securities, the Securities shall not be issuable in temporary or permanent global
form. If Securities of a series shall be issuable in global form, as specified and contemplated by
Section 3.1, any such Security may provide that it or any number of such Securities shall represent
the aggregate amount of all Outstanding Securities of such series (or such lesser amount as is
permitted by the terms thereof) from time to time endorsed thereon and may also provide that the
aggregate amount of Outstanding Securities represented thereby may from time to time be increased
or reduced to reflect exchanges. Any endorsement of any Security in global form to reflect the
amount, or any increase or decrease in the amount, or changes in the rights of Holders, of
Outstanding Securities represented thereby shall be made in

19

 

such manner and by such Person or
Persons as shall be specified therein or in the Company Order to be delivered pursuant to Section
3.3 or 3.4 with respect thereto. Subject to the provisions of Section 3.3 and, if applicable,
Section 3.4, the Trustee shall deliver and redeliver, in each case at the Company’s expense, any
Security in permanent global form in the manner and upon instructions given by the Person or
Persons specified therein or in the applicable Company Order. If a Company Order pursuant to
Section 3.3 or 3.4 has been, or simultaneously is, delivered, any instructions by the Company with
respect to a Security in global form shall be in writing.

     Notwithstanding the provisions of Section 3.7, unless otherwise specified in or pursuant to
this Indenture or any Securities, payment of principal of, any premium and interest on, any
Security (i) in temporary form shall be made to the Person or Persons specified therein, and (ii)
in global form and registered in the name of a Depository or its nominee shall be made to the
Depository or its nominee as the Holder of such global Security. Neither the Company nor the
Trustee shall have any responsibility or liability for any aspect of the records relating to, or
payments made on account of, beneficial ownership interests of a global Security, or for
maintaining, supervising or reviewing any records relating to beneficial ownership interests, and
each of the Company and the Trustee may act or refrain from acting without liability on any
information provided by the Depository.

     Notwithstanding the provisions of Section 3.8 and except as provided in the preceding
paragraph, the Company, the Trustee and any agent of the Company or the Trustee shall treat as
the Holder of such principal amount of Outstanding Securities represented by a global Security
(i) in the case of a global Security in registered form, the Holder of such global Security in
registered form, or (ii) in the case of a global Security in bearer form, the Person or Persons
specified pursuant to Section 3.1.

ARTICLE 3

THE SECURITIES

     Section 3.1 Amount Unlimited; Issuable in Series. The aggregate principal amount of
Securities which may be authenticated and delivered under this Indenture is unlimited. The
Securities may be issued in one or more series.

     With respect to any Securities to be authenticated and delivered hereunder, there shall be
established in or pursuant to a Board Resolution and set forth in an Officers’ Certificate, or
established in one or more indentures supplemental hereto,

     (1) the title and series of such Securities, which may include medium-term notes;

20

 

     (2) the total principal amount of the series of such Securities and whether there shall
be any limit upon the aggregate principal amount of such Securities that may be
authenticated and delivered under this Indenture (except for Securities authenticated and
delivered upon registration or transfer of, or in exchange for, or in lieu of, other
Securities of such series pursuant to Section 3.4, 3.5, 3.6, 9.5 or 11.7);

     (3) if such Securities are to be issuable as Registered Securities, as Bearer
Securities or alternatively as Bearer Securities and Registered Securities, and whether the
Bearer Securities are to be issuable with Coupons, without Coupons or both, and any
restrictions applicable to the offer, sale or delivery of the Bearer Securities and the
terms, if any, upon which Bearer Securities may be exchanged for Registered Securities and
vice versa;

     (4) if any of such Securities are to be issuable in global form, when any of such
Securities are to be issuable in global form and (i) whether such Securities are to be
issued in temporary or permanent global form or both, (ii) whether beneficial owners of
interests in any such global Security may exchange such interests for Securities of the same
series and of like tenor and of any authorized form and denomination, and the circumstances
under which any such exchanges may occur, if other than in the manner specified in Section
3.5, and (iii) the name of the Depository or the U.S. Depository, as the case may be, with
respect to any such global Security;

     (5) if any of such Securities are to be issuable as Bearer Securities or in global
form, the date as of which any such Bearer Security or global Security shall be dated (if
other than the date of original issuance of the first of such Securities to be issued);

     (6) if any of such Securities are to be issuable as Bearer Securities, whether interest
in respect of any portion of a temporary Bearer Security in global form payable in respect
of an Interest Payment Date therefor prior to the exchange, if any, of such temporary Bearer
Security for definitive Securities shall be paid to any clearing organization with respect
to the portion of such temporary Bearer Security held for its account and, in such event,
the terms and conditions (including any certification requirements) upon which any such
interest payment received by a clearing organization will be credited to the Persons
entitled to interest payable on such Interest Payment Date;

     (7) the date or dates, or the method or methods, if any, by which such date or dates
shall be determined, on which the principal of and premium, if any, on the Securities shall
be payable;

     (8) the Person to whom any interest on a Security shall be payable, if other than the
Person in whose name that Security is registered at the close of business on the Regular
Record Date for such interest; the rate or rates at which such Securities shall bear

21

 

interest, if any, which rate may be zero in the case of certain Securities issued at an
issue price representing a discount from the principal amount payable at Maturity, or the
method by which such rate or rates will be determined (including, if applicable, any
remarketing option or similar method), and the date or dates from which such interest, if
any, will accrue or the method by which such date or dates will be determined, and the basis
upon which interest shall be calculated if other than that of a 360 day year of twelve
30-day months;

     (9) the date or dates on which interest, if any, on such Securities shall be payable
and any Regular Record Dates applicable to the date or dates on which interest will be so
payable;

     (10) if in addition to or other than the Borough of Manhattan, The City of New York,
the place or places where the principal of or any premium or interest on such Securities
shall be payable, where any of such Securities that are issued in registered form may be
surrendered for registration of, transfer or exchange, and where any such Securities may be
surrendered for conversion or exchange and notices of demands to or upon the Company in
respect of such Securities and this Indenture may be served, the extent to which, the manner
in which, any interest payment on a global Security on an Interest Payment Date, will be
paid and the manner in which any principal of or premium, if any, on any global Security
will be paid;

     (11) if such Securities are to be redeemable at the Company’s option, the date or dates
on which, the period or periods within which, the price or prices at which and the other
terms and conditions upon which such Securities may be redeemed, in whole or in part, at the
Company’s option pursuant to any sinking fund or otherwise;

     (12) provisions specifying whether the Company shall be obligated to redeem, purchase
or repay any of such Securities pursuant to any sinking fund or analogous provision or at
the option of any Holder of such Securities and, if so, the date or dates on which, the
period or periods within which, the price or prices at which and the other terms and
conditions upon which such Securities shall be redeemed, purchased or repaid, in whole or in
part, pursuant to such obligation, and any provisions for the remarketing of such Securities
so redeemed or purchased;

     (13) if other than denominations of $1,000, and any integral multiple thereof, the
denominations in which any Securities to be issued in registered form will be issuable and,
if other than a denomination of $5,000, the denominations in which any Securities to be
issued in bearer form will be issuable;

     (14) provisions specifying whether the Securities will be convertible into other
securities or property of any Person (including the Company) and/or exchangeable for

22

 

securities or property of any Person (including the Company) and, if so, the terms and
conditions upon which such Securities shall be so convertible or exchangeable;

     (15) if other than the principal amount, the portion of the principal amount (or the
method by which such portion will be determined) of such Securities that will be payable
upon declaration of acceleration of the Maturity thereof pursuant to the terms of this
Indenture;

     (16) the guarantors, if any, of the Securities of the series, and the extent of the
guarantees (including provisions relating to seniority, subordination, and the release of
the guarantors), if any, and any additions or changes to permit or facilitate guarantees of
such Securities;

     (17) whether the Securities of such series are subject to subordination and the terms
of such subordination;

     (18) any restriction or condition on the transferability of the Securities of such
series;

     (19) whether the Securities of the series to be issued will be Original Issue Discount
Securities and the amount of discount with which such Securities may be issued;

     (20) the form of the Securities of the series in accordance with Section 2.1;

     (21) if other than Dollars, the Currency of payment, including composite Currencies and
Foreign Currencies, of the principal of, any premium or interest on any of such Securities;

     (22) if other than as provided in Section 4.2, the manner in which the Securities of
the series are to be defeased;

     (23) provisions specifying whether the principal of, or any premium or interest on such
Securities shall be payable, at the election of the Company or a Holder, in a Currency other
than that in which such Securities are stated to be payable and the date or dates on which,
the period or periods within which, and the other terms and conditions upon which, such
election may be made, and the time and manner of determining the exchange rate;

23

 

     (24) any index, formula or other method used to determine the amount of payments of
principal of, or any premium or interest on such Securities;

     (25) provisions specifying whether such Securities are to be issued in the form of one
or more global Securities and, if so, the identity of the Depositary for such global
Security or Securities;

     (26) any deletions from, modifications of or additions to the Events of Default or
covenants of the Company that are contained herein with respect to such Securities;

     (27) terms specifying whether the provisions described below under Section 4.2 shall be
applicable to such Securities;

     (28) terms specifying whether any of such Securities are to be issued upon the exercise
of warrants, and the time, manner and place for such Securities to be authenticated and
delivered; and

     (29) any other terms of such Securities and any other deletions from or modifications
or additions to this Indenture in respect of such Securities.

     All Securities of any one series and all Coupons, if any, appertaining to Bearer Securities of
such series shall be substantially identical except as to Currency of payments due thereunder,
denomination and the rate of interest thereon, or method of determining the rate of interest, if
any, Maturity, and the date from which interest, if any, shall accrue and except as may otherwise
be provided by the Company in or pursuant to the Board Resolution and set forth in the Officers’
Certificate or in any indenture or indentures supplemental hereto pertaining to such series of
Securities. The terms of the Securities of any series may provide, without limitation, that the
Securities shall be authenticated and delivered by the Trustee on original issue from time to time
upon written order of persons designated in the Officers’ Certificate or supplemental indenture and
that such persons are authorized to determine, consistent with such Officers’ Certificate or any
applicable supplemental indenture, such terms and conditions of the Securities of such series as
are specified in such Officers’ Certificate or supplemental indenture. All Securities of any one
series need not be issued at the same time and, unless otherwise so provided, a series may be
reopened for issuances of additional Securities of such series or to establish additional terms of
such series of Securities. The Company also may issue, and the Trustee may authenticate,
Securities with the same terms as previously issued Securities.

     If any of the terms of the Securities of any series shall be established by action taken by or
pursuant to a Board Resolution, the Board Resolution shall be delivered to the Trustee at or prior
to the delivery of the Officers’ Certificate setting forth the terms of such series.

24

 

     Section 3.2 Currency; Denominations. Unless otherwise provided in or pursuant to this
Indenture, the principal of, and any premium and interest, if any, on, the Securities shall be
payable in Dollars. Unless otherwise provided in or pursuant to this Indenture, Registered
Securities denominated in Dollars shall be issuable in registered form without Coupons in
denominations of $1,000, and any integral multiple thereof, and the Bearer Securities denominated
in Dollars shall be issuable in denominations of $5,000. Securities not denominated in Dollars
shall be issuable in such denominations as are established with respect to such Securities in or
pursuant to this Indenture.

     Section 3.3 Execution, Authentication, Delivery and Dating. Securities shall be executed
on behalf of the Company by its Chairman of the Board, a Vice Chairman, its President, its Chief
Executive Officer, its Chief Financial Officer, its Treasurer or a Vice President under its company
seal, if any, reproduced thereon and attested by its Secretary or one of its Assistant Secretaries.
Coupons shall be executed on behalf of the Company by the Treasurer or any Assistant Treasurer of
the Company. The signature of any of these officers on the Securities or any Coupons appertaining
thereto may be manual or facsimile.

     Securities and any Coupons appertaining thereto bearing the manual or facsimile signatures of
individuals who were at any time the proper officers of the Company shall bind the Company,
notwithstanding that such individuals or any of them have ceased to hold such offices prior to the
authentication and delivery of such Securities and Coupons or did not hold such offices at the date
of original issuance of such Securities or Coupons.

     At any time and from time to time on and/or after the execution and delivery of this
Indenture, the Company may deliver Securities, together with any Coupons appertaining thereto,
executed by the Company, to the Trustee for authentication and, provided that the Board
Resolution and Officers’ Certificate or supplemental indenture or indentures with respect to such
Securities referred to in Section 3.1 and a Company Order for the authentication and delivery
of such Securities have been delivered to the Trustee, the Trustee in accordance with the Company
Order and subject to the provisions hereof and of such Securities shall authenticate and deliver
such Securities. In authenticating such Securities, and accepting the additional responsibilities
under this Indenture in relation to such Securities and any Coupons appertaining thereto, the
Trustee shall be given, and (subject to Sections 315(a) through 315(d) of the Trust Indenture Act)
shall be fully protected in relying upon,

     (1) an Opinion of Counsel to the effect that:

     (a) the form or forms and the terms of such Securities and any Coupons have
been established in conformity with the provisions of this Indenture; and

     (b) such Securities, together with any Coupons appertaining thereto, when
completed by appropriate insertions and executed and delivered by the

25

 

Company to the
Trustee for authentication in accordance with this Indenture, authenticated and
delivered by the Trustee in accordance with this Indenture and issued by the Company
in the manner and subject to any conditions specified in such Opinion of Counsel,
will constitute legal, valid and binding obligations of the Company, enforceable in
accordance with their terms, subject to applicable bankruptcy, insolvency,
reorganization and other similar laws of general applicability relating to or
affecting the enforcement of creditors’ rights, to general equitable principles and
to such other qualifications as such counsel shall conclude do not materially affect
the rights of Holders of such Securities and any Coupons; and

     (2) an Officers’ Certificate stating that, to the best knowledge of the Persons
executing such certificate, all conditions precedent to the execution, authentication and
delivery of such Securities and Coupons, if any, appertaining thereto, have been complied
with, and no event which is, or after notice or lapse of time would become, an Event of
Default with respect to any of the Securities shall have occurred and be continuing.

     The Trustee shall not be required to authenticate or to cause an Authenticating Agent to
authenticate any Securities if the issue of such Securities pursuant to this Indenture will affect
the Trustee’s own rights, duties or immunities under the Securities and this Indenture or otherwise
in a manner which is not reasonably acceptable to the Trustee or if the Trustee, being advised by
counsel, determines that such action may not lawfully be taken.

     Each Registered Security shall be dated the date of its authentication. Each Bearer Security
and any Bearer Security in global form shall also be dated the date of its authentication.

     No Security or Coupon appertaining thereto shall be entitled to any benefit under this
Indenture or be valid or obligatory for any purpose, unless there appears on such Security a
certificate of authentication substantially in the form provided for in Section 2.2 or 6.11
executed by or on behalf of the Trustee or by the Authenticating Agent by the manual signature of
one of its authorized officers. Such certificate upon any Security shall be conclusive evidence,
and the only evidence, that such Security has been duly authenticated and delivered hereunder.
Except as permitted by Section 3.6, the Trustee shall not authenticate and deliver any Bearer
Security unless all Coupons appertaining thereto then matured have been detached and cancelled.

     Section 3.4 Temporary Securities. Pending the preparation of definitive Securities, the
Company may execute and deliver to the Trustee and, upon Company Order, the Trustee shall
authenticate and deliver, in the manner provided in Section 3.3, temporary Securities in lieu
thereof which are printed, lithographed, typewritten, mimeographed or otherwise produced, in any
authorized denomination, substantially of the tenor of the definitive Securities in lieu of which
they are issued, in registered form or, if authorized in or pursuant to this Indenture, in bearer
form with one or more Coupons or without Coupons and with such appropriate insertions, omissions,
substitutions and other variations as the officers of the Company executing
such

26

 

Securities may
determine, as conclusively evidenced by their execution of such Securities. Such temporary
Securities may be in global form.

     Except in the case of temporary Securities in global form, which shall be exchanged in
accordance with the provisions thereof, if temporary Securities are issued, the Company shall cause
definitive Securities to be prepared without unreasonable delay. After the preparation of
definitive Securities of the same series and containing terms and provisions that are identical to
those of any temporary Securities, such temporary Securities shall be exchangeable for such
definitive Securities upon surrender of such temporary Securities at an Office or Agency for such
Securities, without charge to any Holder thereof. Upon surrender for cancellation of any one or
more temporary Securities (accompanied by any unmatured Coupons appertaining thereto), the Company
shall execute and the Trustee shall authenticate and deliver in exchange therefor an equal
aggregate principal amount of definitive Securities of authorized denominations of the same series
and containing identical terms and provisions; provided, however, that no
definitive Bearer Security, except as provided in or pursuant to this Indenture, shall be delivered
in exchange for a temporary Registered Security; and provided, further, that a
definitive Bearer Security shall be delivered in exchange for a temporary Bearer Security only in
compliance with the conditions set forth in or pursuant to this Indenture. Unless otherwise
provided in or pursuant to this Indenture with respect to a temporary global Security, until so
exchanged the temporary Securities of any series shall in all respects be entitled to the same
benefits under this Indenture as definitive Securities of such series.

     Section 3.5 Registration, Transfer and Exchange. With respect to the Registered Securities
of each series, if any, the Company shall cause to be kept a register (each such register being
herein sometimes referred to as the “Security Register”) at an Office or Agency for such series in
which, subject to such reasonable regulations as it may prescribe, the Company shall provide for
the registration of the Registered Securities of such series and of transfers of the Registered
Securities of such series. Such Office or Agency shall be the “Security Registrar” for that series
of Securities. Unless otherwise specified in or pursuant to this Indenture or the
Securities, the Trustee shall be the initial Security Registrar for each series of Securities. The
Company shall have the right to remove and replace from time to time the Security Registrar for any
series of Securities; provided that no such removal or replacement shall be effective until
a successor Security Registrar with respect to such series of Securities shall have been appointed
by the Company and shall have accepted such appointment by the Company. In the event that the
Trustee shall not be or shall cease to be Security Registrar with respect to a series of
Securities, it shall have the right to examine the Security Register for such series at all
reasonable times. The Company shall be required to maintain a Security Registrar in each place
where the principal of and premium or interest on any Security is payable. There shall be only one
Security Register for each series of Securities.

     Upon surrender for registration of transfer of any Registered Security of any series at any
Office or Agency for such series, the Company shall execute, and the Trustee shall authenticate and
deliver, in the name of the designated transferee or transferees, one or more new Registered
Securities of the same series denominated as authorized in or pursuant to this Indenture, of a like

27

 

aggregate principal amount bearing a number not contemporaneously outstanding and containing
identical terms and provisions.

     At the option of the Holder, certificated Securities (including Bearer Securities) and the
right to receive the principal, premium and interest, if any, on any certificated Security may be
transferred by a Holder by surrendering such certificate representing the certificated Securities
at the Corporate Trust Office of the Trustee. Such certificate representing the certificated
Securities may be reissued by the Company or the Trustee to a new Holder or a new certificate
representing the certificated Securities may be issued by the Company or the Trustee to a new
Holder.

     At the option of the Holder, Registered Securities of any series may be exchanged for other
Registered Securities of the same series containing identical terms and provisions, in any
authorized denominations, and of a like aggregate principal amount, upon surrender of the
Securities to be exchanged at any Office or Agency for such series. Whenever any Registered
Securities are so surrendered for exchange, the Company shall execute, and the Trustee shall
authenticate and deliver, the Registered Securities that the Holder making the exchange is entitled
to receive.

     If provided in or pursuant to this Indenture, with respect to Securities of any series, at the
option of the Holder, Bearer Securities of such series may be exchanged for Registered Securities
of such series containing identical terms, denominated as authorized in or pursuant to this
Indenture and in the same aggregate principal amount, upon surrender of the Bearer Securities to be
exchanged at any Office or Agency for such series, with all unmatured Coupons and all matured
Coupons in default thereto appertaining. If the Holder of a Bearer Security is unable to produce
any such unmatured Coupon or Coupons or matured Coupon or Coupons in default, such exchange may be
effected if the Bearer Securities are accompanied by payment in funds acceptable to the Company and
the Trustee in an amount equal to the face amount of such missing Coupon or Coupons, or the
surrender of such missing Coupon or Coupons may be
waived by the Company and the Trustee if there is furnished to them such security or indemnity
as they may require to save each of them and any Paying Agent harmless. If thereafter the Holder
of such Bearer Security shall surrender to any Paying Agent any such missing Coupon in respect of
which such a payment shall have been made, such Holder shall be entitled to receive the amount of
such payment; provided, however, that, except as otherwise provided in Section
10.2, interest represented by Coupons shall be payable only upon presentation and surrender of
those Coupons at an Office or Agency for such series located outside the United States.
Notwithstanding the foregoing, in case a Bearer Security of any series is surrendered at any such
Office or Agency for such series in exchange for a Registered Security of such series and like
tenor after the close of business at such Office or Agency on (i) any Regular Record Date and
before the opening of business at such Office or Agency on the next succeeding Interest Payment
Date, or any Special Record Date and before the opening of business at such Office or Agency on the
related date for payment of Defaulted Interest, such Bearer Security shall be surrendered without
the Coupon relating to such Interest Payment Date or proposed date of payment, as the case may be
(or, if such Coupon is so surrendered with such Bearer Security, such Coupon shall

28

 

be returned to
the Person so surrendering the Bearer Security), and interest or Defaulted Interest, as the case
may be, shall not be payable on such Interest Payment Date or proposed date for payment, as the
case may be, in respect of the Registered Security issued in exchange for such Bearer Security, but
shall be payable only to the Holder of such Coupon when due in accordance with the provisions of
this Indenture.

     If provided in or pursuant to this Indenture with respect to Securities of any series, at the
option of the Holder, Registered Securities of such series may be exchanged for Bearer Securities
upon such terms and conditions as may be provided in or pursuant to this Indenture with respect to
such series.

     Whenever any Securities are surrendered for exchange as contemplated by the immediately
preceding two paragraphs, the Company shall execute, and the Trustee shall authenticate and
deliver, the Securities that the Holder making the exchange is entitled to receive.

     Notwithstanding the foregoing, except as otherwise provided in or pursuant to this Indenture,
any global Security shall be exchangeable for certificated Securities only if (i) the Depository is
at any time unwilling, unable or ineligible to continue as depository and a successor depository is
not appointed by the Company within 90 days of the date the Company is so informed in writing, the
Company, in its discretion, determines not to require all of the Securities of a series to be
represented by a global Security and notifies the Trustee of its decision by executing and
delivering to the Trustee a Company Order to the effect that such global Security shall be so
exchangeable or (iii) an Event of Default has occurred and is continuing, the Company, the Trustee,
the Registrar and the Paying Agent shall have notified the Depository that the global Security
shall be exchangeable for certificated Securities. If the beneficial owners of interests in a
global Security are entitled to exchange such interests for definitive Securities as the result of
an event described in clause (i), or (iii) of the preceding sentence, then without unnecessary
delay but in any event not later than the earliest date on which such interests may be so
exchanged, the Company shall deliver to the Trustee definitive
Securities in such form and denominations as are required by or pursuant to this Indenture,
and of the same series, containing identical terms and in aggregate principal amount equal to the
principal amount of such global Security, executed by the Company. On or after the earliest date
on which such interests may be so exchanged, such global Security shall be surrendered from time to
time by the U.S. Depository or such other Depository as shall be specified in the Company Order
with respect thereto, and in accordance with instructions given to the Trustee and the U.S.
Depository or such other Depository, as the case may be (which instructions shall be in writing but
need not be contained in or accompanied by an Officers’ Certificate or be accompanied by an Opinion
of Counsel), as shall be specified in the Company Order with respect thereto to the Trustee, as the
Company’s agent for such purpose, to be exchanged, in whole or in part, for definitive Securities
as described above without charge. The Trustee shall authenticate and make available for delivery,
in exchange for each portion of such surrendered global Security, a like aggregate principal amount
of definitive Securities of the same series of authorized denominations and of like tenor as the
portion of such global Security to be exchanged, which (unless such Securities are not issuable
both as Bearer Securities and as

29

 

Registered Securities, in which case the definitive Securities
exchanged for the global Security shall be issuable only in the form in which the Securities are
issuable, as provided in or pursuant to this Indenture) shall be in the form of Bearer Securities
or Registered Securities, or any combination thereof, as shall be specified by the beneficial owner
thereof, but subject to the satisfaction of any certification or other requirements to the issuance
of Bearer Securities; provided, however, that (unless otherwise provided in or
pursuant to this Indenture) no Bearer Security delivered in exchange for a portion of a global
Security shall be mailed or otherwise delivered to any location in the United States. Promptly
following any such exchange in part, such global Security shall be returned by the Trustee to such
Depository or the U.S. Depository, as the case may be, or such other Depository or U.S. Depository
referred to above in accordance with the instructions of the Company referred to above. If a
Registered Security is issued in exchange for any portion of a global Security after the close of
business at the Office or Agency for such Security where such exchange occurs on or after (i) any
Regular Record Date for such Security and before the opening of business at such Office or Agency
on the next succeeding Interest Payment Date, or any Special Record Date for such Security and
before the opening of business at such Office or Agency on the related proposed date for payment of
interest or Defaulted Interest, as the case may be, interest shall not be payable on such Interest
Payment Date or proposed date for payment, as the case may be, in respect of such Registered
Security, but shall be payable on such Interest Payment Date or proposed date for payment, as the
case may be, only to the Person to whom interest in respect of such portion of such global Security
shall be payable in accordance with the provisions of this Indenture.

     All Securities issued upon any registration of transfer or exchange of Securities shall be the
valid obligations of the Company, evidencing the same debt and entitling the Holders thereof to the
same benefits under this Indenture as the Securities surrendered upon such registration of transfer
or exchange.

     Every Registered Security presented or surrendered for registration of transfer or for
exchange or redemption shall (if so required by the Company or the Security Registrar for such
Security) be duly endorsed, or be accompanied by a written instrument of transfer in a form
satisfactory to the Company and the Security Registrar for such Security duly executed by the
Holder thereof or his attorney duly authorized in writing.

     No service charge shall be made for any registration of transfer or exchange, or redemption of
Securities, but the Company may require payment of a sum sufficient to cover any stamp tax or other
governmental charge and any other reasonable expenses (including fees and expenses of the Trustee)
that may be imposed in connection with any registration of transfer or exchange of Securities,
other than exchanges pursuant to Section 3.4, 3.6, 9.5 or 11.7 not involving any transfer.

     Except as otherwise provided in or pursuant to this Indenture, the Company shall not be
required (i) to register the transfer of or exchange Securities of any series during a period
beginning at the opening of business 15 days before the day the Company transmits a notice of
redemption of Securities of the series selected for redemption and ending at the close of business

30

 

on the day of the transmission, or to register the transfer of or exchange any Security selected
for redemption in whole or in part, except in the case of any Security to be redeemed in part, the
portion thereof not to be redeemed, or (iii) to exchange any Bearer Security selected for
redemption except, to the extent provided with respect to such Bearer Security, that such Bearer
Security may be exchanged for a Registered Security of like tenor and the same series,
provided that such Registered Security shall be immediately surrendered for redemption with
written instruction for payment consistent with the provisions of this Indenture or to issue,
register the transfer of or exchange any Security which, in accordance with its terms, has been
surrendered for repayment at the option of the Holder, except the portion, if any, of such Security
not to be so repaid.

     Section 3.6 Mutilated, Destroyed, Lost and Stolen Securities. If any mutilated Security or
a Security with a mutilated Coupon appertaining to it is surrendered to the Trustee, subject to the
provisions of this Section 3.6, the Company shall execute and the Trustee shall authenticate and
deliver in exchange therefor a new Security of the same series containing identical terms and of
like principal amount and bearing a number not contemporaneously outstanding, with Coupons
appertaining thereto corresponding to the Coupons, if any, appertaining to the surrendered
Security.

     If there be delivered to the Company and the Trustee (i) evidence to their satisfaction of the
destruction, loss or theft of any Security or Coupon, and (ii) such security or indemnity as may be
required by them to save each of them and any agent of either of them harmless, then, in the
absence of notice to the Company or the Trustee that such Security or Coupon has been acquired by a
bona fide purchaser, the Company shall execute and, upon the Company’s request the Trustee shall
authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or
stolen Security or in exchange for the Security to which a destroyed, lost or stolen Coupon
appertains with all appurtenant Coupons not destroyed, lost or stolen, a new Security of the same
series containing identical terms and of like principal amount and bearing a number not
contemporaneously outstanding, with Coupons appertaining thereto corresponding to
the Coupons, if any, appertaining to such destroyed, lost or stolen Security or to the
Security to which such destroyed, lost or stolen Coupon appertains.

     Notwithstanding the foregoing provisions of this Section 3.6, in case any mutilated,
destroyed, lost or stolen Security or Coupon has become or is about to become due and payable, the
Company in its discretion may, instead of issuing a new Security, pay such Security or Coupon;
provided, however, that payment of principal of, and any premium or interest, if
any, on any Bearer Securities shall, except as otherwise provided in Section 10.2, be payable only
at an Office or Agency for such Securities located outside the United States.

     Upon the issuance of any new Security under this Section 3.6, the Company may require the
payment of a sum sufficient to cover any stamp tax or other governmental charge that may be imposed
in relation thereto and any other expenses (including the fees and expenses of the Trustee)
connected therewith.

31

 

     Every new Security, with any Coupons appertaining thereto issued pursuant to this Section 3.6
in lieu of any destroyed, lost or stolen Security, or in exchange for a Security to which a
destroyed, lost or stolen Coupon appertains shall constitute a separate obligation of the Company,
whether or not the destroyed, lost or stolen Security and Coupons appertaining thereto or the
destroyed, lost or stolen Coupon shall be at any time enforceable by anyone, and shall be entitled
to all the benefits of this Indenture equally and proportionately with any and all other Securities
of such series and any Coupons, if any, duly issued hereunder.

     The provisions of this Section 3.6, as amended or supplemented pursuant to this Indenture with
respect to particular Securities or generally, shall be exclusive and shall preclude (to the extent
lawful) all other rights and remedies with respect to the replacement or payment of mutilated,
destroyed, lost or stolen Securities or Coupons.

     Section 3.7 Payment of Interest; Rights to Interest Preserved. Unless otherwise provided
in or pursuant to this Indenture, any interest on any Registered Security which shall be payable,
and are punctually paid or duly provided for, on any Interest Payment Date shall be paid to the
Person in whose name such Security (or one or more Predecessor Securities) is registered as of the
close of business on the Regular Record Date for such interest.

     Unless otherwise provided in or pursuant to this Indenture, any interest on any Registered
Security which shall be payable, but shall not be punctually paid or duly provided for, on any
Interest Payment Date for such Registered Security (herein called “Defaulted Interest”) shall
forthwith cease to be payable to the Holder thereof on the relevant Regular Record Date by virtue
of having been such Holder; and such Defaulted Interest may be paid by the Company as provided in
clause (1) or (2) below:

     (1) The Company may elect to make payment of any Defaulted Interest to the Person in
whose name such Registered Security (or a Predecessor Security thereof) shall be registered
at the close of business on a Special Record Date for the payment of such Defaulted
Interest, which shall be fixed by the Company in the following manner. The Company shall
notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on
such Registered Security, the Special Record Date therefor and the date of the proposed
payment, and at the same time the Company shall deposit with the Trustee an amount of money
equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or
shall make arrangements satisfactory to the Trustee for such deposit on or prior to the date
of the proposed payment, such money when so deposited to be held in trust for the benefit of
the Person entitled to such Defaulted Interest as in this clause provided. The Special
Record Date for the payment of such Defaulted Interest shall be not more than 15 days and
not less

32

 

than 10 days prior to the date of the proposed payment and not less than 10 days
after notification to the Trustee of the proposed payment. The Trustee shall, in the name
and at the expense of the Company cause notice of the proposed payment of such Defaulted
Interest and the Special Record Date therefor to be mailed, first-class postage prepaid, to
the Holder of such Registered Security (or a Predecessor Security thereof) at his address as
it appears in the Security Register not less than 10 days prior to such Special Record Date.
The Trustee may, in its discretion, in the name and at the expense of the Company cause a
similar notice to be published at least once in an Authorized Newspaper of general
circulation in the Borough of Manhattan, The City of New York, but such publication shall
not be a condition precedent to the establishment of such Special Record Date. Notice of
the proposed payment of such Defaulted Interest and the Special Record Date therefor having
been mailed as aforesaid, such Defaulted Interest shall be paid to the Person in whose name
such Registered Security (or a Predecessor Security thereof) shall be registered at the
close of business on such Special Record Date and shall no longer be payable pursuant to the
following clause (2).

     (2) The Company may make payment of any Defaulted Interest in any other lawful manner
not inconsistent with the requirements of any securities exchange on which such Security may
be listed, and upon such notice as may be required by such exchange, if, after notice given
by the Company to the Trustee of the proposed payment pursuant to this clause, such payment
shall be deemed practicable by the Trustee.

     Unless otherwise provided in or pursuant to this Indenture or the Securities of any particular
series pursuant to the provisions of this Indenture, at the option of the Company, interest on
Registered Securities that bear interest may be paid at the office or agency of the Company
maintained for such purposes in the Borough of Manhattan, City of New York, or by mailing a check
to the address of the Person entitled thereto as such address shall appear in the Security Register
or by transfer to an account maintained by the payee with a bank located in the United States.

     Notwithstanding the foregoing, a holder of $1,000,000 or more in aggregate principal amount of
Securities of any series of global Securities (or its equivalent in a Foreign Currency, if the
currency unit is a Foreign Currency), whether having identical or different terms and provisions,
having the same interest payment dates will be entitled to receive interest payments, other than at
Maturity, by wire transfer of immediately available funds if appropriate wire transfer instructions
have been received in writing by the Trustee for the Securities of such series at least 15 days
prior to the applicable Interest Payment Date. In addition to the foregoing, a holder of
$1,000,000 or more in aggregate principal amount of Securities of any series of global Securities
(or its equivalent in a Foreign Currency, if the currency unit is a Foreign Currency), whether
having identical or different terms and provisions, having the same Maturity will be entitled to
receive payment at Maturity by wire transfer of immediately available funds if appropriate wire
transfer instructions have been received in writing by the Trustee for the Securities of such
series at least 15 days prior to Maturity; provided, however, that such payments shall be
made subject to applicable laws and regulations and only after surrender of the global Securities
to the Company, the corporate trust office or the Paying Agent, for such global Securities not
later than one Business Day prior to Maturity. Any wire instructions received by the Trustee for
the Securities of such series shall remain in effect until revoked by the Holder.

33

 

     Subject to the foregoing provisions of this Section and Section 3.5, each Security delivered
under this Indenture upon registration of transfer of or in exchange for or in lieu of any other
Security shall carry the rights to interest accrued and unpaid, and to accrue, which were carried
by such other Security.

     In the case of any Registered Security of any series that is convertible into other securities
or property of any Person (including the Company) or exchangeable for securities or property of any
Person (including the Company), which Registered Security is converted or exchanged after any
Regular Record Date and on or prior to the next succeeding Interest Payment Date (other than any
Registered Security with respect to which the Stated Maturity is prior to such Interest Payment
Date), interest with respect to which the Stated Maturity is on such Interest Payment Date shall be
payable on such Interest Payment Date notwithstanding such conversion or exchange, and such
interest (whether or not punctually paid or duly provided for) shall be paid to the Person in whose
name that Registered Security (or one or more predecessor Registered Securities) is registered at
the close of business on such Regular Record Date. Except as otherwise expressly provided in the
immediately preceding sentence, in the case of any Registered Security which is converted or
exchanged, interest with respect to which the Stated Maturity is after the date of conversion or
exchange of such Registered Security shall not be payable.

     Section 3.8 Persons Deemed Owners. Prior to due presentment of a Registered Security for
registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may
treat the Person in whose name such Registered Security is registered in the Security Register as
the owner of such Registered Security for the purpose of receiving payment of principal of, and any
premium or (subject to Sections 3.5 and 3.7) interest, if any, on such Registered Security and for
all other purposes whatsoever, whether or not any payment with
respect to such Registered Security shall be overdue, and none of the Company, the Trustee or any
agent of the Company or the Trustee shall be affected by notice to the contrary.

     The Company, the Trustee and any agent of the Company or the Trustee may treat the bearer of
any Bearer Security or the bearer of any Coupon as the absolute owner of such Security or Coupon
for the purpose of receiving payment thereof or on account thereof and for all other purposes
whatsoever, whether or not any payment with respect to such Security or Coupon shall be overdue,
and none of the Company, the Trustee or any agent of the Company or the Trustee shall be affected
by notice to the contrary.

     No Holder of any beneficial interest in any global Security held on its behalf by a Depository
shall have any rights under this Indenture with respect to such global Security, and such
Depository 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. None of the Company, the
Trustee, any Paying Agent or the Security Registrar will have any responsibility or liability for
any aspect of the records relating to or payments made on account of beneficial ownership interests
of a global Security or for maintaining, supervising or reviewing any records relating to such
beneficial ownership interests.

34

 

     Section 3.9 Cancellation. All Securities and Coupons surrendered for payment, redemption,
registration of transfer, exchange or conversion or for credit against any sinking fund payment
shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee, and any
such Securities and Coupons, as well as Securities and Coupons surrendered directly to the Trustee
for any such purpose, shall be cancelled promptly by the Trustee. The Company may at any time
deliver to the Trustee for cancellation any Securities previously authenticated and delivered
hereunder which the Company may have acquired in any manner whatsoever, and all Securities so
delivered shall be cancelled promptly by the Trustee. No Securities shall be authenticated in lieu
of or in exchange for any Securities cancelled as provided in this Section, except as expressly
permitted by or pursuant to this Indenture. All cancelled Securities and Coupons held by the
Trustee shall be disposed of by the Trustee in its customary manner, unless by a Company Order, the
Company directs their return to it.

     Section 3.10 Computation of Interest. Except as otherwise provided in or pursuant to this
Indenture or in any Security, interest on the Securities shall be computed on the basis of a
360-day year of twelve 30-day months.

     Section 3.11 CUSIP Numbers. The Company in issuing the Securities may use “CUSIP” numbers
(if then generally in use), and, if so, the Trustee shall use “CUSIP” numbers in notices of
redemption as a convenience to Holders; provided that any such notice may state that no
representation is made as to the correctness of such numbers either as printed on the Securities or
as contained in any notice of a redemption and that reliance may be placed only on the other
identification numbers printed on the Securities, and any such redemption shall not be affected by
any defect in or omission of such numbers. The Company will promptly notify the Trustee in writing
of any change in the “CUSIP” numbers.

ARTICLE 4

SATISFACTION AND DISCHARGE OF INDENTURE; 

DEFEASANCE AND COVENANT DEFEASANCE

     Section 4.1 Satisfaction and Discharge. Upon the direction of the Company by a Company
Order, this Indenture shall cease to be of further effect with respect to any series of Securities
specified in such Company Order and any Coupons appertaining thereto (except as to any surviving
rights of Securities of such series expressly provided for herein or pursuant thereto), and the
Trustee, on receipt of a Company Order, at the expense of the Company, shall execute proper
instruments acknowledging satisfaction and discharge of this Indenture as to such series, when

     (1) either

     (a) all Securities of such series theretofore authenticated and delivered and
all Coupons appertaining thereto (other than (i) Coupons appertaining to Bearer
Securities of such series surrendered in exchange for Registered Securities

35

 

of such
series and maturing after such exchange whose surrender is not required or has been
waived as provided in Section 3.5, Securities and Coupons of such series which have
been destroyed, lost or stolen and which have been replaced or paid as provided in
Section 3.6, (iii) Coupons appertaining to Securities of such series called for
redemption and maturing after the relevant Redemption Date whose surrender has been
waived as provided in Section 11.7, and (iv) Securities and Coupons of such series
for whose payment money has theretofore been deposited in trust or segregated and
held in trust by the Company and thereafter repaid to the Company or discharged from
such trust, as provided in Section 10.3) have been delivered to the Trustee for
cancellation; or

     (b) all Securities of such series and, in the case of (i) or of this subclause
(b) below, any Coupons appertaining thereto not theretofore delivered to the Trustee
for cancellation (i) have become due and payable, or will become due and payable at
their Stated Maturity within one year, or (iii) if redeemable at the option of the
Company, are to be called for redemption within one year under arrangements
satisfactory to the Trustee for the giving of notice of redemption by the Trustee in
the name, and at the expense, of the Company,

and the Company, in the case of subclauses (b)(i) or (iii) above, has deposited or caused to be
deposited with the Trustee as trust funds in trust for such purpose, money in the Currency in which
such Securities are payable in an amount sufficient to pay and discharge the entire indebtedness on
such Securities and any Coupons appertaining thereto not theretofore delivered to the Trustee for
cancellation, including the principal of, and any premium or interest, if any, on such Securities
and any Coupons appertaining thereto, to the date of such deposit (in the case of Securities which
have become due and payable) or to the Maturity thereof, as the case may be;

     (2) the Company has paid or caused to be paid all other sums payable hereunder by the
Company with respect to the Outstanding Securities of such series and any Coupons
appertaining thereto; and

     (3) the Company has delivered to the Trustee an Opinion of Counsel and an Officers’
Certificate, each stating that all conditions precedent herein provided for relating to the
satisfaction and discharge of this Indenture as to such series have been complied with.

     In the event there are Securities of two or more series hereunder, the Trustee shall be
required to execute an instrument acknowledging satisfaction and discharge of this Indenture only
if requested to do so with respect to Securities of such series as to which it is Trustee and if
the other conditions thereto are met.

36

 

     Notwithstanding the satisfaction and discharge of this Indenture with respect to any series of
Securities, the obligations of the Company to the Trustee under Section 6.7 and, if money shall
have been deposited with the Trustee pursuant to subclause (b) of clause (1) of this Section, the
obligations of the Company and the Trustee with respect to the Securities of each series under
Sections 3.5, 3.6, 4.3, 10.2 and 10.3, and with respect to any rights to convert or exchange such
Securities into securities of the Company or another issuer, shall survive such satisfaction and
discharge.

     Section 4.2 Defeasance and Covenant Defeasance.

     (1) Unless pursuant to Section 3.1, either or both of (i) defeasance of the Securities
of or within a series under clause (2) of this Section 4.2 shall not be applicable with
respect to the Securities of such series or (ii) covenant defeasance of the Securities of or
within a series under clause (3) of this Section 4.2 shall not be applicable with respect to
the Securities of such series, then such provisions, together with the other provisions of
this Section 4.2 (with such modifications thereto as may be specified pursuant to Section
3.1 with respect to any Securities), shall be applicable to such Securities and any Coupons
appertaining thereto, and the Company may at its option by Board Resolution, at any time,
with respect to such Securities and any Coupons appertaining thereto, elect to have Section
4.2(2) or Section 4.2(3) be applied to such Outstanding Securities and any Coupons
appertaining thereto upon compliance with the conditions set forth below in this Section
4.2.

     (2) Upon the Company’s exercise of the above option applicable to this Section 4.2(2)
with respect to any Securities of or within a series, the Company shall be deemed to have
been discharged from its obligations with respect to such Outstanding Securities and any
Coupons appertaining thereto on the date the conditions set forth in clause (4) of this
Section 4.2 are satisfied (hereinafter, “defeasance”). For this purpose, such defeasance
means that the Company shall be deemed to have paid
and discharged the entire Indebtedness represented by such Outstanding Securities and
any Coupons appertaining thereto, which shall thereafter be deemed to be “Outstanding” only
for the purposes of clause (5) of this Section 4.2 and the other Sections of this Indenture
referred to in clauses (i) and below, and to have satisfied all of its other obligations
under such Securities and any Coupons appertaining thereto, and this Indenture insofar as
such Securities and any Coupons appertaining thereto are concerned (and the Trustee, at the
expense of the Company, shall execute proper instruments acknowledging the same), except for
the following which shall survive until otherwise terminated or discharged hereunder: (i)
the rights of Holders of such Outstanding Securities and any Coupons appertaining thereto to
receive, solely from the trust fund described in clause (4) of this Section 4.2 and as more
fully set forth in such clause, payments in respect of the principal of (and premium, if
any) and interest, if any, on such Securities and any Coupons appertaining thereto when such
payments are due, and any rights of such Holder to convert such Securities into other
securities of the Company or exchange such Securities for securities another issuer, the
obligations of the Company and the Trustee with respect to such Securities under Sections
3.5, 3.6, 10.2 and 10.3, and with respect to any rights to

37

 

convert such Securities into
other securities of the Company or exchange such Securities for securities of another
issuer, (iii) the rights, powers, trusts, duties and immunities of the Trustee hereunder and
this Section 4.2. The Company may exercise its option under this Section 4.2(2)
notwithstanding the prior exercise of its option under clause (3) of this Section 4.2 with
respect to such Securities and any Coupons appertaining thereto.

     (3) Upon the Company’s exercise of the option to have this Section 4.2(3) apply with
respect to any Securities of or within a series, the Company shall be released from its
obligations under Sections 10.4 and 10.5, and, to the extent specified pursuant to Section
3.1, any other covenant applicable to such Securities, with respect to such Outstanding
Securities and any Coupons appertaining thereto, on and after the date the conditions set
forth in clause (4) of this Section 4.2 are satisfied (hereinafter, “covenant defeasance”),
and such Securities and any Coupons appertaining thereto shall thereafter be deemed to be
not “Outstanding” for the purposes of any direction, waiver, consent or declaration or Act
of Holders (and the consequences of any thereof) in connection with any such covenant, but
shall continue to be deemed “Outstanding” for all other purposes hereunder. For this
purpose, such covenant defeasance means that, with respect to such Outstanding Securities
and any Coupons appertaining thereto, the Company may omit to comply with, and shall have no
liability in respect of, any term, condition or limitation set forth in any such Section or
such other covenant, whether directly or indirectly, by reason of any reference elsewhere
herein to any such Section or such other covenant or by reason of reference in any such
Section or such other covenant to any other provision herein or in any other document and
such omission to comply shall not constitute a default or an Event of Default under Section
5.1(4) or 5.1(7) or otherwise, as the case may be, but, except as specified above, the
remainder of this Indenture and such Securities and Coupons appertaining thereto shall be
unaffected thereby.

     (4) The following shall be the conditions to application of clause (2) or (3) of this
Section 4.2 to any Outstanding Securities of or within a series and any Coupons appertaining
thereto:

     (a) The Company shall irrevocably have deposited or caused to be deposited with
the Trustee (or another trustee satisfying the requirements of Section 6.8 who shall
agree to comply with the provisions of this Section 4.2 applicable to it) as trust
funds in trust for the purpose of making the following payments, specifically
pledged as security for, and dedicated solely to, the benefit of the Holders of such
Securities and any Coupons appertaining thereto, (1) an amount in Dollars or in such
Foreign Currency in which such Securities and any Coupons appertaining thereto are
then specified as payable at Stated Maturity, or (2) Government Obligations
applicable to such Securities and Coupons appertaining thereto (determined on the
basis of the Currency in which such Securities and Coupons appertaining thereto are
then specified as payable at Stated Maturity) which through the scheduled payment of
principal and interest in respect thereof in accordance with their terms will
provide, not later than one day

38

 

before the due date of any payment of principal of
(and premium, if any) and interest, if any, on such Securities and any Coupons
appertaining thereto, money in an amount, or (3) a combination thereof, in any case,
in an amount, sufficient, without consideration of any reinvestment of such
principal and interest, in the opinion of a nationally recognized firm of
Independent Public Accountants expressed in a written certification thereof
delivered to the Trustee, to pay and discharge, and which shall be applied by the
Trustee (or other qualifying trustee) to pay and discharge, (y) the principal of
(and premium, if any) and interest, if any, on such Outstanding Securities and any
Coupons appertaining thereto at the Stated Maturity of such principal or installment
of principal or premium or interest and (z) any mandatory sinking fund payments or
analogous payments applicable to such Outstanding Securities and any Coupons
appertaining thereto on the days on which such payments are due and payable in
accordance with the terms of this Indenture and of such Securities and any Coupons
appertaining thereto; provided, that notwithstanding the foregoing, with
respect to any Securities which shall at the time be listed for trading on the New
York Stock Exchange, there shall be no deposit of funds in cash and/or in Government
Obligations with the Trustee to pay the principal amount, the redemption price or
any installment of interest in order to discharge the Company’s obligations in
respect of such payment if, at such time, the rules of the New York Stock Exchange
prohibit such deposit with the Trustee.

     (b) Such defeasance or covenant defeasance shall not result in a breach or
violation of, or constitute a default under, this Indenture or any other material
agreement or instrument to which the Company is a party or by which it is bound.

     (c) No Event of Default or event which with notice or lapse of time or both
would become an Event of Default with respect to such Securities and any Coupons
appertaining thereto shall have occurred and be continuing on the date of such
deposit.

     (d) In the case of an election under clause (2) of this Section 4.2, the
Company shall have delivered to the Trustee an Opinion of Counsel stating that (i)
the Company has received from the U.S. Internal Revenue Service a letter ruling, or
there has been published by the U.S. Internal Revenue Service a Revenue Ruling, or
since the date of execution of this Indenture, there has been a change in the
applicable federal income tax law, in either case to the effect that, and based
thereon such opinion shall confirm that, the Holders of such Outstanding Securities
and any Coupons appertaining thereto will not recognize income, gain or loss for
federal income tax purposes as a result of such defeasance and will be subject to
federal income tax on the same amounts, in the same manner and at the same times as
would have been the case if such defeasance had not occurred.

39

 

     (e) In the case of an election under clause (3) of this Section 4.2, the
Company shall have delivered to the Trustee an Opinion of Counsel to the effect that
the Holders of such Outstanding Securities and any Coupons appertaining thereto will
not recognize income, gain or loss for federal income tax purposes as a result of
such covenant defeasance and will be subject to federal income tax on the same
amounts, in the same manner and at the same times as would have been the case if
such covenant defeasance had not occurred.

     (f) The Company shall have delivered to the Trustee an Officers’ Certificate
and an Opinion of Counsel, each stating that all conditions precedent to the
defeasance or covenant defeasance under clause (2) or (3) of this Section 4.2 (as
the case may be) have been complied with.

     (g) Notwithstanding any other provisions of this Section 4.2(4), such
defeasance or covenant defeasance shall be effected in compliance with any
additional or substitute terms, conditions or limitations which may be imposed on
the Company in connection therewith pursuant to Section 3.1.

     (5) Unless otherwise specified in or pursuant to this Indenture or any Security, if,
after a deposit referred to in Section 4.2(4)(a) has been made, (a) the Holder of a Security
in respect of which such deposit was made is entitled to, and does, elect pursuant to
Section 3.1 or the terms of such Security to receive payment in a Currency other than that
in which the deposit pursuant to Section 4.2(4)(a) has been made in respect of such
Security, or (b) a Conversion Event occurs in respect of the Foreign Currency in which the
deposit pursuant to Section 4.2(4)(a) has been made, the indebtedness represented by such
Security and any Coupons appertaining thereto shall be deemed to have been, and
will be, fully discharged and satisfied through the payment of the principal of (and
premium, if any), and interest, if any, on, such Security as the same becomes due out of the
proceeds yielded by converting (from time to time as specified below in the case of any such
election) the amount or other property deposited in respect of such Security into the
Currency in which such Security becomes payable as a result of such election or Conversion
Event based on (x) in the case of payments made pursuant to clause (a) above, the applicable
market exchange rate for such Currency in effect on the second Business Day prior to each
payment date, or (y) with respect to a Conversion Event, the applicable market exchange rate
for such Foreign Currency in effect (as nearly as feasible) at the time of the Conversion
Event.

     The Company shall pay and indemnify the Trustee (or other qualifying trustee, collectively for
purposes of this Section 4.2(5) and Section 4.3, the “Trustee”) against any tax, fee or other
charge, imposed on or assessed against the Government Obligations deposited pursuant to this
Section 4.2 or the principal or interest received in respect thereof other than any such tax, fee
or other charge which by law is for the account of the Holders of such Outstanding Securities and
any Coupons appertaining thereto.

40

 

     Anything in this Section 4.2 to the contrary notwithstanding, the Trustee shall deliver or pay
to the Company from time to time upon Company Request, any money or Government Obligations (or
other property and any proceeds therefrom) held by it as provided in clause (4) of this Section 4.2
which, in the opinion of a nationally recognized firm of Independent Public Accountants expressed
in a written certification thereof delivered to the Trustee, are in excess of the amount thereof
which would then be required to be deposited to effect a defeasance or covenant defeasance, as
applicable, in accordance with this Section 4.2.

     Section 4.3 Application of Trust Money. Subject to the provisions of the last paragraph of
Section 10.3, all money and Government Obligations (or other property as may be provided pursuant
to Section 3.1) (including the proceeds thereof) deposited with the Trustee pursuant to Section 4.1
or 4.2 in respect of any Outstanding Securities of any series and any Coupons appertaining thereto
shall be held in trust and applied by the Trustee, in accordance with the provisions of such
Securities and any Coupons appertaining thereto and this Indenture, to the payment, either directly
or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee
may determine, to the Holders of such Securities and any Coupons appertaining thereto of all sums
due and to become due thereon in respect of principal (and premium, if any) and interest; but such
money and Government Obligations need not be segregated from other funds except to the extent
required by law.

     Section 4.4 Reinstatement.

     (1) If the Trustee or Paying Agent is unable to apply any money or Government
Obligations in accordance with Section 4.2(4) by reason of any legal proceeding or by reason
of any order or judgment of any court or governmental authority enjoining, restraining or
otherwise prohibiting such application, the Company’s obligations under this Indenture and
the Securities of the applicable series issued
hereunder shall be revived and reinstated as though no deposit has occurred pursuant to
Section 4.2(4) until such time as the Trustee or Paying Agent is permitted to apply all such
money or Government Obligations in accordance with and as contemplated by Section 4.2(4).

     (2) If the Company’s obligations under this Indenture and the Securities of the
applicable series issued hereunder shall be revived and reinstated in accordance with this
Section 4.4, the Company shall be permitted, at its discretion to withdraw all or a portion
of the deposits made by the Company pursuant to Section 4.2(4).

     (3) If the Company elects not to withdraw any of the deposits made by the Company
pursuant to Section 4.2(4), if and when the Trustee or Paying Agent is later permitted to
apply all such money or Government Obligations in accordance with and as contemplated by
Section 4.2(4), the rights of the Company shall be subrogated to the rights of the Holders
of the Securities of the applicable series to receive payments from the money or Government
Obligations deposited by the Company pursuant to Section 4.2(4) and held by the Trustee or
Paying Agent; provided that if the Company shall have made any payment of principal
or interest on the Securities of any series because of the

41

 

revival and reinstatement of its
obligations, which payment is not sourced from any amounts deposited by the Company pursuant
to Section 4.2(4) (such amount, in the aggregate, being referred to as the “Company Paid
Amount”), the Company shall be permitted, at its discretion, to withdraw all or a portion of
the deposits made by the Company pursuant to Section 4.2(4) up to the Company Paid Amount.

ARTICLE 5

REMEDIES

     Section 5.1 Events of Default. “Event of Default,” wherever used herein with respect to
Securities of any series, means any one of the following events (whatever the reason for such Event
of Default and whether it shall be voluntary or involuntary or be effected by operation of law or
pursuant to any judgment, decree or order of any court or any order, rule or regulation of any
administrative or governmental body), unless such event is specifically deleted or modified in or
pursuant to the supplemental indenture, Board Resolution or Officers’ Certificate establishing the
terms of such Series pursuant to this Indenture:

     (1) default in the payment of any interest on any Security of such series when such
interest becomes due and payable, and continuance of such default for a period of 30 days;
or

     (2) default in the payment of the principal of or any premium on any Security of such
series when such principal or premium becomes due and payable at their Maturity; or

     (3) default in the deposit of any sinking fund or analogous payment when and as due by
the terms of a Security of such series; or

     (4) default in the performance, or breach, of any covenant or agreement of the Company
in this Indenture with respect to any Security of that series (other than a covenant or
agreement a default in whose performance or whose breach is elsewhere in this Section
specifically dealt with and other than a covenant or agreement included in this Indenture
solely for the benefit of another series of Securities), and continuance of such default or
breach for a period of 60 days after there has been given, by registered or certified mail,
to the Company by the Trustee or to the Company and the Trustee by the Holders of at least
25% in principal amount of the Outstanding Securities as a single class (unless otherwise
provided with respect to Securities of any series pursuant to Section 3.1)of that series a
written notice specifying such default or breach and requiring it to be remedied and stating
that such notice is a “Notice of Default” hereunder; or

42

 

     (5) a court of competent jurisdiction enters an order or decree under any applicable
Bankruptcy Law that:

     (a) is for relief against the Company in an involuntary case; or

     (b) appoints a Custodian of the Company or for all or substantially all of the
property of the Company; or

     (c) orders the liquidation of the Company; and the order or decree remains
unstayed and in effect for 60 consecutive days. The term “Bankruptcy Law” means
title 11, U.S. Code or any similar federal or state law for the relief of debtors.
The term “Custodian” means any receiver, trustee, assignee, liquidator or other
similar official under any Bankruptcy Law.

     (6) the commencement by the Company of a voluntary proceeding under any applicable
bankruptcy, insolvency, reorganization (other than a reorganization under a foreign law that
does not relate to insolvency) or other similar law or of a voluntary proceeding seeking to
be adjudicated insolvent or the consent by the Company to the entry of a decree or order for
relief in an involuntary proceeding under any applicable bankruptcy, insolvency,
reorganization or other similar law or to the commencement of any insolvency proceedings
against it, or the filing by the Company of a petition or
answer or consent seeking reorganization, arrangement, adjustment or composition of the
Company or relief under any applicable law, or the consent by the Company to the filing of
such petition or to the appointment of or taking possession by a custodian, receiver,
liquidator, assignee, trustee or similar official of the Company or any substantial part of
the property of the Company or the making by the Company of an assignment for the benefit of
creditors, or the taking of corporate action by the Company in furtherance of any such
action or the admitting in writing by the Company of its inability to pay its debts
generally as they become due; or

     (7) any other Event of Default provided in or pursuant to this Indenture with respect
to Securities of such series.

     Section 5.2 Acceleration of Maturity; Rescission and Annulment. If an Event of Default
with respect to Securities of any series at the time Outstanding (other than an Event of Default
specified in clause (5) or (6) of Section 5.1) occurs and is continuing, then the Trustee or the
Holders of not less than 25% in principal amount of the Outstanding Securities of such series may
declare the principal of all the Securities of such series, or such lesser amount as may be
provided for in the Securities of such series, to be due and payable immediately, by a notice in
writing to the Company (and to the Trustee if given by the Holders), and upon any such declaration
such principal or such lesser amount shall become immediately due and payable.

43

 

     If an Event of Default specified in clause (5) or (6) of Section 5.1 occurs, all unpaid
principal of and accrued interest on the Outstanding Securities of that series (or such lesser
amount as may be provided for in the Securities of such series) shall ipso facto become and be
immediately due and payable without any declaration or other act on the part of the Trustee or any
Holder of any Security of that series.

     At any time after a declaration of acceleration with respect to the Securities of any series
has been made and before a judgment or decree for payment of the money due has been obtained by the
Trustee as hereinafter in this Article provided, the Holders of not less than a majority in
principal amount of the Outstanding Securities of such series, by written notice to the Company and
the Trustee, may rescind and annul such declaration and its consequences if

     (1) the Company has paid or deposited with the Trustee a sum sufficient to pay:

     (a) all overdue installments of any interest on all Securities of such series
and any Coupon appertaining thereto,

     (b) the principal of and any premium on any Securities of such series which
have become due otherwise than by such declaration of acceleration and interest
thereon at the rate or rates borne by or provided for in such Securities,

     (c) to the extent that payment of such interest is lawful, interest upon
overdue installments of any interest at the rate or rates borne by or provided for
in such Securities, and

     (d) all sums paid or advanced by the Trustee hereunder and the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and
counsel and all other amounts due the Trustee under Section 6.7; and

     (2) all Events of Default with respect to Securities of such series, other than the
non-payment of the principal of, or any premium and interest, if any, on Securities of such
series which shall have become due solely by such declaration of acceleration, shall have
been cured or waived as provided in Section 5.13.

     No such rescission shall affect any subsequent default or impair any right consequent thereon.

     Section 5.3 Collection of Indebtedness and Suits for Enforcement by Trustee. The Company
covenants that if a

44

 

     (1) default is made in the payment of any installment of interest on any Security or
any Coupon appertaining thereto when such interest shall have become due and payable and
such default continues for a period of 30 days, or

     (2) default is made in the payment of the principal of or any premium on any Security
at its Maturity,

the Company shall, upon demand of the Trustee, pay to the Trustee, for the benefit of the Holders
of such Securities and any Coupons appertaining thereto, the whole amount of money then due and
payable with respect to such Securities and any Coupons appertaining thereto, with interest upon
the overdue principal, any premium and, to the extent that payment of such interest shall be
legally enforceable, upon any overdue installments of interest, and in addition thereto, such
further amount of money as shall be sufficient to cover the costs and expenses of collection,
including the reasonable compensation, expenses, disbursements and advances of the Trustee, its
agents and counsel and all other amounts due to the Trustee under Section 6.7.

     If the Company shall fail to pay the money it is required to pay the Trustee pursuant to the
preceding paragraph forthwith upon the demand of the Trustee, the Trustee, in its own name and as
trustee of an express trust, may institute a judicial proceeding for the collection of the money so
due and unpaid, and may prosecute such proceeding to judgment or final decree, and may enforce the
same against the Company or any other obligor upon such Securities and any
Coupons appertaining thereto and collect the monies adjudged or decreed to be payable in the
manner provided by law out of the property of the Company or any other obligor upon such Securities
and any Coupons appertaining thereto, wherever situated. Every recovery of judgment in any such
action or other proceeding subject to the payment of the expenses, disbursements and compensation
of the Trustee, its agents and attorneys, shall be for the ratable benefit of the Holders of such
Securities that shall be the subject of such action or proceeding.

     If an Event of Default with respect to Securities of any series occurs and is continuing, the
Trustee may in its discretion proceed to protect and enforce its rights and the rights of the
Holders of Securities of such series and any Coupons appertaining thereto by such appropriate
judicial proceedings as the Trustee shall deem most effectual to protect and enforce any such
rights, whether for the specific enforcement of any covenant or agreement in this Indenture or such
Securities or in aid of the exercise of any power granted herein or therein, or to enforce any
other proper remedy.

     Section 5.4 Trustee May File Proofs of Claim. In case of the pendency of any receivership,
insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other
judicial proceeding relative to the Company or any other obligor upon the Securities of any series
or the property of the Company or such other obligor or their creditors, the Trustee (irrespective
of whether the principal of the Securities shall then be due and payable as therein expressed or by
declaration or otherwise and irrespective of whether the Trustee shall have made any demand on the
Company for the payment of any overdue principal, premium or interest) shall be entitled and
empowered, by intervention in such proceeding or otherwise,

45

 

     (1) to file and prove a claim for the whole amount, or such lesser amount as may be
provided for in the Securities of any applicable series, of the principal and any premium
and interest in respect of the Securities and any Coupons appertaining thereto and to file
such other papers or documents as may be necessary or advisable in order to have the claims
of the Trustee (including any claim for the reasonable compensation, expenses, disbursements
and advances of the Trustee, its agents or counsel) and of the Holders of Securities or any
Coupons appertaining thereto allowed in such judicial proceeding, and

     (2) to collect and receive any monies or other property payable or deliverable on any
such claims and to distribute the same; and any custodian, receiver, assignee, trustee,
liquidator, sequestrator or other similar official in any such judicial proceeding is hereby
authorized by each Holder of Securities or any Coupons to make such payments to the Trustee
and, in the event that the Trustee shall consent to the making of such payments directly to
the Holders of Securities or any Coupons, to pay to the Trustee any amount due to it for the
reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and
counsel and any other amounts due the Trustee under Section 6.7.

     Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to
or accept or adopt on behalf of any Holder of a Security or any Coupon any plan of reorganization,
arrangement, adjustment or composition affecting the Securities or Coupons or the rights of any
Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Holder of a
Security or any Coupon in any such proceeding.

     Section 5.5 Trustee May Enforce Claims without Possession of Securities or Coupons. All
rights of action and claims under this Indenture or any of the Securities or Coupons may be
prosecuted and enforced by the Trustee without the possession of any of the Securities or Coupons
or the production thereof in any proceeding relating thereto, and any such proceeding instituted by
the Trustee shall be brought in its own name as trustee of an express trust, and any recovery or
judgment, after provision for the payment of the reasonable compensation, expenses, disbursements
and advances of the Trustee, its agents and counsel, shall be for the ratable benefit of each and
every Holder of the Securities or Coupons in respect of which such judgment has been recovered.

     Section 5.6 Application of Money Collected. Any money collected by the Trustee pursuant to
this Article shall be applied in the following order, at the date or dates fixed by the Trustee
and, in case of the distribution of such money on account of principal or any premium or interest,
upon presentation of the Securities or Coupons, or both, as the case may be, and the notation
thereon of the payment if only partially paid and upon surrender thereof if fully paid:

     (1) to the payment of all amounts due the Trustee and any predecessor Trustee under
Section 6.7;

46

 

     (2) to the payment of the amounts then due and unpaid upon the Securities and any
Coupons for principal and any premium and interest, ratably, without preference or priority
of any kind, according to the aggregate amounts due and payable on such Securities and
Coupons for principal and any premium and interest, respectively;

     (3) the balance, if any, to the Company or as a court of competent jurisdiction shall
direct in writing.

     Section 5.7 Limitations on Suits. No Holder of any Security of any series or any Coupons
appertaining thereto shall have any right to institute any proceeding, judicial or otherwise, with
respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy
hereunder, unless

     (1) such Holder has previously given written notice to the Trustee of a continuing
Event of Default with respect to the Securities of such series;

     (2) the Holders of a majority in principal amount outstanding of the Outstanding
Securities of such series shall have made written request to the Trustee to
institute proceedings in respect of such Event of Default in its own name as Trustee
hereunder;

     (3) such Holder or Holders have offered to the Trustee such indemnity as is reasonably
satisfactory to it against the costs, expenses and liabilities to be incurred in compliance
with such request;

     (4) the Trustee for 30 days after its receipt of such notice, request and offer of
indemnity has failed to institute any such proceeding; and

     (5) no direction inconsistent with such written request has been given to the Trustee
during such 30-day period by the Holders of a majority in principal amount of the
Outstanding Securities of such series; it being understood and intended that no one or more
of such Holders shall have any right in any manner whatever by virtue of, or by availing of,
any provision of this Indenture or any Security to affect, disturb or prejudice the rights
of any other such Holders or Holders of Securities of any other series, or to obtain or to
seek to obtain priority or preference over any other Holders or to enforce any right under
this Indenture, except in the manner herein provided and for the equal and ratable benefit
of all such Holders.

     Section 5.8 Unconditional Right of Holders to Receive Principal and any Premium and
Interest. Notwithstanding any other provision in this Indenture, the Holder of any Security or
Coupon shall have the right, which is absolute and unconditional, to receive payment of the
principal of, any premium and (subject to Sections 3.7 and 3.10) interest on such Security or

47

 

payment of such Coupon, as the case may be, on the respective Stated Maturity or Maturities
therefor specified in such Security or Coupon (or, in the case of redemption, on the Redemption
Date or, in the case of repayment at the option of such Holder if provided in or pursuant to this
Indenture, on the date such repayment is due) and to institute suit for the enforcement of any such
payment, and such right shall not be impaired without the consent of such Holder.

     Section 5.9 Restoration of Rights and Remedies. If the Trustee or any Holder of a Security
or a Coupon has instituted any proceeding to enforce any right or remedy under this Indenture and
such proceeding has been discontinued or abandoned for any reason, or has been determined adversely
to the Trustee or to such Holder, then and in every such case the Company, the Trustee and each
such Holder shall, subject to any determination in such proceeding, be restored severally and
respectively to their former positions hereunder, and thereafter all rights and remedies of the
Trustee and each such Holder shall continue as though no such proceeding had been instituted.

     Section 5.10 Rights and Remedies Cumulative. Except as otherwise provided with respect to
the replacement or payment of mutilated, destroyed, lost or stolen Securities or Coupons in the
last paragraph of Section 3.6, no right or remedy herein conferred upon or reserved to the Trustee
or to each and every Holder of a Security or a Coupon is intended to be exclusive of any other
right or remedy, and every right and remedy, to the extent permitted by law, shall be cumulative
and in addition to every other right and remedy given hereunder or now
or hereafter existing at law or in equity or otherwise. The assertion or employment of any right
or remedy hereunder, or otherwise, shall not, to the extent permitted by law, prevent the
concurrent assertion or employment of any other appropriate right or remedy.

     Section 5.11 Delay or Omission Not Waiver. No delay or omission of the Trustee or of any
Holder of any Security or Coupon to exercise any right or remedy accruing upon any Event of Default
shall impair any such right or remedy or constitute a waiver of any such Event of Default or an
acquiescence therein. Every right and remedy given by this Article or by law to the Trustee or to
any Holder of a Security or a Coupon may be exercised from time to time, and as often as may be
deemed expedient, by the Trustee or by such Holder, as the case may be.

     Section 5.12 Control by Holders of Securities. The Holders of a majority in principal
amount of the Outstanding Securities of any series shall have the right to direct the time, method
and place of conducting any proceeding for any remedy available to the Trustee or exercising any
trust or power conferred on the Trustee with respect to the Securities of such series and any
Coupons appertaining thereto, provided that

     (1) such direction shall not be in conflict with any rule of law or with this Indenture
or with the Securities of such series,

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

48

 

     (3) such direction is not unduly prejudicial to the rights of the other Holders of
Securities of such series not joining in such action.

     Section 5.13 Waiver of Past Defaults. The Holders of not less than a majority in principal
amount of the Outstanding Securities of any series on behalf of the Holders of all the Securities
of such series and any Coupons appertaining thereto may waive any past default hereunder with
respect to such series and its consequences, except a default

     (1) in the payment of the principal of, any premium or interest on, any Security of
such series or any Coupons appertaining thereto, or

     (2) in respect of a covenant or provision hereof which under Article 9 cannot be
modified or amended without the consent of the Holder of each Outstanding Security of such
series affected.

     Upon any such waiver, such default shall cease to exist, and any Event of Default arising
therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no such
waiver shall extend to any subsequent or other default or impair any right consequent thereon.

     Section 5.14 Waiver of Usury, Stay or Extension Laws. The Company covenants that (to the
extent that it may lawfully do so) it will not at any time insist upon, or plead, or in any manner
whatsoever claim or take the benefit or advantage of, any usury, stay or extension law wherever
enacted, now or at any time hereafter in force, which may affect the covenants or the performance
of this Indenture; and the Company expressly waives (to the extent that it may lawfully do so) all
benefit or advantage of any such law and covenants that it will not hinder, delay or impede the
execution of any power herein granted to the Trustee, but will suffer and permit the execution of
every such power as though no such law had been enacted.

     Section 5.15 Undertaking for Costs. All parties to this Indenture agree, and each Holder
of any Security by his acceptance thereof shall be deemed to have agreed, that any court may in its
discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or
in any suit against the Trustee for any action taken or omitted by it as Trustee, the filing by any
party litigant in such suit of any undertaking to pay the costs of such suit, and that such court
may in its discretion assess reasonable costs, including reasonable attorneys’ fees and expenses,
against any party litigant in such suit having due regard to the merits and good faith of the
claims or defenses made by such party litigant; but the provisions of this Section 5.15 shall not
apply to any suit instituted by the Trustee, to any suit instituted by any Holder, or group of
Holders, holding in the aggregate more than 10% in principal amount of Outstanding Securities of
any series, or to any suit instituted by any Holder for the enforcement of the payment of the
principal of (or premium, if any) or interest, if any, on any Security on or after the respective
Stated Maturities expressed in such Security (or, in the case of redemption, on or after the
Redemption Date, and, in the case of repayment, on or after the date for repayment) or for the
enforcement of the right, if any, to convert or exchange any Security into other securities in
accordance with its terms.

49

 

ARTICLE 6

THE TRUSTEE

     Section 6.1 Certain Duties and Responsibilities.

     (1) Except during the continuance of an Event of Default,

     (a) the Trustee undertakes to perform such duties and only such duties as are
specifically set forth in this Indenture, and no implied covenants or obligations
shall be read into this Indenture against the Trustee; and

     (b) in the absence of bad faith on its part, the Trustee may conclusively rely,
as to the truth of the statements and the correctness of the opinions expressed
therein, upon certificates or opinions furnished to the Trustee and conforming to
the requirements of this Indenture.

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

     (3) No provision of this Indenture shall be construed to relieve the Trustee from
liability for its own negligent action, its own negligent failure to act, or its own willful
misconduct, except that:

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

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

     (c) the Trustee shall not be liable with respect to any action taken or omitted
to be taken by it in good faith in accordance with the direction of the Holders of a
majority in principal amount of the Outstanding Securities of any series, relating
to the time, method and place of conducting any proceeding for any remedy available
to the Trustee, or exercising any trust or power conferred upon the Trustee, under
this Indenture with respect to the Securities of such series.

50

 

     (4) Whether or not therein expressly so provided, every provision of this Indenture
relating to the conduct or affecting the liability of or affording protection to the Trustee
shall be subject to the provisions of this Section.

     Section 6.2 Certain Rights of Trustee. Subject to Sections 315(a) through 315(d) of the
Trust Indenture Act:

     (1) The Trustee may conclusively rely and shall be protected in acting or refraining
from acting upon any resolution, certificate, statement, instrument, opinion, report,
notice, request, direction, consent, order, bond, debenture, note, coupon or other paper or
document believed by it to be genuine and to have been signed or presented by the proper
party or parties.

     (2) Any request or direction of the Company mentioned herein shall be sufficiently
evidenced by a Company Request or Company Order (other than delivery of any Security,
together with any coupons appertaining thereto, to the Trustee for authentication and
delivery pursuant to Section 3.3 which shall be sufficiently evidenced
as provided therein) and any resolution of the Board of Managers may be sufficiently
evidenced by a Board Resolution.

     (3) Whenever in the administration of this Indenture the Trustee shall deem it
desirable that a matter be proved or established prior to taking, suffering or omitting any
action hereunder, the Trustee (unless other evidence shall be herein specifically
prescribed) may, in the absence of bad faith on its part, rely upon a Board Resolution, an
Opinion of Counsel or an Officers’ Certificate.

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

     (5) The Trustee shall be under no obligation to exercise any of the rights or powers
vested in it by this Indenture at the request or direction of any of the Holders of
Securities of any series or any related Coupons pursuant to this Indenture, unless such
Holders shall have offered to the Trustee security or indemnity satisfactory to the Trustee
against the costs, expenses and liabilities which might be incurred by it in compliance with
such request or direction.

     (6) The Trustee shall not be bound to make any investigation into the facts or matters
stated in any resolution, certificate, statement, instrument, opinion, report, notice,
request, direction, consent, order, bond, debenture, note, coupon or other paper or
document, but the Trustee, in its discretion, may make such further inquiry or

51

 

investigation
into such facts or matters as it may see fit, and, if the Trustee shall determine to make
such further inquiry or investigation, it shall be entitled to examine the books, records
and premises of the Company, personally or by agent or attorney.

     (7) The Trustee may execute any of the trusts or powers hereunder or perform any duties
hereunder either directly or by or through agents or attorneys and the Trustee shall not be
responsible for any misconduct or negligence on the part of any agent or attorney appointed
with due care by it hereunder.

     (8) The Trustee shall not be liable for any action taken, suffered or omitted by it in
good faith and believed by it to be authorized or within the discretion or rights or powers
conferred upon it by this Indenture.

     (9) The Trustee shall not be charged with knowledge of any default or Event of Default
with respect to the Securities of any series unless either (1) such default or Event of
Default is actually known by a Responsible Officer of the Trustee or (2) written
notice of such default or Event of Default which is in fact such a default is received
by the Trustee at the Corporate Trust Office of the Trustee and such notice references the
Securities and this Indenture.

     (10) The Trustee shall not be required to expend or risk its own funds or otherwise
incur any financial liability in the performance of any of its duties hereunder, or in the
exercise of any of its rights or powers, if it shall have reasonable grounds for believing
that repayment of such funds or adequate indemnity against such risk or liability is not
reasonably assured to it.

     (11) In no event shall the Trustee be responsible or liable for special, indirect, or
consequential loss or damage of any kind whatsoever (including, but not limited to, loss of
profit) irrespective of whether the Trustee has been advised of the likelihood of such loss
or damage and regardless of the form of action.

     (12) The rights, privileges, protections, immunities and benefits given to the Trustee,
including, without limitation, its right to be indemnified, are extended to, and shall be
enforceable by, the Trustee in each of its capacities hereunder (other than in its capacity
as a Holder), and each agent, custodian and other Person employed to act hereunder.

     (13) The Trustee may request that the Company deliver a certificate setting forth the
names of individuals and/or titles of officers authorized at such time to take specified
actions pursuant to this Indenture.

52

 

     Section 6.3 Notice of Defaults. Within 90 days after the occurrence of any default
hereunder with respect to the Securities of any series, the Trustee shall transmit by mail to all
Holders of Securities of such series entitled to receive reports pursuant to Section 7.3(3), notice
of such default hereunder actually known to a Responsible Officer of the Trustee, unless such
default shall have been cured or waived; provided, however, that, except in the
case of a default in the payment of the principal of (or premium, if any), or interest, if any, on,
or any sinking fund or purchase fund installment with respect to, any Security of such series, the
Trustee shall be protected in withholding such notice if and so long as the board of directors, the
executive committee or a trust committee of directors and/or Responsible Officers of the Trustee in
good faith determine that the withholding of such notice is in the best interest of the Holders of
Securities and Coupons of such series; and provided, further, that in the case of
any default of the character specified in Section 5.1(4) with respect to Securities of such series,
no such notice to Holders shall be given until such default shall have become an Event of Default
with respect to Securities of such series. For the purpose of Sections 6.1 and 6.2, the term
“default” means any event that is, or after notice or lapse of time or both would become, an Event
of Default with respect to Securities of such series.

     Section 6.4 Not Responsible for Recitals or Issuance of Securities. The recitals contained
herein and in the Securities, except the Trustee’s certificate of authentication, and in
any Coupons shall be taken as the statements of the Company, and neither the Trustee nor any
Authenticating Agent assumes any responsibility for their correctness. The Trustee makes no
representations as to the validity or sufficiency of this Indenture or of the Securities or
Coupons, except that the Trustee represents that it is duly authorized to execute and deliver this
Indenture, authenticate the Securities and perform its obligations hereunder and that the
statements made by it in a Statement of Eligibility on Form T-1 supplied to the Company are true
and accurate, subject to the qualifications set forth therein. Neither the Trustee nor any
Authenticating Agent shall be accountable for the use or application by the Company of Securities
or the proceeds thereof.

     Section 6.5 May Hold Securities. The Trustee, any Paying Agent, Security Registrar,
Authenticating Agent or any other agent of the Company, in its individual or any other capacity,
may become the owner or pledgee of Securities and Coupons and, subject to Trust Indenture Act
Sections 310(b) and 311, may otherwise deal with the Company with the same rights it would have if
it were not Trustee, Paying Agent, Security Registrar, Authenticating Agent or such other agent.

     Section 6.6 Money Held in Trust. Except as provided in Section 4.3 and Section 10.3, money
held by the Trustee in trust hereunder need not be segregated from other funds except to the extent
required by law and shall be held uninvested. The Trustee shall be under no liability for interest
on any money received by it hereunder except as otherwise agreed to in writing with the Company.

     Section 6.7 Compensation and Reimbursement. The Company agrees:

     (1) to pay to the Trustee from time to time such compensation for all services rendered
by it hereunder as the Company and the Trustee shall from time to time agree in

53

 

writing
(which compensation shall not be limited by any provision of law in regard to the
compensation of a trustee of an express trust).

     (2) except as otherwise expressly provided herein, to reimburse the Trustee upon its
request for all reasonable expenses, disbursements and advances incurred or made by the
Trustee in accordance with any provision of this Indenture (including reasonable
compensation and the expenses, advances and disbursements of its agents and counsel), except
any such expense, disbursement or advance as shall be determined to have been caused by its
own negligence or willful misconduct.

     (3) to indemnify each of the Trustee and any predecessor Trustee for, and to hold it
harmless against, any loss, claim, damage, liability or expense, including taxes, incurred
without negligence or willful misconduct on its own part, arising out of or in connection
with the acceptance or administration of the trust or trusts hereunder, including the costs
and expenses of defending itself against any claim or liability in connection with the
exercise or performance of any of its powers or duties hereunder, except to the extent that
any such loss, liability, claim, damage or expense shall be determined to have been caused
by the Trustee’s own negligence or willful misconduct.

     As security for the performance of the obligations of the Company under this Section, the
Trustee for the Securities of any series shall have a claim prior to the Securities of such series
upon all property and funds held or collected by the Trustee as such, except funds held in trust
for the payment of principal of (or premium, if any) or interest, if any, on Securities or any
Coupons of such series.

     To the extent permitted by law, any compensation or expense incurred by the Trustee in
connection with a default specified in or pursuant to Section 5.1 is intended to constitute an
expense of administration under any then applicable bankruptcy or insolvency law. “Trustee” for
purposes of this Section 6.7 shall include any predecessor Trustee but the negligence or bad faith
of any Trustee shall not affect the rights of any other Trustee under this Section 6.7.

     The provisions of this Section 6.7 shall survive the satisfaction, termination or discharge of
this Indenture or the earlier resignation or removal of the Trustee and shall apply with equal
force and effect to the Trustee in its capacity as Authenticating Agent, Paying Agent or Security
Registrar.

     Section 6.8 Corporate Trustee Required; Eligibility. There shall at all times be a Trustee
hereunder that is a Corporation organized and doing business under the laws of the United States of
America, any state thereof or the District of Columbia, that is eligible under Section 310(a)(1) of
the Trust Indenture Act to act as trustee under an indenture qualified under the Trust Indenture
Act and that has a combined capital and surplus (computed in accordance with Section 310(a)(2) of
the Trust Indenture Act) of at least $50,000,000, and that is subject to supervision or examination
by Federal or state authority. If at any time the Trustee shall cease to

54

 

be eligible in accordance
with the provisions of this Section, it shall resign immediately in the manner and with the effect
hereinafter specified in this Article. Also, if the Trustee has or shall acquire a conflicting
interest within the meaning of Section 310(b) of the Trust Indenture Act, the Trustee shall either
eliminate such interest or resign, to the extent and in the manner provided by, and subject to the
provisions of, the Trust Indenture Act and this Indenture. If Section 310(b) of the Trust
Indenture Act is amended any time after the date of this Indenture to change the circumstances
under which a Trustee shall be deemed to have a conflicting interest with respect to the Securities
of any series or to change any of the definitions in connection therewith, this Section 6.8 shall
be automatically amended to incorporate such changes.

     Section 6.9 Resignation and Removal; Appointment of Successor.

     (1) No resignation or removal of the Trustee and no appointment of a successor Trustee
pursuant to this Article shall become effective until the acceptance of appointment by the
successor Trustee pursuant to Section 6.10.

     (2) The Trustee may resign at any time with respect to the Securities of one or more
series by giving written notice thereof to the Company. If the instrument of acceptance by
a successor Trustee required by Section 6.10 shall not have been delivered to the Trustee
within 30 days after the giving of such notice of resignation, the resigning
Trustee may petition at the expense of the Company any court of competent jurisdiction
for the appointment of a successor Trustee with respect to such series.

     (3) The Trustee may be removed at any time with respect to the Securities of any series
by Act of the Holders of a majority in principal amount of the Outstanding Securities of
such series, delivered to the Trustee and the Company. If the instrument of acceptance by a
successor Trustee required by Section 6.10 shall not have been delivered to the Trustee
within 30 days after the Act of the Holders removing the Trustee, the removed Trustee may
petition at the expense of the Company any court of competent jurisdiction for the
appointment of a successor Trustee with respect to such series.

     (4) If at any time:

     (a) the Trustee shall fail to comply with the obligations imposed upon it under
Section 310(b) of the Trust Indenture Act with respect to Securities of any series
after written request therefor by the Company or any Holder of a Security of such
series who has been a bona fide Holder of a Security of such series for at least six
months, or

     (b) the Trustee shall cease to be eligible under Section 6.8 and shall fail to
resign after written request therefor by the Company or any such Holder, or

55

 

     (c) the Trustee shall become incapable of acting or shall be adjudged a
bankrupt or insolvent or a receiver of the Trustee or of its property shall be
appointed or any public officer shall take charge or control of the Trustee or of
its property or affairs for the purpose of rehabilitation, conservation or
liquidation, then, in any such case, (i) the Company, by or pursuant to a Board
Resolution, may remove the Trustee with respect to all Securities or the Securities
of such series, or subject to Section 315(e) of the Trust Indenture Act, any Holder
of a Security who has been a bona fide Holder of a Security of such series for at
least six months may, on behalf of himself and all others similarly situated,
petition any court of competent jurisdiction for the removal of the Trustee with
respect to all Securities of such series and the appointment of a successor Trustee
or Trustees.

     (5) If the Trustee shall resign, be removed or become incapable of acting, or if a
vacancy shall occur in the office of Trustee for any cause, with respect to the Securities
of one or more series, the Company, by or pursuant to a Board Resolution, shall promptly
appoint a successor Trustee or Trustees with respect to the Securities of such series (it
being understood that any such successor Trustee may be appointed with respect to the
Securities of one or more or all of such series and that at any time there shall be only one
Trustee with respect to the Securities of any particular series) and shall comply with the
applicable requirements of Section 6.10. If, within one year after such resignation,
removal or incapacity, or the occurrence of such vacancy, a successor Trustee with
respect to the Securities of any series shall be appointed by Act of the Holders of a
majority in principal amount of the Outstanding Securities of such series delivered to the
Company and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon
its acceptance of such appointment in accordance with the applicable requirements of Section
6.10, become the successor Trustee with respect to the Securities of such series and to that
extent supersede the successor Trustee appointed by the Company. If no successor Trustee
with respect to the Securities of any series shall have been so appointed within three
months after such appointment might have been made hereunder by the Company or the Holders
of Securities and accepted appointment in the manner required by Section 6.10, any Holder of
a Security who has been a bona fide Holder of a Security of such series for at least six
months may, on behalf of himself and all others similarly situated, petition any court of
competent jurisdiction for the appointment of a successor Trustee with respect to the
Securities of such series.

     (6) The Company shall give notice of each resignation and each removal of the Trustee
with respect to the Securities of any series and each appointment of a successor Trustee
with respect to the Securities of any series by mailing written notice of such event by
first-class mail, postage prepaid, to the Holders of Registered Securities, if any, of such
series as their names and addresses appear in the Security Register and, if Securities of
such series are issued as Bearer Securities, by publishing notice of such event once in an
Authorized Newspaper in each Place of Payment located outside the United States. Each
notice shall include the name of the successor Trustee with respect to the Securities of
such series and the address of its Corporate Trust Office.

56

 

     (7) In no event shall any retiring Trustee be liable for the acts or omissions of any
successor Trustee hereunder.

     Section 6.10 Acceptance of Appointment by Successor.

     (1) Upon the appointment hereunder of any successor Trustee with respect to all
Securities, such successor Trustee so appointed shall execute, acknowledge and deliver to
the Company and the retiring Trustee an instrument accepting such appointment, and thereupon
the resignation or removal of the retiring Trustee shall become effective and such successor
Trustee, without any further act, deed or conveyance, shall become vested with all the
rights, powers, trusts and duties hereunder of the retiring Trustee; but, on the request of
the Company or such successor Trustee or the Holders of at least 10% in principal amount of
the applicable series of Securities then Outstanding, such retiring Trustee, upon payment of
its charges, shall execute and deliver an instrument transferring to such successor Trustee
all the rights, powers and trusts of the retiring Trustee and, subject to Section 10.3,
shall duly assign, transfer and deliver to such successor Trustee all property and money
held by such retiring Trustee hereunder, subject nevertheless to its claim, if any, provided
for in Section 6.7.

     (2) Upon the appointment hereunder of any successor Trustee with respect to the
Securities of one or more (but not all) series, the Company, the retiring Trustee and such
successor Trustee shall execute and deliver an indenture supplemental hereto wherein each
successor Trustee shall accept such appointment and which (1) shall contain such provisions
as shall be necessary or desirable to transfer and confirm to, and to vest in, such
successor Trustee all the
rights, powers, trusts and duties of the retiring Trustee with
respect to the Securities of that or those series to which the appointment of such successor
Trustee relates, (2) if the retiring Trustee is not retiring with respect to all Securities,
shall contain such provisions as shall be deemed necessary or desirable to confirm that all
the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities
of that or those series as to which the retiring Trustee is not retiring shall continue to
be vested in the retiring Trustee, and (3) shall add to or change any of the provisions of
this Indenture as shall be necessary to provide for or facilitate the administration of the
trusts hereunder by more than one Trustee, it being understood that nothing herein or in
such supplemental indenture shall constitute such Trustees co-trustees of the same trust,
that each such Trustee shall be trustee of a trust or trusts hereunder separate and apart
from any trust or trusts hereunder administered by any other such Trustee and that no
Trustee shall be responsible for any notice given to, or received by, or any act or failure
to act on the part of any other Trustee hereunder, and, upon the execution and delivery of
such supplemental indenture, the resignation or removal of the retiring Trustee shall become
effective to the extent provided therein, such retiring Trustee shall have no further
responsibility for the exercise of rights and powers or for the performance of the duties
and obligations vested in the Trustee under this Indenture with respect to the Securities of
that or those series to which the appointment of such successor Trustee relates other than
as hereinafter expressly set forth, and such successor Trustee, without any further act,
deed or conveyance, shall become vested with all the

57

 

rights, powers, trusts and duties of
the retiring Trustee with respect to the Securities of that or those series to which the
appointment of such successor Trustee relates; but, on request of the Company or such
successor Trustee, such retiring Trustee, upon payment of its charges with respect to the
Securities of that or those series to which the appointment of such successor Trustee
relates and subject to Section 10.3 shall duly assign, transfer and deliver to such
successor Trustee, to the extent contemplated by such supplemental indenture, the property
and money held by such retiring Trustee hereunder with respect to the Securities of that or
those series to which the appointment of such successor Trustee relates, subject to its
claim, if any, provided for in Section 6.7.

     (3) Upon request of any Person appointed hereunder as a successor Trustee, the Company
shall execute any and all instruments for more fully and certainly vesting in and confirming
to such successor Trustee all such rights, powers and trusts referred to in paragraph (1) or
(2) of this Section, as the case may be.

     (4) No Person shall accept its appointment hereunder as a successor Trustee unless at
the time of such acceptance such successor Person shall be qualified and eligible under this
Article.

     Section 6.11 Merger, Conversion, Consolidation or Succession to Business. Any Corporation
into which, the Trustee may be merged or converted or with which it may be consolidated, or any
Corporation resulting from any merger, conversion or consolidation to which the Trustee shall be a
party, shall be the successor of the Trustee hereunder, without the execution or filing of any
paper or any further act on the part of any of the parties hereto, provided, that such
Corporation shall be otherwise qualified and eligible under this Section. In case any Securities
shall have been authenticated but not delivered by the Trustee then in office, any successor by
merger, conversion or consolidation to such authenticating Trustee may adopt such authentication
and deliver the Securities so authenticated with the same effect as if such successor Trustee had
itself authenticated such Securities.

     Section 6.12 Appointment of Authenticating Agent. The Trustee may appoint one or more
Authenticating Agents acceptable to the Company with respect to one or more series of Securities,
and which shall be authorized to act on behalf of the Trustee to authenticate Securities of that or
those series issued upon original issue, exchange, registration of transfer, partial redemption or
partial repayment or pursuant to Section 3.6, and Securities so authenticated shall be entitled to
the benefits of this Indenture and shall be valid and obligatory for all purposes as if
authenticated by the Trustee hereunder. Wherever reference is made in this Indenture to the
authentication and delivery of Securities by the Trustee or the Trustee’s certificate of
authentication, such reference shall be deemed to include authentication and delivery on behalf of
the Trustee by an Authenticating Agent and a certificate of authentication executed on behalf of
the Trustee by an Authenticating Agent.

     Each Authenticating Agent must be acceptable to the Company and, except as provided in or
pursuant to this Indenture, shall at all times be a corporation that would be permitted by the
Trust Indenture Act to act as trustee under an indenture qualified under the Trust Indenture Act,

58

 

is authorized under applicable law and by its charter to act as an Authenticating Agent and has a
combined capital and surplus (computed in accordance with Section 310(a)(2) of the Trust Indenture
Act) of at least $50,000,000. If at any time an Authenticating Agent shall cease to be eligible in
accordance with the provisions of this Section, it shall resign immediately in the manner and with
the effect specified in this Section.

     Any Corporation into which an Authenticating Agent may be merged or converted or with which it
may be consolidated, or any Corporation resulting from any merger, conversion or consolidation to
which such Authenticating Agent shall be a party, or any Corporation succeeding to all or
substantially all of the corporate agency or corporate trust business of an Authenticating Agent,
shall be the successor of such Authenticating Agent hereunder, provided such Corporation
shall be otherwise eligible under this Section, without the execution or filing of any paper or any
further act on the part of the Trustee or the Authenticating Agent.

     An Authenticating Agent may resign at any time by giving written notice thereof to the Trustee
and the Company. The Trustee may at any time terminate the agency of an Authenticating Agent by
giving written notice thereof to such Authenticating Agent and the Company. Upon receiving such a
notice of resignation or upon such a termination, or in case at
any time such Authenticating Agent shall cease to be eligible in accordance with the
provisions of this Section, the Trustee may appoint a successor Authenticating Agent which shall be
acceptable to the Company and shall (i) mail written notice of such appointment by first-class
mail, postage prepaid, to all Holders of Registered Securities, if any, of the series with respect
to which such Authenticating Agent shall serve, as their names and addresses appear in the Security
Register, and if Securities of the series are issued as Bearer Securities, publish notice of such
appointment at least once in an Authorized Newspaper in the place where such successor
Authenticating Agent has its principal office if such office is located outside the United States.
Any successor Authenticating Agent, upon acceptance of its appointment hereunder, shall become
vested with all the rights, powers and duties of its predecessor hereunder, with like effect as if
originally named as an Authenticating Agent. No successor Authenticating Agent shall be appointed
unless eligible under the provisions of this Section.

     The Company agrees to pay each Authenticating Agent from time to time reasonable compensation
for its services under this Section. If the Trustee makes such payments, it shall be entitled to
be reimbursed for such payments, subject to the provisions of Section 6.7.

     If an Authenticating Agent is appointed with respect to one or more series of Securities
pursuant to this Section, the Securities of such series may have endorsed thereon, in addition to
or in lieu of the Trustee’s certificate of authentication, an alternate certificate of
authentication in substantially the following form:

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

59

 

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	DEUTSCHE BANK TRUST COMPANY AMERICAS,

     as Trustee
	 
	 	 	 	 	 	 	 	 
	Date:

	 	 	 	 	 	By:	 	 
	 

	 	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	as Authenticating Agent

     If all of the Securities of any series may not be originally issued at one time, and if the
Trustee does not have an office capable of authenticating Securities upon original issuance located
in a Place of Payment where the Company wishes to have Securities of such series authenticated upon
original issuance, the Trustee, if so requested in writing (which writing need not be accompanied
by or contained in an Officers’ Certificate by the Company), shall appoint in accordance with this
Section an Authenticating Agent having an office in a Place of Payment designated by the Company
with respect to such series of Securities.

     Section 6.13 Appointment of Attorney-in-Fact. The Trustee for each series of Securities is
hereby appointed, and each and every Holder of Securities of such series, by
receiving and holding the same, shall be conclusively deemed to have appointed such Trustee, the
true and lawful attorney-in-fact of such Holder, with authority to make or file (whether or not the
Company shall be in default in respect of the payment of the principal of, or premium or interest,
if any, on any of the Securities of such series), in its own name as trustee of an express trust or
otherwise as it shall deem advisable, in any receivership, insolvency, liquidation, bankruptcy,
reorganization, or other judicial proceedings relative to the Company or any other obligor upon
such Securities or to their respective creditors or property, any and all claims, proofs of claim,
proofs of debt, petitions, consents, other papers and documents, and amendments of any thereof, as
may be necessary or advisable in order to have the claims of the Trustee and of the Holders of such
Securities allowed in any such proceeding and to collect and receive any moneys or other property
payable or deliverable on any such claim, and to execute and deliver any and all other papers and
documents and to do and perform any and all other acts and things, as it may deem necessary or
advisable in order to enforce in any such proceedings any of the claims of such Trustee and of any
of such holders in respect of any of the Securities of such series; and any receiver, assignee,
custodian, trustee, or debtor in any such proceedings is hereby authorized, and each and every
Holder of the Securities of such series, by receiving and holding the same, shall be conclusively
deemed to have authorized any such receiver, assignee, custodian, trustee, or debtor, to make any
such payment or delivery to or on the order of such Trustee, and, in the event that such Trustee
shall consent to the making of such payments or deliveries directly to the Holders of the
Securities of such series, to pay to such Trustee any amount due it for compensation and expenses,
including counsel fees and expenses, incurred by it down to the date of such payment or delivery;
provided, however, that nothing herein contained shall be deemed to authorize or
empower such Trustee to consent to or accept or adopt, on behalf of any Holder of Securities of
such series, any plan of reorganization or readjustment of the Company affecting the Securities of
such series or the rights of any Holder thereof, or to authorize or empower such Trustee to vote in
respect of the claim of any Holder of any Securities of such series in any such proceedings.

60

 

ARTICLE 7

HOLDERS LISTS AND REPORTS BY TRUSTEE AND COMPANY 

     Section 7.1 Company to Furnish Trustee Names and Addresses of Holders. In accordance with
Section 312(a) of the Trust Indenture Act, the Company shall furnish or cause to be furnished to
the Trustee

     (1) semi-annually with respect to Securities of each series not later than May 1 and
November 1 of the year or upon such other dates as are set forth in or pursuant to the Board
Resolution or indenture supplemental hereto authorizing such series, a list, in each case in
such form as the Trustee may reasonably require, of the names and addresses of Holders as of
the applicable date, and

     (2) at such other times as the Trustee may request in writing, within 30 days after the
receipt by the Company of any such request, a list of similar form and content as of a date
not more than 15 days prior to the time such list is furnished,

provided, however, that so long as the Trustee is the Security Registrar no such
list shall be required to be furnished.

     Section 7.2 Preservation of Information; Communications to Holders. The Trustee shall
comply with the obligations imposed upon it pursuant to Section 312 of the Trust Indenture Act.

     Every Holder of Securities or Coupons, by receiving and holding the same, agrees with the
Company and the Trustee that none of the Company, the Trustee, any Paying Agent or any Security
Registrar shall be held accountable by reason of the disclosure of any such information as to the
names and addresses of the Holders of Securities in accordance with Section 312(c) of the Trust
Indenture Act, regardless of the source from which such information was derived, and that the
Trustee shall not be held accountable by reason of mailing any material pursuant to a request made
under Section 312(b) of the Trust Indenture Act.

     Section 7.3 Reports by Trustee.

     (1) Within 60 days after September 15 of each year commencing with the first September
15 following the first issuance of Securities pursuant to Section 3.1, if required by
Section 313(a) of the Trust Indenture Act, the Trustee shall transmit, pursuant to Section
313(c) of the Trust Indenture Act, a brief report dated as of such September 15 with respect
to any of the events specified in said Section 313(a) which may have occurred since the
later of the immediately preceding September 15 and the date of this Indenture.

61

 

     (2) The Trustee shall transmit the reports required by Section 313(a) of the Trust
Indenture Act at the times specified therein.

     (3) Reports pursuant to this Section shall be transmitted in the manner and to the
Persons required by Sections 313(c) and 313(d) of the Trust Indenture Act.

     Section 7.4 Reports by Company. The Company, pursuant to Section 314(a) of the Trust
Indenture Act, shall:

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

     (2) file with the Trustee and the Commission, in accordance with rules and regulations
prescribed from time to time by the Commission, such additional information, documents and
reports with respect to compliance by the Company with the conditions and covenants of this
Indenture as may be required from time to time by such rules and regulations; and

     (3) transmit to the Holders of Securities within 30 days after the filing thereof with
the Trustee, in the manner and to the extent provided in Section 313(c) of the Trust
Indenture Act, such summaries of any information, documents and reports required to be filed
by the Company, pursuant to paragraphs (1) and (2) of this Section as may be required by
rules and regulations prescribed from time to time by the Commission.

     Delivery of such reports, information and documents to the Trustee is for informational
purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any
information contained therein or determinable from information contained therein, including the
Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to
rely exclusively on Officers’ Certificates).

62

 

ARTICLE 8

CONSOLIDATION, AMALGAMATIONS, MERGER AND SALES 

     Section 8.1 Company May Consolidate, Etc., Only on Certain Terms. The Company shall not
consolidate or amalgamate with or merge into any other Person (whether or not affiliated with the
Company), or convey, transfer or lease its properties and assets as an entirety or substantially as
an entirety to any other Person (whether or not affiliated with the Company), and the Company shall
not permit any other Person (whether or not affiliated with the Company) to consolidate or
amalgamate with or merge into the Company or convey, transfer or lease its properties and assets as
an entirety or substantially as an entirety to the Company; unless:

     (1) either the Company shall be the continuing corporation, or the Person (if other
than the Company) formed by such consolidation or into which the Company is
merged or the Person which acquires by conveyance or transfer the properties and assets
of the Company substantially as an entirety shall expressly assume, by an indenture
supplemental hereto, executed and delivered to the Trustee, in form satisfactory to the
Trustee, the due and punctual payment of the principal of (and premium, if any) and
interest, if any, on all the Securities and the performance of every covenant of this
Indenture on the part of the Company to be performed or observed;

     (2) immediately after giving effect to such transaction, no default or Event of Default
shall have happened and be continuing; and

     (3) the Company and the successor Person have delivered to the Trustee an Officers’
Certificate and an Opinion of Counsel each stating that such consolidation, merger,
conveyance or transfer and such supplemental indenture comply with this Article and that all
conditions precedent herein provided for relating to such transaction have been complied
with.

     For the purpose of this Section 8.1, the term “default” means any event that is, or after
notice or lapse of time or both would become, an Event of Default with respect to Securities of
such series.

     Section 8.2 Successor Person Substituted for Company. Upon any consolidation or
amalgamation by the Company with or merger of the Company into any other Person or any conveyance,
transfer or lease of the properties and assets of the Company substantially as an entirety to any
Person in accordance with Section 8.1, the successor Person formed by such consolidation or
amalgamation or into which the Company is merged or to which such conveyance, transfer or lease is
made shall succeed to, and be substituted for, and may exercise every right and power of, the
Company under this Indenture with the same effect as if such successor Person had been named as the
Company herein; and thereafter, except in the case of a lease, the predecessor Person shall be
released from all obligations and covenants under this Indenture, the Securities and the Coupons.

63

 

ARTICLE 9

SUPPLEMENTAL INDENTURES

     Section 9.1 Supplemental Indentures without Consent of Holders. Except as otherwise
contemplated by Section 3.1 with respect to Securities of any Series, without the consent of any
Holders of Securities or Coupons, the Company (when authorized by or pursuant to a Board
Resolution) and the Trustee, at any time and from time to time, may enter into one or more
indentures supplemental hereto, for any of the following purposes:

     (1) to evidence the succession of another Person to the Company, and the assumption by
any such successor of the covenants of the Company contained herein and in the Securities;
or

     (2) to add to the covenants and agreements of the Company for the benefit of the
Holders of all or any series of Securities (as shall be specified in such supplemental
indenture or indentures) or to surrender any right or power herein conferred upon the
Company; or

     (3) to add to or change any of the provisions of this Indenture to provide that Bearer
Securities may be registrable as to principal, to change or eliminate any restrictions on
the payment of principal of, any premium or interest on, Securities, to permit Bearer
Securities to be issued in exchange for Registered Securities, to permit Bearer Securities
to be exchanged for Bearer Securities of other authorized denominations or to permit or
facilitate the issuance of Securities in uncertificated form, provided any such
action shall not adversely affect the interests of the Holders of Outstanding Securities of
any series or any Coupons appertaining thereto in any material respect; or

     (4) to evidence and provide for the acceptance of appointment hereunder by a successor
Trustee with respect to the Securities of one or more series and to add to or change any of
the provisions of this Indenture as shall be necessary to provide for or facilitate the
administration of the trusts hereunder by more than one Trustee, pursuant to the
requirements of Section 6.10; or

     (5) to cure any ambiguity or to correct or supplement any provision herein which may be
defective or inconsistent with any other provision herein, or to make any other provisions
with respect to matters or questions arising under this Indenture, which shall not adversely
affect the interests of the Holders of Securities of any series then Outstanding or any
Coupons appertaining thereto in any material respect; or

64

 

     (6) to establish the form or terms of Securities of any series and any related Coupons
as permitted by Sections 2.1 and 3.1, including the provisions and procedures relating to
Securities convertible into or exchangeable for any securities of any Person (including the
Company); or

     (7) to add any additional Events of Default with respect to all or any series of
Securities (as shall be specified in such supplemental indenture); or

     (8) to supplement any of the provisions of this Indenture to such extent as shall be
necessary to permit or facilitate the defeasance and discharge of any series of
Securities pursuant to Article 4, provided that any such action shall not
adversely affect the interests of any Holder of an Outstanding Security of such series and
any Coupons appertaining thereto or any other Outstanding Security or Coupon in any material
respect; or

     (9) to secure payment on the Securities; or

     (10) to amend or supplement any provision contained herein or in any supplemental
indenture, provided that no such amendment or supplement shall materially adversely
affect the interests of the Holders of any Securities then Outstanding.

     Section 9.2 Supplemental Indentures with Consent of Holders. With the consent of the
Holders of not less than a majority in aggregate principal amount of the Outstanding Securities of
each series affected by such supplemental indenture, by Act of said Holders delivered to the
Company and the Trustee, the Company (when authorized by or pursuant to a Company’s Board
Resolution) and the Trustee may enter into an indenture or indentures supplemental hereto for the
purpose of adding any provisions to or changing in any manner or eliminating any of the provisions
of this Indenture or of modifying in any manner the rights of the Holders of Securities of such
series under this Indenture or of the Securities of such series; provided, however,
that no such supplemental indenture, without the consent of each Holder of each Outstanding
Security affected thereby, shall:

     (1) extend the Stated Maturity of the principal of, or any premium or installment of
interest on, any Security, or reduce the principal amount thereof or the rate (or modify the
calculation of such rate) of interest thereon, or any premium payable upon the redemption
thereof or otherwise, or reduce the amount of the principal of an Original Issue Discount
Security that would be due and payable upon a declaration of acceleration of the Maturity
thereof pursuant to Section 5.2 or the amount thereof provable in bankruptcy pursuant to
Section 5.4, change the redemption provisions or adversely affect the right of repayment at
the option of any Holder as contemplated by Article 13, or change the Place of Payment,
Currency in which the principal of, any premium or interest on, any Security is payable, or
impair the right to institute suit for the enforcement of any such payment on or after the
Stated Maturity thereof (or, in the case of redemption, on or

65

 

after the Redemption Date or,
in the case of repayment at the option of the Holder, on or after the date for repayment),
or

     (2) reduce the percentage in principal amount of the Outstanding Securities of any
series, the consent of whose Holders is required for any such supplemental indenture, or the
consent of whose Holders is required for any waiver (of compliance with certain provisions
of this Indenture or certain defaults hereunder and their consequences) provided for in this
Indenture, or reduce the requirements of Section 15.4 for quorum or voting, or

     (3) modify any of the provisions of this Section, Section 5.13 or Section 10.6, except
to increase any such percentage or to provide that certain other provisions of this
Indenture cannot be modified or waived without the consent of the Holder of each Outstanding
Security affected thereby, or

     (4) make any change that adversely affects the right to convert or exchange any
Security into or for securities of the Company or other securities, (whether or not issued
by the Company) cash or property in accordance with its terms.

     In computing whether the Holders of the requisite principal amount of Outstanding Securities
have taken action under this Indenture or under a supplemental indenture hereto, the Company shall
use: (i) for an Original Issue Discount security, the amount of the principal that would be due
and payable as of that date, as if the Maturity of such Security had been accelerated due to a
default; and for a Security denominated in a Foreign Currency or Currencies, the Dollar equivalent
of the outstanding principal amount as of that date, using the exchange rate in effect on the date
of original issuance of such Security.

     A supplemental indenture which changes or eliminates any covenant or other provision of this
Indenture, which shall have been included expressly and solely for the benefit of one or more
particular series of Securities, or which modifies the rights of the Holders of Securities of such
series with respect to such covenant or other provision, shall be deemed not to affect the rights
under this Indenture of the Holders of Securities of any other series.

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

     Any consent given by any Holder of a Security under this Section 9.2 shall be irrevocable for
a period of six months after the day of execution thereof, but may be revoked at any time
thereafter by such Holder or by his successor in title by filing written notice of such revocation
with the Trustee at its corporate trust office; provided, however, that such
consent shall not be

66

 

revocable after the holders of not less than a majority in aggregate principal
amount of the Securities of the series of which such Security is a part at the time Outstanding
shall have consented to such supplemental indenture. No notation on any Security of the fact of
such consent shall be necessary, but any such written consent by the Holder of any Security shall
be conclusive and binding on all future Holders and owners of the same Security and of all
Securities delivered in exchange therefor, unless revoked in the manner and during the period
provided in this Section 9.2.

     Section 9.3 Execution of Supplemental Indentures. As a condition to executing, or
accepting the additional trusts created by, any supplemental indenture permitted by this Article or
the modifications thereby of the trust created by this Indenture, the Trustee shall be given, and
(subject to Section 315 of the Trust Indenture Act) shall be fully protected in relying upon, an
Opinion of Counsel and Officers’ Certificate stating that the execution of such supplemental
indenture is authorized or permitted by this Indenture. The Trustee may, but shall not be
obligated to, enter into any such supplemental indenture which affects the Trustee’s own rights,
duties or immunities under this Indenture or otherwise is not reasonably acceptable to the Trustee.

     Section 9.4 Effect of Supplemental Indentures. Upon the execution of any supplemental
indenture under this Article, this Indenture shall be modified in accordance therewith, and such
supplemental indenture shall form a part of this Indenture for all purposes; and every Holder of a
Security theretofore or thereafter authenticated and delivered hereunder and of any Coupon
appertaining thereto shall be bound thereby.

     Section 9.5 Reference in Securities to Supplemental Indentures. Securities of any series
authenticated and delivered after the execution of any supplemental indenture pursuant to this
Article may, and shall if required by the Trustee, bear a notation in form approved by the Trustee
as to any matter provided for in such supplemental indenture. If the Company shall so determine,
new Securities of any series so modified as to conform, in the opinion of the Trustee and the
Company, to any such supplemental indenture may be prepared and executed by the Company and
authenticated and delivered by the Trustee in exchange for Outstanding Securities of such series in
equal aggregate principal amounts, and such exchange shall be made without cost to the Holders.

     Section 9.6 Conformity with Trust Indenture Act. Every supplemental indenture executed
pursuant to this Article shall conform to the requirements of the Trust Indenture Act as then in
effect.

     Section 9.7 Notice of Supplemental Indenture. Promptly after the execution by the Company
and the Trustee of any supplemental indenture pursuant to Section 9.2, the Company shall transmit
to the Holders of Outstanding Securities of any series affected thereby a notice setting forth in
general terms the substance of such supplemental indenture. Failure to send such notice will not
impair the validity of such supplemental indenture.

67

 

ARTICLE 10

COVENANTS

     Section 10.1 Payment of Principal, any Premium, Interest. The Company covenants and agrees
for the benefit of the Holders of the Securities of each series that it will duly and punctually
pay the principal of, and any premium or interest, if any, on the Securities of such series in
accordance with the terms thereof, any Coupons appertaining thereto and this Indenture. Any
interest due on any Bearer Security on or before the Maturity thereof, shall be payable only upon
presentation and surrender of the Coupons appertaining thereto for such interest as they severally
mature. When and as paid, all Securities of such series shall be cancelled and destroyed in
accordance with the Section 3.9 hereof.

     Section 10.2 Maintenance of Office or Agency. The Company shall maintain in each Place of
Payment for any series of Securities an Office or Agency where Securities of such series
(but not Bearer Securities, except as otherwise provided below, unless such Place of Payment is
located outside the United States) may be presented or surrendered for payment, where Securities of
such series may be surrendered for registration of transfer or exchange, where Securities of such
series that are convertible or exchangeable may be surrendered for conversion or exchange, and
where notices and demands to or upon the Company in respect of the Securities of such series
relating thereto and this Indenture may be served. If Securities of a series are issuable as
Bearer Securities, the Company shall maintain, subject to any laws or regulations applicable
thereto, an Office or Agency in a Place of Payment for such series which is located outside the
United States where Securities of such series and any Coupons appertaining thereto may be presented
and surrendered for payment; provided, however, that if the Securities of such
series are listed on The Stock Exchange of the United Kingdom and the Republic of Ireland or the
Luxembourg Stock Exchange or any other stock exchange located outside the United States and such
stock exchange shall so require, the Company shall maintain a Paying Agent in London, Luxembourg or
any other required city located outside the United States, as the case may be, so long as the
Securities of such series are listed on such exchange. The Company will give prompt written notice
to the Trustee of the location, and any change in the location, of such Office or Agency. If at
any time the Company shall fail to maintain any such required Office or Agency or shall fail to
furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands
may be made or served at the Corporate Trust Office of the Trustee, except that Bearer Securities
of such series and any Coupons appertaining thereto may be presented and surrendered for payment at
the place specified for the purpose with respect to such Securities as provided in or pursuant to
this Indenture, and the Company hereby appoints the Trustee as its agent to receive all such
presentations, surrenders, notices and demands.

     Except as otherwise provided in or pursuant to this Indenture, no payment of principal,
premium or interest with respect to Bearer Securities shall be made at any Office or Agency in the
United States or by check mailed to any address in the United States or by transfer to an account
maintained with a bank located in the United States; provided, however, if amounts
owing with respect to any Bearer Securities shall be payable in Dollars, payment of principal of,
any premium or interest on, any such Security may be made at the Corporate Trust Office of the
Trustee or any Office or Agency designated by the Company in the Borough of Manhattan, The

68

 

City of
New York, if (but only if) payment of the full amount of such principal, premium or interest at all
offices outside the United States maintained for such purpose by the Company in accordance with
this Indenture is illegal or effectively precluded by exchange controls or other similar
restrictions, and the Company has delivered to the Trustee an opinion of counsel to that effect.

     The Company may also from time to time designate one or more other Offices or Agencies where
the Securities of one or more series may be presented or surrendered for any or all such purposes
and may from time to time rescind such designations; provided, however, that no
such designation or rescission shall in any manner relieve the Company of its obligation to
maintain an Office or Agency in each Place of Payment for Securities of any series for such
purposes. The Company shall give prompt written notice to the Trustee of any such designation or
rescission and of any change in the location of any such other Office or Agency. Unless otherwise
provided in or pursuant to this Indenture, the Company hereby designates as the Place
of Payment for each series of Securities the Borough of Manhattan, The City of New York, and
initially appoint the Corporate Trust Office of the Trustee as the Office or Agency of the Company
in the Borough of Manhattan, The City of New York for such purpose. The Company may subsequently
appoint a different Office or Agency in the Borough of Manhattan, The City of New York for the
Securities of any series.

     Unless otherwise specified with respect to any Securities pursuant to Section 3.1, if and so
long as the Securities of any series (i) are denominated in a Foreign Currency or may be payable in
a Foreign Currency, or so long as it is required under any other provision of this Indenture, then
the Company will maintain with respect to each such series of Securities, or as so required, at
least one exchange rate agent.

     Section 10.3 Money for Securities Payments to Be Held in Trust. If the Company shall at
any time act as its own Paying Agent, with respect to any series of Securities, it shall, on or
before each due date of the principal of, any premium or interest on, any of the Securities of such
series, segregate and hold in trust for the benefit of the Persons entitled thereto a sum in the
currency or currencies, currency unit or units or composite currency or currencies in which the
Securities of such series are payable (except as otherwise specified pursuant to Section 3.1 for
the Securities of such series) sufficient to pay the principal or any premium or interest so
becoming due until such sums shall be paid to such Persons or otherwise disposed of as herein
provided, and shall promptly notify the Trustee of its action or failure so to act.

     Whenever the Company shall have one or more Paying Agents for any series of Securities, it
shall, no later than 11:00 am on or prior to each due date of the principal of, any premium or
interest on, any Securities of such series, deposit with any Paying Agent a sum (in the currency or
currencies, currency unit or units or composite currency or currencies described in the preceding
paragraph) sufficient to pay the principal or any premium or interest so becoming due, such sum to
be held in trust for the benefit of the Persons entitled thereto, and (unless such Paying Agent is
the Trustee) the Company will promptly notify the Trustee of its action or failure so to act.

69

 

     The Company shall cause each Paying Agent for any series of Securities other than the Trustee
to execute and deliver to the Trustee an instrument in which such Paying Agent shall agree with the
Trustee, subject to the provisions of this Section, that such Paying Agent shall:

     (1) hold all sums held by it for the payment of the principal of, any premium or
interest on, Securities of such series in trust for the benefit of the Persons entitled
thereto until such sums shall be paid to such Persons or otherwise disposed of as provided
in or pursuant to this Indenture;

     (2) give the Trustee notice of any default by the Company (or any other obligor upon
the Securities of such series) in the making of any payment of principal, any premium or
interest on, Securities of such series; and

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

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

     Except as otherwise provided herein or pursuant hereto, any money deposited with the Trustee
or any Paying Agent, or then held by the Company, in trust for the payment of the principal of, any
premium or interest on, any Security of any series or any Coupon appertaining thereto and remaining
unclaimed for two years after such principal or any such premium or interest shall have become due
and payable shall be paid to the Company on Company Request, or (if then held by the Company),
unless otherwise required by mandatory provisions of applicable escheat or abandoned or unclaimed
property laws, shall be discharged from such trust; and the Holder of such Security or any Coupon
appertaining thereto shall thereafter, as an unsecured general creditor, look only to the Company
for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such
trust money, and all liability of the Company as trustee thereof, shall thereupon cease;
provided, however, that the Trustee or such Paying Agent, before being required to
make any such repayment, may at the expense of the Company cause to be published once, in an
Authorized Newspaper in each Place of Payment for such series or to be mailed to Holders of
Registered Securities of such series, or both, notice that such money remains unclaimed and that,
after a date specified therein, which shall not be less than 30 days from the date of such
publication or mailing nor shall it be later than two years after such principal and any premium or
interest shall have become due and payable, any unclaimed balance of such money then remaining will
be repaid to the Company.

70

 

     Section 10.4 Existence. Subject to Article 8, the Company shall do or cause to be done all
things necessary to preserve and keep in full force and effect its existence as a limited liability
company and that of each of its Subsidiaries and its rights (charter and statutory) and franchises;
provided, however, that the foregoing shall not obligate the Company or any of its
Subsidiaries to preserve any such right or franchise if the Company or any such Subsidiary shall
determine that the preservation thereof is no longer desirable in the conduct of its business or
the business of such Subsidiary and that the loss thereof is not disadvantageous in any material
respect to any Holder.

     Section 10.5 Waiver of Certain Covenants. Anything in this Indenture to the contrary
notwithstanding, the Company may fail or omit in any particular instance to comply with a covenant
or condition set forth herein with respect to the Securities of any series if, prior to the time of
such failure or omission, the Holders of at least a majority in principal amount of the Outstanding
Securities of such series, by Act of such Holders, either shall waive such compliance in such
instance or generally shall have waived compliance with such term,
provision or condition, but no such waiver shall extend to or affect such term, provision or
condition except to the extent so expressly waived, and, until such waiver shall become effective,
the obligations of the Company and the duties of the Trustee in respect of any such term, provision
or condition shall remain in full force and effect. The Company shall obtain and file with the
Trustee, before or after the time for such compliance, evidence of the consent of such Holders.

     Section 10.6 Company Statement as to Compliance; Notice of Certain Defaults.

     (1) The Company shall deliver to the Trustee, within 120 days after the end of each
fiscal year, a written statement (which need not be contained in or accompanied by an
Officers’ Certificate) signed by the principal executive officer, the principal financial
officer or the principal accounting officer of the Company, stating that

     (a) a review of the activities of the Company during such year and of its
performance under this Indenture has been made under his or her supervision, and

     (b) to the best of his or her knowledge, based on such review, (a) the Company
has complied with all the conditions and covenants imposed on it under this
Indenture throughout such year, or, if there has been a default in the fulfillment
of any such condition or covenant or agreement, specifying each such default known
to him or her and the nature and status thereof, and (b) no event has occurred and
is continuing which is, or after notice or lapse of time or both would become, an
Event of Default, or, if such an event has occurred and is continuing, specifying
each such event known to him and the nature and status thereof.

71

 

     (2) The Company shall deliver to the Trustee, within 30 days after the occurrence
thereof, written notice of any Event of Default or any event which after notice or lapse of
time or both would become an Event of Default pursuant to clause (4) of Section 5.1.

     (3) The Trustee shall have no duty to monitor the Company’s compliance with the
covenants contained in this Article 10 other than as specifically set forth in this Section
10.7.

ARTICLE 11

REDEMPTION OF SECURITIES

     Section 11.1 Applicability of Article. Redemption of Securities of any series at the
option of the Company as permitted or required by the terms of such Securities shall be made in
accordance with the terms of such Securities and (except as otherwise provided herein or pursuant
hereto) this Article.

     Section 11.2 Election to Redeem; Notice to Trustee. The election of the Company to redeem
any Securities shall be evidenced by or pursuant to a Board Resolution. In case of any redemption
at the election of the Company of (a) less than all of the Securities of any series or (b) all of
the Securities of any series, with the same issue date, interest rate or formula, Stated Maturity
and other terms, the Company shall, at least 60 days prior to the Redemption Date fixed by the
Company (unless a shorter notice shall be satisfactory to the Trustee), notify the Trustee of such
Redemption Date and of the principal amount of Securities of such series to be redeemed.

     Section 11.3 Selection by Trustee of Securities to be Redeemed. If less than all of the
Securities of any series with the same issue date, interest rate or formula, Stated Maturity and
other terms are to be redeemed, the particular Securities to be redeemed shall be selected not more
than 60 days prior to the Redemption Date by the Trustee from the Outstanding Securities of such
series not previously called for redemption, by such method as the Trustee shall deem fair and
appropriate and which may provide for the selection for redemption of portions of the principal
amount of Registered Securities of such series; provided, however, that no such
partial redemption shall reduce the portion of the principal amount of a Registered Security of
such series not redeemed to less than the minimum denomination for a Security of such series
established herein or pursuant hereto.

     The Trustee shall promptly notify the Company and the Security Registrar (if other than
itself) in writing of the Securities selected for redemption and, in the case of any Securities
selected for partial redemption, the principal amount thereof to be redeemed.

     For all purposes of this Indenture, unless the context otherwise requires, all provisions
relating to the redemption of Securities shall relate, in the case of any Securities redeemed or to

72

 

be redeemed only in part, to the portion of the principal of such Securities which has been or is
to be redeemed.

     Unless otherwise specified in or pursuant to this Indenture or the Securities of any series,
if any Security selected for partial redemption is converted into other securities of the Company
or exchanged for securities of another issuer in part before termination of the conversion or
exchange right with respect to the portion of the Security so selected, the converted portion of
such Security shall be deemed (so far as may be) to be the portion selected for redemption.
Securities which have been converted or exchanged during a selection of Securities to be redeemed
shall be treated by the Trustee as Outstanding for the purpose of such selection.

     Section 11.4 Notice of Redemption. Notice of redemption shall be given in the manner
provided in Section 1.6, not less than 30 nor more than 60 days prior to the Redemption Date,
unless a shorter period is specified in the Securities to be redeemed, to the Holders of Securities
to be redeemed. Failure to give notice by mailing in the manner herein provided to the Holder of
any Registered Securities designated for redemption as a whole or in part, or any defect in the
notice to any such Holder, shall not affect the validity of the proceedings far the redemption of
any other Securities or portion thereof.

     Any notice that is mailed to the Holder of any Registered Securities in the manner herein
provided shall be conclusively presumed to have been duly given, whether or not such Holder
receives the notice.

     All notices of redemption shall state:

     (1) the Redemption Date,

     (2) the Redemption Price,

     (3) if less than all Outstanding Securities of any series are to be redeemed, the
identification (and, in the case of partial redemption, the principal amount) of the
particular Security or Securities to be redeemed,

     (4) in case any Security is to be redeemed in part only, the notice which relates to
such Security shall state that on and after the Redemption Date, upon surrender of such
Security, the Holder of such Security will receive, without charge, a new Security or
Securities of authorized denominations for the principal amount thereof remaining
unredeemed,

73

 

     (5) that, on the Redemption Date, the Redemption Price shall become due and payable
upon each such Security or portion thereof to be redeemed, and, if applicable, that interest
thereon shall cease to accrue on and after said date,

     (6) the place or places where such Securities, together (in the case of Bearer
Securities) with all Coupons appertaining thereto, if any, maturing after the Redemption
Date, are to be surrendered for payment of the Redemption Price and any accrued interest,

     (7) that the redemption is for a sinking fund, if such is the case,

     (8) that, unless otherwise specified in such notice, Bearer Securities of any series,
if any, surrendered for redemption must be accompanied by all Coupons maturing subsequent to
the date fixed for redemption or the amount of any such missing Coupon or Coupons will be
deducted from the Redemption Price, unless security or indemnity satisfactory to the
Company, the Trustee and any Paying Agent is furnished,

     (9) if Bearer Securities of any series are to be redeemed and no Registered Securities
of such series are to be redeemed, and if such Bearer Securities may be exchanged for
Registered Securities not subject to redemption on the Redemption Date pursuant to Section
3.5 or otherwise, the last date, as determined by the Company, on which such exchanges may
be made,

     (10) in the case of Securities of any series that are convertible into Common Stock of
the Company or exchangeable for other securities, the conversion or exchange price or rate,
the date or dates on which the right to convert or exchange the principal of the Securities
of such series to be redeemed will commence or terminate and the place or places where such
Securities may be surrendered for conversion or exchange, and

     (11) the CUSIP number or the Euroclear or Cedel reference numbers of such Securities,
if any (or any other numbers used by a Depository to identify such Securities).

     A notice of redemption published as contemplated by Section 1.6 need not identify particular
Registered Securities to be redeemed.

     Notice of redemption of Securities to be redeemed at the election of the Company shall be
given by the Company or, at the Company’s request, by the Trustee in the name and at the expense of
the Company; provided, in the latter case, the Trustee shall be given at least 5 days prior
notice of the requested date of the giving of such.

     Section 11.5 Deposit of Redemption Price. On or prior to any Redemption Date, the Company
shall deposit, with respect to the Securities of any series called for redemption

74

 

pursuant to
Section 11.4, with the Trustee or with a Paying Agent (or, if the Company is acting as its own
Paying Agent, segregate and hold in trust as provided in Section 10.3) an amount of money in the
applicable Currency sufficient to pay the Redemption Price of, and (except if the Redemption Date
shall be an Interest Payment Date, unless otherwise specified pursuant to Section 3.1 or in the
Securities of such series) any accrued interest on, all such Securities or portions thereof which
are to be redeemed on that date.

     Section 11.6 Securities Payable on Redemption Date. Notice of redemption having been given
as aforesaid, the Securities so to be redeemed shall, on the Redemption Date, become due and
payable at the Redemption Price therein specified, and from and after such date (unless the Company
shall default in the payment of the Redemption Price and accrued interest) such Securities shall
cease to bear interest and the Coupons for such interest appertaining to any
Bearer Securities so to be redeemed, except to the extent provided below, shall be void. Upon
surrender of any such Security for redemption in accordance with said notice, together with all
Coupons, if any, appertaining thereto maturing after the Redemption Date, such Security shall be
paid by the Company at the Redemption Price, together with any accrued interest to the Redemption
Date; provided, however, that, except as otherwise provided in or pursuant to this
Indenture or the Bearer Securities of such series, installments of interest on Bearer Securities
whose Stated Maturity is on or prior to the Redemption Date shall be payable only upon presentation
and surrender of Coupons for such interest (at an Office or Agency located outside the United
States except as otherwise provided in Section 10.2), and provided, further, that,
except as otherwise specified in or pursuant to this Indenture or the Registered Securities of such
series, installments of interest on Registered Securities whose Stated Maturity is on or prior to
the Redemption Date shall be payable to the Holders of such Securities, or one or more Predecessor
Securities, registered as such at the close of business on the Regular Record Dates therefor
according to their terms and the provisions of Section 3.7.

     If any Bearer Security surrendered for redemption shall not be accompanied by all appurtenant
Coupons maturing after the Redemption Date, such Security may be paid after deducting from the
Redemption Price an amount equal to the face amount of all such missing Coupons, or the surrender
of such missing Coupon or Coupons may be waived by the Company and the Trustee if there be
furnished to them such security or indemnity as they may require to save each of them and any
Paying Agent harmless. If thereafter the Holder of such Security shall surrender to the Trustee or
any Paying Agent any such missing Coupon in respect of which a deduction shall have been made from
the Redemption Price, such Holder shall be entitled to receive the amount so deducted;
provided, however, that any interest represented by Coupons shall be payable only
upon presentation and surrender of those Coupons at an Office or Agency for such Security located
outside of the United States except as otherwise provided in Section 10.2.

     If any Security called for redemption shall not be so paid upon surrender thereof for
redemption, the principal and any premium until paid, shall bear interest from the Redemption Date
at the rate prescribed therefor in the Security.

75

 

     Section 11.7 Securities Redeemed in Part. Any Registered Security which is to be redeemed
only in part shall be surrendered at any Office or Agency for such Security (with, if the Company
or the Trustee so requires, due endorsement by, or a written instrument of transfer in form
satisfactory to the Company and the Trustee duly executed by, the Holder thereof or his attorney
duly authorized in writing) and the Company shall execute and the Trustee shall authenticate and
deliver to the Holder of such Security without service charge, a new Registered Security or
Securities of the same series, containing identical terms and provisions, of any authorized
denomination as requested by such Holder in aggregate principal amount equal to and in exchange for
the unredeemed portion of the principal of the Security so surrendered. If a Security in global
form is so surrendered, the Company shall execute, and the Trustee shall authenticate and deliver
to the U.S. Depository or other Depository for such Security in global form as shall be specified
in the Company Order with respect thereto to the Trustee, without
service charge, a new Security in global form in a denomination equal to and in exchange for the
unredeemed portion of the principal of the Security in global form so surrendered.

     Section 11.8 Cancellation and Destruction of Securities. All Securities redeemed and paid
pursuant to the provisions of this Article 11 shall be disposed of, as provided in Section 3.9,
and, except in the case of partial redemption of any Security, no Security shall be issued under
this Indenture in lieu thereof.

ARTICLE 12

SINKING FUNDS

     Section 12.1 Applicability of Article. The provisions of this Article shall be applicable
to any sinking fund for the retirement of Securities of a series, except as otherwise permitted or
required in or pursuant to this Indenture or any Security of such series issued pursuant to this
Indenture.

     The minimum amount of any sinking fund payment provided for by the terms of Securities of any
series is herein referred to as a “mandatory sinking fund payment,” and any payment in excess of
such minimum amount provided for by the terms of Securities of such series is herein referred to as
an “optional sinking fund payment.” If provided for by the terms of Securities of any series, the
cash amount of any sinking fund payment may be subject to reduction as provided in Section 12.2.
Each sinking fund payment shall be applied to the redemption of Securities of any series as
provided for by the terms of Securities of such series and this Indenture.

     Section 12.2 Satisfaction of Sinking Fund Payments with Securities. The Company may, in
satisfaction of all or any part of any sinking fund payment with respect to the Securities of any
series to be made pursuant to the terms of such Securities (1) deliver Outstanding Securities of
such series (other than any of such Securities previously called for redemption or any of such
Securities in respect of which cash shall have been
released to the Company), together in the case
of any Bearer Securities of such series with all unmatured Coupons appertaining thereto, and (2)
apply as a credit Securities of such series which have been

76

 

redeemed either at the election of the
Company pursuant to the terms of such series of Securities or through the application of permitted
optional sinking fund payments pursuant to the terms of such Securities, provided that such
series of Securities have not been previously so credited. Such Securities shall be received and
credited for such purpose by the Trustee at the Redemption Price specified in such Securities for
redemption through operation of the sinking fund and the amount of such sinking fund payment shall
be reduced accordingly. If, as a result of the delivery or credit of Securities of any series in
lieu of cash payments pursuant to this Section 12.2, the principal amount of Securities of such
series to be redeemed in order to satisfy the remaining sinking fund payment shall be less than
$100,000, the Trustee need not call Securities of such series for redemption, except upon Company
Request, and such cash payment shall be held by the Trustee or a Paying Agent and applied to the
next succeeding sinking fund payment, provided, however, that the Trustee or such
Paying Agent shall at the request of the Company
from time to time pay over and deliver to the Company any cash payment so being held by the Trustee
or such Paying Agent upon delivery by the Company to the Trustee of Securities of that series
purchased by the Company having an unpaid principal amount equal to the cash payment requested to
be released to the Company.

     Section 12.3 Redemption of Securities for Sinking Fund. Not less than 75 days prior to
each sinking fund payment date for any series of Securities, the Company shall deliver to the
Trustee an Officers’ Certificate specifying the amount of the next, ensuing mandatory sinking fund
payment for that series pursuant to the terms of that series, the portion thereof, if any, which is
to be satisfied by payment of cash and the portion thereof, if any, which is to be satisfied by
delivering and crediting of Securities of that series pursuant to Section 12.2, and the optional
amount, if any, to be added in cash to the next ensuing mandatory sinking fund payment, and will
also deliver to the Trustee any Securities to be so credited and not theretofore delivered. If
such Officers’ Certificate shall specify an optional amount to be added in cash to the next ensuing
mandatory sinking fund payment, the Company shall thereupon be obligated to pay the amount therein
specified. Not less than 60 days before each such sinking fund payment date the Trustee shall
select the Securities to be redeemed upon such sinking fund payment date in the manner specified in
Section 11.3 and cause notice of the redemption thereof to be given in the name of and at the
expense of the Company in the manner provided in Section 11.4. Such notice having been duly given,
the redemption of such Securities shall be made upon the terms and in the manner stated in Sections
11.6 and 11.7.

ARTICLE 13

REPAYMENT AT THE OPTION OF HOLDERS

     Section 13.1 Applicability of Article. Securities of any series which are repayable at the
option of the Holders thereof before their Stated Maturity shall be repaid in accordance with the
terms of the Securities of such series. The repayment of any principal amount of Securities
pursuant to such option of the Holder to require repayment of Securities before their Stated
Maturity, for purposes of Section 3.9, shall not operate as a payment, redemption or satisfaction
of the Indebtedness represented by such Securities unless and until the Company, at its option,
shall deliver or surrender the same to the Trustee with a directive that such Securities be
cancelled. Notwithstanding anything to the contrary contained in this Section 13.1, in

77

 

connection
with any repayment of Securities, the Company may arrange for the purchase of any Securities by an
agreement with one or more investment bankers or other purchasers to purchase such Securities by
paying to the Holders of such Securities on or before the close of business on the repayment date
an amount not less than the repayment price payable by the Company on repayment of such Securities,
and the obligation of the Company to pay the repayment price of such Securities shall be satisfied
and discharged to the extent such payment is so paid by such purchasers.

ARTICLE 14

SECURITIES IN FOREIGN CURRENCIES

     Section 14.1 Applicability of Article. Whenever this Indenture provides for any action by,
or the determination of any of the rights of, Holders of Securities of any series in which not all
of such Securities are denominated in the same Currency, or any distribution to Holders of
Securities, in the absence of any provision to the contrary in the form of Security of any
particular series or pursuant to this Indenture or the Securities, any amount in respect of any
Security denominated in a Currency other than Dollars shall be treated for any such action or
distribution as that amount of Dollars that could be obtained for such amount on such reasonable
basis of exchange and as of the record date with respect to Registered Securities of such series
(if any) for such action, determination of rights or distribution (or, if there shall be no
applicable record date, such other date reasonably proximate to the date of such action,
determination of rights or distribution) as the Company may specify in a written notice to the
Trustee.

ARTICLE 15

MEETINGS OF HOLDERS OF SECURITIES

     Section 15.1 Purposes for Which Meetings May Be Called. A meeting of Holders of Securities
of any series may be called at any time and from time to time pursuant to this Article, to make,
give or take any request, demand, authorization, direction, notice, consent, waiver or other Act
provided by this Indenture or under applicable law, to be made, given or taken by Holders of
Securities of such series.

     Section 15.2 Call, Notice and Place of Meetings.

     (1) The Trustee may at any time call a meeting of Holders of Securities of any series
for any purpose specified in Section 15.1, to be held at such time and at such place in the
Borough of Manhattan, The City of New York, or, if Securities of such series have been
issued in whole or in part as Bearer Securities, in London or in such place outside the
United States as the Trustee shall determine. Notice of every meeting of Holders of
Securities of any series, setting forth the time and the place of such meeting and in
general terms the action proposed to be taken at such meeting, shall be given, in the

78

 

manner
provided in Section 1.6, not less than 21 nor more than 180 days prior to the date fixed for
the meeting.

     (2) In case at any time the Company (by or pursuant to a Board Resolution) or the
Holders of at least 10% in principal amount of the Outstanding Securities of any series or
all series shall have requested the Trustee to call a meeting of the Holders of Securities
of such series or all series, respectively, for any purpose specified in Section 15.1, by
written request setting forth in reasonable detail the action proposed to be taken at the
meeting, and the Trustee shall not have mailed notice of or made the first
publication of the notice of such meeting within 21 days after receipt of such request
(whichever shall be required pursuant to Section 1.6) or shall not thereafter proceed to
cause the meeting to be held as provided herein, then the Company or the Holders of
Securities of such series in the amount above specified, as the case may be, may determine
the time and the place in the Borough of Manhattan, The City of New York, or, if Securities
of such series are to be issued as Bearer Securities, in London for such meeting and may
call such meeting for such purposes by giving notice thereof as provided in clause (1) of
this Section.

     Section 15.3 Persons Entitled to Vote at Meetings. To be entitled to vote at any meeting
of Holders of Securities of any series, a Person shall be (1) a Holder of one or more Outstanding
Securities of such series, or (2) a Person appointed by an instrument in writing as proxy for a
Holder or Holders of one or more Outstanding Securities of such series by such Holder or Holders.
The only Persons who shall be entitled to be present or to speak at any meeting of Holders of
Securities of any series shall be the Persons entitled to vote at such meeting and their counsel,
any representatives of the Trustee and its counsel, and any representatives of the Company and its
counsel.

     Section 15.4 Quorum; Action. The Persons entitled to vote a majority in aggregate
principal amount of the Outstanding Securities of the relevant series shall constitute a quorum for
any meeting of Holders of Securities of such series. In the absence of a quorum within 30 minutes
after the time appointed for any such meeting, the meeting shall, if convened at the request of
Holders of Securities of such series, be dissolved. In any other case the meeting may be adjourned
for a period of not less than 10 days as determined by the chairman of the meeting prior to the
adjournment of such meeting. In the absence of a quorum at any reconvened meeting, such reconvened
meeting may be further adjourned for a period of not less than 10 days as determined by the
chairman of the meeting prior to the adjournment of such reconvened meeting. Notice of the
reconvening of any adjourned meeting shall be given as provided in Section 15.2(1), except that
such notice need be given only once not less than five days prior to the date on which the meeting
is scheduled to be reconvened. Notice of the reconvening of an adjourned meeting shall state
expressly the percentage, as provided above, of the principal amount of the Outstanding Securities
of such series which shall constitute a quorum.

     Except as limited by the proviso to Section 9.2, any resolution presented to a meeting or
adjourned meeting duly reconvened at which a quorum is present as aforesaid may be adopted only by
the affirmative vote of the Holders of a majority in principal amount of the Outstanding

79

 

Securities
of that series; provided, however, that, except as limited by the proviso to
Section 9.2, any resolution with respect to any request, demand, authorization, direction, notice,
consent, waiver or other Act which this Indenture expressly provides may be made, given or taken by
the Holders of a specified percentage, which is less than a majority, in principal amount of the
Outstanding Securities of a series may be adopted at a meeting or an adjourned meeting duly
reconvened and at which a quorum is present as aforesaid by the affirmative vote of the Holders of
such specified percentage in principal amount of the Outstanding Securities of such series.

     Except as limited by the proviso to Section 9.2, any resolution passed or decision taken at
any meeting of Holders of Securities of any series duly held in accordance with this Section shall
be binding on all the Holders of Securities of such series and the Coupons appertaining thereto,
whether or not such Holders were present or represented at the meeting.

     Section 15.5 Determination of Voting Rights; Conduct and Adjournment of Meetings.

     (1) Notwithstanding any other provisions of this Indenture, the Trustee may make such
reasonable regulations as it may deem advisable for any meeting of Holders of Securities of
such series in regard to proof of the holding of Securities of such series and of the
appointment of proxies and in regard to the appointment and duties of inspectors of votes,
the submission and examination of proxies, certificates and other evidence of the right to
vote, and such other matters concerning the conduct of the meeting as it shall deem
appropriate. Except as otherwise permitted or required by any such regulations, the holding
of Securities shall be proved in the manner specified in Section 1.4 and the appointment of
any proxy shall be proved in the manner specified in Section 1.4 or by having the signature
of the person executing the proxy witnessed or guaranteed by any trust company, bank or
banker authorized by Section 1.4 to certify to the holding of Bearer Securities. Such
regulations may provide that written instruments appointing proxies, regular on their face,
may be presumed valid and genuine without the proof specified in Section 1.4 or other proof.

     (2) The Trustee shall, by an instrument in writing, appoint a temporary chairman of the
meeting, unless the meeting shall have been called by the Company or by Holders of
Securities as provided in Section 15.2(2), in which case the Company or the Holders of
Securities of the series calling the meeting, as the case may be, shall in like manner
appoint a temporary chairman. A permanent chairman and a permanent secretary of the meeting
shall be elected by vote of the Persons entitled to vote a majority in principal amount of
the Outstanding Securities of such series represented at the meeting.

     (3) At any meeting, each Holder of a Security of such series or proxy shall be entitled
to one vote for each $1,000 principal amount of Securities of such series held or
represented by him or such other amount established pursuant to Section 3.1;
provided, however, that no vote shall be cast or counted at any meeting in
respect of any Security challenged as not Outstanding and ruled by the chairman of the
meeting to be not

80

 

Outstanding. The chairman of the meeting shall have no right to vote,
except as a Holder of a Security of such series or proxy.

     (4) Any meeting of Holders of Securities of any series duly called pursuant to Section
15.2 at which a quorum is present may be adjourned from time to time by Persons entitled to
vote a majority in principal amount of the Outstanding Securities of such series represented
at the meeting; and the meeting may be held as so adjourned without further notice.

     Section 15.6 Counting Votes and Recording Action of Meetings. The vote upon any resolution
submitted to any meeting of Holders of Securities of any series shall be by written ballots on
which shall be subscribed the signatures of the Holders of Securities of such series or of their
representatives by proxy and the principal amounts and serial numbers of the Outstanding Securities
of such series held or represented by them. The permanent chairman of the meeting shall appoint
two inspectors of votes who shall count all votes cast at the meeting for or against any resolution
and who shall make and file with the secretary of the meeting their verified written reports in
triplicate of all votes cast at the meeting. A record, at least in triplicate, of the proceedings
of each meeting of Holders of Securities of any series shall be prepared by the secretary of the
meeting and there shall be attached to said record the original reports of the inspectors of votes
on any vote by ballot taken thereat and affidavits by one or more persons having knowledge of the
facts setting forth a copy of the notice of the meeting and showing that said notice was given as
provided in Section 15.2 and, if applicable, Section 15.4. Each copy shall be signed and verified
by the affidavits of the permanent chairman and secretary of the meeting and one such copy shall be
delivered to the Company, and another to the Trustee to be preserved by the Trustee, the latter to
have attached thereto the ballots voted at the meeting. Any record so signed and verified shall be
conclusive evidence of the matters therein stated.

     Section 15.7 Preservation of Rights of Trustee and Holders. Nothing contained in this
Article 15 shall be deemed or construed to authorize or permit, by reason of any call of a meeting
of Holders of any or all series or any rights expressly or impliedly conferred hereunder to make
such call, any hindrance or delay in the exercise of any right or rights conferred upon or reserved
to the Trustee or to the Holders of any or all series under any of the provisions of this Indenture
or of such series of Securities.

81

 

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

	 	 	 	 	 
	 	CIT GROUP FUNDING COMPANY OF DELAWARE LLC

 	 
	 	By:  	/s/ Glenn A. Votek
 	 
	 	 	Name:  	Glenn A. Votek 	 
	 	 	Title:  	President and Treasurer 	 
	 
	 	DEUTSCHE BANK TRUST COMPANY AMERICAS,

     as Trustee

 	 
	 	By:  	/s/ Irene Siegel
 	 
	 	 	Name:  	Irene Siegel 	 
	 	 	Title:  	Vice President 	 
	 
	 	 	 
	 	By:  	               /s/ Eileen M. Hughes
 	 
	 	 	Name:  	Eileen M. Hughes 	 
	 	 	Title:  	Director 	 
	 

82

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00166-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00166-of-00352.parquet"}]]