Document:

rvb_8k1211ex.htm

Exhibit 10.1

 

 

2013 River Valley Financial Bank Incentive Plan

 

General Considerations

 

This plan is designed to meet the organization’s strategic initiatives and interests of its stakeholders (including, shareholders, communities, and regulators). As such this plan is subject to the direct oversight, administration, and authority of the Compensation Committee of the Board of Directors of River Valley Financial Bank and subject to authoritative concerns of the institution’s primary regulators.

 

 

Plan Parameters

 

This plan covers the calendar year 2013 for the individuals (or positions) specifically named in the policy.  The payout of monies under this plan will be paid-out by January 31, 2014 at the rate of 75% of funds earned. The balance of earnings (25%) will be escrowed in an interest earning account with the Trust Department of this organization for payout one year from the date of original disbursement. This “deferral” of funds is in consideration to “clawback” provisions described subsequently in this policy. All funds are considered earned at the conclusion of the calendar year. So terminations of employment during the current calendar year are treated as forfeitures, but any termination of employment subsequent to year-end will not impact the payout of current or deferred funds.

 

 

Clawback Provision

 

This plan specifically reserves the right to “recapture” funds disbursed under this plan for material misstatements of facts, whether individually or collectively derived, and as deemed inappropriate by the authorities having governance over this policy. Assuming certain timing parameters and after an investigation of facts, no less than any monies  deferred under this plan will be subject to recapture, and depending on the serious of the misstatement, the organization specifically reserves all rights and remedies to collect previously disbursed funds. A determination of misappropriated value will be at the Board of Directors sole discretion for any and all participants of the plan.

 

 

Other Provisions

 

The Board of Directors of River Valley Financial Bank specifically reserves the right to discontinue, alter, and/or modify the provisions of this plan at its sole discretion. It has discretionary abilities to supplement or modify awards under this plan as it deems appropriate.

 

 

Specific Plan Design Features

 

This plan has features unique to the individuals covered by this plan. Because of varying responsibilities, there are different criteria, as well as, differences in the value of potential rewards. As an attachment to this plan, there is a summary sheet illustrating the employees covered by this plan and the amounts that could be earned under this incentive plan. As well, individual worksheets will also be attached illustrating the performance factors, the value of those factors, and potential value of rewards earned under each of the factors.

 

 

  

  

  

 

Performance Criteria – Goals and Objectives

 

	
·  

	
Bank Performance – For most plan participants a percentage of the annual incentive will be based overall Bank performances. For the top tier of this plan 75% of the incentive payout is based on overall Bank Performance.

 

	
·  

	
Department/Individual Performance – For all participants a portion of this plan will be dependent on departmental and/or individual criteria.  An increasing proportion of the incentive program is subjective to those parameters as those individuals have less control in the success of the overall bank performance.

 

	
·  

	
Wealth management officers have a defined monetary goal based upon dollar values of production over and above expectations.

 

 

Performance Standards – Performance Expectations

 

For each performance factor (Overall Bank, Department, and Individual), an appropriate standard of performance must be established with these three essential performance points:

 

	
·  

	
Threshold Performance: That level of performance for each factor below which no award will be given. The budgeted, or expected, level of performance based upon historical data, and management’s best judgment as to expected performance during the coming period.

 

	
·  

	
Targeted Performance: The budgeted, or expected, level of performance based upon historical data, and management’s best judgment as to expected performance during the coming performance period.

 

	
·  

	
Maximum Expected Performance: That level of performance which based upon historical performance and management’s judgment would be exceptional or significantly beyond the expected.

 

Performance standards are typically determined by using the Bank’s performance history, peer data and management’s judgment of what reasonable levels could be attained based on previous experience. One the targeted performance is established; the threshold and maximum payout are typically (but, not absolutes) as follows. The threshold is typically 80% to 90% of target, while the maximum is typically 110% to 120% of target.

 

Weighting for each performance criteria (overall bank and department/individual) will be discussed during goal setting sessions and reflect the individual’s abilities to impact results in a particular factor, as well as representing areas of specific focus for the executive. Properly assigned factor weights to the performance criteria assure that the annual incentive plan augments the annual strategic business plan of the Bank.

 

  

  

  

Plan Design Features for CEO & EVP (Tier I)

CEO and EVP – Payouts:  Target – 15% Maximum – 30%

CEO and EVP Factor Weights – 50% on Total Shareholder Return, the greater of: 25% on Profitability or 25% on Loan Portfolio Growth (having an average risk weighting of 3.8), and 25% on Asset Quality Targets

Individual Weighting (25% Assigned to Asset Quality Targets) - 50% on Non-Performing Number

                                                                                                   50% on Charge-offs

Total Shareholder Return – is defined as price appreciation of the stock value for the period ended December 31, 2013, plus the annualized dividend rate paid to common stock shareholders for the year. Due to fact that the Corporation’s stock is thinly traded and that there can be significant price swings in any one day of trading, for calculation purposes the 30 day average price as of December 31, 2013 will be used.

Loan Portfolio Growth is defined as the net growth of the aggregated loan portfolio as December 31, 2013 measured against the ending loan portfolio balance as of December 31, 2012.

Non-Performing Assets – is defined as 90 day or longer delinquency and assets held as Other Real Estate Owned (OREO).  Any loan that is restructured when it is in a non performing status at the time of restructuring will continue to be non performing until the loan has performed for six consecutive months according to the terms of the restructured loan.

Goals

Total Return – Threshold – 8%, Target – 12%, Maximum – 16%

Profitability – Threshold - $4.0 million, Target - $4.5 million, Maximum - $5.1 million

Loan Portfolio Growth – Threshold – 3%, Target – 6%, Maximum – 9%

Asset Quality Targets:

Non-Performing Assets (as a percentage of total assets) – Threshold – 4.2%, Target - 3.6%, Maximum -3.0%

Charge-offs (as percentage of loan portfolio) – Threshold - < .80, Target - < .60,  Maximum - < .50

Senior Officers (Tier II)

We will have payouts of 10% for Target and 20% for Maximums. Factors will be weighted at 50% for overall Bank objectives as defined as Total Return and Profitability as illustrated above. The balance of potential earnings will be based on individual goals that will carry 50% value, but will have individual factors (up to five criteria) that may have unique factor weights.

 

  

  

  

 

Vice Presidents (Tier III)

We will have payouts of 7.50% for Target and 15% for maximums. Factors will be weighted at 50% for overall Bank objectives as defined as Total Return and Profitability as illustrated above. The balance of potential earnings will be based on individual goals that will carry 50% value, but will have individual factors (up to four criteria) that may have unique factor weights. Those individual factors may also have subjective criteria that are defined by meeting, exceeding, far exceeds expectations.

 

Internal Audit, Compliance, and Ex. Administrative Assistant (Tier IV)

We will have payouts of 5.% for Target and 10% for maximums. Factors will be weighted at 50% for overall Bank objectives as defined as Total Return and Profitability as illustrated above. The balance of potential earnings will be based on individual goals that will carry 50% value, but will have individual factors (up to four criteria) that may have unique factor weights. Those individual factors may also have subjective criteria that are defined by meeting, exceeding, far exceeds expectations.

 

Loan Officers (Tier V)

We will have payouts of 7.50% for Target and 15% for maximums. Factors will be weighted at 25% for overall Bank objectives as defined as Total Return (6.3% of goal) and Loan Portfolio Growth (18.8%). The balance of potential earnings will be based on individual goals that will carry 75% value, but will have individual factors (up to four criteria) that may have unique factor weights tailored to desired performance goals.

 

Wealth Management Officers (Tier VI)

Officers will be afforded specific monetary rewards for achieving collective targeted minimums and maximums tied to reportable income to general ledger accounts attributed to wealth management operations. The wealth management officers will be eligible for an individual reward of $2,000 if the targeted amount (recorded in 2013) exceeds $225,000. Individual rewards are prorated to a maximum of $7,500 based upon aggregated income of $325,000.

 

 

Other Considerations:

These calculations are based solely of the financials of River Valley Financial Bank. Any acquisition of assets, other than through “normal” ongoing operations, will facilitate a need to modify calculations appropriately. Modifications to this plan will be subject to Board approval.

Participants to this plan will need to be identified no later than January 31, 2013. Hires subsequent to this date will not qualify for participation in the 2013 plan.Exhibit 4.1 

GENERAL ELECTRIC CAPITAL CORPORATION

FLOATING RATE SENIOR SECURED NOTES DUE 2015

1.000% SENIOR SECURED NOTES DUE 2015

2.100% SENIOR SECURED NOTES DUE 2019

INDENTURE

Dated as of December 12, 2012

The Bank of New York Mellon

as Trustee 

and

Wells Fargo Bank Northwest, N.A. as Security Trustee

GENERAL ELECTRIC CAPITAL CORPORATION

          Reconciliation
and tie showing the location in the Indenture dated as of December 12, 2012 of
the provisions inserted pursuant to Sections 310 to 318(a), inclusive, of the
Trust Indenture Act of 1939, as amended.

	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Trust Indenture Act Section

 	
  

 	
 Indenture Section

 
	

 

 	
  

 	

 

 
	
  

 
	
 SECTION
 310 (a) 

 	
  (1)

 	
 7.09

 
	
 (a)
 

 	
  (2)

 	
 7.09

 
	
 (b)

 	
  

 	
 7.08,
 7.10(b)

 
	
 SECTION
 312 (a)

 	
  

 	
 5.01

 
	
 SECTION
 313 (a)

 	
  

 	
 5.03

 
	
 (c)

 	
  

 	
 5.03

 
	
 SECTION
 314 (a)

 	
  

 	
 5.02,
 4.05

 
	
  (b)

 	
  

 	
 4.05

 
	
 (c)

 	
  

 	
 16.05

 
	
 (c)
 

 	
  (1)

 	
 16.05

 
	
 (c)
 

 	
  (3)

 	
 16.05

 
	
 (d)

 	
  

 	
 15.01(e)

 
	
 (e)

 	
  

 	
 16.05

 
	
 SECTION
 315 (a)

 	
  

 	
 7.01(a)

 
	
 (b)

 	
  

 	
 6.08

 
	
 (c)

 	
  

 	
 6.05

 
	
 (d)

 	
  

 	
 7.01

 
	
 (d)
 

 	
  (1)

 	
 7.01(a)

 
	
 (d)
 

 	
  (2)

 	
 7.01(b)

 
	
 (d)
 

 	
  (3)

 	
 7.01(c)

 
	
 (e)

 	
  

 	
 6.09

 
	
 SECTION
 316 (a) 

 	
  (1) (A)

 	
 6.04,
 6.07, 8.01

 
	
 (a)
 

 	
  (1) (B)

 	
 6.07,
 8.01

 
	
 (b)

 	
  

 	
 6.04,
 8.01

 
	
 (c)

 	
  

 	
 8.02

 
	
 SECTION
 317 (a) 

 	
  (1)

 	
 6.02

 
	
 (a)
 

 	
  (2)

 	
 6.02

 
	
 (b)

 	
  

 	
 7.05

 
	
 SECTION
 318 (a)

 	
  

 	
 16.08

 

	
  

 	
  

 
	

 

 	
  

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

 

TABLE OF CONTENTS

	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
 Page

 
	
  

 	
  

 	
  

 	
  

 	

 

 
	
  

 
	
 Article One Definitions

 	
  

 	
 1

 
	
  

 	
  

 	
  

 
	
 Section
 1.01.

 	
  

 	
 Definitions

 	
  

 	
 1

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Article Two Description,
 Execution, Registration and Exchange of Securities

 	
  

 	
 10

 
	
  

 	
  

 	
  

 
	
 Section
 2.01.

 	
  

 	
 Form and Dating

 	
  

 	
 10

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section
 2.02.

 	
  

 	
 Aggregate Principal
 Amount

 	
  

 	
 11

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section
 2.03.

 	
  

 	
 Authentication

 	
  

 	
 11

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section
 2.04.

 	
  

 	
 Denomination and Numbering
 of Securities

 	
  

 	
 12

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section
 2.05.

 	
  

 	
 Execution of Debt
 Securities

 	
  

 	
 12

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section
 2.06.

 	
  

 	
 Exchange and Registration
 of Transfer of Debt Securities

 	
  

 	
 13

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section
 2.07.

 	
  

 	
 Mutilated, Destroyed, Lost
 or Stolen Debt Securities

 	
  

 	
 15

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section
 2.08.

 	
  

 	
 Temporary Debt Securities

 	
  

 	
 15

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section
 2.09.

 	
  

 	
 Cancellation of Debt
 Securities Paid, etc.

 	
  

 	
 16

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section
 2.10.

 	
  

 	
 Computation of Interest

 	
  

 	
 16

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Article Three Redemption
 of Debt Securities

 	
  

 	
 16

 
	
  

 	
  

 	
  

 
	
 Section
 3.01.

 	
  

 	
 Applicability of Article

 	
  

 	
 16

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section
 3.02.

 	
  

 	
 Notice of Optional
 Redemption; Selection of Debt Securities

 	
  

 	
 17

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section
 3.03.

 	
  

 	
 Payment of Debt Securities
 Called for Optional Redemption

 	
  

 	
 18

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section
 3.04.

 	
  

 	
 Notice of Mandatory
 Redemption for Collateral Redemption Event

 	
  

 	
 18

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section
 3.05.

 	
  

 	
 Payment in Connection with
 Mandatory Redemption Upon a Collateral Redemption Event

 	
  

 	
 19

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section
 3.06.

 	
  

 	
 Knowledge of Trustee

 	
  

 	
 19

 
	
  

 	
  

 	
  

 
	
 Article Four Particular
 Covenants of the Company

 	
  

 	
 19

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section
 4.01.

 	
  

 	
 Payment of Principal,
 Premium and Interest

 	
  

 	
 19

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section
 4.02.

 	
  

 	
 Offices for Notices and
 Payments, etc.

 	
  

 	
 19

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section
 4.03.

 	
  

 	
 Appointments to Fill
 Vacancies in Trustee’s Office

 	
  

 	
 20

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section
 4.04.

 	
  

 	
 Provision as to Paying
 Agent

 	
  

 	
 20

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section
 4.05.

 	
  

 	
 Statement as to
 Compliance; Opinion as to Maintenance of Lien

 	
  

 	
 21

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Article Five Holder Lists
 and Reports by the Company and the Trustee

 	
  

 	
 22

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section
 5.01.

 	
  

 	
 Holder Lists

 	
  

 	
 22

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section
 5.02.

 	
  

 	
 Reports by the Company

 	
  

 	
 22

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section
 5.03.

 	
  

 	
 Reports by the Trustee

 	
  

 	
 22

 

	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Article Six Remedies of
 the Trustee and Holders on Event of Default

 	
  

 	
 22

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section
 6.01.

 	
  

 	
 Events of Default

 	
  

 	
 22

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section
 6.02.

 	
  

 	
 Payment of Debt Securities
 on Default; Suit Therefor

 	
  

 	
 24

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section
 6.03.

 	
  

 	
 Application of Moneys
 Collected by Trustee

 	
  

 	
 26

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section
 6.04.

 	
  

 	
 Proceedings by Holders

 	
  

 	
 26

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section
 6.05.

 	
  

 	
 Proceedings by Trustee

 	
  

 	
 27

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section
 6.06.

 	
  

 	
 Remedies Cumulative and
 Continuing

 	
  

 	
 27

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section
 6.07.

 	
  

 	
 Direction of Proceedings
 and Waiver of Defaults by Holders

 	
  

 	
 27

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section
 6.08.

 	
  

 	
 Notice of Defaults

 	
  

 	
 28

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section
 6.09.

 	
  

 	
 Undertaking to Pay Costs

 	
  

 	
 28

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Article Seven Concerning
 the Trustee

 	
  

 	
 29

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section
 7.01.

 	
  

 	
 Duties and
 Responsibilities of Trustee

 	
  

 	
 29

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section
 7.02.

 	
  

 	
 Reliance on Documents,
 Opinions, etc.

 	
  

 	
 30

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section
 7.03.

 	
  

 	
 No Responsibility for
 Recitals, etc.

 	
  

 	
 31

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section
 7.04.

 	
  

 	
 Ownership of Debt
 Securities

 	
  

 	
 31

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section
 7.05.

 	
  

 	
 Moneys to be Held in
 Trust

 	
  

 	
 31

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section
 7.06.

 	
  

 	
 Compensation and Expenses
 of Trustee

 	
  

 	
 31

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section
 7.07.

 	
  

 	
 Officer’s Certificate as
 Evidence

 	
  

 	
 32

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section
 7.08.

 	
  

 	
 Disqualification;
 Conflicting Interests for the Trustee

 	
  

 	
 32

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section
 7.09.

 	
  

 	
 Eligibility of Trustee

 	
  

 	
 32

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section
 7.10.

 	
  

 	
 Resignation or Removal of
 Trustee

 	
  

 	
 32

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section
 7.11.

 	
  

 	
 Acceptance by Successor
 Trustee

 	
  

 	
 34

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section
 7.12.

 	
  

 	
 Succession by Merger, etc.

 	
  

 	
 34

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section
 7.13.

 	
  

 	
 Appointment of
 Authenticating Agent

 	
  

 	
 35

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Article Eight Concerning
 the Holders

 	
  

 	
 36

 
	
  

 	
  

 	
  

 
	
 Section
 8.01.

 	
  

 	
 Action by Holders

 	
  

 	
 36

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section
 8.02.

 	
  

 	
 Proof of Execution by
 Holders

 	
  

 	
 37

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section
 8.03.

 	
  

 	
 Who are Deemed Absolute
 Owners

 	
  

 	
 37

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section
 8.04.

 	
  

 	
 Company-Owned Debt
 Securities Disregarded

 	
  

 	
 37

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section
 8.05.

 	
  

 	
 Revocation of Consents;
 Future Holders Bound

 	
  

 	
 38

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Article Nine Holder’s
 Meetings

 	
  

 	
 38

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section
 9.01.

 	
  

 	
 Purposes of Meetings

 	
  

 	
 38

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section
 9.02.

 	
  

 	
 Call of Meeting by
 Trustee

 	
  

 	
 38

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section
 9.03.

 	
  

 	
 Call of Meeting by Company
 or Holders

 	
  

 	
 39

 

	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section
 9.04.

 	
  

 	
 Qualifications for Voting

 	
  

 	
 39

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section
 9.05.

 	
  

 	
 Quorum; Adjourned
 Meetings

 	
  

 	
 39

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section
 9.06.

 	
  

 	
 Regulations

 	
  

 	
 40

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section
 9.07.

 	
  

 	
 Voting

 	
  

 	
 40

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section
 9.08.

 	
  

 	
 No Delay of Rights by
 Meeting

 	
  

 	
 41

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Article Ten Supplemental
 Indentures

 	
  

 	
 41

 
	
  

 	
  

 	
  

 
	
 Section
 10.01.

 	
  

 	
 Supplemental Indentures
 without Consent of Holders

 	
  

 	
 41

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section
 10.02.

 	
  

 	
 Supplemental Indentures
 with Consent of Holders

 	
  

 	
 42

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section
 10.03.

 	
  

 	
 Compliance with Trust
 Indenture Act; Effect of Supplemental Indentures

 	
  

 	
 43

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section
 10.04.

 	
  

 	
 Notation on Securities

 	
  

 	
 43

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section
 10.05.

 	
  

 	
 Evidence of Compliance of
 Supplemental Indenture to be Furnished Trustee

 	
  

 	
 44

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Article Eleven
 Consolidation, Merger, Sale or Conveyance

 	
  

 	
 44

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section
 11.01.

 	
  

 	
 Company May Not
 Consolidate, etc., Except Under Certain Conditions

 	
  

 	
 44

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section
 11.02.

 	
  

 	
 Successor entity to be
 Substituted

 	
  

 	
 44

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section
 11.03.

 	
  

 	
 Documents to be Given
 Trustee

 	
  

 	
 45

 
	
  

 	
  

 	
  

 
	
 Article Twelve
 Satisfaction and Discharge of Indenture

 	
  

 	
 45

 
	
  

 	
  

 	
  

 
	
 Section
 12.01.

 	
  

 	
 Discharge of Indenture

 	
  

 	
 45

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section
 12.02.

 	
  

 	
 Deposited Moneys to be
 Held in Trust by Trustee

 	
  

 	
 45

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section
 12.03.

 	
  

 	
 Paying Agent to Repay
 Moneys Held

 	
  

 	
 45

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section
 12.04.

 	
  

 	
 Return of Unclaimed Moneys

 	
  

 	
 46

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section
 12.05.

 	
  

 	
 Certification of
 Satisfaction and Discharge

 	
  

 	
 46

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Article Thirteen Immunity
 of Incorporators, Stockholders, Officers and Directors

 	
  

 	
 46

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section
 13.01.

 	
  

 	
 Indenture and Securities
 Solely Corporate Obligations

 	
  

 	
 46

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Article Fourteen Legal
 Defeasance and Covenant Defeasance

 	
  

 	
 46

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section
 14.01.

 	
  

 	
 Applicability of Article;
 Company’s Option to Effect Legal Defeasance or Covenant Defeasance

 	
  

 	
 46

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section
 14.02.

 	
  

 	
 Legal Defeasance and
 Discharge

 	
  

 	
 47

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section
 14.03.

 	
  

 	
 Covenant Defeasance

 	
  

 	
 47

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section
 14.04.

 	
  

 	
 Conditions to Legal
 Defeasance or Covenant Defeasance

 	
  

 	
 48

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section
 14.05.

 	
  

 	
 Deposited Money and U.S.
 Government Obligations to Be Held in Trust; Other Miscellaneous Provisions

 	
  

 	
 49

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section
 14.07.

 	
  

 	
 Certification of
 Defeasance

 	
  

 	
 50

 

	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Article Fifteen Security
 Arrangements

 	
  

 	
 50

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section
 15.01.

 	
  

 	
 Security

 	
  

 	
 50

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section
 15.02.

 	
  

 	
 Authorization of Actions
 to Be Taken

 	
  

 	
 52

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section
 15.03.

 	
  

 	
 Determinations Relating to
 Collateral

 	
  

 	
 52

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section
 15.04.

 	
  

 	
 Release of Liens

 	
  

 	
 52

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section
 15.05.

 	
  

 	
 Limitation on Duty of
 Trustee in Respect of Collateral

 	
  

 	
 52

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section
 15.06.

 	
  

 	
 Approval of Qualified
 Appraiser

 	
  

 	
 53

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Article Sixteen
 Miscellaneous Provisions

 	
  

 	
 53

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section
 16.01.

 	
  

 	
 Provisions Binding on
 Company’s Successors

 	
  

 	
 53

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section
 16.02.

 	
  

 	
 Official Acts by Successor
 Entity

 	
  

 	
 53

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section
 16.03.

 	
  

 	
 Addresses for Notices, etc.

 	
  

 	
 53

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section
 16.04.

 	
  

 	
 New York Contract

 	
  

 	
 54

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section
 16.05.

 	
  

 	
 Evidence of Compliance
 with Conditions Precedent

 	
  

 	
 54

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section
 16.06.

 	
  

 	
 Legal Holidays

 	
  

 	
 54

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section
 16.07.

 	
  

 	
 [Reserved]

 	
  

 	
 54

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section
 16.08.

 	
  

 	
 Trust Indenture Act to
 Control

 	
  

 	
 54

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section
 16.09.

 	
  

 	
 Table of Contents,
 Headings, etc.

 	
  

 	
 54

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section
 16.10.

 	
  

 	
 Execution in Counterparts

 	
  

 	
 55

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section
 16.11.

 	
  

 	
 Separability

 	
  

 	
 55

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section
 16.12.

 	
  

 	
 Proceeds

 	
  

 	
 55

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Section
 16.13.

 	
  

 	
 Waiver of Jury Trial

 	
  

 	
 55

 

          INDENTURE
dated as of December 12, 2012 (this “Indenture”), between General Electric
Capital Corporation, a corporation duly organized and existing under the laws
of Delaware (the “Company”), The Bank of New York Mellon as Trustee (the
“Trustee”) and Wells Fargo Bank Northwest, N.A. as Security Trustee (the
“Security Trustee”). 

RECITALS OF THE COMPANY

          Whereas,
the Company has duly authorized the issue of its senior secured notes, to be
issued in three series (the “Debt Securities” as defined below), which
shall rank pari
passu in right of payment to all of
its existing and future senior indebtedness, including without limitation, any
senior notes, and senior in right of payment to all of its existing and future
indebtedness that is expressly subordinated to the Debt Securities, up to such
principal amount or amounts as may be authorized in accordance with the terms
of this Indenture, and to provide, among other things, for the authentication,
delivery and administration of the Debt Securities, the Company has duly
authorized the execution and delivery of this Indenture; and

          Whereas,
each party agrees as follows for the benefit of the other party and for the
equal and ratable benefit of the Holders of $300 million aggregate principal
amount of the Company’s Floating Rate Senior Secured Notes due 2015 issued on
the Effective Date (the “Floating Rate Notes”), $1 billion aggregate principal
amount of the Company’s 1.000% Senior Secured Notes due 2015 issued on the
Effective Date (the “2015 Notes”) and $400 million aggregate principal amount
of the Company’s 2.100% Senior Secured Notes due 2019 issued on the Effective
Date (the “2019 Notes,” and together with the Floating Rate Notes and the 2015
Notes, the “Debt Securities”).

          Whereas,
all things necessary to make this Indenture a valid indenture and agreement
according to its terms have been done;

          Now,
therefore:

          In
consideration of the premises and the purchases of the Debt Securities by the
holders thereof, the Company, the Trustee and the Security Trustee mutually
covenant and agree for the equal and proportionate benefit of the respective
holders from time to time of the Debt Securities as follows:

ARTICLE ONE

DEFINITIONS

          Section
1.01. Definitions. The terms defined
in this Section 1.01 (except as herein otherwise expressly provided or unless
the context otherwise requires) for all purposes of this Indenture shall have
the respective meanings specified in this Section 1.01. All other terms used in
this Indenture which are defined in the Trust Indenture Act of 1939, as amended
(the “Trust Indenture Act”), or which are by reference therein defined in the
Securities Act of 1933, as amended (the “Securities Act”) (except as herein
otherwise expressly provided or unless the context otherwise requires) shall
have the meanings assigned to such terms in said Trust Indenture Act and in
said Securities Act. The words “herein”, “hereof” 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.

          For all
purposes of this Indenture, all capitalized terms used but not defined in this
Indenture shall have the respective meanings assigned to such terms in the
Mortgage.

          “Account
Control Agreement” has the meaning set forth in the Mortgage.

          “Additional
Pool Aircraft” means any Pool Aircraft added to the Designated Pool after
the Effective Date pursuant to the Mortgage.

          “Affiliate”
means, with respect to any specified Person, 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 meanings correlative to
the foregoing.

          “Aircraft
Collateral” has the meaning set forth in the Mortgage.

          “Appraisal” has the meaning set forth in the Mortgage.

          “Appraised Value” has the meaning set forth in the Mortgage.

          “Assigned
Lease” has the meaning set forth in the Mortgage.

          “Authenticating
Agent” means any Person authorized by the Trustee pursuant to Section 7.13
to act on behalf of the Trustee to authenticate Securities.

          “Board
of Directors” shall mean either the Board of Directors of the Company or
any committee of that Board duly
authorized to act under the terms of this Indenture. 

          “Business
Day” means any day that is not a
Saturday, Sunday or other day on which banking institutions are generally
authorized or obligated by law or regulation to close in New York City.

          “Calculation
Agent” means The Bank of New York Mellon, or any other successor appointed
from time to time by the Company acting as Calculation Agent in respect of the
Floating Rate Notes.

          “Cash
Collateral Account” has the meaning set forth in the Mortgage.

          “Collateral”
has the meaning set forth in the Mortgage.

          “Collateral
Event” means, unless the applicable Collateral has been released from the
Liens securing the Debt Securities in accordance with the provisions of this
Indenture and the Security Documents, the occurrence and continuation of any of
the following: (a) (i) any Security Document ceases to be in full force and
effect (except as permitted by the terms of this

- 2 -

Indenture or the Security Documents), or the enforcement of any
Security Document is stayed as to any Grantor as a result of an event described
in Sections 6.01(e) or (f) occurring with respect to such Grantor (as opposed
to the Company), or any of the Security Documents ceases to give the Security
Trustee, as trustee on behalf of the Secured Parties, a valid, perfected
security interest (except as permitted by the terms of this Indenture or the
Security Documents) in the Collateral, or (ii) the Company or one or more
Grantors violates any covenant or agreement (A) under Article Fifteen or
otherwise relating to the Collateral under this Indenture or (B) under the
Security Documents, in each of cases (a)(i) and (a)(ii) above both (x) with
respect to Collateral with an Appraised Value equal to or more than $250
million and (y) for a period of 365 consecutive days after the Company receives
notice thereof from the Trustee or from the Holders of at least 25% in
principal amount of all Debt Securities at the time Outstanding (with a copy to
the Trustee), specifying such event or (b) the repudiation or disaffirmation by
the Company or any Grantor in writing of its material obligations under the
Security Documents or the final and unappealable determination in a judicial
proceeding of competent jurisdiction that the Security Documents are
unenforceable or invalid against the Company or any Grantor party thereto for
any reason with respect to Collateral with an Appraised Value equal to or more
than $250 million which repudiation, disaffirmation or determination is not
rescinded, stayed, or waived by the Persons having such authority to do so
pursuant to the Security Documents or otherwise cured within 60 days after the
Company receives written notice thereof specifying such occurrence from the
Trustee or from the Holders of at least 25% in principal amount of all Debt
Securities at the time Outstanding (with a copy to the Trustee), specifying
such occurrence.

          “Collateral
Redemption Event” means a Collateral Event followed by a Debt-to-Collateral
Value Ratio Event with respect to such Collateral Event.

          “Collateral
Redemption Event Amount” means: 

          (a)
with respect to the 2015 Notes, the greater of (i) 100% of the principal amount
of the 2015 Notes to be redeemed; and (ii) the sum of the present values of the
remaining scheduled payments of interest and principal thereon (exclusive of
interest accrued and unpaid to, but not including, the date of redemption)
discounted to the date of redemption on a semiannual basis, assuming a 360-day
year consisting of twelve 30-day months, at the Treasury Rate plus 10 basis
points; provided, that for the avoidance of doubt, the amount by which clause
(ii) above exceeds clause (i) above shall be deemed to be “premium” for
purposes of this Indenture and the Security Documents; 

          (b)
with respect to the 2019 Notes, the greater of (i) 100% of the principal amount
of the 2019 Notes to be redeemed; and (ii) the sum of the present values of the
remaining scheduled payments of interest and principal thereon (exclusive of
interest accrued and unpaid to, but not including, the date of redemption)
discounted to the date of redemption on a semiannual basis, assuming a 360-day
year consisting of twelve 30-day months, at the Treasury Rate plus 15 basis
points; provided, that for the avoidance of doubt, the amount by which clause
(ii) above exceeds clause (i) above shall be deemed to be “premium” for
purposes of this Indenture and the Security Documents; and

          (c)
with respect to the Floating Rate Notes, the greater of (i) 100% of the
principal amount of the Floating Rate Notes to be redeemed; and (ii) the sum of
the present values of the

- 3 -

remaining scheduled payments of interest (calculating,
for purposes of this paragraph, future scheduled payments of interest using the
interest rate applicable to the Floating Rate Notes on the date notice of
redemption is given) and principal thereon (exclusive of interest accrued and
unpaid to, but not including, the date of redemption) discounted to the date of
redemption on a quarterly basis, assuming a 360-day year and the actual number
of days remaining in each year until Stated Maturity, at LIBOR as in effect
with respect to the Floating Rate Notes on the Interest Reset Date, prior to
the date notice of redemption is given; provided, that for the avoidance of
doubt, the amount by which clause (ii) above exceeds clause (i) above shall be
deemed to be “premium” for purposes of this Indenture and the Security
Documents.

          “Collateral
Supplement” has the meaning set forth in the Mortgage.

          “Company”
shall mean General Electric Capital Corporation, a Delaware corporation, until
any successor corporation shall have become such pursuant to the provisions of
Article Eleven, and thereafter “Company” shall mean such successor.

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

          “Comparable
Treasury Price” means, with respect to any redemption date, (A) the average
of the Reference Treasury Dealer Quotations for such redemption date, after
excluding the highest and lowest such Reference Treasury Dealer Quotations, or
(B) if the Independent Investment Banker obtains fewer than four such Reference
Treasury Dealer Quotations, the average of all such quotations.

          “Daily
Interest Amount” has the meaning provided in Section 2.10.

          “Debt-to-Collateral
Value Ratio” means, as of any date of determination, the ratio of (i) the
aggregate principal amount of the Outstanding Debt Securities as of such date
of determination (which in the case of any defeasance, shall not include the
aggregate principal amount of the defeased series of Debt Securities, for which
cash and U.S. Government Obligations have been deposited), divided by (ii) the
sum of (x) the aggregate Appraised Value of all Pool Aircraft included in the
Designated Pool and in compliance with the Express Perfection Requirements as
of such date of determination and reflected in the most recent Appraisals
delivered pursuant to this Indenture and/or the Security Documents plus (y) the
amount of any cash Collateral held in any Cash Collateral Account (which in the
case of any defeasance, shall not include the amount of cash and U.S.
Government Obligations deposited with respect to the defeased series of Debt
Securities).

          “Debt-to-Collateral
Value Ratio Event” means, as of the 20th Business Day following
a particular Collateral Event, a Debt-to-Collateral Value Ratio in excess of
65% unless the applicable Collateral has been released from the Liens securing
the Debt Securities in accordance with the provisions of this Indenture and Security
Documents.

- 4 -

          “Debt
Security” or “Debt Securities” shall mean any Debt Security or Debt
Securities, as the case may be, authenticated and delivered under this
Indenture.

          “Depository”
shall mean, with respect to the Debt Securities of any series or series
issuable or issued in the form of one or more Global Debt Securities, the
Person designated as Depository by the Company pursuant to Section 2.02 until a
successor Depository shall have become such pursuant to the applicable
provisions of this Indenture, and thereafter “Depository” shall mean or include
each Person who is then a Depository hereunder, and if at any time there is
more than one such Person, “Depository” as used with respect to the Debt
Securities of any such series or series shall mean the Depository with respect
to such Global Debt Security or Securities.

          “Designated
Pool” has the meaning set forth in the Mortgage.

          “Dollar”
shall mean the coin or currency of the United States of America as at the time
of payment is legal tender for the payment of public and private debts.

          “Effective
Date” means the date of initial issuance of the Debt Securities.

          “Eligible
Person” has the meaning set forth in the Mortgage.

          “Enforcement
Event” has the meaning set forth in the Mortgage.

          “Event
of Default” shall have the meaning specified in Section 6.01. “Express
Perfection Requirements” has the meaning set forth in the
Mortgage.

          “Global
Debt Security” means a Debt Security evidencing all or part of a series of
Debt Securities, issued to, and registered in the name of, the Depositary for
such series in accordance with Section 2.03 and shall bear the legend set forth
in Section 2.03.

          “Governmental
Authority” means the government of the United States, any other nation or
any state, locality or political subdivision of the United States or any other
nation, and any agency, authority, instrumentality, regulatory body, court,
central bank or other entity exercising executive, legislative, judicial,
taxing, regulatory or administrative powers or functions of or pertaining to
government.

          “Grantor”
has the meaning set forth in the Mortgage. As of the Effective Date, the term
“obligor” as used herein does not include any Grantor.

          “Holder”
means the person in whose name a Debt Security is registered in the security
register in accordance with the terms hereof.

          “Indenture”
means this Indenture, as amended from time to time. 

          “Indenture
Documents” means the Debt Securities, this Indenture and the Security
Documents.

- 5 -

          “Independent
Investment Banker” means one of the Reference Treasury Dealers appointed by
the Company.

          “International
Interest” has the meaning set forth in the Mortgage.

          “International
Registry” has the meaning set forth in the Mortgage.

          “Lease”
has the meaning set forth in the Mortgage.

          “Lessee”
has the meaning set forth in the Mortgage.

          “Lessee
Acknowledgment” has the meaning set forth in the Mortgage.

          “Lessee
Notice” has the meaning set forth in the Mortgage.

          “Leasing
Company Practice” has the meaning set forth in the Mortgage.

          “Lien”
has the meaning set forth in the Mortgage.

          “Make-Whole
Redemption Amount” means: 

          (a)
with respect to the 2015 Notes, the greater of (i) 100% of the principal amount
of the 2015 Notes to be redeemed; and (ii) the sum of the present values of the
remaining scheduled payments of interest and principal thereon (exclusive of
interest accrued and unpaid to, but not including, the date of redemption)
discounted to the date of redemption on a semiannual basis, assuming a 360-day
year consisting of twelve 30-day months, at the Treasury Rate plus 10 basis
points; provided, that for the avoidance of doubt, the amount by which clause
(ii) above exceeds clause (i) above shall be deemed to be “premium” for
purposes of this Indenture and the Security Documents; 

          (b)
with respect to the 2019 Notes, the greater of (i) 100% of the principal amount
of the 2019 Notes to be redeemed; and (ii) the sum of the present values of the
remaining scheduled payments of interest and principal thereon (exclusive of
interest accrued and unpaid to, but not including, the date of redemption)
discounted to the date of redemption on a semiannual basis, assuming a 360-day
year consisting of twelve 30-day months, at the Treasury Rate plus 15 basis
points; provided, that for the avoidance of doubt, the amount by which clause
(ii) above exceeds clause (i) above shall be deemed to be “premium” for
purposes of this Indenture and the Security Documents; and

          (c)
with respect to
the Floating Rate Notes, the greater of (i) 100% of the principal amount of the
Floating Rate Notes to be redeemed; and (ii) the sum of the present values of
the remaining scheduled payments of interest (calculating, for purposes of this
paragraph, future scheduled payments of interest using the interest rate
applicable to the Floating Rate Notes on the date notice of optional redemption
is given) and principal thereon (exclusive of interest accrued and unpaid to,
but not including, the date of redemption) discounted to the date of redemption
on a quarterly basis, assuming a 360-day year and the actual number of days
remaining in each year until Stated Maturity, at LIBOR as in effect with
respect to the Floating Rate Notes on the Interest Reset Date, prior to the
date notice of redemption is given; provided,

- 6 -

that for the avoidance of doubt, the amount
by which clause (ii) above exceeds clause (i) above shall be deemed to be
“premium” for purposes of this Indenture and the Security Documents.

          “Maturity”
when used with respect to any Debt Security, means the date on which the
principal thereof becomes due and payable as provided in this Indenture and the
Debt Securities, whether at the Stated Maturity or by declaration of
acceleration, call for redemption or otherwise. 

          “Measurement
Period” means each six month period starting on January 1 and July 1 of
each year (other than the initial Measurement Period which shall be from the
date hereof through June 30, 2013). 

          “Mortgage”
means the Aircraft Mortgage and Security Agreement dated as of December 12,
2012 by the Grantors party thereto in favor of the Security Trustee, together
with any supplements thereto (as amended, restated, amended and restated,
supplemented or otherwise modified from time to time).

          “Offering
Document” means: the Prospectus Supplement, dated December 12, 2012, of the
Company relating to the issuance of the Debt Securities and the related
Prospectus, dated December 5, 2012.

          “Officer”
shall mean, unless otherwise specified by a provision of this Indenture or the
TIA, as applicable, the President, any Senior Vice President or any Vice
President, the Chairman or any Vice Chairman of the Board, the Treasurer or any
Assistant Treasurer, the Secretary or any Assistant Secretary of the Company.

          “Officer’s
Certificate” shall mean a certificate signed by an Officer and delivered to
the Trustee. Each such certificate shall comply with Section 314(c) of the
Trust Indenture Act and include the statements provided for in Section 16.05 if
and to the extent required by the provisions of the Trust Indenture Act and
such Section.

          “Opinion
of Counsel” shall mean an opinion in writing signed by legal counsel, who
may be an employee of or of counsel to the Company, or may be other counsel.
Each such opinion shall comply with Section 314(c) of the Trust Indenture Act
and include the statements provided for in Section 16.05 if and to the extent
required by the provisions of the Trust Indenture Act and the provisions of
such Section.

          “Outstanding”
means, as of any particular time, all Debt Securities authenticated and
delivered by the Trustee under this Indenture, except (a) any Debt Securities
canceled by the Trustee or delivered to the Trustee for cancellation; (b) any
Debt Securities, or portions thereof, for the payment or redemption of which
moneys in the necessary amount shall have been deposited in trust with the
Trustee or with any paying agent (other than the Company) or shall have been
set aside and segregated in trust by the Company (if the Company shall act as
its own paying agent), provided that if such Debt Securities are to be redeemed
prior to the Stated Maturity thereof, notice of such redemption shall have been
mailed as provided in the indenture or provision satisfactory to the Trustee
shall have been made for mailing such notice; (c) Debt Securities which have
been defeased pursuant to the procedures specified in Article 14 hereof; and
(d) any Debt Securities in lieu of or in substitution for which other Debt
Securities shall have been authenticated and delivered, or which shall have
been paid, pursuant to the terms of this

- 7 -

Indenture, unless proof satisfactory to the
Trustee is presented that any such Debt Securities are held by Persons in whose
hands any of such Debt Securities is a valid, binding and legal obligation of
the Company.

          “Own”
has the meaning set forth in the Mortgage.

          “Owner
Trust” has the meaning set forth in the Mortgage.

          “Paying
Agent” shall mean initially The Bank of New York Mellon in its capacity as
paying agent, unless and until otherwise designated by the Company in
accordance with this Indenture.

          ‘‘Permitted
Liens’’ has the meaning set forth in the Mortgage.

          “Person”
shall mean any individual, corporation, partnership, joint venture,
association, joint stock company, trust, unincorporated organization or
government or any agency or political subdivision thereof.

          “Pool
Aircraft” has the meaning set forth in the Mortgage.

          “Post-Petition
Interest” has the meaning set forth in the Mortgage.

          “Principal
Office of the Trustee” or other similar term, shall mean the principal
office of the Trustee at which any particular time its corporate trust business
shall be administered.

          “Protocol”
has the meaning set forth in the Mortgage.

          “Qualified
Appraiser” has the meaning set forth in the Mortgage.

          “Reference
Treasury Dealers” means each of Goldman, Sachs & Co., Citigroup Global
Markets or their respective Affiliates which are primary U.S. Government
securities dealers in The City of New York (a “Primary Treasury Dealer”), and
their respective successors plus three other Primary Treasury Dealers selected
by the Company; provided, however, that if any of the foregoing or their
Affiliates ceases to be a Primary Treasury Dealer, the Company will substitute
therefor another Primary Treasury Dealer.

          “Reference
Treasury Dealer Quotations” means, with respect to each Reference Treasury
Dealer and any redemption date, the average, as determined by the Independent
Investment Banker, of the bid and asked prices for the applicable Comparable
Treasury Issue (expressed in each case as a percentage of its principal amount)
quoted in writing to the Independent Investment Banker by each such Reference
Treasury Dealer at 3:30 p.m. New York time on the third Business Day preceding
such redemption date.

          “registrar”
shall mean initially The Bank of New
York Mellon in its capacity as registrar, unless and until otherwise designated
by the Company in accordance with this Indenture.

          “Responsible
Officer” The term “Responsible Officer”, when used with respect to the
Trustee, shall mean the Chairman or any Vice Chairman of the Board of
Directors, the Chairman

- 8 -

or any Vice Chairman of the Executive Committee of the Board of
Directors, the President, any Vice President, any Assistant Vice President, the
Cashier, any Assistant Cashier, the Secretary, any Assistant Secretary, the
Treasurer, any Assistant Treasurer, any Trust Officer, any Assistant Trust
Officer, or any other officer or 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 the particular
subject.

          “Secured
Obligations” means (i) all
principal of and premium, if any, on the Debt Securities Outstanding from time
to time under this Indenture and all accrued unpaid interest (including
Post-Petition Interest) on the Debt Securities Outstanding under this
Indenture, (ii) all other amounts now or hereafter payable by the Company to
the Holders of the Debt Securities or the Trustee under this Indenture, including,
without limitation, amounts owing to the Trustee for its fees, expenses,
indemnities or other amounts and (iii) any fees, expenses, indemnities or other
amounts now or hereafter payable by the Company to the Security Trustee under
the Security Documents or for acting in its capacity as such pursuant to a
separate agreement among such parties, in each case, whether direct or
indirect, absolute or contingent, due or to become due, now existing or
hereafter arising.

          “Secured
Party” means (i) the Security Trustee, on behalf of itself and the other
Secured Parties, (ii) the Trustee, on behalf of itself and (iii) the Holders of
the Debt Securities from time to time Outstanding.

          “Securities
Intermediary” means (i) for purposes of Section 2.07 of the Mortgage, the
Security Trustee and (ii) any “securities intermediary” as defined in 31 C.F.R.
Section 357.2 or Section 8-102(a)(14) of the UCC.

          “Security
Documents” shall have the meaning specified in the Mortgage.

          “Security
register” shall have the meaning specified in Section 2.06.

          “Security
registrar” shall have the meaning specified in Section 2.06.

          “Security
Trustee” means initially, Wells
Fargo Bank Northwest, N.A., the security trustee appointed in accordance with
the Security Documents, together with its successors.

          “Stated
Maturity” means, with respect to any Debt Security, the final Maturity of
such Debt Security contemplated on the Effective Date.

          “Subsidiary”
(i) any corporation of which the Company or any Grantor directly or indirectly
owns or controls at that time at least a majority of the outstanding stock
having under ordinary circumstances (not dependent upon the happening of a
contingency) voting power to elect a majority of the board of directors of such
corporation or (ii) any other Person (other than a corporation) in which the
Company or any Grantor directly or indirectly has at least a majority ownership
interest and power to direct the policies, management and affairs thereto,
including for purposes of the Security Documents, an Owner Trust.

- 9 -

          “Tax”
means all present or future taxes, levies, imposts, duties, deductions,
withholdings (including backup withholding), assessments, fees or other charges
imposed by any Governmental Authority, including any interest, additions to tax
or penalties applicable thereto.

          “Treasury
Rate” means, with respect to any redemption date, the rate per annum equal
to the semiannual equivalent yield to maturity of the applicable Comparable
Treasury Issue, assuming a price for such Comparable Treasury Issue (expressed
as a percentage of its principal amount) equal to the applicable Comparable
Treasury Price for such redemption date.

          “Trustee”
means The Bank of New York Mellon or its successor pursuant to Article Seven of
this Indenture.

          “U.S.
Government Obligations” means securities that are:

          (a) direct
obligations of the United States of America for the payment of which its full
faith and credit is pledged, or

          (b)
obligations of a Person controlled or supervised by and acting as an agency or
instrumentality of the United States of America, the payment of which is
unconditionally guaranteed as a full faith and credit obligation by the United
States of America.

          In either
case, the U.S. Government Obligations may not be callable or redeemable at the
option of the issuer, and shall also include a depository receipt issued by a
bank, as defined in Section 3(a)(2) of the Securities Act, as custodian with
respect to such U.S. Government Obligation or a specific payment of principal
of or interest on such U.S. Government Obligation held by the custodian for the
account of the holder of such depository receipt. However, the custodian is not
authorized to make any deduction from the amount payable to the holder of the
depository receipt except as required by law.

ARTICLE TWO

DESCRIPTION, EXECUTION, REGISTRATION AND
EXCHANGE OF SECURITIES

          Section
2.01. Form and Dating. The 2015
Notes shall be in substantially the form set forth in Exhibit A hereto, the
2019 Notes shall be in substantially the form set forth in Exhibit B hereto and
the Floating Rate Notes shall be in substantially the form set forth in Exhibit
C hereto, in each case with such appropriate insertions, omissions,
substitutions and other variations as are required or permitted by this
Indenture, and may have such legends or endorsements placed thereon as the
officers executing the same may approve (execution thereof to be conclusive
evidence of such approval) and as are not inconsistent with the provisions of
this Indenture, 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 such Debt Securities may be listed, or to conform to usage,
which forms, together with the terms contained therein, are hereby incorporated
in and expressly made part of this Indenture. However, to the extent that any
provision of such Debt Security conflicts with the express provisions of this
Indenture, the provisions of this Indenture shall govern and be controlling.
Each Debt Security will be dated the date of its authentication. The Debt
Securities shall be in denominations of $1,000 and integral multiples of $1,000
in excess thereof.

- 10 -

          The
Trustee’s Certificate of Authentication on all Debt Securities shall be in
substantially the following form, and shall be executed on behalf of the
Trustee by its authorized signatory or agent:

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

	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 Date of
 Authentication:

 	

 

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 The Bank of
 New York Mellon, as Trustee

 	
  

 
	
  

 	
  

 	
  

 
	
  

 	
 By:

 	

 

 	
  

 
	
  

 	
  

 	
 [Authorized
 Signatory]

 	
  

 

          Section
2.02. Aggregate Principal Amount.
The Floating Rate Notes shall be limited in aggregate principal amount to
$300,000,000, the 2015 Notes shall be limited in aggregate principal amount to
$1,000,000,000, and the 2019 Notes shall be limited in aggregate principal
amount to $400,000,000 (except for 2015 Notes or 2019 Notes authenticated and
delivered upon registration of transfer of, or in exchange for, or in lieu of,
other Debt Securities of the same series pursuant to Sections 2.06, 2.07, 2.08,
3.03 or 10.04). The Floating Rate Notes, the 2015 Notes and the 2019 Notes
shall each constitute a separate series of Debt Securities under this Indenture
and shall be issued initially in the form of Global Debt Securities and the
initial Depository therefor shall be The Depository Trust Company.

          Section
2.03. Authentication. At any time
and from time to time after the execution and delivery of this Indenture, the
Company may deliver the Debt Securities, executed by the Company, to the
Trustee or its agent for authentication. Except as otherwise provided in this
Article Two, the Trustee shall thereupon authenticate and deliver, or cause to
be authenticated and delivered, said Debt Securities to or for the account of
the Company upon the written order of the Company, signed by an Officer. 

          If the
Company shall establish pursuant to Section 2.02 that the Debt Securities are
to be issued in the form of one or more Global Debt Securities, then the
Company shall execute and the Trustee shall, in accordance with this Section
2.03 and the Company order with respect to such Debt Securities, authenticate
and deliver one or more Global Debt Securities that (i) shall represent and
shall be denominated in an amount equal to the aggregate principal amount of
all of the Debt Securities issued and not yet canceled, (ii) shall be
registered in the name of the Depository for such Global Debt Security or Debt
Securities or the nominee of such Depository, (iii) shall be delivered by the
Trustee to such Depository or pursuant to such Depositary’s instructions (iv)
may have notations, legends or endorsements required by law, stock exchange
rule, or usage (provided that
any such notation, legend or endorsement is in a form acceptable to the Company)
and (v) shall bear a legend substantially to the following
effect: “Unless and until it is exchanged in whole or in part for Debt
Securities in definitive registered form, this Debt Security may not be
transferred except as a whole by the Depository to a nominee of the Depository
or by a nominee of the Depository to the Depository or another nominee of the
Depository or by the Depository or any such nominee to a successor Depository
or a nominee of such successor Depository.”

- 11 -

          Each Depository
must, at the time of its designation and at all times while it serves as
Depository hereunder, be a clearing agency registered under the United States
Securities Exchange Act of 1934, as amended, (the “Exchange Act”) and any other
applicable statute or regulation.

          Section
2.04. Denomination and Numbering of
Securities. The Debt Securities of each series shall be issuable as
registered Debt Securities without coupons in such denominations as shall be
specified in Section 2.01. Debt Securities of each series shall be numbered,
lettered or otherwise distinguished in such manner or in accordance with such
plan as the officers of the Company executing the same may determined with the
approval of the Trustee. 

          The Person
in whose name any Debt Security of a particular series is registered at the
close of business on any record date (as hereinafter defined) with respect to
any interest payment date for such series shall be entitled to receive the
interest payable on such interest payment date notwithstanding the cancellation
of such Debt Security upon any registration of transfer or exchange subsequent
to the record date and prior to such interest payment date; provided, however,
that if and to the extent that the Company shall default in the payment
of interest on such interest payment date, such defaulted interest shall be
paid to the Persons in whose names Outstanding Debt Securities of such series
are registered on a subsequent record date established by notice given by mail
by or on behalf of the Company to the Holders of such Debt Securities not less
than 15 days preceding such subsequent record date, such record date to be not
less than five days preceding the date of payment of such defaulted interest.
The term “record date” as used in this Section 2.04 with respect to any regular
interest payment date for the 2015 Notes and the 2019 Notes shall mean the
close of business on June 1st or December 1st (whether or
not a Business Day) preceding such interest payment date, and with respect to
any regular interest payment date for the Floating Rate Notes shall mean the
close of business on March 1st, June 1st, September 1st
or December 1st (whether or not a Business Day) preceding such
interest payment date, except that the regular record date for interest due on
any Debt Security’s Stated Maturity or date of earlier redemption will be that
particular date.

          Section
2.05. Execution of Debt Securities.
The Debt Securities shall be signed in the name and on behalf of the Company by
the manual or facsimile signature of any Officer. Only such Debt Securities as
shall bear thereon a certificate of authentication substantially in the form
herein recited, executed by the Trustee, shall be entitled to the benefits of
this Indenture or be valid or obligatory for any purpose. Such certificate by
the Trustee upon any Debt Security executed by the Company shall be conclusive
evidence that the Debt Security so authenticated has been duly authenticated
and delivered hereunder and that the Holder is entitled to the benefits of this
Indenture.

          In case any
officer of the Company who shall have signed any of the Debt Securities shall
cease to be such officer before the Debt Securities shall have been
authenticated and delivered by the Trustee, or disposed of by the Company, such
Debt Securities nevertheless may be authenticated and delivered or disposed of
as though the Person who signed such Debt Securities had not ceased to be such
officer of the Company; and any Debt Security may be signed on behalf of the
Company by such Persons as, at the actual date of such Debt Security, shall be
the proper officers of the Company, although at the date of the execution of
this Indenture any such Person was not such an officer.

- 12 -

          Section 2.06.
Exchange and Registration of Transfer of Debt
Securities. Debt Securities of any series (other than a Global Debt
Security, except as set forth below) may be exchanged for a like aggregate
principal amount of Debt Securities of the same series of other authorized
denominations. 

          Debt
Securities to be exchanged pursuant to the preceding paragraph shall be
surrendered, at the option of the Holders thereof, either at the office or
agency designated and maintained by the Company for such purpose in the Borough
of Manhattan, The City of New York in accordance with the provisions of Section
4.02 or at any of such other offices or agencies as may be designated and
maintained by the Company for such purpose in accordance with the provisions of
Section 4.02, and the Company shall execute and register and the Trustee shall
authenticate and deliver in exchange therefor the Debt Security or Debt
Securities which the Holder making the exchange shall be entitled to receive.
Each Person designated by the Company pursuant to the provisions of Section
4.02 as a Person authorized to register and register transfer of the Debt
Securities is sometimes herein referred to as a “registrar.”

          The Company
shall keep, at one such office or agency for a series of Debt Securities, a
register for such series of Debt Securities (herein sometimes collectively
referred to as the “Security register” or the “registry books of the Company”)
in which, subject to such reasonable regulations as it may prescribe, the
Company shall register Debt Securities and shall register the transfer of Debt
Securities as provided in this Article Two. The Security register shall be in
written form or in any other form capable of being converted into written form
within a reasonable time. At all reasonable times the Security register shall
be open for inspection by the Trustee and any registrar other than the Trustee.
Upon due presentment for registration of transfer of any Debt Security of any
series at any designated office or agency, the Company shall execute and
register and the Trustee shall authenticate and deliver in the name of the
transferee or transferees a new Debt Security or Debt Securities of the same
series for an equal aggregate principal amount. Registration or registration of
transfer of any Debt Security by any registrar in the registry books of the
Company maintained by such registrar, and delivery of such Debt Security, duly
authenticated, shall be deemed to complete the registration or registration of
transfer of such Debt Security.

          No Person
shall at any time be designated as or act as a registrar unless such Person is
at such time empowered under applicable law to act as such and duly registered
to act as such under and to the extent required by applicable law and regulations.

          All Debt
Securities presented for registration of transfer or for exchange, redemption,
repayment or payment shall (if so required by the Company or the Trustee) be
duly endorsed by, or be accompanied by a written instrument or instruments of
transfer or exchange in form satisfactory to the Company and the Trustee duly
executed by, the Holder or his attorney duly authorized in writing.

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

- 13 -

          The Company
shall not be required (i) to issue, register the transfer of or exchange Debt
Securities to be redeemed for a period of at least 30 days but not more than 60
days preceding the mailing (or delivery in accordance with the procedures of
the Depositary) of the relevant notice of redemption, or (ii) to register the
transfer of or exchange any Debt Securities selected for redemption, in whole
or in part, except the unredeemed portion of any such Debt Securities being
redeemed in part.

          Notwithstanding
any other provision of this Section 2.06, unless and until it is exchanged in
whole or in part for Debt Securities in definitive registered form, a Global
Debt Security representing all or a portion of the Debt Securities of a series
may not be transferred except as a whole by the Depository for such series to a
nominee of such Depository or by a nominee of such Depository to such
Depository or another nominee of such Depository or by such Depository or any
such nominee to a successor Depository for such series or a nominee of such
successor Depository.

          If at any
time the Depository for any Debt Securities of a series represented by one or
more Global Debt Securities notifies the Company that it is unwilling or unable
to continue as Depository for such Debt Securities or if at any time the
Depository for such Debt Securities shall no longer be eligible under Section
2.03, the Company shall appoint a successor Depository eligible under Section
2.03 with respect to such Debt Securities. If a successor Depository eligible
under Section 2.03 for such Debt Securities is not appointed by the Company
within 90 days after the Company receives such notice or becomes aware of such
ineligibility, the Company’s election pursuant to Section 2.02 that such Debt
Securities be represented by one or more Global Debt Securities shall no longer
be effective and the Company will execute, and the Trustee, upon receipt of an
Officer’s Certificate for the authentication and delivery of definitive Debt
Securities of such series, will authenticate and deliver Debt Securities of
such series in definitive registered form, in any authorized denominations, in
an aggregate principal amount equal to the aggregate principal amount of the
Global Security or Debt Securities representing such Debt Securities in
exchange for such Global Security or Debt Securities.

          The Company
may at any time and in its sole discretion (but subject to the procedures of
the Depository) determine that Debt Securities issued in the form of one or
more Global Debt Securities shall no longer be represented by a Global Security
or Debt Securities. In such event the Company will execute and the Trustee,
upon receipt of an Officer’s Certificate for the authentication and delivery of
definitive Debt Securities, will authenticate and deliver Debt Securities of
the same series in definitive registered form, in any authorized denominations,
in an aggregate principal amount equal to the aggregate principal amount of the
Global Debt Security or Debt Securities in exchange for such Global Debt
Security or Debt Securities.

          Upon the
exchange of a Global Debt Security for Debt Securities in definitive registered
form, in authorized denominations, in an aggregate principal amount equal to
the principal amount of such Global Debt Security, such Global Debt Security
shall be canceled by the Trustee or an agent of the Company or the Trustee.
Debt Securities in definitive registered form issued in exchange for a Global
Debt Security pursuant to this Section 2.06 shall be registered in such names
and in such authorized denominations as the Depository for such Global Debt
Security, pursuant to instructions from its direct or indirect participants or
otherwise, shall instruct the Trustee or an agent of the Company or the
Trustee. The Trustee or such agent shall

- 14 -

deliver such Debt Securities to or as directed by the Persons in whose
names such Debt Securities are so registered.

          Section
2.07. Mutilated, Destroyed, Lost or Stolen
Debt Securities. In case any temporary or definitive Debt Security
shall become mutilated or be destroyed, lost or stolen, the Company in the case
of a mutilated Debt Security shall, and in the case of a lost, stolen, or
destroyed Debt Security may in its discretion, execute and, upon the written
request or authorization of any officer of the Company, the Trustee shall
authenticate and deliver a new Debt Security of the same series, as the case
may be, bearing a number not contemporaneously Outstanding, in exchange and
substitution for the mutilated Debt Security. In every case the applicant for a
substituted Debt Security shall furnish to the Company and to the Trustee such
security or indemnity as may be required by them to save each of them harmless,
and, in every case of destruction, loss or theft, the applicant shall also
furnish to the Company and to the Trustee evidence to their satisfaction of the
destruction, loss or theft of such Debt Security and of the ownership thereof.

          Upon the
issuance of any substituted Debt Security, the Company may require the payment
of a sum sufficient to cover any Tax or other governmental charge that may be
imposed in relation thereto and any other expenses connected therewith. In case
any Debt Security which has matured or is about to mature shall become
mutilated or be destroyed, lost or stolen, the Company may, instead of issuing
a substituted Debt Security, pay or authorize the payment of the same (without
surrender thereof except in the case of a mutilated Debt Security) if the
applicant for such payment shall furnish to the Company and to the Trustee such
security or indemnity as may be required by them to save each of them harmless
and, in case of destruction, loss or theft, evidence satisfactory to the
Company and the Trustee of the destruction, loss or theft of such Debt Security
and the ownership thereof.

          Every
substituted Debt Security issued pursuant to the provisions of this Section
2.07 by virtue of the fact that any Debt Security is destroyed, lost or stolen
shall constitute an additional contractual obligation of the Company, whether
or not the destroyed, lost or stolen Debt Security shall be found at any time,
and shall be entitled to all the benefits of this Indenture equally and
proportionately with any and all other Debt Securities of the same series duly
issued hereunder. All Debt Securities shall be held and owned upon the express
condition that the foregoing provisions are exclusive with respect to the
replacement or payment of mutilated, destroyed, lost or stolen Debt Securities
and shall preclude (to the extent lawful) any and all other rights or remedies
with respect to the replacement or payment of negotiable instruments or other
securities without their surrender.

          Section
2.08. Temporary Debt Securities.
Pending the preparation of definitive Debt Securities of any series, the
Company may execute and the Trustee shall authenticate and deliver temporary
Debt Securities (printed, lithographed or typewritten). Temporary Debt
Securities shall be issuable in any authorized denomination and substantially
in the form of the definitive Debt Securities in lieu of which they are issued,
but with such omissions, insertions and variations as may be appropriate for
temporary Debt Securities, all as may be determined by the Company. Every such
temporary Debt Security shall be authenticated by the Trustee upon the same
conditions and in substantially the same manner, and with the same effect, as
the definitive Debt Securities in lieu of which they are issued. Without
unreasonable delay, the Company will

- 15 -

execute and deliver to the Trustee definitive Debt Securities of such
series and thereupon any or all temporary Debt Securities of such series may be
surrendered in exchange therefor, at the option of the holders thereof, either
at the office or agency to be designated and maintained by the Company for such
purpose in the Borough of Manhattan, The City of New York in accordance with
the provisions of Section 4.02 or at any of such other offices or agencies as
may be designated and maintained by the Company for such purpose in accordance
with the provisions of Section 4.02, and the Trustee shall authenticate and
deliver in exchange for such temporary Debt Securities an equal aggregate
principal amount of definitive Debt Securities of the same series. Such
exchange shall be made by the Company at its own expense and without any charge
therefor. Until so exchanged, the temporary Debt Securities shall in all
respects be entitled to the same benefits under this Indenture as definitive
Debt Securities authenticated and delivered hereunder. 

          Section
2.09. Cancellation of Debt Securities Paid,
etc. All Debt Securities surrendered for the purpose of payment, redemption,
repayment, exchange or registration of transfer, if surrendered to the Company,
any registrar, any paying agent or any other agent of the Company or of the
Trustee, be delivered to the Trustee and promptly canceled by it, or, if
surrendered to the Trustee, shall be promptly canceled by it, and no Debt
Securities shall be issued in lieu thereof except as expressly permitted by any
of the provisions of this Indenture. The Trustee may dispose of canceled Debt
Securities in accordance with its customary procedures and deliver a
certificate of such disposition to the Company or, at the written request of
the Company, shall deliver canceled Debt Securities to the Company. If the
Company shall acquire any of the Debt Securities, however, such acquisition
shall not operate as a redemption or satisfaction of the indebtedness
represented by such Debt Securities unless and until the same are delivered to
the Trustee for cancellation.

          Section
2.10. Computation of Interest.
Interest on the 2015 Notes and the 2019 Notes shall be computed on the basis of
a 360-day year of twelve 30-day months. 

          The amount
of interest for each day that the Floating Rate Notes are Outstanding (the
“Daily Interest Amount”) shall be calculated by dividing the interest rate
(expressed as a percentage per annum) in effect during the applicable Interest
Period or Initial Interest Period (each as defined in Exhibit C hereto), as
applicable, by 360 and multiplying the result by the outstanding principal
amount of the Floating Rate Notes. The amount of interest to be paid on the
Floating Rate Notes for any applicable period shall be calculated by adding the
Daily Interest Amounts for each day in such period.

ARTICLE THREE

REDEMPTION OF DEBT SECURITIES

          Section
3.01. Applicability of Article.
The provisions of this Article Three shall be applicable, as the case may be,
(i) to any Debt Securities which are redeemable before their Stated Maturity or
(ii) to any Debt Securities which are redeemable pursuant to a Collateral
Redemption Event.

- 16 -

          Section
3.02. Notice of Optional Redemption;
Selection of Debt Securities. In case the Company shall desire to
exercise pursuant to Section 3.03 any right to redeem all, or, as the case may
be, any part of, the Debt Securities of any series in accordance with their
terms, it shall fix a date for redemption. Notice of redemption to the Holders
of Debt Securities of any series to be redeemed in whole or in part at the
option of the Company shall be given by mailing notice of such redemption by
first class mail, postage prepaid (or otherwise in accordance with the
applicable procedures of the Depository), at least 30 days and not more than 60
days prior to the date fixed for redemption to the Trustee and to such Holders
at their last addresses as they shall appear upon the registry books of the
Company. Notices of redemption to be sent to the Holders of Debt Securities
shall be sent only to the Holders of the series of Debt Securities to be
redeemed. 

          Each such
notice of redemption shall specify the date fixed for redemption, the
redemption price at which the Debt Securities of such series are to be redeemed
or if not then ascertainable, the manner of calculation thereof, the expected
amount of unpaid accrued interest to but not including the date of redemption,
the place or places of payment, that payment will be made upon presentation and
surrender of such Debt Securities, that any unpaid interest accrued to but not
including the date fixed for redemption will be paid as specified in said
notice, and that on and after said date any interest thereon or on the portions
thereof to be redeemed will cease to accrue. If less than all the Debt
Securities of a series are to be redeemed, the notice of redemption shall
specify the number or numbers of the Debt Securities to be redeemed. In case
any Debt Security is to be redeemed in part only, the notice of redemption
shall state the portion of the principal amount thereof to be redeemed and
shall state that on and after the date fixed for redemption, upon surrender of
such Debt Security, a new Debt Security or Debt Securities of the same series in
principal amount equal to the unredeemed portion thereof will be issued. In
case of any redemption at the election of the Company, the Company shall, at
least 45 days prior to the Redemption Date fixed by the Company (unless a
shorter notice shall be satisfactory to the Trustee), notify the Trustee of the
redemption date and of the principal amount and series of Debt Securities to be
redeemed. The Company shall notify the Trustee of the Make-Whole Redemption
Amount applicable to such series being redeemed and the expected amount of
unpaid accrued interest to but not including the date of redemption promptly
after the calculation thereof and the Trustee shall have no responsibility for
such calculation.

          Prior to
the redemption date specified in the notice of redemption given as provided in
this Section 3.02, the Company will deposit with the Trustee or with one or
more paying agents (or if the Company is acting as its own paying agent, shall
segregate and hold in trust as provided in Section 4.05) an amount of money
sufficient to redeem on the redemption date all the Debt Securities or portions
thereof so called for redemption, together with unpaid accrued interest to, but
not including, the date fixed for redemption. If less than all the Debt Securities
of a series are to be redeemed, the Company will give the Trustee notice not
less than 60 days prior to the redemption date as to the aggregate principal
amount of Debt Securities of such series to be redeemed, and the Trustee shall
select or cause to be selected, in such manner as in its sole discretion it
shall deem appropriate and fair, the Debt Securities or portions thereof to be
redeemed. Debt Securities of a series may be redeemed in part only in multiples
of the smallest authorized denomination of that series.

- 17 -

          Section
3.03. Payment of Debt Securities Called for
Optional Redemption. If notice of redemption has been given as
provided in Section 3.02, the Debt Securities or portions of Debt
Securities of the series with respect to which such notice has been given shall
become due and payable on the date and at the place or places stated in such
notice at a redemption price equal to the Make-Whole Redemption Amount together
with unpaid accrued interest to, but not including, the date fixed for
redemption. On presentation and surrender of such Debt Securities at a place of
payment in said notice specified the said Debt Securities or the specified
portions thereof shall be paid and redeemed by the Company at the applicable
redemption price, together with any accrued and unpaid interest thereon to, but
not including, the date fixed for redemption; provided, however, that
payment of interest becoming due on or prior to the date fixed for redemption
shall be payable to the Holders of such Debt Securities registered as such on
the relevant record date subject to the terms and provisions of Sections 2.02
and 2.04.

          Upon
presentation of any Debt Security redeemed in part only, the Company shall
execute and the Trustee shall authenticate and deliver to the Holder thereof,
at the expense of the Company, a new Debt Security or Debt Securities of the
same series, of authorized denominations in aggregate principal amount equal to
the unredeemed portion of the Debt Security so presented.

          Section
3.04. Notice of Mandatory Redemption for
Collateral Redemption Event. Following the occurrence of a
Collateral Redemption Event, the Debt Securities shall be subject to mandatory
redemption in whole but not in part no later than 30 days following such
Collateral Redemption Event. Notice of such mandatory redemption shall be
mailed (or otherwise delivered in accordance with the applicable procedures of
the Depository) not more than five days following such Collateral Redemption
Event to each Holder at its last address as it shall appear in the registry
books of the Company and to the Trustee.

          Each such
notice of redemption shall specify the date fixed for mandatory redemption, the
redemption price at which the Debt Securities of each series are to be redeemed,
which shall be the Collateral Redemption Event Amount applicable to such
series, together with unpaid accrued interest to, but not including, the date
fixed for redemption, the place or places of payment, that payment will be made
upon presentation and surrender of such Debt Securities, that any interest
accrued to the date fixed for redemption will be paid as specified in said
notice, and that on and after said date any interest thereon or on the portions
thereof to be redeemed will cease to accrue. Each such notice of redemption
need not set forth the actual Collateral Redemption Event Amount but only the
manner of calculation thereof. The Company shall notify the Trustee of the
Collateral Redemption Event Amount applicable to such series being redeemed and
the expected amount of unpaid accrued interest to but not including the date of
redemption promptly after the calculation thereof and the Trustee shall have no
responsibility for such calculation.

          Prior to
the redemption date specified in the mandatory notice of redemption given as
provided in this Section 3.04, the Company will deposit with the Trustee or
with one or more paying agents (or if the Company is acting as its own paying
agent, shall segregate and hold in trust as provided in Section 4.05) an amount
of money sufficient to redeem on the mandatory redemption date all the
Outstanding Debt Securities, together with unpaid accrued interest to, but not
including, the date fixed for redemption. 

- 18 -

          Section
3.05. Payment in Connection with Mandatory
Redemption Upon a Collateral Redemption Event. If notice of
redemption has been given as provided in Section 3.04, the Debt Securities
shall become due and payable on the date and at the place or places stated in
such notice at the Collateral Redemption Event Amount, together with unpaid
accrued interest to, but not including, the date fixed for redemption. On
presentation and surrender of such Debt Securities at a place of payment in
said notice specified the said Debt Securities shall be paid and redeemed by
the Company at the applicable redemption price, together with any accrued and
unpaid interest thereon to, but not including, the date fixed for mandatory
redemption; provided, however, that payment of interest becoming due on or
prior to the date fixed for redemption shall be payable to the Holders of such
Debt Securities registered as such on the relevant record date subject to the
terms and provisions of Sections 2.02 and 2.04.

          Section
3.06. Knowledge
of Trustee. The Trustee shall not be deemed to have notice or
knowledge of any event which with the giving of notice or the passage of time
would constitute a Collateral Redemption Event or whether the Debt Securities
are required to be redeemed as a result thereof, unless the Trustee has
received written notice thereof from the Company, a Grantor or the Holders of
at least 25% in principal amount of the Debt Securities then Outstanding.

ARTICLE FOUR

PARTICULAR COVENANTS OF THE COMPANY

          Section
4.01. Payment of Principal, Premium and
Interest. The Company covenants and agrees for the benefit of all
Holders of Debt Securities issued hereunder that it will duly and punctually
pay or cause to be paid the principal of, premium, if any, and interest, on all
such Debt Securities, with interest on overdue installments of interest (to the
extent that payment of such interest is enforceable under applicable law) and
on overdue principal, in each case at the rate then borne by the Debt
Securities of the applicable series at the places, at the respective times and
in the manner provided in such Debt Securities and in this Indenture. 

          Section
4.02. Offices for Notices and Payments, etc. As
long as any Debt Securities remain Outstanding hereunder, the Company will designate
and maintain in the Borough of Manhattan, The City of New York an office or
agency where such Debt Securities may be presented for payment, and where such
Debt Securities may be presented for registration of transfer and for exchange
as provided in this Indenture.

          Interest on
Debt Securities may at the option of the Company be paid by check mailed to the
Persons entitled thereto at their respective addresses as such appear on the
registry books of the Company, or, at the option of any Holder of $5,000,000 or
more aggregate principal amount of Debt Securities of any series and subject to
applicable laws and regulations, be made by transfer to an account denominated
in U.S. dollars, maintained by such Holder, if appropriate wire transfer instructions
have been received by the Company or its agent not less than ten days prior to
the applicable interest payment date.

- 19 -

          The Company
will maintain in the Borough of Manhattan, The City of New York an office or
agency where notices and demands to or upon the Company in respect of any Debt
Securities issued hereunder or this Indenture may be served.

          The Company
may from time to time designate one or more additional offices or agencies
where Debt Securities may be presented for payment, where Debt Securities may
be presented for exchange as provided in this Indenture and where Debt
Securities may be presented for registration of transfer as in this Indenture
provided, and the Company may from time to time rescind any such designation,
as the Company may deem desirable or expedient; provided, however,
that no such designation or rescission shall in any manner relieve the
Company of its obligation to maintain the agencies provided for in this
Section 4.02. The Company will give to the Trustee prompt written notice
of any such designation or rescission thereof.

          The Company
will give to the Trustee written notice of the location of each such office or
agency and of any change of location thereof. In case the Company shall fail to
maintain any such office or agency in the Borough of Manhattan, The City of New
York or shall fail to give such notice of the location or of any change in the
location thereof, presentations and demands may be made and notices may be
served at the principal office of the Trustee.

          The Company
hereby designates the office of The Bank of New York Mellon at 101 Barclay
Street, New York, New York 10286 as the agency of the Company where Debt
Securities may be presented for payment, for registration of transfer and for
exchange as in this Indenture provided and where notices and demands to or upon
the Company in respect of the Debt Securities or of this Indenture may be
served and as registrar for the Debt Securities. 

          Section
4.03. Appointments to Fill Vacancies in
Trustee’s Office. The Company, whenever necessary to avoid or fill a
vacancy in the office of Trustee, will appoint, in the manner provided in
Section 7.10, a successor Trustee, so that there shall at all times be a
Trustee with respect to all Debt Securities issued hereunder.

          Section
4.04. Provision as to Paying Agent.
(a) If the Company shall appoint a paying agent other than the Trustee with
respect to the Debt Securities of any series, it will cause such paying agent
to execute and deliver to the Trustee an instrument in which such agent shall
agree with the Trustee, subject to the provisions of this Section 4.04,

                              (i)
that it will hold all sums held by it as such agent for the payment of the
principal of, premium, if any, or interest, if any, on such Debt Securities
(whether such sums have been paid to it by the Company or by any other obligor
on such Debt Securities) in trust for the benefit of the Holders of such Debt
Securities;

                              (ii)
that it will give the Trustee notice of any failure by the Company (or by any
other obligor on such Debt Securities) to make any payment of the principal of,
premium, if any, or interest, if any, on such Debt Securities when the same
shall be due and payable; and

                              (iii)
that at any time during the continuance of any failure by the Company (or by
any other obligor on such Debt Securities) specified in the preceding 

- 20 -

paragraph (ii), such paying agent will, upon the written request
of the Trustee, forthwith pay to the Trustee all sums so held in trust by it.

                    (b)
If the Company shall act as its own paying agent with respect to the Debt
Securities of any series, it will, on or before each due date of the principal
of, premium, if any, or interest, if any, on such Debt Securities, set aside,
segregate and hold in trust for the benefit of the Holders of such Debt
Securities, a sum sufficient to pay such principal, premium, if any, or
interest, if any, so becoming due and will promptly notify the Trustee of any
failure to take such action and of any failure by the Company (or by any other
obligor on such Debt Securities) to make any payment of the principal of,
premium, if any, or interest, if any, on such Debt Securities when the same
shall become due and payable.

                    (c)
Anything in this Section 4.04 to the contrary notwithstanding, the Company
may, at any time, for the purpose of obtaining a satisfaction and discharge of
this Indenture, or for any other reason, pay or cause to be paid to the Trustee
all sums held in trust by it, or any paying agent hereunder, as required by
this Section 4.04, such sums to be held by the Trustee upon the trusts
herein contained.

                    (d)
Anything in this Section 4.04 to the contrary notwithstanding, the
agreement to hold sums in trust as provided in this Section 4.04 is subject
to Sections 12.03 and 12.04.

                    (e)
Whenever the Company shall have one or more paying agents with respect to the
Debt Securities of any series, it will, prior to each due date of the principal
of, premium, if any, or interest, if any, on the Debt Securities of such
series, deposit with a designated paying agent a sum sufficient to pay the
principal, premium, if any, and interest, if any, so becoming due, such sum to
be held in trust for the benefit of the Persons entitled to such principal,
premium, if any, or interest, if any, and (unless such paying agent is the
Trustee) the Company will promptly notify the Trustee of any failure so to act.

          Section
4.05. Statement as to Compliance; Opinion as
to Maintenance of Lien. The Company will furnish to the Trustee on
or before June 1 in each year (beginning with the first June 1 which is not
less than 60 days following the first date of issuance of any series of Debt
Securities under this Indenture) (a) a certificate (which need not comply with
Section 16.05) from the principal executive, financial or accounting
officer or the Senior Vice President Corporate Treasury and Global Funding
Operation of the Company stating that in the course of the performance by the
signer of his duties as an officer of the Company he would normally have
knowledge of any default or non-compliance by the Company in the performance of
any covenants or conditions contained in this Indenture, stating whether or not
he has knowledge of any such default or non-compliance and, if so, specifying
each such default or non-compliance of which the signer has knowledge and the
nature thereof, and (b) the Opinion of Counsel required by
Section 314(b)(2) of the Trust Indenture Act.

- 21 -

ARTICLE FIVE

HOLDER LISTS AND REPORTS BY THE COMPANY AND
THE TRUSTEE

          Section
5.01. Holder Lists. If and so long
as the Trustee shall not be the registrar for any series of Debt Securities,
the Company will furnish or cause to be furnished to the Trustee with respect
to each series of Debt Securities issued hereunder a list in such form as the
Trustee may reasonably require of the names and addresses of the Holders of
Debt Securities of such series pursuant to Section 312 of the Trust
Indenture Act (a) semiannually not more than 15 days after each record
date for the payment of interest in respect of the Debt Securities of such
series, as of such record date and (b) at such other times as the Trustee
may request in writing, within 30 days after receipt by the Company of any such
request, as of a date not more than 15 days prior to the time such information
is furnished.

          Section
5.02. Reports by the Company. The
Company shall file with the Trustee within 15 days after the Company files the
same with the Securities and Exchange Commission (the “SEC”), copies of the
annual reports and of the information, documents and other reports that the
Company is required to file with the SEC pursuant to Section 13 or
Section 15(d) of the Exchange Act or pursuant to Section 314 of
the Trust Indenture Act. The Company will be deemed to have complied with the
previous sentence to the extent such annual reports, information, documents and
reports are filed with the SEC via EDGAR or any successor electronic delivery
procedure. 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 Officer’s Certificates).

          Section
5.03. Reports by the Trustee. Any
Trustee’s report required under Section 313(a) of the Trust Indenture
Act shall be transmitted on or before May 15 in each year beginning May 15, 2013,
as provided in Section 313(c) of the Trust Indenture Act, so long as
any Debt Securities are Outstanding hereunder, and shall be dated as of a date
convenient to the Trustee no more than 60 days prior thereto.

ARTICLE SIX

REMEDIES OF THE TRUSTEE AND HOLDERS ON EVENT
OF DEFAULT

          Section
6.01. Events of Default. The term
“Event of Default” whenever used herein means any one of the following events,
continued for the period of time, if any, and after the giving of notice, if
any, designated below:

                    (a)
default in the payment of the principal, or premium, if any, upon Debt
Securities of any series including the failure to mandatorily redeem such Debt
Securities to the extent required by, and in accordance with the terms set
forth under Sections 3.04 and 3.05 hereto; or

                    (b) default for 30 days in the payment of
interest upon any Debt Security; or

- 22 -

                    (c)
default for 60 days after written notice to the Company from the Trustee or
from the Holders of at least 25% in principal amount of all of the Outstanding
Debt Securities (with a copy to the Trustee) in the performance of any other
covenant or agreement by the Company under this Indenture (other than Article
Fifteen or other covenants or agreements in this Indenture relating to the
Collateral or in respect of the Security Documents);

                    (d)
an event of default, as defined, with respect to any indebtedness for borrowed
money of the Company, as a result of which such indebtedness for borrowed money
of the Company shall have been accelerated and such acceleration shall not have
been rescinded or annulled within 10 days after written notice thereof
(provided however, that the resulting Event of Default with respect to such other
indebtedness for borrowed money may be remedied, cured or waived by the
remedying, curing or waiving of such other default under such other
indebtedness for borrowed money) (a “Cross Acceleration”) and, in each case,
where the principal amount of any such indebtedness for borrowed money,
together with the principal amount of any other such indebtedness for borrowed
money under which there has been a Cross Acceleration, aggregates to more than
the greater of $100.0 million and 10% of all such indebtedness for borrowed
money of the Company and its consolidated subsidiaries then outstanding;

                    (e)
a decree or order by a court having jurisdiction in the premises shall have
been entered adjudging the Company a bankrupt or insolvent, or approving as
properly filed a petition seeking reorganization of the Company under the
Federal Bankruptcy Code or any other similar applicable Federal or State law,
and such decree and order shall have continued undischarged and unstayed for a
period of 60 days; or a decree or order of a court having jurisdiction in the
premises for the appointment of a receiver or liquidator or trustee or assignee
(or other similar official) in bankruptcy or insolvency of the Company or of
all or substantially all of its property, or for the winding up or liquidation
of its affairs, shall have been entered, and such decree or order shall have
continued undischarged and unstayed for a period of 60 days; or 

                    (f)
the Company shall institute proceedings to be adjudicated a voluntary bankrupt,
or shall consent to the filing of a bankruptcy proceeding against it, or shall
file a petition or answer or consent seeking reorganization under the Federal
Bankruptcy Code or any other similar applicable Federal or State law, or shall
consent to the filing of any such petition, or shall consent to the appointment
of a receiver or liquidator or trustee or assignee (or other similar official)
in bankruptcy or insolvency of it or of all or substantially all of its
property, or shall make an assignment for the benefit of creditors, or shall
admit in writing its inability to pay its debts generally as they become due.

          If an Event
of Default occurs and is continuing, then and in each and every case, unless
the principal of all of the Debt Securities shall have already become due and
payable, either the Trustee or the Holders of not less than twenty-five percent
in aggregate principal amount of the Outstanding Debt Securities hereunder, by
notice in writing to the Company (and to the Trustee if given by Holders of
such Outstanding Debt Securities), may declare the principal amount and
premium, if any, of all Debt Securities to be due and payable immediately, and
upon any such declaration the same shall become and shall be immediately due
and payable, anything in this Indenture or in such Debt Securities contained to
the contrary notwithstanding. This provision, however, is subject to the
condition that if, at any time after the principal amount of the Debt 

- 23 -

Securities shall have been so declared due and payable, and before any
judgment or decree for the payment of the moneys due shall have been obtained
or entered as hereinafter provided, the Company shall pay or shall deposit with
the Trustee a sum sufficient to pay all matured installments of interest, if
any, upon all such Debt Securities and the principal of, and premium, if any,
on any and all such Debt Securities which shall have become due otherwise than
by acceleration (with interest on overdue installments of interest (to the
extent that payment of such interest is enforceable under applicable law) and
on such principal at the rate then borne by the Debt Securities of the
applicable series, to the date of such payment or deposit) and all amounts
payable to the Trustee pursuant to the provisions of Section 7.06, and any
and all defaults under this Indenture with respect to the Debt Securities,
other than the nonpayment of principal of and accrued interest on such Debt
Securities which shall have become due solely by acceleration, shall have been
remedied or cured or waived or provision shall have been made therefor to the
satisfaction of the Trustee then and in every such case the Holders of a
majority in aggregate principal amount of the Outstanding Debt Securities, by
written notice to the Company and to the Trustee, may waive all defaults with
respect to the Debt Securities and rescind and annul such declaration and its
consequences; but no such waiver or rescission and annulment shall extend to or
shall affect any subsequent default or shall impair any right consequent
thereon.

          In case the
Trustee shall have proceeded to enforce any right under this Indenture and such
proceedings shall have been discontinued or abandoned because of such
rescission or annulment or for any other reason or shall have been determined
adversely to the Trustee, then and in every such case the Company and the
Trustee shall be restored respectively to their several positions and rights
hereunder, and all rights, remedies and powers of the Company and the Trustee
shall continue as though no such proceedings had been taken.

          Section
6.02. Payment of Debt Securities on Default;
Suit Therefor. The Company covenants that (a) in case default
shall be made in the payment of any installment of interest upon the Debt
Securities of a series as and when the same shall become due and payable, and
such default shall have continued for a period of 30 days, or (b) in case
default shall be made in the payment of the principal, or premium, if any, upon
a series of Debt Securities as and when the same shall become due and payable
including the failure to mandatorily redeem such Debt Securities to the extent
required by, and in accordance with the terms set forth under Sections 3.04 and
3.05 hereto, whether at the Stated Maturity of such Debt Security or upon
redemption or by declaration or otherwise; then, upon demand of the Trustee,
the Company shall pay to the Trustee, for the benefit of the Holders of the
Debt Securities with respect to which such default shall have occurred, the
whole amount that then shall have become due and payable on any such Debt
Securities for principal, premium, if any, and interest (including interest on
overdue interest and principal, if any) and, in addition thereto, such further
amount as shall be sufficient to cover costs and expenses of collection, and
any further amounts payable to the Trustee pursuant to the provisions of
Section 7.06.

          In case the
Company shall fail forthwith to pay such amounts upon such demand, the Trustee,
in its own name and as trustee of an express trust, shall be entitled and
empowered to institute any actions or proceedings at law or in equity for the
collection of the sums so due and unpaid, and may prosecute any such action or
proceeding to judgment or final decree, and may enforce any such judgment or
final decree against the Company or any other obligor upon such Debt Securities and collect in the manner
provided by law out of the property of the Company or

- 24 -

any other obligor on such
Debt Securities wherever situated the moneys adjudged or decreed to be payable
and may direct the Security Trustee with respect to the exercise of remedies
following an Enforcement Event.

          In case
there shall be pending proceedings for the bankruptcy or for the reorganization
of the Company or any other obligor on the Debt Securities of any series under
the Federal Bankruptcy Code or any other similar applicable Federal or State
law, or in case a receiver or trustee (or other similar official) shall have
been appointed for the property of the Company or such other obligor, or in the
case of any other similar judicial proceedings relative to the Company or other
obligor on any Debt Securities, or to the creditors or property of the Company
or such other obligor, the Trustee, irrespective of whether the principal of
any Debt 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 pursuant to the provisions of this Section 6.02, shall be
entitled and empowered, by intervention in such proceedings or otherwise, to
file and prove a claim or claims for the whole amount of principal, premium, if
any, and interest, if any, owing and unpaid in respect of any Debt Securities
and, in the case of any judicial proceedings, to file such proofs of claim and
other papers or documents as may be necessary or advisable in order to have the
claims of the Trustee and of the Holders allowed in such judicial proceedings
relative to the Company or any other obligor on any Debt Securities, its or
their creditors, or its or their property, and to collect and receive any
moneys or other property payable or deliverable on any such claims, and to
distribute the same after the deduction of costs and expenses of collection,
and any further amounts payable to the Trustee pursuant to the provisions of
Section 7.06 and incurred by it up to the date of such distribution; and
any receiver, assignee or trustee (or other similar official) in bankruptcy or
reorganization is hereby authorized by each of the Holders 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, to pay to the Trustee costs
and expenses of collection and any further amounts payable to the Trustee
pursuant to the provisions of Section 7.06 and incurred by it up to the
date of such distribution.

          Nothing
herein contained shall be deemed to authorize the Trustee to authorize or
consent to or accept or adopt on behalf of any Holder any plan of
reorganization, arrangement, adjustment or composition affecting any of the
Debt Securities or the rights of any Holder thereof, or to authorize the
Trustee to vote in respect of the claim of any Holder in any such proceeding.

          All rights
of action and of asserting claims under this Indenture, or under any Debt
Securities, may be enforced by the Trustee without the possession of such Debt
Securities or the production thereof in any trial or other proceeding relative
thereto, and any such suit or proceeding instituted by the Trustee shall be
brought in its own name as trustee of an express trust, and any recovery of
judgment shall be for the ratable benefit of the holders of the Debt Securities
in respect of which such action was taken. In any proceedings brought by the
Trustee (and also any proceedings in which a declaratory judgment of a court
may be sought as to the interpretation or construction of any provision of this
Indenture, to which the Trustee shall be a party), the Trustee shall be held to
represent all the holders of the Debt Securities to which such proceedings
relate, and it shall not be necessary to make any holders of such Debt
Securities parties to any such proceedings.

- 25 -

          Section
6.03. Application of Moneys Collected by
Trustee. Any moneys collected by the Trustee pursuant to this
Article Six shall be applied in the order following, at the date or dates fixed
by the Trustee for the distribution of such moneys, upon presentation of the
several Debt Securities in respect of which moneys have been collected, and the
notation thereon of the payment if only partially paid, and upon surrender
thereof if fully paid:

	
  

 	
  

 
	
  

 	
           FIRST:
 To the payment of all amounts due the Trustee under Section 7.06;

 
	
  

 	
  

 
	
  

 	
           SECOND:
 To the payment of the amounts then due and unpaid for principal of and any
 premium and interest on the Debt Securities in respect of which or for the
 benefit of which such money has been collected, ratably, without preference
 or priority of any kind, according to the amounts due and payable on such
 Debt Securities for principal and any premium and interest, respectively; and

 
	
  

 	
  

 
	
  

 	
           THIRD:
 To the payment of the balance, if any, to the Company or any other Person or
 Persons legally entitled thereto.

 

          Section
6.04. Proceedings by Holders. No
Holder of any Debt Security shall have any right by virtue of or by availing of
any provision of this Indenture to institute any suit, action or proceeding to
the extent lawful in equity or at law upon or under or with respect to this
Indenture or for the appointment of a receiver or trustee (or other similar
official), or for any other remedy hereunder, unless such Holder previously
shall have given to the Trustee written notice of default with respect to the
Debt Securities and of the continuance thereof, as hereinbefore provided, and
unless also the Holders of not less than twenty-five percent in aggregate
principal amount of the Outstanding Debt Securities shall have made written
request upon the Trustee to institute such action, suit or proceeding in its
own name as Trustee hereunder and shall have offered to the Trustee such
reasonable indemnity as it may require against the costs, expenses and
liabilities to be incurred therein or thereby, and the Trustee for 60 days
after its receipt of such notice, request and offer of indemnity, shall have
neglected or refused to institute any such action, suit or proceeding, it being
understood and intended, and being expressly covenanted by the taker and Holder
of every Debt Security with every other taker and Holder and the Trustee, that
no one or more Holders of Debt Securities of such series shall have any right
in any manner whatever by virtue of or by availing of any provision of this
Indenture to affect, disturb or prejudice the rights of any other Holder of
Debt Securities of such series, or to obtain or seek to obtain priority over or
preference to any other such Holder or to enforce any right under this
Indenture, except in the matter herein provided and for the equal, ratable and
common benefit of all Holders of Debt Securities of such series.

          Notwithstanding
any other provisions in this Indenture, however, the right of any Holder of any
Debt Security to receive payment of the principal of, premium, if any, and
interest, if any, on such Debt Security, on or after the respective due dates
expressed in such Debt Security, or upon redemption, by declaration, repayment
or otherwise, or to institute suit for the enforcement of any such payment on
or after such respective dates, shall not be impaired or affected without the
consent of such Holder, and no provision of the Debt Securities of any series
or of this Indenture shall alter or impair the obligation of the Company, which
is absolute and unconditional, to pay the principal of, premium, if any, and
interest, if any, on such Debt 

- 26 -

Securities at the respective places, at the respective times, at the
respective rates and in the coin or currency, therein and herein prescribed.

          Section
6.05. Proceedings by Trustee. In
case of an Event of Default hereunder, the Trustee may in its discretion
proceed to protect and enforce the rights vested in it by this Indenture by
such appropriate judicial proceedings as the Trustee shall deem most effectual
to protect and enforce any of such rights, either by suit in equity or by
action at law or by proceeding in bankruptcy or otherwise, whether for the
specific enforcement of any covenant or agreement contained in this Indenture
or in aid of the exercise of any power granted in this Indenture, or to enforce
any other legal or equitable right vested in the Trustee by this Indenture or
by law and to direct the Security Trustee with respect to the exercise of
remedies following an Enforcement Event. 

          Unless
directed by the Holders of a majority in aggregate principal amount of the
Outstanding Debt Securities in accordance with and subject to the conditions
set forth in Section 6.07, the Trustee shall have no right or obligation under
this Indenture or otherwise to exercise any remedies on behalf of the Holders
of the Debt Securities in connection with any default by any Grantor in the
performance of any covenant or agreement contained in any Security Document or
any default by the Company under this Indenture or any Security Document that,
with the giving of notice, passage of time or both, could not become an Event
of Default. In connection with any such exercise of remedies, the Trustee shall
be entitled to the same immunities and protections and remedial rights (other
than acceleration) as if such default were an Event of Default, including,
without limitation, immunities and protections under Section 7.01(c).

          Section
6.06. Remedies Cumulative and Continuing.
All powers and remedies given by this Article Six to the Trustee or to the
Holders of the Debt Securities of any series shall, to the extent permitted by
law, be deemed cumulative and not exclusive of any thereof or of any other
powers and remedies available to the Trustee or the Holders of such Debt
Securities, by judicial proceedings or otherwise, to enforce the performance or
observance of the covenants and agreements contained in this Indenture, and no
delay or omission of the Trustee or of any Holder of any such Debt Securities
to exercise any right or power accruing upon any default occurring and
continuing as aforesaid shall impair any such right or power, or shall be
construed to be a waiver of any such default or an acquiescence therein; and,
subject to the provisions of Section 6.04, every power and remedy given by
this Article Six or by law to the Trustee or to the Holders of the Debt
Securities may be exercised from time to time, and as often as shall be deemed
expedient, by the Trustee or by the holders of such Debt Securities.

          Section
6.07. Direction of Proceedings and Waiver of
Defaults by Holders. The holders of a majority in aggregate
principal amount of the Debt Securities at the time Outstanding 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 Debt Securities; provided, however,
that (subject to the provisions of Section 7.01) the Trustee shall
have the right to decline to follow any such direction if the Trustee, being
advised by counsel, determines that the action or proceeding so directed may
not lawfully be taken or if the Trustee in good faith by its board of directors
or trustees, executive committee, or a trust committee of directors or trustees
and/or Responsible 

- 27 -

Officers shall determine that the action or proceeding so directed
would involve the Trustee in personal liability. Prior to any declaration
accelerating the Maturity of the Debt Securities, the holders of a majority in
aggregate principal amount of the Debt Securities at the time Outstanding may
on behalf of the Holders of all such Debt Securities waive any past default or
Event of Default with respect to the Debt Securities and its consequences
except a default in the payment of interest, if any, on, or the principal or
premium, if any, upon any Debt Security including the failure to mandatorily
redeem such Debt Securities to the extent required by, and in accordance with
the terms set forth under Sections 3.04 and 3.05 hereto, or in respect of a
covenant or provision hereof which under Section 10.02 cannot be modified
or amended without the consent of the Holder of each Debt Security affected.
Upon any such waiver the Company, the Trustee and the Holders of such Debt
Securities shall be restored to their former position and rights hereunder,
respectively; but no such waiver shall extend to any subsequent or other
default or Event of Default or impair any right consequent thereon. Whenever
any default or Event of Default hereunder shall have been waived as permitted
by this Section 6.07, said default or Event of Default shall for all
purposes of the Debt Securities and this Indenture be deemed to have been cured
and to be not continuing.

          Section
6.08. Notice of Defaults. The
Trustee shall, within 90 days after the occurrence of a default with respect to
the Debt Securities, give notice of all defaults known to a Responsible Officer
of the Trustee to all Holders of Debt Securities in the manner and to the
extent provided in Section 313(c) of the Trust Indenture Act, unless
such defaults shall have been cured before the giving of such notice (the term
“defaults” for the purpose of this Section 6.08 being hereby defined to be
the events specified in Section 6.01, not including the periods of grace,
if any, provided for therein and irrespective of the giving of the notices
specified in clauses (c) and (d) of Section 6.01); provided,
however, that except in the case of default in the payment of the
principal of, premium, if any, or interest, if any, on any of the Debt
Securities 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 determines that the withholding of such notice is in the interest of the
holders of such Debt Securities.

          Section
6.09. Undertaking to Pay Costs.
All parties to this Indenture agree, and each Holder of any Debt 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,
omitted or suffered by it as Trustee, the filing by any party litigant in such
suit of an undertaking to pay the costs of such suit, and that such court may
in its discretion assess reasonable costs, including reasonable attorneys’
fees, 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 6.09 shall not apply to any suit instituted by
the Trustee, to any suit instituted by any Holder of Debt Securities or group
of such holders, holding in the aggregate more than twenty-five percent in
principal amount of the Outstanding Debt Securities or to any suit instituted
by any Holder for the enforcement of the payment of the principal of, premium,
if any, or interest, if any, on any Debt Security on or after the due date
expressed in such Debt Security, on or after the date fixed for redemption or
repayment or after such Debt Security shall have become due by declaration.

- 28 -

ARTICLE SEVEN 

CONCERNING THE TRUSTEE

          Section
7.01. Duties and Responsibilities of Trustee.
The Trustee, prior to the occurrence of any Event of Default and after the
curing or waiving of all Events of Default which may have occurred, undertakes
to perform such duties and only such duties as are specifically set forth in
this Indenture. In case an Event of Default has occurred (which has not been cured
or waived), 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 man would exercise or use under the circumstances in the
conduct of his own affairs. The Trustee is hereby authorized and directed to
execute and deliver each Indenture Document, including each Security Document
(and documents ancillary thereto) to which it is a party.

          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)
prior to the occurrence of an Event of Default and after the curing or waiving
of all Events of Default which may have occurred:

                              (i)
the duties and obligations of the Trustee with respect to the Debt Securities
shall be determined solely by the express provisions of this Indenture, and the
Trustee shall not be liable except for the performance of such duties and
obligations as are specifically set forth in this Indenture, and no implied
covenants or obligations shall be read into this Indenture against the Trustee;
and

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

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

                    (c)
the Trustee shall not be liable with respect to any action taken, omitted or
suffered to be taken by it in good faith in accordance with the direction of
the Holders of Debt Securities pursuant to Section 6.07 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 such Debt Securities.

          None of the
provisions of this Indenture shall be construed as requiring the Trustee to
expend or risk its own funds or otherwise to incur any personal financial
liability in the performance of any of its duties hereunder, or in the exercise
of any of its rights or powers, if

- 29 -

there shall be reasonable grounds for believing that repayment of such
funds or adequate indemnity against such risk or liability is not reasonably
assured to it.

          The
provisions of this Section 7.01 are in furtherance of and subject to
Section 315 of the Trust Indenture Act.

          Section
7.02.  Reliance on Documents, Opinions, etc. In furtherance of and subject to
the Trust Indenture Act, and subject to the provisions of Section 7.01:

                    (a)
the Trustee may rely and shall be protected in acting or refraining from acting
upon any resolution, certificate, statement, instrument, opinion, report,
notice, request, direction, consent, order or other paper or document believed
by it to be genuine and to have been signed or presented by the proper party or
parties;

                    (b)
any request, direction, order or demand of the Company mentioned herein shall
be sufficiently evidenced by an instrument signed in the name of the Company by
an Officer (unless other evidence in respect thereof be herein specifically
prescribed); and any resolution of the Board of Directors of the Company may be
evidenced to the Trustee by a copy thereof certified by the Secretary, an
Assistant Secretary or an Attesting Secretary of the Company;

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

                    (d)
the Trustee shall be under no obligation to exercise any of the rights or
powers vested in it by this Indenture at the request, order or direction of any
of the Holders, pursuant to the provisions of this Indenture, unless such
Holders shall have offered reasonable security and indemnity satisfactory to
the Trustee against the costs, expenses and liabilities which might be incurred
therein or thereby;

                    (e)
the Trustee shall not be liable for any action taken, omitted or suffered 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;

                    (f)
the Trustee shall not be bound to make any inquiry or investigation into the
facts or matters stated in any resolution, certificate, statement, instrument,
opinion, report, notice, request, direction, consent, order, bond, note or
other paper or document unless requested in writing so to do by the holders of
a majority in aggregate principal amount of the Outstanding Debt Securities; provided,
however, that if the payment within a reasonable time to the
Trustee of the costs and expenses or liabilities likely to be incurred by it in
the making of such investigation is, in the opinion of the Trustee, not
reasonably assured to the Trustee by the security conferred upon it by the
terms of this Indenture, the Trustee may require reasonable indemnity against
such costs, expenses or liabilities as a condition to so proceeding; and the
reasonable expenses of such investigation shall be paid by the Company or, if
paid by the Trustee, shall be repaid by the Company upon demand; 

- 30 -

                    (g)
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; and

                    (h)
the Trustee shall not be deemed to have notice of any default hereunder or
Event of Default unless a Responsible Officer of the Trustee has actual
knowledge thereof or unless written notice of any event which is in fact such a
default or Event of Default is received by the Trustee at the Principal Office
of the Trustee, and such notice references the Debt Securities and this
Indenture.

          Section
7.03.  No Responsibility for Recitals, etc. The
recitals contained herein and in the Debt Securities shall be taken as the
statements of the Company (except in the Trustee’s certificates of
authentication), and the Trustee assumes no responsibility for the correctness
of the same. The Trustee makes no representations as to the validity or
sufficiency of this Indenture or of the Debt Securities, provided that
the Trustee shall not be relieved of its duty to authenticate Debt Securities
only as authorized by this Indenture. The Trustee shall not be accountable for
the use or application by the Company of any of the Debt Securities or of the
proceeds thereof.

          Section
7.04. Ownership of Debt Securities.
The Trustee and any agent of the Company or of the Trustee, in its individual
or any other capacity, may become the owner or pledgee of Debt Securities with
the same rights it would have if it were not Trustee or such agent.

          Section
7.05. Moneys to be Held in Trust.
Subject to the provisions of Sections 4.04, 12.03, 12.04 and 16.12, all moneys
received by the Trustee or any paying agent shall, until used or applied as
herein provided, be held in trust for the purposes for which they were
received, but need not be segregated from other funds except to the extent
required by law. Neither the Trustee nor any paying agent shall be under any
liability for interest on any moneys received by it hereunder except such as it
may agree in writing with the Company to pay thereon. So long as no Event of
Default shall have occurred and be continuing, all interest allowed on any such
moneys shall be paid from time to time upon the written order of the Company,
signed by an Officer.

          Section
7.06. Compensation and Expenses of Trustee.
The Company covenants and agrees to pay to the Trustee from time to time, and
the Trustee shall be entitled to, reasonable compensation (which shall not be
limited by any provision of law in regard to the compensation of a trustee of
an express trust) and, except as otherwise expressly provided, the Company will
pay or reimburse the Trustee upon its request for all reasonable expenses,
disbursements and advances incurred or made by the Trustee in accordance with
any of the provisions of this Indenture (including the reasonable compensation
and the expenses and disbursements of its counsel and of all Persons not
regularly in its employ) except any such expense, disbursement or advance as
may arise from its negligence or bad faith. The Company also covenants to
indemnify the Trustee for, and to hold it harmless against, any loss, liability
or expense incurred without negligence or bad faith on the part of the Trustee,
arising out of or in connection with the acceptance or administration of this
trust and its duties hereunder, including the costs and 

- 31 -

expenses of defending itself against any claim of liability in the
premises. The obligations of the Company under this Section 7.06 to
compensate and indemnify the Trustee and to pay or reimburse the Trustee for
expenses, disbursements and advances shall constitute additional indebtedness
hereunder and shall survive the satisfaction and discharge of this Indenture.

          Section
7.07. Officer’s Certificate as Evidence.
Subject to the provisions of Sections 7.01 and 7.02, whenever in the
administration of the provisions of this Indenture the Trustee shall deem it
necessary or desirable that a matter be proved or established prior to taking,
omitting or suffering any action to be taken hereunder, such matter (unless
other evidence in respect thereof be herein specifically prescribed) may, in
the absence of negligence or bad faith on the part of the Trustee, be deemed to
be conclusively proved and established by an Officer’s Certificate delivered to
the Trustee, and such Certificate, in the absence of negligence or bad faith on
the part of the Trustee, shall be full warrant to the Trustee for any action
taken, omitted or suffered by it under the provisions of this Indenture upon
the faith thereof.

          Section
7.08. Disqualification; Conflicting Interests
for the Trustee. The Trustee shall comply with the provisions of
Section 310(b) of the Trust Indenture Act.

          Section
7.09. Eligibility of Trustee. The
Trustee hereunder shall at all times be a corporation organized and doing
business under the laws of the United States or any State, which (a) is
authorized under such laws to exercise corporate trust powers and (b) is
subject to supervision or examination by Federal or State authority and
(c) shall have at all times a combined capital and surplus of not less
than $10,000,000. If such corporation publishes reports of condition at least
annually, pursuant to law, or to the requirements of the aforesaid supervising
or examining authority, then for the purposes of this Section 7.09, the
combined capital and surplus of such corporation at any time shall be deemed to
be its combined capital and surplus as set forth in its most recent report of
condition so published. In case at any time the Trustee shall cease to be
eligible in accordance with the provisions of this Section 7.09, the
Trustee shall resign immediately in the manner and with the effect specified in
Section 7.10.

          The
provisions of this Section 7.09 are in furtherance of and subject to
Section 310(a) of the Trust Indenture Act.

          Section
7.10. Resignation or Removal of Trustee.
(a) The Trustee, or any Trustee or Trustees hereafter appointed, may at any
time resign with respect to any one or more or all series of Debt Securities by
giving written notice of resignation to the Company and by mailing notice of
such resignation to the Holders of Outstanding Debt Securities at their
addresses as they shall appear on the registry books of the Company. Upon
receiving such notice of resignation, the Company shall promptly appoint a
successor Trustee or Trustees with respect to the applicable series by written
instrument, in duplicate, executed in the name of and on behalf of the Company
by a duly authorized officer, one copy of which instrument shall be delivered
to the resigning Trustee and one copy to the successor Trustee. If no successor
Trustee shall have been so appointed with respect to any series and have
accepted appointment within 60 days after the giving of such notice of
resignation, the resigning Trustee may petition any court of competent jurisdiction
for the appointment of a successor Trustee, or any Holder who has been a bona
fide Holder of a Debt Security or Debt Securities of the applicable series for
at least six months may, subject to the provisions of Section 6.09, on
behalf of himself and all others similarly situated, 

- 32 -

petition any such court for the appointment of a successor Trustee.
Such court may thereupon, after such notice, if any, as it may deem proper and
prescribe, appoint a successor Trustee.

                    (b)
In case at any time any of the following shall occur:

                              (i)
the Trustee shall fail to comply with the provisions of Section 310(b) of
the Trust Indenture Act with respect to any series of Debt Securities after
written request therefor by the Company or by any Holder who has been a bona
fide Holder of a Debt Security or Debt Securities of such series for at least
six months, or

                              (ii)
the Trustee shall cease to be eligible in accordance with the provisions of
Section 7.09 and Section 310(a) of the Trust Indenture Act of
1939 with respect to any series of Debt Securities and shall fail to resign
after written request therefor by the Company or by any such Holder, or

                              (iii)
the Trustee shall become incapable of acting with respect to any series of Debt
Securities, 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, the Company may remove the Trustee with respect
to such series and appoint a successor Trustee with respect to such series by written
instrument, in duplicate, executed in the name of and on behalf of the Company
by a duly authorized officer, one copy of which instrument shall be delivered
to the Trustee so removed and one copy to the successor Trustee, or, subject to
the provisions of Section 315(e) of the Trust Indenture Act, any
Holder who has been a bona fide Holder of a Debt Security or Debt Securities 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 and the appointment of a successor Trustee with respect
to such series. Such court may thereupon, after such notice, if any, as it may
deem proper and prescribe, remove the Trustee and appoint a successor Trustee
with respect to such series.

                    (c)
The holders of a majority in aggregate principal amount of the Debt Securities
of one or more series (each series voting as a class) or all series at the time
Outstanding may remove the Trustee with respect to the applicable series or all
series, as the case may be, and appoint with respect to the applicable series
or all series, as the case may be, a successor Trustee by written notice of
such action to the Company, the Trustee and the successor Trustee.

                    (d)
Any resignation or removal of the Trustee with respect to any series and any
appointment of a successor Trustee with respect to such series pursuant to any
of the provisions of this Section 7.10 shall become effective upon acceptance
of appointment by the successor Trustee as provided in Section 7.11.

                    (e)
No predecessor Trustee shall be liable for the acts or omissions of any
successor Trustee.

- 33 -

          Section
7.11. Acceptance by Successor Trustee.
Any successor Trustee appointed as provided in Section 7.10 shall execute,
acknowledge and deliver to the Company and to its predecessor Trustee an
instrument accepting such appointment hereunder, and thereupon the resignation
or removal of the predecessor Trustee with respect to any or all applicable
series shall become effective and such successor Trustee, without any further
act, deed or conveyance, shall become vested with all the rights, powers,
duties and obligations with respect to such series of its predecessor
hereunder, with like effect as if originally named as Trustee herein; but,
nevertheless, on the written request of the Company or of the successor
Trustee, the Trustee ceasing to act shall, upon payment (or due provision
therefor) of any amounts then due it pursuant to the provisions of
Section 7.06, execute and deliver an instrument transferring to such
successor Trustee all the rights and powers with respect to such series of the
Trustee so ceasing to act. Upon request of any such successor Trustee, the
Company shall execute any and all instruments in writing in order more fully
and certainly to vest in and confirm to such successor Trustee all such rights
and powers.

          In case of
the appointment hereunder of a successor Trustee with respect to the Debt
Securities of one or more (but not all) series, the Company, the predecessor
Trustee and each successor Trustee with respect to the Debt Securities of any
applicable series shall execute and deliver an indenture supplemental hereto which
shall contain such provisions as shall be deemed necessary or desirable to
confirm that all the rights, powers, trusts and duties of the predecessor
Trustee with respect to the Debt Securities of any series as to which the
predecessor Trustee is not retiring shall continue to be vested in the
predecessor Trustee, and shall add to or change any of the provisions of this
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 and 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.

          No
successor Trustee with respect to a series of Debt Securities shall accept
appointment as provided in this Section 7.11 unless at the time of such
acceptance such successor Trustee shall, with respect to such series, be
qualified under Section 310(b) of the Trust Indenture Act and
eligible under the provisions of Section 7.09.

          Upon
acceptance of appointment by a successor Trustee with respect to any series as
provided in this Section 7.11, the Company shall give notice thereof to
the holders of Debt Securities of each series affected, by mailing such notice
to such holders at their addresses as they shall appear on the registry books
of the Company. If the Company fails to mail such notice within ten days after
the acceptance of appointment by the successor Trustee, the successor Trustee
shall cause such notice to be given at the expense of the Company.

          Section
7.12. Succession by Merger, etc. Any
corporation into which the Trustee may be merged or converted or with which it
may be consolidated, or any corporation resulting from any merger, conversion
or consolidation to which the Trustee shall be a party, or any corporation
succeeding to all or substantially all of the corporate trust business of the
Trustee, shall be the successor to the Trustee hereunder, provided such
corporation shall be qualified under Section 310(b) of the Trust
Indenture Act, without the execution or filing of any paper or any 

- 34 -

further act on the part of any of the parties hereto, anything herein
to the contrary notwithstanding.

          In case at
the time such successor to the Trustee shall succeed to the trust created by
this Indenture with respect to one or more series of Debt Securities, any of such
securities shall have been authenticated but not delivered, any such successor
to the Trustee by merger, conversion or consolidation may adopt the certificate
of authentication of any predecessor Trustee, and deliver such Debt Security so
authenticated; and in case at that time any of such Debt Securities shall not
have been authenticated, any successor to the Trustee may authenticate such
Debt Securities either in the name of such successor to the Trustee or, if such
successor to the Trustee is a successor by merger, conversion or consolidation,
the name of any predecessor hereunder; and in all such cases such certificate
shall have the full force which it is anywhere in such Debt Securities or in
this Indenture provided that the certificate of the Trustee shall have.

          Section
7.13. Appointment of Authenticating Agent.
The Trustee may appoint an Authenticating Agent or Agents which shall be
authorized to act on behalf of the Trustee to authenticate Debt Securities
issued upon original issue and upon exchange, registration of transfer, or
partial redemption or pursuant to Section 2.07 and Debt 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 Debt 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 shall be acceptable to the Company and shall at all
times be a corporation organized and doing business under the laws of the
United States of America, any State thereof or the District of Columbia,
authorized under such laws to act as Authenticating Agent, having a combined
capital and surplus of not less than $10,000,000 and subject to supervision or
examination by Federal or State authority. If such Authenticating Agent
publishes reports of condition at least annually, pursuant to law or to the
requirements of said supervising or examining authority, then for the purposes
of this Section 7.13, the combined capital and surplus of such
Authenticating Agent shall be deemed to be its combined capital and surplus as
set forth in its most recent report of condition so published. If at any time
an Authenticating Agent shall cease to be eligible in accordance with the
provisions of this Section 7.13, such Authenticating Agent shall resign
immediately in the manner and with the effect specified in this
Section 7.13.

          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 the corporate agency or corporate
trust business of an Authenticating Agent, shall continue to be an
Authenticating Agent, provided such corporation shall be otherwise eligible
under this Section 7.13, 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 to 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 to the 

- 35 -

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 7.13, the
Trustee may appoint a successor Authenticating Agent which shall be acceptable
to the Company and shall mail written notice of such appointment by first-class
mail, postage prepaid, to all holders of Debt Securities as their names and
addresses appear in the Security register. 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 7.13.

          The Company
agrees to pay to each Authenticating Agent from time to time reasonable
compensation for its services under this Section 7.13.

          If an
appointment is made pursuant to this Section 7.13, the Debt Securities may
have endorsed thereon, in addition to the Trustee’s certificate of
authentication, an alternative certificate of authentication in the following
form:

Dated:

                    This
is one of the Debt Securities referred to in the within-mentioned Indenture.

	
  

 	
  

 	
  

 	
  

 
	
  

 	
 THE BANK OF
 NEW YORK MELLON,

 	
  

 
	
  

 	
  

 	
 As Trustee

 	
  

 
	
  

 	
  

 	
  

 
	
  

 	
 AUTHENTICATING
 AGENT,

 	
  

 
	
  

 	
  

 	
 As
 Authenticating Agent

 	
  

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 By

 	
 ________________________,

 	
  

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Authorized
 Signatory

 	
  

 

ARTICLE EIGHT 

CONCERNING THE HOLDERS 

          Section
8.01.  Action by Holders. Whenever in this Indenture it is
provided that the holders of a specified percentage in aggregate principal
amount of the Debt Securities of any or all series may take any action
(including the making of any demand or request, the giving of any notice,
consent or waiver or the taking of any other action) the fact that at the time
of taking any such action the Holders of such specified percentage have joined
therein may be evidenced (a) by any instrument or any number of
instruments of similar tenor executed by such Holders in person or by agent or
proxy appointed in writing, or (b) by the record of such Holders of Debt
Securities voting in favor thereof at any meeting of such Holders duly called
and held in accordance with the provisions of Article Nine, or (c) by a
combination of such instrument or instruments and any such record of such a
meeting of such Holders.

- 36 -

          Section
8.02. Proof of Execution by Holders.
Subject to the provisions of Sections 7.01, 7.02 and 9.05, the execution of any
instrument by a Holder or his agent or proxy may be proved in the following
manner: The fact and date of the execution by any Holder of any instrument may
be proved by the certificate of any notary public or other officer of any
jurisdiction authorized to take acknowledgements of deeds or administer oaths
that the Person executing such instruments acknowledged to him the execution
thereof, or by an affidavit of a witness to such execution sworn to before any
such notary or other such officer or in any other manner that the Trustee may
deem sufficient. Where such execution is by or on behalf of any legal entity
other than an individual, such certificate or affidavit shall also constitute
sufficient proof of the authority of the Person executing the same. 

          The
ownership of Debt Securities shall be proved by the registry books of the
Company.

          The record
of any Holders’ meeting shall be proved in the manner provided in
Section 9.07.

          The Company
may set a record date for purposes of determining the identity of holders of
Debt Securities of any series entitled to vote or consent to any action
referred to in Section 8.01, which record date may be set at any time or
from time to time by notice to the Trustee, for any date or dates (in the case
of any adjournment or reconsideration) not more than 60 days nor less than five
days prior to the proposed date of such vote or consent, and thereafter,
notwithstanding any other provisions hereof, with respect to Debt Securities of
any series, only holders of Debt Securities of such series of record on such
record date shall be entitled to so vote or give such consent or revoke such
vote or consent.

          Section
8.03. Who are Deemed Absolute Owners.
The Company, the Trustee and any agent of the Company or of the Trustee may
deem the Person in whose name any Debt Security shall be registered upon the
books of the Company to be, and may treat such Person as, the absolute owner of
such Debt Security (whether or not such Debt Security shall be overdue and
notwithstanding any notation of ownership or other writing thereon) for the
purpose of receiving payment of or on account of the principal of, premium, if
any, and (subject to Section 2.04) interest, if any, on such Debt Security and
for all other purposes; and neither the Company nor the Trustee nor any agent
of the Company or of the Trustee shall be affected by any notice to the
contrary. 

          Section
8.04. Company-Owned Debt Securities
Disregarded. In determining whether the holders of the requisite
aggregate principal amount of Debt Securities have concurred in any demand,
request, notice, direction, consent or waiver under this Indenture, Debt
Securities which are owned by the Company or any other obligor on the Debt
Securities with respect to which such determination is being made or by any
Person directly or indirectly controlling or controlled by or under direct or
indirect common control with the Company or any other obligor on the Debt
Securities with respect to which such determination is being made shall be
disregarded and deemed not to be Outstanding for the purpose of any such
determination; provided that for the purposes of determining
whether the Trustee shall be protected in relying on any such demand, request,
notice, direction consent or waiver, only Debt Securities which a Responsible
Officer of the Trustee knows are so owned shall be so disregarded. Debt
Securities so owned which have been pledged in good faith may be regarded as
Outstanding for the purposes of this Section 8.04 

- 37 -

if the pledgee shall establish to the satisfaction of the Trustee the
pledgee’s right to vote such Debt Securities and that the pledgee is not a
Person directly or indirectly controlling or controlled by or under direct or
indirect common control with the Company of any such other obligor. In the case
of a dispute as to such right, any decision by the Trustee taken upon the
advice of counsel shall be full protection to the Trustee.

          Section
8.05. Revocation of Consents; Future Holders
Bound. At any time prior to (but not after) the evidencing to the
Trustee, as provided in Section 8.01, of the taking of any action by the
holders of the percentage in aggregate principal amount of the Debt Securities
of any or all series, as the case may be, specified in this Indenture in
connection with such action, any Holder of a Debt Security which is shown by
the evidence to be included in the Debt Securities the holders of which have
consented to such action may, by filing written notice with the Trustee at its
principal office and upon proof of holding as provided in Section 8.02,
revoke such action so far as concerns such Debt Security. Except as aforesaid
any such action taken by the Holder of any Debt Security shall be conclusive
and binding upon such Holder and upon all future holders of such Debt Security,
irrespective of whether or not any notation in regard thereto is made upon such
Debt Security or any Debt Security issued in exchange or substitution therefor.

ARTICLE NINE

HOLDER’S MEETINGS

          Section
9.01. Purposes of Meetings. A
meeting of holders of Debt Securities of any or all series may be called at any
time and from time to time pursuant to the provisions of this Article Nine for
any of the following purposes:

                    (a)
to give any notice to the Company or to the Trustee, or to give any directions
to the Trustee, or to consent to the waiving of any default thereunder and its
consequences, or to take any other action authorized to be taken by Holders
pursuant to any of the provisions of Article Six;

                    (b)
to remove the Trustee and nominate a successor Trustee pursuant to the
provisions of Article Seven;

                    (c)
to consent to the execution of an indenture or indentures supplemental hereto
pursuant to the provisions of Section 10.02; or

                    (d)
to take any other action authorized to be taken by or on behalf of the holders
of any specified aggregate principal amount of the Debt Securities of any or
all series, as the case may be, under any other provision of this Indenture or
under applicable law.

          Section
9.02. Call of Meeting by Trustee.
The Trustee may at any time call a meeting of Holders of Debt Securities of any
or all series to take any action specified in Section 9.01, to be held at
such time and at such place as the Trustee shall determine. Notice of every
meeting of the holders of Debt Securities of any or all 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 by mailing notice of such meeting
to the Holders of Outstanding Debt Securities at their addresses 

- 38 -

as they shall appear on the registry books of the Company. Such notice
shall be given not less than 10 nor more than 90 days prior to the date fixed
for the meeting. 

          Section
9.03. Call of Meeting by Company or Holders.
In case at any time a duly authorized officer of the Company in the name of and
on behalf of the Company or the Holders of at least ten percent in aggregate
principal amount of the Outstanding Debt Securities of any series that may be
affected by the action proposed to be taken at the meeting, shall have
requested the Trustee to call a meeting of the Holders of Debt Securities of
all series that may be so affected, by written request setting forth in
reasonable detail the action proposed to be taken at the meeting, and the
Trustee shall not have given the notice of such meeting within 20 days after
receipt of such request, then the Company or such Holders, in the amount
specified above, may determine the time and the place for such meeting and may
call such meeting to take any action authorized in Section 9.01, by giving
notice thereof as provided in Section 9.02. 

          Section
9.04. Qualifications for Voting.
To be entitled to vote at any meeting of Holders, a Person shall (a) be a
Holder of one or more Debt Securities with respect to which such meeting is
being held or (b) be a Person appointed by an instrument in writing as proxy by
a Holder of one or more such Debt Securities. The only Persons who shall be
entitled to be present or to speak at any meeting of Holders shall be the
Persons entitled to vote at such meeting and their counsel and any
representatives of the Trustee and its counsel and any representatives of the
Company and its counsel. 

          Section
9.05. Quorum; Adjourned Meetings.
The Persons entitled to vote a majority in aggregate principal amount of the
Debt Securities at the time Outstanding shall constitute a quorum for the
transaction of all business specified in Section 9.01. No business shall be
transacted in the absence of a quorum (determined as provided in this Section
9.05). 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 the
Holders of Debt Securities (as provided in Section 9.03), be dissolved. In any
other case the meeting shall be adjourned for a period of not less than ten
days as determined by the chairman of the meeting. In the absence of a quorum
at any such adjourned meeting, such adjourned meeting shall be further
adjourned for a period of not less than ten days as determined by the chairman
of the meeting. Notice of the reconvening of any adjourned meeting shall be
given as provided in Section 9.02, except that such notice need be published
only once and must be mailed or published not less than five days prior to the
date on which the meeting is scheduled to be reconvened. 

          Subject to
the foregoing, at the second reconvening of any meeting adjourned for lack of a
quorum, the Persons entitled to vote twenty-five percent in aggregate principal
amount of the Outstanding Debt Securities shall constitute a quorum for the
taking of any action set forth in the notice of the original meeting. Notice of
the reconvening of an adjourned meeting shall state expressly the percentage of
the aggregate principal amount of the Outstanding Debt Securities which shall
constitute a quorum. 

          At a
meeting or any adjourned meeting duly convened and at which a quorum is present
as aforesaid, any resolution and all matters (except as limited by the proviso
in Section 10.02 and except with respect to directions and waivers under
Sections 6.01 and 6.07) shall be effectively passed and decided if passed or
decided by the Persons entitled to vote the lesser of (a) a 

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majority in aggregate principal amount of the Outstanding Debt
Securities and (b) seventy-five percent in aggregate principal amount of the
Debt Securities represented and voting at the meeting. 

          Any Holder
of a Debt Security who has executed in person or by proxy and delivered to the
Trustee an instrument in writing complying with the provisions of Article Eight
shall be deemed to be present for the purposes of determining a quorum and be
deemed to have voted; provided that such Holder of a Debt Security shall be
considered as present or voting only with respect to the matters covered by
such instrument in writing. 

          Section 9.06. Regulations.
Notwithstanding any other provisions of this Indenture, the Trustee may make
such reasonable regulations as it may deem advisable for any meeting of
Holders, in regard to proof of the holding of Debt Securities 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 think fit. Except as otherwise permitted or
required by any such regulations, the holding of Debt Securities shall be
proved in the manner specified in Section 8.02 and the appointment of any proxy
shall be proved in the manner specified in Section 8.02. 

          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
as provided in Section 9.03, in which case the Company or the Holders 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 majority vote of the meeting. 

          Subject to
the provisions of Section 8.04, at any meeting each Holder of Debt Securities
with respect to which such meeting is being held or proxy for such Holder shall
be entitled to one vote for each $1,000 (or the equivalent thereof in any
foreign or composite currency) of principal amount of such Debt Securities held
or represented by him; provided, however, that no vote shall be cast or counted
at any meeting in respect of any such Debt Security challenged as not
Outstanding and ruled by the chairman of the meeting to be not Outstanding. The
chairman of the meeting shall have no right to vote other than by virtue of
such Debt Securities held by him or instruments in writing as aforesaid duly
designating him as the Person to vote on behalf of other such Holders. Any
meeting of holders of Debt Securities with respect to which a meeting was duly
called pursuant to the provisions of Section 9.02 or 9.03 may be adjourned from
time to time by a majority of those present, whether or not constituting a
quorum, and the meeting may be held as so adjourned without further notice. 

          Section
9.07. Voting. The vote upon any
resolution submitted to any meeting of holders of Debt Securities with respect
to which such meeting is being held shall be by written ballots on which shall
be subscribed the signatures of such Holder of Debt Securities or of their
representatives by proxy and the principal amount 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 duplicate of all votes cast at the meeting. A record in duplicate of
the proceedings of each meeting of Holders shall be prepared by the secretary
of the 

- 40 -

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 and setting forth a copy
of the notice of the meeting and showing that said notice was given as provided
in Section 9.02. The record will show the principal amount of the Debt
Securities voting in favor of or against any resolution. The record shall be
signed and verified by the affidavits of the permanent chairman and secretary
of the meeting and one of the duplicates shall be delivered to the Company and
the other 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
9.08. No Delay of Rights by Meeting.
Nothing in this Article Nine 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 such series under any
of the provisions of this Indenture or of the Debt Securities. 

ARTICLE TEN

SUPPLEMENTAL INDENTURES

          Section
10.01. Supplemental Indentures without
Consent of Holders. The Company, the Trustee and the Security
Trustee may, from time to time and at any time enter into an indenture or
indentures supplemental hereto, or the Company and the Trustee may direct the
Security Trustee to enter into amendments, modifications or supplements to the
Security Documents, for one or more of the following purposes: 

                    (a)
to evidence pursuant to Article Eleven the succession of another Person to the
Company or successive successions, and the assumption by the successor Person
of the covenants, agreements and obligations of the Company; 

                    (b)
to add covenants for the benefit of the Holders of the Debt Securities or any
additional Event of Default for the Debt Securities; 

                    (c)
to add additional collateral as security for the Debt Securities other than as
contemplated by the Security Documents; 

                    (d)
to evidence the appointment of a successor Trustee; 

                    (e)
to cure any ambiguity or to correct or supplement any provision contained
herein or the Security Documents to the extent not inconsistent with other
provisions of this Indenture or the Security Documents or otherwise amend or
supplement the terms of the Debt Securities, this Indenture or the Security
Documents to the extent such amendment or supplement does not adversely affect
the interests of the Holders of the Debt Securities in any material respect; 

- 41 -

                    (f)
to conform the text of this Indenture, the Security Documents or the Debt
Securities to any provision in the Offering Document under the heading
“Description of the Notes” to the extent that such provision was intended to be
a verbatim recitation of a provision of this Indenture, the Security Documents
or the Debt Securities. 

          The Trustee
and the Security Trustee are each hereby authorized to join with the Company in
the execution of any such supplemental indenture, to make any further
appropriate agreements and stipulations which may be therein contained and to
accept the conveyance, transfer and assignment of any property thereunder, but
the Trustee and the Security Trustee shall not be obligated to, but each of
them may in its discretion, enter into any such supplemental indenture which
affects the Trustee’s, or the Security Trustee’s, respectively, own rights,
duties or immunities under this Indenture or otherwise. 

          Any
supplemental indenture or direction authorized by the provisions of this
Section 10.01 may be executed by the Company, the Trustee and/or the Security
Trustee, as applicable, without the consent of the Holders of any of the Debt
Securities at the time Outstanding, notwithstanding any of the provisions of
Section 10.02. 

          This
Section 10.01, and Section 10.02 below, shall be without prejudice to the
rights of the Security Trustee under the Mortgage and acting in accordance with
the terms thereof (whether pursuant to Article II thereof, Section 5.03(i)
thereof, Article VIII thereof or otherwise) to (1) approve of, consent to, or
join in the execution of amendments, modifications or supplements to the
Mortgage and/or the other Security Documents, or other instrument relating to
the Mortgage and/or the other Security Documents, including, without
limitation, any document providing for the addition of collateral or the
release of Collateral from the Lien of the Security Documents, and (2)
otherwise deal with the Collateral in accordance with the terms of the Mortgage
and the other Security Documents, in each case without the need for any
direction or consent from the Company, the Trustee or the Holders under this
Indenture. 

          Section
10.02. Supplemental Indentures with Consent
of Holders. With the consent (evidenced as provided in Sections 8.01
and 8.02) of the Holders of not less than a majority in aggregate principal
amount of the Debt Securities affected by such supplemental indenture,
amendment, modification or supplement at the time Outstanding, voting as a
single class, the Company, the Trustee and the Security Trustee may from time
to time and at any time enter into an indenture or indentures supplemental
hereto or the Company and the Trustee may direct the Security Trustee to enter
into amendments, modifications or supplements to the Security Documents for the
purpose of adding any provisions to or changing in any manner or eliminating
any of the provisions of this Indenture or of any supplemental indenture or any
Security Document or modifying in any manner the rights of the Holders of the
Outstanding Debt Securities; provided, however, that no such supplemental
indenture shall (i) extend the Maturity of any Outstanding Debt Security,
extend the time of payment of interest, if any, thereon, or reduce the interest
rate or principal amount thereof, or make the principal thereof or premium, if
any, or interest, if any, thereon payable in any coin or currency other than
that provided in any Outstanding Debt Security, modify any redemption or
repurchase right to the detriment of a Holder of a Debt Security, or impair the
right of any Holder of a Debt Security to institute suit for any such payment,
(ii) reduce the percentage of the aggregate principal amount of Outstanding
Debt Securities, the Holders of which are required to consent to any such 

- 42 -

supplemental indenture or any waiver of any past covenant or default or
Event of Default pursuant to Section 6.07 or (iii) modify any provision of
Section 6.07 or 10.02 (except to increase any such percentage or to provide
that specified other provisions of this Indenture or the Security Documents
cannot be modified or waived without the consent of the Holder of each Debt
Security so affected) without, in the case of each of the foregoing clauses
(i), (ii) and (iii), the consent of the Holder of each Debt Security so
affected. In addition, without the consent of the Holders of at least 66-2/3%
in aggregate principal amount of Outstanding Debt Securities affected thereby,
all or substantially all of the Collateral may not be released from the Liens
securing the Debt Securities (other than in accordance with the terms of this
Indenture or the Security Documents). A supplemental indenture which changes or
eliminates any covenant or other provision of this Indenture which has
expressly been included solely for the benefit of one or more particular series
of Outstanding Debt Securities, or which modifies the rights of the Holders of
Outstanding Debt 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 Debt Securities of any other series. 

          Upon the
request of the Company and upon the filing with the Trustee of evidence of the
consent of Holders as aforesaid, the Trustee and, if applicable, the Security
Trustee shall join with the Company in the execution of such supplemental
indenture unless such supplemental indenture affects the Trustee’s or the
Security Trustee’s own rights, duties or immunities under this Indenture or
otherwise, in which case the Trustee or the Security Trustee respectively may
in its discretion, but shall not be obligated to, enter into such supplemental
indenture. 

          It shall
not be necessary for the consent of the Holders under this Section 10.02 to
approve the particular form of any proposed supplemental indenture or
direction, but it shall be sufficient if such consent shall approve the
substance thereof. 

          Section
10.03. Compliance with Trust Indenture Act;
Effect of Supplemental Indentures. Any supplemental indenture
executed pursuant to the provisions of this Article Ten shall comply with the
Trust Indenture Act as then in effect. Upon the execution of any supplemental
indenture pursuant to the provisions of this Article Ten, this Indenture shall
be deemed to be modified and amended in accordance therewith and the respective
rights, limitations of rights, obligations, duties and immunities under this
Indenture of the Trustee, the Security Trustee, the Company and the Holders of
Debt Securities shall thereafter be determined, exercised and enforced
hereunder subject in all respects to such modifications and amendments, and all
the terms and conditions of any such supplemental indenture shall be and be
deemed to be part of the terms and conditions of this Indenture for any and all
purposes. 

          Section
10.04. Notation on Securities.
Debt Securities authenticated and delivered after the execution of any
supplemental indenture pursuant to the provisions of this Article Ten may bear
a notation in form approved by the Trustee as to any matter provided for in
such supplemental indenture. If the Company or the Trustee shall so determine,
new Debt Securities of any series so modified as to conform, in the opinion of
the Trustee and a duly authorized officer of the Company, to any modification
of this Indenture contained in any such supplemental indenture may be prepared
and executed by the Company, authenticated by the Trustee and delivered in
exchange for the Outstanding Debt Securities. 

- 43 -

          Section
10.05. Evidence of Compliance of Supplemental
Indenture to be Furnished Trustee. The Trustee, subject to the
provisions of Sections 7.01 and 7.02, shall be entitled to receive an Officer’s
Certificate and an Opinion of Counsel as conclusive evidence that any
supplemental indenture executed or direction given pursuant hereto complies
with the requirements of this Article Ten. 

ARTICLE ELEVEN

CONSOLIDATION, MERGER, SALE OR CONVEYANCE

          Section
11.01. Company May Not Consolidate, etc., Except
Under Certain Conditions. The Company covenants that it will not
merge or consolidate with any other Person or sell, convey, transfer or
otherwise dispose of all or substantially all of its assets to any other
Person, unless (i) either the Company shall be the continuing entity, or the
successor Person (if other than the Company) shall be an entity organized and
existing under the laws of the United States of America or a State thereof and
such an entity shall expressly assume all obligations of the Company under this
Indenture, including the due and punctual payment of the principal of, and
premium, if any, and interest, if any, on all the Outstanding Debt Securities,
if any, and the due and punctual performance and observance of all of the
covenants and conditions of this Indenture and the Mortgage to be performed by
the Company by supplemental indenture in form satisfactory to the Trustee,
executed and delivered to the Trustee by such an entity and (ii) the Company or
such successor entity, as the case may be, shall not, immediately after such
merger or consolidation, or such sale, conveyance, transfer or other
disposition, be in default in the performance of any such covenant or condition
under this Indenture. In the event of any such sale, conveyance (other than by
way of lease), transfer or other disposition, the predecessor entity may be
dissolved, wound up and liquidated at any time thereafter. 

          Section
11.02. Successor entity to be Substituted.
In case of any such consolidation, merger, sale, conveyance (other than by way
of lease), transfer or other disposition, and upon any such assumption by the
successor entity, such successor entity shall succeed to and be substituted for
the Company, with the same effect as if it had been named herein as the
Company, and the Company shall be released from any further obligation under
this Indenture and under the Outstanding Debt Securities, if any. Such
successor entity thereupon may exercise all rights and powers of the Company
under this Indenture and cause to be signed, and may issue either in its own
name or in the name of General Electric Capital Corporation, any or all of the
Debt Securities issuable hereunder; and, upon the order of such successor
entity, instead of the Company, and subject to all the terms, conditions and
limitations in this Indenture prescribed, the Trustee shall authenticate and
deliver any Debt Securities, and any Debt Securities which such successor
entity thereafter shall cause to be signed and delivered to the Trustee for
that purpose. All the Debt Securities so issued shall in all respects have the
same legal rank and benefit under this Indenture as the Debt Securities
theretofore or thereafter issued in accordance with the terms of this Indenture
as though all of such Debt Securities had been issued at the date of the
execution hereof. 

          In case of
any such consolidation, merger, sale, conveyance, transfer or other
disposition, such changes in phraseology and form (but not in substance) may be
made in the Debt Securities thereafter to be issued as may be appropriate. 

- 44 -

          Section
11.03. Documents to be Given Trustee.
The Trustee, subject to the provisions of Sections 7.01 and 7.02, shall be
entitled to receive an Officer’s Certificate and an Opinion of Counsel as
conclusive evidence that any such consolidation, merger, sale, conveyance,
transfer or other disposition, and any such assumption, comply with the
provisions of this Article Eleven. 

ARTICLE TWELVE

SATISFACTION AND DISCHARGE OF INDENTURE

          Section
12.01. Discharge of Indenture.
When (a) the Company shall deliver to the Trustee for cancellation all Debt
Securities theretofore authenticated (other than any Debt Securities which
shall have been destroyed, lost or stolen or in lieu of or in substitution for
which other Debt Securities shall have been authenticated and delivered, or
which shall have been paid, pursuant to the provisions of Section 2.07) and not
theretofore canceled or (b) all the Debt Securities not theretofore canceled or
delivered to the Trustee for cancellation shall have become due and payable, or
are by their terms to become due and payable within one year or are to be
called for redemption within one year under arrangements satisfactory to the
Trustee for the giving of notice of redemption, and the Company shall deposit
with the Trustee, in trust, funds sufficient to pay at Maturity or upon
redemption all of the Debt Securities (other than any (i) Debt Securities which
shall have been mutilated, destroyed, lost or stolen and in lieu of or in
substitution for which other Debt Securities shall have been authenticated and
delivered, or which shall have been paid pursuant to the provisions of Section
2.07 or (ii) Debt Securities for whose payment money has theretofore been
deposited in trust and thereafter repaid to the Company as provided in Section
12.04) not theretofore canceled or delivered to the Trustee for cancellation,
including principal, premium, if any, and interest, if any, due or to become
due to such date of Maturity or date fixed for redemption, as the case may be,
and if in either case the Company shall also pay or cause to be paid all other
sums payable hereunder by the Company, then this Indenture shall cease to be of
further effect (except as to (i) rights of registration of transfer and
exchange of Debt Securities, (ii) substitution of mutilated, defaced,
destroyed, lost or stolen Debt Securities, (iii) the rights, obligations and
immunities of the Trustee hereunder and (iv) the rights of the Holders as beneficiaries
hereof with respect to the property so deposited with the Trustee payable to
all or any of them), and the Trustee, on demand of the Company accompanied by
an Officer’s Certificate and an Opinion of Counsel and at the cost and expense
of the Company, shall execute proper instruments acknowledging satisfaction of
and discharging this Indenture, the Company, however, hereby agreeing to
reimburse the Trustee for any costs or expenses thereafter reasonably and
properly incurred by the Trustee in connection with this Indenture or the Debt
Securities. 

          Section
12.02. Deposited Moneys to be Held in Trust
by Trustee. All moneys deposited with the Trustee pursuant to the
provisions of Section 12.01 shall be held in trust and applied by it to the payment,
either directly or through any paying agent (including the Company if acting as
its own paying agent), to the Holders of the particular Debt Securities for
payment or redemption of which such moneys have been deposited with the
Trustee, of all sums due and to become due thereon for principal, premium, if
any, and interest, if any. 

          Section
12.03. Paying Agent to Repay Moneys Held.
Upon the satisfaction and discharge of this Indenture, all moneys then held by
any paying agent of the Debt Securities 

- 45 -

(other than the Trustee) shall, upon demand of the Company, be repaid
to it or paid to the Trustee, and thereupon such paying agent shall be released
from all further liability with respect to such moneys. 

          Section
12.04. Return of Unclaimed Moneys.
Any moneys, deposited with or paid to the Trustee for payment of the principal
of, premium, if any, or interest, if any, on any Debt Securities and not
applied but remaining unclaimed by the Holders of such Debt Securities for two
years after the date upon which the principal of, premium, if any, or interest,
if any, on such Debt Securities, as the case may be, shall have become due and
payable, shall be repaid to the Company by the Trustee; and the Holder of any
such Debt Securities shall thereafter look only to the Company for any payment
which such Holder may be entitled to collect. 

          Section
12.05. Certification of Satisfaction and
Discharge. Upon satisfaction of the conditions set forth in Section
12.01, the Trustee will certify as directed by the Company that the Indenture
and the Debt Securities have been satisfied and discharged and cease to be of
further effect. 

ARTICLE THIRTEEN

IMMUNITY OF INCORPORATORS, STOCKHOLDERS,
OFFICERS AND

DIRECTORS

          Section
13.01. Indenture and Securities Solely
Corporate Obligations. No recourse for the payment of the principal
of, premium, if any, or interest, if any, on any Debt Security, or for any
claim based thereon or otherwise in respect thereof, and no recourse under or
upon any obligation, covenant or agreement of the Company in this Indenture or
in any supplemental indenture, or in any Debt Security, or because of the
creation of any indebtedness represented thereby, shall be had against any
incorporator, stockholder, officer, director or employee, as such, past,
present or future, of the Company or any Grantor or of any successor entity of
either of them, either directly or through the Company or any Grantor or any
successor entity, 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 all such liability is hereby expressly waived and
released as a condition of, and as a consideration for, the execution of this
Indenture and the issue of the Debt Securities. 

ARTICLE FOURTEEN

LEGAL DEFEASANCE AND COVENANT DEFEASANCE

          Section
14.01. Applicability of Article; Company’s
Option to Effect Legal Defeasance or Covenant Defeasance. 

          This
Article Fourteen shall be applicable to the Debt Securities of each series, and
the Company may at its option by resolution of the Board of Directors, at any
time, with respect to the Debt Securities of such series, elect to have either
Section 14.02 (if applicable) or Section 14.03 (if applicable) be applied to
the Outstanding Securities of such series upon compliance with the conditions
set forth below in this Article Fourteen. 

- 46 -

          Section
14.02. Legal Defeasance and Discharge.

          Upon the
Company’s exercise of the option applicable to this Section 14.02 with respect
to a series, the Company shall be deemed to have been discharged from its
obligations with respect to the Outstanding Debt Securities of such series on
and after the date the conditions precedent set forth below are satisfied but
subject to satisfaction of the conditions subsequent set forth below
(hereinafter, “legal defeasance”). For this purpose, such legal defeasance
means that the Company shall be deemed to have paid and discharged the entire
indebtedness represented by the Outstanding Debt Securities of such series and
to have satisfied all its other obligations under such Debt Securities and this
Indenture and the applicable Security Documents insofar as such Debt Securities
are concerned (and the Trustee, at the expense of the Company, shall execute
instruments provided by the Company and acceptable to the Trustee acknowledging
the same), except for the following which shall survive until otherwise
terminated or discharged hereunder, with respect to the transfer or exchange of
such series of Debt Securities: (A) the Company’s obligations with respect to
such Debt Securities under Sections 2.06, 2.07 and 4.01 and such obligations as
shall be ancillary thereto, (B) the rights, obligations and immunities and
other provisions in respect of the Trustee hereunder and (C) the rights of
Holders with respect to property deposited with the Trustee under this
Indenture. Subject to compliance with this Article Fourteen, the Company may
exercise its option under this Section 14.02 notwithstanding the prior exercise
of its option under Section 14.03 with respect to the Debt Securities of such
series. Following a legal defeasance, payment of the Debt Securities of such
series may not be accelerated because of an Event of Default. 

          Section
14.03. Covenant Defeasance. 

          Upon the
Company’s exercise of the option applicable to this Section with respect to a
series, the Company shall be released from its obligations under Section 4.05
and the occurrence of an Event of Default specified in Section 6.01(c) (insofar
as it is with respect to Section 4.05) or Section 6.01(d) shall be deemed not
to be an Event of Default with respect to the Outstanding Debt Securities of
such series on and after the date the conditions precedent set forth below are
satisfied but subject to satisfaction of the conditions subsequent set forth
below (hereinafter, “covenant defeasance”). For this purpose, such covenant
defeasance means that, with respect to the Outstanding Debt Securities of such
series, 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,
whether directly or indirectly by reason of any reference elsewhere herein to
any such Section or by reason of any reference in any such Section to any other
provision herein or in any other document, but the remainder of this Indenture
and such Debt Securities shall be unaffected thereby. Following a covenant
defeasance, payment of the Debt Securities of such series may not be
accelerated because of an Event of Default specified in Sections 6.01(c)
(insofar as it is with respect to Section 4.05) or (d) or by reference to such
other Section specified above in this Section 14.03. 

- 47 -

          Section
14.04. Conditions to Legal Defeasance or
Covenant Defeasance. 

          The
following shall be the conditions precedent or, as specifically noted below,
subsequent to application of either Section 14.02 or Section 14.03 to the Outstanding
Debt Securities of such series: 

                    (a)
the Company shall irrevocably have deposited or caused to be deposited with the
Trustee 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 Debt Securities, (A) money in an amount, or (B)
U.S. Government Obligations which through the scheduled payment of principal
and interest in respect thereof in accordance with their terms will provide,
not later than one day before the due date of any payment, money in an amount,
or (C) a combination thereof, sufficient, without reinvestment, 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 to pay and discharge the principal of
(and premium, if any) and interest on the Outstanding Debt Securities of such
series to Maturity or redemption, as the case may be. Before such a deposit the
Company may make arrangements satisfactory to the Trustee for the redemption of
Debt Securities at a future date or dates in accordance with Article Three,
which shall be given effect in applying the foregoing. 

                    (b)
If any series of Debt Securities shall remain outstanding following legal
defeasance or covenant defeasance, no Event of Default with respect to the
remaining Debt Securities of such series shall have occurred and be continuing
on the date of such deposit. 

                    (c)
Such legal defeasance or covenant defeasance shall not result in a breach or
violation of, or constitute a default under, any material agreements or
instruments to which the Company is a party. 

                    (d)
In the case of legal defeasance, the Company shall have delivered to the
Trustee an Opinion of Counsel stating that the Company has received a direct
ruling from the Internal Revenue Service, or such a ruling has been published,
or since the Effective Date of the Debt Securities there has been a change in
the applicable federal income Tax law, such that the Holders of the Outstanding
Debt Securities of such series to be defeased will not recognize income, gain
or loss for federal income Tax purposes as a result of the legal defeasance.
The ruling must provide that the Holders of the Outstanding Debt Securities of
such series to be defeased 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 the legal defeasance had not occurred. 

                    (e)
In the case of a covenant defeasance, the Company shall have delivered to the
Trustee an Opinion of Counsel stating that the Holders of the Outstanding Debt
Securities of such series will not recognize income, gain or loss for federal
income Tax purposes as a result of the 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 the covenant defeasance had not occurred. 

- 48 -

                    (f)
The Company shall have delivered to the Trustee an Officer’s Certificate and an
Opinion of Counsel, each stating that all conditions precedent with respect to
such legal defeasance or covenant defeasance have been complied with. 

          Section
14.05. Deposited Money and U.S. Government
Obligations to Be Held in Trust; Other Miscellaneous Provisions. 

          Subject to
the provisions of the last paragraph of Section 4.04, all money and U.S.
Government Obligations (including the proceeds thereof) deposited with the
Trustee or Paying Agent pursuant to Section 14.04 in respect of the Outstanding
Debt Securities of such series shall be held in trust and applied by the
Trustee, in accordance with the provisions of such Debt Securities and this
Indenture, to the payment, either directly or through any Paying Agent (but not
including the Company acting as its own Paying Agent) as the Trustee may
determine, to the Holders of such Debt Securities, of all sums due and to
become due thereon in respect of principal (and premium, if any) and interest,
but such money need not be segregated from other funds except to the extent
required by law. 

          The Company
shall pay and indemnify the Trustee and the Paying Agent against any Tax, fee
or other charge imposed on or assessed against the money or U.S. Government
Obligations deposited pursuant to Section 14.04 or the principal and interest
received in respect thereof. 

          Anything
herein to the contrary notwithstanding, the Trustee shall deliver or pay to the
Company from time to time upon the Company’s request any money or U.S.
Government Obligations held by it as provided in Section 14.04 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 an equivalent legal defeasance or covenant defeasance. 

          Anything
herein to the contrary notwithstanding, if and to the extent the deposited
money or U.S. Government Obligations (or the proceeds thereof) either (i)
cannot be applied by the Trustee in accordance with this Section because of a
court order or (ii) are for any reason insufficient in amount, then the
Company’s obligations to pay principal of (and premium, if any) and interest on
the Debt Securities of such series shall be reinstated to the extent necessary
to cover the deficiency on any due date for payment. In any case specified in
clause (i), the Company’s interest in the deposited money and U.S. Government
Obligations (and proceeds thereof) shall be reinstated to the extent the
Company’s payment obligations are reinstated. 

          Section
14.06. Knowledge of Trustee.
Notwithstanding the provisions of this Article or any other provisions of this
Indenture, neither the Trustee nor the Paying Agent shall be charged with
knowledge of the existence of any facts that would prohibit the making of any
payment of moneys to or by the Trustee or the Paying Agent, or the taking of
any other action by the Trustee or the Paying Agent, unless and until a
Responsible Officer of the Trustee or the Paying Agent has actual knowledge or
unless same shall have received written notice thereof mailed or delivered to
the Trustee at its corporate trust office or the Paying Agent, and such notice
clearly references the Debt Securities, the Company and this Indenture;
provided that if at least three Business Days prior to the date upon which by
the terms hereof any such moneys may become 

- 49 -

payable for any purpose (including, without limitation, the payment of
the principal or interest on any Debt Security) the Trustee or the Paying Agent
shall not have received with respect to such moneys the notice provided for in
this Section, then, anything herein contained to the contrary notwithstanding,
the Trustee shall have full power and authority to receive such moneys and to
apply the same to the purpose for which they were received and shall not be
affected by any notice to the contrary that may be received by it within three
Business Days prior to or on or after such date. 

          Section
14.07. Certification of Defeasance. Upon
satisfaction of the conditions set forth in Section 14.04 with respect to one
or more series of Debt Securities, the Trustee will certify as directed by the
Company that a legal defeasance or covenant defeasance, as the case may be, has
occurred with respect to such series. 

ARTICLE FIFTEEN

SECURITY ARRANGEMENTS

          Section
15.01. Security. 

                    (a)
In order to secure the obligations of the Company under this Indenture and the
Debt Securities, the Company shall cause the Grantors to execute and deliver to
the Security Trustee on or prior to the Effective Date of the Debt Securities
each Security Document to which each such Grantor is or is to be a party that
is intended to be effective upon the Effective Date of the Debt Securities and
create a perfected security interest to the extent intended to be created
thereunder, subject to the Permitted Liens, on the Collateral, provided that
only the Express Perfection Requirements shall be required to be satisfied. 

                    (b)
The Company shall cause the Grantors to comply with all covenants and
agreements of the Grantors contained in the Security Documents. 

                    (c)
Each Holder, by accepting a Debt Security, agrees to all of the terms and
provisions of the Security Documents, as the same may be amended from time to
time pursuant to the provisions of this Indenture and the Security Documents.
The release of any Collateral from the Liens granted under the Security
Documents pursuant to the terms of the Security Documents or this Indenture
will be deemed not to impair the security under this Indenture or any Security
Document in contravention of the provisions hereof or thereof. 

                    (d)
As among the Holders, the Collateral as now or hereafter constituted shall be
held by the Security Trustee for the equal and ratable benefit of the Holders
without preference, priority or distinction of any thereof over any other by
reason of differences in time of issuance, sale or otherwise, as security for
the obligations under this Indenture and the Debt Securities. 

                    (e)
The Company shall comply with the provisions of Section 314(d) of the Trust
Indenture Act if and to the extent applicable to any release of or addition to
Collateral, provided, that the Company shall not be required to comply with the
requirements of Section 314(d) of the Trust Indenture Act if it reasonably
determines that under the terms of Section 314(d) of the Trust Indenture Act or
any interpretation or guidance as to the meaning thereof of 

- 50 -

the SEC and its staff, including “no action” letters or exemptive
orders, existing from time to time, all or any portion of Section 314(d) of the
Trust Indenture Act is inapplicable to any release or series of releases of
Collateral. 

                    (f)
Subject to the other terms and conditions of this Indenture, the Mortgage and
the other Security Documents, the Grantors may, without any release or consent
by the Trustee, the Security Trustee or the Holders of the Debt Securities, conduct
ordinary course activities in accordance with Leasing Company Practice with
respect to the Collateral, such as: (a) selling, transferring, exchanging,
abandoning, leasing or otherwise disposing of property subject to the Liens
securing the Secured Obligations, including Airframe and Engine parts,
components, ancillary equipment or devices included within the Collateral; (b)
enforcing, terminating, canceling or amending, replacing or waiving any term
of, or otherwise modifying, any of the Assigned Leases or other leasehold
interests in the Collateral; (c) holding, using, applying, disposing of and
otherwise dealing with any cash, accounts receivable or other amounts from time
to time received or receivable under the Assigned Leases or otherwise in respect
of the Collateral; (d) altering, repairing or replacing property subject to the
Liens securing the Secured Obligations, including Airframe and Engine parts,
components, ancillary equipment or devices included within the Collateral; and
(e) selling, disposing of or transferring any inventory that is Collateral. By
the January 15 and July 15 following each Measurement Period, the Company shall
deliver to the Trustee and the Security Trustee an Officer’s Certificate to the
effect that all actions authorized by this paragraph occurring during such
Measurement Period occurred in the ordinary course of the Company’s and the
Grantors’ business, and were permitted by the Mortgage and that all proceeds
therefrom were used by the Company and the Grantors in the ordinary course of
their business or to make cash payments not prohibited by this Indenture and by
the Mortgage. 

                    (g)
Upon the occurrence of such events set forth in the first sentence of Section
15.01(f) above in accordance with the Security Documents, the applicable
Collateral, if any, shall be automatically released
from the Liens granted under the Security Documents as set forth in the
Security Documents. 

                    (h)
However, if such releases of Collateral under paragraph (g) above occur, the
Company will deliver to the Trustee (subject to the last sentence of Section
5.02) and the Security Trustee annual audited financial statements of the
Company (which delivery will be deemed to have occurred to the extent such
financial statements are filed with the SEC via EDGAR or any successor
electronic delivery procedure), no later than the June 30 following the end of
each fiscal year of the Company. 

                    (i)
The Company has agreed to grant to the Security Trustee a first-rank French law
mortgage over any Pool Aircraft registered in France and to register such
mortgage with the civil aviation registry maintained by the Direction Generate de l’Aviation Civile in France. The Secured Parties
agree that as of the date hereof, in accordance with Article 2328-1 of the
French Civil Code, that the Security Trustee shall have the right to
constitute, register, manage and enforce the French law mortgage over any
French registered Pool Aircraft for the account of the Secured Parties. 

- 51 -

          Section
15.02. Authorization of Actions to Be Taken.

          Each Holder
of a Debt Security, by its acceptance thereof, is deemed to have authorized,
directed and empowered the Security Trustee to enter into the Security Documents,
as Security Trustee, and to receive for the benefit of the Holders of Debt
Securities any funds collected or distributed in accordance with and under the
Security Documents to which the Security Trustee is a party and to take such
actions and make such distributions in respect of the Collateral and any
proceeds therefrom, for the benefit of the Holders of Debt Securities and any
other Secured Party, all in accordance with the provisions of this Indenture
and the Security Documents. 

          Section 15.03.
Determinations Relating to Collateral.

          In the
event (a) the Trustee shall receive any written request from the Company, a
Grantor or the Security Trustee under any Security Document for consent or
approval with respect to any matter or thing relating to any Collateral or the
Company’s or such Grantor’s obligations with respect thereto, (b) there shall
be due to or from the Trustee or the Security Trustee under the provisions of
any Security Document any material performance or the delivery of any material
instrument or (c) the Trustee shall receive notice of any nonperformance by the
Company or a Grantor of any covenant or any breach of any representation or
warranty of the Company or such Grantor set forth in any Security Document,
then, in each such event, the Trustee shall be entitled to hire, at the expense
of the Company, experts, consultants, agents and attorneys to advise the
Trustee on the manner in which the Trustee should respond, or direct the
Security Trustee to respond, to such request or render any requested
performance or respond, or direct the Security Trustee to respond, to such
nonperformance or breach; provided that the Trustee’s right to direct the
Security Trustee to respond shall be subject to the terms of the Security Documents.
The Trustee shall be fully protected in the taking of any action recommended or
approved by any such expert, consultant, agent or attorney or agreed to by the
Holders of a majority in principal amount of the Outstanding Debt Securities
and may condition any direction by it of the Security Trustee in the exercise
of its remedies under the Security Documents on the receipt by it of advice
from such expert, consultant, agent or attorney or an appropriate direction
from such Holders in accordance with Section 6.07. 

          Section
15.04. Release of Liens. 

          The Liens
on the Collateral securing the Debt Securities will be released in accordance
with the terms of the Mortgage and the other Security Documents. The Company
will bear and pay all reasonable costs and expenses associated with any release
of Liens pursuant to this Section 15.04, including all reasonable fees and
disbursements of any attorneys or representatives acting for the Trustee or for
the Security Trustee. 

          Section 15.05.
Limitation on Duty of Trustee in Respect of
Collateral. 

                    (a)
Beyond the exercise of reasonable care in the custody thereof, the Trustee
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 Trustee shall not be responsible for filing any financing or
continuation statements or recording any documents or instruments in any public

- 52 -

office at any time or times or otherwise perfecting or maintaining the
perfection of any security interest in the Collateral. The Trustee 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 it accords its own property 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
selected by the Trustee in good faith. 

                    (b)
The Trustee 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 on 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
or willful misconduct on the part of the Trustee, for the validity or
sufficiency of the Collateral or any agreement or assignment contained therein,
for the validity of the title of the Company or the Grantors 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 Trustee shall have no duty to ascertain or inquire as to the
performance or observance of any of the terms of this Indenture or any of the
Security Documents. The Trustee shall not have any duty to monitor the
performance of the Security Trustee or any Grantor or any other party to the
Security Documents, nor shall the Trustee have any liability in connection with
the malfeasance or nonfeasance by any such parties. 

          Section
15.06. Approval of Qualified Appraiser.
The Trustee shall have been deemed to have approved any Qualified Appraiser
satisfying the requirements of the Mortgage. 

ARTICLE SIXTEEN

MISCELLANEOUS PROVISIONS

          Section
16.01. Provisions Binding on Company’s
Successors. All the covenants, stipulations, promises and agreements
in this Indenture contained by the Company shall bind its successors and
assigns whether so expressed or not. 

          Section
16.02. Official Acts by Successor Entity.
Any act or proceeding by any provision of this Indenture authorized or required
to be done or performed by any board, committee or officer of the Company shall
and may be done and performed with like force and effect by the like board,
committee or officer of any entity that shall at the time be the lawful sole
successor of the Company. 

          Section
16.03. Addresses for Notices, etc. Any notice or demand which by any
provision of this Indenture is required or permitted to be given or served by
the Trustee or by the Holders of Debt Securities on the Company may be given or
served by being deposited postage prepaid by first class mail in a post office
letter box addressed (until another address is filed by the Company with the
Trustee) to General Electric Capital Corporation, 201 High Ridge Road,
Stamford, Connecticut 06927, Attention Senior Vice President Corporate Treasury
and Global Funding Operation. Any notice, direction, request or demand by any
Holder of Debt Securities to or upon the Trustee shall be deemed to have been
sufficiently given or made, for all purposes, if given or made in writing and
(i) deposited (first class postage prepaid) in a post office letter 

- 53 -

box, (ii) transmitted by facsimile transmission or (iii) delivered by
courier, in any event addressed and delivered to the Principal Office of the
Trustee and to the attention of its corporate trust department. 

          Section
16.04. New York Contract. This
Indenture and each Debt Security shall be deemed to be a contract made under
the laws of the State of New York, and for all purposes shall be construed in
accordance with the laws of said State. 

          Section
16.05. Evidence of Compliance with Conditions
Precedent. Upon any application or demand by the Company to the
Trustee to take any action under any of the provisions of this Indenture, the
Company shall furnish to the Trustee an Officer’s 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 have been
complied with. 

          Each
certificate or opinion provided for in this Indenture and delivered to the
Trustee with respect to compliance with a condition or covenant provided for in
this Indenture (other than certificates delivered under Section 4.05) shall
include: (1) a statement that the person making such certificate or opinion has
read such covenant or condition; (2) a brief statement as to the nature and
scope of the examination or investigation upon which the statements or opinion
contained in such certificate or opinion are based; (3) a statement that, in
the opinion of such person, he has made such examination or investigation as is
necessary to enable him to express an informed opinion as to whether or not
such covenant or condition has been complied with; and (4) a statement as to
whether or not, in the opinion of such person, such condition or covenant has
been complied with. 

          Section
16.06. Legal Holidays. Except as
provided in Exhibit C with respect to the Floating Rate Notes, in any case
where the date of payment of interest on or principal of, or premium, on the
Debt Securities or the date fixed for redemption of any Debt Security will not
be a Business Day, then payment of such interest on or principal of or premium,
on the Debt Securities need not be made on such date but may be made on the
next succeeding Business Day, with the same force and effect as if made on the
date of Maturity or date fixed for redemption, and no interest shall accrue for
the period from and after such date. 

          Section
16.07. [Reserved]. 

          Section
16.08. Trust Indenture Act to Control.
If and to the extent that any provision of this Indenture limits, qualifies or
conflicts with the duties imposed by, or with another provision (an
“incorporated provision”) included in this Indenture by operation of, Sections 310
to 318, inclusive, of the Trust Indenture Act, such imposed duties or
incorporated provision shall control. 

          Section
16.09. Table of Contents, Headings, etc. The table of contents and the titles and
headings of the articles and sections of this Indenture have been inserted for
convenience of reference only, are not to be considered a part hereof, and
shall in no way modify or restrict any of the terms or provisions hereof. 

- 54 -

          Section
16.10. Execution in Counterparts.
This 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. 

          Section
16.11. Separability. In case any
provision in this Indenture or in the Debt Securities 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. 

          Section
16.12. Proceeds. The Trustee is
authorized to act, from time to time, as recipient of proceeds from the
Company’s issuance of Debt Securities, and is authorized to receive such
proceeds directly from the underwriters or other institutions effecting the
offering and sale of such Debt Securities. The Trustee shall pay and deliver
such proceeds to the Person or Persons named by the Company in a written
instruction signed by an Officer of the Company. 

          Section
16.13. Waiver of Jury Trial. EACH
OF THE COMPANY, THE TRUSTEE AND THE SECURITY 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 DEBT SECURITIES, THE SECURITY DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED
HEREBY 

[Signature pages follow]

- 55 -

Dated as of the date first above written 

	
  
 	
  
 	
  
 	
  
 
	
  
 	
 GENERAL ELECTRIC CAPITAL
 
	
  
 	
  
 	
 CORPORATION
 
	
  
 	
  
 	
  
 	
  
 
	
  
 	
  
 	By:
 	/s/ Kathryn A. Cassidy
	
  
 	
  
 	
  
 	

 
 
	
  
 	
  
 	
 Name:
 	Kathryn A. Cassidy
	
  
 	
  
 	
 Title:
 	Senior Vice President - Corporate

 Treasury and Global Funding Operation
	
  
 	
  
 	
  
 	
  
 
	
  
 	
 THE BANK OF NEW YORK MELLON, as
 
	
  
 	
  
 	
 Trustee
 
	
  
 	
  
 	
  
 	
  
 
	
  
 	
  
 	
 By:
 	/s/ Laurence J. O’Brien
	
  
 	
  
 	
  
 	

 
 
	
  
 	
  
 	
 Name:
 	Laurence J. O’Brien
	
  
 	
  
 	
 Title:
 	Vice President
	
  
 	
  
 	
  
 	
  
 
	
  
 	
 WELLS FARGO BANK NORTHWEST, N.A.,
 
	
  
 	
  
 	
 as Security
 Trustee
 
	
  
 	
  
 	
  
 	
  
 
	
  
 	
  
 	By:
 	/s/ Joseph H. Pugsley
	
  
 	
  
 	
  
 	

 
 
	
  
 	
  
 	
 Name:
 	Joseph H. Pugsley
	
  
 	
  
 	
 Title:
 	Assistant Vice President

- 56 -

EXHIBIT A

          UNLESS THIS
CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE
COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY
CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER
NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS
MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED
OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

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

A-1

CUSIP: 36962G6M1

ISIN: US36962G6M13

FORM OF NOTE

1.000% Senior Secured Note due 2015

	
  

 	
  

 
	
 No.
 [  ]

 	
 $[          ]

 

GENERAL ELECTRIC CAPITAL CORPORATION

promises to pay to CEDE & CO., or registered assigns, the principal
sum of $[                   ]
(as revised by the Schedule of Increases or Decreases in Global Debt Security
attached hereto) on December 11, 2015. 

Interest Payment Dates: June 11th and December 11th 

Regular Record Dates: June 1st and December 1st 

	
  

 	
  

 	
  

 
	
  

 	
 GENERAL
 ELECTRIC CAPITAL

 
	
  

 	
 CORPORATION

 
	
  

 	
  

 	
  

 
	
  

 	
 By:

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	
 Name:

 
	
  

 	
  

 	
 Title:

 

This is one of the Debt Securities of the series designated therein
referred to in the within-mentioned Indenture: 

THE BANK OF NEW YORK MELLON

as Trustee 

	
  

 	
  

 	
  

 	
  

 
	
 By:

 	
  

 	
  

 	
  

 
	
  

 	

 

 	
  

 
	
  

 	
 Authorized
 Signatory

 
	
  

 	
  

 	
  

 
	
 Dated:

 	
  

 
	
  

 	

 

 
	
  

 	
  

 

A-2

1.000% Senior Secured Note due 2015

          Capitalized
terms used herein shall have the meanings assigned to them in the Indenture
referred to below unless otherwise indicated.

          1. Interest.
General Electric Capital Corporation, a Delaware corporation (the “Company”),
promises to pay interest on the principal amount of this Debt Security at the
rate of 1.000% per annum from December 12, 2012 until December 11, 2015 (the “Maturity
Date”) and, if applicable, on overdue interest and principal as provided in
the Indenture. The Company will pay interest semi-annually in cash in arrears,
on June 11th and December 11th of each year, beginning on June 11, 2013,
to the Persons in whose names the Debt Securities of this series (the “Debt
Securities”) are registered at the close of business on the June 1st or
December 1st (whether or not a business day) next preceding such interest
payment date (each, an “Interest Payment Date”) except that the regular
record date for interest due on any Debt Security’s Maturity or date of earlier
redemption will be that particular date. Interest on the Debt Securities will
accrue from and including the most recent Interest Payment Date to which
interest has been paid or duly provided for on the Debt Securities, or if no interest
has been paid or duly provided for on the Debt Securities, from the Effective
Date until their Stated Maturity date or earlier redemption with interest on
overdue interest, if any, accruing as provided in the Indenture. Interest will
be computed on the basis of a 360-day year of twelve 30-day months.

          2. Method
of Payment. The Debt Securities will be payable as to principal, premium,
if any, and interest at the office or agency of the Company maintained for such
purpose in New York, New York, currently the corporate trust office of The Bank
of New York Mellon located at 101 Barclay Street, New York, New York 10286.
Such payment shall be in such coin or currency of the United States of America
as at the time of payment is legal tender for payment of public and private
debts. Interest on the Debt Securities may at the option of the Company be paid
by check mailed to the Persons entitled thereto at their respective addresses
as such appear on the registry books of the Company, or, at the option of any
Holder of $5,000,000 or more aggregate principal amount of Debt Securities and
subject to applicable laws and regulations, be made by transfer to an account
denominated in U.S. Dollars, maintained by such Holder, if appropriate wire
transfer instructions have been received by the Company or its agent not less
than ten days prior to the applicable interest payment date.

          3. Paying
Agent and Registrar. Initially, The Bank of New York Mellon, the Trustee
under the Indenture, will act as Paying Agent and registrar. The Company may
change any Paying Agent or Registrar without notice to any Holder. The Company
may act in any such capacity.

          4. Indenture.
The Company issued the Debt Securities under an Indenture dated as of December
12, 2012 (the “Indenture”) between the Company, the Trustee and the
Security Trustee named therein. The terms of the Debt Securities include those
stated in the Indenture and those made part of the Indenture by reference to
the Trust Indenture Act of 1939, as amended (the “Trust Indenture Act”).
The Debt Securities are subject to all such terms, and Holders are referred to
the Indenture and the Trust Indenture Act for a statement of such terms. To the
extent any provision of this Debt Security conflicts with the express
provisions of the Indenture, the provisions of the Indenture shall govern and
be controlling. The Debt Securities are obligations of the Company. The Company
issued $1,000,000,000 in aggregate principal amount of Debt Securities on the
Effective Date. This Debt Security is one of the series 

A-3

designated on the face hereof. Capitalized terms used herein without
definition shall have the meanings ascribed to such terms in the Indenture.

          5. Optional
Redemption. The Debt Securities will be redeemable at any time and from
time to time, as a whole or in part, at the Company’s option, on at least 30
days’, but not more than 60 days’, prior notice mailed (or delivered in
accordance with the applicable procedures of DTC) to the registered address of
each Holder of the Debt Securities to be redeemed, at a redemption price equal
to the applicable Make-Whole Redemption Amount, together with accrued and
unpaid interest thereon to, but not including, the dated fixed for redemption.

          6. Collateral
Redemption Event. If notice of
redemption has been given as provided below, the Debt Securities shall become
due and payable on the date and at the place or places stated in such notice at
the applicable Collateral Redemption Event Amount, together with accrued and
unpaid interest to, but not including, the date fixed for redemption. 

          7. Notice
of Redemption. Notice of redemption to the Holders of Debt Securities to be
redeemed in whole or in part at the option of the Company shall be given by mailing
notice of such redemption by first class mail, postage prepaid, at least 30
days and not more than 60 days prior to the date fixed for redemption to the
Trustee and such Holders at their last addresses as they shall appear upon the
registry books of the Company. Notices of redemption to be sent to the Holders
of Debt Securities shall be sent only to the Holders of those Debt Securities
to be redeemed. 

          Following
the occurrence of a Collateral Redemption Event, the Debt Securities shall be subject
to mandatory redemption in whole but not in part no later than 30 days
following such Event. Notice of such mandatory redemption shall be mailed (or
otherwise delivered in accordance with the applicable procedures of the
Depository) not more than five days following such Collateral Redemption Event
to each Holder at its last address as it shall appear in the registry books of
the Company and to the Trustee.

          8. Denominations,
Transfer, Exchange. The Debt Securities are issued in minimum denominations
of $1,000 increased in multiples of $1,000. The transfer of Debt Securities may
be registered and Debt Securities may be exchanged as provided in the
Indenture. The Company need not exchange or register the transfer of any Debt
Security or portion of a Debt Security selected for redemption, except for the
unredeemed portion of any Debt Security being redeemed in part. Also, the
Company need not exchange or register the transfer of any Debt Securities for a
period of 15 days before a selection of Debt Securities to be redeemed or
during the period between a record date and the corresponding Interest Payment
Date.

          9. Persons
Deemed Owners. Except as provided in Section 2.04 of the Indenture, the
registered Holder of a Debt Security may be treated as its owner for all
purposes.

          10. Amendment,
Supplement and Waiver. Subject to certain exceptions, the Indenture or the
Debt Securities or the Security Documents may be amended or supplemented with
the written consent of the Holders of at least a majority in principal amount
of the Debt Securities of all series then outstanding which are affected by
such amendment voting as a single class. Without the consent of any Holder of a
Debt Security, the Indenture or the Debt Securities may be amended or
supplemented, or the Security Trustee may be directed to enter into such

A-4

amendments, modifications or supplements to the Security Documents:
(a) to evidence pursuant to Article Eleven of the Indenture the succession
of another Person to the Company or successive successions, and the assumption
by the successor Person of the covenants, agreements and obligations of the
Company; (b) to add covenants for the benefit of the Holders of the Debt
Securities or any additional Event of Default for the Debt Securities;
(c) to add additional collateral as security for the Debt Securities other
than as contemplated by the Security Documents; (d) to evidence the appointment
of a successor Trustee or successor or additional Security Trustee; (e) to cure
any ambiguity or to correct or supplement any provision contained in the
Indenture or the Security Documents to the extent not inconsistent with other
provisions of the Indenture or the Security Documents or otherwise amend or
supplement the terms of the Debt Securities, the Indenture or the Security
Documents to the extent such amendment or supplement does not adversely affect
the interests of the Holders of the Debt Securities in any material respect or
(f) to conform the text of the Indenture, the Security Documents or the
Debt Securities to any provision in the Offering Document under the heading
“Description of the Notes” to the extent that such provision was intended to be
a verbatim recitation of a provision of the Indenture, the Security Documents
or the Debt Securities.

          11.  Defaults and Remedies. Events of Default
are set forth in the Indenture. 

          12.  Trustee Dealings with Company. The
Trustee, in its individual or any other capacity, may make loans to, accept
deposits from, and perform services for the Company or its Affiliates, and may
otherwise deal with the Company or its Affiliates, as if it were not the
Trustee.

          13. No
Recourse Against Others. A director, officer, employee, incorporator or
stockholder, of the Company or any Grantor, as such, shall not have any
liability for any obligations of the Company under the Debt Securities or the
Indenture or for any claim based on, in respect of, or by reason of, such
obligations or their creation. Each Holder by accepting a Debt Security waives
and releases all such liability. The waiver and release are part of the
consideration for the issuance of the Debt Securities.

          14.
Authentication. This Debt Security shall not be valid until authenticated
by the manual signature of the Trustee or an authenticating agent.

          15. Abbreviations.
Customary abbreviations may be used in the name of a Holder or an assignee,
such as: TEN COM (= tenants in common), TEN ENT (= tenants by the
entireties), JT TEN (= joint tenants with right of survivorship and not as
tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to
Minors Act).

          16. CUSIP
Numbers. Pursuant to a recommendation promulgated by the Committee on
Uniform Security Identification Procedures, the Company has caused CUSIP
numbers to be printed on the Debt Securities and the Trustee may use CUSIP
numbers in notices of redemption as a convenience to Holders. No representation
is made as to the accuracy of such numbers either as printed on the Debt Securities
or as contained in any notice of redemption and reliance may be placed only on
the other identification numbers placed thereon.

A-5

17. Governing
Law. THIS DEBT SECURITY SHALL BE DEEMED A CONTRACT MADE UNDER THE LAWS OF
THE STATE OF NEW YORK, AND FOR ALL PURPOSES SHALL BE CONSTRUED IN ACCORDANCE
WITH THE LAWS OF SAID STATE.

          The Company
will furnish to any Holder upon written request and without charge a copy of
the Indenture. Requests may be made to:

	
  

 	
  

 
	
  

 	
 General
 Electric Capital Corporation

 
	
  

 	
 201 High
 Ridge Road 

 
	
  

 	
 Stamford,
 Connecticut 06927

 
	
  

 	
 Attention:
 Senior Vice President Corporate Treasury and Global Funding Operation

 

A-6

To assign this Debt Security, fill in the form below:

I or we assign and transfer this Debt Security to:

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

          (Insert
assignee’s soc. sec. or tax I.D. No.)

	
  

 
	

 

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

 
	
  

 
	

 

 
	
  

 

	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Date:

 	
  

 	
 Your Signature:

 	
  

 
	
  

 	

 

 	
  

 	
  

 	

 

 
	
  

 	
  

 	
  

 	
 Sign exactly as your name
 appears on the other side of this Debt Security.

 

A-7

 [TO BE ATTACHED TO GLOBAL DEBT SECURITIES]

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL DEBT SECURITY

          The initial
principal amount of this Global Debt Security is $_________. The following
increases or decreases in this Global Security have been made:

	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Date
 of Exchange

 	
  

 	
 Amount
 of decrease in

 Principal Amount of 

 this Global Debt 

 Security

 	
  

 	
 Amount
 of increase in

 Principal Amount of 

 this Global Debt 

 Security

 	
  

 	
 Principal
 amount of 

 this Global Debt 

 Security following 

 such decrease or 

 increase

 	
  

 	
 Signature
 of 

 authorized signatory of

 Trustee or Securities

 Custodian

 
	

 

 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

A-8

EXHIBIT B

          UNLESS THIS
CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE
COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY
CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER
NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS
MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED
OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

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

B-1

CUSIP:36962G6P4 

ISIN: US36962G6P44

FORM OF NOTE

2.100% Senior Secured Note due 2019

	
  

 	
  

 
	
 No.
 [   ]

 	
 $[     ]

 

GENERAL ELECTRIC CAPITAL CORPORATION

promises to
pay to CEDE & CO., or registered assigns, the principal sum of
$[               ]
(as revised by the Schedule of Increases or Decreases in Global Debt Security
attached hereto) on December 11, 2019.

Interest Payment Dates: June 11th and December 11th 

Regular Record Dates: June 1st and December 1st

	
  

 	
  

 	
  

 
	
  

 	
 GENERAL
 ELECTRIC CAPITAL 

 
	
  

 	
 CORPORATION

 
	
  

 	
  

 	
  

 
	
  

 	
 By:

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	
 Name:

 
	
  

 	
  

 	
 Title: 

 

This is one of
the Debt Securities of the series designated therein referred to in the
within-mentioned Indenture:

THE BANK OF NEW YORK MELLON

as Trustee

	
  

 	
  

 	
  

 	
  

 
	
 By:

 	
  

 	
  

 
	
  

 	

 

 	
  

 
	
  

 	
 Authorized
 Signatory

 	
  

 
	
  

 	
  

 	
  

 
	
 Dated:

 	
  

 	
  

 
	
  

 	
  

 	

 

 	
  

 

B-2

2.100% Senior Secured Note due 2019

          Capitalized
terms used herein shall have the meanings assigned to them in the Indenture
referred to below unless otherwise indicated.

          1. Interest.
General Electric Capital Corporation, a Delaware corporation (the “Company”),
promises to pay interest on the principal amount of this Debt Security at the
rate of 2.100% per annum from December 12, 2012 until December 11, 2019 (the “Maturity
Date”) and, if applicable, on overdue interest and principal as provided in
the Indenture. The Company will pay interest semi-annually in cash in arrears,
on June 11th and December 11th of each year, beginning on June 11, 2013, to the
Persons in whose names the Debt Securities of this series (the “Debt
Securities”) are registered at the close of business on the June 1st or
December 1st (whether or not a business day) next preceding such interest
payment date (each, an “Interest Payment Date”) except that the regular
record date for interest due on any Debt Security’s Maturity or date of earlier
redemption will be that particular date. Interest on the Debt Securities will
accrue from and including the most recent Interest Payment Date to which interest
has been paid or duly provided for on the Debt Securities, or if no interest
has been paid or duly provided for on the Debt Securities, from the Effective
Date until their Stated Maturity date or earlier redemption with interest on
overdue interest, if any, accruing as provided in the Indenture. Interest will
be computed on the basis of a 360-day year of twelve 30-day months.

          2. Method
of Payment. The Debt Securities will be payable as to principal, premium,
if any, and interest at the office or agency of the Company maintained for such
purpose in New York, New York, currently the corporate trust office of The Bank
of New York Mellon located at 101 Barclay Street, New York, New York 10286.
Such payment shall be in such coin or currency of the United States of America
as at the time of payment is legal tender for payment of public and private
debts. Interest on the Debt Securities may at the option of the Company be paid
by check mailed to the Persons entitled thereto at their respective addresses as
such appear on the registry books of the Company, or, at the option of any
Holder of $5,000,000 or more aggregate principal amount of Debt Securities and
subject to applicable laws and regulations, be made by transfer to an account
denominated in U.S. Dollars, maintained by such Holder, if appropriate wire
transfer instructions have been received by the Company or its agent not less
than ten days prior to the applicable interest payment date.

          3. Paying
Agent and Registrar. Initially, The Bank of New York Mellon, the Trustee
under the Indenture, will act as Paying Agent and registrar. The Company may
change any Paying Agent or Registrar without notice to any Holder. The Company
may act in any such capacity.

          4. Indenture.
The Company issued the Debt Securities under an Indenture dated as of December
12, 2012 (the “Indenture”) between the Company, the Trustee and the
Security Trustee named therein. The terms of the Debt Securities include those
stated in the Indenture and those made part of the Indenture by reference to
the Trust Indenture Act of 1939, as amended (the “Trust Indenture Act”).
The Debt Securities are subject to all such terms, and Holders are referred to
the Indenture and the Trust Indenture Act for a statement of such terms. To the
extent any provision of this Debt Security conflicts with the express
provisions of the Indenture, the provisions of the Indenture shall govern and
be controlling. The Debt Securities

B-3

are obligations of the Company. The Company issued $400,000,000 in
aggregate principal amount of Debt Securities on the Effective Date. This Debt
Security is one of the series designated on the face hereof. Capitalized terms
used herein without definition shall have the meanings ascribed to such terms
in the Indenture.

          5. Optional
Redemption. The Debt Securities will be redeemable at any time and from
time to time, as a whole or in part, at the Company’s option, on at least 30
days’, but not more than 60 days’, prior notice mailed (or delivered in accordance
with the applicable procedures of DTC) to the registered address of each Holder
of the Debt Securities to be redeemed, at a redemption price equal to the
applicable Make-Whole Redemption Amount, together with accrued and unpaid
interest thereon to, but not including, the dated fixed for redemption.

          6. Collateral
Redemption Event. If notice of
redemption has been given as provided below, the Debt Securities shall become
due and payable on the date and at the place or places stated in such notice at
the applicable Collateral Redemption Event Amount, together with accrued and
unpaid interest to, but not including, the date fixed for redemption. 

          7. Notice
of Redemption. Notice of redemption to the Holders of Debt Securities to be
redeemed in whole or in part at the option of the Company shall be given by
mailing notice of such redemption by first class mail, postage prepaid, at
least 30 days and not more than 60 days prior to the date fixed for redemption
to the Trustee and such Holders at their last addresses as they shall appear
upon the registry books of the Company. Notices of redemption to be sent to the
Holders of Debt Securities shall be sent only to the Holders of those Debt
Securities to be redeemed. 

          Following
the occurrence of a Collateral Redemption Event, the Debt Securities shall be
subject to mandatory redemption in whole but not in part no later than 30 days
following such Event. Notice of such mandatory redemption shall be mailed (or
otherwise delivered in accordance with the applicable procedures of the
Depository) not more than five days following such Collateral Redemption Event
to each Holder at its last address as it shall appear in the registry books of
the Company and to the Trustee.

          8. Denominations,
Transfer, Exchange. The Debt Securities are issued in minimum denominations
of $1,000 increased in multiples of $1,000. The transfer of Debt Securities may
be registered and Debt Securities may be exchanged as provided in the
Indenture. The Company need not exchange or register the transfer of any Debt
Security or portion of a Debt Security selected for redemption, except for the
unredeemed portion of any Debt Security being redeemed in part. Also, the
Company need not exchange or register the transfer of any Debt Securities for a
period of 15 days before a selection of Debt Securities to be redeemed or
during the period between a record date and the corresponding Interest Payment
Date.

          9. Persons
Deemed Owners. Except as provided in Section 2.04 of the Indenture, the
registered Holder of a Debt Security may be treated as its owner for all
purposes.

          10. Amendment,
Supplement and Waiver. Subject to certain exceptions, the Indenture or the
Debt Securities or the Security Documents may be amended or supplemented with
the written consent of the Holders of at least a majority in principal amount
of the Debt Securities of all series then outstanding which are affected by
such amendment voting as a single

B-4

class. Without the consent of any Holder of a Debt Security, the
Indenture or the Debt Securities may be amended or supplemented, or the
Security Trustee may be directed to enter into such amendments, modifications
or supplements to the Security Documents: (a) to evidence pursuant to Article
Eleven of the Indenture the succession of another Person to the Company or
successive successions, and the assumption by the successor Person of the
covenants, agreements and obligations of the Company; (b) to add covenants for
the benefit of the Holders of the Debt Securities or any additional Event of
Default for the Debt Securities; (c) to add additional collateral as security
for the Debt Securities other than as contemplated by the Security Documents;
(d) to evidence the appointment of a successor Trustee or successor or
additional Security Trustee; (e) to cure any ambiguity or to correct or
supplement any provision contained in the Indenture or the Security Documents
to the extent not inconsistent with other provisions of the Indenture or the Security
Documents or otherwise amend or supplement the terms of the Debt Securities,
the Indenture or the Security Documents to the extent such amendment or
supplement does not adversely affect the interests of the Holders of the Debt
Securities in any material respect or (f) to conform the text of the Indenture,
the Security Documents or the Debt Securities to any provision in the Offering
Document under the heading “Description of the Notes” to the extent that such
provision was intended to be a verbatim recitation of a provision of the
Indenture, the Security Documents or the Debt Securities.

          11. Defaults
and Remedies. Events of Default are set forth in the Indenture. 

          12. Trustee
Dealings with Company. The Trustee, in its individual or any other
capacity, may make loans to, accept deposits from, and perform services for the
Company or its Affiliates, and may otherwise deal with the Company or its
Affiliates, as if it were not the Trustee.

          13. No
Recourse Against Others. A director, officer, employee, incorporator or
stockholder, of the Company or any Grantor, as such, shall not have any
liability for any obligations of the Company under the Debt Securities or the
Indenture or for any claim based on, in respect of, or by reason of, such
obligations or their creation. Each Holder by accepting a Debt Security waives
and releases all such liability. The waiver and release are part of the
consideration for the issuance of the Debt Securities.

          14. Authentication.
This Debt Security shall not be valid until authenticated by the manual
signature of the Trustee or an authenticating agent.

          15. Abbreviations.
Customary abbreviations may be used in the name of a Holder or an assignee,
such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties),
JT TEN (= joint tenants with right of survivorship and not as tenants in
common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act).

          16. CUSIP
Numbers. Pursuant to a recommendation promulgated by the Committee on
Uniform Security Identification Procedures, the Company has caused CUSIP
numbers to be printed on the Debt Securities and the Trustee may use CUSIP
numbers in notices of redemption as a convenience to Holders. No representation
is made as to the accuracy of such numbers either as printed on the Debt
Securities or as contained in any notice of redemption and reliance may be
placed only on the other identification numbers placed thereon.

B-5

          17. Governing
Law. THIS DEBT SECURITY SHALL BE DEEMED A CONTRACT MADE UNDER THE LAWS OF
THE STATE OF NEW YORK, AND FOR ALL PURPOSES SHALL BE CONSTRUED IN ACCORDANCE
WITH THE LAWS OF SAID STATE.

          The Company
will furnish to any Holder upon written request and without charge a copy of
the Indenture. Requests may be made to:

	
  

 	
  

 
	
  

 	
 General
 Electric Capital Corporation

 
	
  

 	
 201 High
 Ridge Road 

 
	
  

 	
 Stamford,
 Connecticut 06927

 
	
  

 	
 Attention:
 Senior Vice President Corporate Treasury and Global Funding Operation

 

B-6

To assign this Debt Security, fill in the form below:

I or we assign and transfer this Debt Security to:

	
  

 	
  

 	
  

 
	
  

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

 
	
  

 	
  

 	
  

 
	
  

 	
 (Insert
 assignee’s soc. sec. or tax I.D. No.)

 
	

 

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

 
	
  

 
	

 

 

	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Date: 

 	
  

 	
  

 	
 Your
 Signature: 

 	
  

 
	
  

 	

 

 	
  

 	
  

 	

 

 
	
  

 	
  

 	
  

 	
  

 	
 Sign exactly as your name appears on the
 other side of this Debt Security.

 

B-7

 [TO BE ATTACHED TO GLOBAL DEBT SECURITIES]

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL
DEBT SECURITY

          The initial
principal amount of this Global Debt Security is $_________. The following
increases or decreases in this Global Security have been made:

	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Date
 of Exchange

 	
  

 	
 Amount
 of decrease in

 Principal Amount of

 this Global Debt

 Security

 	
  

 	
 Amount
 of increase in

 Principal Amount of

 this Global Debt

 Security

 	
  

 	
 Principal
 amount of

 this Global Debt

 Security following

 such decrease or

 increase

 	
  

 	
 Signature
 of

 authorized signatory of

 Trustee or Securities

 Custodian

 
	

 

 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

B-8

EXHIBIT C 

          UNLESS
    THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
    TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK,
    TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT,
    AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR
    SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND
    ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED
    BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE
    HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS
    THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

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

C-1

CUSIP: 36962G6N9

  ISIN: US36962G6N95 

FORM OF NOTE

Floating Rate Senior Secured Note due 2015

	 
	 

	No. [   ]
	$[          ]

GENERAL ELECTRIC CAPITAL CORPORATION

promises to pay to CEDE & CO., or registered
    assigns, the principal sum of $[          ]
    (as revised by the Schedule of Increases or Decreases in Global Debt Security
    attached hereto) on December 11, 2015. 

Interest Payment Dates: March 11th, June 11th,
    September 11th and December 11th 

Regular Record Dates: March 1st, June 1st, September
    1st and December 1st 

	 
	 
	 

	 
	GENERAL ELECTRIC CAPITAL CORPORATION 

	 
	 
	 

	 
	By:
	 

	 
	 
	

    
	 
	 
	Name:

	 
	 
	Title: 

This is one of the Debt Securities of the series designated therein
    referred to in the within-mentioned Indenture: 

THE
    BANK OF NEW YORK MELLON

  as Trustee

	 
	 
	 
	 

	By:
	 
	 
	 

	 
	

    	 

	 
	Authorized Signatory
	 

	 
	 
	 

	Dated:
	 

	 
	

    
	 
	 
	 

	

    	

    

C-2

Floating Rate Senior Secured Note due 2015 

          Capitalized
    terms used herein shall have the meanings assigned to them in the Indenture
    referred to below unless otherwise indicated. 

          1. Interest.
    General Electric Capital Corporation, a Delaware corporation (the “Company”),
    promises to pay interest on the principal amount of this Debt Security at
    the rate of LIBOR plus the Spread from December 12, 2012 until December 11,
    2015 (the “Maturity Date”) and, if applicable, on overdue
    interest and principal as provided in the Indenture. The Company will pay
    interest quarterly in cash in arrears, on March 11th, June 11th, September
    11th and December 11th of each year, beginning on March 11, 2013, subject
    to the Business Day Convention (each, an “Interest Payment Date”),
    to the Persons in whose names the Debt Securities of this series (the “Debt
    Securities” or the “Floating Rate Notes”) are registered
    at the close of business on the March 1st, June 1st, September 1st or December
    1st (whether or not a business day) next preceding such Interest Payment
    Date except that the regular record date for interest due on any Debt Security’s
    Maturity or date of earlier redemption will be that particular date. Interest
    on the Debt Securities will accrue from and including the most recent Interest
    Payment Date to which interest has been paid or duly provided for on the
    Debt Securities, or if no interest has been paid or duly provided for on
    the Debt Securities, from the Effective Date until their Stated Maturity
    date or earlier redemption with interest on overdue interest, if any, accruing
    as provided in the Indenture. The amount of interest for each day that the
    Floating Rate Notes are Outstanding (the “Daily Interest Amount”)
    shall be calculated by dividing the interest rate (expressed as a percentage
    per annum) in effect during the applicable Interest Period or Initial Interest
    Period, as applicable, by 360 and multiplying the result by the Outstanding
    principal amount of the Floating Rate Notes. The amount of interest to be
    paid on the Floating Rate Notes for any applicable period shall be calculated
    by adding the Daily Interest Amounts for each day in such period. 

          Each
    Debt Security will bear interest at a rate that will be reset quarterly on
    each Interest Reset Date based on LIBOR as determined on the preceding Interest
    Determination Date and the Spread. 

          The
    Calculation Agent will determine LIBOR on each Interest Determination Date
    as follows: 

          (a)
    LIBOR during the Initial Interest Period will be determined two London Business
    Days prior to the Effective Date and such date will be treated as an Interest
    Determination Date. Thereafter, with respect to any Interest Determination
    Date, LIBOR will be the average of the offered rates for deposits in United
    States dollars having a maturity of three months beginning on the second
    London Business Day immediately after the Interest Determination Date that
    appear on the Designated LIBOR Page as of 11:00 a.m., London time, on that
    Interest Determination Date, if at least two offered rates appear on the
    Designated LIBOR Page; provided that if the specified Designated LIBOR Page
    by its terms provides only for a single rate, that single rate will be used.
    If fewer than two offered rates appear on the Designated LIBOR Page, or,
    if no rate appears on any page on which only one rate normally appears, LIBOR
    for that Interest Determination Date will be determined based on the rates
    on that Interest Determination Date at approximately 11:00 a.m., London time,
    at which deposits on that date in United States dollars for a period of three
    months are offered to prime 

C-3

banks in the London interbank market by four major
    banks in that market selected by the Calculation Agent (after consultation
    with the Company). The offered rates must begin on the second London Business
    Day immediately after the Interest Determination Date commencing at approximately
    11:00 a.m., London time. The Calculation Agent will request the principal
    London office of each of these banks to quote its rate. If the Calculation
    Agent receives at least two such quotations, LIBOR will be the average of
    those quotations. 

          (b)
    If the Calculation Agent receives fewer than two such quotations, LIBOR will
    be the average of the rates quoted at approximately 11:00 a.m., in the City
    of New York, on the Interest Determination Date by three major banks in the
    City of New York selected by the Calculation Agent (after consultation with
    the Company). The rates will be for loans in United States dollars to leading
    European banks having a maturity of three months beginning on the second
    London Business Day after that date commencing at approximately 11:00 a.m.,
    in the City of New York. 

          (c)
    If fewer than three such banks provide such quotes, the rate of interest
    on the Debt Securities with respect to the following Interest Reset Period
    shall be the rate of interest as in effect on such Interest Determination
    Date. 

          (d)
    Each calculation of the interest rate on the Debt Securities by the Calculation
    Agent shall (in the absence of manifest error) be final and binding on the
    Holders of the Debt Securities and the Company. All final percentages resulting
    from the completion of any calculation of any interest rate for the Debt
    Securities shall be rounded, if necessary, to the nearest one hundred thousandth
    of a percentage point, with five one-millionths of a percentage point rounded
    upward, and all U.S. dollar amounts shall be rounded to the nearest cent,
    with one-half cent being rounded upward. 

          (e)
    Defined terms used in the above paragraphs have the following definitions: 

          “Business
      Day Convention” means if any Interest Payment Date (other than
      one that falls on the Maturity Date or earlier redemption date) is not
      a Business Day, then such Interest Payment Date shall be postponed to the
      next succeeding Business Day unless that Business Day is in the next succeeding
      calendar month, in which case the Interest Payment Date shall be the immediately
      preceding Business Day. If any such Interest Payment Date (other than the
      Maturity Date or, if applicable, an earlier redemption date) is postponed
      or brought forward as described in the preceding sentence, the interest
      amount shall be adjusted accordingly and the Holder shall be entitled to
      more or less interest, respectively. If the Maturity Date or earlier redemption
      date is not a Business Day or any Interest Payment Date falls on the Maturity
      Date or an earlier redemption date where such dates are not Business Days,
      then, the principal, premium, if any, and interest payable on that date
      will be paid on the next succeeding Business Day; however, no additional
      interest will be paid due to the delay in payment. 

          “Designated
      LIBOR Page” means the Reuters screen “LIBOR01” or such
      other page as may replace the Reuters screen “LIBOR01” on that
      service or such other page as may be nominated by the British Bankers’ Association
      for the purpose of displaying London interbank offered rates for U.S. dollar
      deposits. 

          “Initial
      Interest Period” means the period beginning on, and including,
      the Effective Date and ending on, but not including, the earlier of the
      first Interest Payment Date or the date of an earlier redemption. 

C-4

          “Interest
      Determination Date” means, for each Interest Reset Date, the second
      London Business Day preceding such Interest Reset Date. 

          “Interest
      Period” means the period beginning on, and including an Interest
      Payment Date and ending on, but not including, the following Interest Payment
      Date, except that the final Interest Period shall be the period beginning
      on, and including, the Interest Payment Date immediately preceding the
      Maturity Date or earlier redemption date in respect of a Floating Rate
      Note, as applicable, and ending on, but not including, the Maturity Date
      or earlier redemption date in respect of such Floating Rate Note, as the
      case may be. 

          “Interest
      Reset Date” means, for each Interest Period other than the Initial
      Interest Period, the first day of such Interest Period. If any Interest
      Reset Date falls on a day that is not a Business Day, the Interest Reset
      Date will be the next day that is a Business Day, provided that if the
      next Business Day is in the next succeeding calendar month, the Interest
      Reset Date will be the immediately preceding Business Day. 

          “London
      Business Day” means any day which is not a Saturday, Sunday, or
      a day on which commercial banking institutions are authorized or obligated
      by law, regulation or executive order to be closed in London. 

          “Spread”
  means 60 basis points. 

          2. Method
      of Payment. The Debt Securities will be payable as to principal, premium,
      if any, and interest at the office or agency of the Company maintained
      for such purpose in New York, New York, currently the corporate trust office
      of The Bank of New York Mellon located at 101 Barclay Street, New York,
      New York 10286. Such payment shall be in such coin or currency of the United
      States of America as at the time of payment is legal tender for payment
      of public and private debts. Interest on the Debt Securities may at the
      option of the Company be paid by check mailed to the Persons entitled thereto
      at their respective addresses as such appear on the registry books of the
      Company, or, at the option of any Holder of $5,000,000 or more aggregate
      principal amount of Debt Securities and subject to applicable laws and
      regulations, be made by transfer to an account denominated in U.S. Dollars,
      maintained by such Holder, if appropriate wire transfer instructions have
      been received by the Company or its agent not less than ten days prior
      to the applicable interest payment date. 

          3. Paying
      Agent, Registrar and Calculation Agent. Initially, The Bank of New
      York Mellon, the Trustee under the Indenture, will act as Paying Agent,
      Registrar and Calculation Agent. The Company may change any Paying Agent,
      Registrar or Calculation Agent without notice to any Holder. The Company
      may act in the capacity of Paying Agent or Registrar. 

          4. Indenture.
    The Company issued the Debt Securities under an Indenture dated as of December
    12, 2012 (the “Indenture”) between the Company, the Trustee
    and the Security Trustee named therein. The terms of the Debt Securities
    include those stated in the Indenture and those made part of the Indenture
    by reference to the Trust Indenture Act of 1939, as amended (the “Trust
    Indenture Act”). The Debt Securities are subject to all such terms,
    and Holders are referred to the Indenture and the Trust Indenture Act for
    a statement of such terms. To the extent any provision of this Debt Security
    conflicts with the express provisions of the Indenture, the provisions of
    the Indenture shall govern and be controlling. The Debt Securities are obligations
    of the Company. The Company issued $300,000,000 in aggregate principal  

C-5

amount of Debt Securities on the Effective Date.
    This Debt Security is one of the series designated on the face hereof. Capitalized
    terms used herein without definition shall have the meanings ascribed to
    such terms in the Indenture. 

          5. Optional
      Redemption. The Debt Securities will be redeemable at any time and
      from time to time, as a whole or in part, at the Company’s option,
      on at least 30 days’, but not more than 60 days’, prior notice
      mailed (or delivered in accordance with the applicable procedures of DTC)
      to the registered address of each Holder of the Debt Securities to be redeemed,
      at a redemption price equal to the applicable Make-Whole Redemption Amount,
      together with accrued and unpaid interest thereon to, but not including,
      the dated fixed for redemption. 

          6. Collateral
      Redemption Event. If notice of redemption has been given as provided
      below, the Debt Securities shall become due and payable on the date and
      at the place or places stated in such notice at the applicable Collateral
      Redemption Event Amount, together with accrued and unpaid interest to,
      but not including, the date fixed for redemption. 

           7. Notice
      of Redemption. Notice of redemption to the Holders of Debt Securities
      to be redeemed in whole or in part at the option of the Company shall be
      given by mailing notice of such redemption by first class mail, postage
      prepaid, at least 30 days and not more than 60 days prior to the date fixed
      for redemption to the Trustee and such Holders at their last addresses
      as they shall appear upon the registry books of the Company. Notices of
      redemption to be sent to the Holders of Debt Securities shall be sent only
      to the Holders of those Debt Securities to be redeemed. 

          Following
    the occurrence of a Collateral Redemption Event, the Debt Securities shall
    be subject to mandatory redemption in whole but not in part no later than
    30 days following such Event. Notice of such mandatory redemption shall be
    mailed (or otherwise delivered in accordance with the applicable procedures
    of the Depository) not more than five days following such Collateral Redemption
    Event to each Holder at its last address as it shall appear in the registry
    books of the Company and to the Trustee. 

          8. Denominations,
      Transfer, Exchange. The Debt Securities are issued in minimum denominations
      of $1,000 increased in multiples of $1,000. The transfer of Debt Securities
      may be registered and Debt Securities may be exchanged as provided in the
      Indenture. The Company need not exchange or register the transfer of any
      Debt Security or portion of a Debt Security selected for redemption, except
      for the unredeemed portion of any Debt Security being redeemed in part.
      Also, the Company need not exchange or register the transfer of any Debt
      Securities for a period of 15 days before a selection of Debt Securities
      to be redeemed or during the period between a record date and the corresponding
      Interest Payment Date. 

          9. Persons
      Deemed Owners. Except as provided in Section 2.04 of the Indenture,
      the registered Holder of a Debt Security may be treated as its owner for
      all purposes. 

          10. Amendment,
      Supplement and Waiver. Subject to certain exceptions, the Indenture
      or the Debt Securities or the Security Documents may be amended or supplemented
      with the written consent of the Holders of at least a majority in principal
      amount of the Debt Securities of all series then outstanding which are
      affected by such amendment voting as a single class. Without the consent
      of any Holder of a Debt Security, the Indenture or the Debt Securities 

C-6

may be amended or supplemented, or the Security
    Trustee may be directed to enter into such amendments, modifications or supplements
    to the Security Documents: (a) to evidence pursuant to Article Eleven of
    the Indenture the succession of another Person to the Company or successive
    successions, and the assumption by the successor Person of the covenants,
    agreements and obligations of the Company; (b) to add covenants for the benefit
    of the Holders of the Debt Securities or any additional Event of Default
    for the Debt Securities; (c) to add additional collateral as security for
    the Debt Securities other than as contemplated by the Security Documents;
    (d) to evidence the appointment of a successor Trustee or successor or additional
    Security Trustee; (e) to cure any ambiguity or to correct or supplement any
    provision contained in the Indenture or the Security Documents to the extent
    not inconsistent with other provisions of the Indenture or the Security Documents
    or otherwise amend or supplement the terms of the Debt Securities, the Indenture
    or the Security Documents to the extent such amendment or supplement does
    not adversely affect the interests of the Holders of the Debt Securities
    in any material respect or (f) to conform the text of the Indenture, the
    Security Documents or the Debt Securities to any provision in the Offering
    Document under the heading “Description of the Notes”
  to the extent that such provision was intended to be a verbatim recitation
  of a provision of the Indenture, the Security Documents or the Debt Securities. 

          11. Defaults
      and Remedies. Events of Default are set forth in the Indenture. 

          12. Trustee
      Dealings with Company. The Trustee, in its individual or any other
      capacity, may make loans to, accept deposits from, and perform services
      for the Company or its Affiliates, and may otherwise deal with the Company
      or its Affiliates, as if it were not the Trustee. 

          13. No
      Recourse Against Others. A director, officer, employee, incorporator
      or stockholder, of the Company or any Grantor, as such, shall not have
      any liability for any obligations of the Company under the Debt Securities
      or the Indenture or for any claim based on, in respect of, or by reason
      of, such obligations or their creation. Each Holder by accepting a Debt
      Security waives and releases all such liability. The waiver and release
      are part of the consideration for the issuance of the Debt Securities. 

          14. Authentication.
    This Debt Security shall not be valid until authenticated by the manual signature
    of the Trustee or an authenticating agent. 

          15. Abbreviations.
    Customary abbreviations may be used in the name of a Holder or an assignee,
    such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties),
    JT TEN (= joint tenants with right of survivorship and not as tenants in
    common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act). 

          16. CUSIP
      Numbers. Pursuant to a recommendation promulgated by the Committee
      on Uniform Security Identification Procedures, the Company has caused CUSIP
      numbers to be printed on the Debt Securities and the Trustee may use CUSIP
      numbers in notices of redemption as a convenience to Holders. No representation
      is made as to the accuracy of such numbers either as printed on the Debt
      Securities or as contained in any notice of redemption and reliance may
      be placed only on the other identification numbers placed thereon. 

          17. Governing
      Law. THIS DEBT SECURITY SHALL BE DEEMED A CONTRACT MADE UNDER THE LAWS
      OF THE STATE OF NEW YORK, AND FOR ALL 

C-7

PURPOSES SHALL BE CONSTRUED IN ACCORDANCE WITH
    THE LAWS OF SAID STATE. 

          The
    Company will furnish to any Holder upon written request and without charge
    a copy of the Indenture. Requests may be made to: 

General Electric
    Capital Corporation

  201 High Ridge Road

  Stamford, Connecticut 06927

  Attention: Senior Vice President Corporate Treasury and Global Funding Operation 

C-8

To assign this Debt Security, fill in the form
    below:

I or we assign and transfer this Debt Security
    to: 

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

	 

	          (Insert
          assignee’s soc. sec. or tax I.D. No.)

	

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

	 

	

    

	 
	 
	 
	 
	 

	Date: 
	 
	Your Signature:
	 
	 

	 
	

    	 
	 
	

    
	 
	 
	 
	 
	Sign exactly as your name appears on the other
          side of this Debt Security.

C-9

 [TO BE ATTACHED TO GLOBAL DEBT SECURITIES]

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL
      DEBT SECURITY

          The
    initial principal amount of this Global Debt Security is $_________. The
    following increases or decreases in this Global Security have been made: 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Date of Exchange
	 
	Amount of decrease in

      Principal Amount of

      this Global Debt

      Security
	 
	Amount of increase in

      Principal Amount of

      this Global Debt

      Security
	 
	Principal amount of

      this Global Debt

      Security following

      such decrease or

      increase
	 
	Signature of

      authorized signatory of

      Trustee or Securities

      Custodian
	 

	

    
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

C-10

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