Document:

Exhibit 4(r) 

TENTH AMENDED AND RESTATED FISCAL AND PAYING 

AGENCY AGREEMENT

DATED AS OF APRIL 6, 2011

among

GENERAL ELECTRIC CAPITAL CORPORATION

GE CAPITAL AUSTRALIA FUNDING PTY. LTD. (A.B.N. 67 085 675 467) 

GE CAPITAL CANADA FUNDING COMPANY 

GE CAPITAL EUROPEAN FUNDING 

GE CAPITAL UK FUNDING

and

THE BANK OF NEW YORK MELLON

and

THE BANK OF NEW YORK MELLON (LUXEMBOURG) S.A.

Programme for the Issuance of Euro Medium-Term Notes
and Other Debt Securities Due 

9 Months or More from Date of Issue

ALLEN &
OVERY

Allen & Overy LLP

TABLE OF CONTENTS

	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
 Page

 
	
 1.

 	
 

 	
 Appointment
 of Paying Agents

 	
 

 	
 2

 	
  

 
	
 2.

 	
 

 	
 Notes
 Issuable in Series

 	
 

 	
 2

 	
  

 
	
 3.

 	
 

 	
 Execution and Authentication of Notes; Date and Denomination of Notes

 	
 

 	
 5

 	
  

 
	
 4.

 	
 

 	
 Exchange
 and Registration of Transfer of Notes

 	
 

 	
 9

 	
  

 
	
 5.

 	
 

 	
 Payments of
 Principal, Premium and Interest; Paying Agents

 	
 

 	
 11

 	
  

 
	
 6.

 	
 

 	
 Redemption;
 Sinking Funds; Repayment at the Option of the Holder

 	
 

 	
 14

 	
  

 
	
 7,

 	
 

 	
 Mutilated,
 Destroyed, Stolen or Lost Notes

 	
 

 	
 I
 8

 	
  

 
	
 8.

 	
 

 	
 Events of
 Default

 	
 

 	
 19

 	
  

 
	
 9.

 	
 

 	
 Additional
 Payments; Tax Redemption

 	
 

 	
 23

 	
  

 
	
 10.

 	
 

 	
 Covenant
 of the Issuers and the Guarantor

 	
 

 	
 32

 	
  

 
	
 11.

 	
 

 	
 Obligations
 of the Fiscal and Paying Agent

 	
 

 	
 33

 	
  

 
	
 12.

 	
 

 	
 Maintenance
 and Resignation of Fiscal and Paying Agent

 	
 

 	
 35

 	
  

 
	
 13.

 	
 

 	
 Paying
 Agency

 	
 

 	
 36

 	
  

 
	
 14.

 	
 

 	
 Merger,
 Consolidation, Sale or Conveyance

 	
 

 	
 37

 	
  

 
	
 15.

 	
 

 	
 Meetings
 of Holders of the Notes

 	
 

 	
 38

 	
  

 
	
 16.

 	
 

 	
 Consent of
 Holders

 	
 

 	
 40

 	
  

 
	
 17.

 	
 

 	
 Stamp
 Taxes

 	
 

 	
 41

 	
  

 
	
 18.

 	
 

 	
 Modifications
 and Amendments

 	
 

 	
 41

 	
  

 
	
 19.

 	
 

 	
 Accession
 of Additional Issuers

 	
 

 	
 42

 	
  

 
	
 20.

 	
 

 	
 Notices to
 Parties

 	
 

 	
 42

 	
  

 
	
 21.

 	
 

 	
 Notices to
 and by Holders of the Notes

 	
 

 	
 44

 	
  

 
	
 22.

 	
 

 	
 Business
 Day

 	
 

 	
 46

 	
  

 
	
 23.

 	
 

 	
 Central
 Bank Reporting Requirements

 	
 

 	
 46

 	
  

 
	
 24.

 	
 

 	
 Governing
 Law

 	
 

 	
 46

 	
  

 
	
 25.

 	
 

 	
 Consent to
 Service

 	
 

 	
 46

 	
  

 
	
 26.

 	
 

 	
 Counterparts

 	
 

 	
 46

 	
  

 
	
 27.

 	
 

 	
 Inspection
 of Documents

 	
 

 	
 46

 	
  

 
	
 28.

 	
 

 	
 Descriptive
 Headings

 	
 

 	
 47

 	
  

 
	
 29.

 	
 

 	
 Provisions
 Binding on Successors

 	
 

 	
 47

 	
  

 
	
 30.

 	
 

 	
 Official
 Acts by Successor Corporation

 	
 

 	
 47

 	
  

 
	
 31.

 	
 

 	
 Severability

 	
 

 	
 47

 	
  

 

          TENTH AMENDED AND RESTATED FISCAL AND PAYING AGENCY
AGREEMENT, dated as of April 6, 2011 between GENERAL ELECTRIC
CAPITAL CORPORATION, a Delaware corporation (“GE
Capital”), GE CAPITAL AUSTRALIA FUNDING PTY. LTD. (A.B.N. 67 085 675
467), a company incorporated under the laws of the Commonwealth of Australia (“GE Capital Australia Funding”), GE CAPITAL
CANADA FUNDING COMPANY, a company incorporated under the laws of the Province
of Nova Scotia, Canada (“GE Capital Canada
Funding”), GE CAPITAL EUROPEAN FUNDING (“GECEF”) and GE CAPITAL UK FUNDING (“GECUKF”, and together with GECEF, the “Irish Issuers” and each an “Irish Issuer”, each of which was
incorporated as a public unlimited liability company under the Irish Companies
Acts 1963-2009) (GE Capital, GE Capital Australia Funding, GE Capital Canada
Funding, the Irish Issuers and each Additional Issuer (as defined herein)
acceding hereto pursuant to Section 19 hereof, each an “Issuer” and collectively, the “Issuers”), THE BANK OF NEW YORK MELLON, as fiscal and principal paying agent, and THE BANK
OF NEW YORK MELLON (LUXEMBOURG) S.A., as initial registrar and transfer agent
(such agreement, as further amended and supplemented from time to time, the “Agreement”). 

          Pursuant
to the Twelfth Amended and Restated Distribution Agreement, dated April
6, 2011, among the Issuers (including GE Capital in its capacity as guarantor
(the “Guarantor”) of Notes issued
by an Issuer other than GE Capital) and the dealers named therein (the “Dealers”) (as further amended from time to
time, the “Distribution Agreement”),
each Issuer has agreed to issue from time to time its Euro Medium-Term Notes (“Medium Term Notes”) and other debt
securities (“Other Debt Securities”)
having maturities from 9 months or more from date of issue (collectively,
Medium Term Notes and Other Debt Securities are referred to herein as the “Notes”). The Guarantor has agreed to
guarantee Notes issued pursuant to this Agreement by each Issuer other than GE
Capital in the form of the guarantee attached hereto as Exhibit D-1 (the “Guarantee”). Administrative procedures,
which have been agreed to by the Issuers (including GE Capital in its capacity
as Guarantor) and the Dealers as of the date hereof, are attached as Exhibit A
hereto (such procedures, as amended from time to time pursuant to the
Distribution Agreement, are hereinafter referred to as the “Administrative Procedures”). 

          Pursuant
to this Agreement, the Ninth Amended and Restated Fiscal and Paying Agency
Agreement dated April 6, 2010 (the “Prior
Agency Agreement”) shall be amended and restated on the terms of
this Agreement. Any Notes issued on or after the date of this Agreement shall
be issued pursuant to this Agreement, but this shall not affect any Notes
issued prior to the date of this Agreement. Subject to such amendment and
restatement, the Prior Agency Agreement shall continue in full force and
effect. 

1

          1. Appointment of Paying Agents. Each Issuer and
(in the case of Notes issued by an Issuer other than GE Capital) the Guarantor
hereby appoint The Bank of New York Mellon, acting through its London Branch
located at One Canada Square, London El4 5AL, as the fiscal agent and as the
principal paying agent (in such capacities and including any successor fiscal
and paying agent appointed hereunder, the “Fiscal
and Paying Agent”, and, together with any other paying agents
appointed by the relevant Issuer and the Guarantor, the “Paying Agents”), in respect of the Notes,
upon the terms and subject to the conditions stated herein and in the Notes
certified from time to time pursuant to Section 2 hereof. The Fiscal and Paying
Agent hereby accepts such appointment and agrees, upon such terms and subject
to such conditions, to perform its obligations under this Agreement, the Notes
certified from time to time pursuant to Section 2 hereof and the Administrative
Procedures. In addition, unless otherwise agreed by the parties hereto, the
Fiscal and Paying Agent agrees to appoint its local branch or affiliate located
in the jurisdiction of the country where any Notes are listed from time to time
as an additional paying agent, to the extent required by the rules and regulations of the applicable exchange and to the extent the
Fiscal and Paying Agent has a branch or affiliate
located in such jurisdiction. 

          2. Notes Issuable in Series. 

          (a)
Each Issuer may issue Notes hereunder in one or more series of Notes, each
series (a “Series”) having
identical terms but for authentication date, effectuation date (in the case of
an NGN or Registered Note issued under the NSS, each as defined below) and public offering price; provided that a Series of Notes may not
comprise Notes in bearer form (“Bearer Notes”)
and Notes in registered form (“Registered
Notes”). Each such Series may contain one or more tranches of Notes,
each such tranche (a “Tranche”)
having identical terms, including authentication date and public offering
price; provided that a Tranche of Notes may not comprise Bearer Notes and
Registered Notes. 

          (b)
Notes issued hereunder shall be issued pursuant to authority granted by the
Board of Directors of the relevant Issuer and (in the case of Notes issued by
an Issuer other than GE Capital) the Guarantor or any duly authorized committee
thereof and shall be in such form as shall be certified to the Fiscal and
Paying Agent from time to time by any one authorized person, as specified in
Section 3(a) hereof. 

          (c)
Prior to the issue of the first Tranche of Notes of a Series hereunder, the
relevant Issuer and (in the case of Notes issued by an Issuer other than GE
Capital) the Guarantor shall advise the Fiscal and Paying Agent in writing of
the following terms which
shall be applicable
to such Series of Notes
(each such set of written instructions shall be provided by such persons as are
designated by an Issuer Authorized Representative (as defined in Section 3(a))
from time to time in an incumbency certificate delivered to the Fiscal and
Paying Agent and shall hereinafter be referred to as a “Corporate Order”): 

	
  

 	
  

 
	
  

 	
           (1)
 the title of the Series (which shall distinguish the Notes of such Series
 from all other Notes), including identifying whether such series will be
 issued as Medium Term Notes or Other Debt Securities; 

 
	
  

 	
  

 
	
  

 	
           (2)
 any limit upon the aggregate principal amount of the Notes of such Series
 which may be authenticated and effectuated (as applicable) and delivered
 under this Agreement (except for Notes authenticated and effectuated (as
 applicable) and delivered upon registration of transfer of, or in exchange
 for, or in lieu of, other Notes of the Series pursuant to Sections 3, 4, 6
 and 7); 

 

2

	
  

 	
  

 
	
  

 	
           (3)
 the date or dates on which the principal of and premium, if any, on the Notes
 of the Series are payable; 

 
	
  

 	
  

 
	
  

 	
           (4)
 the rate or rates, or the method of determination thereof, at which the Notes
 of the Series shall bear interest, if any, the date or dates from which such
 interest shall accrue, the interest payment dates on which such interest
 shall be payable and, in the case of any Registered Nate, if other than as
 set forth in Section 3, the record dates for the determination of holders to
 whom interest is payable; 

 
	
  

 	
  

 
	
  

 	
           (5)
 the place or places where the principal of, and premium, if any, and interest
 on Notes of the Series shall be payable; 

 
	
  

 	
  

 
	
  

 	
           (6)
the currency or composite currency in which the Notes of such Series are
denominated (the “Specified Currency”);  

 
	
  

 	
  

 
	
  

 	
           (7)
 the currency or currencies in which payments on the Notes of such Series are
 payable, if other than the Specified Currency; 

 
	
  

 	
  

 
	
  

 	
           (8)
 the price or prices at which, the period or periods within which and the
 terms and conditions upon which the Notes of such Series may be redeemed, in
 whole or in part, at the option of the relevant Issuer, pursuant to any
 sinking fund or otherwise; 

 
	
  

 	
  

 
	
  

 	
           (9)
 the obligation, if any, of the relevant Issuer or the Guarantor as the case
 may be, to redeem, purchase or repay the Notes of such Series pursuant to any
 right to do so contained in the Notes or pursuant to sinking fund or
 analogous provisions or at the option of a holder thereof and the price or
 prices at which and the period or periods within which and the terms and
 conditions upon which the Notes of such Series shall be redeemed, purchased
 or repaid, in whole or in part, pursuant to such obligation; 

 
	
  

 	
  

 
	
  

 	
           (10)
 the denominations in which the Notes of such Series shall be issuable, in all
 cases subject to compliance with all applicable laws and regulations; 

 
	
  

 	
  

 
	
  

 	
           (11)
 if other than the principal amount thereof, the portion of the principal
 amount of the Notes of such Series which shall be payable upon declaration of
 acceleration of the maturity thereof pursuant to Section 8; 

 
	
  

 	
  

 
	
  

 	
           (12)
 if the principal of, premium, if any, or interest on the Notes of such Series
 are to be payable, at the election of the relevant Issuer or the Guarantor,
 as the case may be, or a holder thereof, in a currency other than the
 Specified Currency, the period or periods within which, and the terms and
 conditions upon which, such election may be made; 

 
	
  

 	
  

 
	
  

 	
           (13)
 if the amount of payments of principal, of premium, if any, and of interest
 on the Notes of such Series may be determined with reference to an index
 based on currency other than the Specified Currency, the manner in which such
 amounts shall be determined; 

 
	
  

 	
  

 
	
  

 	
           (14)
 if other than as provided in Sections 3, 4 and 5 hereof, whether the Notes of
 such Series will be issuable as Registered Notes or Bearer Notes (with or
 without coupons), or any combination of the foregoing, any restriction
 applicable to the offer, sale or delivery of Bearer 

 

3

	
  

 	
  

 
	
  

 	
 Notes
 or the payment of interest thereon and the terms upon which Bearer Notes of
 any Series may be exchanged for Registered Notes of such Series, except that
 the Notes of such Series shall only be issuable as Bearer Notes unless
 otherwise provided in such Corporate Order; 

 
	
  

 	
  

 
	
  

 	
           (15)
 if Bearer Notes are to be issued, whether the temporary global Note and
 permanent global Note to be issued are intended to be issued in new global
 note (“NGN”) form or classic
 global note (“CGN”) form and
 whether a NGN is intended to be held in a manner which would allow Eurosystem
 eligibility (a “Eurosystem-eligible NGN”); 

 
	
  

 	
  

 
	
  

 	
           (16)
 if Registered Notes are to be issued in global form, whether the global Note
 to be issued is intended to be issued under the new safekeeping structure
 (the “NSS”) or under the classic
 safekeeping structure (“CSS”)
 and whether a global Note issued under the NSS is intended to be held in a
 manner which would allow Eurosystem eligibility (a “Eurosystem-eligible NSS”); 

 
	
  

 	
  

 
	
  

 	
           (17)
 any Events of Default with respect to the Notes of such Series, if not set
 forth herein;

 
	
  

 	
  

 
	
  

 	
           (18)
 if other than those named herein, any other depositaries, authenticating or
 paying agents, transfer agents or registrars or any other agents with respect
 to such Series; 

 
	
  

 	
  

 
	
  

 	
           (19)
 the stock exchange, competent authority and/or market, if any, on or by which
 the Notes will be listed and/or admitted to trading and related information; 

 
	
  

 	
  

 
	
  

 	
           (20)
 any applicable restrictions on the transfer of any of the Notes of such
 Series; 

 
	
  

 	
  

 
	
  

 	
           (21)
 whether Notes of such Series and/or the related Guarantee, if any, are senior
 or subordinated and, if such Notes and/or Guarantee are subordinated, the
 terms of such subordination; and 

 
	
  

 	
  

 
	
  

 	
           (22)
 any other terms of the Series (which terms shall not be inconsistent with the
 provisions of this Agreement). 

 

          All
Notes of any one Series and coupons, if any, appertaining thereto, shall be
substantially identical except as to denomination and except as may otherwise
be provided in or pursuant to such Corporate Order. The Notes and the coupons,
if any, appertaining thereto shall be in substantially such form as shall be
established pursuant to a resolution of the Board of Directors of the relevant
Issuer and the Guarantor (in the case of the Notes issued by an Issuer other
than GE Capital), in each case with such appropriate insertions, omissions,
substitutions and other variations as are required or permitted by this
Agreement, 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 Agreement, or as may be required to comply with the directions of
Euroclear Bank S.A./N.V. (“Euroclear”),
Clearstream Banking, société anonyme (“Clearstream,
Luxembourg”) or any other clearance system specified for a
particular Tranche or Series of Notes, or any successors thereto, or with any
law or with any rule or regulation made pursuant thereto or with any rule or
regulation of any stock exchange, competent authority and/or market on or by
which such Notes may be listed and/or admitted to trading or to conform to
usage. 

4

          (d)
An additional Tranche of the same Series may be issued subsequent to the
original issue date of any Notes of such Series (hereinafter called “Additional Notes”) following the receipt by
the Fiscal and Paying Agent of a Corporate Order pertaining to such Tranche,
which Corporate Order will identify the Series to which such Tranche belongs and the issue date and aggregate principal amount of the
Notes of such Tranche. Any such Additional Notes shall
be issued initially
as provided in Section 3. In
the event Additional Notes are issued prior to the Exchange Date (as
hereinafter defined) for a temporary global Bearer Note representing a prior
Tranche of Notes of the same Series, the Exchange Date for such prior Tranche
of Notes may be extended to a date not less than 40 days after the issue date
of such Additional Notes; provided however, in no event shall the Exchange Date
for any Tranche of Notes be extended to a date more than 160 days after their
issue date. Additional Notes, together with each prior and subsequent Tranche
of Notes of the same Series, shall constitute one and the same Series of Notes
for all purposes under this Agreement; provided, however, that such
consolidation of Additional Notes issued after the Exchange Date will occur
only following the exchange of interests in the Temporary Global Note for
interests in the Permanent Global Note or Definitive Notes upon certification
of non-U.S. beneficial ownership. 

          (e)
Notwithstanding anything in this Section 2 to the contrary, Notes may not be
issued in the form of Bearer Notes after March 18, 2012. 

          3. Execution and Authentication of Notes; Date and
Denomination of Notes 

          (a)
Execution, delivery and safekeeping of Notes. The Notes and, if
applicable, coupons appertaining thereto in the form certified to the Fiscal
and Paying Agent pursuant to the provisions of Section 2(b) shall each be executed
(i) in the case of Notes issued by GE Capital, by any one of GE Capital’s
Chairman, one of its Presidents, its Vice Chairman and Chief Financial Officer,
its Senior Vice President-Corporate Treasury and Global Funding Operation or by
a duly authorized attorney-in-fact of GE Capital or (ii) in the case of Notes
issued by an Issuer other than GE Capital, by a duly authorized officer of such
Issuer or a duly authorized attorney-in-fact of such Issuer (each an “Issuer Authorized Representative”). Such signatures
may be the manual or facsimile signatures of any person who, at the time of
such execution, holds any such office or of a duly authorized attorney-in-fact.
Any signature in facsimile may be imprinted or otherwise reproduced on the
Notes or the coupons. Each definitive Note shall have imprinted thereon a
facsimile of the corporate seal of the relevant Issuer attested by the
Secretary or any Assistant Secretary of such Issuer. In case any authorized
officer of such Issuer or attorney-in-fact who shall have signed any Note or
coupon shall cease to hold such office or be such attorney-in-fact before the
Note so signed (or the Note to which the coupon so signed is attached) shall be
authenticated and delivered by the Fiscal and Paying Agent or disposed of by
such Issuer, such Note or coupon nevertheless may be authenticated and
delivered or disposed of as though the person who signed such Note or coupon
had not ceased to hold such office or be such attorney-in-fact; and any Note or
coupon may be signed on behalf of such Issuer by any person who, as at the
actual date of the execution of such Note or coupon, shall hold such office or
be an attorney-in-fact, although at the date of the execution and delivery of
this Agreement any such person did not hold such office or was not an
attorney-in-fact. 

          The
relevant Issuer will furnish the Fiscal and Paying Agent with an adequate
supply of Notes, which will be blank as to certain terms of such Notes, having
attached thereto appropriate coupons, if any, in the forms approved in
accordance with Section 2(b) of this Agreement, bearing consecutive control
numbers. Such blank Notes shall have been executed by an Issuer Authorized
Representative and attested by the Secretary or an Assistant Secretary of such Issuer in accordance with this
Section. The Fiscal
and 

5

Paying
Agent or its designated agent will hold such blank Notes in safekeeping in
accordance with its customary practice. Only upon notice from the Company of
the Final Terms for an issuance of Notes in accordance with this Agreement and
the Administrative Procedures set forth in Exhibit A, the Fiscal and Paying
Agent shall, in accordance with the Administrative Procedures, append the Final
Terms to such blank Note, authenticate and issue such Notes in the order of the
control numbers imprinted thereon. Once such Notes have been executed,
authenticated and effectuated in accordance with this Agreement and the
Administrative Procedures, the presence of blanks or placeholders in the Notes
alone shall not affect the validity of such Notes. The Fiscal and Paying Agent
will permit the relevant Issuer and its agents, at all reasonable times and
upon reasonable notice, to examine the Notes and all books, records and other
materials and information of the Fiscal and Paying Agent relating thereto. 

          (b)
Execution of Guarantee. The Guarantee endorsed on Notes issued by an
Issuer other than GE Capital shall be executed on behalf of the Guarantor by
any one of its Chairman, one of its Presidents, its Vice Chairman and Chief
Financial Officer, its Senior Vice President-Corporate Treasury and Global
Funding Operation or by a duly authorized attorney-in-fact. Such signatures may
be the manual or facsimile signatures of any person who, at the time of such execution,
holds any such office or of a duly authorized attorney-in-fact. Any signature
in facsimile may be imprinted or otherwise reproduced on the Guarantee endorsed
on such Notes. Each Guarantee endorsed on each definitive Note shall have
imprinted thereon a facsimile of the corporate seal of the Guarantor. In case
any authorized officer of the Guarantor or attorney-in-fact who shall have
signed any Guarantee shall cease to hold such office or be such
attorney-in-fact before the Note endorsed with the Guarantee so signed shall be
authenticated and delivered by the Fiscal and Paying Agent or disposed of by
the relevant Issuer, such Note or coupon nevertheless may be authenticated and
delivered or disposed of as though the person who signed such Guarantee endorsed
on such Note had not ceased to hold such office or be such attorney-in-fact;
and any Guarantee may be signed on behalf of the Guarantor by any person who,
as at the actual date of the execution of such Guarantee, shall hold such
office or be an attorney-in-fact, although at the date of the execution and
delivery of this Agreement any such person did not hold such office or was not
an attorney-in-fact. 

          (c)
Authentication of temporary global Notes. Unless otherwise specified in
the applicable Corporate Order or by the relevant Dealer or Dealers, each
Tranche of Bearer Notes, including any Tranche of Additional Notes issued prior to the Exchange Date for a prior Tranche of Bearer Notes of the
same Series, shall initially be issued in the form of a single temporary global
Note. The temporary global Notes shall be authenticated by the Fiscal and
Paying Agent or by a duly authorized officer or attorney-in-fact of the Fiscal
and Paying Agent, upon the same conditions, in substantially the same manner
and with the same effect as the definitive Notes, and shall be deposited with a
common depositary (the “Common Depositary”) (if the temporary global Note is a CGN) or
specified common safekeeper (the “Common Safekeeper”) (if the temporary global Note is a NGN) for
the accounts of Euroclear and Clearstream, Luxembourg or any other recognized
and agreed clearance system (in the case of a CGN). In the case of the
temporary global Note which is a Eurosystem-eligible NGN, the Fiscal and Paying
Agent will instruct the Common Safekeeper to effectuate the same. The Fiscal
and Paying Agent shall instruct Euroclear and Clearstream, Luxembourg to make
appropriate entries in their records to reflect the initial outstanding
aggregrate principal amount of the relevant Tranche of Notes (if the temporary
global Note is an NGN) and credit the respective securities clearance accounts
of the relevant Dealers (or to such other accounts as they may have directed)
maintained with Euroclear, Clearstream, Luxembourg or other recognized and
agreed clearance system. For purposes of this Agreement “Exchange
Date” for any Series
of Notes shall mean the first Business Day that is at least 40 days after the
issue date of such Series; provided that in the event a Tranche of Additional
Notes of the same Series is issued prior to the Exchange Date of a prior 

6

Tranche
of such Series (as such
Exchange Date may have been extended pursuant to this sentence), such
Exchange Date shall be extended (or further extended, as the case may be) to a
date not earlier than 40 days after the issue date of such subsequent Tranche;
provided however, in no event shall the Exchange Date for any Tranche of Notes
be extended to a date more than 160 days after their issue date. No such
exchange will be made on a day that is not
a London Business
Day, but shall instead be made on the next succeeding day that is a
London Business Day. For the purposes of this Clause 3(c) “London Business Day” means a day upon which
banks are generally open for business (including dealings in foreign currency)
in London, England. 

          (d)
Exchange of temporary global Bearer Notes; certification requirements.
On or up to 10 days prior to the Exchange Date for any Series of Notes held in
temporary global form, the holders of such temporary global Note shall deliver
to Euroclear, Clearstream, Luxembourg or other recognized and agreed clearance
system, as the case may be, in accordance with the rules of the relevant
clearance system, certification of non-U.S. beneficial ownership substantially
similar to the form set forth in Exhibit B-1. On or after the Exchange Date for
any Series of Notes, upon the request of the Common Depositary (in the case of
a CGN) or the common service provider as described in Appendix 1 hereto (a “Common Service Provider”) (in the case of a
NGN), acting on behalf of Euroclear, Clearstream, Luxembourg or such other
clearance system (in the case of a CGN), acting in turn on behalf of such
holders, the Fiscal and Paying Agent shall authenticate a permanent global Note
in bearer form or (if specified in the applicable Corporate Order) definitive
Bearer Notes and/or definitive Registered Notes in the amounts requested in an
aggregate principal amount equal to the aggregate principal amount of the
temporary global Note beneficially owned by such owners, but only upon delivery
by Euroclear, Clearstream, Luxembourg and/or such other clearance system,
acting on behalf of such owners, to the Fiscal and Paying Agent or its duly
authorized attorney-in-fact of certification of non-U.S. beneficial ownership
substantially similar to the form set forth in Exhibit B-2.
Such permanent global Note, if any, shall be authenticated by the Fiscal and
Paying Agent or by a duly authorized officer or attorney-in-fact of the Fiscal
and Paying Agent, upon the same conditions, in substantially the same manner
and with the same effect as the definitive Notes, and shall be deposited with
the Common Depositary (if the permanent global Note is a CGN) or the Common
Safekeeper (if the permanent global Note is a NGN) for the accounts of
Euroclear, Clearstream, Luxembourg and/or such other clearance system (in the
case of a CGN) for credit to the respective accounts of such holders. In the
case of a permanent global Note which is a Eurosystem-eligible NGN, the Fiscal
and Paying Agent shall instruct the Common Safekeeper to effectuate the same. 

          Upon
any such exchange of all or a portion of a temporary global Note for a
permanent global Note or definitive Notes, the Fiscal and Paying Agent shall
(i) in the case of a permanent global Note which is a NGN, instruct Euroclear
and Clearstream, Luxembourg to make appropriate entries in their records to
reflect such exchange or (ii) in the case of any global Note which is a CGN,
procure that the relevant global Note be endorsed by the Fiscal and Paying
Agent or its duly authorized attorney-in-fact to reflect the reduction of its
principal amount by an amount equal to the aggregate principal amount of such
permanent global Note or definitive Notes as to which certification has been
provided as set forth in the preceding paragraph. 

          (e)
Delivery of authenticated global Note by electronic means. Where the
Fiscal and Paying Agent delivers any authenticated global Note which is either
an NGN or a global Registered Note issued under the NSS to a Common Safekeeper
for effectuation using electronic means, it is authorised and instructed to
destroy such global Note retained by it following its receipt of confirmation
from the Common Safekeeper that the relevant global Note has been effectuated. 

7

          (f)
Exchange of permanent global Note; certification requirements. Holders of
Notes desiring to exchange their interests in any permanent global Note for
definitive Notes in bearer form or (if the relevant Corporate Order so allows)
for definitive Notes in registered form shall instruct Euroclear, Clearstream, Luxembourg or such other clearance system, as
the case may be, to request such exchange on their behalf and shall deliver to
Euroclear, Clearstream, Luxembourg or such other clearance system, as the case
may be, a certificate substantially in the form set forth in Exhibit C-1
hereto, copies of which certificate shall be available at the offices of
Euroclear, Clearstream, Luxembourg or such other clearance system, the Fiscal
and Paying Agent and each other paying agent of the relevant Issuer and (in the
case of Notes issued by an Issuer other than GE Capital) the Guarantor. Upon
the request of the Common Depositary (in the case of a CGN) or the Common
Service Provider (in the case of a NGN), acting on behalf of Euroclear,
Clearstream, Luxembourg and/or such other clearance system (in the case of a
CGN), acting in turn on behalf of such holders, the Fiscal and Paying Agent
shall, upon 30 days’ written notice, authenticate and deliver outside the
United States and outside the jurisdiction of incorporation or organization
of the relevant Issuer (except in compliance with the securities and other laws
and regulations of such jurisdiction, including any applicable laws and
regulations of any political subdivision thereof) to or for the account of such
holders, definitive Notes in an aggregate principal amount equal to the
aggregate principal amount of such permanent global Note, but only upon
delivery by Euroclear, Clearstream, Luxembourg and/or such other clearance
system, acting on behalf of such owners, to the Fiscal and Paying Agent or its
duly authorized attorney-in-fact of a certificate or certificates
substantially in the form
set forth in Exhibit C-2 hereto. All expenses incurred as a result of any such
exchange shall be paid by the relevant Issuer or (in the case of Notes issued
by an Issuer other than GE Capital) the Guarantor. Notwithstanding anything to
the contrary contained in this subsection 3(e), the Fiscal Agent shall not be
required to exchange the entire aggregate principal amount of a permanent
global Note for definitive Bearer Notes in the event holders of less than the
entire aggregate principal amount of the permanent global Note have requested
definitive Bearer Notes, but only to the extent that the operating rules and
regulations of the clearance system then in effect would permit less than the
entire aggregate principal amount of the permanent global Note to be so
exchanged. 

          Each
permanent global Note shall in all respects be entitled to the same benefits
under this Agreement as definitive Notes authenticated and delivered hereunder.

          Any
certification referred to in Section 3(c) or (d) above which is delivered to
the Fiscal and Paying Agent by Euroclear, Clearstream, Luxembourg or such other
clearance system, as the case may be, may be relied upon by the Fiscal and
Paying Agent as conclusive evidence that the corresponding certification or
certifications of the holder or holders have been delivered to Euroclear,
Clearstream, Luxembourg or such other clearance system, as the case may be,
pursuant to the terms of this Agreement and the terms of the Notes. 

          (g)
Authentication of Registered Notes. If so specified in the applicable
Corporate Order, Notes of any Series may be issued in fully registered form.
Such Corporate Order will specify whether Registered Notes of such Series may
be issued in exchange for Bearer Notes of such Series and whether the Notes of
such Series may initially be issued in permanent global or definitive form. In
the case of permanent global Registered Notes, (i) if the global Registered
Note is intended to be issued under the CSS, it shall be registered in the name
of a nominee for and deposited with the Common Depositary for the accounts of
Euroclear, Clearstream, Luxembourg, and/or another recognized clearance system,
or (ii) if the global Registered Note is intended to be issued under the NSS,
it shall be registered in the name of a nominee of the Common Safekeeper for
Euroclear and Clearstream, Luxembourg, in each case for credit to the
respective securities clearance accounts of the relevant Dealer (or to such
other accounts as they 

8

may
have directed) maintained with Euroclear, Clearstream, Luxembourg, another
clearance system or The Depository Trust Company in New York City for credit to
the respective accounts of the relevant Dealers (or to such other accounts as
they may have directed) maintained with The Depository Trust Company or such
other clearance and settlement organization as is specified in the applicable
Corporate Order. Unless otherwise specified in the applicable Corporate Order
or by the relevant Dealer or Dealers, each Tranche of global Registered Notes, shall initially be
issued in the form
of a single global
Registered Note. The global Registered Note shall be authenticated by the Fiscal and Paying Agent or by a duly authorized
officer or attorney-in-fact of the Fiscal and Paying Agent, upon the same
conditions, in substantially the
same manner and with the same effect as any definitive Registered Notes, and
shall be registered in the name of a nominee for, and deposited with the Common
Depository (if the global Registered Note is issued under the CSS) or the Common
Safekeeper (if the global Registered Note is issued under the NSS) for the
accounts of Euroclear and Clearstream, Luxembourg or any other recognized and
agreed clearance system (in the case of a CSS). If the global Registered Note
is intended to be a Eurosystem-eligible NSS, the Fiscal and Paying Agent will
instruct the Common Safekeeper to effectuate the same.  

          4. Exchange and Registration
of Transfer of Notes. 

          (a)
Exchange of Registered Notes. Registered Notes of any Series may be
exchanged for a like aggregate principal amount of Registered Notes of the same
Series of other authorized denominations. Bearer Notes will not be issuable in
exchange for Registered Notes. 

          If
so provided in the relevant Corporate Order, Bearer Notes of any Series (with
all unmatured coupons, if any, and all matured coupons, if any, then in
default, attached thereto) will be exchangeable (upon the terms, set forth in
Section 3) for Registered Notes of the same Series of any authorized denominations
and in an equal aggregate
principal amount. Bearer Notes
surrendered in exchange for Registered Notes after the close of business on (i)
any record date with respect to any regular payment of interest and before the
opening of business at such office on the relevant interest payment date or
(ii) any record date to be established for the payment of defaulted interest
and before the opening of business on the related proposed date for payment of
defaulted interest, shall be surrendered without the coupon relating to such
date for payment of interest. 

          Notes
to be exchanged pursuant to the preceding two paragraphs shall be surrendered,
at the option of the holders thereof, either at the office or agency designated
and maintained by the relevant Issuer and (in the case of Notes issued by an
Issuer other than GE Capital) the Guarantor for such purpose in accordance with
the provisions of Section 5 or at any of such other offices or agencies as may
be designated and maintained by such Issuer and the Guarantor (in the case of
Notes issued by an Issuer other than GE Capital) for such purpose in accordance
with the provisions of Section 5, and such Issuer shall execute and register,
the Guarantor shall (in the case of Notes issued by an Issuer other than GE
Capital) cause the Guarantee to be endorsed thereon and
the Fiscal and Paying Agent shall authenticate and deliver in exchange therefor
the Note or Notes which the Noteholder making the exchange shall be entitled to
receive. The term “Noteholder”, “holder of Notes” or
other similar terms, shall mean, (a) with respect to any Registered Note, the
person in whose name at the time such Registered Note is registered on the
books of the relevant Issuer kept for that purpose in accordance with the terms
hereof or (b) with respect to any Bearer Note, the bearer thereof. Each person
designated by the relevant Issuer as a person authorized to register and
register transfer of the Notes is sometimes herein referred to as a “Registrar”.
In no event shall such Issuer
designate more than one Registrar for
each Series of Registered Notes.
No person shall at any time be designated as or act as a Registrar unless such
person is at such time 

9

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. 

          (b)
Transfers of Registered Notes. Each Registrar shall keep, at each such
office or agency outside of the United Kingdom, a register for each Series of
Notes (for which it has been appointed Registrar) issuable in registered form
(the registers of all Registrars being herein sometimes collectively referred
to as the “Register”) in which,
subject to such reasonable regulations as it may prescribe, the Registrar shall
register Registered Notes and shall register the transfer of Registered Notes as herein provided. The 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 Register shall be
open for inspection by the relevant Issuer, the Guarantor (in the case of Notes
issued by an Issuer other than GE Capital), the Fiscal and Paying Agent and any
Registrar. Upon due presentment for registration of transfer of any Registered
Note of any Series at any designated office or agency, such Issuer shall
execute, the Guarantor shall (in the case of Notes issued by an Issuer other
than GE Capital) cause the Guarantee to be endorsed thereon, the Registrar
shall register and the Fiscal and Paying Agent shall authenticate and deliver
in the name of the transferee or transferees a new Registered Note or
Registered Notes of the same Series for an equal aggregate principal amount.
Registration or registration of transfer of any Registered Note by any
Registrar in the Register maintained by such Registrar, and delivery of such
Registered Note, duly authenticated, shall be deemed to complete the
registration or registration of transfer of such Registered Note.  

          All
Registered Notes presented for registration of transfer or for exchange,
redemption, repayment or payment shall (i) be duly endorsed by, or be
accompanied by a written instrument or instruments of transfer or exchange in
form satisfactory to the Issuer, the Guarantor (in the case of Notes issued by
an Issuer other than GE Capital) and the Registrar duly executed by, the holder
or his attorney duly authorized in writing and (ii) be accompanied by a duly
completed Form W-8BEN or other applicable form required by the United States Internal
Revenue Code of 1986, as amended, of the transferee. 

          If
so specified in the applicable Corporate Order, the transfer of some or all of
the Registered Notes of any Series may be subject to the
restrictions set forth therein. If so specified in such Corporate Order, the
Registrar for such Notes shall not register the transfer of any such Notes
absent compliance with such restrictions. 

          (c)
Exchange and transfer of Bearer Notes. Bearer Notes in definitive form of any Series will be exchangeable for Bearer Notes in definitive form
of the same Series in other authorized denominations, in an equal aggregate
principal amount. Bearer Notes to be so exchanged shall be surrendered, at the
option of the holders thereof, at the office of any Paying Agent appointed by
the relevant Issuer and (in the case of Notes issued by an Issuer other than GE
Capital) the Guarantor to perform such service in accordance with the
provisions of Section 5, and such Issuer shall execute, the Guarantor shall (in
the case of Notes issued by an Issuer other than GE Capital) cause the
Guarantee to be endorsed thereon and such Paying Agent shall authenticate and
deliver in exchange therefor the Bearer Note or Notes which the Noteholder
making the exchange shall be entitled to receive. Bearer Notes and any coupons appertaining thereto will be
transferable by delivery.  

          (d)
Repository of master list of holders of Registered Notes. The relevant
Issuer will at all times designate one person (who may be such Issuer and who
need not be the Registrar of any Series) to act as repository of a master list
of names and addresses of the holders of the Registered Notes. The Bank 

10

of
New York Mellon (Luxembourg) S.A. shall act as such repository unless and until
some other person is, by written notice from such Issuer to The Bank of New
York Mellon (Luxembourg) S.A., copied to the fiscal and paying agent and each
Registrar, designated by such Issuer to act as such. Such Issuer shall cause
each Registrar to furnish to such repository, on a current basis, such
information as to all registrations of transfer and exchanges effected by such
Registrar, as may be necessary to enable such repository to maintain such
master list on as current a basis as is practicable. For so long as any
permanent global Registered Note is held under the NSS, a nominee for the
Common Safekeeper for Euroclear and Clearstream, Luxembourg shall be the
registered holder of such Notes and the permanent global Registered Note
representing such Notes shall include a legend to the foregoing effect. 

          (e)
Miscellaneous. Except as provided in Section 3(d), no service charge
shall be made for any exchange or registration of transfer of Notes, but the
relevant Issuer and (in the case of Notes issued by an Issuer other than GE
Capital) the Guarantor may require payment of a sum sufficient to cover any
transfer taxes or other governmental charge that may be imposed in connection
therewith. 

          The
relevant Issuer shall not be required (i) to issue, register the transfer of or
exchange Notes to be redeemed for a period of fifteen calendar days preceding
the first publication of the relevant notice of redemption, or if Registered
Notes are outstanding and there is no publication, the mailing of the relevant
notice of redemption, or (ii) to register the transfer of or exchange any
Registered Notes selected for redemption, in whole or in part, except the
unredeemed portion of any such Registered Notes being redeemed in part, or
(iii) to exchange any Bearer Notes selected for redemption, except that such
Bearer Notes may be exchanged for Registered Notes of like tenor, provided that
such Registered Notes shall be simultaneously surrendered for redemption or
(iv) to register transfer of or exchange any Notes surrendered for optional
repayment, in whole or in part. 

          Notwithstanding
anything herein or in the terms of any Notes to the contrary, none of the
relevant Issuer, the Fiscal and Paying Agent or any agent of such Issuer or the
Fiscal and Paying Agent shall be required to exchange any Bearer Note for a
Registered Note if such exchange would result in adverse income tax
consequences to such Issuer (such as, for example, the inability of such Issuer
to deduct from its income, as computed for income tax purposes, the interest
payable on the Bearer Notes) under (i) then applicable United States Federal
income tax laws, or (ii) in the case of an Issuer other than GE Capital, then
applicable income tax laws or regulations of the jurisdiction of incorporation
or organization of the Issuer or any political subdivision thereof or therein. 

          5. Payments of Principal, Premium and Interest;
Paying Agents. 

          (a)
Payment generally. In order to provide for the payment of the principal
of, premium and interest on each Series of Notes as the same shall become due
and payable on any payment date, the relevant Issuer hereby agrees to pay to
the Fiscal and Paying Agent at the place and in the manner specified below or
to such account or at such offices of any paying agent outside of the United
States and, in the case of Notes issued by an Issuer other than GE Capital,
outside the jurisdiction of incorporation or organization of the relevant
Issuer, as the Fiscal and Paying Agent shall specify in writing to such Issuer
and (in the case of Notes issued by an Issuer other than GE Capital) the
Guarantor, such writing to be delivered not less than five calendar days prior
to the payment date, in such currency or currency units as shall be required to
make the payment due on such payment date, on each interest payment date and on
the maturity date of such Series of Notes or any date fixed for redemption or
acceleration of such Series of Notes (in each case determined in accordance
with the terms of such Notes), in immediately available funds available on such
interest payment, maturity, redemption or acceleration date, as the case may
be, in 

11

an
aggregate amount which (together with any funds then held by the Fiscal and
Paying Agent and available for the purpose) shall be sufficient to pay the
entire amount of the principal of, premium and interest on such Series of Notes
(including Additional Amounts (as defined below), if any, becoming due on such
interest payment, maturity, redemption or acceleration date), and the Fiscal
and Paying Agent shall hold such amount in trust and apply it to the payment of
any such principal, premium or interest on such interest payment, maturity,
redemption or acceleration date. Nothing contained herein shall be construed to
require the Fiscal and Paying Agent or any other
paying agent to make any payment
to the holder of a Note until funds have
been received from the relevant Issuer
pursuant to this Section.  

          (b)
Payments on temporary global Notes; certification requirements. Holders
of any temporary global Note may receive interest payments prior to the
Exchange Date of such temporary global Note; provided such holders deliver (in
accordance with the rules of the relevant clearance system) certification of
non-U.S. beneficial ownership substantially similar to the form set forth in
Exhibit B-1 and instruct Euroclear, Clearstream, Luxembourg or, if specified in
the Corporate Order, other recognized clearance system to request such interest
payment on their behalf. Upon the request of the Common Depositary (in the case
of a CGN) or the Common Service Provider (in the case of a NGN), acting on
behalf of Euroclear, Clearstream, Luxembourg or such other clearance system,
acting in turn on behalf of holders of Notes, the Fiscal and Paying Agent shall
make payments of interest to the holders of interests in temporary global
Notes, but only upon delivery by Euroclear, Clearstream, Luxembourg, or such
other clearance system, acting on behalf of such owners, to the Fiscal and Paying
Agent or its duly authorized attorney-in-fact of a certificate or certificates
of non-U.S. beneficial ownership substantially similar to the form set forth in
Exhibit B-2. 

          In
the event of redemption or acceleration of all or any part of any temporary
global Note prior to its Exchange Date, holders will be entitled to receive
payment on or after the date fixed for such redemption or on which such
acceleration occurs upon compliance by such holders and Euroclear, Clearstream,
Luxembourg or such other clearance system, as applicable, with the provisions
of the preceding paragraph of this Section. 

          (c)
Payments on Registered Notes. The person in whose name any Registered
Note of a particular Series is registered at the close of business or 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 Registered Note
upon any registration of transfer or exchange subsequent to the Record Date and
prior to such interest payment date; provided however, that (i) if and to the
extent that the relevant Issuer shall default in the payment of the interest on
such interest payment date, such defaulted interest shall be paid to the
persons in whose names outstanding Registered Notes of such Series are
registered on a subsequent Record Date established by notice given by mail by
or on behalf of such Issuer to the holders of such Registered Notes not less
than 15 calendar days preceding such subsequent Record Date, such Record Date
to be not less than five calendar days preceding
the date or payment of such defaulted interest and (ii) interest payable at maturity, redemption or repayment
of such Registered Note shall be payable to the person to whom principal shall
be payable. The term “Record Date”
as used in this Section with respect to any regular interest payment date,
shall mean the calendar day preceding such interest payment date, whether or
not such calendar day shall be a Business Day (as defined in Section 22).  

          Interest
on Registered Notes may at the option of the relevant Issuer be paid by check
mailed to the persons entitled thereto at their respective addresses as such
appear in the Register, or, at the option of any holder of $5,000,000 (or the
equivalent thereof in one or more foreign or composite currencies) or 

12

more
aggregate principal amount of Registered Notes of any Series and subject to
applicable laws and regulations, be made by transfer to an account denominated
in the currency in which such payment is to be made, maintained by such holder,
if appropriate wire transfer instructions have been received by such Issuer or
its agent not less than 10 calendar days prior to the applicable interest
payment date. 

          (d)
Payments on Bearer Notes. Payments on Bearer Notes or the coupons
appertaining thereto will, upon presentation of such Notes or coupons at a
designated office outside of the United States, at the holder’s option and
subject to applicable laws and regulations, be made by check or wire transfer
to an account denominated in the Specified Currency (unless otherwise provided
in the applicable Corporate Order) in which such payment is to be made, maintained
by such holder with a bank outside the United States and (in the case of Notes
issued by an Issuer other than GE Capital) outside the jurisdiction of
organization of the Issuer, if appropriate wire transfer instructions have been
received by the relevant Issuer or its agent not less than 10 calendar days
prior to the applicable interest payment date. 

          The
relevant Issuer will maintain one or more offices or agencies in a city or
cities located outside the United States and (in the case of Notes issued by an
Issuer other than GE Capital) outside the country of incorporation or
organization of the relevant Issuer (including any city or country in which
such an agency is required to be maintained under the rules of any stock
exchange on which any of the Notes are listed) where any Bearer Notes issued
hereunder and coupons, if any, appertaining thereto may be presented for
payment. No payment on any Bearer Note or coupon will be made upon presentation
of such Bearer Note or coupon at an agency of the relevant Issuer or the
Guarantor, as the case may be, within the United States or (in the case of Notes issued by an Issuer other than
GE Capital) within the country of incorporation or organization of the relevant
Issuer nor will any payment be made by transfer to an account in, or by check
mailed to an address in, the United States or (in the case of Notes issued by
an Issuer other than GE Capital) in the country of incorporation or
organization of the relevant Issuer unless pursuant to applicable United States
law or the laws or regulations of the country of incorporation or organization
of the relevant Issuer or any political subdivision thereof or therein (in the
case of Notes issued by an Issuer other than GE Capital) then in effect, such
payment can be made without adverse tax consequences to such Issuer.
Notwithstanding the foregoing, (a) payments in U.S. dollars on Bearer Notes and
coupons appertaining thereto may be made at an agency of such Issuer maintained
in the Borough of Manhattan, The City of New York if such payment in U.S.
dollars at each agency maintained by such Issuer outside the United States for
payment on such Bearer Notes is illegal or effectively precluded by exchange
controls or other similar restrictions, (b) payments in Canadian dollars on
Bearer Notes and Coupons appertaining thereto may be made at an agency of such
Issuer maintained in the City of Toronto if such payment in Canadian dollars at
each agency maintained by such Issuer outside Canada for payment on such Bearer
Notes is illegal or effectively precluded by exchange controls or similar
restrictions, and (c) (in the case of Notes issued by an Issuer other than GE
Capital) payments in such other currencies on Bearer Notes and Coupons
appertaining thereto may be made at such location within the country of
incorporation or organization of the relevant Issuer (other than the United
States) as may be specified in the applicable Corporate Order or otherwise as
permitted by applicable laws and regulations of such country or any political
subdivision thereof or therein.  

          (e)
Place of payment. As long as any Registered Notes remain outstanding
hereunder, the relevant Issuer will designate and maintain in London, England
an office or agency where such Registered Notes may be presented for payment,
and where such Notes may be presented for registration of transfer and for
exchange as provided in this Agreement and, for so long as any Registered Notes
are listed and/or admitted to trading on or by any stock exchange, competent
authority and or market there will at all times be an office or agency for such
purposes with a specified office in each location required 

13

by
the rules and regulations of the relevant stock exchange(s), competent
authority(ies) and/or market(s), provided always that the Register for such
Registered Notes shall be maintained outside of the United Kingdom. 

          The
relevant Issuer may from time
to time designate one or more additional offices or agencies where Notes and any coupons appertaining thereto
may be presented for payment, where Notes may be presented for exchange as
provided in this Agreement and where Registered Notes may be presented for
registration of transfer as in this Agreement provided, and such Issuer may
from time to time rescind any such designation, as such Issuer may deem
desirable or expedient; provided, however, that no such designation or
rescission shall in any manner relieve such Issuer of its obligation to
maintain the agencies provided for in this Section. Such Issuer will give to
the Fiscal and Paying Agent prompt written notice of any such designation or
rescission thereof.  

          The
relevant Issuer will give to the Fiscal and Paying Agent written notice of the
location of each such office or agency and of any change of location thereof.
In case such Issuer 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 Fiscal and Paying Agent in
London, England. 

          The
relevant Issuer and (in the case of Notes issued by an Issuer other than GE
Capital) the Guarantor hereby initially designates the offices of The Bank of
New York Mellon (Luxembourg) S.A. as the office or agency where Registered
Notes may be presented for payment, for registration of transfer and for
exchange as in this Agreement provided. Such office of The Bank of New York
Mellon (Luxembourg) S.A. is also designated as repository pursuant to Section 4
for the master list of the names
and addresses of the holders of Registered Notes. 

          (f)
Payments by the Guarantor. If the relevant Issuer shall fail to provide
for the amounts payable on any Notes issued by an Issuer other than GE Capital,
or coupons appertaining thereto, if any, the Guarantor shall, subject to its
right to avail itself of defenses under all relevant laws for the prescription
of actions in respect of such Notes and coupons appertaining thereto, forthwith
upon receipt of notice of such failure from the Fiscal and Paying Agent (who
shall give such notice forthwith upon such failure) deliver or cause to be
delivered to the Fiscal and Paying Agent the amount thereof (to the extent that
the
same has not then been delivered by the relevant Issuer), which amount shall be held
and applied in payment of
such amounts by the Fiscal Agent and Paying Agent in all respects as if
received from the relevant Issuer under this Agreement.  

          (g)
Taxes; foreign exchange clearance. The Fiscal Agent hereby agrees to use
its best efforts to obtain, prior to any payment date on the Notes, any tax or
foreign exchange clearance or other authorization required under the laws of
the United States or of the country of incorporation or organization of the
relevant Issuer (in the case of Notes issued by an Issuer other than GE
Capital) or any political subdivision thereof or therein or any applicable
foreign country or other authority with respect to the payment to be made on
the Notes on such date. 

          6. Redemption; Sinking Funds; Repayment at the
Option of the Holder. 

          (a)
The provisions of this Section shall be applicable, as the case may be, (i) to
any Notes which are redeemable or subject to repayment at the option of the
holder before their maturity and (ii) to any sinking fund for the retirement of
any Notes, in either case except as otherwise specified as contemplated by
Section 2 for any Series of Notes. 

14

          The
minimum amount of any sinking fund payment provided for by the terms of any Notes
is herein referred to as a “mandatory sinking
fund payment”, and any payment in excess of such minimum amount
provided for by the terms of such Notes is herein referred to as an “optional sinking fund payment”. 

          In
case the relevant Issuer shall desire to exercise any right to redeem all, or,
as the case may be, any part of, the Notes of any Series in accordance with
their terms, it shall fix a date for redemption. Notice of redemption to the
holders of Registered Notes to be redeemed in whole or in part at the option of
such Issuer 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 such holders at their last addresses as they shall
appear in the Register. Notice of redemption to holders of Bearer Notes shall
be published in one leading English language daily newspaper with general
circulation in London, England or, if publication in London is not practical, elsewhere in Western Europe. Notice of redemption to
holders of Bearer Notes that have been listed on any stock exchange, competent
authority and/or market shall be published in accordance with the applicable
rules and regulations promulgated by such exchange, competent authority and/or
market. The term “daily newspaper”
shall mean a newspaper customarily published on each business day in morning
editions, whether or not it shall be published in Saturday, Sunday or holiday
editions. Such notice is expected to be published in the Financial Times, and
shall be published at least once a week for three successive
weeks prior to the date fixed for redemption, the first such publication to be
not less than 30 days nor more than 60 days prior to the date fixed for
redemption. If by reason of the temporary or permanent suspension of
publication of any newspaper or by reason of any other cause, it shall be
impossible to make publication of such notice in a daily newspaper as herein
provided, then such publication or other notice in lieu thereof as shall be
made by the Fiscal and Paying Agent shall constitute sufficient publication of
such notice, if such publication or other notice shall, so far as may be
possible, approximate the terms and conditions of the publication in lieu of which
it is given. The Fiscal and Paying Agent shall promptly furnish to the relevant
Issuer and to each other paying agent of such Issuer a copy of each notice of
redemption so published. Any notice if given in the manner herein provided
shall be conclusively presumed to have been duly given, whether or not the
holder receives such notice. In any case, failure to give notice or any defect
in the notice to the holder of any Note of a Series designated for redemption
in whole or in part shall not affect the validity of the proceedings for the
redemption of any other Note of such Series.  

          Each
such notice of redemption shall specify the date fixed for redemption, the
redemption price at which the Notes of such Series are to be redeemed, the
place or places of payment, that payment will be made upon presentation and
surrender of such Notes and, in the case of Notes issued with coupons, of all
coupons appertaining thereto maturing after the date fixed for redemption, 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. If less than all the
Notes of a Series are to be redeemed the notice of redemption shall specify the
number or numbers of the Notes to be redeemed. In case any Note 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 Note, a new Note or
Notes of the same Series in principal amount equal to the unredeemed portion thereof,
together with any unmatured coupons appertaining thereto, will be issued.  

          On
or prior to the redemption date specified in the notice of redemption given as
provided in this Section, the relevant Issuer will deposit with the Fiscal and
Paying Agent or with one or more paying agents an amount of money sufficient to
redeem on the redemption date all the Notes or portions thereof 

15

so
called for redemption, together with accrued interest to the date fixed for
redemption. If less than all the Notes of a Series are to be redeemed such
Issuer will give the Fiscal and Paying Agent notice not less than 60 days prior
to the redemption date as to the aggregate principal amount of Notes of such
Series to be redeemed and the Fiscal and Paying Agent shall select or cause to
be selected, in such manner as in its sole discretion it shall deem appropriate
and fair, the Notes or portions thereof to be redeemed. Notes of a Series may
be redeemed in part only in multiples of the smallest authorized denomination
of that Series. 

          (b)
If notice of redemption has been given as provided in this Section, the Notes
or portions of Notes 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 the applicable redemption price
together with any interest accrued to the date fixed for redemption, and on and
after said date (unless the relevant Issuer shall default in the payment of
Notes or portions of such Notes, together with any interest accrued to said
date) any interest on the Notes or portions of Notes of such Series so called
for redemption shall cease to accrue, and the unmatured coupons, if any,
appertaining thereto shall be void. On presentation and surrender of such Notes
at a place of payment in said notice specified, together with all coupons, if
any, appertaining thereto maturing after the date fixed for redemption, the
said Notes or the specified portions thereof shall be paid and redeemed by the
relevant Issuer at the applicable redemption price, together with any interest
accrued thereon to the date fixed for redemption; provided, however, that
payment of interest becoming due on the date fixed for redemption shall be
payable in the case of Notes with coupons attached thereto, to the holders of
the coupons for such interest upon surrender thereof, and in the case of
Registered Notes, to the persons to whom the principal thereof shall be
payable. 

          If
any Note issued with coupons is surrendered for redemption and is not
accompanied by all appurtenant coupons maturing after the date fixed for
redemption, the surrender of such missing coupon or coupons may be waived by
the relevant Issuer and the Fiscal and Paying Agent, if there be furnished to
each of them such security or indemnity as they may require to save each of
them harmless. 

          Upon
presentation of any Note redeemed in part only, the relevant Issuer shall
execute and the Fiscal and Paying Agent shall authenticate and deliver to the
holder thereof, at the expense of such Issuer, a new Note or Notes of the same
Series, of authorized denominations, together with all unmatured coupons, if
any, appertaining thereto, in aggregate principal amount equal to the
unredeemed portion of the Note so presented. 

          In
lieu of making all or any part of any mandatory sinking fund payment with respect
to any Notes in cash the relevant Issuer may at its option (a) deliver to the
Fiscal and Paying Agent Notes, together with all unmatured coupons, if any,
appertaining thereto, of the same Series theretofore purchased or otherwise
acquired by such Issuer, or (b) receive credit for the principal amount of
Notes of the same Series which have been redeemed either at the election of
such Issuer pursuant to the terms of such Notes or through the application of
permitted optional sinking fund payments pursuant to the terms of such Notes;
provided that such Notes have not previously been so credited. Such Notes shall
be received and credited for such purpose by the Fiscal and Paying Agent at the
redemption price specified in such Notes for redemption through operation of
the sinking fund and the amount of such mandatory sinking fund payment shall be
reduced accordingly. 

          Not
less than 60 days prior to each sinking fund payment date for any Notes, the
relevant Issuer will deliver to the Fiscal and Paying Agent a certificate
signed by an Issuer Authorized Representative specifying the amount of the next
ensuing sinking fund payment for such Notes pursuant to the terms thereof, the
portion thereof, if any, which is to be satisfied by payment of cash (which cash
may be 

16

deposited
with the Fiscal and Paying Agent or with one or more paying agents) and the
portion thereof, if any, which is to be satisfied by delivering and crediting
Notes of the same Series pursuant to this Section (which Notes, if not theretofore
delivered, will accompany such certificate) and whether such Issuer intends to
exercise its right to make a permitted optional sinking fund payment with
respect to such Notes. Such certificate shall also state that no Event of
Default (as defined in Section 8 below) has occurred and is continuing with
respect to such Notes. Such certificate shall be irrevocable and upon its
delivery the relevant Issuer shall be obligated to make the cash payment or
payments therein referred to, if any, on or before the next succeeding sinking
fund payment date. In the case of the failure of the relevant Issuer to deliver
such certificate (or to deliver the Notes specified in this paragraph), the
sinking fund payment due on the next succeeding sinking fund payment date for
such Notes shall be paid entirely in cash and shall be sufficient to redeem the
principal amount of such Notes subject to a mandatory sinking fund payment
without the option to deliver or credit Notes as provided in this Section and
without the right to make any optional sinking fund payment, if any, with
respect to such Notes. 

          Any
sinking fund payment or payments (mandatory or optional) made in cash plus any
unused balance of any preceding sinking fund payments made in cash which shall
equal or exceed 100,000 units of the Specified Currency with respect to the
particular Series (or a lesser sum if the relevant Issuer shall so request or
determine) with respect to any Notes shall be applied by the Fiscal and Paying
Agent on the sinking fund payment date on which such payment is made (or, if
such payment is made before a sinking fund payment date, on the next sinking
fund payment date following the date of such payment) to the redemption of such
Notes at the redemption price specified in such Notes for operation of the
sinking fund together with accrued interest, if any, to the date fixed for
redemption. Any sinking fund moneys not so applied or allocated by the Fiscal
and Paying Agent to the redemption of Notes shall be added to the next cash
sinking fund payment received by the Fiscal and Paying Agent for such Notes
and, together with such payment (or such amount so segregated) shall be applied
in accordance with the provisions of this Section. Any and all sinking fund
moneys with respect to any Notes held by the Fiscal and Paying Agent on the
last sinking fund payment date with respect to such Notes and not held for the
payment or redemption of particular Notes of such Series shall be applied by
the Fiscal and Paying Agent, together with other moneys, if necessary, to be
deposited (or segregated) sufficient for the purpose, to the payment of the
principal of the Notes of that Series at maturity. 

          The
Fiscal and Paying Agent shall select or cause to be selected the Notes to be
redeemed upon such sinking fund payment date in the manner specified in the
last paragraph of subsection (a) and the relevant Issuer shall cause notice of the redemption thereof to be given in the manner
provided in subsection (b) except that the notice of redemption shall also
state that the Notes are being redeemed by operation of the sinking fund. Such
notice having been duly given, the redemption of such Notes shall be made upon
any Series of Notes the terms and in the manner stated in subsection (b). 

          On
or before each sinking fund payment date, the relevant Issuer shall pay to the
Fiscal and Paying Agent in cash a sum equal to any interest accrued to the date
fixed for redemption of Notes or portions thereof to be redeemed on such sinking
fund payment date pursuant to this Section. 

          Neither
the Fiscal and Paying Agent nor the relevant Issuer shall redeem any Notes of
any Series with sinking fund moneys or give any notice of redemption of such
Notes by operation of the sinking fund for such Series during the continuance
of a default in payment of interest, if any, on such Notes or of any Event of
Default (other than an Event of Default occurring as a consequence of this
paragraph) with respect to Notes of such Series, except that if the notice of
redemption of any such Notes shall theretofore have been given in accordance
with the provisions hereof, the Fiscal and Paying Agent shall redeem such 

17

Notes
if cash sufficient for that purpose shall be deposited with the Fiscal and Paying
Agent for that purpose in accordance with the terms of this Section. Except as
aforesaid, any moneys in the sinking fund for Notes of such Series at the time
when any such default or Event of Default shall occur and any moneys thereafter
paid into such sinking fund shall, during the continuance of such default or
Event of Default, be held as security for the payment of such Notes; provided,
however, that in case such default or Event of Default shall have been cured or
waived as provided herein, such moneys shall thereafter be applied on the next
sinking fund payment date for Notes of such Series on which such moneys may be
applied pursuant to the provisions of this Section. 

          (c)
Any Series of Notes may be made, by provision contained in or established
pursuant to a Corporate Order pursuant to Section 2(c) hereof, subject to
repayment, in whole or in part, at the option of the holder on a date or dates
specified prior to maturity, at a price equal to 100% of the principal amount
thereof, together with accrued interest to but excluding the date of repayment,
on such notice as may be required, provided, however, that the holder of a Note
of such Series may only elect partial repayment in an amount that will result
in the portion of such Note that will remain outstanding after such repayment
constituting an authorized denomination, or combination thereof, of Notes of
such Series.

          7. Mutilated, Destroyed, Stolen or Lost Notes. 

          (a)
The Fiscal and Paying Agent is hereby authorized to authenticate (and instruct
the Common Safekeeper to effectuate any Eurosystem-eligible NGN) and deliver
from time to time Notes of any Series, with all unmatured coupons attached, in
exchange for or in lieu of Notes of such Series which become mutilated,
defaced, destroyed, stolen or lost or Notes of such Series to which mutilated,
defaced, destroyed, stolen or lost coupons appertain. In every case the
applicant for a substituted Note of such Series or coupon appertaining thereto shall furnish to the relevant Issuer, the
Guarantor (in the case of Notes issued by an Issuer other than GE Capital)
and to the Fiscal and Paying Agent 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 such Issuer,
the Guarantor (in the case of Notes issued by an Issuer other than GE Capital)
and to the Fiscal and Paying Agent evidence to their satisfaction of the
destruction, loss or theft of such Note or coupon and of the ownership thereof.
Each Note authenticated, effectuated (as applicable) and delivered in exchange
for or in lieu of any such Note shall carry all the rights to interest accrued
and unpaid and to accrue which were carried by such Note and shall have
attached thereto coupons such that neither gain nor loss in interest shall
result from such exchange or substitution.  

          Upon
the issuance of any substituted Note or coupon, the relevant Issuer 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 Note or coupon which has matured or is about to mature
shall become mutilated or be destroyed, lost or stolen, the relevant Issuer
may, instead of issuing a substituted Note, pay or authorize the payment of the
same (without surrender thereof except in the case of a mutilated Note or
coupon) if the applicant for such payment shall furnish to such Issuer, the
Guarantor (in the case of Notes issued by an Issuer other than GE Capital) and
to the Fiscal and Paying Agent 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 such Issuer, the Guarantor and the Fiscal and Paying
Agent of the destruction, loss or theft of such Note or coupon and the
ownership thereof. 

          (b)
All Notes and coupons surrendered for payment, redemption, repayment, exchange
or registration of transfer or for credit against any sinking fund shall be
delivered to, or to the order of, the 

18

Fiscal
and Paying Agent for cancellation. The Fiscal and Paying Agent shall cancel and
destroy, or procure the cancellation and destruction of, all such Notes and
coupons and shall deliver a certificate of destruction to the relevant Issuer
and (in the case of Notes issued by an Issuer other than GE Capital) the
Guarantor. In the case of any global Note initially issued in temporary global
form, which shall be destroyed by the Fiscal and Paying Agent upon exchange in
full, the certificate of destruction shall state that a certification in the
form required pursuant to the terms of such global Note was received with
respect to each portion thereof exchanged for an interest in a Note in
permanent global form or in definitive form. The Fiscal and Paying Agent is
authorized by the relevant Issuer and instructed to, in the case of any Global
Note which is a NGN, instruct Euroclear and Clearstream, Luxembourg to make appropriate
entries in their records to reflect any such cancellation, as the case may be. 

          8. Events of Default. The term “Events of
Default” whenever
used herein with respect to Notes of any Series which are expressed in the
relevant Final Terms or Securities Note, as the case may be, as being senior
and unsubordinated notes means any one of the following events and such other
events as may be established with respect to the Notes of such Series as
contemplated by Section 2 hereof, continued for the period of time, if any, and
after the giving of notice, if any, designated in this Agreement or as may be
established with respect to such Notes as contemplated by Section 2 hereof, as
the case may be, unless it is either inapplicable or is specifically deleted or
modified in the applicable Corporate Order under which such Series of Notes is
issued, as the case may be, as contemplated by Section 2: 

	
  

 	
  

 
	
  

 	
           (i)
 default in the payment of any installment of interest (including Additional
 Amounts) upon any Note of such Series as and when the same shall become due
 and payable, and continuance of such default for a period of 30 days; or 

 
	
  

 	
  

 
	
  

 	
           (ii)
 default in the payment of the principal of, or premium, if any, on any Note
 of such Series as and when the same shall become due and payable whether at
 maturity, upon redemption, by declaration, repayment or otherwise; or 

 
	
  

 	
  

 
	
  

 	
           (iii)
 default in the making or satisfaction of any sinking fund payment or
 analogous obligation as and when the same shall become due and payable by the
 terms of any Notes of such Series; or 

 
	
  

 	
  

 
	
  

 	
           (iv)
failure on the part of the relevant Issuer and (in the case of Notes issued
by an Issuer other than GE Capital) the Guarantor duly to observe or perform
any other of the covenants or agreements on the part of such Issuer or the
Guarantor, as the case may be, in respect of the Notes of such Series
contained in such Notes or this Agreement (other than a covenant or agreement
in respect of the Notes of such Series a default in whose observance or
performance is elsewhere in this Section specifically dealt with) continued
for a period of 60 days after the date on which written notice of such
failure, requiring such Issuer or the Guarantor, as the case may be, to remedy
the same, shall have been given to such Issuer, the Guarantor, as the case may be, and the Fiscal and Paying
Agent by the holders of at least twenty-five percent in aggregate principal
amount of the Notes of such Series at the time outstanding; or  

 
	
  

 	
  

 
	
  

 	
           (v)
 an event of default with respect to any other Series of Notes issued or
 hereafter issued pursuant to this Agreement or as defined in any indenture or
 instrument evidencing or under which GE Capital has at the date of this
 Agreement or shall hereafter have outstanding any indebtedness for borrowed
 money shall happen and be continuing and such other Series of Notes 

 

19

	
  

 	
  

 
	
  

 	
 or
such indebtedness, as the case may be, shall have been accelerated so that
the same shall be or become due and payable prior to the date on which the
same would otherwise have become due and payable, and such acceleration shall
not be rescinded or annulled within ten calendar days after written notice
thereof shall have been given to the relevant Issuer, the Guarantor, as the
case may be, and the Fiscal and Paying Agent by the holders of at least
twenty-five percent in aggregate principal amount of the Notes of such Series
at the time outstanding; provided, however, that if such event of default
with respect to such other Series of Notes or under such indenture or
instrument, as the case may be, shall be timely remedied or cured by GE
Capital, or timely waived by the holders of such other Series of Notes or of
such indebtedness, as the case may be, then the Event of Default hereunder by
reason thereof shall be deemed likewise to have been thereupon remedied,
cured or waived without
further action
upon the part of either
the Fiscal
and Paying Agent or any of
the Noteholders of such Series; or  

 
	
  

 	
  

 
	
  

 	
           (vi)
 in the case of Notes issued by GE Capital Australia Funding, an event of
 default with respect to any other Series of Notes issued or hereafter issued
 by GE Capital Australia Funding pursuant to this Agreement or as defined in
 any indenture or instrument evidencing or under which GE Capital Australia
 Funding has at the date of this Agreement or shall hereafter have outstanding
 any indebtedness for borrowed money in the aggregate principal amount of at
 least A$10,000,000 (or the equivalent thereof in one or more foreign or
 composite currencies) shall happen and be continuing and such other Series of
 Notes or such indebtedness, as the case may be, of GE Capital Australia
 Funding shall have been accelerated so that the same shall be or become due
 and payable prior to the date on which the same would otherwise have become
 due and payable, and such acceleration shall not be rescinded or annulled
 within ten calendar days after written notice thereof shall have been given
 to GE Capital Australia Funding, as the case may be, the Guarantor and the
 Fiscal and Paying Agent by the holders of at least twenty-five percent in
 aggregate principal amount of the Notes of such Series at the time
 outstanding; provided, however, that if such event of default with respect to
 such other Series of Notes or under such indenture or instrument, as the case
 may be, shall be timely remedied or cured by GE Capital Australia Funding or
 the Guarantor, or timely waived by the holders of such other Series of Notes
 or of such indebtedness, as the case may be, then the Event of Default
 hereunder by reason thereof shall be deemed likewise to have been thereupon
 remedied, cured or waived without further action upon the part of either the
 Fiscal and Paying Agent or any of the Noteholders of such Series; or 

 
	
  

 	
  

 
	
  

 	
           (vii)
in the case of Notes issued by GE Capital Canada Funding, an event of default
with respect to any other Series of Notes issued or hereafter issued by GE
Capital Canada Funding pursuant to this Agreement or as defined in any
indenture or instrument evidencing or under which GE Capital Canada Funding
has at the date of this Agreement or shall hereafter have outstanding any
indebtedness for borrowed money in the aggregate principal amount of at least
C$10,000,000 (or the equivalent thereof in one or more foreign or composite
currencies) shall happen and be continuing and such other Series of Notes or
such indebtedness, as the case may be, of GE Capital Canada Funding shall
have been accelerated so that the same shall be or become due and payable prior
to the date on which the same would otherwise have become due and payable,
and such acceleration shall not be rescinded or annulled within ten calendar
days after written notice thereof shall have been given to GE Capital Canada Funding, as the case may be, the Guarantor and
the Fiscal and Paying Agent by the holders of at least twenty-five percent in
aggregate principal amount of the Notes of such Series at the time
outstanding; provided, however, that if such event of default with respect to such other Series of Notes or under such  

 

20

	
  

 	
  

 
	
  

 	
 indenture
 or instrument, as the case may be, shall be timely remedied or cured by GE
 Capital Canada Funding or the Guarantor, or timely waived by the holders of
 such other Series of Notes or of such indebtedness, as the case may be, then
 the Event of Default hereunder by reason thereof shall be deemed likewise to
 have been thereupon remedied, cured or waived without further action upon the
 part of either the Fiscal and Paying Agent or any of the Noteholders of such
 Series; or 

 
	
  

 	
  

 
	
  

 	
           (viii)
 in the case of Notes issued by an Irish Issuer, an event of default with
 respect to any other Series of Notes issued or hereafter issued by such Irish
 Issuer pursuant to this Agreement or as defined in any indenture or instrument
 evidencing or under which such Irish Issuer has at the date of this Agreement
 or shall hereafter have outstanding any indebtedness for borrowed money in
 the aggregate principal amount of at least U.S.$10,000,000 (or the equivalent
 thereof in one or more foreign or composite currencies) shall happen and be
 continuing and such other Series of Notes or such indebtedness, as the case
 may be, of such Irish Issuer shall have been accelerated so that the same
 shall be or become due and payable prior to the date on which the same would
 otherwise have become due and payable, and such acceleration shall not be
 rescinded or annulled within ten calendar days after written notice thereof
 shall have been given to such Irish Issuer, as the case may be, the Guarantor
 and the Fiscal and Paying Agent by the holders of at least twenty-five
 percent in aggregate principal amount of the Notes of such Series at the time
 outstanding; provided, however, that if such event of default with respect to
 such other Series of Notes or under such indenture or instrument, as the case
 may be, shall be timely remedied or cured by such Irish Issuer or the
 Guarantor, or timely waived by the holders of such other Series of Notes or
 of such indebtedness, as the case may be, then the Event of Default hereunder
 by reason thereof shall be deemed likewise to have been thereupon remedied,
 cured or waived without further action upon the part of either the Fiscal and
 Paying Agent or any of the Noteholders of such Series; or 

 
	
  

 	
  

 
	
  

 	
           (ix)
 a decree or order by a court having jurisdiction in the premises shall have
 been entered adjudging GE Capital bankrupt or insolvent, or approving as
 properly filed a petition seeking reorganization of GE Capital under the
 United States Federal Bankruptcy Code or any other similar applicable United
 States 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 GE Capital 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 and order shall have continued undischarged and
 unstayed for a period of 60 days; or 

 
	
  

 	
  

 
	
  

 	
           (x)
 GE Capital shall institute proceedings to be adjudicated voluntarily
 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 United States Federal Bankruptcy Code or any other similar
 applicable United States 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 its property, or shall make an assignment for the
 benefit or creditors, or shall admit in writing its inability to pays its
 debts generally as they become due; or 

 

21

	
  

 	
  

 
	
  

 	
           (xi)
 in the case of Notes
 issued by GE Capital Australia Funding, GE Capital Australia Funding shall be
 declared bankrupt, or a liquidator, a receiver, manager, receiver and
 manager, administrator or any other officer with similar powers shall be
 appointed with respect to GE Capital Australia Funding or all or
 substantially all of the property of GE Capital Australia Funding, and, in
 all such cases,
 continues both
 undischarged and unstayed for a period of 90 days; or 

 
	
  

 	
  

 
	
  

 	
           (xii)
 in the case of Notes issued by GE Capital Canada Funding, any of the
 following events shall occur: (A) an order shall be made or an effective
 resolution be passed for the winding-up or liquidation or dissolution of GE
 Capital Canada Funding by operation of law, except in the course of carrying
 out, or pursuant to, a reconstruction, reorganization, consolidation, merger,
 amalgamation, transfer, sale, conveyance, lease or other disposition
 contemplated in or permitted under this Agreement; (B) GE Capital Canada
 Funding shall make a general assignment for the benefit of its creditors or a
 proposal under applicable bankruptcy legislation, or if an effective
 resolution be passed by GE Capital Canada Funding to give effect to any of
 the foregoing; or (C) GE Capital Canada Funding shall be declared bankrupt,
 or if a custodian or sequestrator or a receiver and manager or any other
 officer with similar powers shall be appointed of GE Capital Canada Funding
 or of all or substantially all of the property of GE Capital Canada Funding,
 and, in all such cases, such continues both undischarged and unstayed for a
 period of 90 days; or 

 
	
  

 	
  

 
	
  

 	
           (xiii)
 in the case of Notes issued by an Irish Issuer, such Irish Issuer shall be
 declared bankrupt, or a liquidator, a receiver, manager, receiver and
 manager, administrator, examiner or any other official with similar powers
 shall be appointed with respect to such Irish Issuer or all or substantially
 all of the property of such Irish Issuer, and, in all such cases, continues
 both undischarged and unstayed for a period of 90 days; or 

 
	
  

 	
  

 
	
  

 	
           (xiv)
 any other Event of Default provided in the applicable Corporate Order under
 which such Series of Notes is issued as contemplated by Section 2(c); or 

 
	
  

 	
  

 
	
  

 	
           (xv)
 with respect to each Additional Issuer acceding hereto pursuant to Section 19
 hereof, such Events of Default to the foregoing effect as are provided in the
 form of Notes certified to the Fiscal and Paying Agent in accordance with
 Section 2(b) hereof and any other Events of Default provided in the
 applicable Corporate Order under which a Series of Notes is issued by such
 Additional Issuer as contemplated by Section 2(c) hereof. 

 

          If
an Event of Default with respect to Notes of any Series at the time outstanding
occurs and is continuing, then and in each and every case, unless the principal
of the Notes of such Series shall have already become due and payable, each
Note of such Series shall, at the option of and upon written notice to the
relevant Issuer, the Guarantor, as the case may be, and the Fiscal and Paying
Agent by the then holder thereof, mature and become due and payable upon the
date that such written notice is received by such Issuer, the Guarantor, as the
case may be, and the Fiscal and Paying Agent at a price equal to 100% of the
principal amount thereof (or, if such Note provides for an amount less than the
principal amount thereof to be due and payable upon redemption or a declaration
of acceleration of the maturity thereof pursuant to this Section (hereinafter
an “Original Issue Discount Note”), such portion of the principal amount as may
be specified in the terms of such Note), together with accrued interest to such
date, upon presentation and surrender of such Note and all coupons appertaining
thereto maturing after such date,  

22

unless
prior to such date all Events of Default in respect of all such Notes of such
Series shall have been cured. 

          9. Additional Payments; Tax Redemption. 

          (a)
U.S. Additional Amounts. The relevant Issuer or (in the case of Notes issued by
an Issuer other than GE Capital) the Guarantor will, subject to certain
exceptions and limitations set forth below, pay such additional amounts (the “U.S. Additional Amounts” and, together with
the Australian Additional Amounts, the Canadian Additional Amounts, the Irish
Additional Amounts and Other Additional Amounts (as such terms are hereinafter
defined), the “Additional Amounts”)
to the holder of any Note of any Series or of any interest coupon appertaining
thereto who is a United States Alien (as defined below) as may be necessary in
order that every net payment of the principal of, premium and interest,
including original issue discount, on such Note and any other amounts payable
on such Note, after withholding for or on account of any present or future tax,
assessment or other governmental charge imposed upon or as a result of such
payment by the United States (or any political subdivision or taxing authority
thereof or therein), will not be less than the amount provided for in such Note
or coupon to be then due and payable. However, the relevant Issuer or the
Guarantor, as the case may be, will not be required to make any payment of U.S. Additional Amounts to any such holder for or on account of:  

	
  

 	
  

 
	
  

 	
           (i)
any such tax, assessment or other governmental charge which would not have
been so imposed but for (1) the existence of any present or former connection
between such holder (or between a fiduciary, settlor, beneficiary, member or
shareholder of such holder, if such holder is an estate, a trust, a
partnership or a corporation) and the United States, including, without
limitation, such holder (or such fiduciary, settlor, beneficiary, member or shareholder)
being or having been a citizen or resident thereof or being or having been
engaged in a trade or business or
present therein
or having, or having had, a
permanent establishment
therein or (2) the
presentation by the holder of any such Note or coupon for payment on a date
more than 15 calendar days after the date on which such payment became due
and payable or the date on which payment thereof is duly provided for,
whichever occurs later;  

 
	
  

 	
  

 
	
  

 	
           (ii)
 any estate, inheritance, gift, sales, transfer or personal property tax or
 any similar tax, assessment or governmental charge; 

 
	
  

 	
  

 
	
  

 	
           (iii)
 any tax, assessment or other governmental charge imposed by reason of such
 holder’s past or present status as a personal holding company or foreign
 personal holding company or controlled foreign corporation or passive foreign
 investment company with respect to the United States or as a corporation
 which accumulates earnings to avoid United States federal income tax or as a
 private foundation or other tax-exempt organization; 

 
	
  

 	
  

 
	
  

 	
           (iv)
 any tax, assessment or other governmental charge which is payable otherwise
 than by withholding from payments on or in respect of any Note; 

 
	
  

 	
  

 
	
  

 	
           (v)
 any tax, assessment or other governmental charge which would not have been
 imposed but for the failure to comply with certification, information or
 other reporting requirements concerning the nationality, residence or
 identity of the holder or beneficial owner of such Note, if such compliance
 is required by statute or by regulation of the United States or of any
 political subdivision or taxing authority thereof or therein as a
 precondition to relief or exemption from such tax, assessment or other
 governmental charge; 

 

23

	
  

 	
  

 
	
  

 	
           (vi)
 any tax, assessment or other governmental charge that would not have been
 imposed but for a failure by the holder or beneficial owner (or any financial
 institution through which the holder or beneficial owner holds any Note or
 coupon or through which payment on the Note or coupon is made) to comply with
 any certification, information, identification, documentation or other
 reporting requirements (including entering into and complying with an
 agreement with the Internal Revenue Service) imposed pursuant to Sections 1471
 through 1474 of the Internal Revenue Code as in effect on the date of
 issuance of the Notes or any successor or amended version of these
 provisions, to the extent such successor or amended version is not materially
 more onerous than these provisions as enacted on such date; 

 
	
  

 	
  

 
	
  

 	
           (vii)
 any tax, assessment or other governmental charge imposed by reason of such
 holder’s past or present status as the actual or constructive owner of 10% or
 more of the total combined voting power of all classes of stock entitled to
 vote of the relevant Issuer or of the Guarantor or as a direct or indirect
 subsidiary of the relevant Issuer or of the Guarantor; 

 
	
  

 	
  

 
	
  

 	
           (viii)
 any tax, assessment or other governmental charge required to be deducted or
 withheld by any Paying Agent from a payment on a Note or coupon, if such
 payment can be made without such deduction or withholding by any other Paying
 Agent; or

 
	
  

 	
  

 
	
  

 	
           (ix)
 any combination of any of items (i), (ii), (iii), (iv), (v), (vi), (vii) and
 (viii); 

 

          nor
shall U.S. Additional Amounts be paid with respect to any payment on any such
Note to a United States Alien who is a fiduciary or partnership or other than
the sole beneficial owner of such payment to the extent such payment would be
required by the laws of the United States (or any political subdivision
thereof) to be included in the income, for tax purposes, of a beneficiary or
settlor with respect to such fiduciary or a member of such partnership or a
beneficial owner who would not have been entitled to the U.S. Additional
Amounts had such beneficiary, settlor, member or beneficial owner been the
holder of such Note. 

          The
term “United States Alien” means a
beneficial owner of a Note that is not, for United States federal income tax
purposes, (i) a citizen or resident of the United States, (ii) a corporation,
partnership or other entity created or organized in or under the laws of the
United States or any political subdivision thereof, (iii) an estate whose
income is subject to United States federal income tax regardless of its source,
or (iv) a trust if a court within the United States is able to exercise primary
supervision over the administration of the trust and one or more United States
persons have the authority to control all substantial decisions of the trust
or if such trust has a valid election in effect under applicable U.S. Treasury
regulations to be treated as a United States person. 

          (b)
Australian Additional Amounts. All payments of principal and interest in
respect of Notes issued by GE Capital Australia Funding and any coupons
relating thereto will be made without withholding of or deduction for, or on
account of, any present or future taxes, duties, assessments or governmental
charges of whatever nature imposed or levied by or on behalf of the
Commonwealth of Australia or any political subdivision thereof or any authority
or agency therein or thereof having power to tax unless the withholding or
deduction of such taxes, duties, assessments or charges is required by law or
the application, administration or interpretation thereof. In that event, GE
Capital Australia Funding or the Guarantor (if the Guarantor is required to
make payments under the Guarantee) shall pay (subject to the right of
redemption of GE Capital Australia Funding
referred to above in Section 9(h) — “Tax
Redemption: Notes Issued by GE Capital Australia Funding”) such
additional amounts (the “Australian  

24

Additional Amounts”) as may be necessary in order that the net amounts received by the
holders of such Notes or coupons after such withholding or deduction shall
equal the respective amounts of principal and interest which otherwise would
have been received by them in respect of the Notes or coupons, as the case may
be, in the absence of such withholding or deduction, except that no Australian
Additional Amounts shall be payable with respect to any Note or coupon
presented for payment: 

	
  

 	
  

 
	
  

 	
           (i)
 by or on behalf of a holder who is subject to such taxes, duties, assessments or governmental charges by reason of his being
 resident or deemed to be resident in Australia or otherwise than merely by
 the holding or use or deemed holding or use outside Australia or ownership as
 a non-resident of Australia of such Notes or coupons; or 

 
	
  

 	
  

 
	
  

 	
           (ii)
 by or on behalf of a holder who is a resident of Australia where no
 additional amount would have been required to be paid had a tax file number,
 Australian business number or other exemption details been quoted to GE
 Capital Australia Funding in respect of the relevant Note before the due date for payment in respect of the relevant Note (“resident”, “tax file number” and “Australian
 business number” having the same meaning for this purpose as they
 have in the Income Tax Assessment Act 1936 (the “Australian Tax Act”), Income Tax Assessment Act 1997 and the
 Taxation Administrative Act 1953 (each as amended) of Australia); or 

 
	
  

 	
  

 
	
  

 	
           (iii)
 by or on behalf of a holder who is subject to such taxes, duties, assessments
 or government charges which would not have been so imposed but for the
 presentation by the holder of any such Note or coupon for payment on a date
 more than 15 days after the date on which such payment became due and payable
 or the date on which payment thereof is duly provided for, whichever occurs
 later; or 

 
	
  

 	
  

 
	
  

 	
           (iv)
 if the holder of such Note or coupon or any entity which directly or
 indirectly has an interest in or right in respect of such Note or coupon is a
 “resident of Australia” or a “non-resident” who is engaged in carrying on
 business in Australia at or through a “permanent establishment” of that
 non-resident in Australia (the expressions “resident
 of Australia”, “non-resident”
 and “permanent establishment”
 having the meanings given to them by the Australian Tax Act) if, and to the
 extent that, Section 126 of the Australian Tax Act (or any equivalent
 provision) requires GE Capital Australia Funding to pay income tax in respect
 of interest payable on such Note or coupon and the income tax would not be
 payable were the holder or such entity not such a “resident of Australia” or
 “non-resident”; or 

 
	
  

 	
  

 
	
  

 	
           (v)
 by or on behalf of a holder who is an associate of GE Capital Australia
 Funding within the meaning of Section 128F of the Australian Tax Act where
 interest withholding tax is payable in respect of that payment by reason of
 Section 128F(6) of that Act. 

 
	
  

 	
  

 
	
           (c)
Canadian Additional Amounts. All payments of principal and interest in
respect of Notes issued by GE Capital Canada Funding and any interest coupons
appertaining thereto will be made without withholding of or deduction for, or
on account of, any present or future taxes, duties, assessments or
governmental charges of whatever nature imposed or levied by or on behalf of
the Government of Canada or any province or territory or political
subdivision thereof or any authority or agency therein or thereof having
power to tax unless the withholding or deduction of such taxes, duties,
assessments or charges is required by law or the application, administration or interpretation thereof. In the event that such withholding or
deduction is so required, GE Capital Canada Funding (in the case of Notes
issued by GE  

 

25

Capital
Canada Funding) or the Guarantor (if the Guarantor is required to make payments
under the Guarantee) shall pay (subject to the right of redemption of GE
Capital Canada Funding referred to in paragraph (i) below such additional
amounts (the “Canadian Additional Amounts”)
as may be necessary in order that the net amounts received by the holders of
Notes and coupons appertaining thereto after such withholding or deduction
shall equal the respective amounts of principal and interest which otherwise
would have been received by them in respect of such Notes or coupons, as the
case may be, in the absence of such withholding or deduction, except that no
Canadian Additional Amounts shall be payable with respect to any such Note or
coupon presented for payment: 

	
  

 	
  

 
	
  

 	
           (i)
 by or on behalf of a holder who is subject to such taxes, duties, assessments
 or charges otherwise than merely by the holding or use or deemed holding or
 use outside Canada or ownership as a non-resident of Canada of such Note or
 coupon; or 

 
	
  

 	
  

 
	
  

 	
           (ii)
by or on behalf of a holder in respect of whom such taxes, duties,
assessments or charges are required to be withheld or deducted by reason of
the holder being a person with whom GE Capital Canada Funding is not dealing
at arm’s length (within the meaning of the Income Tax Act (Canada)); or  

 
	
  

 	
  

 
	
  

 	
           (iii)
 more than 15 days after the Relevant Date (as defined below), except to the
 extent that the holder thereof would have been entitled to such Canadian
 Additional Amounts on presenting such Note or coupon for payment on the last
 day of such period of 15 days. 

 

          The
term “Relevant Date” means the
later of (i) the date on which payment in respect of the relevant Note or
Coupon becomes due and payable; and (ii) if the full amount of the moneys
payable on such date has not been received by the Fiscal and Paying Agent on or
prior to such date, the date on which the full amount of such moneys having
been so received, notice of such receipt is duly published in accordance with
the terms set out under Section 20- “Notices
to Parties” below.  

          (d)
Irish Additional Amounts. All payments of principal and interest in respect of
Notes issued by an Irish Issuer will be made without withholding of or
deduction for, or on account of, any present or future taxes, duties,
assessments or governmental charges of whatever nature imposed or levied by or
on behalf of the Government of Ireland or any authority or agency therein or
thereof having power to tax unless the withholding or deduction of such taxes, duties,
assessments or charges is required by law or the application, administration or
interpretation thereof. In the event that such withholding or deduction is so
required, the relevant Irish Issuer or the Guarantor (if the Guarantor is
required to make payments under the Guarantee) shall pay (subject to the Issuer’s
right of redemption referred to in paragraph (j) below) such additional amounts
(the “Irish Additional Amounts”)
as may be necessary in order that the net amounts received by the holder of
such Notes and coupons appertaining thereto after such withholding or deduction
shall equal the respective amounts of principal and interest which otherwise
would have been received in respect of such Notes or the coupons appertaining
thereto, as the case may be, in the absence of such withholding or deduction,
except that no Irish Additional Amounts shall be payable with respect to any
such Note or a coupon appertaining thereto presented for payment:  

	
  

 	
  

 
	
  

 	
           (i)
 by or on behalf of a holder who is subject to such taxes, duties, assessments
 or charges otherwise than merely by the holding or use or deemed holding or
 use outside Ireland or ownership as a non-resident of Ireland of such Notes
 or coupon appertaining thereto; 

 

26

	
  

 	
  

 
	
  

 	
           (ii)
 by or on behalf of a holder who is subject to such taxes, duties, assessments
 or charges or government charges which would not have been so imposed but for
 the presentation by the holder of any such Note or coupon for payment on a
 date more than 15 days after the date on which such payment became due and
 payable or the date on which payment thereof is duly provided for, whichever
 occurs later; or 

 
	
  

 	
  

 
	
  

 	
           (iii)
 by or on behalf of a holder who is subject to such taxes, duties, assessments
 or charges or government chargers which are deducted or withheld by an Irish
 paying agent, if the payment could have been made by another paying agent
 without such deduction or withholding. 

 

          There
is also no obligation of an Irish Issuer or the Guarantor to pay such Irish
Additional Amounts if such deduction or withholding taxes, duties or
governmental charges could be prevented or reduced by the fulfillment of
information or other obligations. 

          (e)
European Union. The relevant Issuer or Guarantor, as the case may be, will not
be required to make any payment of Additional Amounts to any such holder for or
on the account of: 

	
  

 	
  

 
	
  

 	
           (i)
 any tax, duty, assessment or other governmental charge required to be
 withheld by any Paying Agent from any payment of principal of, or interest
 on, any Note, if such payment can be made without such withholding by any
 other Paying Agent in a member state of the European Union; or 

 
	
  

 	
  

 
	
  

 	
           (ii)
 any tax, duty, assessment or other governmental charge required to be imposed
 or withheld on a payment to an individual and which is required to be made
 pursuant to any European Union Directive on the taxation of savings
 (including European Council Directive 2003/48/EC, the “EU Savings Directive”) or any law
 implementing or complying with, or introduced in order to conform to, such
 Directive. 

 

          (f)
Other Additional Amounts. In the case of Notes issued by an Additional
Issuer acceding to this Agreement pursuant to Section 19 hereof, all payments
of principal and interest in respect of Notes issued by such Issuer and any interest
coupons appertaining thereto will be made without withholding of or deduction
for, or on account of, any present or future taxes, duties, assessments or
governmental charges of whatever nature imposed or levied by or on behalf of
the jurisdiction of organization of such Issuer or any political subdivision
thereof or any authority or agency therein or thereof having power to tax
unless the withholding or deduction of such taxes, duties, assessments or
charges is required by law or the application, administration or interpretation
thereof. In the event that such withholding or deduction is so required, such
Issuer or the Guarantor (if the Guarantor is required to make payments under
the Guarantee) shall pay such additional amounts (the “Other Additional Amounts”) as may be
necessary in order that the net amounts received by the holders of Notes and
coupons appertaining thereto after such withholding or deduction shall equal
the respective amounts of principal and interest which otherwise would have
been received by them in respect of the Notes or coupons, as the case may be,
in the absence of such withholding or deduction, except that no Other
Additional Amounts shall be payable with respect to any Note or coupon as are
provided in the form of Notes certified to the Fiscal and Paying Agent in
accordance with Section 2(b) hereof or otherwise provided in such applicable
Corporate Order under which a Series of Notes is issued by such Additional
Issuer as contemplated by Section 2(c) hereof; provided, however, that the form
of Notes certified to the Fiscal and Paying Agent in accordance with Section
2(b) hereof or the applicable Corporate Order under which a Series of Notes
is issued by an Additional Issuer as contemplated by Section 2(c) hereof may
amend, modify or replace these provisions, 

27

as
necessary to conform such Issuer’s obligation to pay additional amounts on such
Notes to applicable laws, rules or regulations of the country of incorporation
or organization of such Issuer or any political subdivision thereof or any
authority or agency therein or thereof having power to tax, or to comply with
any official position regarding the application or interpretation of such laws,
rules or regulations, including any guidance from an official source. 

          (g)
Tax Redemption - General. All Notes of the same Series may be redeemed
in whole but not in part, at the option of the relevant Issuer at any time
prior to maturity, upon the giving of a notice of redemption, if the relevant
Issuer or (in the case of Notes issued by an Issuer other than GE Capital) the
Guarantor determines that, as a result of any change in or amendment to the
laws (or any regulations or ruling promulgated thereunder) of the United States
or of any political subdivision or taxing authority thereof or therein
affecting taxation, or any change in official position regarding the
application or interpretation of such laws, regulations or ruling, which change
or amendment becomes effective on or after the date of issuance of the first Tranche
of Notes of such Series (if sold on an agency basis) or the date on which an
Agent acting as principal agreed to purchase such Tranche of Notes, the
relevant Issuer or the Guarantor, as the case may be, has or will become
obligated to pay U.S. Additional Amounts with respect to such Notes as
described under Section 9(a) hereof. The redemption price (except as otherwise
specified herein or in the applicable Final Terms or Securities Note (each as
defined in the Distribution Agreement) (as the case may be)) shall be equal to
100% of the principal amount thereof, together with accrued interest to the
date fixed for redemption, or in the case of Discount Notes, at 100% of the
portion of the face amount thereof that has accreted on a straight-line basis
to the date of redemption, or in the case of Notes issued at a premium, at 100%
of the issue price less the amount of the premium amortized on a straight-line
basis to the date of redemption. Prior to the giving of any notice of
redemption pursuant to this paragraph, the relevant Issuer shall deliver to the
Fiscal and Paying Agent, (i) a certificate stating that the relevant Issuer is
entitled to effect such redemption and setting forth a statement of facts
showing that the conditions precedent to the right of such Issuer to so redeem
have occurred (the date on which such certificate is delivered to the Fiscal
and Paying Agent is herein called the “Redemption
Determination Date”), and (ii) an opinion of counsel satisfactory to
the Fiscal Agent to such effect based on such statement of facts; provided that
no such notice of redemption shall be given earlier than 90 days prior to the
earliest date on which the relevant Issuer or the Guarantor, as the case may
be, would be obligated to pay such U.S. Additional Amounts if a payment in
respect of such Notes were then due. 

          Notice
of redemption will be given not less than 30 nor more than 60 days prior to the
date fixed for redemption, which date and the applicable redemption price will
be specified in the notice. 

          If
any date fixed for redemption is a date prior to the Exchange Date for a
temporary global Bearer Note, payment on such redemption date will be made
subject to receipt of delivery by Euroclear, Clearstream, Luxembourg and/or
such other clearance system, acting on behalf of such owners, to the Fiscal and
Paying Agent or its duly authorized attorney-in-fact of certification of
non-U.S. beneficial ownership substantially similar to the form set forth in
Exhibit 8-2, which certification must be based on certifications of non-U.S.
beneficial ownership substantially similar to the form set forth in Exhibit
B-1, delivery of which is a condition to payment of such Note. 

          (h)
Tax Redemption: Notes Issued by GE Capital Australia Funding. All Notes
of the same Series issued by GE Capital Australia Funding may be redeemed, at
the option of such GE Capital Australia Funding in whole but not in part, at
any time prior to maturity, upon the giving of a notice of redemption as
described under Section 9(g) hereof, if GE Capital Australia Funding or the
Guarantor, as the case may be, determines that, as a result of any change in or
amendment to the laws (or any 

28

regulations
or rulings promulgated thereunder) of Australia or of any political subdivision
or taxing authority thereof or therein affecting taxation, or any change in
official position regarding the application or interpretation of such laws,
regulations or rulings, including any change effected by guidance in any form
from an official source, which change or amendment becomes effective on or
after the date of issuance of the first Tranche of Notes of such Series (if
sold on an agency basis) or the date on which an Agent acting as principal
agrees to purchase such Tranche of Notes GE Capital Australia Funding or the
Guarantor, as the case may be, has or will become obligated to pay Australian
Additional Amounts with respect to the Notes as described under Section 9(b)
hereof. The redemption price (except as otherwise specified herein or in the
applicable Final Terms or Securities Note (as the case may be)) shall be equal
to 100% of the principal amount thereof, together with accrued interest to the
date fixed for redemption, or in the case of Discount Notes, at 100% of the
portion of the face amount thereof that has accreted on a straight-line basis
to the date of redemption, or in the case of Notes issued at a premium, at 100%
of the issue price less the amount of the premium amortized on a straight-line
basis to the date of redemption. Prior to the giving of any notice of
redemption pursuant to this paragraph GE Capital Australia Funding or the Guarantor, as the case may be, shall deliver to the
Fiscal Agent
(i) a certificate stating that GE Capital Australia Funding is entitled
to effect redemption and setting forth a statement of facts showing that the
conditions precedent to the right of GE Capital Australia Funding to so redeem
have occurred and (ii) an opinion of counsel satisfactory to the Fiscal Agent
to such effect based on such statement of facts; provided that no such notice
of redemption shall be given earlier than 90 days prior to the earliest date on
which GE Capital Australia Funding or the Guarantor, as the case may be, would
be obligated to pay such Australian Additional Amounts if a payment in respect
of such Notes were then due.  

          (i)
Tax Redemption; Notes Issued by GE Capital Canada Funding. All Notes of
the same Series issued by GE Capital Canada Funding may be redeemed, at the
option of GE Capital Canada
Funding (in the case of Notes issued by GE Capital Canada Funding) in whole but
not in part, at any time prior to maturity, upon the giving of a notice of
redemption as described under Section 9(g) hereof, if GE Capital Canada Funding
or the Guarantor, as the case may be, determines that, as a result of any
change in or amendment to the laws (or any regulations or rulings promulgated
thereunder) of Canada or of any province or territory or political subdivision
thereof or any authority or agency therein or thereof having power to tax, or
any change in official position regarding the application or interpretation of
such laws, regulations or rulings, including any change effected by guidance in
any form from an official source, which change or amendment becomes effective
on or after the date of issuance of the first Tranche of Notes of such Series
(if sold on an agency basis) or the date on which an Agent acting as principal
agreed to purchase such Tranche of Notes, GE Capital Canada Funding or the
Guarantor, as the case may be, has or will become obligated to pay Canadian
Additional Amounts with respect to the Notes as described under Section 9(c)
hereof. The redemption price (except as otherwise specified herein or in the
applicable Final Terms or Securities Note (as the case may be)) shall be equal
to 100% of the principal amount thereof, together with accrued interest to the
date fixed for redemption, or in the case of Discount Notes, at 100% of the
portion of the face amount thereof that has accreted on a straight-line basis
to the date of redemption, or in the case of Notes issued at a premium, at 100%
of the issue price less the amount of the premium amortized on a straight-line
basis to the date of redemption. Prior to the giving of any notice of
redemption pursuant to this paragraph, GE Capital Canada Funding or the
Guarantor, as the case may be, shall deliver to the Fiscal Agent (i) a
certificate stating that GE Capital Canada Funding is entitled to effect such
redemption and setting forth a statement of facts showing that the conditions
precedent to the right of GE Capital Canada Funding, to so redeem have occurred
and (ii) an opinion of counsel satisfactory to the Fiscal Agent to such effect
based on such statement of facts; provided that no such notice of redemption
shall be given earlier than 90 days prior to the earliest date on which GE
Capital 

29

Canada
Funding or the Guarantor, as the case may be, would be obligated to pay such
Canadian Additional Amounts if a payment in respect of such Notes were then due.

          (j)
Tax Redemption; Notes Issued by an Irish Issuer. All Notes of the same
Series issued by an Irish Issuer may be redeemed, at the option of such Irish
Issuer (in the case of Notes issued by such Irish Issuer) in whole but not in
part, at any time prior to maturity, upon the giving of a notice of redemption
as described under Section 9(g) hereof, if such Irish Issuer or the Guarantor,
as the case may be, determines that, as a result of any change in or amendment
to the laws (or any regulations or rulings promulgated thereunder) of Ireland
or of any province or territory or political subdivision thereof or any
authority or agency therein or thereof having power to tax, or any change in
official position regarding the application or interpretation of such laws,
regulations or rulings, including any change effected by guidance in any form
from an official source, which change or amendment becomes effective on or
after the date of issuance of the first Tranche of Notes of such Series (if
sold on an agency basis) or the date on which an Agent acting as principal
agreed to purchase such Tranche of Notes, such Irish Issuer or the Guarantor,
as the case may be, has or will become obligated to pay Irish Additional
Amounts with respect to the Notes as described under Section 9(d) hereof. The
redemption price (except as otherwise specified herein or in the applicable
Final Terms or Securities Note (as the case may be)) shall be equal to 100% of
the principal amount thereof, together with accrued interest to the date fixed
for redemption, or in the case of Discount Notes, at 100% of the portion of the
face amount thereof that has accreted on a straight-line basis to the date of
redemption, or in the case of Notes issued at a premium, at 100% of the issue
price less the amount of the premium amortized on a straight-line basis to the
date of redemption. Prior to the giving of any notice of redemption pursuant to
this paragraph, the relevant Irish Issuer or the Guarantor, as the case may be,
shall deliver to the Fiscal Agent (i) a certificate stating that such Irish
Issuer is entitled to effect sueh redemption and setting forth a statement of
facts showing that the conditions precedent to the right of such Irish Issuer,
to so redeem have occurred and (ii) an opinion of counsel satisfactory to the
Fiscal Agent to such effect based on such statement of facts; provided that no
such notice of redemption shall be given earlier than 90 days prior to the earliest date
on which such
Irish Issuer or the
Guarantor, as the case may be, would
be obligated to pay such Irish Additional Amounts if a payment in respect of
such Notes were then due.  

          (k)
Tax Redemption; Notes Issued by Additional Issuers. All Notes of the
same Series issued by an Additional Issuer acceding to this Agreement pursuant
to Section 19 hereof may be redeemed, at the option of such Issuer, in whole
but not in part, at any time prior to maturity, upon the giving of a notice of
redemption as described under Section 9(g) hereof, if such Issuer or the Guarantor,
as the case may be, determines that, as a result of any change in or amendment
to the laws (or any regulations or rulings promulgated thereunder) of the
jurisdiction of such Issuer’s organization or of any political subdivision
thereof or any authority or agency therein or thereof having power to tax, or
any change in official position regarding the application or interpretation of
such laws, regulations or rulings, including any change effected by guidance in
any form from an official source, which change or amendment becomes effective
on or after the date of issuance of the first Tranche of Notes of such Series
(if sold on an agency basis) or the date on which an Agent acting as principal
agreed to purchase such Tranche of Notes, such Issuer or the Guarantor, as the
case may be, has or will become obligated to pay Other Additional Amounts with
respect to the Notes as described under Section 9(f) hereof. The redemption
price (except as otherwise specified herein or in the applicable Final Terms or
Securities Note (as the case may be)) shall be equal to 100% of the principal
amount thereof, together with accrued interest to the date fixed for
redemption, or in the case of Discount Notes, at 100% of the portion of the
face amount thereof that has accreted on a straight-line basis to the date of
redemption, or in the case of Notes issued at a premium, at 100% of the issue
price less the amount of the premium amortized on a 

30

straight-line
basis to the date of redemption. Prior to the giving of any notice of
redemption pursuant to this paragraph, such Issuer or the Guarantor, as the
case may be, shall deliver to the Fiscal Agent (i) a certificate stating that
such Issuer is entitled to effect such redemption and setting forth a statement
of facts
showing that the conditions precedent to the right of such Issuer to so redeem have occurred and (ii) an opinion of counsel satisfactory to the Fiscal
Agent to such effect based on such statement of facts; provided that no such
notice of redemption shall be given earlier than 90 days prior to the earliest
date on which such Issuer or the Guarantor, as the case may be, would be
obligated to pay such Other Additional Amounts if a payment in respect of such
Notes were then due; provided, however, that the form of Notes certified to the
Fiscal and Paying Agent in accordance with Section 2(b) hereof or the
applicable Corporate Order under which a Series of Notes is issued by such
Additional Issuer as contemplated by Section 2(c) hereof may amend, modify or
replace these provisions, as necessary to conform such Issuer’s right to redeem
the Notes to applicable laws, rules or regulations of the country or
organization of such Issuer or any political subdivisions thereof or any
authority or agency therein or thereof having power to tax, or to comply with
any official position regarding the application or interpretation of such laws,
rules or regulations, including any guidance from an official source.  

          (l)
Special Tax Redemption of Bearer Notes. If the relevant Issuer or (in
the case of Notes issued by an Issuer other than GE Capital) the Guarantor
shall determine that any payment made outside the United States by such Issuer, the Guarantor (if the Guarantor is required to make payments under the
relevant Guarantee) or any Paying Agent of principal or interest, including
original discount, due in respect of any Bearer Notes of any Series would,
under any present or future laws or regulations of the United States, be
subject to any certification, identification or other information reporting
requirement of any kind, the effect of which requirement is the disclosure to
such Issuer, the Guarantor, any Paying Agent or any governmental authority of
the nationality, residence or identity of a beneficial owner of such Bearer
Note or coupon who is a United States Alien (other than such a requirement (a)
which would not be applicable to a payment made by such Issuer, the Guarantor,
as the case may be, or any Paying Agent (i) directly to the beneficial owner or
(ii) to a custodian, nominee or other agent of the beneficial owner, or (b)
which can be satisfied by such custodian, nominee or other agent certifying to
the effect that such beneficial owner is a United States Alien, provided that
in each case referred to in clauses (a)(ii) and (b) payment by such custodian,
nominee or agent to such beneficial owner is not otherwise subject to any such
requirement), the relevant Issuer shall (in the case of Notes issued by an
Issuer other than GE Capital Canada Funding) or may (in the case of Notes
issued by GE Capital Canada Funding) redeem the Bearer Notes of such Series, in
whole, or if the conditions of the next paragraph are satisfied, pay the
additional amounts specified in such paragraph. The redemption price (except as
otherwise specified herein or in the applicable Final Terms or Securities Note
(as the case may be)) shall be equal to 100% of the principal amount thereof,
together with accrued interest to the date fixed for redemption, or in the case
of Discount Notes, 100% of the portion of the face amount thereof that has
accreted on a straight-line basis to the date of redemption, or in the case of
Notes issued at a premium, 100% of the issue price less the amount of the
premium amortized on a straight-line basis to the date of redemption. The
relevant Issuer or the Guarantor, as the case may be, shall make such
determination and election as soon as practicable and publish prompt notice
thereof (the “Determination Notice”)
stating the effective date of such certification, identification or other
information reporting requirements, whether such Issuer will redeem the Bearer
Notes of such Series, or whether such Issuer or the Guarantor, as the case may
be, has elected to pay the U.S. Additional Amounts specified in the next paragraph,
and (if applicable) the last date by which the redemption of the Bearer Notes
of such Series must take place, as provided in the next succeeding sentence. If
the relevant Issuer redeems the Bearer Notes of such Series, such redemption
shall take place on such date, not later than one year after the publication of
the Determination Notice, as the relevant Issuer or the Guarantor, as the case
may be, shall elect by notice to the Fiscal and Paying  

31

Agent
at least 60 days prior to
the date fixed for redemption. Notice of such redemption of the Bearer Notes of
such Series will be given to the holders of such Bearer Notes not more than 60
nor less than 30 days prior to the date fixed for redemption. Such redemption
notice shall include a statement as to the last date by which the Bearer Notes
of such Series to be redeemed may be exchanged for Registered Notes.
Notwithstanding the foregoing, the relevant Issuer shall not so redeem such
Bearer Notes if such Issuer or the Guarantor shall subsequently determine, not
less than 30 days prior to the date fixed for redemption, that subsequent
payments would not be subject to any such requirement, in which case such
Issuer or the Guarantor shall publish prompt notice of such determination and
any earlier redemption notice shall be revoked and of no further effect. The
right of the holders of Bearer Notes called for redemption pursuant to this
paragraph to exchange such Bearer Notes for Registered Notes will terminate at
the close of business of the Principal Paying Agent on the fifteenth day prior
to the date fixed for redemption, and no further exchanges of such Series of
Bearer Notes for Registered Notes shall be permitted. 

          If
and so long as the certification, identification or other information reporting
requirements referred to above in the preceding paragraph would be fully
satisfied by payment of a withholding tax or similar charge, the relevant
Issuer or the Guarantor, as the case may be, may elect to pay as U.S.
Additional Amounts such amounts as may be necessary so that every net payment
made outside the United States following the effective date of such
requirements by such Issuer, the Guarantor or any Paying Agent of principal or
interest, including original issue discount, due in respect of any Bearer Note
or any coupon of which the beneficial owner is a United States Alien Holder
(but without any requirement that the nationality residence of identity of such
beneficial owner be disclosed to such Issuer, the Guarantor, any Paying Agent
or any governmental authority, with respect to the payment of such additional
amounts), after deduction or withholding for or on account of such withholding
tax or similar charge (other than a withholding tax or similar charge that (i)
would not be applicable in the circumstances referred to in the third
parenthetical clause of the first sentence of the preceding paragraph, or (ii)
is imposed as a result of presentation of such Bearer Note or coupon for
payment more than 15 days after the date on which such payment becomes due and
payable or on which payment thereof is duly provided for, whichever occurs
later), will not be less than the amount provided for in such Bearer Note or
coupon to be then due and payable. In the event the relevant Issuer or the
Guarantor, as the case may be, elects to pay any U.S. Additional Amounts
pursuant to this paragraph, such Issuer shall have the right to redeem the
Bearer Notes of such Series in whole at any time pursuant to the applicable
provisions of the preceding paragraph and the redemption price of such Bearer
Notes shall not be reduced for applicable withholding taxes. If such Issuer or
the Guarantor, as the case may be, elects to pay U.S. Additional Amounts
pursuant to this paragraph and the condition specified in the first sentence of
this paragraph should no longer be satisfied, then such Issuer shall (in the
case of Notes issued by an Issuer other than GE Capital Canada Funding) or may
(in the case of Notes issued by GE Capital Canada Funding) redeem the Bearer
Notes of such Series in whole, pursuant to the applicable provisions of the
preceding paragraph. 

          10. Covenant of the Issuers and the Guarantor. 

          (a)
Each Issuer and (in the case of Notes issued by an Issuer other than GE
Capital) the Guarantor covenant and agree for the benefit of holders of all
Notes issued hereunder that they will duly and punctually pay or cause to be
paid the principal of, premium, if any, and interest, if any, on all such Notes
(together with any Additional Amounts payable pursuant to Section 9) at the
places, at the respective times and in the manner provided in such Notes, in
the coupons, if any appertaining thereto, and in this Agreement. The interest
on Notes issued with coupons (together with any Additional Amounts payable pursuant
to Section 9) shall be payable only upon presentation and surrender of the 

32

several
coupons for such interest installments as are evidenced thereby as they
severally mature. If any temporary Bearer Note provides that interest thereon
may be paid while such Note is in temporary form, the interest on any such
temporary Bearer Note (together with any Additional Amounts payable pursuant to
Section 9) shall be paid, as to the installments of interest only, (i) in the
case of a CGN, upon presentation and surrender thereof, and, as to the other
installments of interest, if any, only upon presentation of such Notes for
notation thereon of the payment of such interest, or
(ii) in the case of any temporary global Note which is a
NGN, upon the Fiscal and Paying Agent instructing Euroclear and Clearstream,
Luxembourg to make appropriate entries in their records to reflect such
payments, in each case subject to the restrictions set forth in Section 5. 

          11. Obligations of the Fiscal and Paying Agent. The
Fiscal and Paying Agent accepts its obligations set forth herein and in the
Notes upon the terms and conditions hereof and thereof, including the
following, to all of which
each Issuer and
(in the case of Notes issued by an Issuer other than GE Capital) the Guarantor agree and to all of which the rights of
the holders from time to time of the Notes of each Series shall be subject:  

          (a)
The Fiscal and Paying Agent shall be entitled to the compensation to be agreed
upon with the relevant Issuer and the Guarantor (in the case of Notes issued by
an Issuer other than GE Capital) for all services rendered by it, and such
Issuer and the Guarantor agree promptly to pay such compensation and to
reimburse the Fiscal and Paying Agent for its reasonable out-of-pocket expenses
(including fees and expenses of counsel) incurred by it in connection with the
services rendered by it hereunder. The relevant Issuer and the Guarantor (in
the case of Notes issued by an Issuer other than GE Capital) also agree to indemnify
the Fiscal and Paying Agent and each paying agent of such Issuer and the
Guarantor for, and to hold each of them harmless against, any loss, liability
or expense incurred without negligence or bad faith on their part arising out
of or in connection with their acting as Fiscal and Paying Agent or paying
agent of such Issuer and the Guarantor hereunder. The obligations of such
Issuer and the Guarantor under this subsection (a) shall survive the payment of
the Notes and the resignation or removal of the Fiscal and Paying Agent and each paying agent of such Issuer and the Guarantor, as the case may
be. 

          (b)
In acting under this Agreement and in connection with the Notes, the Fiscal and
Paying Agent and each paying agent of the relevant Issuer and (in the case of
Notes issued by an Issuer other than GE Capital) the Guarantor is acting solely
as agent of such Issuer and (in the case of Notes issued by an Issuer other
than GE Capital) the Guarantor and does not assume any obligation towards or
relationship of agency or trust for or with any of the beneficial owners or
holders of the Notes except that all funds held by the Fiscal and Paying Agent
or any other paying agent of such Issuer and (in the case of Notes issued by an
Issuer other than GE Capital) the Guarantor for the payment of
principal, of premium and of interest on (and Additional Amounts, if any, with
respect to) the Notes shall be held in trust by them and applied as set forth
herein and in the Notes, but need not be segregated from other funds held by
them, except as required by law; provided that moneys paid by the
relevant Issuer or the Guarantor, as the case may be, to the Fiscal and Paying Agent or any other paying agent of such Issuer or the Guarantor,
as the case may be for the payment
of the principal of, premium
and interest on (and Additional Amounts, if any,
with respect to) any of the Notes and remaining unclaimed at the end of three
years after the date on which such principal, premium or interest (or
Additional Amounts, if any) shall have become due and payable shall be repaid
to the relevant Issuer or the Guarantor, as the case may be, as provided and in
the manner set forth in Section 5, whereupon the aforesaid trust shall
terminate and all liability of the Fiscal and Paying Agent or any other paying
agent of the relevant Issuer and the Guarantor, as the case may be, to such
Issuer or the Guarantor, as the case may be, with respect to such moneys shall
cease.  

33

          (c)
The Fiscal and Paying Agent may consult with counsel and any advice or written
opinion of such counsel shall be full and complete authorization and protection
in respect of any action taken, suffered or omitted to be taken by it hereunder
in good faith and in accordance with such advice or opinion. 

          (d)
The Fiscal and Paying Agent and each paying agent of the relevant Issuer and
the Guarantor (in the case of Notes issued by an Issuer other than GE Capital)
shall be protected and shall incur no liability for or in respect of any action
taken or omitted to be taken or thing suffered by them in reliance upon any
Note, coupon, notice, direction, consent, certificate, affidavit, statement or
other paper or document reasonably believed by them to be genuine and to have
been presented or signed by the proper party or parties. 

          (e)
The Fiscal and Paying Agent or any paying agent of the relevant Issuer or the
Guarantor, as the case may be, may, in its individual capacity or
any other capacity, become the owner of, or acquire any interest in, any Notes
or other obligations of such Issuer or the Guarantor with the same rights that
it would have if it were not the Fiscal and Paying Agent or such paying agent
of such Issuer or the Guarantor, as the case may be, and may engage or be
interested in any financial or other transaction with such Issuer or the
Guarantor and may act on, or as depositary, trustee or agent for, any committee
or body of beneficial owners or holders of Notes or other obligations of such
Issuer or the Guarantor as freely as if it were not the Fiscal and Paying Agent
or such paying agent of such Issuer or the Guarantor. 

          (f)
Neither the Fiscal and Paying Agent nor any other paying agent of the relevant
Issuer or the Guarantor shall be under any liability for interest on any moneys
received by it pursuant to any of the provisions of this Agreement or the
Notes. 

          (g)
The recitals contained herein and in the Notes (except in the Fiscal and Paying
Agent’s certificate of authentication) shall be taken as the statements of the
relevant Issuer and the Guarantor (in the case of Notes issued by an Issuer
other than GE Capital), and the Fiscal and Paying Agent assumes no
responsibility for the correctness of the same. The Fiscal and Paying Agent
does not make any representation as to the validity or sufficiency of this
Agreement or the Notes. Neither the Fiscal and Paying Agent nor any paying
agent of the relevant Issuer and (in the case of Notes issued by an Issuer
other than GE Capital) the Guarantor shall be accountable for the use or
application by such Issuer of any of the Notes or the
proceeds thereof. 

          (h)
The Fiscal and Paying Agent and each paying agent of the relevant Issuer and
the Guarantor shall be obligated to perform such duties and only such duties as
are herein and in the Notes specifically set forth (including Appendix 1 (New Global Note
Provisions) and Appendix 2 (New Safekeeping Structure
Provisions) in the case of
the Fiscal and Paying Agent), and no implied duties or obligations shall be
read into this Agreement or the Notes against the Fiscal and Paying Agent or
any such paying agent. Each paying agent of the relevant Issuer (other than the
Fiscal and Paying Agent) agrees that if any information that is required by the
paying agent to perform the duties set out in Appendix 1 (New Global Note
Provisions) or Appendix 2 (New Safekeeping Structure
Provisions) becomes known to
it, it will promptly provide such information to the Fiscal and Paying Agent.
The Fiscal and Paying Agent shall not be under any obligation to take any
action hereunder which may tend to involve it in any expense or liability, the
payment of which within a reasonable time is not, in its reasonable opinion,
assured to it. 

34

          (i)
Unless otherwise specifically provided herein or in the Notes, any order,
certificate, notice, request, direction or other communication from the
relevant Issuer or the Guarantor made or given under any provision of this
Agreement shall be sufficient if signed by the President, the Chief Executive
Officer, any Senior Vice President or Vice President, the Secretary or any
Assistant Secretary or any duly authorized attorney-in-fact of the relevant
Issuer or the Guarantor, as the case may be. 

          (j)
The Fiscal and Paying Agent and each paying agent of the relevant Issuer and
(in the case of Notes issued by an Issuer other than GE Capital) the Guarantor
shall be obligated to collect IRS Form W-8BEN or other applicable form required
by the United States Internal Revenue Code of 1986, as amended. 

          12. Maintenance and Resignation of Fiscal and Paying
Agent. 

          (a)
The relevant Issuer and (in the case of Notes issued by an Issuer other than GE
Capital) the Guarantor agree, for the benefit of the beneficial owners from
time to time of the Notes, that, until all of the Notes and coupons are no
longer outstanding or until moneys for the payment of all of the principal of,
premium and interest on all outstanding Notes (and Additional Amounts, if any)
shall have been made available at the principal office of the Fiscal and Paying
Agent, and shall have been returned to the relevant Issuer or (in the case of
Notes issued by an Issuer other than GE Capital) the Guarantor as provided in
Section 11(b), whichever occurs earlier, there shall at all times be a Fiscal
and Paying Agent hereunder. The Fiscal and Paying Agent shall at all times
maintain a place of business in, or in lieu thereof maintain an agent for
service of process located in, London, England. 

          (b)
Each Issuer and the Guarantor further agrees that (i) so long as any Notes are
listed and/or admitted to trading on or by a stock exchange, competent
authority and/or market, there will at all times be a Paying Agent (or the
Fiscal and Paying Agent) having a specified office in each location required by
the relevant rules of such stock exchange, competent authority and/or market;
(ii) there will at all times be a Paying Agent (or the Fiscal and Paying Agent)
with a specified office in a city in a member state of the European Union; and (iii)
they will ensure that to the extent practicable it maintains a Paying Agent (or
the Fiscal and Paying Agent) in a Member State of the European Union that will
not be obliged to withhold or deduct tax from payment in respect of the Notes
pursuant to the EU Savings Directive or any law implementing or complying with,
or introduced in order to conform to, such Directive. 

          (c)
The Fiscal and Paying Agent may at any time resign by giving written notice of
its resignation mailed to the relevant Issuer and the Guarantor specifying the
date on which its resignation shall become effective; provided that such date
shall be at least 90 days after the date on which such notice is given unless
such Issuer and the Guarantor agree to accept less notice. Upon receiving such
notice of resignation, the relevant Issuer and the Guarantor shall promptly
appoint a successor fiscal and paying agent, qualified as aforesaid, by written
instrument in duplicate signed on behalf of such Issuer and the Guarantor, one
copy of which shall be delivered to the resigning Fiscal and Paying Agent and
one copy to the successor fiscal and paying
agent. Such resignation
shall become effective upon the earlier
of (i) the effective date of
such resignation or (ii) the acceptance of appointment by the successor fiscal
and paying agent as provided in this subsection (c). The relevant Issuer and
the Guarantor may, at any time and for any reason, and shall, upon any event
set forth in the next succeeding sentence, remove the Fiscal and Paying Agent
and appoint a successor fiscal and paying agent, qualified as aforesaid, by
written instrument in duplicate signed on behalf of such Issuer and the
Guarantor, one copy of which shall be delivered to the Fiscal and Paying Agent
being removed and one copy to the successor fiscal and paying agent. The Fiscal
and Paying Agent shall be removed as aforesaid if it shall become incapable of
acting,  

35

or
shall be adjudged bankrupt or insolvent, or a receiver of the Fiscal and Paying
Agent or of its property shall be appointed, or any public officer shall take
charge or control of it or of its property or affairs for the purpose of
rehabilitation, conservation or liquidation. Any removal of the Fiscal and
Paying Agent and any appointment of a successor fiscal and paying agent shall
become effective upon acceptance of appointment by the successor fiscal and
paying agent as provided in this subsection (c). Upon its resignation or
removal, the Fiscal and Paying Agent shall be entitled to the payment by the relevant
Issuer or the Guarantor of its compensation for the services rendered hereunder
and to the reimbursement of all reasonable out-of-pocket expenses incurred in
connection with the services rendered by it hereunder (including any
resignation expenses of the Fiscal and Paying Agent and fees and expenses of
counsel). 

          (d)
Any successor fiscal and paying agent appointed as provided in subsection (b)
shall execute and deliver to its predecessor and to the
relevant Issuer and the Guarantor an instrument accepting such appointment
hereunder, and thereupon such successor fiscal and paying agent, without any
further act, deed or conveyance, shall become vested with all the rights,
powers, duties and obligations of its predecessor hereunder, with like effect
as if originally named as Fiscal and Paying Agent hereunder, and such
predecessor, upon payment of its compensation and out-of-pocket expenses then
unpaid, shall pay over to such successor agent all moneys or other property at
the time held by it hereunder. 

          (e)
Any corporation or bank into which the Fiscal and Paying Agent may be merged or
converted, or with which the Fiscal and Paying Agent may be consolidated, or
any corporation or bank resulting from any merger, conversion, banking business
transfer or consolidation to which the Fiscal and Paying Agent shall be a
party, or any corporation or bank succeeding to the fiscal agency business of
the Fiscal and Paying Agent shall be the successor to the Fiscal and Paying
Agent hereunder (provided that such corporation or bank shall be qualified as aforesaid) without the execution or
filing of any paper or any further act on the part of any of the parties
hereto.  

          13. Paying Agency. Each Issuer and the Guarantor shall cause
each Paying Agent appointed by such Issuer and the Guarantor to execute and
deliver to the Fiscal and Paying Agent an instrument in which such agent shall
agree with the Fiscal and Paying Agent, subject to the provisions of this
Section, 

	
  

 	
  

 
	
  

 	
           (1)
 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 Notes (whether
 such sums have been paid to it by the Issuer or the Guarantor or by any other
 obligor on such Notes) in trust for the benefit of the holders of such Notes,
 or the coupons appertaining thereto, if any; 

 
	
  

 	
  

 
	
  

 	
           (2)
 that it will give the Fiscal and Paying Agent notice of any failure by any
 such Issuer or the Guarantor (or by any other obligor on such Notes) to make any
 payment of the principal of, premium, if any, or interest, if any, on such
 Notes when the same shall be due and payable; and 

 
	
  

 	
  

 
	
  

 	
           (3)
 that at any time during the continuance of any failure by any such Issuer or
 the Guarantor (or by any other obligor on such Notes) specified in the
 preceding paragraph (2), such paying agent will, upon the written request of
 the Fiscal and Paying Agent, forthwith pay to the Fiscal and Paying Agent all
 sums so held in trust by it. 

 

          The
Fiscal and Paying Agent shall arrange with all such paying agencies for the
payment, from funds furnished by each Issuer and the Guarantor, as the case may
be, to the Fiscal and Paying Agent 

36

pursuant
to this Agreement, of the principal of, premium and interest on the Notes (and
Additional Amounts, if any, with respect to the Notes). 

          14. Merger, Consolidation, Sale or Conveyance. 

          (a)
Each Issuer and (in the case of Notes issued by an Issuer other than GE
Capital) the Guarantor covenant that they will not merge or consolidate with
any other corporation or sell, convey, transfer or otherwise dispose of all or
substantially all of their respective assets to any corporation, unless (i)
either such Issuer or the Guarantor, as the case may be, shall be the
continuing corporation, or the successor corporation (if other than such Issuer
or the Guarantor) shall be (a) with respect to GE Capital, a corporation
organized and existing under the laws of the United States of America or a
state thereof, (b) with respect to GE Capital Australia Funding, a corporation
incorporated under the laws of Australia or any political subdivision thereof,
(c) with respect to GE Capital Canada Funding, a corporation incorporated under
the laws of Canada or any province of territory thereof, (d) with respect to
any Irish Issuer, a company incorporated under the Companies Acts of Ireland,
1963-2009 and (e) with respect to each Additional Issuer, a corporation
incorporated under the laws of the country of incorporation or organization of
such Issuer, and in each case such successor corporation shall expressly assume
the due and punctual payment of the principal of, and premium, if any, and
interest, if any, on all the Notes and coupons, if any,
according to their tenor, and the due and punctual performance and observance
of all of the covenants and conditions of this Agreement, the Notes and the
Guarantee to be performed by such Issuer or the Guarantor, as the case may be,
executed and delivered to the Fiscal and Paying Agent by such corporation, and
(ii) such Issuer or the Guarantor or such successor corporation, 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 covenants or conditions.  

          (b)
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 corporation, such successor corporation shall succeed to and be
substituted for the relevant Issuer or the Guarantor, as the case may be, with
the same effect as if it had been named herein as such Issuer or the Guarantor,
and such Issuer or the Guarantor shall be relieved of any further obligation
under this Agreement and under the Notes and coupons, if any, and may be
dissolved, wound up and liquidated at any time thereafter. Such successor
corporation thereupon may cause to be signed, and may issue either in its own
name or in the name of the relevant Issuer or the Guarantor, as the case may be, any or all of the Notes issuable hereunder together with any coupons
appertaining thereto which theretofore shall not have been signed by such
Issuer or the Guarantor and delivered to the Fiscal and Paying Agent; and, upon
the order of such successor corporation, instead of such Issuer or the
Guarantor and subject to all the terms, conditions and limitations in this
Agreement prescribed, the Fiscal and Paying Agent shall authenticate and shall
deliver any Notes together with any coupons appertaining thereto which
previously shall have been signed and delivered to the Fiscal and Paying Agent
for that purpose. All Notes appertaining thereto shall in all respects have the
same legal rank and benefit under this Agreement as the Notes theretofore or
thereafter issued in accordance with the terms of this Agreement as though all or such Notes 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 Notes and coupons thereafter to be issued as may be appropriate. 

37

          15. Meetings of Holders of the Notes. 

          (a)
Each Issuer or (in the case of Notes issued by an Issuer other than GE Capital)
the Guarantor may at any time call a meeting of the holders of the Notes of any
or all Series, such meeting to be held at such time and
at such place as such Issuer or the Guarantor shall determine, for the purpose
of obtaining a waiver of or an amendment to any provision of this Agreement or the Notes of any Series
(to the extent permitted in Section 18 hereof). For purposes of this Section,
the “holders of Notes” means, in the case of any global Bearer Note, those
persons shown on the records of Euroclear, Clearstream, Luxembourg, or another
clearance system in which such Notes are held, as the case may be, as having
interests in such global Bearer Note credited to their respective securities
clearance accounts on the date on which notice of the meeting is given. Notice
of any meeting of Noteholders, setting forth the time and place of such meeting
and in general terms the action proposed to be taken at such meeting, shall be
(i) if any Bearer Notes of a Series affected are then outstanding, published
prior to the date fixed for the meeting at least once a week for three
successive weeks in one leading English language daily newspaper with general
circulation in London, England, or, if publication in London is not practical,
elsewhere in Western Europe and (ii) if any Registered Notes of a Series
affected are then outstanding, mailed to the holders of then outstanding
Registered Notes of each Series affected at their addresses as they shall
appear on the books of the Registrar. The first publication or mailing of
notice, in the case of Registered Notes, shall be made not less than 20 nor
more than 180 days prior to the date fixed for such meeting. Such publication
is expected to be made in the Financial Times. Notice of any meeting of holders
of Bearer Notes that have been listed and/or admitted to trading on any stock
exchange, competent authority and/or market shall be published in accordance
with the applicable rules and regulations promulgated by such exchange,
competent authority and/or market. To be entitled to vote at any meeting of
holders of Notes a person shall be (i) a holder of one of more Notes of the
relevant Series with respect to which such meeting is being held or (ii) a person
appointed by an instrument in writing as proxy by the holder of one or more
such Notes. The only persons who shall be entitled to be present or to speak at
any meeting of the holders of the Notes of any Series shall be the persons
entitled to vote at such meeting and their counsel and any representatives of
the relevant Issuer, the Guarantor and their counsel.  

          (b)
Persons representing a majority in principal amount of the Notes of the
relevant Series at the time outstanding shall constitute a quorum for the
purpose of obtaining any such waiver or amendment. No business shall be
transacted in the absence of a quorum, unless a quorum is present when the
meeting is called to order. In the absence of a quorum within 30 minutes of the
time appointed for any such meeting, the meeting shall be adjourned for a
period of not less than 10 calendar days as determined by the chairman of the
meeting. In the absence of a quorum within 30 minutes of the time appointed for
any such adjourned meeting, such adjourned meeting shall be further adjourned
for a period of not less than 10 calendar days as determined by the chairman of
the meeting. Notice of the reconvening of any adjourned meeting shall be given
as provided above except that such notice need be published only once, but 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
reconvening of any meeting further adjourned for lack of a quorum, persons
representing 25% in principal amount of the Notes of the relevant Series at the time outstanding 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 Notes of the relevant Series which shall
constitute a quorum. 

          (c)
At a meeting or an adjourned meeting duly reconvened and at which a quorum is
present as aforesaid, any resolution with respect to such waiver or amendment
shall be effectively passed and 

38

decided
if passed and decided by the favorable vote of persons entitled to vote the
lesser of (i) a majority in the principal amount of the Notes of the relevant Series
then outstanding or (ii) 75% in principal amount of such Notes represented and
voting at the meeting. Any Noteholder who has executed an instrument in writing
appointing a person as proxy shall be deemed to be present for the purposes of
determining a quorum and be deemed to have voted; provided that such Noteholder
shall be considered as present and voting only with respect to the matters
covered by such instrument in writing (which may include authorization to vote
on any other matters as may come before the meeting). Any resolution passed or
decision taken at any meeting of Noteholders duly held in accordance with this
Section shall be conclusive and binding on all the Noteholders of the relevant
Series whether or not present or represented at the meeting. 

          (d)
The holding of definitive Bearer Notes of the relevant Series for purposes of
this Section shall be proved by the production of such Notes or by a
certificate executed by any trust company, bank, banker or recognized
securities dealer satisfactory to the relevant Issuer and the Guarantor,
wherever situated, if such certificate shall be deemed by such Issuer and the
Guarantor to be satisfactory. Each such certificate shall be dated and shall
state that on the date thereof a Note of the relevant Series bearing a
specified identifying number was deposited with or exhibited to such trust
company, bank, banker or recognized securities dealer by the person named in
such certificate. Any such certificate may be issued in respect of one or more
such Bearer Notes specified therein. The holding of an interest in any global
Bearer Note of the relevant Series shall be proved by a certificate of
Euroclear, Clearstream, Luxembourg or another clearance system in which such
Notes are held, as the case may be. The holding by the person named in any such
certificate of any such Bearer Note or interest in a global Bearer Note
specified therein shall be presumed to continue for a period of one year from
the date of such certificate unless at the time of any determination of such
holding (i) another certificate bearing a later date issued in respect of the
same Bearer Note or interest in a global Bearer Note shall be produced, (ii)
such Bearer Note specified in such certificate shall be produced by some other
person or (iii) such Bearer Note specified in such certificate shall have
ceased to be outstanding. The appointment of any proxy shall be proved by
having the signature of the person executing the proxy witnessed or guaranteed
by any bank, banker, trust company or New York Stock Exchange member firm
satisfactory to the relevant Issuer and the Guarantor. 

          (e)
Each Issuer and the Guarantor shall appoint a temporary chairman of the
meeting. A permanent chairman and a permanent secretary of the meeting shall be
elected by vote of the holders of a majority in principal amount of the Notes
of the relevant Series represented at the meeting. At any meeting each
Noteholder of the relevant Series or proxy shall be entitled to one vote for
each $1,000 (or the equivalent thereof in any foreign or composite currency) of
principal amount (in the case of Original Issue Discount Notes of the relevant
Series, such principal amount thereof that would be due and payable as of the
date of such meeting upon a declaration of acceleration of the maturity thereof
pursuant to Section 8) of such Notes held or represented by such Noteholder or
proxy; provided, however, that no vote shall be cast or counted at any meeting
in respect of any Note of the relevant Series 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 except as a Noteholder or proxy. Any
meeting of Noteholders duly called at which a quorum is present may be adjourned
from time to time, and the meeting may be held as so adjourned without further
notice. 

          (f)
The vote upon any resolution submitted to any meeting of Noteholders shall be
by written ballot on which shall be subscribed the signatures of such Noteholders
or proxies and on which shall be inscribed the principal amount (in the case of
Original Issue Discount Notes of the relevant Series, such 

39

principal
amount thereof that would be due and payable as of the date of such vote upon a
declaration of acceleration of the maturity thereof pursuant to Section 8) and
the identifying number or numbers of the Notes of such Series held or
represented by them. The permanent chairman of the meeting shall appoint two
inspectors of votes who shall count all votes cast at the meeting for or
against any resolution and who shall make and file with the secretary of the
meeting their verified written
reports in duplicate of all votes cast at the meeting. A record in duplicate of
the proceedings of each meeting of Noteholders shall be prepared by the
secretary of the meeting and there shall be attached to said record the
original reports of the inspectors of votes on any vote by ballot taken thereat
and affidavits by one or more persons having knowledge of the facts setting
forth a copy of the notice of the meeting and showing that said notice was
published as provided above. The record will show the principal amount of the
Notes (in the case of Original Issue Discount Notes, such principal amount
thereof that would be due and payable as of the date of such vote upon a
declaration of acceleration of the maturity thereof pursuant to Section 8)
voting in favor of or against any resolution. The record shall be signed and
verified by the permanent chairman and secretary of the meeting and one of the
duplicates shall be delivered to the relevant Issuer or the Guarantor and the
other to the Fiscal and Paying Agent to be preserved by the Fiscal and Paying
Agent, 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.  

          16. Consent of Holders. 

          (a)
Any authorization, direction, notice, consent, waiver, amendment or other action provided by the provisions of
this Agreement or the Notes of any Series to be given or taken by holders
(which term as used in this Section shall mean with respect to any global
Bearer Note those persons shown on the records of Euroclear, Clearstream,
Luxembourg and/or another clearance system, as the case may be, as having
interests in such global Bearer Note credited to their respective securities
clearance accounts) of Notes of such Series may be embodied in and evidenced by
one or more instruments of substantially similar tenor, listing the serial
number of the Note or Notes of such Series in respect of which each such
instrument is submitted, signed by the requisite number of such holders in
person or by their agent duly appointed in writing; and, except as herein or
therein expressly provided, any such instrument shall become irrevocable when
delivered, and such action shall become effective when such instrument signed
by such holders is delivered to the Fiscal and Paying Agent or other paying
agency of the relevant Issuer and (in the case of Notes issued by an Issuer
other than GE Capital) the Guarantor. Proof of execution of any such instrument
or of a writing appointing any such agent by the holder of any such Note shall
be sufficient for any such purpose of this Agreement or such Notes and
conclusive in favor of (i) the Fiscal and Paying Agent or other paying agency
of such Issuer and the Guarantor and (ii) such Issuer and the Guarantor if made
in the manner provided in this Section.  

          (b)
The fact and date of execution of any such instrument and the fact that any
person is the holder of the Note or Notes of any Series of which the serial
numbers are listed in such instrument may be proved by the certificate of a
financial institution of recognized standing to such effect, or in any other
manner which the relevant Issuer and the Guarantor deem sufficient. 

          (c)
Any authorization, direction, notice, consent, waiver or other action by the
holder of any Note shall bind every future holder of such Note in respect of
anything done, omitted or suffered to be done in reliance thereon, whether or
not notation of such action is made upon such Note. 

40

          17. Stamp Taxes. The relevant Issuer or the
Guarantor, as the case may be, will pay all stamp or other documentary taxes or
duties, if any, to which the execution or delivery of this Agreement or the
issuance of the Notes of any Series or any coupons appertaining thereto may be
subject. 

          18. Modifications and Amendments. 

          (a)
This Agreement may be amended by the parties hereto, without the consent of the
holder (which term as used in this Section shall mean with respect to any
global Bearer Note those persons shown on the records of Euroclear,
Clearstream, Luxembourg or another clearance system, as the case may be, as
having interests in such global Bearer Note credited to their respective
securities clearance accounts) of any Note, for the purposes of (i) providing
for the issuance of Notes pursuant to Section 2 hereof; (ii) curing any ambiguity
or correcting or supplementing any provision contained herein which may be
defective or inconsistent with any other provision contained herein; (iii)
adding to the covenants of the relevant Issuer or (in the case of Notes issued
by an Issuer other than GE Capital) the Guarantor for the protection of the
holders of all or any Series of the Notes; (iv) effecting any assumption of the
relevant Issuer’s or the Guarantor’s obligations hereunder and under the Notes
or the Guarantee by a successor corporation pursuant to Section 14(a) of this
Agreement; (v) evidencing and providing for the acceptance of appointment
hereunder by a successor Fiscal and Paying Agent with respect to the Notes of
one or more Series; or (vi) amending this Agreement in any other manner which
the parties may mutually deem necessary or desirable and which shall not
adversely affect the interests of the holders of the Notes of any Series
outstanding on the date of such amendment. Nothing in this
Agreement prevents the Issuers, the Guarantor and the Fiscal and Paying Agent
from amending this Agreement in such a manner as to only have a prospective
effect on Notes issued on or after the date of such amendment. 

          (b)
Modifications and amendments to this Agreement or the Notes of any Series or
the Guarantee may also be made, and future compliance therewith or past Event
of Default by the relevant Issuer or the Guarantor may be waived, by holders of
not less than a majority in aggregate principal amount of the Notes of such
Series (or, in each case, such lesser amount as shall have acted at a meeting
of holders of such Notes, pursuant to Section 15 of this Agreement); provided,
however, that no such modification or amendment to this Agreement or the Notes
may, without the consent of the holders of each such Note of such Series
affected thereby, (i) change the stated maturity of the principal of any such
Note of such Series or extend the time for payment of interest thereon; (ii)
change the amount of the principal of an Original Issue Discount Note of such
Series that would be due and payable upon an acceleration of the maturity
thereof; (iii) reduce the amount of interest payable thereon or the amount
payable thereon in the event of redemption or acceleration; (iv) change the
currency of payment of principal of or any other amounts payable on any such
Note; (v) impair the right to institute suit for the enforcement of any such payment on or with respect to any such Note or
the Guarantee; (vi) reduce the above-stated percentage of the principal amount
of Notes of such Series the consent of whose holders is necessary to modify or
amend this Agreement or the Notes of such Series or reduce the percentage of
Note of such Series required for the taking of action or the quorum required at
any such meeting of holders of Notes of such Series; or (vii) modify the
foregoing requirements to reduce the percentage of outstanding Notes of such
Series necessary to waive any future compliance or past default. 

          (c)
Any such modification or amendments will be conclusive and binding on all
holders of Notes of the relevant Series and on all future holders of such
Notes, whether or not they have consented to such modifications or amendments
and whether or not notation of such modifications or amendments is made upon
the Notes of such Series. 

41

          19. Accession of Additional Issuers. Each of the
Issuers, the Guarantor and the Fiscal and Paying Agent acknowledge and agree
that one or more additional Issuers (each, an “Additional
Issuer”) may from time to time accede to this Agreement upon the
terms and conditions set forth below. On and after the
Accession Date (as defined below) with respect to an Additional Issuer, such Additional
issuer shall
be bound by the terms of this Agreement and shall be entitled to all rights and
benefits, and subject to all duties and obligations, of an Issuer hereunder.  

          (a)
Requirements as to Additional Issuers. Each Additional Issuer shall (i) be a
Subsidiary (as hereinafter defined) of GE Capital and (ii) only issue Notes
which are unconditionally and irrevocably guaranteed by GE Capital. As used
herein, “Subsidiary” shall have
the meaning as set forth in Rule 1-02(x) of Regulation S-X under the U.S.
Securities Act of 1933, as amended. 

          (b)
Conditions Precedent to Accession. On or prior to the date on which an
Additional Issuer shall accede as a party to this Agreement (the “Accession Date”), each of the following
conditions precedents must be fulfilled: 

	
  

 	
  

 
	
  

 	
           (i) such
Additional Issuer, the Guarantor and the Fiscal and Paying Agent shall have
executed and delivered an Issuer Accession Letter,
substantially in
the form attached hereto as Exhibit E (each, an “Issuer Accession Letter”), together with
the attachments described therein;  

 
	
  

 	
  

 
	
  

 	
           (ii) such
 Additional Issuer and the Guarantor shall certify to the Fiscal and Paying
 Agent the form of Notes to be executed and authenticated from time to time
 for each Series of Notes issued by such Additional Issuer as provided in
 Section 2(b) hereof, including the form of the Guarantee to appear thereon
 which shall be substantially in the form of Exhibit D-1 hereto, modified as
 appropriate to refer to such Additional Issuer; 

 
	
  

 	
  

 
	
  

 	
           (iii)
 such Additional Issuer shall confirm that the Notes are being issued pursuant
 to authority granted by its Board of Directors or similar governing body,
 including any duly authorized committee thereof, and certify the persons who
 are Issuer Authorized Representatives of such Additional Issuer as provided
 in Section 3(a) hereof; and 

 
	
  

 	
  

 
	
  

 	
           (iv) such
 Additional Issuer shall confirm that it has sent to each Agent under the
 Distribution Agreement an Issuer Accession Notice (as defined in the
 Distribution Agreement) and provide a copy of such Issuer Accession Notice to
 the Fiscal and Paying Agent together with such attachments as are described
 therein. 

 

          20. Notices to Parties. All notices hereunder to the
parties hereto shall be deemed to have been given when sent by certified or
registered mail, postage prepaid, or by facsimile transmission, addressed to
any party hereto as follows: 

	
  

 	
  

 	
  

 
	
 GE Capital:

 	
  

 	
  

 
	
  

 	
  

 	
  

 
	
  

 	
 General
 Electric Capital Corporation

 
	
  

 	
 201 High
 Ridge Road

 
	
  

 	
 Stamford,
 Connecticut 06927 U.S.A.

 
	
  

 	
 Attention:

 	
 Senior Vice
 President-Corporate Treasury
and Global Funding Operation

 
	
  

 	
 Facsimile:

 	
 + 1 203 585
 1191

 

42

	
  

 	
  

 	
  

 
	
  

 	
 Telephone:

 	
 + 1 203 357
 6199

 
	
  

 	
  

 	
  

 
	
 GE Capital
 Australia Funding:

 
	
  

 	
  

 	
  

 
	
  

 	
 GE Capital
 Australia Funding Pty. Ltd. (A.B.N. 67 085 675 467)
572 Swan Street

 
	
  

 	
 Richmond,
 Victoria 3121

 
	
  

 	
 Australia

 	
  

 
	
  

 	
 Attention:

 	
 Vice
 President

 
	
  

 	
 Facsimile:

 	
 +61 2 8249
 3582

 
	
  

 	
 Telephone:

 	
 +61 2 8249
 3788

 
	
  

 	
  

 	
  

 
	
  

 	
 in each case
 with a copy to GE Capital in its capacity as Guarantor delivered in
 accordance with this Section 20;

 
	
  

 	
  

 	
  

 
	
 GE Capital
 Canada Funding:

 
	
  

 	
  

 	
  

 
	
  

 	
 GE Capital
 Canada Funding Company

 
	
  

 	
 c/o General
 Electric Capital Canada Inc.

 
	
  

 	
 2300
 Meadowvale Boulevard

 
	
  

 	
 Missisauga,
 Ontario

 
	
  

 	
 Canada L5N
 5P9

 
	
  

 	
 Attention:

 	
 General
 Counsel

 
	
  

 	
 Facsimile:

 	
 +1 905 858
 5710

 
	
  

 	
 Telephone:

 	
 +1 905 858
 5243

 
	
  

 	
  

 	
  

 
	
  

 	
 in each case
 with a copy to GE Capital in its capacity as Guarantor delivered in
 accordance with this Section 20;

 
	
  

 	
  

 
	
 GE Capital
 European Funding:

 
	
 GE Capital UK Funding:  

 
	
  

 	
  

 	
  

 
	
  

 	
 WIL House

 
	
  

 	
 Shannon
 Business Park

 
	
  

 	
 Shannon, Co.
 Clare

 
	
  

 	
 Ireland

 
	
  

 	
 Attention:

 	
 Company
 Secretary

 
	
  

 	
 Facsimile:

 	
 +353 61 362
 010

 
	
  

 	
 Telephone:

 	
 +353 61 362
 322

 
	
  

 	
  

 	
  

 
	
  

 	
 in each case
 with a copy to GE Capital in its capacity as Guarantor delivered in
 accordance with this Section 20;

 
	
  

 	
  

 	
  

 
	
 Fiscal and
 Paying Agent:

 
	
  

 	
  

 	
  

 
	
  

 	
 The Bank of
 New York Mellon

 
	
  

 	
 One Canada
 Square

 

43

	
  

 	
  

 	
  

 
	
  

 	
 London E14
 5AL

 
	
  

 	
 United
 Kingdom

 
	
  

 	
 Attention:

 	
 Corporate
 Trust Services

 
	
  

 	
 Facsimile: 

 	
 +44 20 7964
 2536

 
	
  

 	
 Telephone:
 +44 20 7964 7031/4288/5683

 
	
  

 	
 Email:
 corpsovamericas@bnymellon.com

 
	
  

 	
  

 	
  

 
	
 Registrar
 and Transfer Agent:

 
	
  

 	
  

 	
  

 
	
  

 	
 The Bank of
 New York Mellon (Luxembourg) S.A.

 
	
  

 	
 Vertigo
 Building — Polaris

 
	
  

 	
 2-4 rue
 Eugène Ruppert

 
	
  

 	
 L-2453
 Luxembourg

 
	
  

 	
 Attention: 

 	
 Structured
 Product Services

 
	
  

 	
 Facsimile: 

 	
 +352 2452 42
 04

 
	
  

 	
 Telephone: 

 	
 +352 2452 53
 29

 
	
  

 	
 Email: 

 	
 LUXMB_SPS@bnymellon.com

 

or at any other address of which either of the foregoing shall have
notified the other in writing. 

          Any notice,
direction, request or demand by any holder of Notes or coupons to or upon the
Fiscal and Paying Agent shall be deemed to have been sufficiently given or
made, for all purposes, if given or made in writing at the principal London
office of the Fiscal and Paying Agent, addressed to the attention of its
corporate trust office. 

          21. Notices to and by Holders of the Notes. Each Issuer
and (in the case of Notes issued by an Issuer other than GE Capital) the
Guarantor will give notice promptly to the holders of the Notes of the
termination of appointment of any paying agent of such Issuer and the
Guarantor. Such notice shall be published in one leading English language daily
newspaper with general circulation in London, England, or, if publication in
London is not practical, elsewhere in Western Europe. Such publication is
expected to be made in the Financial Times. Notice of termination of
appointment of any paying agent to the holders of Notes that have been listed
or admitted to trading on any stock exchange, competent authority and/or market
shall be published in accordance with the applicable rules and regulations
promulgated by such exchange, competent authority and/or market. Any notice to
the holders of Notes by publication shall be deemed to have been given on the
date of such publication, or if published in newspapers on different dates, on
the date of the first such publication. 

          So long as
no definitive Notes are in issue in respect of a particular Series, there may,
so long as the global Note(s) for such Series is or are held in its or their
entirety on behalf of Euroclear, Clearstream, Luxembourg and/or another clearance
system, as the case may be, and the Notes for such Series are not listed and/or
admitted to trading on a stock exchange, competent authority and/or market (or,
if so listed or admitted to
trading, for so long as the relevant stock exchange, competent authority and/or
market so permits), be substituted for such publication in such newspaper(s)
the delivery of the relevant notice to Euroclear, Clearstream, Luxembourg
and/or such other clearance system for communication by them to the holders of
the Notes. Any such notice shall be deemed to have been given to the holders of
the Notes on the seventh day after the day on which the said notice was given
to Euroclear, Clearstream, Luxembourg and/or such other clearance system. 

44

          Notices to
be given by a Noteholder shall be in writing and given by lodging the same,
together with the relative Note or Notes, with the Paying Agent. Whilst any
Notes are represented by a global Note, such notice may be given by a
Noteholder to the Fiscal and Paying Agent via Euroclear, Clearstream,
Luxembourg and/or another clearance system, as the case may be, in such manner
as the Paying Agent and Euroclear, Clearstream, Luxembourg and/or such other
clearance system may approve for this purpose. 

45

          22. Business Day. For the purposes of this Agreement, “Business Day” shall mean, unless otherwise
specified in the form of Notes certified to the Fiscal and Paying Agent
pursuant to Section 2(b) hereof or contained in the Corporate Order delivered
pursuant to Section 2(c) hereof with respect to a particular Series of Notes, any
day other than a Saturday or Sunday or any other day on which banking
institutions are generally authorized or obligated by law or regulation to
close in (i) the principal financial center of the country in which the
relevant Issuer is incorporated, (ii) the principal financial center of the
country of the currency in which the Notes are denominated, (iii) London,
England, and (iv) any additional financial center specified in the applicable
Final Terms or Securities Note (as the case my be); provided, however, that
with respect to Notes denominated in Euro, such day is a day on which the
Trans-European Automated Real-Time Gross Settlement Express Transfer (TARGET)
System is open. For purposes of this definition, the principal financial center
of the United States is New York, the principal financial center of Australia
is Sydney and Melbourne and the principal financial center of Canada is
Toronto, Ontario. 

          23. Central Bank Reporting Requirements. In addition to
its other duties set forth in this Agreement, the Fiscal and Paying Agent is
hereby designated as the relevant Issuer’s and (in the case of Notes issued by
an Issuer other than GE Capital) the Guarantor’s agent for the purpose of
complying with notification, reporting or other applicable requirements of the
various central banks or similar monetary authorities regulating Notes issued
in Specified Currencies other than U.S. dollars. Without limiting the
generality of the foregoing, at the date hereof such duties shall include the
information reporting requirements of the Bank of England with respect to any
Series of Notes where the Specified Currency is Pounds Sterling. 

          24. Governing Law. THIS AGREEMENT, THE NOTES AND ANY
COUPONS APPERTAINING THERETO SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED
BY THE LAWS OF THE STATE OF NEW YORK, U.S.A. 

          25. Consent to Service. Each Issuer and (in the case of
Notes issued by an Issuer other than GE Capital) the Guarantor has designated
the Senior Vice President-Corporate Treasury and Global Funding Operation of
each Issuer and the Guarantor as authorized agent for service of process in any
legal action or proceeding arising out of or relating this Agreement, the Notes
or the Guarantees brought in any federal or state court in the Borough of
Manhattan, the City of New York, State of New York and irrevocably submit to
the non-exclusive jurisdiction of such courts for such purposes (and only for
such purposes) as long as there are any outstanding Notes. 

          26. Counterparts. This Agreement may be signed in any
number of counterparts, each of which shall be an original, with the same
effect as if the signatures thereto and hereto were upon the same instrument.
Such counterparts shall together constitute but one and the same instrument. 

          27. Inspection of Documents. A copy of this Agreement
shall be made available by the Fiscal and Paying Agent for inspection at all
reasonable times at its office as stated in Section 20 and at the offices of
the paying agents specified in the Notes. 

          The Fiscal
Paying Agent shall hold available for inspection at its office as stated in
Section 20 during normal business hours copies of all documents required to be
so available as required to be so available by the rules of any relevant stock
exchange, competent authority and/or market on or by which such Notes may be
listed and/or admitted to trading. 

46

          28. Descriptive Headings. The descriptive headings in
this Agreement are for convenience of reference only and shall not define or
limit the provisions of this Agreement. 

          29. Provisions Binding on Successors. All the
covenants, stipulations, promises and agreements in this Agreement contained by
the relevant Issuer and (in the case of Notes issued by an Issuer other than GE
Capital) the Guarantor shall bind its successors and assigns whether so
expressed or not. 

          30. Official Acts by Successor Corporation. Any act or
proceeding by any provision of this Agreement authorized or required to be done
or performed by any board, committee or officer of the relevant Issuer or (in
the case of Notes issued by an Issuer other than GE Capital) the Guarantor
shall and may be done and performed with like force and effect by the like
board, committee or officer of any corporation that shall at the time be the lawful sole successor of such
Issuer or the Guarantor. 

          31. Severability. In case any provision in this
Agreement or in the Notes shall be invalid, illegal or unenforceable, the
validity, legality and enforceability of the remaining provision shall not in
any way be affected or impaired thereby. 

47

          IN WITNESS
WHEREOF, the parties hereto, including GE Capital in its capacity both as
Issuer and as Guarantor of Notes to be issued by Issuers other than GE Capital,
have caused this Tenth Amended and Restated Fiscal and Paying Agency Agreement
to be duly executed as of the day and year first above written. 

	
  

 	
  

 	
  

 
	
  

 	
 GENERAL ELECTRIC CAPITAL CORPORATION

 
	
  

 	
 By:

 	

 
	
  

 	

 
	
  

 	
 Name:

 
	
  

 	
 Title:

 
	
  

 	
  

 	
  

 
	
  

 	
 GE CAPITAL AUSTRALIA FUNDING PTY. LTD

 
	
  

 	
 By:

 	

 
	
  

 	

 
	
  

 	
 Name:

 
	
  

 	
 Title:

 
	
  

 	
  

 	
  

 
	
  

 	
 GE CAPITAL CANADA FUNDING COMPANY

 
	
  

 	
 By:

 	

 
	
  

 	

 
	
  

 	
 Name:

 
	
  

 	
 Title:

 
	
  

 	
  

 	
  

 
	
  

 	
 GE CAPITAL EUROPEAN FUNDING

 
	
  

 
	
  

 	
 By:

 	
  

 
	
  

 	

 
	
  

 	
 Name:

 
	
  

 	
 Title:

 
	
  

 	
  

 	
  

 
	
  

 	
 GE CAPITAL UK FUNDING  

 
	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
  

 
	
  

 	

 
	
  

 	
 Name:

 
	
  

 	
 Title:

 

          IN
WITNESS WHEREOF, the parties hereto, including GE Capital in its capacity both
as Issuer and as Guarantor of Notes to be issued by Issuers other than GE
Capital, have caused this Tenth Amended and Restated Fiscal and Paying Agency
Agreement to be duly executed as of the day and year first above written. 

	
  

 	
  

 	
  

 
	
  

 	
 GENERAL
 ELECTRIC CAPITAL CORPORATION

 
	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
  

 
	
  

 	

 
	
  

 	
 Name:

 
	
  

 	
 Title:

 
	
  

 	
  

 	
  

 
	
  

 	
 GE
 CAPITAL AUSTRALIA FUNDING PTY. LTD

 
	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
  

 
	
  

 	

 
	
  

 	
 Name:

 
	
  

 	
 Title:

 
	
  

 	
  

 	
  

 
	
  

 	
 GE
 CAPITAL CANADA FUNDING COMPANY

 
	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
  

 
	
  

 	

 
	
  

 	
 Name:

 
	
  

 	
 Title:

 
	
  

 	
  

 	
  

 
	
  

 	
 GE CAPITAL EUROPEAN FUNDING

 
	
  

 	
  

 	
  

 
	
  

 	
 By:

 	

 
	
  

 	

 
	
  

 	
 Name:

 	

 
	
  

 	
 Title:

 
	
  

 	
  

 	
  

 
	
  

 	
 GE CAPITAL
 UK FUNDING

 
	
  

 	
  

 	
  

 
	
  

 	
 By:

 	

 
	
  

 	

 
	
  

 	
 Name:

 	

 
	
  

 	
 Title:

 

	
  

 	
  

 	
  

 
	
  

 	
  

 
	
  

 	
 THE BANK
 OF NEW YORK MELLON

 
	
  

 	
 as Fiscal and Paying Agent

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 
	
  

 	
 By:

 	

 
	
  

 	

 
	
  

 	
 Name:

 	
    Amy Bowley  

 
	
  

 	
 Title:

 	
    Senior Associate  

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 
	
  

 	
 THE BANK
 OF NEW YORK MELLON (LUXEMBOURG)

 
	
  

 	
 S.A.

 
	
  

 	
 as Registrar and Transfer
 Agent

 
	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
  

 
	
  

 	

 
	
  

 	
 Name:

 
	
  

 	
 Title:

 	
  

 

	
  

 	
  

 	
  

 
	
  

 	
  

 
	
  

 	
 THE BANK
 OF NEW YORK MELLON

 
	
  

 	
 as Fiscal and Paying Agent

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
  

 
	
  

 	

 
	
  

 	
 Name:

 	
    

 
	
  

 	
 Title:

 	
    

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 
	
  

 	
 THE BANK
 OF NEW YORK MELLON (LUXEMBOURG)

 
	
  

 	
 S.A.

 
	
  

 	
 as Registrar and Transfer
 Agent

 
	
  

 	
  

 	
  

 
	
  

 	
 By:

 	

 
	
  

 	

 
	
  

 	
 Name:        
              
              
 Peter BUN 

 
	
  

 	
 Title:

 	
   Jérémy
 Colombé

 

APPENDIX 1

NEW GLOBAL NOTE PROVISIONS

	
  

 	
  

 
	
 In relation to each Series
 of Notes that are NGNs, the Fiscal and Paying Agent will
 comply with the following provisions: 

 
	
  

 	
  

 
	
 1.

 	
 The
Fiscal and Paying Agent will inform each of Euroclear and Clearstream,
Luxembourg (the “ICSDs”), through the common service provider appointed by
the ICSDs to service the Notes (the “CSP”), of the initial issue outstanding
amount (“IOA”) for each Tranche on or prior to the relevant original issue date. 

 
	
  

 	
  

 
	
 2.

 	
 If
 any event occurs that requires a mark up or mark down of the records which an
 ICSD holds for its customers to reflect such customers’ interest in the
 Notes, the Fiscal and Paying Agent will (to the extent known
 to it) promptly provide details of the amount of such mark up or mark down,
 together with a description of the event that requires it, to the ICSDs
 (through the CSP) to ensure that the records of the ICSDs reflecting the IOA
 of the Notes remains at all times accurate. 

 
	
  

 	
  

 
	
 3.

 	
 The
 Fiscal and Paying Agent will regularly reconcile its record
 of the IOA of the Notes with information
 received from the ICSDs
 (through the CSP) with respect to the IOA maintained by the
 ICSDs for the Notes and will promptly inform the ICSDs (through the CSP) of any
 discrepancies. 

 
	
  

 	
  

 
	
 4.

 	
 The
 Fiscal and Paying Agent will promptly assist the ICSDs (through the CSP) in
 resolving any discrepancy identified in the records of the ICSDs reflecting
 the IOA of the Notes. 

 
	
  

 	
  

 
	
 5.

 	
 The
 Fiscal and Paying Agent will promptly provide to the ICSDs (through the CSP)
 details of all amounts paid by it under the Notes (or, where the Notes
 provide for delivery of assets other than cash, of the assets so delivered). 

 
	
  

 	
  

 
	
 6.

 	
 The
 Fiscal and Paying Agent will (to the extent known to it) promptly provide to
 the ICSDs (through the CSP) notice of any changes to the Notes that will
 affect the amount of, or date for, any payment due under the Notes. 

 
	
  

 	
  

 
	
 7.

 	
 The
 Fiscal and Paying Agent will (to the extent known to it) promptly provide to the ICSDs (through the CSP) copies of all
 information that is given to the holders of the Notes. 

 
	
  

 	
  

 
	
 8.

 	
 The
 Fiscal and Paying Agent will promptly pass on to the relevant Issuer all
 communications it receives from the ICSDs directly or through the CSP
 relating to the Notes. 

 
	
  

 	
  

 
	
 9.

 	
 The
 Fiscal and Paying Agent will (to the extent known to it) promptly notify the
 ICSDs (through the CSP) of any failure by the relevant Issuer to make any
 payment or delivery due under the Notes when due. 

 

1

APPENDIX 2

NEW SAFEKEEPING STRUCTURE PROVISIONS

	
  

 	
  

 
	
 In
 relation to each Series of Notes that are issued under the NSS, the Fiscal
 and Paying Agent will comply with the following provisions: 

 
	
  

 
	
 1.

 	
 The
Fiscal and Paying Agent will inform each of Euroclear and Clearstream,
Luxembourg (the “ICSDs”), through the common service provider appointed by
the ICSDs to service the Notes (the “CSP”), of the initial issue outstanding amount (“IOA”) for each Tranche on or prior to the
relevant original issue date.  

 
	
  

 	
  

 
	
 2.

 	
 If
 any event occurs that requires a mark up or mark down of the records which an
 ICSD holds for its customers to reflect such customers’ interest in the
 Notes, the Fiscal and Paying Agent will (to the extent known to it) promptly
 provide details of the amount of such mark up or mark down, together with a
 description of the event that requires it, to the ICSDs (through the CSP) to
 ensure that the records of the ICSDs reflecting the IOA of the Notes remains
 at all times accurate. 

 
	
  

 	
  

 
	
 3.

 	
 The
 Fiscal and Paying Agent will regularly reconcile its record of the IOA of the
 Notes with information received
 from the ICSDs (through the
 CSP) with respect to the IOA maintained by the ICSDs for the
 Notes and will promptly inform the ICSDs (through the CSP) of any
 discrepancies. 

 
	
  

 	
  

 
	
 4.

 	
 The
 Fiscal and Paying Agent will promptly assist the ICSDs (through the CSP) in
 resolving any discrepancy identified in the records of the ICSDs reflecting
 the IOA of the Notes. 

 
	
  

 	
  

 
	
 5.

 	
 The
 Fiscal and Paying Agent will promptly provide to the ICSDs (through the CSP) details
 of all amounts paid by it under the Notes (or, where the Notes provide for
 delivery of assets other than cash, of the assets so delivered). 

 
	
  

 	
  

 
	
 6.

 	
 The
 Fiscal and Paying Agent will (to the extent known to it) promptly provide to
 the ICSDs (through the CSP) notice of any changes to the Notes that will
 affect the amount of, or date for, any payment due under the Notes. 

 
	
  

 	
  

 
	
 7.

 	
 The
 Fiscal and Paying Agent will (to the extent known to it) promptly provide to
 the ICSDs (through the CSP) copies of all information that is given to the
 holders of the Notes. 

 
	
  

 	
  

 
	
 8.

 	
 The
 Fiscal and Paying Agent will promptly pass on to the relevant Issuer all
 communications it receives from the ICSDs directly or through the CSP
 relating to the Notes. 

 
	
  

 	
  

 
	
 9.

 	
 The
 Fiscal and Paying Agent will (to the extent known to it) promptly notify the
 ICSDs (through the CSP) of any failure by the relevant Issuer to make any
 payment or delivery due under the Notes when due. 

 

2

EXHIBIT A 

GENERAL ELECTRIC CAPITAL CORPORATION 

AND AFFILIATES

PROGRAMME FOR THE ISSUANCE OF EURO MEDIUM-TERM NOTES
AND 

OTHER DEBT SECURITIES DUE 9 MONTHS OR MORE FROM DATE OF ISSUE

ADMINISTRATIVE PROCEDURES 

April 6, 2011

          Reference
is made to Section 2(c) of the Twelfth Amended and Restated Euro Medium-Term
Note Distribution Agreement, dated April 6, 2011 (as the same may be further
amended or supplemented from time to time, the “Distribution Agreement”) pursuant to which Euro Medium-Term
Notes and other debt securities (the “Notes”)
are to be offered on a continuous basis by General Electric Capital
Corporation (“GE Capital”), and
each of the other Issuers named therein or made a party thereto from time to
time (together with GE Capital, each an “Issuer”).
Notes issued by each Issuer other than GE Capital will be
unconditionally and irrevocably guaranteed by GE Capital (the “Guarantor”). Each of the Dealers named in
the Distribution Agreement (each a “Dealer”) has agreed to use its best efforts to solicit offers to purchase the Notes.
Each Dealer, as principal, may also purchase Notes for its own account and if
it does so, the relevant Issuer, the Guarantor (in the case of Notes issued by
an Issuer other than GE Capital) and such Dealer will enter into a terms
agreement, as contemplated by the Distribution Agreement. Each Issuer and the
Guarantor has reserved the right in the Distribution Agreement from time to
time to appoint one or more additional persons either to solicit purchases of
Notes from the relevant Issuer by others or to purchase Notes directly from the
relevant Issuer as principal for resale to others, and any reference herein to “Dealer” shall include each such additional
persons. 

          The
Notes will be issued under a Tenth Amended and Restated Fiscal and Paying
Agency Agreement dated as of April 6, 2011, among each Issuer (including GE
Capital in its capacity as Guarantor of Notes issued by an Issuer other than GE
Capital), The Bank of New York Mellon, as fiscal agent (in such capacity, the “Fiscal Agent”) and principal paying agent
(in such capacity, the “Principal Paying
Agent”), The Bank of New York Mellon (Luxembourg) S.A., as initial
registrar and transfer agent as further amended or supplemented from time to
time (the “Fiscal Agency Agreement”). Unless
otherwise specified with respect to a particular series of Notes, the Fiscal
Agent will also act as the authenticating agent (the “Authenticating Agent”) for the Notes. The Bank of New York
Mellon (Luxembourg) S.A. will be the Registrar for the Registered Notes (as
defined below) and will also perform the duties specified herein and in the
Fiscal Agency Agreement. The Bank of New York Mellon will also act as
Calculation Agent with respect to the Notes unless a different Calculation
Agent is appointed by an Issuer or the Guarantor with respect to a specific
series of Notes. If the relevant Issuer issues any Notes denominated in Hong
Kong dollars, the Principal Paying Agent will act through one of its branches
or agencies located outside of Hong Kong and will request of Euroclear and
Clearstream, Luxembourg (each as defined below) that the common depositary or,
as the case may be, the common safekeeper, act through an office outside of
Hong Kong, or as may otherwise be required by applicable laws or regulations. 

          Series
of Notes may be issued that will not be listed on any stock exchange. As used
herein, the term “series of Notes” shall
refer to all Notes having identical terms but for authentication date and
public offering price, and the term “tranche
of Notes” shall refer to all Notes having identical terms, including
authentication date and public offering price. 

A-1

          Notes
will bear interest at a fixed rate per annum (the “Fixed Rate Notes”), which may be zero in the case of certain
original issue discount notes (the “OID
Notes”), or at floating rates per annum (the “Floating Rate Notes”). Notes may be
denominated in any currency, subject to any applicable laws and regulations
(the “Specified Currency”). Unless
otherwise specified in the applicable Final Terms or Securities Note (as the
case may be) (each as defined below), the Notes of each tranche will be in
bearer form (“Bearer Notes”) and
will initially be represented by one or more temporary global Notes (each, a “Temporary Global Note”), without interest
coupons attached, and will (i) if the Global Note (as defined below) is
intended to be issued in new
global note (“NGN”) form, as stated in the applicable
Final Terms or Securities Note (as the case may be), be delivered on or prior
to the original issue date of the tranche of Notes to a common safekeeper (the “Common Safekeeper”) for Euroclear Bank
S.A./N.V. (“Euroclear”) and Clearstream Banking, Société anonyme (“Clearstream,
Luxembourg ”); and (ii) if the Global Note is to be issued in classic
global note (“CGN”)  form, be delivered to
a common depositary located outside the United States (the “Common Depositary”) for Euroclear and
Clearstream, Luxembourg and subsequently by a permanent global Note (each, a “Permanent Global Note”) and/or one or more
definitive Bearer Notes (each, a “Definitive
Bearer Note”), with coupons, if any, attached. 

          If
specified in the applicable Final Terms or Securities Note (as the case may
be), Notes may also be issued in fully registered form (“Registered Notes”). If any Registered
Note is issued in global form (each, a “Global
Registered Note”), then: (i) if such Global Registered Note is
intended to be issued under the new safekeeping structure (“NSS”), such Notes will be registered in
the name of a nominee for Euroclear and Clearstream acting as the Common
Safekeeper; and (ii) if such Global Registered Note is not intended to be
issued under the NSS but instead will be registered in the name of a nominee
for the Common Depositary for Euroclear and Clearstream under the classic
safekeeping structure (“CSS”), such Notes will continue to be issued in such
manner without the use of a Common Safekeeper under the NSS.  

          As
used in this Agreement, the term “Note” includes
any Temporary Global Note, Permanent Global Note, Global Registered Note or
Definitive Note issued pursuant to the Fiscal Agency Agreement and “Global Note” means (i) in the case of
Registered Notes, a Global Registered Note and (ii) in the case of Bearer
Notes, a Temporary Global Note or a Permanent Global Note. 

          References
to “Bearer Notes” shall, except
where otherwise indicated, include interests in a Temporary Global Note or
Permanent Global Note as well as Definitive Bearer Notes and any coupons
attached thereto. If so specified in the applicable Final Terms or Securities
Note (as the case may be), a tranche or series of Notes may also be held in
alternative clearance systems. 

          The
Notes may be described in an Offering Document prepared by each Issuer
(including GE Capital in its capacity as Guarantor of Notes issued by an Issuer
other than GE Capital), which may be amended from time to time (the “Offering Document”). The terms of each
tranche of Notes issued under the Fiscal Agency Agreement will be described in
either: 

	
  

 	
  

 
	
  

 	
           (i)
 a supplement to the Base Prospectus (each such supplement hereinafter
 referred to as the “Final Terms”). The
 term “Prospectus” is used herein
 to describe the Base Prospectus together with the applicable Final Terms
 unless the context otherwise requires; or 

 
	
  

 	
  

 
	
  

 	
           (ii)
 a supplement to the Registration Document (each supplement hereinafter
 referred to as the “Securities Note”). The
 term “Registration Document” is
 used herein 

 

A-2

	
  

 	
  

 
	
  

 	
 to describe the Registration Document together with the applicable
 Securities Note unless the context otherwise requires. 

 

          In case of
any conflict between these Administrative Procedures and either the
Distribution Agreement or the Fiscal Agency Agreement, the terms of the
Distribution Agreement or the Fiscal Agency Agreement, respectively, shall
govern. Capitalized terms used but not defined herein shall have the meanings
assigned to such terms in the Distribution Agreement or in the Fiscal Agency
Agreement. 

ADMINISTRATIVE PROCEDURES

	
  

 	
  

 	
  

 	
  

 
	
 Issuance:

 	
  

 	
 Bearer Notes. Each Bearer Note in global
form which is intended to be
issued in CGN form will be dated and issued as of the date of authentication
by the Fiscal Agent. Each Bearer Note in global form which is intended to be
issued in NGN form and is intended to be Eurosystem-eligible collateral (a “Eurosystem-eligible NGN”) will be dated
and issued as of the date of both authentication by the Fiscal Agent and
effectuation by the Common Safekeeper. Each Note will bear an original issue
date, which will be (i) with respect to a Temporary Global Note (or any
portion thereof), the date of its original issue as specified in such
Temporary Global Note or (ii) with respect to any Permanent Global Note or Definitive
Bearer Note (or portion thereof) issued subsequently upon transfer or
exchange of a Bearer Note or in lieu of a destroyed, lost or stolen Bearer
Note, the original issue date of the predecessor Bearer Note, regardless of
the date of authentication (and effectuation, as applicable) of such
subsequently issued Bearer Note. 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Each Bearer Note (including any global Note) and interest coupon, if
 any, will bear the following legend:

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 “Any United States person who holds this obligation will be subject
 to limitations under the United States Income Tax laws, including the
 limitations provided for in sections 165(j) and 1287(a) of the Code.”

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Each Bearer Note issued by an Irish Issuer with a maturity of less
 than one year shall carry the title “Commercial
 Paper”, include a statement to the effect that it is guaranteed
 and identify the Guarantor by name and bear the following legend:

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 “This Note is issued in accordance with an exemption granted by the
 Central Bank of Ireland (the “Central
 Bank”) under section 8(2) of the Central Bank Act, 1971 of
 Ireland, as inserted by section 31 of the Central Bank Act, 1989 of Ireland,
 as amended by section 70(d) of the Central Bank Act, 1997 of Ireland and as
 amended by Schedule 3 of Part 4 of the Central Bank and Financial Services
 Authority of Ireland Act, 2004. [Insert
 name of relevant Irish Issuer] is not regulated by the Central
 Bank arising from the issue of Notes. An investment in

 

A-3

	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 Notes issued by [insert name of
 relevant Irish Issuer] with a maturity of less than one year does
 not have the status of a bank deposit and is not within the scope of the
 Deposit Protection Scheme operated by the Central Bank.”.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Registered Notes. Except
 as described below, each Registered Note will be dated and issued as of the
 date of its authentication by the Authenticating Agent. Each Registered Note
 will bear an original issue date, which will be (i) with respect to an
 original Registered Note (or any portion thereof), its original issuance date
 (which will be the settlement date), (ii) with respect to any Registered Note
 (or portion thereof) issued subsequently upon transfer or exchange of a
 Registered Note or in lieu of a destroyed, lost or stolen Registered Note,
 the original issuance date of the predecessor Registered Note, regardless of
 the date of authentication of such subsequently issued Registered Note and
 (iii) with respect to any Registered Note (or portion thereof) issued in
 exchange for an interest in a Permanent Global Note, the last date on which
 interest was paid on such Permanent Global Note or any predecessor Note.

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Each Global Registered Note that is intended to be issued under the
new safekeeping structure (“NSS”) and is intended to be Eurosystem-eligible
collateral (a “Eurosystem-eligible NSS”) will
be: (i) dated and issued as of the date of both authentication by the Fiscal
Agent and effectuation by the Common Safekeeper and (ii) registered in the name of a nominee for Euroclear and
Clearstream acting as the Common Safekeeper. Each Global Registered Note that
is not intended to be issued under the NSS but instead will be registered in
the name of a nominee for the Common Depositary for Euroclear and Clearstream
under the classic safekeeping structure (“CSS”), will continue to be issued
in the manner prescribed in the preceding paragraph without the use of a
Common Safekeeper under the NSS.  

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Each Registered Note issued by an Irish Issuer with a maturity of
 less than one year shall carry the title “Commercial
 Paper”, include a statement to the effect that it is guaranteed
 and identify the Guarantor by name and bear the following legend:

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 “This Note is issued in accordance with an exemption granted by the
 Central Bank of Ireland (the “Central
 Bank”) under section 8(2) of the Central Bank Act, 1971 of
 Ireland, as inserted by section 31 of the Central Bank Act, 1989 of Ireland,
 as amended by section 70(d) of the Central Bank Act, 1997 of Ireland and as
 amended by Schedule 3 of Part 4 of the Central Bank and Financial Services
 Authority of Ireland Act 2004. [Insert
 name of relevant Irish Issuer] is not regulated by the Central
 Bank arising from the issue of Notes. An investment in Notes issued by [insert name of relevant

 

A-4

	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 Irish Issuer] with a maturity of less
 than one year does not have the status of a bank deposit and is not within
 the scope of the Deposit Protection Scheme operated by the Central Bank.”.

 
	
  

 	
  

 	
  

 	
  

 
	
 Registration:

 	
  

 	
 Registered Notes will be issued only in fully registered form without
 coupons.

 
	
  

 	
  

 	
  

 
	
 Guarantee:

 	
  

 	
 Each Note issued by an Issuer other than GE Capital will have the
 Guarantee of the Guarantor endorsed thereon.

 
	
  

 	
  

 	
  

 
	
 Transfers
 and

 Exchanges:

 	
  

 	
 

Bearer Notes. For so long as any of the Notes are
represented by a global Note, each person who is for the time being shown in the records
of Euroclear or Clearstream, Luxembourg as the holder of a particular
principal amount of Notes (in which regard any certificate or other document
issued by Euroclear or Clearstream, Luxembourg as to the principal amount of
such Notes standing to the account of any person shall be conclusive and
binding for all purposes except in the case of manifest error) shall be
treated as the holder of such principal amount of such Notes for all purposes
other than with respect to the payment of principal or interest on the Notes,
the right to which shall be vested, as against the Issuers, the Fiscal Agent
and any Paying Agent solely in the bearer of the relevant global Note in accordance
with and subject to its terms. Transfers of interests in a Temporary or
Permanent Global Note will be made by Euroclear or Clearstream, Luxembourg in
accordance with its customary operating procedures. Title to definitive
Bearer Notes and coupons will pass by physical delivery. The bearer of each
coupon, whether or not attached to a definitive Bearer Note, shall be subject
to and bound by all the provisions contained in the definitive Bearer Note to
which such coupon relates. The bearer of any definitive Bearer Note and any
coupon may, to the fullest extent permitted by applicable law, be treated at
all times, by all persons and for all purposes as the absolute owner of such
definitive Bearer Note or coupon, as the case may be, regardless of any
notice of ownership, theft or loss or of any writing thereon. Bearer Notes
may be exchanged, if so provided in the applicable Final Terms or Securities
Note (as the case may be), for Registered Notes.  

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Registered Notes. A Registered Note may
be presented for transfer or exchange at the corporate trust office of the
Registrar or any
Transfer Agent appointed under the Fiscal Agency Agreement. Registered
Notes will be exchangeable for other Registered Notes having identical terms
but different denominations without service charge. Registered Notes will not
be exchangeable for Bearer Notes.  

 
	
  

 	
  

 	
  

 
	
 Maturities:

 	
  

 	
 Each Note will mature on a date from nine months or more from its
 date of issue; provided, however, Notes denominated in Specified Currencies
 other than US dollars may be subject to

 

A-5

	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 restrictions on maturities as provided for in the
Distribution Agreement or as otherwise may be required by
regulations of the applicable central bank or similar monetary authority of
the country issuing the Specified Currency.  

 
	
  

 	
  

 	
  

 
	
 Specified
 Currency:

 	
  

 	
 The currency denomination with respect to any Note and the payment of
 interest and the repayment of principal with respect to any such Note shall
 be as set forth therein and in the applicable Final Terms or Securities Note
 (as the case may be).

 
	
  

 	
  

 	
  

 
	
 Denominations:

 	
  

 	
 Notes will be issued in such denominations as may be agreed between
 the Issuer and the relevant Dealer(s) and as indicated in the applicable
 Final Terms or Securities Note (as the case may be) provided always that (i)
 the minimum denomination of each Note will be such as may be allowed or
 required from time to time by the relevant central bank (or equivalent body)
 or any laws or regulations applicable to the relevant Specified Currency; and
 (ii) Notes issued by an Irish Issuer will be subject to a minimum
 denomination of €1,000 (or the equivalent in another Specified Currency).
 Notes issued by the Irish Issuer with a maturity date of less than one year
 will be subject to a minimum denomination of €125,000 or its foreign currency
 equivalent.

 
	
  

 	
  

 	
  

 
	
 Global Notes
 and Definitive

 Bearer and Registered Notes:

 	
  

 	
 

Bearer Notes. Until the 40th day following the date of
issuance of any tranche of Bearer Notes or such other date as may be required
to comply with the terms of Regulation S (“Regulation S”) under the U.S.
Securities Act of 1933, as amended, as described in the Distribution
Agreement (the “Exchange Date”), and until Final Certification (as defined
below) in accordance with TEFRA D, such tranche of Bearer Notes will be
represented by one or more Temporary Global Notes in bearer form without
interest coupons. The relevant Issuer shall execute, and upon the
instructions of the relevant Issuer the Authenticating Agent shall complete
and authenticate, and with respect to a Eurosystem-eligible NGN the Authenticating
Agent shall also instruct the Common Safekeeper to effectuate, such Temporary
Global Note upon the same conditions and in substantially the same manner,
and with the same effect, as an individual definitive Bearer Note. On or
prior to the settlement date (which will normally be the original issue date)
with respect to such Notes, the Authenticating Agent shall (i) with respect
to a Temporary Global Note which is intended to be issued in NGN form,
deposit the authenticated and effectuated Temporary Global Note with the
Common Safekeeper and (ii) with respect to a Temporary Global Note which is
intended to be issued in CGN form deposit the Temporary Global Note with the
Common Depositary, in each case, in the manner specified below under “Settlement Procedures;
Bearer Notes”. The interest of each beneficial owner of Bearer
Notes represented by such Temporary Global Note will be credited to the
appropriate account with Euroclear or  

 

A-6

	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Clearstream, Luxembourg, as specified below under “Interest — General;
 Bearer Notes”.

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 On or after the Exchange Date and provided that Final Certification
 (as described below) has occurred, the interest of the beneficial owners of
 the Notes represented by the Temporary Global Note shall be cancelled and
 such interests shall thereafter be represented by a Permanent Global Note or
 Definitive Bearer Notes or, if provided in the applicable Final Terms or
 Securities Note (as the case may be), by definitive Registered Notes. The
 interest of each beneficial owner of Bearer Notes represented by a Permanent
 Global Note will be credited to the appropriate account with Euroclear or
 Clearstream, Luxembourg.

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 The beneficial owner of an interest in a Permanent Global Note may,
at any time, upon 30 days’ written notice to the Fiscal Agent as provided in
the Fiscal Agency Agreement given by such beneficial owner through either
Euroclear or Clearstream, Luxembourg, as the case may be, exchange its
beneficial interest in such Permanent Global Note for one or more Definitive
Bearer Notes (or, if provided in the applicable Final Terms or Securities
Note (as the case may be), a Registered Note) equal in aggregate principal
amount to such beneficial interest. Upon receipt by the Fiscal Agent of an
initial request to exchange an interest in a Permanent Global Note for a Definitive Bearer
Note or Notes,
all other interests in such Permanent Global Note shall, so long
as Euroclear or Clearstream, Luxembourg shall so require, be exchanged for Definitive Bearer
Notes. Such exchange
shall occur at no expense to the beneficial owners as soon as
practicable after the receipt of the initial request for Definitive Bearer
Notes. After such exchange has occurred, all remaining interests in the
Temporary Global Note will be exchangeable only for definitive Bearer Notes
or (if so provided in the applicable Final Terms or Securities Note (as the
case may be)) for definitive Registered Notes.  

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 In all events, Bearer Notes will be delivered by the Fiscal Agent
 only outside the United States to non-U.S. persons.

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Registered Notes. If the applicable
 Final Terms or Securities provides for the issuance of Global Registered
 Notes, then the relevant Issuer shall execute, and upon the instructions of
 the relevant Issuer, the Authenticating Agent shall complete and
 authenticate, and with respect to a Eurosystem-eligible NSS, the
 Authenticating Agent shall also instruct the Common Safekeeper to effectuate,
 such Global Register Note. On or prior to the settlement date (which will
 normally be the original issue date) with respect to such Notes, the
 Authenticating Agent shall (i) with respect to each Global Registered Note
 intended to be issued under the NSS, cause the note to be registered in the
 name of a nominee for the Common Safekeeper and deposit the authenticated and
 effectuated Global Registered Note with the

 

A-7

	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Common Safekeeper and (ii) with respect to a Global Registered Note
 which is intended to be issued under the CSS, cause the note to be registered
 in the name of a nominee for the Common Depositary and deposit the Global
 Registered Note with the Common Depositary, in each case, in the manner
 specified below under “Settlement Procedures; Registered Notes”.

 
	
  

 	
  

 	
  

 
	
 Final
 Certification:

 	
  

 	
 Bearer Notes. Final Certification with
 respect to a Temporary Global Note shall mean the delivery by Euroclear or
 Clearstream, Luxembourg, as the case may be, to the Fiscal Agent of
 certification of non-U.S. beneficial ownership substantially similar to the
 form set forth in Exhibit B-2 to the Fiscal Agency Agreement (a “Clearance System Certificate”) with
 respect to the Notes being exchanged, dated no earlier than the Exchange Date
 for such Notes, to the effect that Euroclear or Clearstream, Luxembourg, as
 the case may be, has received certificates of non-U.S. beneficial ownership (“Certificates of Non-U.S. Beneficial Ownership”) in
 the form set forth in Exhibit B-1 to the Fiscal Agency Agreement with respect
 to each of such Notes, which Certificates of Non-U.S. Beneficial Ownership
 shall be dated no earlier than ten days before the Exchange Date and shall be
 delivered by the account holders appearing on its records as entitled to such
 Notes.

 
	
  

 	
  

 	
  

 
	
 Interest:

 	
  

 	
 The following is a summary of terms of the Notes with respect to
interest and is for informational purposes only; the terms of each Note as
described in the applicable Final Terms and the Prospectus (in the case of
Notes issued by way of the Prospectus) or the applicable Securities Note and
Registration Document (in the case of Notes issued by way of the Registration
Document) shall govern in the case of any conflict with the provisions set
forth below. Terms used but not defined herein shall have the meanings
assigned to them in the Offering Document. 

 

A-8

	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 General: Bearer Notes. Interest on each
 Bearer Note will accrue from and including the original issue date of such
 Note for the first interest period and from and including the most recent
 date to which interest has been paid for all subsequent interest periods.
 Each payment of interest on a Bearer Note will include interest accrued from
 and including the next preceding Interest Payment Date in respect of which
 interest has been paid (or from and including the date of issue, if no
 interest has been paid) to but excluding the Interest Payment Date; provided,
 however, that in the case of Floating Rate Notes on which the interest rate
 is reset daily or weekly, each interest payment will include interest accrued
 from and including the date of issue or from but excluding the fifteenth
 calendar day preceding the next preceding Interest Payment Date (whether or
 not such fifteenth calendar day is a Business Day), unless otherwise
 specified in the applicable Final Terms or Securities Note (as the case may
 be); and provided, further, that interest in respect of any Interest Payment
 Date on any interest in a Temporary Global Note for which Final Certification
 has not been made shall not be paid until the occurrence of the earlier of
 (1) Final Certification with respect to such interest in such Temporary Global
 Note and (2) in the case of an Interest Payment Date occurring between the
 original issue date and the Exchange Date, delivery by Euroclear or
 Clearstream, Luxembourg, as the case may be, to the Fiscal Agent of a
 Clearance System Certificate dated no earlier than such Interest Payment Date
 to the effect that Euroclear or Clearstream, Luxembourg, as the case may be,
 has received Certificates of Non-U.S. Beneficial Ownership with respect to
 such interests in the Temporary Global Note, which Certificates of Non-U.S.
 Beneficial Ownership shall have been dated no earlier than ten days before
 such Interest Payment Date and shall be signed by the account holders
 appearing on its records as entitled to such Notes.

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Fixed Rate Bearer Notes. Unless otherwise
 specified in the applicable Final Terms or Securities Note (as the case may
 be), interest payments on Fixed Rate Bearer Notes will be made on the dates
 specified in the applicable Final Terms or Securities Note (as the case may
 be) and at maturity or upon any earlier redemption or repayment.

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Floating Rate Bearer Notes. Interest
payments will be made on Floating Rate Bearer Notes monthly, quarterly,
semi-annually or annually. Except as provided below or as specified in the
applicable Final Terms or Securities Note (as the case may be), interest
will be payable, in the case of Floating Rate Bearer Notes with a daily,
weekly or monthly Interest Reset Date, on the third Wednesday of each month
or on the third Wednesday of March, June, September and December, as
specified pursuant to “A” under “Settlement Procedures;
Bearer Notes” below (“Settlement
Procedure “A” ”); in the case of Notes with a quarterly Interest
Reset Date, on the third Wednesday of March,  

 

A-9

	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 June, September and December of each year; in the case of Notes with
a semi-annual Interest Reset Date, on the third Wednesday of the two months
specified pursuant to Settlement Procedure “A” and in the case of Notes with
an annual Interest Reset Date, on the third Wednesday of the month specified
pursuant to Settlement Procedure “A” and, in each case, on the Maturity Date.
If any such Interest Payment Date is not a Business Day, the provisions set
forth under “Payments of Principal and Interest — Bearer Notes” shall
apply.  

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 General: Registered Notes. Interest on
each Registered Note will accrue from and including the original issue date of such Note for the first
interest period and from and including the most recent date to which interest
has been paid for all subsequent interest periods. Each payment of interest
on a Registered Note will include interest accrued from and including the
next preceding Interest Payment Date in respect of which interest has been
paid (or from and including the date of issue, if no interest has been paid)
to but excluding the Interest Payment Date, provided, however, that in the
case of Floating Rate Notes which reset daily or weekly, interest payments
will include interest from and including the date of issue or from but
excluding the last Regular Record Date to which interest has been paid, as
the case may be, through and including the Regular Record Date next preceding
the Interest Payment Date, unless otherwise specified in the applicable Final Terms or Securities Note (as the case may
be); and provided, further, that at the Maturity Date, the interest payable
will include interest accrued to but excluding the Maturity Date.  

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Fixed Rate Registered Notes. Unless
 otherwise specified in the applicable Final Terms or Securities Note (as the
 case may be), interest payments on Fixed Rate Registered Notes will be made
 on the dates specified in the applicable Final Terms or Securities Note (as
 the case may be) and at the Maturity Date; provided, however, that in the
 case of Registered Fixed Rate Notes issued between a Regular Record Date and
 an Interest Payment Date, the first interest payment will be made on the
 Interest Payment Date following the next succeeding Regular Record Date.

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Floating Rate Registered Notes. Interest
payments will be made on Floating Rate Registered Notes monthly, quarterly,
semiannually or annually. Except as provided below or as specified in the
applicable Final Terms or Securities Note (as the case may be), interest will
be payable, in the case of Floating Rate Registered Notes with a daily,
weekly or. monthly Interest Reset Date, on the third Wednesday of each
month or on the third Wednesday of March, June, September and December, as
specified pursuant to “AA” below under “Settlement Procedures; Registered Notes” (“Settlement
Procedure “AA” ”); in the case of Notes with a quarterly Interest
Reset Date, on the third Wednesday of March, June, September and December of
each  

 

A-10

	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 year; in the case of Notes with a semi-annual Interest Reset Date, on
 the third Wednesday of the two months specified pursuant to Settlement
 Procedure “AA”; and in the case of Notes with an annual Interest Reset Date,
 on the third Wednesday of the month specified pursuant to Settlement
 Procedure “AA” and, in each case, on the Maturity Date; provided, however,
 that in the case of Registered Floating Rate Notes issued between a Regular
 Record Date and an Interest Payment Date, the first interest payment will be
 made on the Interest Payment Date following the next succeeding Record Date.
 If any such Interest Payment Date is not a Business Day, the provisions set
 forth under “Payments of Principal and Interest — Registered Notes” shall
 apply.

 
	
  

 	
  

 	
  

 
	
 Disclosure
 under Interest

 Act (Canada):

 	
  

 	
 
In the case of Notes issued by GE
 Capital Canada Funding, whenever it is necessary to compute any amount of
 interest in respect of the Notes for a period (the “deemed year”) which contains fewer days than the actual
 number of days in the calendar year of calculation, such rate of interest
 shall be (i) calculated on the basis of a 360-day year consisting of 12
 months of 30 days each, and (ii) expressed as a yearly rate for purposes of
 the Interest Act (Canada) by multiplying such rate of interest by the actual
 number of days in the calendar year of calculation and dividing it by the
 number of days in the deemed year.

 
	
  

 	
  

 	
  

 
	
 Calculation
 of Interest:

 	
  

 	
 The following is a summary of terms of the Notes with respect to the
calculation of interest and is for informational purposes only, the terms of each Note as
described in the applicable Final Terms and the Prospectus (in the case of Notes issued by way of
the Prospectus) or the applicable Securities Note and Registration Document
(in the case of Notes issued by way of the Registration Document) shall
govern in the case of any conflict with the provisions set forth below. Terms
used but not defined herein shall have the meanings assigned to them in the
Offering Document.  

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Fixed Rate Notes. Interest will be
 calculated as specified in either (i) the Base Prospectus or as modified in
 the applicable Final Terms or (ii) the Securities Note (as the case may be).

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Floating Rate Notes. Interest will be
 calculated as specified in either (i) the Base Prospectus or as modified in
 the applicable Final Terms or (ii) the Securities Note (as the case may be).

 
	
  

 	
  

 	
  

 
	
 Payments of
 Principal

 and Interest:

 	
  

 	
 The following is a summary of terms of the Notes with respect to the
payment of principal and interest and is for informational purposes only; the
terms of each Note (as described in either (i) the Final Terms and the Base
Prospectus or (ii) the Registration Document and
the Securities Note (as the case may be)) and the Fiscal Agency Agreement
shall govern in the case of any conflict with the provisions set forth below.
Terms used but not defined 

 

A-11

	
  

 	
  

 	
  

 
	
  

 	
  

 	
 herein shall have the meanings assigned to them in the Fiscal Agency
 Agreement. 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Bearer Notes. Except as otherwise
provided in the Bearer Notes, payment of the principal amount of each Bearer
Note at the Maturity Date thereof will be made only upon presentation and
surrender of such Bearer Note to the Principal Paying Agent or any Paying
Agent outside the United States. Such payment, together with payment of interest
due at the Maturity Date of such Note, will be made in funds available
for immediate use by the Principal Paying Agent or such Paying Agent and in
turn by the holder of such Note. Bearer Notes presented to the Principal
Paying Agent or a Paying Agent at the Maturity Date for payment will be
cancelled or destroyed by such paying agent and delivered to the relevant
Issuer with a certificate of cancellation or destruction, as applicable. All
interest payments on a Bearer Note (other than interest due at the Maturity
Date) will be made by check drawn on the Principal Paying Agent (or another
person appointed by the Principal Paying Agent) and delivered to an address
outside the United States by the Principal Paying Agent to the person
entitled thereto or by wire transfer of immediately available funds to an
account maintained by the payee with a bank located outside the United
States.  

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Except as specified in “Interest — General; Bearer Notes” above,
 interest on a Global Note shall be payable to the beneficial owner thereof
 through credit to the account of such owner or of the custodian bank of such
 owner with Euroclear or Clearstream, Luxembourg. On the occasion of each
 payment, (i) in the case of a CGN, the Paying Agent to which any Global Note
 was presented for the purpose of making the payment shall cause the appropriate
 schedule to the relevant Global Note to be annotated so as to evidence the
 amounts and dates of the payments of principal and/or interest as applicable
 or (ii) in the case of any Global Note which is a NGN, the Fiscal Agent shall
 instruct Euroclear and Clearstream, Luxembourg to make appropriate entries in
 their records to reflect such payment. Except as otherwise provided in the
 Bearer Notes, interest on a definitive Bearer Note shall be payable to the
 holder of the appropriate coupon appertaining thereto only upon presentation
 and surrender of such coupon at the office of the Principal Paying Agent or
 any other Paying Agent outside the United States. 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 If any Fixed Interest Payment Date or the Maturity Date or
redemption or repayment date of a Fixed Rate Bearer Note is not a Business
Day, the payment due on such day shall be made on the next succeeding
Business Day and no interest shall accrue on such payment for the period from
and after such Fixed Interest Payment Date or Maturity Date, as the case may
be. If any Interest Payment Date (other than the Maturity Date) for any
Floating Rate Bearer Note would fall on a day that is not a Business Day with
respect to such Note, such Interest Payment  

 

A-12

	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Date will be the following day that is a Business Day with respect to
 such Note at which time the Issuer will pay additional interest that has
 accrued up to but excluding such following Business Day, except that, if such
 Business Day is in the next succeeding calendar month, such Interest Payment
 Date shall be the immediately preceding day that is a Business Day. If the
 Maturity Date for any Floating Rate Bearer Note would fall on a day that is
 not a Business Day with respect to such Note, the payment of principal,
 premium, if any, and interest, if any, will be made on the following day that
 is a Business Day with respect to such Note, and no interest shall accrue for
 the period from and after such Maturity Date. 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Registered Notes. Except as otherwise
 provided in a Registered Note, the Principal Paying Agent will pay the
 principal amount of each Registered Note at the Maturity Date upon
 presentation and surrender of such Note to its offices. Such payment,
 together with payment of interest due at the Maturity Date of such Note, will
 be made in funds available for immediate use by the Principal Paying Agent
 and in turn by the holder of such Note. Registered Notes presented to the
 Principal Paying Agent at the Maturity Date for payment will be cancelled or
 destroyed and delivered to the relevant Issuer with a certificate of
 cancellation or destruction, as applicable. All interest payments on a
 Registered Note (other than interest due at the Maturity Date) will be made
 by check drawn on the Principal Paying Agent (or another person appointed by
 the Principal Paying Agent) and mailed by the Principal Paying Agent to the
 person entitled thereto as provided in such Note and the Fiscal Agency
 Agreement or by wire transfer of immediately available funds. Following each
 Regular Record Date, the Principal Paying Agent will furnish the relevant
 Issuer with a list of interest payments to be made on the following Interest
 Payment Date for each Registered Note and in total for all Registered Notes.
 Interest at the Maturity Date will be payable to the person to whom the
 payment of principal is payable. The Principal Paying Agent will provide
 monthly to the relevant Issuer lists of principal and interest, to the extent
 ascertainable, to be paid on Registered Notes maturing or to be redeemed in
 the next month. The Principal Paying Agent will be responsible for
 withholding taxes on interest paid on Registered Notes as required by
 applicable law. 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 If any Fixed Interest Payment Date or the Maturity Date of a Fixed
Rate Registered Note is not a Business Day, the payment due on such
day shall be made on the next succeeding Business Day and no interest shall
accrue on such payment for the period from and after such Fixed Interest
Payment Date or Maturity Date, as the case may be. If any Interest Payment Date
(other than the Maturity Date) for any Floating Rate Registered Note would
fall on a day that is not a Business Day with respect to such Note, such
Interest Payment Date will be the following day  

 

A-13

	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 that is a Business Day with respect to such Note at which time the
 Issuer will pay additional interest that has accrued up to but excluding such
 following Business Day, except that, if such Business Day is in the next
 succeeding calendar month, such Interest Payment Date shall be the
 immediately preceding day that is a Business Day. If the Maturity Date for
 any Floating Rate Registered Note would fall on a day that is not a Business
 Day with respect to such Note, the payment of principal, premium, if any, and
 interest, if any, will be made on the following day that is a Business Day
 with respect to such Note, and no interest shall accrue for the period from
 and after such Maturity Date.

 
	
  

 	
  

 	
  

 
	
 Preparation
 of

 Final Terms:

 	
  

 	
 
If any offer to purchase a tranche of
 Notes is accepted by or on behalf of the relevant Issuer, and the tranche of
 Notes is to be issued and documented by way of the Prospectus, the relevant
 Issuer and (in the case of Notes issued by an Issuer other than GE Capital)
 the Guarantor will prepare the final terms (the “Final Terms”) reflecting the terms of such tranche of Note
 and will deliver a copy of such Final Terms to the relevant Dealer as such
 Dealer shall request as soon as practicable, but in no event later than 5
 Business Days following the date such offer to purchase Notes is accepted.
 The relevant Dealer will cause such Final Terms together with the Base
 Prospectus to be delivered to each purchaser of such tranche of Note. In
 addition, the relevant Issuer shall forward the Final Terms to the Fiscal
 Agent as soon as it becomes available but in no event later than the issue
 date.

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 In each instance that Final Terms are prepared, the Dealers receiving
 such Final Terms will affix the Final Terms to the Base Prospectus prior to
 their use. Outdated Final Terms, and the Base Prospectus to which they are
 attached (other than those retained for files), will be destroyed.

 
	
  

 	
  

 	
  

 
	
 Preparation
 of

 Securities Note:

 	
  

 	
 
If any offer to purchase a tranche of
 Notes is accepted by or on behalf of the relevant Issuer, and the tranche of
 Notes is to be issued by way of the Registration Document and documented in a
 securities note supplemental to the Registration Docuement, the relevant
 Issuer and (in the case of Notes issued by an Issuer other than GE Capital)
 the Guarantor will prepare such securities note (the “Securities Note”) reflecting the terms
 of such tranche of Note and will deliver a copy of such Securities Note to
 the relevant Dealer as such Dealer shall request as soon as practicable, but
 in no event later than 5 Business Days following the date such offer to
 purchase Notes is accepted. The relevant Dealer will cause such Securities
 Note together with the Base Prospectus to be delivered to each purchaser of
 such tranche of Note. In addition, the relevant Issuer shall forward the
 Securities

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Note to the Fiscal Agent as soon as it becomes available but in no
 event later than the issue date

 

A-14

	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 In each instance that a Securities Note is prepared, the Dealers
 receiving such Securities Note will affix the Securities Note to the Registration
 Document prior to their use. Outdated Securities Notes, and the Registration
 Document to which they are attached (other than those retained for files),
 will be destroyed.

 
	
  

 	
  

 	
  

 
	
 Settlement:

 	
  

 	
 The receipt by the relevant Issuer of immediately available funds in
 exchange for: (i) in the case of a Global Note issued in CGN form, the
 delivery of an authenticated Temporary Global Note to the Common Depositary;
 or (ii) in the case of a Global Note issued in NGN form, the delivery of an
 authenticated Temporary Global Note to, and which is then effectuated by, the
 Common Safekeeper, in each case, in the manner described in “Settlement Procedures; Bearer Notes” below;
 or (iii) in the case of a Global Registered Note held under the CSS, an
 authenticated Global Registered Note, completed by appending the Final Terms
 to the executed blank Note previously delivered by the Issuer, and
 authenticated by and registered in the name of a nominee for the Common
 Depository; or (iv) in the case of a Global Registered Note issued under the
 NSS, the delivery of an authenticated Global Registered Note, completed by
 appending the Final Terms to the executed blank Note previously delivered by
 the Issuer, and which is then effectuated by, and registered in the name of a
 nominee for, the Common Safekeeper, in each case shall constitute “settlement” with respect to such Note.
 All orders accepted by the relevant Issuer will be settled on such date as
 the relevant Issuer and the purchaser shall agree upon.

 
	
  

 	
  

 	
  

 
	
 Settlement
 Procedures;

 Bearer Notes:

 	
  

 	
 
Settlement Procedures with regard to
 each Bearer Note sold by each Issuer to or through a Dealer shall be as
 follows:

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 A.

 	
 The relevant Dealer will advise the relevant Issuer by telephone that
 such Note is initially a Bearer Note and of the following settlement
 information:

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 1.

 	
 Principal amount.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 2.

 	
 Maturity Date.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 3.

 	
 In the case of a Fixed Rate Bearer Note, the Fixed Interest Rate, the
 Interest Payment Period, the Fixed Interest Payment Dates, the Determination
 Dates, the Interest Commencement Date, the Fixed Day Count Fraction, and
 whether such Note is an Amortizing Note and, if so, the amortization
 schedule.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
 In the case of a Floating Rate Bearer Note, the Initial Interest Rate
 (if known at such time), the Interest Payment Dates, the Interest Payment
 Period, the Calculation Agent, the Base Rate, the Index Maturity, the
 Interest Reset Period, the Interest

 

A-15

	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
 Determination Date, the Interest Reset Dates, the Spread or Spread
 Multiplier (if any), the Minimum Interest Rate (if any),
 the Maximum Interest Rate (if any), the Alternate Rate Event Spread (if
 any) and the Floating Day Count Fraction.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 4.

 	
 Redemption or repayment provisions, if any.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 5.

 	
 Settlement date and time.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 6.

 	
 Issue Price.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 7.

 	
 Denominations.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 8.

 	
 Specified Currency.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 9.

 	
 Ranking.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 10.

 	
 Dealer’s commission, if any, determined as provided in the
 Distribution Agreement.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 11.

 	
 Dealer’s account number at Clearstream or Euroclear.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 12.

 	
 Whether the Global Note constituting the Notes will be issued in CGN
form or NGN form. 

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 13.

 	
 Whether the Note is an Indexed Note, and if it is an Indexed Note,
 the Indexed Currency, the Currency Base Rate and the Determination Agent.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 14.

 	
 Whether the Note is a Dual Currency Note, and if it is a Dual
 Currency Note, the Face Amount Currency, the Optional Payment Currency, the
 Designated Exchange Rate, the Option Election Dates and the Option Value
 Calculation Agent.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 15.

 	
 Whether the Note is an Extendible Note, and if it is an Extendible
 Note, the Initial Maturity Date, the Election Date and the Final Maturity
 Date.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 16.

 	
 If applicable, wire transfer instructions including name of banking
 institution where transfer is to be made and account number.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 17.

 	
 Whether such Note is to be listed on the Official List of the United
 Kingdom Listing Authority (the “UKLA”) and
 admitted to trading on the regulated market of the London Stock Exchange, the
 Singapore Exchange Securities Trading Limited or on or by any other stock
 exchange, competent authority and/or market.

 

A-16

	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 18.

 	
 Any other applicable terms.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 B.

 	
 The relevant Issuer will advise the Fiscal Agent by telephone or
electronic transmission confirmed in writing at any time on
the sale date of the information set forth in Settlement Procedure A above, The relevant
Issuer will also give the Fiscal Agent written instructions regarding the
transfer of funds. The relevant Issuer will send a copy of such instructions
to the relevant Dealer or Dealers.  

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 The Fiscal Agent shall telephone each of Euroclear or Clearstream,
 Luxembourg with a request for a security code for each tranche agreed to be
 issued, which security code or codes will be notified by the Fiscal Agent to
 the relevant Issuer and the relevant Dealer or Dealers.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 The relevant Issuer and (in the case of Notes issued by an Issuer
 other than GE Capital) the Guarantor shall prepare and cause to be delivered
 to the Fiscal Agent either (1) the applicable Final Terms supplemental to the
 Base Prospectus or (ii) the Securities Note supplemental to the Registration
 Document (as the case may be) describing the terms of the particular tranche
 of Notes.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 C.

 	
 In accordance with the written instructions and the applicable Final
 Terms or Securities Note (as the case may be), the Fiscal Agent shall:

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (i) with respect to Global Notes in CGN form, prepare, complete, by
appending the Final Terms to the executed blank note previously delivered by
the Issuer and authenticate a Temporary Global Note for each tranche which
the relevant Issuer has agreed to sell, the settlement for which tranche is
to occur on the settlement date. The Temporary Global Note will then be delivered
to the Common Depositary. The Fiscal Agent will also give instructions to
Euroclear or Clearstream, Luxembourg to credit the Notes represented by such
Temporary Global Notes delivered to such Common Depositary
to the Fiscal Agent’s
distribution account at Euroclear or Clearstream, Luxembourg, as the case may
be; or  

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (ii) with respect to Global Notes in NGN form, prepare, complete, by
 appending the Final Terms to the executed blank note previously delivered by
 the Issuer and authenticate a Temporary Global Note for each tranche which
 the relevant Issuer has agreed to sell, the settlement for which tranche is
 to occur on the settlement date. The Temporary Global Note will then be
 delivered to the specified Common Safekeeper and in the case of an NGN which
 is a Eurosystem-eligible NGN, the Fiscal Agent will instruct the Common
 Safekeeper to effectuate the same.

 

A-17

	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 The Fiscal Agent will also give instructions to Euroclear or
 Clearstream, Luxembourg to make the appropriate entries in their records to
 reflect the initial outstanding aggregate principal amount of the relevant
 tranche of Notes and to credit the Notes represented by such Temporary Global
 Note delivered to such Common Safekeeper to the Fiscal Agent’s distribution
 account at Euroclear or Clearstream, Luxembourg, as the case may be.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 In each case, the Fiscal Agent will instruct Euroclear or
 Clearstream, Luxembourg to debit, on the settlement date, from the
 distribution account of the Fiscal Agent the number of Notes of each Tranche
 with respect to which the relevant Dealer has solicited an offer to purchase
 and to credit, on the settlement date, such Notes to the account of such
 Dealer with Euroclear or Clearstream, Luxembourg against payment of the issue
 price of such Notes. Each relevant Dealer shall give corresponding
 instructions to Euroclear or Clearstream, Luxembourg.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 D.

 	
 Euroclear and Clearstream, Luxembourg shall debit and credit accounts
 in accordance with instructions received by them. The Fiscal Agent shall pay
 the relevant Issuer the aggregate net proceeds received by it in immediately
 available funds via a transfer of funds to the account of the relevant Issuer
 with a bank selected by such Issuer notified to the Fiscal Agent from time to
 time in writing.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Settlement
 Procedures

 Timetable; Bearer Notes:

 	
  

 	
 
For sales by each Issuer of Bearer
 Notes to or through a Dealer, Bearer Settlement Procedures “A” through “D”
 above shall be completed on or before the respective times set forth below:

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Settlement Procedure 

 Bearer Notes

 	
 Time

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 A

 	
 12:00 P.M. (NYC time) three days before settlement date

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 B

 	
 9:00 A.M. (London time) two days before settlement date

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 C

 	
 3:45 P.M. (London time) on day before settlement date

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 D

 	
 5:00 P.M. (NYC time) on settlement date

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Settlement
 Procedures; 

 Registered Notes:

 	
  

 	
 
Settlement Procedures with regard to
 each Registered Note sold by each Issuer to or through a Dealer shall be as
 follows:

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 AA.

 	
 The relevant Dealer will advise the relevant Issuer by telephone that
 such Note is a Registered Note and of the following settlement information:

 

A-18

	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 1.

 	
 Name in which such Note is to be registered (“Registered Owner”). 

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 2.

 	
 Address of the Registered Owner and address for payment of principal
 and interest.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 3.

 	
 Taxpayer identification number of the Registered Owner (if
available); the Dealer shall request that the purchasers of the Notes prepare
a Form W- 8BEN or other applicable form required by the United States
Internal Revenue Code of 1986, as amended (the “Code”) and cause such form to be
delivered to the Fiscal and Paying Agent on or prior to the settlement date.  

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 4.

 	
 Principal amount.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 5.

 	
 Maturity Date.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 6.

 	
 In the case of a Fixed Rate Registered Note, the Fixed Interest Rate,
 the Interest Payment Period, the Fixed Interest Payment Dates, the
 Determination Dates, the Interest Commencement Date, the Fixed Day Count
 Fraction, and whether such Note is an Amortizing Note and, if so, the
 amortization schedule.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
 In the case of a Floating Rate Registered Note, the Initial Interest
 Rate (if known at such time), the Interest Payment Dates, the Interest
 Payment Period, the Calculation Agent, the Base Rate, the Index Maturity, the
 Interest Reset Period, the Interest Determination Date, the Interest Reset
 Dates, the Spread or Spread Multiplier (if any), the Minimum Interest Rate
 (if any), the Maximum Interest Rate (if any), the Alternate Rate Event Spread
 (if any), the Floating Day Count Fraction and the Regular Record Dates.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 7.

 	
 Redemption or repayment provisions, if any.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 8.

 	
 Settlement date and time.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 9.

 	
 Issue Price.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 10.

 	
 Denominations.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 11.

 	
 Specified Currency.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 12.

 	
 Ranking.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 13.

 	
 Dealer’s commission, if any, determined as provided in the
 Distribution Agreement.

 

A-19

	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 14.

 	
 Whether the Note is issued with more than a de minimis amount of
 discount.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 15.

 	
 Whether the Note is an Indexed Note, and if it is an Indexed Note, the
 Indexed Currency, the Currency Base Rate and the Determination Agent.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 16.

 	
 Whether the Note is a Dual Currency Note, and if it is a Dual
 Currency Note, the Face Amount Currency, the Optional Payment Currency, the
 Designated Exchange Rate, the Option Election Dates and the Option Value
 Calculation Agent.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 17.

 	
 Whether the Note is an Extendible Note, and if it is an Extendible
 Note, the Initial Maturity Date, the Election Date and the Final Maturity
 Date.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 18.

 	
 If applicable, wire transfer instructions, including name of banking
 institution where transfer is to be made and account number.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 19.

 	
 Whether such Note is to be listed on the Official List of the UKLA
 and admitted to trading on the regulated market of the London Stock Exchange,
 the Singapore Exchange Securities Trading Limited or on or by any other stock
 exchange, competent authority and/or market.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 20.

 	
 Whether the Global Note constituting the Notes will be issued under
 the CSS or the NSS and whether it is intended to be Eurosystem-eligible
 collateral.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 21.

 	
 Any other applicable terms.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 BB.

 	
 The relevant Issuer will advise the Fiscal Agent by telephone or
 electronic transmission (confirmed in writing at any time on the sale date)
 of the information set forth in Settlement Procedure “AA” above.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 CC.

 	
 (i) Registered Notes in definitive form. The
 relevant Issuer will have delivered to the Authenticating Agent an executed
 blank Note. The Authenticating Agent will complete such executed blank Note
 by appending the Final Terms to such executed blank Note and authenticate
 such Note and deliver it through the Fiscal Agent (with the confirmation) to
 the relevant Dealer, and such Dealer will acknowledge receipt of the Note.
 Such delivery will be made only against such acknowledgment of receipt and
 evidence that instructions have been given by such Dealer for payment to the
 account of the relevant Issuer, in funds available for immediate use, of an
 amount equal to the

 

A-20

	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 price of such Note less such Dealer’s commission, if any; provided
 however, the relevant Issuer and the Fiscal Agent may agree on different
 delivery procedures for definitive Registered Notes denominated in Specified
 Currencies other than U.S. dollars. In the event that the instructions given
 by such Agent for payment to the account of such Issuer are revoked, such
 Issuer will as promptly as possible wire transfer to the account of such
 Dealer an amount of immediately available funds equal to the amount of such
 payment made.

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (ii)

 	
 Global Registered Notes. In accordance
 with the written instructions and the applicable Final Terms or Securities
 Note (as the case may be), the Fiscal Agent shall:

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
 (a)

 	
 with respect to Global Registered Notes to be issued under the CSS,
 prepare, complete, by appending the Final Terms to the executed blank Note
 previously delivered by the Issuer, and authenticate a Global Registered Note
 for each tranche which the relevant Issuer has agreed to sell, the settlement
 for which tranche is to occur on the settlement date. The Global Registered
 Note will be registered in the name of and delivered to the Common
 Depositary. The Fiscal Agent will also give instructions to Euroclear or
 Clearstream, Luxembourg to credit the Notes represented by such Global
 Registered Note delivered to such Common Depositary to the Fiscal Agent’s
 distribution account at Euroclear or Clearstream, Luxembourg, as the case may
 be; or

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
 (b)

 	
 with respect to Global Registered Notes to be issued under the NSS,
 prepare, complete, by appending the Final Terms to the executed blank Note
 previously delivered by the Issuer, and authenticate a Global Registered Note
 for each tranche which the relevant Issuer has agreed to sell, the settlement
 for which tranche is to occur on the settlement date. The Global Registered
 Note will then be registered in the name of and delivered to the specified
 Common Safekeeper and, in the case of a Global Registered Note which is
 intended to be a Eurosystem-eligible NSS, the Fiscal Agent will instruct the
 Common Safekeeper to

 

A-21

	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
 effectuate the same. The Fiscal Agent will also give instructions to
 Euroclear or Clearstream, Luxembourg to make the appropriate entries in their
 records to reflect the initial outstanding aggregate principal amount of the
 relevant tranche of Notes and to credit the Notes represented by such Global
 Registered Note delivered to such Common Safekeeper to the Fiscal Agent’s
 distribution account at Euroclear or Clearstream, Luxembourg, as the case may
 be.

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 The Principal Paying Agent shall pay the relevant Issuer the
 aggregate net proceeds received by it in immediately available funds via a
 transfer of funds to the account of the relevant Issuer maintained at a bank
 selected by such Issuer notified to the Principal Paying Agent from time to
 time in writing.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 DD.

 	
 (i)          Registered Notes in definitive form. Unless
the relevant Dealer purchased such Note for its own account, such Dealer will
deliver such Note (with confirmation) to the customer against payment in
immediately payable funds. Such Dealer will obtain the acknowledgment of
receipt of such Note. If the relevant Dealer purchased such Note for its own
account, such Dealer will accept delivery of such Note against payment in
immediately available funds, and will
deliver an acknowledgement of receipt of such Note.  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (ii)

 	
 Global Registered Notes. The
 receipt by the relevant Issuer of immediately available funds in exchange for
 (i) in the case of a Global Registered Note held under the CSS, an
 authenticated Global Registered Note, authenticated by, and registered in the
 name of, a nominee for the Common Depositary, or (ii) in the case of a Global
 Registered Note issued under the NSS, the delivery of an authenticated Global
 Registered Note to, and which is then effectuated by, and registered in the
 name of a nominee for, the Common Safekeeper, in each case shall constitute
 “settlement” with respect to such Global Registered Note.

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 EE.

 	
 Periodically, the Fiscal Agent will send to the relevant Issuer a
 statement setting forth the principal amount of the Registered Notes
 outstanding as of that date under the Fiscal Agency Agreement and setting
 forth a brief description of any sales of which such Issuer has advised the
 Fiscal Agent but which have not yet been settled.

 

A-22

	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Settlement
 Procedures

 Timetable; Registered

 Notes:

 	
  

 	
 

 
For sales by the relevant Issuer of
 Registered Notes to or through a Dealer, Registered Settlement Procedures
 “AA” through “DD” set forth above shall be completed on or before the
 respective times (London Time) set forth below:

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Settlement
Procedure;
Registered
Notes

 	
 Time

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 AA

 	
  

 	
 2:00 P.M. on day before settlement date

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 BB

 	
  

 	
 3:00 P.M. on day before settlement date

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 CC

 	
  

 	
 2:15 P.M. on settlement date

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 DD

 	
  

 	
 3:00 P.M. on settlement date

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Failure to
 Settle:

 	
  

 	
 Bearer Notes. If any Dealer shall have advanced its
own funds for payment against subsequent receipt of funds from the purchaser
and if a purchaser shall fail to make payment for a Note, such Dealer will
promptly notify the relevant Issuer, the Fiscal Agent, the Principal Paying
Agent, the Common Depositary or Common Service Provider appointed by the
relevant Issuer and Common Safekeeper (as the case may be) and Euroclear and
Clearstream, Luxembourg by telephone, promptly confirmed in writing (but no
later than the next Business Day). In such event, the relevant Issuer shall
promptly instruct the Fiscal Agent to cancel the purchaser’s interest in the
appropriate Temporary Global Note representing such Note. Upon (i)
confirmation from the Fiscal Agent in writing (which may be given by
facsimile) that the Fiscal Agent has cancelled such purchaser’s interest in
such Temporary Global Note and (ii) confirmation from such Dealer in writing
(which may be given by facsimile) that such Dealer has not received payment
from the purchaser, the relevant Issuer will promptly pay to such Dealer an
amount in immediately available funds equal to the amount previously paid
by such Dealer in respect of such Bearer Note. Such payment will be made on the settlement
date, if possible, and in any event not later than 12:00 noon (New York City
time) on the Business Day following the settlement date. The Fiscal Agent and
the Common Depositary will make or cause to be made such revisions to such
Temporary Global Note (if the Temporary Global Note is a CGN) or the Fiscal
Agent will instruct Euroclear and Clearstream, Luxembourg to make the
appropriate entries in their records in each case (if the Temporary Global
Note is a NGN) as are necessary to reflect the cancellation of such portion
of such Temporary Global Note.  

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 If a purchaser shall fail to make payment for the Note for any reason
 other than the failure of such Dealer to provide the

 

A-23

	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 necessary information to the relevant Issuer as described above for
 settlement or to provide a confirmation to the purchaser within a reasonable
 period of time as described above, and if such Dealer shall have otherwise
 complied with its obligations hereunder and in the Distribution Agreement,
 the relevant Issuer will reimburse such Dealer on an equitable basis for such
 Dealer’s loss of the use of funds during the period when they were credited
 to account of such Issuer or the Fiscal Agent.

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Immediately upon such cancellation, the Fiscal Agent will make
 appropriate entries in its records to reflect the fact that a settlement did
 not occur with respect to such Note.

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Registered Notes. If a purchaser fails
to accept delivery of and make payment for any Registered Note, the relevant
Dealer will notify the relevant Issuer and the Fiscal Agent by telephone and
return such Note to the Fiscal Agent. Upon receipt of such notice, the
relevant Issuer will immediately wire transfer to the account of such Dealer
an amount equal to the amount previously credited thereto in respect of such
Note. Such wire transfer will be made on the settlement date, if possible,
and in any event not later than the Business Day following the settlement date. If a purchaser shall
fail to make payment for the Note for any reason other than the failure of
such Dealer to provide the necessary information to the relevant Issuer as
described above for settlement or to provide a confirmation to the purchaser
within a reasonable period of time as described above, and if such Dealer
shall have otherwise complied with its obligations hereunder and in the
Distribution Agreement, then the relevant Issuer will reimburse such Dealer
or the Principal Paying Agent, as appropriate, on an equitable basis for its
loss of the use of the funds during the period when they were credited to the
account of such Issuer. Immediately upon receipt of the Registered Note in
respect of which such failure occurred, the Principal Paying Agent will mark
such Note “cancelled”, make appropriate entries in the Principal Paying
Agent’s records and send such Note to the relevant Issuer.  

 
	
  

 	
  

 	
  

 
	
 Notice of
 Issuance

 to London Stock

 Exchange:

 	
  

 	
 

 
The Fiscal Agent will provide information
 with respect to each tranche of Notes to be listed on the Official List of
 UKLA and admitted to trading on the regulated market of the London Stock
 Exchange to such Exchange and will advise the relevant Issuer and the
 relevant Dealer in writing as to the effectiveness of the listing of such
 Notes by the close of business on the related settlement date. To the extent
 required by the UKLA and/or London Stock Exchange, the Dealers will provide
 the Fiscal Agent with secondary market information regarding any tranche of
 Notes listed on the London Stock Exchange and the Fiscal Agent will provide
 such information to the UKLA and the London Stock Exchange.

 

A-24

	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Notice of
 issuance to

 Any Other Stock

 Exchange, Competent

 Authority:

 	
  

 	
 

 

 
The Fiscal Agent will provide
 information with respect to each tranche of Notes to be listed or admitted to
 trading on any stock exchange, competent authority and/or market to such
 stock exchange, competent authority and/or market and will advise the
 relevant Issuer and the relevant Dealer in writing as to the effectiveness of
 the listing and or admission to trading of such Notes by the close of
 business on the related settlement date.

 
	
  

 	
  

 	
  

 
	
 Listing:

 	
  

 	
 The Fiscal Agent will, on a regular basis and as applicable, provide
 the UKLA and the London Stock Exchange and/or any other stock exchange,
 competent authority and/or market with such information as the UKLA and the
 London Stock Exchange or any other stock exchange, competent authority and/or
 market may require regarding any tranches of Notes that are listed on the
 Official List of the UKLA and admitted to trading on the London Stock
 Exchange or listed or admitted to trading on any other stock exchange,
 competent authority and/or market and are issued and outstanding.

 

A-25

EXHIBIT B-1

 [FORM OF CERTIFICATE TO BE GIVEN BY AN ACCOUNT

HOLDER OF EUROCLEAR, CLEARSTREAM, LUXEMBOURG ]

CERTIFICATE

 [General Electric Capital Corporation]

[GE Capital Australia Funding Pty. Ltd. (A.B.N. 67 085 675 467)] 

[GE Capital Canada Funding Company]

[GE Capital European Funding] 

[GE Capital UK Funding]

Euro Medium-Term Notes or Other
Debt Securities

 [Unconditionally Guaranteed by 

General Electric Capital Corporation]

Represented by Temporary Global Note No. ___.

This
is to certify that as of the date hereof, and except as set forth below, the
above-captioned Notes held by you for our account (i) are owned by person(s)
that are not citizens or residents of the United States, corporations,
partnerships or other entities created or organized in or under
the laws of the United States or any political subdivision thereof, estates whose income is
subject to United States federal income tax regardless of its source, or trusts
if a court within the United States is able to exercise primary supervision over
the administration of the trust and one or more United States persons have the
authority to control all substantial decisions of the trust or if such trust
has a valid election in effect under applicable U.S. Treasury regulations to be
treated as a United States person (“United
States person(s)”), (ii) are owned by United States person(s) that
(a) are foreign branches of United States financial institutions (as defined in
U.S. Treasury Regulations Section 1.165-12(c)(1)(iv)) (“financial institutions”) purchasing for
their own account or for resale, or (b) acquired the Notes through foreign
branches of United States financial institutions and who hold the Notes through
such United States financial institutions on the date hereof (and in either
case (a) or (b), each such United States financial institution hereby agrees,
on its own behalf or through its agent, that you may advise the Issuer or the
Issuer’s agent that it will comply with the requirements of Section
165(j)(3)(A), (B) or (C) of the Internal Revenue Code of 1986, as amended, and
the regulations thereunder), or (iii) are owned by United States or foreign
financial institution(s) for purposes of resale during the restricted period
(as defined in U.S. Treasury Regulations Section 1.163-5(c)(2)(i)(D)(7)), and
in addition if the owner of the Notes is a United States or foreign financial
institution described in clause (iii) above (whether or not also described in
clause (i) or (ii)) such financial institution has not acquired the Notes for
purposes of resale directly or
indirectly to a United States person or to a person within the United States or
its possessions.  

As used herein, “United States” means the United States of
America (including the States and the District of Columbia) and its “possessions” include Puerto Rico, the U.S.
Virgin Islands, Guam, American Samoa, Wake Island and the Northern Mariana
Islands. 

B-1-1

We undertake to advise you
promptly by tested telex on or prior to the date on which you intend to submit
your certification relating to the Notes held by you for our account in
accordance with your Operating Procedures if any applicable statement herein is
not correct on such date, and in the absence of any such notification it may be
assumed that this certification applies as of such date. 

This certification excepts
and does not relate to $          of such interest in the above Notes in respect of
which we are not able to certify and as to which we understand exchange and
delivery of definitive Notes (or, if relevant, exercise of any rights or
collection of any interest) cannot be made until we do so certify. 

We understand that this
certification is required in connection with certain tax laws and, if
applicable, certain securities laws of the United States. In connection
therewith, if administrative or legal proceedings are commenced or threatened
in connection with which this certification is or would be relevant, we
irrevocably authorize you to produce this certification to any interested party
in such proceedings. 

	
  

 	
  

 	
  

 
	
 Dated:

 	
  

 	
  

 
	
  

 	 

 	
  

 
	
  

 	
  

 	
  

 
	
 [To be dated no earlier
 than the 10th day before 

 
	
 [insert date of Interest
 Payment Date prior to Exchange Date]

 
	
 [insert date of redemption
 or acceleration prior to Exchange Date]

 
	
 [insert Exchange Date]] 

 

	
  

 	
  

 	
  

 
	
  

 	
  

 	
  [Name of
 Account Holder] 

 
	
  

 	
  

 	
  

 
	
 By:

 	
  

 	
  

 
	
  

 	
 (Authorized Signatory)

 
	
  

 	
  

 	
  

 
	
 Name:

 	
  

 	
  

 
	
 Title:

 	
  

 	
  

 

EXHIBIT B-2 

[FORM OF CERTIFICATE TO BE GIVEN BY

EUROCLEAR, CLEARSTREAM, LUXEMBOURG]

CERTIFICATE

 [General Electric Capital Corporation]

[GE Capital Australia Funding Pty. Ltd. (A.B.N. 67 085 675 467)]

[GE Capital Canada Funding Company]

[GE Capital European Funding]

[GE Capital UK Funding]

Euro Medium-Term Notes or Other Debt
Securities

 [Unconditionally Guaranteed by

General Electric Capital Corporation]

Represented by Temporary Global Note No. ____.

This
is to certify that, based
solely on certifications we have received in writing, by tested telex or by
electronic transmission from member organizations appearing in our records as
persons being entitled to a portion of the principal amount set forth below
(our “Member Organizations”)
substantially to the effect set forth
in Exhibit B-1 to the Tenth Amended and Restated Fiscal and Paying Agency
Agreement dated April 6, 2011, as of the date hereof, _______ principal amount
of the above-captioned Notes (i) is owned by persons that are not citizens or
residents of the United States, corporations, partnerships or other entities
created or organized in or under the laws of the United States or any political
subdivision thereof, estates whose income is subject to United States federal
income tax regardless of its source, or trusts if a court within the United
States is able to exercise primary supervision over the administration of the
trust and one or more United States persons have the authority to control all
substantial decisions of the trust or if such trust has a valid election
in effect under applicable U.S. Treasury regulations to be treated as a United
States person (“United States persons”),
(ii) is owned by United States persons
that (a) are foreign branches of United States financial institutions (as
defined in U.S. Treasury Regulations Section 1.165-12(c)(1)(iv) (“financial institutions”) purchasing for their own account or for resale, or (b)
acquired the Notes through foreign branches of United States financial
institutions and who hold the Notes through such United States financial
institutions on the date hereof (and in either case (a) or (b), each such
United States financial institution has agreed, on its own behalf or through
its agent, that we may advise the Issuer or the Issuer’s agent that it will comply
with the requirements of Section
165(j)(3)(A), (B) or (C) of the Internal Revenue Code of 1986, as amended, and
the regulations thereunder), or (iii) is owned by United States or foreign financial institutions for purposes of resale during the restricted period (as
defined in U.S. Treasury Regulations Section 1.163-5(c)(2)(i)(D)(7), and to the
further effect that United States or
foreign financial institutions described in clause (iii) above (whether or not
also described in clause (i) or (ii)) have certified that they have not
acquired the Notes for purposes of resale directly or indirectly to a United
States person or to a person within the United States or its 

possessions.
As used herein, “United States” means the United States of America (including the
States and the District of Columbia) and its “possessions” include Puerto Rico,
the U.S. Virgin Islands, Guam, American Samoa, Wake Island and the Northern
Mariana Islands.  

We
further certify (i) that we are not making available herewith for exchange any
portion of the temporary global Note excepted as set forth herein and (ii) that
as of the date hereof we have not received any notification from any of our
Member Organizations to the effect that the statements made by such Member
Organizations with respect to any portion of the part submitted herewith are no
longer true and cannot be relied upon as the date hereof. 

We
understand that this certification is required in connection with certain tax
laws and, if applicable, certain securities laws of the United States. In
connection therewith, if administrative or legal proceedings are commenced or
threatened in connection with which this certification is or would be relevant,
we irrevocably authorize you to produce this certification to any interested party
in such proceedings. 

	
  

 	
  

 	
  

 	
  

 
	
 Dated: 

 	
  

 	
  

 	
  

 
	
  

 	
  

 	 

 	
  

 
	
 [To be dated no earlier
 than

 
	
 [insert date of Interest
 Payment Date prior to Exchange Date]

 
	
 [insert date of redemption
 or acceleration prior to Exchange Date]

 
	
 [insert Exchange Date]]

 

	
  

 	
  

 
	
  

 	
  [EUROCLEAR
 BANK S.A./N.V.] 

 
	
  

 	
  

 
	
  

 	
  [CLEARSTREAM
 BANKING, société

 anonyme] 

 
	
  

 	
  

 
	
  

 	
  [OTHER
 CLEARANCE SYSTEM] 

 
	
  

 	
  

 
	
  

 	
 By: 

 

EXHIBIT C-1 

 [FORM OF CERTIFICATE TO BE GIVEN BY AN
ACCOUNT 

HOLDER OF EUROCLEAR AND CLEARSTREAM, LUXEMBOURG]

CERTIFICATE

 [General Electric Capital Corporation]

[GE Capital Australia Funding Pty. Ltd. (A.B.N. 67 085 675 467)] 

[GE Capital Canada Funding Company] 

[GE Capital European Funding] 

[GE Capital UK Funding]

Programme for the Issuance of Euro
Medium-Term Notes and Other Debt Securities Due 

9 Months or More from Date of Issue

 [Unconditionally guaranteed by 

General Electric Capital Corporation]

Represented by Permanent Global Note No. __.

This is to certify that as of the date hereof, and except as set forth
below, the above-captioned Notes held by you for our account (i) are owned by
person(s) requesting definitive [Registered/Bearer] Notes in exchange for their
interests in the above-referenced permanent Global Note and (ii) such persons
desire to exchange _____ principal amount of the above-captioned Notes for
definitive [Registered/Bearer] Notes. 

We undertake to advise you promptly by tested telex on or prior to the
date on which you intend to submit your certification relating to the Notes
held by you for our account in accordance with your Operating Procedures if any
applicable statement herein is not correct on such date, and in the absence of
any such notification it may be assumed that this certification applies as of
such date. 

This certification excepts and does not relate to
$          of such interest
in the above Notes in respect of which we do not desire to exchange for
definitive Notes. 

Dated:               _________

	
  

 	
  

 
	
  

 	
  [Name of Account Holder] 

 
	
  

 	
  

 
	
  

 	
 By: 

 
	
  

 	
 Name: 

 
	
  

 	
 Title: 

 

C-1

EXHIBIT C-2 

 [FORM OF CERTIFICATE TO BE GIVEN BY 

EUROCLEAR AND CLEARSTREAM, LUXEMBOURG]

CERTIFICATE

 [General Electric Capital Corporation] 

[GE Capital Australia Funding Pty. Ltd. (A.B.N. 67 085 675 467)] 

[GE Capital Canada Funding Company] 

[GE Capital European Funding] 

[GE Capital UK Funding]

Programme for the Issuance of Euro Medium-Term Notes
and Other Debt Securities Due 

9 Months or More from Date of Issue

 [Unconditionally Guaranteed by 

General Electric Capital Corporation]

Represented by Permanent Global Note No. _____.

          This is to
certify that, based solely on certifications we have received in writing, by
tested telex or by electronic transmission from member organizations appearing
in our records as persons being entitled to a portion of the principal amount
set forth below (our “Member Organizations”) substantially to the effect set
forth in Exhibit C-1 to the Tenth Amended and Restated Fiscal and Paying Agency
Agreement relating to such Notes, as of the date hereof, principal amount of
the above-captioned Notes (i) is owned by person(s) requesting definitive
[Registered/Bearer] Notes in exchange for their interests in the
above-referenced permanent Global Note and (ii) such persons desire to exchange _____ principal amount of the above-captioned Notes for definitive
[Registered/Bearer] Notes. 

          We further
certify (i) that we are making available herewith for exchange all interests in
the permanent global Note and (ii) that as of the date hereof we have not
received any notification from any of our Member Organizations to the effect
that the statements made by such Member Organizations with respect to any
portion of the permanent global Note submitted herewith are no longer true and
cannot be relied upon as the date hereof. 

Dated: ___________________

	
  

 	
  

 
	
  

 	
  [EUROCLEAR
 BANK S.A./N.V.] 

 
	
  

 	
  

 
	
  

 	
  [CLEARSTREAM
 BANKING, société

 anonyme] 

 
	
  

 	
  

 
	
  

 	
  [OTHER
 CLEARANCE SYSTEM] 

 

C-2

EXHIBIT D-1 

 [FORM OF GUARANTEE TO BE ENDORSED ON NOTES]

          1.          FOR
VALUE RECEIVED, GENERAL ELECTRIC CAPITAL CORPORATION, a Delaware corporation
(the “Guarantor”), hereby unconditionally
and irrevocably guarantees to the holder of the Note upon which this guarantee
is endorsed the due and punctual payment of any and all amounts required to be
paid upon said Note according to its terms, when, where and as the same shall
become due and payable, whether on an interest payment date, at maturity, upon
redemption or purchase or otherwise, in accordance with the terms thereof.
Terms and expressions defined in the Tenth Amended and Restated Fiscal and
Paying Agency Agreement dated as of April 6, 2011, as it may be further amended
or supplemented from time to time, among General Electric Capital Corporation,
GE Capital Australia Funding Pty. Ltd., GE Capital Canada Funding Company, GE
Capital European Funding, GE Capital UK Funding, The Bank of New York Mellon
and The Bank of New York Mellon (Luxembourg) S.A. (as amended and supplemented
from time to time, the “Fiscal Agency Agreement”),
and the Notes shall have the same meanings herein, except as otherwise defined
herein or unless there is something in the subject matter or context
inconsistent therewith.  

          2.          (a)          In
case of failure by [GE Capital Australia Funding Pty. Ltd.] [GE Capital Canada
Funding Company] [GE Capital European Funding] [GE Capital UK Funding] [Name of
Additional Issuer acceding to the Fiscal Agency Agreement pursuant to Section 19 thereof] or its
successors or assigns (the “Issuer”)
punctually to pay any such amount, the Guarantor hereby agrees to cause such
payment to be made punctually when, where and as the same shall become due and
payable, whether at maturity, upon redemption or otherwise, and as if such
payment were made by the Issuer. The Guarantor hereby agrees that its
obligations hereunder shall be unconditional, irrespective of the validity,
legality or enforceability of the Note, the absence of any action to enforce
the same, the waiver or consent by the holder of the Note with respect to any
provisions thereof, the recovery of any judgment against the Issuer or any
action to enforce the same or any other circumstance which might otherwise
constitute a legal or equitable discharge or defense of a guarantor. 

	
  

 	
  

 
	
  

 	
              (b)          The
 Guarantor shall be subrogated to all rights of the holder of the Note against
 the Issuer in respect of any amounts paid by the Guarantor pursuant to the
 provisions of this Guarantee; provided that the Guarantor shall not be
 entitled to enforce or receive any payment arising out of, or based upon,
 such right of subrogation until all amounts due on or to become due on or in
 respect of all of the Notes shall have been paid in full or duly provided
 for. 

 
	
  

 	
  

 
	
  

 	
              (c)          The
 Guarantor hereby waives notice of acceptance of this Guarantee and also
 waives notice of nonpayment of any and all amounts payable or in respect of
 said Note or any part thereof. 

 
	
  

 	
  

 
	
  

 	
              (d)          This
 Guarantee is unsecured and ranks equally with all other unsecured and
 unsubordinated obligations of the Guarantor. 

 

          3.          (a)         
The Guarantor will not merge or consolidate with any other corporation or sell,
convey, transfer or otherWise dispose of all or substantially all of its
properties to any other corporation, unless (i) either the Guarantor shall be
the continuing corporation or the successor corporation (if other than the
Guarantor) (the “successor corporation”) shall be a
corporation organized under the laws of the United States of America or of a
state thereof and 

D-1-1

such successor corporation shall expressly assume the due and punctual
payments of all amounts due under this Guarantee and the due and punctual
performance of all of the covenants and obligations of the Guarantor under this
Guarantee endorsed on all the Notes, by supplemental agreement satisfactory to
the Fiscal and Paying Agent executed and delivered to such Fiscal and Paying
Agent by the successor corporation and the Guarantor and (ii) the Guarantor or
such successor corporation, 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
obligation. 

	
  

 	
  

 
	
  

 	
             (b)          Upon
 any such merger or consolidation, sale, conveyance, transfer or other
 disposition, such successor corporation shall succeed to and be substituted
 for, and may exercise every right and power of and shall be subject to all
 the obligations of, the Guarantor under this Guarantee, with the same effect
 as if such successor corporation had been named as the Guarantor herein, and
 the Guarantor shall be released from its liability as Guarantor under this
 Guarantee and under the Fiscal Agency Agreement.

 

          4.          The
Guarantor hereby certifies and warrants that all acts, conditions and things
required to be done and performed and to have happened precedent to the
creation and issuance of this Guarantee, and to constitute the same the legal,
valid and binding obligation of the Guarantor enforceable in accordance with
its terms, except that enforcement may be limited by bankruptcy, insolvency, liquidation, reorganization
and other laws of general application relating to or affecting the rights of
creditors or by general principles of equity, including the limitation that
specific performance, being an equitable remedy, is discretionary and may not
be ordered, have been done and performed and have happened in due and strict
compliance with all applicable laws. 

          5.          This
Guarantee shall be construed in accordance with and governed by the laws of the
State of New York, United States of America. 

          6.          This
Guarantee is dated the date of the Note upon which it is endorsed. 

IN WITNESS
WHEREOF, the Guarantor has caused this Guarantee to be duly executed. 

	
  

 	
  

 	
  

 	
  

 
	
  

 	
 GENERAL
 ELECTRIC CAPITAL 

 CORPORATION 

 
	
  

 	
  

 
	
  

 	
 By: 

 	
  

 	
  

 

D-1-2

EXHIBIT E 

 [FORM OF ISSUER ACCESSION LETTER]

ISSUER ACCESSION LETTER

[DATE] 

	
  

 	
  

 
	
 GENERAL
 ELECTRIC CAPITAL CORPORATION 

 201 High Ridge Road 

 Stamford, CT 06927

 
	
 Attention:

 	
 Senior Vice
 President - Corporate Treasury 

 
	
  

 	
 and Global
 Funding Operation 

 

[Name of
Additional Issuer] 

[Address] 

Attention:_______________________

THE BANK OF
NEW YORK MELLON 

One Canada Square 

London E14 5AL 

United Kingdom 

Attention: [Manager, Institutional Trust Services] 

Ladies and
Gentlemen: 

Reference is hereby made to the Tenth Amended and Restated Fiscal and
Paying Agency Agreement dated as of April 6, 2011 (the “Fiscal
Agency Agreement”) among General Electric Capital
Corporation, as an issuer and as guarantor (“GE Capital”), the
other issuers named therein or acceded thereto (together with GE Capital, each
an “Issuer”),
The Bank of New York Mellon, as fiscal and paying agent (the “Fiscal and
Paying Agent”), The Bank of New York Mellon (Luxembourg)
S.A., as initial registrar and Luxembourg transfer agent pursuant to which Euro
Medium-Term Notes and Other Debt Securities of each such Issuer are distributed
from time to time. Capitalized terms used but not defined herein have the
meanings assigned to such terms in the Fiscal Agency Agreement. 

	
  

 	
  

 
	
 1.

 	
 Pursuant to Section 19(b)(i) of the Fiscal Agency Agreement, this
 Issuer Accession Letter is being entered into by GE Capital, [Name of
 Additional Issuer] (the “Company”), the Fiscal and Paying Agent and the Paying Agent
 to provide for the accession of the Company as an Additional Issuer party to
 the Fiscal Agency
 Agreement as of the date hereof (the “Accession Date”). 

 
	
  

 	
  

 
	
 2.

 	
 In accordance with Section 19(a) of the Fiscal Agency Agreement, GE
 Capital and the Company hereby confirm that the Company is a Subsidiary of GE
 Capital and that each Note issued by the Company shall be irrevocably and
 unconditionally guaranteed by GE Capital. 

 
	
  

 	
  

 
	
 3.

 	
 In accordance with Section 19(b)(ii) and 19(b)(iii) of the Fiscal
 Agency Agreement, GE Capital and the Company hereby certify to the Fiscal and
 Paying Agent that each of the persons signing this Issuer Accession Letter on
 behalf of the GE Capital and the Company is an Issuer Authorized
 Representative as defined in Section 3(a) of the Fiscal Agency Agreement and
 that each of the forms of Notes, including the form of the 

 

E-1-1

	
  

 	
  

 
	
  

 	
 Guarantee appearing thereon, attached hereto as Annex A-1 through
 A-[__] has
 been approved pursuant to the authority delegated to such Issuer Authorized
 Representative by the Board of Directors of each of GE Capital and the
 Company. In addition to the above, the following persons are Issuer
 Authorized Representatives of the Company: [List each Additional Issuer
 Authorized Representative, if any.] 

 
	
  

 	
  

 
	
 4.

 	
 In accordance with Section 19(b)(iv) of the Fiscal Agency Agreement,
 the Company and the Guarantor hereby confirm that an Issuer Accession Notice
 has been sent to each of the Dealers party to the Distribution Agreement, a
 copy of which is attached hereto as Annex B. 

 
	
  

 	
  

 
	
 5.

 	
 All notices to the Company under Section 20 of the Fiscal Agency
 Agreement shall be deemed to have been given when sent by certified or
 registered mail, postage prepaid, or by facsimile transmission to the Company
 as follows (in each case with a copy to GE Capital at the address or
 facsimile number appearing in Section 20 of the Fiscal Agency Agreement): 

 

	
  

 	
  

 
	
  

 	
 [Company
 Name] 

 
	
  

 	
 [Address] 

 
	
  

 	
 Attention:
 _______________________

 
	
  

 	
 Phone:
 _________________________

 
	
  

 	
 Fax:
 ___________________________

 

          Please
countersign where indicated below to indicate your acceptance and agreement to
the foregoing, whereupon this Issuer Accession Letter shall become a valid and
binding agreement of the parties as of the date first above written. 

	
  

 	
  

 	
  

 	
  

 
	
  

 	
 Very truly
 yours, 

 
	
  

 	
  

 
	
  

 	
 GENERAL ELECTRIC CAPITAL 

 CORPORATION 

 
	
  

 	
  

 
	
  

 	
 By: 

 	
  

 	
  

 
	
  

 	
 Name: 

 
	
  

 	
 Title: 

 
	
  

 	
  

 
	
  

 	
  [NAME OF
 ADDITIONAL ISSUER] 

 
	
  

 	
  

 
	
  

 	
 By: 

 	
  

 	
  

 
	
  

 	
 Name: 

 
	
  

 	
 Title: 

 

E-1-2

	
  

 	
  

 	
  

 
	
 Accepted and Agreed: 

 
	
  

 
	
 THE BANK
 OF NEW YORK MELLON 

 
	
  

 
	
 By: 

 	
  

 	
  

 
	
 Name: 

 
	
 Title: 

 
	
  

 
	
 THE BANK
 OF NEW YORK MELLON (LUXEMBOURG) S.A. 

 
	
  

 
	
 By:

 	
  

 	
  

 
	
 Name: 

 
	
 Title: 

 

E-1-3Exhibit 4.1

Exhibit 4.1

EXECUTION VERSION

AGREEMENT

SEPTEMBER 2011

€149,933,766.11 CREDIT FACILITY

NAVIERA TEEKAY GAS IV S.L.U.

as Borrower

CERTAIN BANKS AND FINANCIAL INSTITUTIONS

as Banks

ING BANK N.V., LONDON BRANCH

as Agent

ING BANK N.V., LONDON BRANCH

as Spanish Security Agent

CERTAIN BANKS AND FINANCIAL INSTITUTIONS

as Swap Banks

ING BANK N.V., LONDON BRANCH

as Bookrunner

and

ING BANK N.V., LONDON BRANCH

ABN AMRO BANK N.V.

CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK

as Mandated Lead Arrangers

and

J.P. MORGAN LIMITED

SCOTIABANK (IRELAND) LIMITED

as Lead Arrangers

ALLEN & OVERY

Allen & Overy LLP

0030277-0000134 BK:17189647.13

 

 

 

CONTENTS

	 	 	 	 	 
	Clause	 	Page	 
	 	 
	1. Interpretation
	 	 	1	 
	2. The Facility
	 	 	15	 
	3. Purpose
	 	 	15	 
	4. Conditions Precedent
	 	 	16	 
	5. Drawdown
	 	 	17	 
	6. Repayment
	 	 	17	 
	7. Prepayment and Cancellation
	 	 	17	 
	8. Interest Periods
	 	 	19	 
	9. Interest
	 	 	19	 
	10. Payments
	 	 	20	 
	11. Taxes
	 	 	22	 
	12. Market Disruption
	 	 	23	 
	13. Increased Costs
	 	 	25	 
	14. Illegality
	 	 	26	 
	15. Mitigation
	 	 	26	 
	16. Representations and Warranties
	 	 	26	 
	17. Undertakings
	 	 	31	 
	18. Swap Agreements
	 	 	47	 
	19. Valuation
	 	 	49	 
	20. Default
	 	 	49	 
	21. The Agent and the Finance Parties
	 	 	53	 
	22. Fees
	 	 	60	 
	23. Expenses
	 	 	61	 
	24. Stamp Duties
	 	 	61	 
	25. Indemnities
	 	 	62	 
	26. Evidence and Calculations
	 	 	65	 
	27. Amendments and Waivers
	 	 	65	 
	28. Changes to the Parties
	 	 	66	 
	29. Disclosure of Information
	 	 	69	 
	30. Set-off
	 	 	70	 
	31. Pro Rata Sharing
	 	 	70	 
	32. Severability
	 	 	71	 
	33. Counterparts
	 	 	71	 
	34. Notices
	 	 	71	 
	35. Language
	 	 	73	 
	36. Jurisdiction
	 	 	73	 
	37. Governing Law
	 	 	75	 

 

 

 

	 	 	 	 	 
	Schedule	 	Page	 
	 	 
	1. Banks and Commitments
	 	 	76	 
	2. Conditions Precedent Documents
	 	 	77	 
	3. Conditions Subsequent
	 	 	82	 
	4. Form of Request
	 	 	83	 
	5. Form of Assignment, Assumption and Release Certificate
	 	 	84	 
	6. Calculation of the Mandatory Cost
	 	 	86	 
	7. Repayment Schedule
	 	 	89	 
	8. Form of Bank’s Power of Attorney
	 	 	93	 
	9. Form of Deed of Assignment of Interest
	 	 	102	 
	10. Form of Deed of Accession of Swap Bank
	 	 	105	 
	Signatories
	 	 	106	 

 

 

 

THIS AGREEMENT is dated   
         September 2011

BETWEEN:

	(1)	 	NAVIERA TEEKAY GAS IV S.L.U. (formerly Naviera F. Tapias Gas IV S.A.), a company organised
and existing under the laws of Spain, whose registered office is at C/Musgo n°.5, 2°Plta., La
Florida, 28023 Madrid (the Borrower);

	 
	(2)	 	THE FINANCIAL INSTITUTIONS listed in Schedule 1 (Banks and Commitments) as banks (the Banks);

	 
	(3)	 	ING BANK N.V., LONDON BRANCH as agent (the Agent);

	 
	(4)	 	ING BANK N.V., LONDON BRANCH as Spanish security agent (the Spanish Security Agent);

	(5)	 	ING BANK N.V., LONDON BRANCH, ABN AMRO BANK N.V., CRÉDIT AGRICOLE CORPORATE AND INVESTMENT
BANK, and THE BANK OF NOVA SCOTIA as swap banks (each in such capacity, a Swap Bank);

	 
	(6)	 	ING BANK N.V., LONDON BRANCH as bookrunner (the Bookrunner);

	(7)	 	ING BANK N.V., LONDON BRANCH, ABN AMRO BANK N.V. and CRÉDIT AGRICOLE CORPORATE AND INVESTMENT
BANK as mandated lead arrangers (the Arrangers); and

	(8)	 	J.P. MORGAN LIMITED and SCOTIABANK(IRELAND) LIMITED as lead arrangers.

IT IS AGREED as follows:

	1.	 	INTERPRETATION

	 
	1.1	 	Definitions

	 	 	In this Agreement:

	 	 	Affiliate means a Subsidiary or a Holding Company of a person or any other Subsidiary of
that Holding Company.

	 	 	Agent’s Spot Rate of Exchange means, in relation to any currency (other than euros) in which
any payment is made under this Agreement or any other Finance Document (the relevant
currency), the Agent’s spot rate of exchange for the purchase of euros in the London foreign
exchange market with the relevant currency at or about 11.00 a.m. on the day the payment is
received or on the next Business Day.

	 	 	AIE means Pagumar AIE, an economic grouping (Agrupación de Interés Económico) organised and
existing under the laws of Spain.

	 	 	Applicable Law means, as the context may require, all or any laws, statutes, proclamations,
treaties, bylaws, directives, regulations, statutory instruments, rules, orders, decisions,
circulars, codes, decrees, injunctions, resolutions, judgments, rules of court, delegated or
subordinate legislation, rules of common law or any European Union legislation at any time
or from time to time in force in the country in which any Party is incorporated or in which
the Vessel may be located and which are or may become applicable to this Agreement, any
Finance Document or document referred to in this
Agreement, and have force of law, as the same may be subjected to any Change in Law from
time to time.

 

1

 

	 	 	Approved Valuers means each of Poten & Partners, H Clarkson & Company Limited, Braemar
Seascape Ship Brokers Limited, Seascope Shipping, R.S. Platou Shipbrokers a.s., Fearnley
Offshore Supply and such other independent reputable valuers agreed between the Agent
(acting in accordance with the instructions of the Majority Banks) and the Borrower from
time to time.

	 	 	Assignment, Assumption and Release Certificate means a certificate substantially in the form
of Schedule 5 (Form of Assignment, Assumption and Release Certificate) with such amendments
as the Agent may approve or reasonably require or any other form agreed between the Agent
and the Borrower.

	 	 	Balloon Amount means €40,000,000 (forty million euro).

	 	 	Bareboat Charter means the bareboat charter entered into on 30 December 2003 between the
Borrower and the AIE.

	 	 	Builder means Izar, Construcciones Navales, S.A., a corporation organised and existing under
the laws of Spain with its registered office at Paseo de la Castellana, 55, 28046 Madrid,
Spain.

	 	 	Business Day means a day (other than a Saturday or a Sunday) on which banks are open for
business in London and Madrid and which is also a TARGET day.

	 	 	Change in Law means the application to any person of any Applicable Law, which did not apply
to such person prior to the date of this Agreement, or, after the date of this Agreement,
any change (whether with immediate, prospective or retrospective effect) in, or any change
in the practice of application of any Applicable Law (including, without limitation, any
Applicable Law ceasing to apply, being withdrawn or not being renewed, becoming effective or
being varied and any change in interpretation of any Applicable Law by any competent
authority).

	 	 	Charter means any charter or other contract for the employment of the Vessel which may be
entered into by the Borrower with a Charterer in accordance with the terms and conditions of
this Agreement, including, but not limited to, the Time Charter.

	 	 	Charterer means the Time Charterer or any other charterer of the Vessel from time to time.

	 	 	Commitment means:

	 	(a)	 	in relation to an Existing Bank (as defined in Clause 28.2 (Assignment of the
rights and assumption and release of the obligations of a Bank)) which is a Bank on the
date of this Agreement, the amount in euros set opposite its name in Schedule 1 (Banks
and Commitments) and the amount of any other Bank’s Commitment acquired by it under
Clause 28 (Changes to the Parties); and

	 	(b)	 	in relation to a New Bank (as defined in Clause 28.2 (Assignment of the rights
and assumption and release of the obligations of a Bank)) which becomes a Bank after
the date of this Agreement, the amount of any other Bank’s Commitment acquired by it
under Clause 28 (Changes to the Parties),

	 	 	to the extent not cancelled, reduced or transferred under this Agreement.

	 	 	Commitment Period means the period from the date of this Agreement up to and including 30
November 2011.

 

2

 

	 	 	Date of Total Loss means the date of Total Loss of the Vessel which date shall be deemed to
have occurred:

	 	(a)	 	in the case of an actual total loss, on the actual date and at the time the
Vessel was lost or, if such date is not known, on the date on which the Vessel was last
reported;

	 	(b)	 	in the case of a constructive total loss, upon the date and at the time notice
of abandonment is given to the insurers for the time being (provided a claim for total
loss is admitted by such insurers) or, if such insurers do not forthwith admit such a
claim, at the date and at the time at which either a total loss is subsequently
admitted by the insurers or a total loss is subsequently adjudged by a competent court
of law or arbitration tribunal to have occurred;

	 	(c)	 	in the case of a compromised or arranged total loss, on the date upon which a
binding agreement as to such compromised or arranged total loss has been entered into
by the insurers;

	 	(d)	 	in the case of requisition for title or other compulsory acquisition, on the
date upon which the relevant requisition for title or other compulsory acquisition
occurs; and

	 	(e)	 	in the case of capture, seizure, arrest, detention, requisition for hire or
confiscation by any government or by persons acting or purporting to act on behalf of
any government or by any other person which deprives the Borrower or, as the case may
be, any Charterer of the use of the Vessel for more than 90 days, upon the expiry of
the period of 90 days after the date upon which the relevant capture, seizure, arrest,
detention or confiscation occurred.

	 	 	Deed of Accession means a deed of accession substantially in the form of Schedule 10 (Form
of Deed of Accession of Swap Bank).

	 	 	Default means an Event of Default or a Potential Event of Default.

	 	 	Dollars or US$ means the lawful currency for the time being of the United States of America.

	 	 	Drawdown Date means the date of the advance of the Loan.

	 	 	Earnings means all present and future moneys and claims which are earned by or become
payable to or for the account of the Borrower in connection with the operation or ownership
of the Vessel and including but not limited to:

	 	(a)	 	freights, passage and hire moneys (whether earned under any Charter or
otherwise);

	 	(b)	 	remuneration for salvage and towage services;

	 	(c)	 	demurrage and detention moneys;

	 	(d)	 	all present and future moneys and claims payable to the Borrower in respect of
any breach or variation of a Charter in respect of the Vessel (other than moneys, if
any, which represent agreed reimbursement by a Charterer of costs and expenses incurred
by the Borrower in connection with such Charter); and

	 	(e)	 	all moneys and claims in respect of the requisition for hire of the Vessel.

	 	 	Earnings Account means an account or accounts in the name of the Borrower opened with ING
Bank N.V., London Branch in accordance with Clause 17.34 (Earnings Account).

 

3

 

	 	 	Earnings Account Charge means the assignment of the Earnings Account in form and substance
satisfactory to the Agent acting on the instructions of the Banks to be granted in favour of
the Agent by the Borrower in accordance with Clause 17.34 (Earnings Account) together with
any and all notices and acknowledgments entered into in connection therewith.

	 	 	Environment means:

	 	(a)	 	any land including, without limitation, surface land and sub-surface strata,
sea bed or river bed under any water (as referred to below) and any natural or man-made
structures;

	 	(b)	 	water including, without limitation, coastal and inland waters, surface waters,
ground waters and water in drains and sewers; and

	 	(c)	 	air including, without limitation, air within buildings and other natural or
man-made structures above or below ground.

	 	 	Environmental Affiliate means any Affiliate of either the Borrower or any other Manager
together with their employees and subcontractors.

	 	 	Environmental Approvals means any permit, licence, approval, ruling, variance, exemption or
other authorisation required under applicable Environmental Laws.

	 	 	Environmental Claim means any claim by any person or persons or any governmental, judicial
or regulatory authority which arises out of any allegation of any breach, contravention or
violation of Environmental Law or of the existence of any liability or potential liability
arising from such breach, contravention or violation or the presence of Hazardous Material.
In this context “claim” means a claim for damages, compensation, fines, penalties or any
other payment of any kind whether or not similar to the foregoing; an order or direction to
take, or not to take, certain action or to desist from or suspend certain action; and any
form of enforcement or regulatory action.

	 	 	Environmental Laws means any or all applicable law (whether civil, criminal or
administrative), common law, statute, statutory instrument, treaty, convention, regulation,
directive, by-law, demand, decree, ordinance, injunction, resolution, order, judgment, rule,
permit, licence or restriction (in each case having the force of law) and codes of practice
or conduct, circulars and guidance notes having legal or judicial import or effect, in each
case of any government, quasi-government, supranational, federal, state or local government,
statutory or regulatory body, court, agency or association in any applicable jurisdiction
relating to or concerning:

	 	(a)	 	pollution or contamination of the Environment, any ecological system or any
living organisms which inhabit the Environment or any ecological system;

	 	(b)	 	the generation, manufacture, processing, distribution, use (including abuse),
treatment, storage, disposal, transport or handling of Hazardous Materials; and

	 	(c)	 	the emission, leak, release, spill or discharge into the Environment of noise,
vibration, dust, fumes, gas, odours, smoke, steam effluvia, heat, light, radiation (of
any kind), infection, electricity or any Hazardous Material and any matter or thing
capable of constituting a nuisance or an actionable tort or breach of statutory duty of
any kind in respect of such matters,

	 	 	including, without limitation, the following laws of the United States of America: the
Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended,
the Hazardous Materials Transportation Act, as amended, the Oil Pollution Act of 1990, as
amended, the Resource Conservation and Recovery Act, as amended, and the Toxic Substances
Control Act, as
amended, together, in each case, with the regulations promulgated and the guidance issued
pursuant thereto.

 

4

 

	 	 	EURIBOR means for an Interest Period:

	 	(a)	 	the applicable Screen Rate as of 11.00 a.m. (Brussels time) on the Rate Fixing
Day for the offering of deposits in euro for a period comparable to that Interest
Period;

	 	(b)	 	if no Screen Rate is available for that Interest Period, the arithmetic mean
(rounded upward to the nearest four decimal places) of the rates, as supplied to the
Agent at its request, quoted by the Reference Banks to leading banks in the European
interbank market as of 11.00 a.m. (Brussels time) on the Rate Fixing Day for the
offering of deposits in euro for a period comparable to that Interest Period; or

	 	(c)	 	if the rate cannot be determined under paragraph (a) or paragraph (b) above,
the rate supplied to the Agent at its request by the British Bankers’ Association for
the offering of deposits in euros for a period commencing on the Rate Fixing Day and
comparable to the Interest Period.

	 	 	euro means the single currency of the Participating Member States.

	 	 	Event of Default means an event specified as such in Clause 20.1 (Events of Default).

	 	 	Excess Risks means:

	 	(a)	 	the proportion of claims for general average, salvage and salvage charges which
are not recoverable as a result of the value at which the Vessel is assessed for the
purpose of such claims exceeding her hull and machinery insured value; and

	 	(b)	 	collision liabilities not recoverable in full under the hull and machinery
insurance by reason of those liabilities exceeding such proportion of the insured value
of the Vessel as is covered by the hull and machinery insurance.

	 	 	Existing Facility means the credit agreement entered into on 21 December 2001 between (among
others) the Borrower, J.P. Morgan Europe Limited as agent and J.P. Morgan Europe Limited as
Spanish security agent, as the same has been amended and/or supplemented from time to time.

	 	 	Existing Facility Agent means J.P. Morgan Europe Limited in its capacity as agent under the
Existing Facility.

	 	 	Facility means the facility referred to in Clause 2.1 (Term loan facility).

	 	 	Facility Office means the office(s) notified by a Bank to the Agent:

	 	(a)	 	on or before the date it becomes a Bank; or

	 	(b)	 	by not less than five Business Days’ notice,

	 	 	as the office(s) through which it will perform all or any of its obligations under this
Agreement.

	 	 	Fee Letters means the letters between the Arrangers and the Borrower and between the Agent
and the Borrower dated on or about the date of this Agreement and relating to the payment of
fees by the Borrower in consideration of the granting of this Facility.

 

5

 

	 	 	Final Maturity Date means the date seven years from the last day of the calendar month in
which the Drawdown Date occurs.

	 	 	Finance Document means this Agreement, each Security Document, each Fee Letter, each Swap
Agreement, an Assignment, Assumption and Release Certificate, a Deed of Accession, the OFAC
Letter or any other document designated as such by the Agent and the Borrower.

	 	 	Finance Party means the Bookrunner, each Arranger, each Bank, each Swap Bank, the Agent or
the Spanish Security Agent.

	 	 	Financial Indebtedness means any indebtedness in respect of:

	 	(a)	 	moneys borrowed and debit balances at banks and other financial institutions;

	 	(b)	 	any debenture, bond, note, loan stock or other similar debt instrument;

	 	(c)	 	any acceptance or documentary credit;

	 	(d)	 	receivables sold or discounted (otherwise than on a non-recourse basis);

	 	(e)	 	the acquisition cost of any asset to the extent payable before or after the
time of acquisition or possession by the party liable where the advance or deferred
payment is arranged primarily as a method of raising finance or financing the
acquisition of that asset (other than normal trade credit not exceeding 180 days);

	 	(f)	 	any leases (whether in respect of land, machinery, equipment or otherwise)
entered into primarily as a method of raising finance or financing the acquisition of
the asset leased;

	 	(g)	 	any currency swap or interest swap, cap or collar arrangements or any other
derivative instrument;

	 	(h)	 	any amounts raised under any other transaction having the commercial effect of
a borrowing or raising of money; or

	 	(i)	 	any guarantee, indemnity or similar assurance in respect of any of the
foregoing.

	 	 	GAAP means:

	 	(a)	 	in respect of the Borrower and Teekay Spain, generally accepted accounting
principles in Spain as in effect as of the date of this Agreement pursuant to the
pronouncements, statements, rules and regulations of the Spanish Institute of
Accountancy and Audit of Accounts “Instituto de Contabilidad y Auditoria de Cuentas”;
and

	 	(b)	 	in respect of TGP, generally accepted accounting principles in the United
States of America including IFRS.

	 	 	General Assignment means the general assignment of, inter alia, the Earnings, the Time
Charter, the Time Charter Guarantee and each other Charter in form and substance
satisfactory to the Agent acting on the instructions of the Banks, granted or to be granted
in favour of the Agent by the Borrower, together with any and all notices and
acknowledgements entered into in connection therewith.

	 	 	Group means TGP and its direct or indirect subsidiaries.

 

6

 

	 	 	Guarantee means the guarantee of the obligations of the Borrower to the Finance Parties in
form and substance satisfactory to the Agent acting on the instructions of the Banks, given
or to be given by the Guarantors in favour of the Agent on or about the date of this
Agreement.

	 	 	Guarantors means Teekay Spain and TGP, or either of them as the context requires.

	 	 	Hazardous Material means any element or substance, whether natural or artificial, and
whether consisting of gas, liquid, solid or vapour, whether on its own or in any combination
with any other element or substance, which is listed, identified, defined or determined by
any Environmental Law or other applicable law to be, to have been, or to be capable of being
or becoming harmful to mankind or any living organism or damaging to the Environment,
including, without limitation, oil (as defined in the United States Comprehensive
Environmental Response, Compensation and Liability Act of 1980, as amended).

	 	 	Holding Company means, in relation to a person, an entity of which that person is a
Subsidiary.

	 	 	IFRS means the International Financial Reporting Standards issued by the board of the
International Accounting Standards Committee from time to time.

	 	 	Insurances Assignment means the assignment of the Obligatory Insurances in form and
substance satisfactory to the Agent acting on the instructions of the Banks, to be granted
in favour of the Agent by the Borrower together with any and all notices and
acknowledgements entered into in connection therewith.

	 	 	Insurers means the underwriters or insurance companies with whom any Obligatory Insurance is
effected and the managers of any protection and indemnity or war risks association in which
the Vessel may at any time be entered.

	 	 	Interest Period means each period determined in accordance with Clause 8.2 (Duration).

	 	 	Interest Rate Closing Date means the date agreed between the Agent and the Borrower falling
on or within one calendar month after the Drawdown Date on which the interest rate is
swapped into a long-term fixed rate pursuant to the Swap Agreements but in any event no
later than 15 December 2011.

	 	 	ISM Code means the International Safety Management Code (including the guidelines on its
implementation), adopted by the International Maritime Organization Assembly as Resolutions
A.741(18) and A.788(19), as the same may have been or may be amended or supplemented from
time to time. The terms safety management system, Safety Management Certificate, Document
of Compliance and major non-conformity shall have the same meanings as are given to them in
the ISM Code.

	 	 	ISPS Code means the International Ship and Port Facility Security Code adopted by the
International Maritime Organization Assembly.

	 	 	Loan means up to one hundred and forty nine million nine hundred and thirty three thousand
seven hundred and sixty six euro eleven cents (euro 149,933,766.11)or the principal amount
thereof from time to time outstanding under this Agreement.

	 	 	Losses means each and every liability, loss, charge, claim, demand, action, proceeding,
damage, judgment, order or other sanction, enforcement, penalty, fine, fee, commission,
interest, lien, salvage, general average, cost and expense of whatsoever nature suffered or
incurred by or imposed on any Finance Party.

 

7

 

	 	 	Majority Banks means, at any time, Banks:

	 	(a)	 	whose participations in the Loan aggregate more than 66 2/3% of the Loan;

	 	(b)	 	if no part of the Loan is then outstanding, whose Commitments then aggregate
more than 66 2/3% of the Total Commitments; or

	 	(c)	 	if no part of the Loan is then outstanding and the Total Commitments have been
reduced to nil, whose commitments aggregated more than 66 2/3% of the Total Commitments
immediately before the reduction.

	 	 	Manager means the Technical Manager or such other manager as the Agent may approve or
appoint in accordance with the terms of this Agreement on terms acceptable to the Majority
Banks.

	 	 	Mandatory Cost means the cost imputed to the Banks of compliance with:

	 	(a)	 	the cash ratio and special deposit requirements of the Bank of England or any
other relevant central bank and/or any banking supervision or other costs imposed by
the Financial Services Authority, as determined in accordance with Schedule 6
(Calculation of the Mandatory Cost); and

	 	(b)	 	any other applicable regulatory or central bank requirement relating to the
Loan made available by a Bank through a branch in a jurisdiction of the currency of the
Loan including any reserve asset requirements of the European Central Bank.

	 	 	Margin means 2.25% per annum.

	 	 	Master Agreement means the master agreement dated 30 December 2003 entered into between,
among others, the Borrower, the Builder and the AIE.

	 	 	Material Adverse Effect means a material adverse change in, or a material adverse effect on:

	 	(a)	 	the financial condition, assets, prospects or business of any Obligor or on the
consolidated financial condition, assets, prospects or business of the Group;

	 	(b)	 	the ability of any Obligor to perform and comply with its obligations under any
Finance Document or to avoid any Event of Default;

	 	(c)	 	the validity, legality or enforceability of any Finance Document; or

	 	(d)	 	the validity, legality or enforceability of any security expressed to be
created pursuant to any Security Document or the priority and ranking of any such
security,

	 	 	provided that, in determining whether any of the forgoing circumstances shall constitute
such a material adverse change or material adverse effect for the purposes of this
definition, the Finance Parties shall consider such circumstance in the context of (x) the
Group taken as a whole and (y) the ability of the Borrower or the other Obligors to perform
each of its obligations under the Security Documents.

	 	 	Materials of Environmental Concern means and includes all pollutants, contaminants, toxic
substances, oil as defined in the United States Oil Pollution Act 1990 and hazardous
substances as defined in the United States Comprehensive Environmental Response,
Compensation and Liability Act 1980.

 

8

 

	 	 	Mortgage means a first priority Spanish law ship mortgage in respect of the Vessel in form
and substance satisfactory to the Agent acting on the instructions of the Banks given in
favour of each of the Banks (jointly and severally):

	 	(a)	 	on or about the Drawdown Date by the AIE to the Banks; and

	 	(b)	 	once the Borrower has exercised the Purchase Option and immediately following
the discharge of the mortgage given by the AIE pursuant to (a) above, by the Borrower
to the Banks.

	 	 	Obligatory Insurances means:

	 	(a)	 	all contracts and policies of insurance and all entries in clubs and/or
associations which are from time to time required to be effected and maintained in
accordance with this Agreement in respect of the Vessel; and

	 	(b)	 	all benefits under the contracts, policies and entries under paragraph (a)
above and all claims in respect of them and the return of premiums.

	 	 	Obligor means the Borrower or a Guarantor.

	 	 	OFAC Letter means the letter dated on or about the date of this Agreement from the Borrower
to the Bank in connection with the transactions contemplated by the Finance Documents.

	 	 	Participating Member State means a member state of the European Community that adopts or has
adopted the euro as its lawful currency under the legislation of the European Community
relating to Economic and Monetary Union.

	 	 	Party means a party to this Agreement.

	 	 	Permitted Liens means:

	 	(a)	 	Security Interests created by the Security Documents;

	 	(b)	 	liens for unpaid crew’s wages outstanding in the ordinary course of trading for
not more than one calendar month after the due date for payment;

	 	(c)	 	liens for salvage;

	 	(d)	 	liens for classification or scheduled dry docking or for necessary repairs to
the Vessel whose aggregate cost does not exceed euro 5,000,000 at any one time;

	 	(e)	 	liens for collision;

	 	(f)	 	liens for master’s disbursements incurred in the ordinary course of trading;
and

	 	(g)	 	to the extent they are fully subordinate to the Security Interest created by
the Mortgage and the Swap Bank Mortgage on the Vessel any other liens arising in
connection with amounts not exceeding euro 5,000,000 in aggregate arising in the
ordinary course of operation of the Vessel,

 

9

 

	 	 	in each case provided that such amounts are paid when due or, if not paid when due are being
disputed in good faith by appropriate proceedings (and for the payment of which adequate
reserves or security are at the relevant time maintained or provided or are and continue to
be available), provided further that such proceedings, whether by payment of adequate security into Court
or otherwise, do not give rise to a material risk of the Vessel or any interest therein
being seized, sold, forfeited or otherwise lost or of criminal liability on the Agent, the
Spanish Security Agent or on any of the Banks.

	 	 	Pledge of Quota Shares means the pledge of the quota shares of the Borrower in form and
substance satisfactory to the Agent acting on the instructions of the Banks, given or to be
given by Teekay Spain in favour of the Spanish Security Agent for each of the Banks.

	 	 	Potential Event of Default means an event which, with the giving of notice, lapse of time,
determination of materiality or fulfilment of any other applicable condition (or any
combination of the foregoing), would constitute an Event of Default.

	 	 	Purchase Option means the Borrower’s option under clauses 31(a) and 31(b) of the Bareboat
Charter to purchase the Vessel from the AIE.

	 	 	Rate Fixing Day means the second TARGET Day before the first day of an Interest Period or
such other day as the Agent determines is generally treated as the rate fixing day by market
practice in the relevant interbank market.

	 	 	Reference Banks means, subject to Clause 28.4 (Reference Banks), the London branches of ING
Bank N.V., ABN AMRO Bank N.V. and Crédit Agricole Corporate and Investment Bank.

	 	 	Related Contracts means any or all of the following (as the context requires):

	 	(a)	 	the Time Charter;

	 	(b)	 	any other Charter;

	 	(c)	 	any Vessel Management Contract;

	 	(d)	 	any Technical Management Agreement;

	 	(e)	 	the Time Charter Guarantee;

	 	(f)	 	the Obligatory Insurances;

	 	(g)	 	the Master Agreement;

	 	(h)	 	the Bareboat Charter; and

	 	(i)	 	any other document entered into in connection with the sale of the Vessel by
the AIE to the Borrower as a result of the exercise of the Purchase Option.

	 	 	Release means an emission, spill, release or discharge into or upon the air, surface water,
groundwater, or soils of any Materials of Environmental Concern for which the Borrower has
any liability under Environmental Law, except in accordance with a valid Environmental
Approval.

	 	 	Repayment Instalment means each instalment payable pursuant to Clause 6 (Repayment).

	 	 	Replacement Swap Agreement means any ISDA Master Agreement entered into by each Swap Bank
with the Borrower pursuant to Clause 28.8 (Termination of Swap Agreements).

 

10

 

	 	 	Request means a request made by the Borrower for the drawdown of the Loan, substantially in
the form of Schedule 4 (Form of Request).

	 	 	Required Amount means that amount which at the relevant time is 110% of the higher of:

	 	(a)	 	the aggregate of the outstanding Loan; and

	 	(b)	 	the value of the Vessel, as valued in accordance with Clause 19 (Valuation).

	 	 	Screen Rate means, in relation to EURIBOR, the percentage rate per annum determined by the
Banking Federation of the European Union for the relevant period displayed on the
appropriate page of the Reuters screen. If the agreed page is replaced or service ceases to
be available, the Agent may specify another page or service displaying the appropriate rate
after consultation with the Borrower and the Lenders.

	 	 	Secured Liabilities means all present and future obligations and liabilities (actual or
contingent) of the Borrower to the Finance Parties under or in connection with any Finance
Document.

	 	 	Security Assets means any asset the subject of a Security Interest created by a Security
Document.

	 	 	Security Documents means:

	 	(a)	 	the Mortgage;

	 	(b)	 	each Swap Bank Mortgage;

	 	(c)	 	the General Assignment;

	 	(d)	 	the Tax Lease General Assignment;

	 	(e)	 	the Pledge of Quota Shares;

	 	(f)	 	the Swap Agreement Assignment;

	 	(g)	 	the Vessel Management Assignment;

	 	(h)	 	the Guarantee;

	 	(i)	 	the Insurances Assignment;

	 	(j)	 	the Earnings Account Charge; and

	 	(k)	 	any other document designated as such in writing by the Borrower and the Agent.

	 	 	Security Interest means any mortgage, pledge, lien, charge, assignment, hypothecation or
security interest or any other agreement or arrangement having the effect of conferring
security.

	 	 	Spanish Public Document means an “escritura pública” or “póliza” granted before a Spanish
Notary Public.

	 	 	Spanish Security Agent means ING Bank N.V., London Branch when acting in its capacity as
agent and attorney for each of the Banks (appointed by each Bank under a power of attorney
in the form of Schedule 8 (Form of Bank’s Power of Attorney) in connection with the Pledge
of Quota Shares and the Mortgage.

 

11

 

	 	 	Subsidiary means an entity from time to time of which a person has direct or indirect
control or owns directly or indirectly more than 50% of the share capital or similar right
of ownership.

	 	 	Swap Agreements means together each of the ISDA Master Agreements to be entered into by each
Swap Bank with the Borrower on or before the Interest Rate Closing Date in order to fix the
rate of interest on the Loan from the Interest Rate Closing Date until the scheduled expiry
of the Time Charter (together with any confirmation executed in connection therewith), that
have been approved by the Agent.

	 	 	Swap Agreement Assignment means the assignment of each Swap Agreement granted or to be
granted in favour of the Agent by the Borrower, together with any and all notices and
acknowledgements entered into in connection therewith.

	 	 	Swap Bank Mortgage means together, each first priority Spanish law ship mortgage in respect
of the Vessel given in favour of a Swap Bank:

	 	(a)	 	on or about the Drawdown Date, by the AIE to the Swap Banks:

	 	(b)	 	once the Borrower has exercised the Purchase Option, by the Borrower to the
Swap Banks whereupon the mortgage(s) given by the AIE pursuant to (a) above will be
discharged

	 	 	in each case ranking pari passu with the Mortgage and in a form and substance acceptable to
the Agent acting on the instructions of the Majority Banks.

	 	 	Swap Banks means ING Bank N.V., London Branch, ING Bank N.V., ABN AMRO Bank N.V., Crédit
Agricole Corporate and Investment Bank, The Bank of Nova Scotia and any other bank or
financial institution which becomes a party to this Agreement as a Swap Bank under Clause
28.7 (Accession of Swap Banks) in each case in its capacity as provider of interest rate or
hedging facilities to the Borrower.

	 	 	Swap Debt means all present and future liabilities (actual or contingent) payable or owing
by the Borrower to the Swap Banks under or in connection with the Swap Agreements, whether
or not matured and whether or not liquidated.

	 	 	TARGET Day means a day on which the Trans-European Automated Real-time Gross Settlement
Express Transfer payment system (which utilises a single shared platform and which was
launched on 19 November 2007) is open for the settlement of payments in euro.

	 	 	Tax Lease Documents means the Master Agreement, the Bareboat Charter, and any other document
which may be entered into with the approval of the Agent in connection with the
implementation of the Tax Lease Stage.

	 	 	Tax Lease General Assignment means the assignment of the Master Agreement and the Bareboat
Charter in form and substance satisfactory to the Agent acting on the instructions of the
Banks granted or to be granted in favour of the Agent by the Borrower on or about the date
of this Agreement together with any and all notices and acknowledgements entered into in
connection therewith.

	 	 	Tax Lease Stage means the tax lease phase of the agreement for the supply of the Vessel from
the Builder to the Borrower under which:

	 	(a)	 	the AIE and the Borrower have entered into the Bareboat Charter; and

	 	(b)	 	the AIE, the Borrower and the Builder entered into the Master Agreement.

 

12

 

	 	 	Technical Manager means the Borrower, Teekay Spain, Teekay Servicios Maritimos S.L. any
Subsidiary of Teekay Spain, TGP or Teekay Corp. or such other technical manager as the
Agent, acting on the reasonable instructions of the Mandated Lead Arrangers may approve or
appoint in accordance with the terms of this Agreement.

	 	 	Technical Management Agreement means the agreement entered into or to be entered into
between the Borrower and the Technical Manager for the technical management of the Vessel,
or as the case may be, such other agreement for the technical management of the Vessel which
may be entered into by the Borrower with a Technical Manager in accordance with the terms
and conditions of this Agreement.

	 	 	Teekay Corp. means Teekay Corporation, a corporation incorporated according to the law of
The Marshall Islands whose registered office is at Trust Company Complex, Ajeltake Road,
Ajeltake Island, Majuro, The Marshall Islands MH — 96960.

	 	 	Teekay GP means Teekay GP L.L.C., a limited liability company organised and existing under
the laws of The Marshall Islands and having its registered office at Trust Company Complex,
Ajeltake Road, Ajeltake Island, Majuro, The Marshall Islands MH — 96960.

	 	 	Teekay Spain means Teekay Shipping Spain S.L., (formerly Naviera F Tapias S.A.), a company
organised and existing under the laws of Spain and having its registered office at C/Musgo
no 5, 2° Plta., LA FLORIDA, 28023 Madrid.

	 	 	TGP means Teekay LNG Partners L.P., a limited partnership organised and existing in the
Republic of the Marshall Islands and having its registered office at c/o Trust Company
Complex, Ajeltake Road, Ajeltake Island, Majuro, The Marshall Islands MH — 96960.

	 	 	Third Party Default means any default by any party to any of the Tax Lease Documents.

	 	 	Time Charter means the agreement dated 19 November 2001 between the Borrower and the Time
Charterer for the time charter of the Vessel, together with any other addendum thereto from
time to time.

	 	 	Time Charterer means Repsol YPF Trading y Transporte S.A., a company incorporated under the
laws of Spain and having its registered office at 278 Paseo de la Castellana, 28046 Madrid,
Spain, or any assignee of the Time Charter pursuant to clause 50 of the Time Charter.

	 	 	Time Charter Guarantee means the time charter guarantee dated 19 November 2001, issued by
Repsol YPF S.A. in favour of the Borrower in connection with the Time Charter.

	 	 	Total Commitments means €149,933,766.11 (one hundred and forty nine million nine hundred and
thirty three thousand seven hundred and sixty six euro eleven cents.).

	 	 	Total Loss includes:

	 	(a)	 	actual, constructive, compromised, agreed or arranged total loss of the Vessel;

	 	(b)	 	requisition for title or other compulsory acquisition of the Vessel otherwise
than by requisition for hire;

	 	(c)	 	capture, seizure, arrest, detention, or confiscation of the Vessel by any
government or by persons acting or purporting to act on behalf of any government or any
other person which deprives the Borrower or, as the case may be, any Charterer of the
use of the Vessel for more than 90 days after that occurrence; and

 

13

 

	 	(d)	 	requisition for hire of the Vessel by any government or by persons acting or
purporting to act on behalf of any government which deprives the Borrower, or, as the
case may be, any Charterer of the use of the Vessel.

	 	 	Vessel means the m.v. MADRID SPIRIT, a 138,000 cbm membrane-type LNG carrying vessel
constructed by the Builder at Puerto Real and registered on the Canary Islands Special
Registry of Vessels and Shipping Companies with IMO number 9259276.

	 	 	Vessel Management Assignment means the assignment of any Vessel Management Contract and any
Technical Management Agreement, in each case, where the relevant Manager is not a Subsidiary
of TGP or Teekay Corp., in form and substance acceptable to the Agent acting on the
instructions of the Banks granted or to be granted in favour of the Agent by the Borrower,
together with any and all notices and acknowledgements entered into in connection therewith.

	 	 	Vessel Management Contract means each agreement entered into between the Borrower and a
Manager (in the event that the Borrower itself ceases to be the Manager) for the management
of the Vessel in form and substance satisfactory to the Agent in its sole discretion, in
accordance with the terms and conditions of this Agreement.

	1.2	 	Construction

	 
	(a)	 	In this Agreement, unless the contrary intention appears, a reference to:

	 	(i)	 	an amendment includes a supplement, novation, protocol or re-enactment and
amended is to be construed accordingly;

	 	(ii)	 	approved in Clause 17.35 (Scope of Obligatory Insurances) and Clause 17.37
(Obligatory Insurances) means approved by the Agent in writing;

	 	(iii)	 	assets includes present and future properties, revenues and rights of every
description;

	 	(iv)	 	an authorisation includes an authorisation, consent, approval, resolution,
licence, exemption, filing, registration and notarisation;

	 	(v)	 	a month (except for a reference to a calendar month) is a reference to a period
starting on one day in a calendar month and ending on the numerically corresponding day
in the next calendar month, except that:

	 	(A)	 	if there is no numerically corresponding day in the month in
which that period ends, that period shall end on the last Business Day in that
calendar month; or

	 	(B)	 	if an Interest Period commences on the last Business Day of a
calendar month, that Interest Period shall end on the last Business Day in the
calendar month in which it is to end;

	 	(vi)	 	a regulation includes any regulation, rule, official directive, request or
guideline (whether or not having the force of law, but if not, in respect of which it
is customary for banking and financial institutions to comply with) of any governmental
or inter-governmental or supranational body, agency, department or regulatory,
self-regulatory or other authority or organisation;

	 	(vii)	 	a law or regulation, or to a provision of a law or regulation, is a reference
to that law, regulation or provision as amended or re-enacted;

 

14

 

	 	(viii)	 	a Clause or a Schedule is a reference to a clause of or a schedule to this Agreement;

	 
	 	(ix)	 	a person includes its successors and assigns;

	 
	 	(x)	 	a Finance Document or another document is a reference to that Finance Document
or that other document as amended;

	 
	 	(xi)	 	a time of day is a reference to London time; and

	 	(xii)	 	a calendar day, week, month or year is a reference to such a period of time as
set out in the Gregorian calendar.

	(b)	 	Unless the contrary intention appears, a term used in any other Finance Document or in any
notice given under or in connection with any Finance Document has the same meaning in that
Finance Document or notice as in this Agreement.

	(c)	 	The index to and the headings in this Agreement are for convenience only and are to be
ignored in construing this Agreement.

	(d)	 	A document is in the agreed form for the purposes of the Finance Documents if it is
initialled for the purposes of identification as such by the Borrower and the Agent on or
before the date of this Agreement.

	(e)	 	A person who is not a party to this Agreement may not enforce its terms under the Contracts
(Rights of Third Parties) Act 1999.

	(f)	 	If the Agent reasonably considers that an amount paid by the Borrower to the Agent under a
Finance Document is capable of being avoided or otherwise set aside on the liquidation or
administration of the Borrower or otherwise, then that amount shall not be considered to have
been irrevocably paid for the purposes of the Finance Documents.

	2.	 	THE FACILITY

	 
	2.1	 	Term loan facility

	 	 	Subject to the terms of this Agreement, the Banks agree to make a Loan available to the
Borrower up to an aggregate principal amount not exceeding the Total Commitments. No Bank
is obliged to lend more than its Commitment.

	 
	2.2	 	Nature of a Finance Party’s rights and obligations

	(a)	 	The obligations of a Finance Party under the Finance Documents are several. Failure of a
Finance Party to carry out those obligations does not relieve any other Party of its
obligations under the Finance Documents. No Finance Party is responsible for the obligations
of any other Finance Party under the Finance Documents.

	(b)	 	The rights of a Finance Party under the Finance Documents are divided rights. A Finance
Party may, except as otherwise stated in the Finance Documents, separately enforce those
rights.

	 
	3.	 	PURPOSE

	(a)	 	The Borrower shall apply the Loan solely to refinance the Existing Facility by directing the
Agent to pay the Existing Facility Agent all sums due and payable under the Existing Facility
on the Drawdown Date.

 

15

 

	(b)	 	Without affecting the obligations of the Borrower in any way, no Finance Party is bound to
monitor or verify the application of the Loan.

	 
	4.	 	CONDITIONS PRECEDENT

	 
	4.1	 	Conditions precedent

	(a)	 	The obligations of each Finance Party to the Borrower under this Agreement are subject to the
conditions precedent that the Agent has notified the Borrower and the Banks that it has
received all of the documents set out in Schedule 2 (Conditions Precedent Documents) in form
and substance satisfactory to the Agent.

	(b)	 	The obligations of each Bank to participate in the Loan under Clause 5.3 (Advance of Loan)
are subject to the further conditions precedent that:

	 	(i)	 	on both the date of the Request and the Drawdown Date for the Loan:

	 	(A)	 	the representations and warranties in Clause 16 (Representations
and Warranties) to be repeated on those dates are true and accurate and will be
true and accurate immediately after the Loan is advanced; and

	 	(B)	 	no Default is outstanding or would result from the advancing of
the Loan;

	 	(ii)	 	the advancing of the Loan would not cause Clause 2.1 (Term loan facility) to be
contravened;

	 	(iii)	 	each Existing Bank (as defined in Clause 28.2 (Assignment of the rights and
assumption and release of the obligations of a Bank)) as at the Drawdown Date of the
Loan has given to the Spanish Security Agent power of attorney in the form of Schedule
8 (Form of Bank’s Power of Attorney) which power of attorney has been notarised and
apostillised;

	 	(iv)	 	all other terms and conditions under this Agreement to the advancing of the
Loan have been satisfied in full;

	 	(v)	 	on or before the Drawdown Date the Mortgage and the Swap Bank Mortgage have
been pre-approved by the Registrar of Ships in the Canary Islands Special Registry of
Vessels and Shipping Companies.

	(c)	 	The continuing obligations of the Banks to participate in the Loan are subject to the
Borrower fulfilling the condition(s) listed in Schedule 3 (Conditions Subsequent) within the
time period specified for compliance with each condition.

	(d)	 	The Borrower undertakes that as soon as possible and in any event, within fifteen (15) days
from the Drawdown Date it will formalise a record of declarations in the required form under
Spanish law executed before a Notary Public or a Commercial Stockbroker in Spain in which it
acknowledges that it has received the Loan from the Banks. The costs of such formalisation
shall be for the account of the Borrower.

	(e)	 	The Majority Banks shall be entitled, in their absolute discretion, to waive or defer the
fulfilment of any of the conditions precedent referred to in Clause 4.1(a) upon such terms as
they may specify. In the event that, following such deferral, the relevant document has not
been supplied by the Borrower within the time period specified in writing by the Agent on
behalf of the Majority Banks, such failure to supply the relevant document shall constitute an
immediate Event of Default and the Majority Banks may, by notice from the Agent to the
Borrower, demand that all or part of the  Facility, together with accrued interest and all
other accrued amounts under the Finance
Documents be payable on demand whereupon they shall immediately become payable by the
Borrower on demand by the Agent.

 

16

 

	5.	 	DRAWDOWN

	 
	5.1	 	Receipt of Request

	 	 	The Borrower may borrow the Loan during the Commitment Period if the Agent receives, not
later than 10.00 a.m. three Business Days before the proposed Drawdown Date, a duly
completed Request. The Request is irrevocable.

	 
	5.2	 	Completion of Request

	 	 	The Request will not be regarded as having been duly completed unless:

	 	(a)	 	the Drawdown Date is a Business Day falling during the Commitment Period and is
the last day of an interest period under the Existing Facility; and

	 	(b)	 	the payment instructions comply with Clause 10 (Payments).

	5.3	 	Advance of Loan

	(a)	 	The Agent shall promptly notify each Bank of the details of the requested Loan and the amount
of its participation.

	(b)	 	Subject to the terms of this Agreement, each Bank shall make its participation in the Loan
available to the Agent for the Borrower on the relevant Drawdown Date. The amount of each
Bank’s participation in the Loan will be the proportion of the Loan which its Commitment bears
to the Total Commitments on the proposed Drawdown Date.

	 
	6.	 	REPAYMENT

	(a)	 	The Borrower shall repay the Loan by 84 consecutive monthly instalments commencing on the
last day of the calendar month in which the Drawdown Date occurs (when the Drawdown Date
itself falls on the last day of a month, in which case it shall be the last day of the
calendar month falling after the month in which the Drawdown Date occurs and the last day of
each calendar month thereafter in the amounts set out in Schedule 7 (Repayment Schedule). The
amount of each Repayment Instalment is calculated by reference to a fixed rate annuity profile
assuming amortisation of the aggregate principal amount constituting the Loan minus the
Balloon Amount over 240 months from 28 February 2005.

	(b)	 	The balance of the Loan outstanding on the Final Maturity Date shall be repaid in full on
that date. Any amounts repaid under this Clause 6 may not be re-borrowed.

	 
	7.	 	PREPAYMENT AND CANCELLATION

	 
	7.1	 	Automatic Cancellation

	 	 	The unutilised Commitment of each Bank shall be automatically cancelled at close of business
on the last day of the Commitment Period.

 

17

 

	7.2	 	Mandatory prepayment

	(a)	 	The Borrower shall be obliged to prepay the whole of the Loan then outstanding in the
following circumstances and at the following times:

	 	(i)	 	if the Vessel is sold to any party other than the Borrower in accordance with
Clause 17.16, on or before the date on which the sale is completed by delivery of the
Vessel to the buyer;

	 	(ii)	 	if there is a Total Loss, on the earlier of the date falling 180 days after the
Date of Total Loss and the date of receipt by the Agent of the proceeds of insurance
relating to such Total Loss;

	 	(iii)	 	if any of the Master Agreement or the Bareboat Charter are terminated for any
reason other than as contemplated by Clause 17.16(a) (Tax Lease Stage), on the date of
termination of the relevant agreement;

	 	(iv)	 	if the Time Charter is terminated for any reason by the Borrower, on the date
falling six months after the date of termination unless, at that time, the Vessel has
commenced service under another time charter with a charterer and on terms acceptable
to each of the Banks;

	 	(v)	 	if any Finance Document or Related Contract to which an Obligor is a party
ceases to constitute its legal, solid and binding obligation enforceable in accordance
with its terms (subject to any general principles of law limiting its obligations which
are specifically referred to in any legal opinion delivered pursuant to Clause 4
(Conditions Precedent));

	 	(vi)	 	if any Security Document ceases to create the Security Interests it purports to
create with the priority as stated under each Security Document and enforceable against
the trustee in bankruptcy, liquidator and creditors of the Borrower and any other third
parties, subject to any general principles of law limiting its obligations which are
specifically referred to in any legal opinion delivered pursuant to Clause 4
(Conditions Precedent).

	(b)	 	If Clause 14 (Illegality) applies in respect of a Bank (subject always to the provisions of
Clause 15 (Mitigation)), the Borrower shall be obliged to prepay that Bank’s participation in
the Loan together with all other amounts then payable by it to that Bank under this Agreement.

	 
	7.3	 	Voluntary prepayment

	 	 	Subject to Clause 17.32(a) (Proceeds from sale or Total Loss of the Vessel), the Borrower
may, on giving 30 days’ prior written notice to the Agent, prepay the whole or any part of
the Loan but if in part in a minimum amount of euro 3,000,000 and integral multiples of euro
1,000,000 thereafter.

	 
	7.4	 	Miscellaneous provisions

	(a)	 	Any notice of prepayment under this Agreement is irrevocable. The Agent shall notify the
Banks promptly of receipt of any such notice.

	(b)	 	All prepayments under this Agreement shall be made together with accrued interest on the
amount prepaid (and if made on a date other than an interest payment date, any interest
breakage costs will be for the account of the Borrower) and together with any and all amounts
then due and payable to the Swap Banks under the Swap Agreements and subject to Clause 25.3
(Other indemnities), without premium or penalty and shall be applied against the Repayment
Instalments in inverse order of maturity or pro rata, at the discretion of the Agent.

	(c)	 	No prepayment or cancellation is permitted except in accordance with the express terms of
this Agreement.

 

18

 

	(d)	 	In respect of any prepayment under this Agreement, the Borrower must provide evidence
satisfactory to the Agent that any consent required by the Borrower or any Finance Party or
other creditor of the Borrower in connection with the prepayment has been obtained and remains
in force, and that any regulation relevant to this Agreement which affects the Borrower or any
Finance Party has been complied with.

	(e)	 	No amount of the Total Commitments cancelled under this Agreement may subsequently be
reinstated.

	(f)	 	No amount prepaid under this Agreement may subsequently be re-borrowed.

	 
	8.	 	INTEREST PERIODS

	 
	8.1	 	General

	 	 	The first Interest Period in respect of the Loan shall commence on its Drawdown Date and
each subsequent Interest Period shall start at the end of the previous Interest Period.

	 
	8.2	 	Duration

	 	 	Each Interest Period for the Loan in respect of the period from (and including) the Drawdown
Date, shall be one month and shall end on (and include) the corresponding day in the next
calendar month.

	 
	8.3	 	Non-Business Days

	 	 	If an Interest Period would otherwise end on a day which is not a Business Day, that
Interest Period shall instead end on the next Business Day in that calendar month (if there
is one) or the preceding Business Day (if there is not).

	 
	8.4	 	Coincidence with the Final Maturity Date

	 	 	If an Interest Period would otherwise overrun the Final Maturity Date, it shall be shortened
so that it ends on the Final Maturity Date.

	 
	8.5	 	Notification

	 	 	The Agent shall notify the Borrower and the Banks of the duration of each Interest Period
promptly after ascertaining its duration.

	 
	9.	 	INTEREST

	 
	9.1	 	Interest rate

	 	 	The rate of interest on the Loan for each Interest Period is the rate per annum determined
by the Agent to be the aggregate of the applicable:

	 	(a)	 	Margin;

	 	(b)	 	EURIBOR; and

	 	(c)	 	Mandatory Cost.

 

19

 

	9.2	 	Due dates

	 	 	Except as otherwise provided in this Agreement, accrued interest on the Loan is payable by
the Borrower on the last day of each Interest Period.

	 
	9.3	 	Default interest

	(a)	 	If the Borrower fails to pay any amount payable by it under the Finance Documents it shall
forthwith on demand by the Agent, pay interest on the overdue amount from the due date up to
the date of actual payment, both before and after judgment, at a rate (the default rate)
determined by the Agent to be the aggregate of:

	 	(i)	 	1.5% per annum;

	 
	 	(ii)	 	the Margin;

	 
	 	(iii)	 	EURIBOR for deposits on call or for successive Interest Periods of one month; and

	 
	 	(iv)	 	Mandatory Cost.

	(b)	 	If the Agent determines (after consultation with the Reference Banks) that euro deposits are
not being made available to the leading banks in the London Interbank Market, the reference to
EURIBOR in paragraph (a)(iii) above shall be taken as a reference to a rate representing the
cost of funds to the Reference Banks from such other sources as they may from time to time
determine.

	(c)	 	Unpaid interest shall be capitalised so that it will increase the amount of principal of the
Loan and the increased principal amount of the Loan will incur and accrue interest at the
default rate.

	 
	9.4	 	Notification

	 	 	The Agent shall promptly notify each relevant Party of the determination of a rate of
interest under this Agreement.

	 
	10.	 	PAYMENTS

	 
	10.1	 	Place

	(a)	 	All payments by the Borrower under the Finance Documents shall be made to the Agent to its
account at such office or bank as it may notify to the Borrower for this purpose. In the
event the Agent changes its account, office or bank, it shall give the Borrower two Business
Days’ advance notification of such change.

	(b)	 	All amounts to be made available by the Banks to the Agent under this Agreement shall be made
available in euros and in immediately available, freely transferable, cleared funds at such
account at such office or bank as the Agent may designate.

	(c)	 	On receipt of the funds in paragraph (b) above, the Agent shall forthwith transfer the amount
to be drawndown to the Existing Facility Agent in and towards prepayment of the Existing Loan.

	 
	10.2	 	Funds

	 	 	Subject to Clause 10.1(b), all payments under the Finance Documents to the Agent shall be
made for value on the due date at such times and in such funds as the Agent may specify to
the Party concerned as being customary at the time for the settlement of transactions in
euros.

 

20

 

	10.3	 	Distribution

	(a)	 	Where a sum is to be paid to the Agent under the Finance Documents for another Party, the
Agent is not obliged to pay that sum to that Party until it has established that it has
actually received that sum. The Agent may, however, assume that the sum has been paid to it
in accordance with the Finance Documents and, in reliance on that assumption, make available
to that Party a corresponding amount. If the sum has not been made available but the Agent
has paid a corresponding amount to another Party, that Party shall forthwith on demand refund
the corresponding amount to the Agent together with interest on that amount from the date of
payment to the date of receipt, calculated at a rate determined by the Agent to reflect its
cost of funds, provided that no such interest shall be payable in relation to such refund to
the extent that such sum to be refunded falls due to be refunded due to the Agent’s wilful
misconduct or gross negligence.

	(b)	 	Any and all amounts received by the Spanish Security Agent in its capacity as Spanish
Security Agent shall be paid to the Agent for application by the Agent pursuant to the
provisions of this Agreement.

	 
	10.4	 	Currency

	(a)	 	Amounts payable in respect of costs, expenses, taxes and the like are payable in the currency
in which they are incurred.

	(b)	 	Any other amount payable under the Finance Documents is, except as otherwise provided in the
Finance Documents, payable in euros.

	(c)	 	If the Agent or any other Finance Party receives any payment required to be paid by the
Borrower under this Agreement in a currency other than euro, the Agent may convert the
currency received into euro at the Agent’s Spot Rate of Exchange and the Financial
Indebtedness shall not be deemed reduced by the payment until and except to the extent that
the proceeds of conversion are applied towards the Secured Liabilities.

	 
	10.5	 	Set-off and counterclaim

	 	 	All payments made by the Borrower under the Finance Documents shall be made without set-off
or counterclaim.

	 
	10.6	 	Non-Business Days

	(a)	 	If a payment under the Finance Documents is due on a day which is not a Business Day, the due
date for that payment shall instead be the next Business Day in the same calendar month (if
there is one) or the preceding Business Day (if there is not).

	(b)	 	During any extension of the due date for payment of any principal under the Finance Documents
interest is payable on the principal at the rate payable on the original due date.

 

21

 

	10.7	 	Payments

	(a)	 	Subject to paragraph (c) below, if the Agent receives any payment from the Borrower under the
Finance Documents or a payment by the Spanish Security Agent of a payment from the Borrower or
the proceeds of any enforcement of the security conferred by the Security Documents from the
Spanish Security Agent, any Swap Bank or any other Finance Party, the Agent shall apply that
payment towards the obligations of the Borrower under the Finance Documents in the following
order:

	 	(i)	 	first, in or towards payment pro rata of any unpaid fees, costs and expenses of
the Agent and/or any of the Banks under the Finance Documents;

	 	(ii)	 	secondly, in or towards payment pro rata and pari passu to the Banks and the
Swap Banks of any principal or accrued interest due but unpaid under this Agreement,
any scheduled payments under the Swap Agreements or any loss or liability incurred by
the Swap Banks as a consequence of a default under or termination by the Borrower of,
or any replacement or amendment in relation to, the Swap Agreements;

	 	(iii)	 	thirdly, in or towards payment pro rata of any other sum due but unpaid under
the Finance Documents; and

	 	(iv)	 	fourthly, the balance, if any, to the Borrower.

	(b)	 	In the event an Event of Default has occurred and is continuing, the Agent shall, if so
directed by all the Banks and all the Swap Banks, vary the order set out in subparagraphs
(a)(ii) to (iv) above.

	(c)	 	If the Agent receives any payment from the Borrower under the Swap Agreements or a payment
from the Spanish Security Agent (in its capacity as a Swap Bank) of a payment from the
Borrower under the Swap Agreements, the Agent shall apply that payment towards the obligations
of the Borrower under the Swap Agreements in the following order:

	 	(i)	 	first, in or towards pro rata any unpaid fees, costs and expenses of the Agent
and or the Swap Banks under the Swap Agreements;

	 	(ii)	 	secondly, in or towards pro rata of any amounts due but unpaid to the Swap
Banks under the Swap Agreements; and

	 	(iii)	 	thirdly, the balance, if any, to the Borrower.

	(d)	 	Paragraphs (a), (b) and (c) above shall override any appropriation made by the Borrower.

	 
	11.	 	TAXES

	 
	11.1	 	Gross-Up

	(a)	 	All payments by an Obligor under the Finance Documents shall be made without any deduction
and free and clear of and without any deduction for or on account of any taxes, except to the
extent that an Obligor is required by law to make payment subject to any taxes. If any tax or
amounts in respect of tax must be deducted, or any other deductions must be made, from any
amounts payable or paid by an Obligor, or paid or payable by the Agent to a Bank, under the
Finance Documents, that Obligor shall pay such additional amounts as may be necessary to
ensure (having regard to any such deduction on any such additional amount) that the relevant
Party receives a net amount equal to the full amount which it would have received had payment
not been made subject to tax or any other deduction.

	(b)	 	Without prejudice to paragraph (a) above, in relation to an exemption from or application of
a rate lower than that of general application in relation to any Non-Residents Income Tax
(Impuesto sobre la Renta de No Residentes) pursuant to any double taxation treaty, or pursuant
to any other cause relating to residence status, any Bank which is not incorporated in Spain
shall (at the Borrower’s request) supply the Agent (which shall deliver a copy thereof to the
Borrower), with a certificate of residence issued by the pertinent fiscal administration,
evidencing that such Bank is resident for tax purposes in a country which is a member of the
European Union or, as the case may be, is resident for tax purposes in the relevant state
which has signed and ratified a treaty for the avoidance of double taxation with Spain, within
the meaning of such treaty, prior to
the last day of the first Interest
Period. As such certificates are, at
the date hereof, only valid for a
period of one year, each such Bank
will be required to so supply a
further such certificate upon expiry
of the previous certificate in
relation to any further payment of
interest (at the Borrower’s request).

 

22

 

	11.2	 	Tax receipts

	 	 	All taxes required by law to be deducted or withheld by an Obligor from any amounts paid or
payable under the Finance Documents shall be paid by that Obligor when due and that Obligor
shall, within 15 days of the payment being made or, if later, forthwith following receipt of
the same, deliver to the Agent for the relevant Bank evidence satisfactory to that Bank
(including all relevant tax receipts) that the payment has been duly remitted to the
appropriate authority.

	 
	11.3	 	Tax Credits

	 
	(a)	 	If:

	 	(i)	 	the Borrower makes a payment or increases the amount of any payment, pursuant
to Clause 11.1 (Gross-Up) (a Tax Related Payment); and

	 	(ii)	 	the Agent, the relevant Bank or the other relevant Party obtains a refund of
tax or obtains a credit against or relief for any tax paid or otherwise payable by it,
in respect of or calculated with reference to the deduction, withholding or payment of
tax giving rise to the Tax Related Payment (a Tax Credit),

	 	 	then, if and to the extent that the Agent, the relevant Bank or the other relevant Party (as
appropriate), in its reasonable opinion, can do so without any adverse consequences for it
(other than the mere payment of monies under this provision), it shall reimburse the
Borrower such proportion of that Tax Credit as is attributable to the deduction, withholding
or payment as will leave the Agent, the relevant Bank or, as the case may be, the other
relevant Party (after that reimbursement) in no better or worse position in respect of its
relevant tax liabilities than it would have been in if no Tax Related Payment had been
required.

	(b)	 	The Agent, the relevant Bank and the other relevant Party shall have absolute discretion as
to whether to claim any Tax Credit as well as all other reliefs and credits available to it
and, if it does claim, the extent, order and manner in which it does so. The Agent, the
relevant Bank and the other relevant Party shall not be obliged to disclose any information
regarding its tax affairs and computations to the Borrower.

	 
	12.	 	MARKET DISRUPTION

	 
	12.1	 	Absence of quotations

	 	 	If EURIBOR is to be determined by reference to the Reference Banks but a Reference Bank does
not supply an offered rate by 11.30 a.m. on a Rate Fixing Day, the applicable EURIBOR shall,
subject to Clause 12.2 (Market disruption), be determined on the basis of the quotations of
the remaining Reference Bank(s).

	 
	12.2	 	Market disruption

	 	 	If, in relation to the Loan:

	 	(a)	 	EURIBOR is to be determined by reference to the Reference Banks but no, or only
one, Reference Bank supplies a rate by 11.30 a.m. on the Rate Fixing Day or EURIBOR is
to be
determined by reference to the rate supplied to the Agent by the British Bankers’
Association and no such rate is supplied by 11.30 a.m. on the Rate Fixing Day or the
Agent otherwise determines that adequate and fair means do not exist for ascertaining
EURIBOR; or

 

23

 

	 	(b)	 	the Agent receives notification from Banks whose participations in the Loan
exceed 50% of the Loan that, in their opinion:

	 	(i)	 	matching deposits may not be available to them in the London
interbank market in the ordinary course of business to fund their participations
in the Loan for the relevant Interest Period; or

	 	(ii)	 	the cost to them of obtaining matching deposits in the London
interbank market would be in excess of EURIBOR for the relevant Interest Period,

	 	 	 	the Agent shall promptly notify the Borrower and the Banks of the fact and that this
Clause 12 is in operation.

	12.3	 	Suspension of drawdowns

	 	 	If a notification under Clause 12.2 (Market disruption) applies to the Loan before it has
been advanced, the Loan shall not be advanced. However, within five Business Days of
receipt of the notification, the Borrower and the Agent shall enter into negotiations for a
period of not more than 30 days with a view to agreeing an alternative basis for determining
the rate of interest and/or funding applicable to the Loan. Any alternative basis agreed
shall be, with the prior consent of all the Banks, binding on all the Parties.

	 
	12.4	 	Alternative basis

	 	 	If a notification under Clause 12.2 (Market disruption) applies to the Loan when it is
outstanding, then, for the purpose of calculating the rate of interest on the Loan pursuant
to Clause 9.1 (Interest rate):

	 	(a)	 	within five Business Days of receipt of the notification, the Borrower and the
Agent shall enter into negotiations for a period of not more than 30 days with a view
to agreeing an alternative basis for determining the rate of interest and/or funding
applicable to the Loan;

	 	(b)	 	any alternative basis agreed under paragraph (a) above, or certified under
paragraph (c) below, shall be, with the prior consent of all the Banks, binding on all
the Parties and treated as part of this Agreement;

	 	(c)	 	if no alternative basis is agreed, each Bank shall (through the Agent) certify
on or before the last day of the Interest Period to which the notification relates an
alternative basis for maintaining its participation in the Loan; and

	 	(d)	 	any such alternative basis may include an alternative method of fixing the
interest rate, alternative Interest Periods or alternative currencies but it must
reflect the cost to the Bank of funding its participation in the Loan from whatever
sources it may select plus the Margin plus any applicable Mandatory Cost.

 

24

 

	13.	 	INCREASED COSTS

	 
	13.1	 	Increased costs

	(a)	 	Subject to Clause 13.2 (Exceptions), the Borrower shall forthwith on demand by a Finance
Party pay to that Finance Party the amount of any increased cost incurred by it or any of its
Affiliates as a result of:

	 	(i)	 	the introduction of, or any change in, or any change in the interpretation or
application of, any law or regulation; or

	 	(ii)	 	compliance with any regulation made after the date of this Agreement,

	 	 	 	(including any law or regulation relating to taxation, change in currency of a country or
reserve asset, special deposit, cash ratio, liquidity or capital adequacy requirements or
any other form of banking or monetary control) provided that notwithstanding anything to the
contrary in this Agreement, the Dodd-Frank Wall Street Reform and Consumer Protection Act
and all requests, rules, guidelines, requirements and directives thereunder issued in
connection therewith or in implementation thereof shall be deemed to be a “change of law”
regardless of the date enacted, adopted, issued or implemented.

	(b)	 	In this Agreement increased cost means:

	 	(i)	 	an additional cost incurred by a Finance Party or any of its Affiliates as a
result of it having entered into, or performing, maintaining or funding its obligations
under, any Finance Document; or

	 	(ii)	 	that portion of an additional cost incurred by a Finance Party or any of its
Affiliates in making, funding or maintaining all or any advances comprised in a class
of advances formed by or including that Finance Party’s participations in the Loan made
or to be made under this Agreement as is attributable to that Finance Party making,
funding or maintaining those participations; or

	 	(iii)	 	a reduction in any amount payable to a Finance Party or any of its Affiliates
or in the effective return to a Finance Party or any of its Affiliates under this
Agreement or (to the extent that it is attributable to this Agreement) on its capital;
or

	 	(iv)	 	the amount of any payment made by a Finance Party or any of its Affiliates, or
the amount of any interest or other return foregone by a Finance Party or any of its
Affiliates, calculated by reference to any amount received or receivable by that
Finance Party or any of its Affiliates from any other Party under this Agreement.

	13.2	 	Exceptions

	 	 	Clause 13.1 (Increased costs) does not apply to any increased cost:

	 	(a)	 	compensated for by the payment of the Mandatory Cost;

	 	(b)	 	compensated for by the operation of Clause 11 (Taxes); or

	 	(c)	 	attributable to any change in the rate of, or change in the basis of
calculating, tax on the overall net income of a Bank or any of its Affiliates (or the
overall net income of a division or branch of the Bank or any of its Affiliates)
imposed in the jurisdiction in which its principal office or Facility Office is for the
time being situated.

 

25

 

	14.	 	ILLEGALITY

	 	 	If by a change in law it becomes unlawful in any jurisdiction for a Bank to give effect to
any of its obligations as contemplated by this Agreement or to fund or maintain its
participation in the Loan, then:

	 	(a)	 	that Bank may notify the Borrower through the Agent accordingly; and

	 	(b)	 	(i) the Borrower shall within 30 days of receipt of such notice prepay that
Bank’s participation in the Loan together with all other amounts payable by it to that
Bank under this Agreement; and

	 	(ii)	 	that Bank’s Commitment shall be cancelled.

	15.	 	MITIGATION

	 
	15.1	 	Mitigation

	 	 	If circumstances arise such that:

	 	(a)	 	the Borrower is required to make an additional payment under Clause 11 (Taxes);
or

	 	(b)	 	the Borrower is or would be required under Clause 13.1 (Increased costs) to
increase the amount of any payment to a Bank; or

	 	(c)	 	Clause 14 (Illegality) applies in relation to a Bank,

	 	 	then, without in any way limiting, reducing or otherwise qualifying the Borrower’s
obligations under those clauses but subject to Clause 15.2 (Exceptions), the relevant Bank
shall for a reasonable period of time (not exceeding 30 days) endeavour to take such
reasonable steps as may be open to it to mitigate the effects of those circumstances and
enter into discussions with the Borrower with a view to determining what other mitigating
action might be taken by the Bank, including a potential change in the Bank’s lending office
or transfer of its Commitment to another bank or financial institution.

	 
	15.2	 	Exceptions

	 	 	Nothing in Clause 15.1 (Mitigation) shall oblige a Bank to incur any costs or expenses or to
take any action or refrain from taking any action where, in the reasonable opinion of such
Bank, to take or refrain from taking that action (as the case may be) might be prejudicial
to its interests.

	 
	15.3	 	Costs and Expenses

	 	 	Any costs and expenses incurred by a Bank pursuant to Clause 15.1 (Mitigation) shall be paid
by the Borrower within five Business Days after receipt of a demand from the Agent on behalf
of the Bank specifying the same. Any such demands shall be accompanied by copies of all
supporting documentation which is reasonably and practically available to the Bank.

	 
	16.	 	REPRESENTATIONS AND WARRANTIES

	 
	16.1	 	Representations and warranties

	 	 	The Borrower makes the representations and warranties set out in this Clause 16 to each
Finance Party.

 

26

 

	16.2	 	Status

	(a)	 	It is a single purpose company, duly incorporated and validly existing under the laws of
Spain; and

	 
	(b)	 	it has the power to own its assets and carry on its business as it is being conducted.

	 
	16.3	 	Share Capital and Ownership

	(a)	 	The whole of the issued share capital of the Borrower is legally and beneficially owned by
Teekay Spain free of any Security Interest other than the Pledge of Quota Shares.

	(b)	 	The whole of the issued share capital of Teekay Spain is legally and beneficially owned
(directly or indirectly) by TGP.

	(c)	 	TGP is owned (directly or indirectly) as to at least 51% of its general partner interest by
Teekay GP.

	(d)	 	Teekay GP is owned (directly or indirectly) as to at least 51% of its issued share capital by
Teekay Corp.

	 
	16.4	 	Powers and authority

	(a)	 	It has the power to enter into and perform, and has taken all necessary action to authorise
the entry into, performance and delivery of, the Finance Documents and the Related Contracts
to which it is or will be a party and the transactions contemplated by those Finance Documents
and the Related Contracts.

	(b)	 	All of the consents referred to in paragraph (a) above remain in force and nothing has
occurred which makes any of them liable to revocation.

	 
	16.5	 	Solvency

	 	 	None of the Obligors is insolvent or in liquidation or administration or subject to any
other analogous insolvency procedure in any jurisdiction, and no receiver, administrative
receiver, administrator, liquidator, trustee or analogous officer has been appointed in
respect of any of the Obligors in any jurisdiction. For this purpose an Obligor will be
deemed insolvent if it is unable to pay its debts within the meaning of S.123 of the
Insolvency Act 1986 or, as the case may be, the Spanish Insolvency Act, 22/2003.

	 
	16.6	 	Legal validity

	(a)	 	Each Finance Document and Related Contract to which it is or will be a party constitutes, or
when executed in accordance with its terms will constitute, its legal, valid and binding
obligations enforceable in accordance with its terms, subject to any general principles of law
limiting its obligations which are specifically referred to in any legal opinion delivered
pursuant to Clause 4 (Conditions Precedent);

	(b)	 	in entering into this Agreement and borrowing the Loan, the Borrower is acting on its own
account; and

	(c)	 	each Security Document creates, or will when it is entered into, create the Security
Interests it purports to create with the priority as stated under each Security Document and
enforceable against the trustee in bankruptcy, liquidator and creditors of the Borrower and
any other third parties, subject to any general principles of law limiting its obligations
which are specifically referred to in any legal opinion delivered pursuant to Clause 4
(Conditions Precedent).

 

27

 

	16.7	 	Non-conflict

	 	 	The entry into and performance by it of, and the transactions contemplated by, the Finance
Documents and the Related Contracts do not and will not conflict with:

	 	(a)	 	any law or regulation or judicial or official order binding on any member of
the Group which is in force as at the date of this Agreement;

	 	(b)	 	the constitutional documents of any member of the Group; or

	 	(c)	 	any document which is binding upon any member of the Group or any asset of any
member of the Group.

	16.8	 	Pari passu ranking

	 	 	Its obligations under the Finance Documents rank and will rank at least pari passu with all
its other present and future unsecured obligations (other than any rights in rem against the
Vessel arising after the date of this Agreement) except for obligations mandatorily
preferred by law applying to companies generally.

	 
	16.9	 	Taxes on payments

	 	 	All amounts payable by an Obligor under the Finance Documents and the Related Contracts may
be made free and clear of and without deduction or withholding for or on account of any tax
payable under any relevant law.

	 
	16.10	 	Stamp duties

	 	 	Except as notified in writing to and accepted by the Agent, no stamp or registration duty or
similar taxes or charges are payable in the jurisdiction of incorporation of an Obligor in
respect of any Finance Document or Related Contract.

	 
	16.11	 	No default

	(a)	 	No Default is outstanding or might result from the drawdown of the Loan; and

	(b)	 	No Obligor is in default (howsoever described) or breach of any material liability or
obligation under any:

	 	(i)	 	charter or other contract for the employment; and/or

	 	(ii)	 	agreement relating to any Financial Indebtedness,

	 	 	in relation to a vessel under the management of any Obligor.

	 
	16.12	 	Authorisations

	 	 	Except for the registration of the Mortgage contemplated by Clause 17.19 (Security), all
authorisations, consents, registrations, filings, notarisations and the like required or
desirable in connection with the entry into, performance, validity and enforceability of,
and the transactions contemplated by, the Finance Documents and the Related Contracts have
been obtained or effected (as appropriate) and are in full force and effect (or, in the case
of registrations, filings, notarisations and the like, will be effected within any time
limits required by any applicable law or, if there is no
such requirement under applicable law, within such time limits as the Agent may reasonably
require).

 

28

 

	16.13	 	Information

	 	 	All information provided by or on behalf of the Borrower to any Finance Party in connection
with any Finance Document or any Related Contract satisfies the requirement of Clause 17.5
(Information provided to be accurate). The Borrower is not aware of any further material
facts or circumstances which have not been disclosed to the Agent and which might, if
disclosed, have reasonably been expected to adversely affect the decision of a person
considering whether or not to make the Facility available to the Borrower.

	 
	16.14	 	Accounts

	 	 	The consolidated audited accounts, in English, of TGP most recently delivered to the Agent:

	 	(a)	 	have been prepared by a reputable accounting firm in accordance with all
applicable laws and GAAP principles and practices consistently applied;

	 	(b)	 	fairly represent the financial condition of the Group as at the date of those
accounts and of its profit for the period for which those accounts relate; and

	 	(c)	 	fully disclose or reserve against all of the Group’s significant liabilities,

	 	 	and there has been no material adverse change in the financial condition of the Borrower or
the Guarantors since the date to which those accounts were drawn up.

	 
	16.15	 	Litigation

	 	 	Except as notified in writing to and accepted by the Agent, no litigation, arbitration or
administrative proceedings are current or, to its knowledge, pending or threatened against
any member of the Group which would be likely to have a Material Adverse Effect.

	 
	16.16	 	Taxes paid

	 	 	The Borrower has paid all taxes applicable to, or imposed on or in relation to, the Borrower
or its business which have fallen due for payment.

	 
	16.17	 	Status of Charters and Related Contracts

	(a)	 	Neither the Borrower nor any Charterer is in default under any Charter of the Vessel, which
default has not been notified to the Agent;

	(b)	 	there are no pending or, so far as the Borrower is aware, threatened actions, suits or
proceedings in connection with any Charter of the Vessel;

	(c)	 	neither the Borrower nor, to the best of the knowledge and belief of the Borrower, any other
party to any Related Contract is in default under any Related Contract; and

	(d)	 	there are no pending or, so far as the Borrower is aware, threatened actions, suits or
proceedings in connection with any Related Contract.

 

29

 

	16.18	 	Environment

	 	 	Except as may already have been disclosed by the Borrower in writing to, and acknowledged in
writing by, the Agent:

	 	(a)	 	the Borrower and its Environmental Affiliates have without limitation complied
with the provisions of all applicable Environmental Laws in relation to the Vessel;

	 	(b)	 	the Borrower and its Environmental Affiliates have obtained all requisite
Environmental Approvals in relation to the Vessel and are in compliance with such
Environmental Approvals;

	 	(c)	 	neither the Borrower nor any of its Environmental Affiliates has received
notice of any Environmental Claim in relation to the Vessel which alleges that the
Borrower is not in compliance with applicable Environmental Laws in relation to the
Vessel or Environmental Approvals in relation to the Vessel;

	 	(d)	 	there is no Environmental Claim in relation to the Vessel pending or
threatened; and

	 	(e)	 	there has been no Release of Materials of Environmental Concern.

	16.19	 	Security Interests

	 	 	No Security Interest exists over its assets which would cause a breach of Clause 17.15
(Security Interests).

	 
	16.20	 	Security Assets

	 	 	Subject only to the terms of the Tax Lease Documents, it is solely and absolutely entitled
to the Security Assets to which it is, or will be, a party and there is no agreement or
arrangement under which it is obliged to share any proceeds of or derived from such Security
Assets with any third party.

	 
	16.21	 	Bareboat Charter and Master Agreement

	 	 	All amounts due and payable by the Borrower under the Master Agreement have been
unconditionally and irrevocably paid in full to the AIE when due in accordance with the
terms of the Master Agreement.

	16.22	 	ISM Code and ISPS Code compliance

	 
	 	 	The Borrower is in full compliance with the ISM Code and the ISPS Code.

	 
	16.23	 	Immunity

	(a)	 	The execution by the Borrower of each Finance Document and Related Contract to which it is a
party constitutes, and its exercise of its rights and performance of its obligations under
each Finance Document and each Related Contract will constitute, private and commercial acts
done and performed for private and commercial purposes; and

	(b)	 	the Borrower will not be entitled to claim immunity from suit, execution, attachment or other
legal process in any proceedings taken in Spain in relation to any Finance Document and each
Related Contract.

 

30

 

	16.24	 	Jurisdiction/governing law

	(a)	 	The Borrower’s:

	 	(i)	 	irrevocable submission under Clause 36 (Jurisdiction) to the jurisdiction of
the courts of England;

	 	(ii)	 	agreement that this Agreement is governed by English law; and

	 	(iii)	 	agreement not to claim any immunity to which it or its assets may be entitled,

	 	 	are legal, valid and binding under the laws of Spain; and

	(b)	 	any judgment obtained in England will be recognised and be enforceable by the courts of
Spain.

	 
	16.25	 	No amendments to Related Contracts

	 	 	Other than as notified to and agreed by the Agent in writing, there have been no amendments
to any of the Related Contracts (excluding any Vessel Management Contract until such time as
it has been executed).

	 
	16.26	 	Money Laundering

	 	 	Any borrowing by the Borrower and the performance of its obligations hereunder and under the
other Finance Documents will be for its own account and will not involve any breach by it of
any law or regulatory measure relating to “money laundering” as defined in Article 1 of the
Directive (2001/97/EEC) of the Council of the European Communities, or Article 2 of the
Directive (2005/60/EEC) of the Council of the European Communities.

	 
	16.27	 	Times for making representations and warranties

	 	 	The representations and warranties set out in this Clause 16:

	 	(a)	 	are made by the Borrower on the date of this Agreement; and

	 	(b)	 	other than the representations and warranties set out in Clauses 16.6(a) and
(c), are deemed to be repeated by the Borrower on the date of the Request and the
Drawdown Date and on the first day of each Interest Period with reference to the facts
and circumstances then existing (but subject, in respect of Clause 16.6 (Legal
validity), Clause 16.9 (Taxes on payments), Clause 16.11 (No default), Clause 16.12
(Authorisations), Clause 16.15 (Litigation), Clause 16.17 (Status of Charters and
Related Contracts), Clause 16.18 (Environment) and Clause 16.25 (No amendments to
Related Contracts), to any matters notified to, and agreed by, the Agent in writing
(acting on the instructions of the Majority Banks)) and, in relation to Clause 16.13
(Information), with reference to the most recently delivered TGP accounts.

	17.	 	UNDERTAKINGS

	 
	17.1	 	Duration

	 	 	The undertakings in this Clause 17 remain in force from the date of this Agreement for so
long as any amount is or may be outstanding under the Finance Documents or any Commitment is
in force.

 

31

 

	17.2	 	Maintenance of status

	(a)	 	The Borrower will maintain its separate corporate existence and remain in good standing under
the laws of Spain.

	(b)	 	The Borrower will procure that:

	 	(i)	 	Teekay Spain will retain legal and beneficial ownership (directly or
indirectly) of the whole of the issued share capital of the Borrower, free of any
Security Interest other than the Pledge of Quota Shares;

	 	(ii)	 	TGP will retain legal and beneficial ownership (directly or indirectly) of the
whole of the issued share capital of Teekay Spain;

	 	(iii)	 	Teekay GP will retain legal and beneficial ownership (directly or indirectly)
of at least 51% of the general partner interest in TGP;

	 	(iv)	 	Teekay Corp will retain legal and beneficial ownership (directly or indirectly)
of at least 51% of the issued share capital of Teekay GP.

	17.3	 	Financial information

	(a)	 	The Borrower shall supply to the Agent in English, in sufficient copies for all the Banks and
the Swap Banks:

	 	(i)	 	as soon as the same are available (and in any event within 150 days of the end
of each of its financial years) the consolidated audited financial statements of TGP
for that financial year; and

	 	(ii)	 	as soon as the same are available (and in any event within 90 days of the end
of each of its financial quarters) the consolidated unaudited financial statements of
TGP for that quarter.

	(b)	 	The Borrower shall supply to the Agent in English, in sufficient copies for all the Banks and
the Swap Banks as soon as the same are available (and in any event within 180 days of the end
of each of its financial years) its audited financial statements for that financial year.

	(c)	 	All accounts (audited and unaudited) delivered under Clause 17.3(a) and (b) (Financial
information) will:

	 	(i)	 	be prepared by a reputable accounting firm in accordance with all applicable
laws and GAAP principles and practices consistently applied;

	 	(ii)	 	fairly represent the financial condition of TGP and the Borrower at the date of
those accounts and of their profit for the period for which those accounts relate; and

	 	(iii)	 	fully disclose or reserve against all significant liabilities of TGP and the
Borrower.

	17.4	 	Most favoured nation

	 	 	The Borrower must procure that the financial covenants entered into by TGP in Clause 6.13
(Financial Covenants) of the Guarantee are no less favourable than any other financial
covenants granted by TGP to any other financial institution in relation to other full
recourse secured financing arrangements in respect of one or more LNG vessels existing on
the date of this Agreement. If TGP grants additional financial covenants to another lender
pursuant to a future amendment, restatement
or similar of any such existing financing, the Borrower shall procure that TGP will
additionally enter into similar covenants for the benefit of the Finance Parties.

 

32

 

	17.5	 	Information provided to be accurate

	 	 	All financial and other information provided by or on behalf of the Borrower under or in
connection with any Finance Document will be true and not misleading in any material respect
and will not omit any material fact.

	 
	17.6	 	Information — Miscellaneous

	 	 	The Borrower shall supply to the Agent:

	 	(a)	 	promptly upon becoming aware of them, details of any material litigation,
arbitration or administrative proceedings which are current, threatened or pending;

	 	(b)	 	promptly upon receipt thereof, a copy of any notice received by the Borrower
from the Time Charterer or any other Charterer of any failure of the Borrower to
exercise due diligence under the Time Charter or any other Charter, together with
details from time to time of any and all action being taken to remedy the same;

	 	(c)	 	promptly upon receipt thereof, a copy of any notice received by the Borrower
from any party to any Tax Lease Document in relation to any Tax Lease Document; and

	 	(d)	 	promptly, such further information in its possession or control regarding its
business, affairs or financial condition as any Finance Party may through the Agent
from time to time reasonably request,

	 	 	in sufficient copies for all of the Banks, if the Agent so requests.

	 
	17.7	 	Inspection of Records

	 	 	The Borrower will permit the inspection of its financial records and accounts, and procure
access to Teekay Spain’s financial records and accounts, on reasonable notice during
business hours by the Agent or its nominee at any time after an Event of Default has
occurred and is continuing.

	 
	17.8	 	Payment of Dividends

	 	 	The Borrower will not be entitled to pay dividends or make any distributions (whether by way
of loan or otherwise) to shareholders at any time after an Event of Default has occurred and
is continuing unremedied and unwaived.

	 
	17.9	 	Notification of Default

	 	 	The Borrower shall notify the Agent of any Default or any Third Party Default (and the
steps, if any, being taken to remedy it) promptly upon becoming aware of the same.

	 
	17.10	 	Authorisations

	 	 	The Borrower shall promptly:

	 	(a)	 	obtain, maintain and comply with the terms of; and

	 	(b)	 	supply certified copies to the Agent of,

 

33

 

	 	 	any authorisation, consent, registration, filing, notarisation and the like required under
any Applicable Law or regulation to enable it to perform its obligations under, or for the
validity or enforceability of, any Finance Document or any Related Contract.

	 
	17.11	 	Pari passu ranking

	 	 	The Borrower shall procure that its obligations under the Finance Documents rank and will
rank at least pari passu with all its other present and future unsecured obligations, except
for obligations which are mandatorily preferred by law.

	 
	17.12	 	Disposals

	 	 	The Borrower shall not, either in a single transaction or in a series of transactions,
whether related or not or whether voluntary or involuntary, sell, transfer, grant or lease
or otherwise dispose of all or a material part of its assets.

	 
	17.13	 	Business

	(a)	 	The Borrower will not carry on any business other than the ownership, operation and
employment of the Vessel and other activities connected with or reasonably incidental to that
business.

	(b)	 	The Borrower will maintain its place of business, and keep its corporate documents and
records, at the address stated at the commencement of this Agreement, and the Borrower will
not establish, or do anything as a result of which it would be deemed to have, a place of
business in any country other than Spain.

	 
	17.14	 	Liabilities

	 	 	The Borrower will not:

	 	(a)	 	make any loans or grant any credit other than any such loan or credit granted
to any member of the Group; or

	 	(b)	 	make or hold any investments otherwise than in the ordinary course of its
business referred to in Clause 17.13 (Business).

	17.15	 	Security Interests

	 	 	The Borrower will not create or permit to subsist any Security Interest over the Vessel or
the Earnings or Obligatory Insurances or any other Security Assets or any Related Contract
other than:

	 	(a)	 	Permitted Liens; or

	 	(b)	 	with the prior written consent of all of the Banks.

	17.16	 	Tax Lease Stage

	(a)	 	At the termination of the Tax Lease Stage in December 2011 in accordance with the Tax Lease
Documents, the Borrower undertakes to exercise the Purchase Option strictly in accordance with
the Bareboat Charter and not to exercise any option for extension of the Bareboat Charter.

 

34

 

	(b)	 	The Borrower undertakes, at its own cost:

	 	(i)	 	to fulfil all contractual obligations and to use all reasonable endeavours to
pursue its full rights in relation to the unwinding of the Tax Lease Documents;

	 	(ii)	 	to make any amendments necessary to this Agreement or any of the other Security
Documents or the Related Contracts as the Agent may reasonably require;

	 	(iii)	 	to enter into the Mortgage and the Swap Bank Mortgage in its capacity as owner
of the Vessel;

	 	(iv)	 	to obtain such legal opinions as the Agent may reasonably request, addressed to
the Finance Parties and otherwise in a form satisfactory to the Banks and the Swap
Banks, as to the enforceability of the Mortgage and the Swap Bank Mortgage; and

	 	(v)	 	to make all other filings and recordings and serve any notices reasonably
required by the Agent,

	 	 	all to ensure that this Agreement, the Security Documents and the Related Contracts remain
in full force and effect notwithstanding the transfer of title to the Vessel to the
Borrower.

	(c)	 	If the Borrower acquires title to the Vessel pursuant to the Put Option defined in clause
30(a) of the Bareboat Charter, the Borrower undertakes:

	 	(i)	 	to fulfil all contractual obligations and to use all reasonable endeavours to
pursue its full rights in relation to the unwinding of the Tax Lease Documents;

	 	(ii)	 	to make any amendments necessary to this Agreement, the Related Contracts or
any of the Security Documents as the Agent may reasonably require;

	 	(iii)	 	to enter into the Mortgage and the Swap Bank Mortgage in its capacity as owner
of the Vessel;

	 	(iv)	 	to obtain such legal opinions as the Agent may reasonably request, addressed to
the Finance Parties and otherwise in a form satisfactory to the Banks, as to the
enforceability of the Mortgage and the Swap Bank Mortgage; and

	 	(v)	 	to make all other filings and recordings and serve any notices reasonably
required by the Agent,

	 	 	all to ensure that this Agreement, the Security Documents and the Related Contracts remain
in full force and effect notwithstanding the transfer of title to the Vessel to the
Borrower.

	 
	17.17	 	Limitation on Financial Indebtedness

	 	 	The Borrower will not incur any Financial Indebtedness other than Financial Indebtedness:

	 	(a)	 	under the Finance Documents; or

	 	(b)	 	arising in the ordinary course of operation of the Vessel in an aggregate
amount not exceeding euro 5,000,000 provided that such amounts are paid when due or, if
not paid when due are being disputed in good faith by appropriate proceedings (and for
the payment of which adequate reserves or security are at the relevant time maintained
or provided), provided further that such proceedings, whether by payment of adequate
security into Court or otherwise, do not give rise to a material risk of the Vessel or
any interest therein being
seized, sold, forfeited or otherwise lost or of criminal liability on the Agent or
any of the Banks; or

 

35

 

	 	(c)	 	consisting of any guarantee or indemnity required by any protection and
indemnity or war risks club or association to be given by the Borrower; or

	 	(d)	 	under any loan or credit facility granted to the Borrower by any member of the
Group, which is unsecured and fully subordinated to the Facility, the principal terms
of which are notified to the Agent by the Borrower in writing prior to the granting of
the relevant Facility.

	 	 	The Borrower shall, upon a request being made by the Agent, provide the Agent with such
further information as the Agent may reasonably require in connection with any loan or
credit facility granted or to be granted to the Borrower pursuant to paragraph (d) above.

	 
	17.18	 	Mergers

	(a)	 	The Borrower shall not enter into any amalgamation, demerger, merger or reconstruction.

	(b)	 	The Borrower will procure that its Board of Directors will not redeem any of its share
capital.

	 
	17.19	 	Security

	 	 	The Borrower:

	 	(a)	 	will procure that the Mortgage and the Swap Bank Mortgage are, on execution,
and continue to be, registered under Spanish law as a first priority mortgage;

	 	(b)	 	will procure that any other security conferred by it under any Security
Document is maintained and perfected and registered with the relevant authorities;

	 	(c)	 	at its own cost, do all that it can to ensure that each Finance Document
validly creates the obligations and Security Interests which it purports to create; and

	 	(d)	 	without limiting the generality of paragraph (a) above, at its own cost,
promptly register, file, record or enrol any Finance Document with any court or
authority, pay any stamp, registration or similar tax payable in respect of any Finance
Document, give any notice or take any other step which, in the reasonable opinion of
the Agent, is or has become necessary or desirable for any Finance Document to be
valid, enforceable or admissible in evidence or to ensure or protect the priority of
any Security Interest which it creates.

	17.20	 	Time Charter

	 	 	The Borrower may not exercise any termination rights under the Time Charter without the
prior written consent of the Agent (acting on the instruction of all of the Banks).

	 
	17.21	 	Charters with affiliated companies

	 	 	The Borrower will not subject the Vessel to any Charter in favour of any company affiliated
with it unless that company has previously agreed in writing to subordinate its interests
under such Charter in a form satisfactory to the Majority Banks.

 

36

 

	17.22	 	Registration of the Vessel

	 	 	The Borrower will:

	 	(a)	 	maintain the valid and effective registration of the Vessel on the flag of and
under the laws of the Canary Islands Special Registry of Vessels and Shipping Companies
(or such other laws and flag of like standing and acceptable to the Majority Banks and
the Time Charterer as the Agent (acting in accordance with the instructions of the
Majority Banks) may permit (such permission not to be unreasonably withheld)) and
ensure nothing is done or omitted by which the registration of the Vessel would or
might be defeated or imperilled; and

	 	(b)	 	not change the name or port of registration of the Vessel without the consent
of the Agent (acting in accordance with the instructions of the Majority Banks) (such
consent not to be unreasonably withheld).

	17.23	 	Classification and repair

	 	 	The Borrower will at all times:

	 	(a)	 	ensure that the Vessel is surveyed from time to time as required by the
classification society in which the Vessel is for the time being entered and maintain
and preserve the Vessel in good working order and repair, ordinary wear and tear
excepted, and in any event in such condition as will entitle her to the classification
of LR, +100 A1 Liquefied gas carrier/LNG, Ship type 2G (methane in membrane tanks, 0.25
bar, -163°C + LMC, UMS, PORT, SDA, IWS, SCM, LI, FDA, NAVI, IBS, ES, TCM, CCS or, if
such classification is not available, with the highest equivalent classification
available, with Lloyd’s Register of Shipping or Bureau Veritas (or to the equivalent
classification in another internationally recognised classification society of like
standing acceptable to the Majority Banks), free of all overdue requirements and
recommendations of that classification society;

	 	(b)	 	procure that all repairs to or replacement of any damaged, worn or lost parts
or equipment shall be effected in such manner (both as regards workmanship and quality
of materials) as not to diminish the value of the Vessel;

	 	(c)	 	not remove any material part of the Vessel, or any item of equipment installed
on the Vessel unless the part or item so removed is forthwith replaced by a suitable
part or item which is in the same condition as or better condition than the part or
item removed, is free from any Security Interest or any right in favour of any person
other than the Agent and becomes on installation on the Vessel the property of the
Borrower or the AIE (as applicable) and subject to the security constituted by the
relevant Security Document(s) provided that the Borrower may install and remove
equipment owned by a third party if the equipment can be removed without any risk of
damage to the Vessel;

	 	(d)	 	ensure that the Vessel complies with all laws, regulations and requirements
(statutory or otherwise) from time to time applicable to vessels registered under the
laws and flag of the Canary Islands Special Registry of Vessels and Shipping Companies;
and

	 	(e)	 	not without the prior written consent of the Agent (acting on the instructions
of the Majority Banks) (such consent not to be unreasonably withheld) cause or permit
to be made any substantial change in the structure, type or performance characteristics
of the Vessel.

	17.24	 	Lawful and Safe Operation

	 	 	The Borrower will at all times:

	 	(a)	 	not cause or permit the Vessel to be operated in any manner contrary to the
laws, regulations, treaties and conventions (and all rules and regulations issued
thereunder) from time to time applicable to the Vessel;

 

37

 

	 	(b)	 	subject to compliance by the Borrower with the terms of the Time Charter, not
cause or permit the Vessel to trade with or within the territorial waters of any
country in which her safety may be imperilled;

	 	(c)	 	subject to compliance by the Borrower with the terms of the Time Charter, not
cause or permit the Vessel to be employed in any manner which will or may render her
liable to requisition, confiscation, forfeiture, seizure, destruction or condemnation
as prize;

	 	(d)	 	ensure that the Vessel is not employed in any trade or business which is
forbidden by international law or is illicit or is carrying illicit or prohibited
goods;

	 	(e)	 	subject to compliance by the Borrower with the terms of the Time Charter, in
the event of hostilities in any part of the world (whether war be declared or not)
ensure that the Vessel is not employed in carrying any contraband goods and that she
does not trade in any zone after it has been declared a war zone by any authority or by
the Vessel’s war risks insurers unless the Vessel’s insurers shall have confirmed to
the Borrower that the Vessel is held covered under the Obligatory Insurances for the
voyage(s) in question; and

	 	(f)	 	not charter the Vessel to or permit the Vessel to serve under any contract of
affreightment with any foreign country or national of any foreign country which is the
subject of sanctions imposed by the European Union, the United Nations or the United
States of America or is specified by legislation or regulations of the Vessel’s flag
state, the United States of America or any other jurisdiction in which a Bank’s
Facility Office is located and such that, if the Earnings or any part of Earnings were
derived from such charter or affreightment, that fact would render any Finance Document
or the security conferred by the Security Documents unlawful.

	17.25	 	Repair of the Vessel

	 	 	The Borrower will not at any time put the Vessel into the possession of any person for the
purpose of work being done upon her beyond the amount of euro 5,000,000 (or equivalent),
other than for classification or scheduled dry docking unless such person shall have given
an undertaking to the Agent not to exercise any lien on the Vessel or her Earnings or
Obligatory Insurances for the cost of that work or otherwise.

	 
	17.26	 	Arrests and Liabilities

	 	 	The Borrower will at all times:

	 	(a)	 	pay and discharge all obligations and liabilities whatsoever which have given
or may give rise to liens (other than Permitted Liens) on or claims enforceable against
the Vessel and take all other reasonable steps necessary to prevent a threatened arrest
of the Vessel;

	 	(b)	 	notify the Agent promptly in writing of the levy of any distress on the Vessel
or her arrest, detention, seizure, condemnation as prize, compulsory acquisition or
requisition for title or use and (save in the case of compulsory acquisition or
requisition for title or use) obtain her release within 14 days;

 

38

 

	 	(c)	 	pay and discharge when due all dues, taxes, assessments, governmental charges,
fines and penalties imposed on or in respect of the Vessel or on itself and all other
obligations and liabilities whatsoever in respect of the Vessel, the Obligatory
Insurances and any Charter except those which are being disputed in good faith by
appropriate proceedings (and for the payment of which adequate reserves or security are
at the relevant time maintained or provided or for which indemnity or liability
insurance cover for at least the full amount in
dispute has been obtained by it from underwriters or insurance companies approved by
the Agent (acting on instructions of the Majority Banks) and provided that:

	 	(i)	 	the continued existence of such dues, taxes, assessments,
governmental charges, fines, penalties, obligations or liabilities does not give
rise to any reasonable degree of likelihood that the Vessel would be liable to
arrest, requisition, confiscation, forfeiture, seizure, destruction or
condemnation as prize; and

	 	(ii)	 	the Vessel remains properly managed and insured at all times in
accordance with this Agreement.

	17.27	 	Related Contracts

	 	 	The Borrower shall not take any action, enter into any document or agreement or omit to take
any action or to enter into any document or agreement which would, or could reasonably be
expected to, cause any Related Contract to cease to remain in full force and effect other
than in accordance with the terms of this Agreement and shall use all reasonable endeavours
to procure that each other party to any Related Contract does not take any action, enter
into any document or agreement or omit to take any action or to enter into any document or
agreement which would, or could reasonably be expected to, cause any Related Contract to
cease to remain in full force and effect.

	 
	17.28	 	Environment

	 	 	The Borrower shall at all times:

	 	(a)	 	comply in all material respects with all applicable Environmental Laws
including, without limitation, requirements relating to the establishment of financial
responsibility (and shall require that all Environmental Affiliates of the Borrower
comply with all applicable Environmental Laws and obtain and comply with all required
Environmental Approvals, which Environmental Laws and Environmental Approvals relate to
of the Vessel or her operation or her carriage of cargo); and

	 	(b)	 	promptly upon the occurrence of any of the following events, provide to the
Agent a certificate of an officer of the Borrower or of the Borrower’s agents
specifying in detail the nature of the event concerned:

	 	(i)	 	the receipt by the Borrower or any Environmental Affiliate (where
the Borrower has knowledge of the receipt) of any Environmental Claim; or

	 	(ii)	 	any (or any potential) material Release of Materials of
Environmental Concern.

	17.29	 	Information regarding the Vessel

	 	 	The Borrower will at all times:

	 	(a)	 	promptly notify the Agent of the occurrence of any accident, casualty or other
event which has caused or resulted in or may cause or result in the Vessel being or
becoming a Total Loss;

	 	(b)	 	promptly notify the Agent of any requirement or recommendation made by any
Insurer or classification society or by any competent authority which is not complied
with in a timely manner;

 

39

 

	 	(c)	 	give to the Agent from time to time on request such information as the Agent
may require regarding the Vessel, her employment, position and engagements;

	 	(d)	 	provide the Agent on request with copies of the classification certificate of
the Vessel and of all periodic damage or survey reports on the Vessel;

	 	(e)	 	promptly furnish the Agent with full information of any casualty or other
accident or damage to the Vessel involving an amount in excess of euro 5,000,000 (or
equivalent);

	 	(f)	 	give to the Agent and its duly authorised representatives reasonable access to
the Vessel for the purpose of conducting on board inspections and/or surveys of the
Vessel and pay the reasonable expenses incurred by the Agent in connection with the
inspections and/or surveys provided that, unless a Default has occurred and is
continuing, such inspections and/or surveys shall not take place at the expense of the
Borrower other than at dry docking and the Agent shall co-operate with the Borrower in
respect of the timing for and the place where such surveys take place in order to
minimise disruption to the activities of the Vessel;

	 	(g)	 	if the Agent reasonably believes an Event of Default may have occurred, furnish
to the Agent from time to time upon reasonable request certified copies of the ship’s
log in respect of the Vessel;

	 	(h)	 	promptly notify the Agent if a Charterer pays hire, on three (3) consecutive
occasions, at a rate that represents a reduction of 25% or more on the full rate of
hire; and

	 	(i)	 	promptly notify the Agent of any circumstance where the Vessel is off-hire for
a period in excess of thirty (30) days unless the period of off-hire is the result of a
scheduled dry-docking of the Vessel.

	17.30	 	Provision of further information

	 	 	The Borrower will, as soon as practicable following receipt of a request by the Agent,
provide the Agent with any reasonable additional financial or other information relating to
the Borrower, the Vessel, the Earnings, the Obligatory Insurances, any Charter or to any
other matter relevant to, or to any provision of, a Finance Document.

	 
	17.31	 	Management

	 
	(a)	 	The Borrower will ensure that at all times the Vessel is managed by:

	 	(i)	 	the Borrower on terms approved by the Agent; or

	 	(ii)	 	a substitute Manager, pursuant to a Vessel Management Contract and subject to
provision of the Vessel Management Assignment.

	(b)	 	The Borrower will not terminate, amend or agree to any amendment to a Vessel Management
Contract, and will procure that a Manager does not terminate, amend or agree to any amendment
to a Technical Management Agreement, without the prior written consent of the Agent (acting on
the instructions of the Majority Banks).

 

40

 

	(c)	 	The Borrower agrees that the Agent (acting on the instructions of the Majority Banks) shall
be entitled to require the Borrower to terminate any existing Vessel Management Contract
and/or procure that a Manager terminates any existing Technical Management Agreement and to
enter into a replacement Vessel Management Contract with a replacement Manager and/or procure
that a Manager enters into a replacement Technical Management Agreement with a replacement
Technical
Manager, in each case selected or approved by the Agent (acting on the instructions of the
Majority Banks) in the event of:

	 	(i)	 	any of the circumstances set out in clause 3(d) (Duty to maintain) of the Time
Charter arising;

	 	(ii)	 	an occurrence which has a Material Adverse Effect in relation to either of the
Borrower or the Guarantors; or

	 	(iii)	 	the occurrence of an Event of Default.

	 	 	For the purposes of this paragraph (c), the Majority Banks agree that Naviera Teekay Gas IV
S.L.U. is pre-approved as replacement Manager unless and to the extent that it is the
Manager under the existing Vessel Management Contract which the Agent requires the Borrower
to terminate.

	(d)	 	The Borrower shall not subcontract its responsibilities for the maintenance and/or operation
of the Vessel and shall procure that no other Manager shall subcontract its responsibilities
under a Vessel Management Contract (other than to a Technical Manager under a Technical
Management Agreement) unless:

	 	(i)	 	the Agent (acting on the instructions of the Majority Banks and taking into
account the economics of the Time Charter and the duration of successful operation of
the Vessel by the Manager) gives its prior written consent to such subcontracting; and

	 	(ii)	 	the Borrower or, as the case may be, the existing Manager remains solely
responsible for its obligations in connection with the maintenance and/or operation of
the Vessel (in the case of the Borrower) or under the existing Vessel Management
Contract (in the case of the existing Manager).

	(e)	 	In the event of the termination for any reason or the expiration or the occurrence of an
event of default (howsoever described) of or under either or both of a Vessel Management
Contract or a Technical Management Agreement, the Borrower will enter into an agreement to
replace such agreement with a counterparty approved by the Agent (acting on the instructions
of the Majority Banks) and in a form and content approved by the Agent (acting on the
instructions of the Majority Banks) within 30 days of such termination or event of default and
will procure that the replacement Manager enters into an agreement to replace a Technical
Manager with a counterparty approved by the Agent (acting on the instructions of the Majority
Banks) and in a form and content approved by the Agent (acting on the instructions of the
Majority Banks) within such 30 day period. In the event the Borrower does not enter into any
such replacement agreement within such 30 day period, the Agent (acting on the instructions of
the Majority Banks) shall be entitled, but not obliged, to enter into any such replacement
agreement on the Borrower’s behalf.

	 
	17.32	 	Proceeds from sale or Total Loss of the Vessel

	(a)	 	The Borrower will ensure that the proceeds from the sale or Total Loss of the Vessel are paid
directly to the Agent for application in prepayment of the Loan in accordance with Clause 7
(Prepayment and Cancellation).

	(b)	 	The Finance Parties agree that the Agent shall release the Vessel from the Mortgage and the
Swap Bank Mortgage if the Agent is reasonably satisfied that the proceeds of sale of the
Vessel are immediately to be applied in accordance with paragraph (a) above and that such
proceeds will be sufficient to discharge all of the Borrower’s payment obligations under this
Agreement.

 

41

 

	17.33	 	Charters

	 
	(a)	 	The Borrower will not let the Vessel:

	 	(i)	 	on demise charter for any period; or

	 	(ii)	 	otherwise than on arm’s-length terms,

	 	 	in each case without the consent of the Agent (acting on the instructions of the Majority
Banks).

	 
	(b)	 	Notwithstanding anything contained in this Clause 17.33:

	 	(i)	 	the Borrower shall remain liable under any Charter to perform all the
obligations assumed by it under that Charter;

	 	(ii)	 	the Finance Parties shall not be under any obligations or liability under any
Charter or liable to make any payment under that Charter; and

	 	(iii)	 	the Finance Parties shall not be obliged to enforce against any charterer or
shipper any term of any Charter, or to make any enquiries as to the nature or
sufficiency of any payment received by a Finance Party.

	(c)	 	The Borrower will not agree to any amendment or supplement to, or waive or fail to enforce
any right under, any Charter or any of its provisions without the prior written consent of the
Agent (acting on the instructions of the Majority Banks).

	 
	17.34	 	Earnings Account

	(a)	 	Immediately upon the occurrence of an Event of Default which is continuing unremedied or
unwaived, and if so instructed by the Agent, the Borrower must procure that all Earnings and
any compensation received in respect of requisition of title to or other compulsory
acquisition of the Vessel are paid to the Earnings Account (to be opened in the name of the
Borrower following the occurrence of an Event of Default) or to such other account(s) as the
Agent may from time to time specify by notice in writing to the Borrower.

	(b)	 	The Borrower must maintain the Earnings Account free of encumbrances and rights of set off
(other than those created by or under the Finance Documents) at all times until all sums owing
under this Agreement have been paid in full and the Borrower has ceased to be under any actual
or contingent liability to the Finance Parties under or in connection with this Agreement.

	(c)	 	The Borrower must promptly following the occurrence of an Event of Default which is
continuing unremedied and unwaived, and if so instructed by the Agent, enter into the Earnings
Account Charge.

	 
	17.35	 	Scope of Obligatory Insurances

	 	 	The Borrower will:

	 	(a)	 	at all times keep the Vessel insured in the Required Amount, in Dollars or
another approved currency (as approved by the Majority Banks) in the name of the
Borrower or (if the Agent so requires) in the joint names of the Borrower and the
Agent, without the Agent being liable but having the right to pay premiums, through
brokers approved by the Agent against fire and usual marine risks (including hull and
machinery and Excess Risks) with approved
underwriters or insurance companies approved by the Agent and by policies in form and
content approved by the Agent (such approval not to be unreasonably withheld);

 

42

 

	 	(b)	 	at all times keep the Vessel insured in the Required Amount in the same manner
as above against war risks (including risks of mines and all risks, whether or not
regarded as war risks, London Blocking and Trapping Addendum and Lost Vessel Clause,
excepted by the free of capture and seizure clauses in the standard form of Lloyds
marine policy) or under Scandinavian Insurance conditions either:

	 	(i)	 	with underwriters or insurance companies approved by the Agent
and by policies in form and content approved by the Agent (such approval not to
be unreasonably withheld); or

	 	(ii)	 	by entering the Vessel in an approved war risks association,

	 	 	 	and for the avoidance of doubt, such war risks insurance will include protection and
indemnity liability up to at least the Required Amount, excluding any liability in
respect of death, injury or damage to crew;

	 	(c)	 	at all times keep the Vessel entered in respect of her full value and tonnage
in an approved protection and indemnity association against all risks as are normally
covered by such protection and indemnity association (including pollution risks and the
proportion not recoverable in case of collision under the running down clause inserted
in the ordinary Lloyds policies), such cover for pollution risks to be for:

	 	(i)	 	a minimum amount of US$1,000,000,000 or such other amount of
cover against pollution risks as shall at any time be comprised in the basic
entry of the Vessel with the UK P&I Club or another protection and indemnity
association which is an acceptable member of the “International Group” of
protection and indemnity associations (or any successor organisation designated
by the Agent for this purpose); or

	 	(ii)	 	if the International Group or any such successor ceases to exist
or ceases to provide or arrange any cover for pollution risks (or any
supplemental cover for pollution risks over and above that afforded by the basic
entry of the Vessel with its protection and indemnity association), such
aggregate amount of cover against pollution risks as shall be available on the
open market and by basic entry with a protection and indemnity association for
ships of the same type, size, age and flag as the Vessel,

	 	 	 	provided that, if the Vessel has ceased trading or is in lay up and in either case
has unloaded all cargo, the level of pollution risks cover afforded by ordinary
protection and indemnity cover available through a member of the International Group
or such successor organisation or, as the case may be, on the open market in such
circumstances shall be sufficient for such purposes.

 

43

 

	17.36	 	Mortgagee’s interest and additional perils insurances

	 	 	The Agent shall if so authorised by the Majority Banks be entitled from time to time to
effect, maintain and renew all or any of the following insurances in such amounts, on such
terms, through such insurers and generally in such manner as the Majority Banks may from
time to time consider appropriate (such insurances not to be placed by the Borrower or its
brokers (in their capacity as brokers to the Borrower)):

	 	(a)	 	a mortgagee’s interest marine insurance providing for the indemnification of
the Finance Parties for any losses under or in connection with any Finance Document
which directly or indirectly result from loss of or damage to the Vessel or a liability
of the Vessel or the Borrower, being a loss or damage which is prima facie covered by
an Obligatory Insurance but in respect of which there is a non-payment (or reduced
payment) by the underwriters by reason of, or on the basis of any allegation
concerning:

	 	(i)	 	any act or omission on the part of the Borrower, of any operator,
Charterer, Manager or sub-manager of the Vessel or of any officer, employee or
agent of the Borrower or of any such person, including any breach of warranty or
condition or any non-disclosure relating to such Obligatory Insurance;

	 	(ii)	 	any act or omission, whether deliberate, negligent or accidental,
or any knowledge or privity of the Borrower any other person referred to in
paragraph (i) above, or of any officer, employee or agent of the Borrower or of
such a person, including the casting away or damaging of the Vessel and/or the
Vessel being unseaworthy; and/or

	 	(iii)	 	any other matter capable of being insured against under a
mortgagee’s interest marine insurance policy whether or not similar to the
foregoing;

	 	(b)	 	where the Vessel is trading into the waters of the United States of America or
any other jurisdiction which in the future introduces unlimited liability regimes, a
mortgagee’s interest additional perils policy providing for the indemnification of the
Agent against, amongst other things, any possible losses or other consequences of any
Environmental Claim, including the risk of expropriation, arrest or any form of
detention of the Vessel, or the imposition of any Security Interest over the Vessel
and/or any other matter capable of being insured against under a mortgagee’s interest
additional perils (pollution) policy whether or not similar to the foregoing;

	 	(c)	 	charter indemnity insurance,

	 	 	and the Borrower shall upon demand fully indemnify the Agent in respect of all premiums
which are incurred in connection with or with a view to effecting, maintaining or renewing
any such insurance or dealing with, or considering, any matter arising out of any such
insurance.

	 
	17.37	 	Obligatory Insurances

	 	 	Without prejudice to its obligations under Clause 17.35 (Scope of Obligatory Insurances),
the Borrower will:

	 	(a)	 	not without the prior consent of the Agent alter any Obligatory Insurance nor
make, do, consent or agree to any act or omission which would or might render any
Obligatory Insurance invalid, void, voidable or unenforceable or render any sum paid
out under any Obligatory Insurance repayable in whole or in part;

	 	(b)	 	not cause or permit the Vessel to be operated in any way inconsistent with the
provisions or warranties of, or implied in, or outside the cover provided by, any
Obligatory Insurance or to be engaged in any voyage or to carry any cargo not permitted
by the Obligatory Insurance without first covering the Vessel in the Required Amount
and her freights for an amount approved by the Agent in euros or another approved
currency with approved insurers;

	 	(c)	 	duly and punctually pay all premiums, calls, contributions or other sums of
money from time to time payable in respect of any Obligatory Insurance;

 

44

 

	 	(d)	 	renew all Obligatory Insurances before the relevant policies or contracts
expire and procure that the approved brokers and/or war risks and protection and
indemnity clubs and associations shall promptly confirm in writing to the Agent as and
when each renewal is effected;

	 	(e)	 	forthwith upon the effecting of any Obligatory Insurance, give written notice
of the insurance to the Agent stating the full particulars (including the dates and
amounts) of the insurance, and on request produce the receipts for each sum paid by it
pursuant to paragraph (c) above;

	 	(f)	 	not settle, compromise or abandon any claim in respect of any Total Loss unless
the Agent is satisfied that such release, compromise or abandonment will not prejudice
any of the Banks’ interests under or in relation to any Finance Document;

	 	(g)	 	arrange for the execution and delivery of such guarantees as may from time to
time be required by any protection and indemnity or war risks club or association;

	 	(h)	 	procure that the interest of the Agent and the Banks is noted on all policies
of insurance;

	 	(i)	 	procure that a loss payee provision in the form scheduled to the Insurances
Assignment and reflecting the provisions of Clause 17.38 (Application of Insurance
Proceeds) is endorsed on all policies of insurance;

	 	(j)	 	obtain from the relevant insurance brokers P&I Club letters and undertakings in
the forms scheduled to the Insurances Assignment; and

	 	(k)	 	in the event that the Borrower receives payment of any moneys under the General
Assignment, save as provided in the loss payable clauses scheduled to the Insurances
Assignment, forthwith pay over the same to the Agent and until paid over such moneys
shall be held in trust for the Agent by the Borrower.

	17.38	 	Application of Insurance Proceeds

	(a)	 	All sums receivable in respect of the Obligatory Insurances after the occurrence of an Event
of Default which is continuing unremedied and unwaived, shall be paid to the Agent and the
Agent shall, unless otherwise instructed by the Majority Banks, apply them in accordance with
Clause 10.7 (Payments).

	 
	(b)	 	Subject to paragraph (a) above:

	 	(i)	 	each sum receivable in respect of a major casualty (being any casualty in
respect of which the claim or the aggregate of the claims exceeds euro 5,000,000 (or
its equivalent)), other than in respect of protection and indemnity risk insurances,
shall be paid to the Agent; and

	 	(ii)	 	the insurance moneys received by the Agent in respect of any such major
casualty shall be paid:

	 	(A)	 	to the person to whom the relevant liability shall have been
incurred; or

	 	(B)	 	upon the Borrower furnishing evidence satisfactory to the Agent
that all loss and damage resulting from the casualty has been properly made good
and repaired, to the Borrower or, at the option of the Agent, to the person by
whom any repairs have been or are to be effected.

 

45

 

	 	 	The receipt of any such person shall be a full and sufficient discharge of the same to the
Agent.

	(c)	 	Subject to paragraph (a) above, each sum receivable in respect of the Obligatory Insurances
(insofar as the same are hull and machinery or war risks insurances) which does not exceed
euro 5,000,000 or its equivalent shall be paid in full to the Borrower or to its order and
shall be applied by it for the purpose of making good the loss and fully repairing all damage
in respect of which the receivable shall have been collected.

	(d)	 	Subject to paragraph (a) above, each sum receivable in respect of protection and indemnity
risk Obligatory Insurances shall be paid direct to the person to whom the liability, to which
that sum relates, was incurred, or to the Borrower in reimbursement to it of moneys expended
in satisfaction of such liability.

	(e)	 	Notwithstanding any other provision in this Clause 17.38, all sums receivable in respect of
Obligatory Insurances relating to a Total Loss shall be applied in accordance with Clause
17.32(a) (Proceeds from sale or Total Loss of the Vessel).

	 
	17.39	 	Power of Agent to Insure

	 	 	If the Borrower fails to effect and keep in force Obligatory Insurances in accordance with
this Agreement, it shall be permissible, but not obligatory, for the Agent to effect and
keep in force insurance or insurances in the amounts required under this Agreement and
entries in a protection and indemnity association or club and, if it deems necessary or
expedient to it, to insure the war risks upon the Vessel, and the Borrower will reimburse
the Agent for the costs of so doing.

	 
	17.40	 	ISM Code and ISPS Code

	 	 	The Borrower shall:

	 	(a)	 	at all times comply, and be responsible for compliance by itself and by the
Vessel, with the ISM Code, and the ISPS Code;

	 	(b)	 	at all times ensure that:

	 	(i)	 	the Vessel has a valid Safety Management Certificate;

	 	(ii)	 	the Vessel is subject to a safety management system which
complies with the ISM Code and the ISPS Code;

	 	(iii)	 	it, or the Manager from time to time, has a valid Document of
Compliance for the Vessel, which it holds on board the Vessel; and

	 	(iv)	 	the Vessel has a valid International Ship Security Certificate,

	 	 	 	and shall deliver to the Agent, on or before the Drawdown Date, a copy of a valid
Safety Management Certificate, a valid Document of Compliance and a valid
International Ship Security Certificate in respect of the Vessel, in each case duly
certified by an officer of the Borrower or of the Manager from time to time;

	 	(c)	 	promptly notify the Agent of any actual or, upon becoming aware of the same,
threatened withdrawal of an applicable Safety Management Certificate or Document of
Compliance; and

 

46

 

	 	(d)	 	promptly upon becoming aware of the same notify the Agent of the occurrence of
any accident or major non-conformity requiring action under the ISM Code or the ISPS
Code.

	17.41	 	No amendment to Related Contracts

	 	 	The Borrower shall not amend or agree to any amendment to the Related Contracts without the
prior written consent of:

	 	(a)	 	in respect of the Obligatory Insurances, the Agent;

	 	(b)	 	in respect of the Tax Lease Documents, whilst and for so long as the Tax Lease
Stage is in effect, the Agent (acting on the instructions of all of the Banks); and

	 	(c)	 	in respect of any Related Contracts (other than those referred to in
subparagraphs (a) and (b) above), the Agent (acting on the instructions of the Majority
Banks).

	18.	 	SWAP AGREEMENTS

	 
	(a)	 	Undertakings relating to Swap Debt:

	 	(i)	 	So long as any amount under this Agreement is or may become outstanding, no
Swap Bank will:

	 	(A)	 	demand (except to terminate or close out any swap transaction as
permitted under paragraph (B) below) or receive payment, prepayment or repayment
of, and the Borrower will not pay or make any distribution in respect of, or on
account of, any of the Swap Debt in cash or in kind, or apply any money or
property in or towards the payment or discharge of any Swap Debt except:

	 	I.	 	for scheduled payments arising under the original
terms of the Swap Agreements or the terms of the Swap Agreements as
amended in accordance with the terms of this Agreement; and/or

	 	II.	 	for the proceeds of enforcement of the Security
Documents received and applied accordance with Clause 10.7 (Payments)

	 	 	 	(except as the Agent (acting on the instructions of all Banks which are also
Swap Banks) has previously agreed in writing)

	 	(B)	 	exercise any right to terminate or close out any swap transaction
under the Swap Agreements prior to its originally stated maturity or the terms
of the Swap Agreements as amended in accordance with the terms of this Agreement
unless any action has been taken by the Agent under Clause 20.23 (Acceleration)
or the Borrower is obliged to prepay the Loan in accordance with Clause 7.2
(Mandatory Prepayment) (except as the Agent (acting on the instructions of all
Banks which are also Swap Banks) has previously agreed in writing); or

	 	(C)	 	discharge by set-off, any right of combination of accounts or
otherwise any of the Swap Debt except to the extent such Swap Debt is permitted
to be paid under paragraph (A) above (except as the Agent (acting on the
instructions of all Banks) has previously agreed in writing); or

 

47

 

	 	(D)	 	take any steps to enforce its rights under the Swap Bank Mortgage
(except as the Agent (acting on the instructions of all the Banks which are also
Swap Banks) has previously agreed in writing);

	 	(ii)	 	subject to subparagraph (iii), so long as any amount under this Agreement is or
may become outstanding, no Swap Bank may agree any amendment to the Swap Agreements to
which it is a party without the prior written consent of all of the other Swap Banks;
and

	 	(iii)	 	so long as any amount under this Agreement is or may become outstanding, the
Borrower will not (except as the Agent (acting on the instructions of the Majority
Banks) has previously agreed in writing) create or permit to subsist any Security
Interest over any of its assets or give any financial support to any person for, in
respect of or in connection with, any of the Swap Debt other than under the original
terms of the Swap Agreements or the Security Documents.

	(b)	 	Two Way Payments:

	 	 	The Borrower and the Swap Banks agree that:

	 	(i)	 	each Swap Agreement will provide for “two way payments” or payments under the
“Second Method” in the event of a termination of a swap transaction whether upon a
Termination Event or an Event of Default (in each case as defined in the Swap
Agreements);

	 	(ii)	 	the Borrower agrees to provide the Swap Banks with at least 5 Business Days
prior written notice of the expected occurrence of any “Close-Out Event” as defined in
each Swap Agreement;

	 	(iii)	 	on or following the occurrence of an Event of Default which is continuing
unremedied and unwaived, if an amount falls due from any Swap Bank to the Borrower,
that amount shall be paid by the relevant Swap Bank to the Agent for application in
accordance with Clause 10.7 (Payments); and

	 	(iv)	 	where the Loan is repaid or prepaid in full for any reason on or before the
Final Maturity Date, the Swap Banks must exercise their rights to terminate the Swap
Agreements in their entirety.

	(c)	 	Adjustment of Swaps

	 	 	Where the Loan is partially repaid or prepaid before the Final Maturity Date for any reason
whatsoever (excluding, for the avoidance of doubt, payments of instalments made in
accordance with Clause 6 (Repayment)), the Swap Agreements will be amended so that the
aggregate notional amount of the swaps as of each payment date under the Swap Agreements
after the date that the Loan was partially prepaid or repaid is equal to the principal
amount of the Loan then outstanding as of such payment date.

	(d)	 	Swap Agreements:

	 	 	The Swap Banks will provide to the Agent copies of all agreements and documents constituting
or evidencing any swap facilities provided to the Borrower.

 

48

 

	19.	 	VALUATION

	 
	19.1	 	Valuation

	 	 	For the purposes of this Clause 19:

	 	(a)	 	the value of the Vessel shall be the valuation certified in dollars and carried
out by one of the Approved Valuers, reporting to the Agent, on the basis of sale for
prompt delivery of the Vessel for cash (free of Security Interests) at arm’s-length on
normal commercial terms as between willing seller and buyer; and

	 	(b)	 	any valuation shall be on a without Charter basis.

	19.2	 	Delivery of Valuations

	(a)	 	The Borrower will from the Drawdown Date procure one valuation of the Vessel per annum from
one of the Approved Valuers prepared in accordance with Clause 19.1 (Valuation).

	(b)	 	The Borrower will procure in favour of the Agent on behalf of the Finance Parties and the
Approved Valuers all such information, facilities and rights of inspection as they may
reasonably (having regard to the use and operation of the Vessel under charter) require in
order to effect such valuations.

	(c)	 	All valuations shall be at the expense of the Borrower and the Borrower shall indemnify the
Agent for all and any costs and liabilities incurred in connection thereto.

	(d)	 	If an Event of Default has occurred and is continuing, the Borrower shall be liable to pay
for additional valuations of the Vessel.

	(e)	 	Any valuation under this Clause 19 shall be binding and conclusive as regards the Borrower.

	 
	20.	 	DEFAULT

	 
	20.1	 	Events of Default

	 	 	Each of the events set out in Clauses 20.2 (Non-payment) to 20.22 (Loss of Stock Market
Listing) (inclusive) is an Event of Default (whether or not caused by any reason whatsoever
outside the control of the Borrower or any other person).

	 
	20.2	 	Non-payment

	(a)	 	The Borrower does not pay on the due date any amount of principal or interest payable by it
under the Finance Documents or any payment due under Section 2 of any Swap Agreements at the
place and in the currency in which it is expressed to be payable, provided that if the
Borrower can demonstrate to the reasonable satisfaction of the Agent that it has given all
necessary instructions to effect payment and the non-receipt thereof is attributable to an
error in the banking system, such Event of Default shall only occur five Business Days after
the due date.

	(b)	 	Any other amount payable by it under the Finance Document is not paid within five Business
Days of the due date (or in the case of an amount due on demand, within eight Business Days of
the date of the demand) at the place and in the currency in which it is expressed to be
payable.

 

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	20.3	 	Breach of specific obligations

	(a)	 	The Borrower does not comply with any of its obligations under Clause 17.35 (Scope of
Obligatory Insurances) or Clause 17.37 (Obligatory Insurances).

	(b)	 	TGP does not comply with any of its obligations under Clause 6.13 (Financial Covenants) of
the Guarantee.

	 
	20.4	 	Breach of other obligations

	 	 	The Borrower or either of the Guarantors fails to observe or perform any of the covenants,
conditions, undertakings, agreements or obligations on its part contained in any provision
of the Finance Documents (other than those referred to in Clause 20.2 (Non-payment) or
Clause 20.3 (Breach of specific obligations)) or in any other way is in breach of, or does
or causes to be done, any act repudiating or evidencing an intention to repudiate the
Finance Documents and that failure to comply is, (if in the reasonable opinion of the
Majority Banks capable of remedy), not remedied within 30 days of the Agent notifying the
Borrower or the relevant Guarantor of that failure.

	 
	20.5	 	Misrepresentation

	(a)	 	Any representation, warranty or statement made, deemed to be made, or repeated under any of
the Finance Documents or in any accounts, certificate, notice, instrument, written statement
or opinion delivered by an Obligor under or in connection with any Finance Document is
incorrect or misleading in any material respect when made, deemed to be made or repeated and
gives rise to a Material Adverse Effect.

	 
	20.6	 	Registration of Mortgage and Swap Bank Mortgage

	 	 	The Mortgage and the Swap Bank Mortgage are not fully and effectively registered in
accordance with the laws of Spain within thirty (30) days of the date of this Agreement.

	 
	20.7	 	Cross-default

	(a)	 	Any Financial Indebtedness of the Borrower or Teekay Spain exceeding US$10,000,000 (or its
equivalent in any other currency or currencies) in aggregate is not paid when due (or within
any applicable grace period) or if it falls within Clause 17.17(c) (Limitation on Financial
Indebtedness), is not being disputed in accordance with Clause 17.17(c) (Limitation on
Financial Indebtedness);

	(b)	 	any Financial Indebtedness of TGP or any of its Subsidiaries (excluding Teekay Spain and the
Borrower) exceeding US$50,000,000 (or its equivalent in any other currency or currencies) in
aggregate is not paid when due (or within any applicable grace period) or if it falls within
Clause 17.17(c) (Limitation on Financial Indebtedness), is not being disputed in accordance
with Clause 17.17(c) (Limitation on Financial Indebtedness);

	(c)	 	an event of default howsoever described occurs under any document relating to any Financial
Indebtedness of the Borrower or Teekay Spain where the aggregate liabilities of such event of
default are likely to exceed US$10,000,000;

	(d)	 	an event of default howsoever described occurs under any document relating to any Financial
Indebtedness of TGP or any of its Subsidiaries (excluding Teekay Spain and the Borrower) where
the aggregate liabilities of such event of default are likely to exceed US$50,000,000 (or its
equivalent in any other currency or currencies);

 

50

 

	(e)	 	any guarantee of Financial Indebtedness in excess of US$10,000,000 (or its equivalent in any
other currency or currencies) given by either the Borrower or Teekay Spain is not honoured
when due and called upon or within five Business Days thereafter;

	(f)	 	any guarantee of Financial Indebtedness in excess of US$50,000,000 (or its equivalent in any
other currency or currencies) given by TGP or any of its Subsidiaries (excluding Teekay Spain
and the Borrower) is not honoured when due and called upon or within five Business Days
thereafter;

	(g)	 	any Security Interest securing Financial Indebtedness of more than US$10,000,000 (or its
equivalent in any other currency or currencies) over any asset of either the Borrower or
Teekay Spain is enforced;

	(h)	 	any Security Interest securing Financial Indebtedness of more than US$50,000,000 (or its
equivalent in any other currency or currencies) over any asset of TGP or any of its
Subsidiaries (excluding Teekay Spain and the Borrower) is enforced.

	 
	20.8	 	Swap Agreement Default

	 	 	Any breach or default of the Borrower under any Swap Agreements or any Swap Agreement is
terminated for any reason resulting from the actions, breach or default of the Borrower.

	 
	20.9	 	Related Contracts

	 	 	The Borrower or either of the Guarantors is in default or material breach under the Time
Charter or any of the other Related Contracts or the Time Charter or any of the other
Related Contracts is otherwise terminated or ceases to be in full force and effect or
becomes illegal or unenforceable, and in the case of a Technical Management Agreement or a
Vessel Management Contract, is not replaced in accordance with the provisions of Clause
17.31(e) (Management).

	 
	20.10	 	Reduction of Capital

	 
	 	 	The Borrower reduces its authorised or issued or subscribed capital.

	 
	20.11	 	Insolvency

	(a)	 	The Borrower or either of the Guarantors is, or is deemed for the purposes of any law to be,
unable to pay its debts as they fall due or to be insolvent, or admits inability to pay its
debts as they fall due;

	(b)	 	the Borrower or either of the Guarantors makes a general assignment for the benefit of its
creditors; or

	(c)	 	the Borrower or either of the Guarantors, other than by reason of a voluntary restructuring
approved in advance by the Agent (acting on the instructions of the Majority Banks), begins
negotiations with one or more of its creditors for readjustment or rescheduling of any of its
Financial Indebtedness.

	 
	20.12	 	Insolvency proceedings

	(a)	 	The Borrower or either of the Guarantors applies for the declaration of insolvency (in the
case of the Borrower and Teekay Spain, “concurso”) or consents to the appointment of a
receiver, administrator, trustee, liquidator or similar officer of itself or of all or a
material part of its assets, or if a third party applies for the insolvency of the Borrower or
either of the Guarantors.

 

51

 

	(b)	 	Any petition, application, proposal or order is made or resolution passed or proposed for the
liquidation, administration, winding-up, insolvency or dissolution of the Borrower or either
of the Guarantors or for a moratorium on any of its debts.

	 
	20.13	 	Appointment of receivers and managers

	(a)	 	Any liquidator, trustee in bankruptcy, judicial custodian, compulsory manager, receiver,
administrative receiver, administrator or the like is appointed in respect of the Borrower or
either of the Guarantors or any substantial part of its assets; or

	(b)	 	any other steps are taken to enforce any Security Interest over any substantial part of the
assets of the Borrower or either of the Guarantors which steps are not discontinued within 30
days or, if not so discontinued, the Agent is satisfied and continues to be satisfied that the
claim is being adequately contested and pursued with due diligence.

	 
	20.14	 	Creditors’ process

	 	 	Any attachment, sequestration, distress or execution affects any asset of the Borrower or
either of the Guarantors for an amount in excess of US$10,000,000 in the case of the
Borrower or Teekay Spain or US$50,000,000 in the case of TGP (or its equivalent in any other
currency or currencies) and is not discharged within 30 days of the same being so levied or
sued out.

	 
	20.15	 	Analogous proceedings

	 	 	There occurs, in relation to the Borrower or either of the Guarantors any event analogous to
or having a substantially similar effect to any of the events specified in Clauses 20.11
(Insolvency) to 20.14 (Creditors’ process) inclusive under the laws of any applicable
jurisdiction.

	 
	20.16	 	Cessation of business

	 	 	The Borrower or either of the Guarantors ceases to carry on all or a substantial part of its
business.

	 
	20.17	 	Change of control

	(a)	 	Teekay Spain ceases legally and beneficially to own (directly or indirectly) the whole of the
issued share capital of the Borrower, free of any Security Interest other than the Pledge of
Quota Shares;

	(b)	 	TGP ceases legally and beneficially to own (directly or indirectly) the whole of the issued
share capital of Teekay Spain;

	(c)	 	Teekay GP ceases legally and beneficially to own (directly or indirectly) at least 51% of the
general partnership interest in TGP;

	(d)	 	Teekay Corp ceases legally and beneficially to own (directly or indirectly) at least 51% of
the issued share capital of Teekay GP.

	 
	20.18	 	Unlawfulness

	 	 	It is or becomes unlawful for:

	 	(a)	 	the Borrower or either of the Guarantors to perform any of the material terms
of the Finance Documents; or

 

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	 	(b)	 	a Finance Party to exercise any material right or power vested in it under any
Finance Document.

	20.19	 	Material adverse change

	 	 	Any change occurs in the business or operations of an Obligor which, in the reasonable
opinion of the Majority Banks, materially impairs such Obligor’s ability to discharge its
obligations under the Finance Documents to which it is a party in the manner provided
therein and such change, if capable of remedy, is not so remedied within 15 Business Days of
the delivery of a notice confirming such change by the Agent to the relevant Obligor.

	 
	20.20	 	Imperilment

	 	 	Any circumstances occur or are threatened in relation to the state of the flag of the Vessel
or the jurisdiction or incorporation of the Borrower or either of the Guarantors which would
reasonably be expected to imperil the interests of the Finance Parties under any Finance
Document unless other arrangements satisfactory to the Majority Banks are made to remove
such peril.

	 
	20.21	 	Litigation

	 	 	Any litigation, arbitration or administrative procedures are commenced against the Borrower
or either of the Guarantors, unless the Borrower or, as the case may be, the Guarantors
demonstrates to the Agent within 14 days of that commencement that the litigation,
arbitration or administrative procedures are not reasonably likely to be adversely
determined or, if so adversely determined, could not reasonably be expected to have a
Material Adverse Effect.

	 
	20.22	 	Loss of Stock Market Listing

	 
	 	 	TGP ceases to be listed on a recognised stock exchange.

	 
	20.23	 	Acceleration

	 	 	On and at any time after the occurrence of an Event of Default and while the Event of
Default is continuing the Agent (acting on the instructions of the Majority Banks) may by
notice to the Borrower:

	 	(a)	 	cancel the Total Commitments; and/or

	 	(b)	 	demand that all or part of the Loan, together with accrued interest, and all
other amounts accrued under this Agreement, be immediately due and payable, whereupon
they shall become immediately due and payable; and/or

	 	(c)	 	demand that all or part of the Loan be payable on demand whereupon it shall
immediately become payable on demand by the Agent.

	21.	 	THE AGENT AND THE FINANCE PARTIES

	 
	21.1	 	Appointment and duties of the Agent

	 
	(a)	 	Each Finance Party (other than the Agent) irrevocably appoints the Agent to:

	 	(i)	 	act as its agent under and in connection with the Finance Documents;

 

53

 

	 	(ii)	 	hold any security created by a Security Document and all other assets paid to,
held by or received or recovered by it under or in connection with this Deed and the
Security Documents on trust for the Finance Parties (or, as the case may be, those of
the Secured Parties for whom it is expressed to be holding the security created by the
relevant Security Documents).

	(b)	 	Each Party appointing the Agent, irrevocably authorises the Agent on its behalf to perform
the duties and to exercise the rights, powers and discretions that are specifically delegated
to it under or in connection with the Finance Documents, together with any other reasonably
incidental or desirable rights, powers and discretions.

	(c)	 	The Agent has only those duties which are expressly specified in the Finance Documents.
Those duties are solely of a mechanical and administrative nature.

	(d)	 	Each Bank (in the case of each Existing Bank at the date of this Agreement, on or before the
date of this Agreement, and in the case of any New Bank, on or before the date the assignment,
assumption and release referred to in Clause 28.3 (Procedure for assignment, assumption and
release) becomes effective) will enter into a power of attorney in favour of the Spanish
Security Agent in the form of Schedule 8 (Form of Bank’s Power of Attorney) in all substantive
respects.

	 
	21.2	 	Appointment and duties of the Spanish Security Agent

	(a)	 	Each Finance Party (other than the Agent and the Spanish Security Agent) irrevocably appoints
the Spanish Security Agent to act as its agent and attorney under and in connection with the
Mortgage, the Swap Bank Mortgage and the Pledge of Shares for the purposes specified in this
Clause 21.2.

	(b)	 	Each Party appointing the Spanish Security Agent irrevocably authorises the Spanish Security
Agent on its behalf to perform the duties and to exercise the rights, powers and discretions
that are necessary to administer and, upon the instructions of the Majority Banks (through the
Agent) enforce (and collect the proceeds of such enforcement) the Mortgage, the Swap Bank
Mortgage and the Pledge of Quota Shares.

	(c)	 	The Spanish Security Agent’s duties, rights, powers and discretions are limited to those
referred to in paragraph (b) above.

	(d)	 	Any and all monies received by the Spanish Security Agent or any Swap Bank as a result of the
enforcement of the Mortgage, the Swap Bank Mortgage and/or the Pledge of Quota Shares shall be
paid forthwith to the Agent for application in accordance with this Agreement.

	 
	21.3	 	Role of the Arrangers

	 	 	Except as otherwise provided in this Agreement, the Arrangers have no obligations of any
kind to any other Party under or in connection with any Finance Document.

	 
	21.4	 	Relationship

	 	 	The relationship between each of the Agent and the Spanish Security Agent with the other
Finance Parties is that of agent and principal only. Except as contemplated by this
Agreement or the Finance Documents, nothing in this Agreement constitutes either of the
Agent or the Spanish Security Agent as trustee or fiduciary for any other Party or any other
person and the Agent need not hold in trust any moneys paid to it for a Party or be liable
to account for interest on those moneys.

 

54

 

	21.5	 	Majority Banks’ instructions

	 	 	Each of the Agent and the Spanish Security Agent will be fully protected if it acts in
accordance with the instructions of the Majority Banks in connection with the exercise of
any right, power or discretion or any matter not expressly provided for in the relevant
Finance Documents and will promptly notify the Banks of any such event. Any such
instructions given by the Majority Banks will be binding on all the Banks. In the absence
of such instructions the Agent and the Spanish Security Agent may act as they reasonably
consider to be in the best interests of all the Banks.

	 
	21.6	 	Delegation

	 	 	Each of the Agent and the Spanish Security Agent may act under the relevant Finance
Documents through their personnel and agents.

	 
	21.7	 	Responsibility for documentation

	 	 	Neither the Agent, the Spanish Security Agent nor any of the Arrangers is responsible to any
other Party for:

	 	(a)	 	the execution, genuineness, validity, enforceability or sufficiency of any
Finance Document or any other document (save in respect of the execution thereof by the
Agent or Arrangers, as the case may be);

	 	(b)	 	the collectability of amounts payable under any Finance Document; or

	 	(c)	 	the accuracy of any statements (whether written or oral) made in or in
connection with any Finance Document.

	21.8	 	Default

	(a)	 	Neither the Agent nor the Spanish Security Agent is obliged to monitor or enquire as to
whether or not a Default has occurred. Neither the Agent nor the Spanish Security Agent will
be deemed to have knowledge of the occurrence of a Default. However, if the Agent or the
Spanish Security Agent receives notice from a Party referring to this Agreement, describing
the Default and stating that the event is a Default, it shall promptly notify the Banks.

	(b)	 	The Agent and/or the Spanish Security Agent may require the receipt of security satisfactory
to it whether by way of payment in advance or otherwise, against any liability or loss which
it will or may incur in taking any proceedings or action arising out of or in connection with
any Finance Document before it commences these proceedings or takes that action.

	 
	21.9	 	Exoneration

	(a)	 	Without limiting paragraph (b) below, neither the Agent nor the Spanish Security Agent will
be liable to any other Party for any action taken or not taken by it under or in connection
with any Finance Document, unless directly caused by the Agent’s gross negligence or wilful
misconduct or by the wilful misconduct of any agent of the Agent or the Spanish Security
Agent.

	(b)	 	No Party may take any proceedings against any officer, employee or agent of the Agent or the
Spanish Security Agent in respect of any claim it might have against the Agent or the Spanish
Security Agent or in respect of any act or omission of any kind (including gross negligence or
wilful misconduct) by that officer, employee or agent in relation to any Finance Document.

 

55

 

	21.10	 	Reliance

	 	 	Each of the Agent and the Spanish Security Agent may:

	 	(a)	 	rely on any notice or document believed by it to be genuine and correct and to
have been signed by, or with the authority of, the proper person;

	 	(b)	 	rely on any statement made by a director or employee of any person regarding
any matters which may reasonably be assumed to be within his knowledge or within his
power to verify; and

	 	(c)	 	engage, pay for and rely on legal or other professional advisers selected by it
(including those in the Agent’s or, as the case may be, the Spanish Security Agent’s
employment and those representing a Party other than the Agent).

	21.11	 	Credit approval and appraisal

	 	 	Without affecting the responsibility of the Borrower for information supplied by it or on
its behalf in connection with any Finance Document, each Finance Party confirms that it:

	 	(a)	 	has made its own independent investigation and assessment of the financial
condition and affairs of the Borrower and the Guarantors and their related entities in
connection with its participation in this Agreement and has not relied exclusively on
any information provided to it by the Agent, the Spanish Security Agent or the
Arrangers in connection with any Finance Document; and

	 	(b)	 	will continue to make its own independent appraisal of the creditworthiness of
the Borrower, the Guarantors and their related entities while any amount is or may be
outstanding under the Finance Documents or any Commitment is in force.

	 	 	For the avoidance of doubt, the Borrower shall not be liable to pay for the costs and
expenses of any Finance Party in relation to steps taken in connection with the matters
referred to in paragraphs (a) and (b) above.

	 
	21.12	 	Information

	(a)	 	Each of the Agent and the Spanish Security Agent shall promptly forward to the person
concerned the original or a copy of any document which is delivered to the Agent or, as the
case may be, the Spanish Security Agent by a Party for that person.

	(b)	 	The Agent and the Spanish Security Agent shall promptly supply a Bank with a copy of each
document received by the Agent and the Spanish Agent respectively under Clause 4 (Conditions
Precedent), Clause 17 (Undertakings) and Clause 19 (Valuation) upon the request and at the
reasonable expense of that Bank except that bank shall not be liable for any expense in
relation to information supplied by the Borrower to the Agent in accordance with Clause 17.3
(Financial information), Clause 17.35 (Scope of Obligatory Insurances) and Clause 19.2
(Delivery of Valuations).

	(c)	 	Except where this Agreement specifically provides otherwise, neither the Agent nor the
Spanish Security Agent is obliged to review or check the accuracy or completeness of any
document it forwards to another Party.

 

56

 

	(d)	 	Except as provided above, neither the Agent nor the Spanish Security Agent has any duty:

	 	(i)	 	either initially or on a continuing basis to provide any Bank with any credit
or other information concerning the financial condition or affairs of the Borrower or
the Guarantors or any related entity of the Borrower or the Guarantors whether coming
into its possession or that of any of its related entities before, on or after the date
of this Agreement; or

	 	(ii)	 	unless specifically requested to do so by a Bank in accordance with a Finance
Document, to request any certificates or other documents from the Borrower or the
Guarantors.

	21.13	 	The Agent, the Spanish Security Agent and the Arrangers individually

	(a)	 	If it is also a Bank, each of the Agent, the Spanish Security Agent and each Arranger has the
same rights and powers under this Agreement as any other Bank and may exercise those rights
and powers as though it were not the Agent, the Spanish Security Agent or an Arranger.

	(b)	 	Each of the Agent, the Spanish Security Agent and each Arranger may:

	 	(i)	 	carry on any business with the Borrower or the Guarantors or their related
entities;

	 	(ii)	 	act as agent or trustee for, or in relation to any financing involving, the
Borrower or the Guarantors or their related entities; and

	 	(iii)	 	retain any profits or remuneration in connection with its activities under
this Agreement or in relation to any of the foregoing.

	(c)	 	In acting as the Agent or, as the case may be, the Spanish Security Agent, the agency
division of the Agent or, as the case may be, the Spanish Security Agent will be treated as a
separate entity from its other divisions and departments. Any information acquired by the
Agent or, as the case may be, the Spanish Security Agent which, in its opinion, is acquired by
it otherwise than in its capacity as the Agent or, as the case may be, the Spanish Security
Agent may be treated as confidential by the Agent or, as the case may be, the Spanish Security
Agent and will not be deemed to be information possessed by the Agent in its capacity as such.

	(d)	 	The Borrower irrevocably authorises the Agent and the Spanish Security Agent to disclose to
the other Finance Parties any information which, in its opinion, is received by it in its
capacity as the Agent or, as the case may be, the Spanish Security Agent.

	(e)	 	Each of the Agent and the Spanish Agent may deduct from any amount received by it for the
Banks pro rata any unpaid fees, costs and expenses of the Agent or, as the case may be, the
Spanish Security Agent incurred by it in connection with the relevant Finance Documents.

	 
	21.14	 	Indemnities

	(a)	 	Without limiting the liability of the Borrower under the Finance Documents, each Finance
Party shall forthwith on demand indemnify each of the Agent and the Spanish Security Agent for
that Finance Party’s proportion of any liability or loss incurred by the Agent or, as the case
may be, the Spanish Security Agent in any way relating to or arising out of its acting as the
Agent or, as the case may be, the Spanish Security Agent, except to the extent that the
liability or loss arises directly from the Agent’s or, as the case may be, the Spanish
Security Agent’s wilful misconduct or gross negligence.

	(b)	 	A Bank’s proportion of the liability or loss set out in paragraph (a) above is the proportion
of its participation in the Loan (if any) on the date of the demand. If, however, the Loan is
not outstanding
on the date of demand, then the proportion will be the proportion which its Commitment bears
to the Total Commitments at the date of demand or, if the Total Commitments have been
cancelled, bore to the Total Commitments immediately before being cancelled.

 

57

 

	(c)	 	The Borrower shall forthwith on demand reimburse each Bank for any payment made by it under
paragraph (a) above.

	 
	21.15	 	Compliance

	(a)	 	Each of Agent and the Spanish Security Agent may refrain from doing anything which might, in
its opinion, constitute a breach of any law or regulation binding or applicable to it or be
otherwise actionable at the suit of any person, and may do anything which, in its opinion, is
necessary or desirable to comply with any law or regulation of any jurisdiction.

	(b)	 	Without limiting paragraph (a) above, neither the Agent nor the Spanish Security Agent need
disclose any information relating to the Borrower, the Guarantors or any of their related
entities if the disclosure might, in the opinion of the Agent, or, as the case may be, the
Spanish Security Agent constitute a breach of any law or regulation or any duty of secrecy or
confidentiality or be otherwise actionable at the suit of any person.

	 
	21.16	 	Resignation of Agent and Spanish Security Agent

	(a)	 	Notwithstanding its irrevocable appointment, and subject to paragraph (g) below either or
both of the Agent and the Spanish Security Agent may resign by giving notice to the Finance
Parties and the Borrower, in which case the Agent may forthwith appoint one of its Affiliates
as successor Agent with the approval of the Borrower (such approval not to be unreasonably
withheld or delayed) or, failing that, the Majority Banks may appoint a successor Agent. The
Spanish Security Agent may appoint one of the other Banks as successor Spanish Security Agent
with the approval of the Borrower (such approval not to be unreasonably withheld or delayed)
or, failing that, the Majority Banks may appoint one of the Banks as a successor Spanish
Security Agent.

	(b)	 	If the appointment of a successor Agent or, as the case may be, the Spanish Security Agent is
to be made by the Majority Banks but they have not, within 30 days after notice of
resignation, appointed a successor Agent or, as the case may be, a successor Spanish Security
Agent which accepts the appointment, the retiring Agent or, as the case may be, the retiring
Spanish Security Agent may appoint a successor Agent or, as the case may be, a successor
Spanish Security Agent (in the case of the latter being one of the Banks) with the approval of
the Borrower (such approval not to be unreasonably withheld).

	(c)	 	The resignation of the retiring Agent or, as the case may be, the Spanish Security Agent and
the appointment of any successor Agent or, as the case may be, any successor Spanish Security
Agent will both become effective only upon the successor Agent or, as the case may be, the
successor Spanish Security Agent notifying all the Parties that it accepts the appointment.
On giving the notification, the successor Agent or, as the case may be, the successor Spanish
Security Agent will succeed to the position of the retiring Agent or, as the case may be, the
successor Spanish Security Agent and the terms Agent and Spanish Security Agent respectively
will mean the successor Agent or, as the case may be, the successor Spanish Security Agent.

	(d)	 	The retiring Agent or, as the case may be, the retiring Spanish Security Agent shall, at its
own cost, make available to the successor Agent or, as the case may be, the successor Spanish
Security Agent such documents and records and provide such assistance as the successor Agent
or, as the case may be, the Spanish Security Agent may reasonably request for the purposes of
performing its functions as the Agent or, as the case may be, the successor Spanish Security
Agent under this Agreement.

 

58

 

	(e)	 	Upon its resignation becoming effective, this Clause 21 (The Agent and the Finance Parties)
shall continue to benefit the retiring Agent or, as the case may be, the retiring Spanish
Security Agent in respect of any action taken or not taken by it under or in connection with
the Finance Documents while it was the Agent or, as the case may be, the Spanish Security
Agent, and, subject to paragraph (d) above, it shall have no further obligation under any
Finance Document other than any previously incurred and continuing liabilities not transferred
to the successor Agent or, as the case may be, the successor Spanish Security Agent.

	(f)	 	The Majority Banks may, by notice to the Agent or, as the case may be, the Spanish Security
Agent, require it to resign in accordance with paragraph (a) above. In this event the Agent
or, as the case may be, the Spanish Security Agent shall resign in accordance with paragraph
(a) above but it shall not be entitled to appoint one of its Affiliates as successor Agent or,
as the case may be, the successor Spanish Security Agent.

	(g)	 	Notwithstanding the foregoing provisions of this Clause 21.16, the Spanish Security Agent may
not resign, nor may the Majority Banks require it to resign, unless the successor Spanish
Security Agent is for the time being a Bank.

	(h)	 	If and for so long as any Bank is also the Spanish Security Agent, it shall not be entitled
to assign, transfer or novate the whole of its Commitment pursuant to Clause 28.2 (Assignment
of the rights and assumption and release of the obligations of a Bank) unless at the same time
it resigns as Spanish Security Agent and a successor Spanish Security Agent is appointed
pursuant to this Clause 21.16.

	(i)	 	In the event any Bank becomes a successor Spanish Security Agent in accordance with the terms
of this Clause 21.16, each of the Banks shall give to such successor Spanish Security Agent
power of attorney in the form of Schedule 8 (Form of Bank’s Power of Attorney).

	 
	21.17	 	Banks

	(a)	 	Each of the Agent and the Spanish Security Agent may treat each Bank as a Bank, entitled to
payments under this Agreement and as acting through its Facility Office(s) until it has
received notice from the Bank to the contrary by not less than five Business Days prior to the
relevant payment.

	(b)	 	Unless a Bank notifies the Agent to the contrary, each Bank confirms to the Agent, on the
date that it becomes a Bank, that it is beneficially entitled to its share in the Loan and its
accrued interest and is either:

	 	(i)	 	not resident for tax purposes in the United Kingdom; or

	 	(ii)	 	a bank for the purposes of part 15 of the Income Tax Act 2007.

	 	 	Each Bank must promptly notify the Agent if there is a change in its position from that set
out in subparagraph (i) or (ii) above.

	(c)	 	The Agent may at any time, and shall if requested to do so by the Majority Banks, convene a
meeting of the Banks.

 

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	21.18	 	Security Documents

	(a)	 	Each of the Agent and the Spanish Security Agent in each case in its capacity as trustee or
otherwise under the Security Documents:

	 	(i)	 	is, other than arising directly from the Agent’s or, as the case may be, the
Spanish Security Agent’s wilful misconduct gross negligence, not liable for any:

	 	(A)	 	failure, omission or defect in perfecting or registering the
security constituted or created by any Finance Document;

	 	(B)	 	failure to obtain any licence, consent or other authority for the
execution of any Security Document, including, without limitation, the consent
of any person required under the terms of any Security Document;

	 	(ii)	 	may accept without enquiry such title as the Borrower may have to any asset
secured by any Security Document; and

	 	(iii)	 	is not under any obligation to hold any Finance Document or any other document
in connection with the Finance Documents or the assets secured by any Finance Document
(including title deeds) in its own possession or to take any steps to protect or
preserve the same other than as directed by the Majority Banks.

	(b)	 	Except as otherwise provided in the Finance Documents, all moneys which under the trusts
contained in the Finance Documents are received by the Agent in its capacity as trustee or
otherwise, or by the Spanish Security Agent in its capacity as Spanish security agent or
otherwise, may be invested in the name of or under the control of the Agent or, as the case
may be, the Spanish Security Agent for and on behalf of the Banks in any investment authorised
by English law for the investment by trustees of trust money or in any other investments which
may be selected by the Agent. Additionally, the same may be placed on deposit in the name of
or under control of the Agent for and on behalf of the Banks at such bank or institution
(including the Agent) and upon such terms as the Agent may think fit.

	 
	22.	 	FEES

	 
	22.1	 	Arrangement Fee

	 	 	The Borrower shall pay to the Agent for the account of the Banks an arrangement fee in the
amount and at the time(s) agreed in the relevant Fee Letter.

	 
	22.2	 	Agent’s Fee

	 	 	The Borrower shall pay to the Agent for its own account an agency fee in the amount and at
the times agreed in the relevant Fee Letter.

	 
	22.3	 	VAT

	 	 	Any fee referred to in this Clause 22 (Fees) is exclusive of any value added tax or any
other tax which might be chargeable in connection with that fee. If any value added tax or
other tax is so chargeable, it shall be paid by the Borrower at the same time as it pays the
relevant fee.

 

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	23.	 	EXPENSES

	 
	23.1	 	Initial and special costs

	 	 	The Borrower shall forthwith on demand pay the Agent, the Spanish Security Agent, the Banks
and the Arrangers the amount of all reasonable (or otherwise capped) costs and expenses
(including legal fees and the costs of insurance advisors) incurred by any of them in
connection with:

	 	(a)	 	the negotiation, preparation, translation, printing and execution of:

	 	(i)	 	this Agreement and any other documents (excluding an Assignment,
Assumption and Release Certificate) referred to in this Agreement; and

	 	(ii)	 	any other Finance Document, (other than an Assignment, Assumption
and Release Certificate) executed after the date of this Agreement;

	 	(b)	 	any amendment, waiver, consent or suspension of rights (or any proposal for any
of the foregoing) requested by or on behalf of the Borrower and relating to a Finance
Document, a Tax Lease Document or a document referred to in any Finance Document; and

	 	(c)	 	any other matter, not of an ordinary administrative nature, arising out of or
in connection with a Finance Document, a Tax Lease Document or any other document
referred to in any Finance Document and not solely out of the general business of the
Agent, the Banks or the Arrangers (including, without limitation, in connection with
the matters referred to in Clause 17.16 (Tax Lease Stage).

	23.2	 	Enforcement costs

	 	 	The Borrower shall forthwith on demand pay to each Finance Party the amount of all costs and
expenses (including legal fees) incurred by it:

	 	(a)	 	in connection with the enforcement of, or the preservation of (or attempt to
enforce or preserve) any rights under, any Finance Document or any Tax Lease Document;
or

	 	(b)	 	in undertaking any reasonable investigation of any possible Default.

	24.	 	STAMP DUTIES

	 	 	The Borrower shall pay and forthwith on demand indemnify each Finance Party against any
liability it incurs in respect of any stamp, registration and similar tax which is or
becomes payable in connection with the entry into, performance or enforcement of any Finance
Document.

 

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	25.	 	INDEMNITIES

	 
	25.1	 	General Indemnity

	(a)	 	The Borrower hereby agrees that it shall promptly pay and discharge, or cause to be paid or
discharged, upon the same becoming payable (and shall, if requested by a Finance Party,
produce to that Finance Party evidence of the payment and discharge thereof) and indemnify on
demand and keep indemnified each Finance Party on a full indemnity basis against, whether
directly or indirectly, a claim against it by, or a liability to, a third party including,
without limitation, in relation to any taxes (other than any taxes levied or assessed on net
income, profits or gains) or any other Losses which relate to or arise directly or indirectly
out of or are in any way connected to:

	 	(i)	 	the condition, testing, delivery, design, leasing, chartering, sub-chartering,
construction, manufacture, purchase acquisition, bailment, fitting out, sale
importation to or exportation from any country, registration, ownership, possession,
management, control, inspection, surveying, engineering, contracting, installation,
manning, provisioning, the provision of bunkers and lubricating oils, dry-docking, use,
operation, maintenance, repair, service, modification, overhaul, replacement, removal,
performance, transportation, flag, navigation, certification, classification, nature,
description, acceptance, insurance, valuation, refurbishment, conversion, change,
alteration, or laying-up of the Vessel or any part thereof or otherwise in connection
with the Vessel including, without prejudice to the generality of the foregoing, any
Losses arising from any pollution or other environmental damage caused by or emanating
from the Vessel or caused by the Vessel becoming a wreck or an obstruction to
navigation;

	 	(ii)	 	any repossession, return, redelivery, storage, maintenance, protection,
attempted sale, sale or other disposition of the Vessel following the termination of
the chartering of the Vessel which, if carried out by the Agent or the Banks, is
carried out in accordance with the terms of the Finance Documents;

	 	(iii)	 	the complete or partial removal, decommissioning disposal, making Vessel safe,
destruction or abandonment or loss of the Vessel including any matter which the Vessel
contains or has at any time contained;

	 	(iv)	 	any damage or loss to the Vessel irrespective of how caused;

	 	(v)	 	the operation or use of the Vessel or any design, article or material of the
Vessel or relating thereto giving rise to any infringement (or alleged infringement) of
any patent or other intellectual property rights or any other rights whatsoever;

	 	(vi)	 	the occupation, arrest, confiscation, requisition, theft, registration,
compulsory acquisition, restraint of the Vessel or the prevention thereof, seizure,
taking in execution, impounding, forfeiture or detention of the Vessel, or in securing
the release of the Vessel (including, without limitation by the provision of or by
procuring a guarantee, bond, cash deposit or other like security);

	 	(vii)	 	any Environmental Claim relating to the Vessel or any Finance Party arising
from the transactions contemplated by the Finance Documents or the Tax Lease Documents;

	 	(viii)	 	any premiums, calls, supplementary calls and contributions in relation to any of the
Obligatory Insurances and any of the insurances which the Agent maintains in accordance
with Clause 17.36 (Mortgagee’s interest and additional perils insurances) (including
without limitation any such premiums referred to in Clause 7 (Prepayment and
Cancellation) of the Time Charter; or

 

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	 	(ix)	 	Losses suffered by a Finance Party whether directly or indirectly by way of
claims against a Finance Party or any of them, by any person who has incurred
expenditure in taking response or preventative measures against loss or damage or
injury, or who has suffered or alleged that it has suffered loss, damage or injury in
connection with anything done or omitted to be done by any person in relation to, or in
respect of or in connection with, the Vessel, including in connection with any
Hazardous Material emanating or threatening to emanate from the Vessel or from
operations being carried on by the Vessel and any claims for removal and response cost
and/or for loss, damage or injury to the Environment resulting from the release or
discharge or threatened release or discharge of any Hazardous Material from the Vessel.

	(b)	 	In circumstances where the Borrower makes a payment to a Finance Party or to any third party
pursuant to paragraph (a) above, the relevant Finance Party in respect of which such payment
has been made agrees that the Borrower may be subrogated to the rights of that relevant
Finance Party against the relevant third party. In such circumstances the relevant Finance
Party agrees to co-operate with the Borrower in exercising such rights of subrogation,
provided that:

	 	(i)	 	the relevant Finance Party receives a full indemnity from the Borrower in terms
satisfactory to such Finance Party as to the costs and expenses of such co-operation;
and

	 	(ii)	 	the relevant Finance Party’s name may not be used in any action without that
Finance Party’s prior written consent (which consent the relevant Finance Party shall
have full discretion to withhold).

	25.2	 	Currency indemnity

	(a)	 	If a Finance Party receives an amount in respect of the Borrower’s liability under the
Finance Documents or if that liability is converted into a claim, proof, judgment or order in
a currency other than the currency (the contractual currency) in which the amount is expressed
to be payable under the relevant Finance Document:

	 	(i)	 	the Borrower shall indemnify that Finance Party as an independent obligation
against any loss or liability arising out of or as a result of the conversion;

	 	(ii)	 	if the amount received by that Finance Party, when converted into the
contractual currency at the Agent’s Spot Rate of Exchange on the relevant date, is less
than the amount owed in the contractual currency, the Borrower shall forthwith on
demand pay to that Finance Party an amount in the contractual currency equal to the
deficit; and

	 	(iii)	 	the Borrower shall pay to the Finance Party concerned on demand any exchange
costs and taxes payable in connection with any such conversion.

	(b)	 	The Borrower waives any right it may have in any jurisdiction to pay any amount under the
Finance Documents in a currency other than that in which it is expressed to be payable.

	 
	25.3	 	Other indemnities

	 	 	The Borrower shall forthwith on demand indemnify each Finance Party against any loss or
liability which that Finance Party incurs as a consequence of:

	 	(a)	 	the occurrence of any Default;

 

63

 

	 	(b)	 	the operation of Clause 20.23 (Acceleration) or Clause 31 (Pro Rata Sharing)
(except to the extent such loss or liability is due solely to the gross negligence or
wilful misconduct of the Agent or any Bank);

	 	(c)	 	any payment of principal or an overdue amount being received from any source
otherwise than on the last day of a relevant Interest Period or any interest period
determined by the Agent under Clause 9.3 (Default interest);

	 	(d)	 	the default or termination by the Borrower, or any replacement or amendment in
relation to, any Swap Agreements; or

	 	(e)	 	the payment of any additional amount by any Swap Bank under any Swap Agreements
as a result of such Swap Bank being obliged to deduct tax or an amount in respect of
tax, or otherwise make any other deduction, from any amounts payable or paid by that
Swap Bank under the relevant Swap Agreements; or

	 	(f)	 	(other than by reason of the wilful misconduct or gross negligence of, or
default by, a Finance Party) the Loan not being advanced after the Borrower has
delivered the Request for the drawdown of the Loan or a prepayment not being effected
in accordance with a prepayment notice.

	 	 	The Borrower’s liability in each case includes any loss of margin or other loss or expense
on account of funds borrowed, contracted for or utilised to fund any amount payable under
any Finance Document, or any amount repaid or prepaid.

	 
	25.4	 	Exclusions from Indemnities

	 	 	The indemnities contained in this Clause 25 shall not extend to any claim or liability of a
Finance Party to the extent that such claim or liability:

	 	(a)	 	arises from an act or omission on the part of that Finance Party which
constitutes wilful misconduct, negligence with reckless disregard of the probable
consequences or fraudulent misrepresentation on the part of such Finance Party;

	 	(b)	 	is caused by any failure on the part of that Finance Party to comply with any
of its express obligations under any of the Finance Documents to which that Finance
Party is a party (but excluding any such breach or failure that arises as a result of
the failure of a party to such Finance Document (other than that Finance Party) duly
and punctually to perform its obligations);

	 	(c)	 	represents any loss of the right to receive future income or profits;

	 	(d)	 	is part of the normal administrative or overhead expenses of that Finance Party
except to the extent the same arise on or following an Event of Default which is
continuing; or

	 	(e)	 	is one in respect of which that Finance Party is expressly and specifically
indemnified and has received and is entitled to retain such indemnity under any other
provision of the Finance Documents.

 

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	25.5	 	Preservation of Indemnities

	(a)	 	Without prejudice to any right to damages or other claim which any Party may, at any time,
have against another under this Agreement or under any of the Finance Documents it is hereby
agreed and declared that the indemnities in favour of the Finance Parties by the Borrower
contained in this Agreement or any of the Finance Documents shall continue in full force and effect
notwithstanding any sale or other disposition of the Vessel, Total Loss or any breach of the
terms hereof or thereof by the Borrower (including fundamental breach), the lawful
repudiation by a Finance Party or the Borrower of this Agreement or any of the Finance
Documents or the expiration of the Time Charter or any other Charter (or any renewal of such
Time Charter or any other Charter) through effluxion of time or otherwise or the termination
of the hire or sale of the Vessel hereunder or any other circumstances whatsoever.

	(b)	 	If any payment received by a Finance Party in respect of moneys owing or due and payable by
the Borrower hereunder shall on the subsequent liquidation or other insolvency of the Borrower
be avoided under any laws relating to insolvency or liquidation, such payment shall not be
considered as discharging or diminishing the liability of the Borrower under this Agreement
and this Agreement shall continue to apply as if such payment had at all times remained owing
by the Borrower.

	 
	26.	 	EVIDENCE AND CALCULATIONS

	 
	26.1	 	Accounts

	 	 	Accounts maintained by a Finance Party in connection with this Agreement are prima facie
evidence of the matters to which they relate.

	 
	26.2	 	Certificates and determinations

	 	 	Any certification or determination by a Finance Party of a rate or amount under the Finance
Documents is, in the absence of manifest error, conclusive evidence of the matters to which
it relates.

	 
	26.3	 	Calculations

	 	 	Interest (including any applicable Mandatory Cost) accrues from day to day and is calculated
on the basis of the actual number of days elapsed and a year of 360 days.

	 
	27.	 	AMENDMENTS AND WAIVERS

	 
	27.1	 	Procedure

	(a)	 	Subject to Clause 27.2 (Exceptions) and to paragraph (b) below, any term of the Finance
Documents may be amended or waived with the agreement of the Borrower, the Majority Banks and
(to the extent that the amendment or waiver might reasonably be expected to prejudice the
Agent) the Agent. The Agent may effect, on behalf of the Finance Parties, an amendment or
waiver to which the Majority Banks have agreed.

	(b)	 	The Agent shall promptly notify the other Parties of any amendment or waiver effected under
paragraph (a) above, and any such amendment or waiver shall be binding on all the Parties.

	 
	27.2	 	Exceptions

	 	 	An amendment or waiver which relates to:

	 	(a)	 	the Final Maturity Date;

	 	(b)	 	the definition of Majority Banks in Clause 1.1 (Definitions);

 

65

 

	 	(c)	 	an extension of the date for, or a decrease in an amount or a change in the
currency of, any payment under the Finance Documents;

	 	(d)	 	any reduction in the Margin (other than in accordance with the terms of this
Agreement);

	 	(e)	 	an increase in a Bank’s Commitment;

	 	(f)	 	a term of a Finance Document which expressly requires the consent of each Bank;

	 	(g)	 	Clause 2.2 (Nature of a Finance Party’s rights and obligations), Clause 31 (Pro
Rata Sharing) or this Clause 27 (Amendments and Waivers); or

	 	(h)	 	any release of any Security Interest in favour of the Finance Parties generally
unless permitted by this Agreement,

	 	 	may not be effected without the consent of the Borrower and each Bank.

	 
	27.3	 	Waivers and remedies cumulative

	 	 	The rights of each Finance Party under the Finance Documents:

	 	(a)	 	may be exercised as often as necessary;

	 	(b)	 	are cumulative and not exclusive of its rights under the general law; and

	 	(c)	 	may be waived only in writing and specifically.

	 	 	Delay in exercising or non-exercise of any such right is not a waiver of that right.

	 
	28.	 	CHANGES TO THE PARTIES

	 
	28.1	 	Transfers by Borrower

	 	 	The Borrower may not assign, transfer, novate or dispose of any of, or any interest in, its
rights and/or obligations under the Finance Documents.

	 
	28.2	 	Assignment of the rights and assumption and release of the obligations of a Bank

	(a)	 	A Bank (the Existing Bank) may at any time assign any of its rights under the Finance
Documents to any other person (the New Bank) on terms that the New Bank assumes the Existing
Bank’s corresponding obligations under the Finance Documents and that the Existing Bank is
released from those obligations. The prior consent of the Borrower is required for any such
assignment of rights and assumption and release of corresponding obligations, unless:

	 	(i)	 	the New Bank is another Bank or an Affiliate of a Bank; or

	 	(ii)	 	an Event of Default has occurred, is continuing and has not been waived.

	 	 	However, the prior consent of the Borrower must not be unreasonably withheld or delayed and
will be deemed to have been given if, within 5 days of receipt by the Borrower of an
application for consent, it has not been expressly refused in writing.

 

66

 

	(b)	 	An assignment of rights and an assumption and release of the corresponding obligations will
be effective only if the rights are assigned and the obligations are assumed and released in
accordance with the following provisions of this Clause.

	(c)	 	An assignment of rights and an assumption and release of the corresponding obligations will
be effective only if:

	 	(i)	 	implemented in accordance with Clause 28.3 (Procedure for assignment,
assumption and release);

	 	(ii)	 	the New Bank accedes to the Mortgage, the Swap Bank Mortgage and the Pledge of
Quota Shares by execution of a deed of assignment of interest in the form of Schedule 9
(Form of Deed of Assignment of Interest); and

	 	(iii)	 	the New Bank grants a power of attorney in favour of the Spanish Security
Agent in the form of Schedule 8 (Form of Bank’s Power of Attorney) in all substantial
respects.

	(d)	 	No assignment of rights and assumption and release of corresponding obligations under this
Clause will be effective until the Agent has completed all know your customer requirements
relating to any person that it is required to carry out in relation to such assignment,
assumption and release. The Agent is not obliged to execute an Assignment, Assumption and
Release Certificate until it has completed all know your customer requirements to its
satisfaction.

	(e)	 	Nothing in this Agreement restricts the ability of a Bank to subcontract an obligation if
that Bank remains liable under this Agreement for that obligation.

	(f)	 	On each occasion on which the rights and corresponding obligations of an Existing Bank are
assigned, assumed and released under this Agreement, the New Bank shall, on the date the
assignment, assumption and release take effect, pay to the Agent for its own account a fee of
euro 2,500.

	 
	(g)	 	An Existing Bank is not responsible to a New Bank for:

	 	(i)	 	the execution, genuineness, validity, enforceability or sufficiency of any
Finance Document or any other document;

	 	(ii)	 	the collectability of amounts payable under any Finance Document; or

	 	(iii)	 	the accuracy of any statements (whether written or oral) made in or in
connection with any Finance Document.

	(h)	 	Each New Bank confirms to the Existing Bank and the other Finance Parties that it:

	 	(i)	 	has made its own independent investigation and assessment of the financial
condition and affairs of the Borrower and its related entities in connection with its
participation in this Agreement and has not relied exclusively on any information
provided to it by the Existing Bank in connection with any Finance Document; and

	 	(ii)	 	will continue to make its own independent appraisal of the creditworthiness of
the Borrower and its related entities while any amount is or may be outstanding under
the Finance Documents or any Commitment is in force.

 

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	(i)	 	Nothing in any Finance Document obliges an Existing Bank to:

	 	(i)	 	accept a re-transfer from a New Bank of any of the rights assigned and/or
obligations assumed and released under this clause; or

	 	(ii)	 	support any losses incurred by the New Bank by reason of the non-performance by
the Borrower of its obligations under the Finance Documents or otherwise.

	(j)	 	Any reference in this Agreement to a Bank includes a New Bank, but excludes a Bank if no
amount is or may be owed to or by that Bank under this Agreement and its Commitment has been
cancelled or reduced to nil.

	 
	28.3	 	Procedure for assignment, assumption and release

	(a)	 	In this Subclause:

	 	 	Assignment, Assumption and Release Date means, for an Assignment Assumption and Release
Certificate, the later of:

	 	(i)	 	the date specified for the proposed assignment, assumption and release in that
Assignment, Assumption and Release Certificate; and

	 	(ii)	 	the date on which the Agent executes that Assignment, Assumption and Release
Certificate.

	(b)	 	An assignment, assumption and release is effected if:

	 	(i)	 	the Existing Bank and the New Bank deliver to the Agent a duly completed
Assignment, Assumption and Release Certificate; and

	 	(ii)	 	the Agent executes it;

	 	(iii)	 	the New Bank, the Existing Bank and the Spanish Security Agent execute the
Spanish public documents required to formalise the Assignment, Assumption and Release
Certificate and the Spanish Security Documents, and the New Bank issues a notarised
power of attorney substantially in the form of Schedule 8 (Form of Bank’s Power of
Attorney); and

	 	(iv)	 	in the event that the Mortgage and the Swap Bank Mortgages have already been
executed and registered at the Canary Islands Special Registry of Vessels and Shipping
Companies, the New Bank executes, notarises and apostilles a deed of assignment in
favour of the Spanish Security Agent substantially in the form of Schedule 9 (Form of
Deed of Assignment of Interest).

	 	 	The Agent must execute as soon as reasonably practicable an Assignment. Assumption and
Release Certificate delivered to it and which appears on its face to be in order and must
notify the Borrower whenever an assignment, assumption and release is effected under this
Clause 28.3(b).

	(c)	 	Each Party (other than the Existing Bank and the New Bank) irrevocably authorises the Agent
to execute any duly completed Assignment, Assumption and Release Certificate on its behalf.

	 
	(d)	 	On the Assignment, Assumption and Release Date:

	 	(i)	 	the Existing Bank will assign to the New Bank the Existing Bank’s rights
expressed to be the subject of the assignment in the Assignment, Assumption and Release
Certificate;

 

68

 

	 	(ii)	 	the New Bank will assume the obligations of the Existing Bank expressed to be
the subject of the assumption in the Assignment, Assumption and Release Certificate in
substitution for the Existing Bank; and

	 	(iii)	 	the Existing Bank will be released from those obligations.

	28.4	 	Reference Banks

	 	 	If a Reference Bank (or, if a Reference Bank is not a Bank, the Bank of which it is an
Affiliate) ceases to be one of the Banks, the Agent shall (in consultation with the
Borrower) appoint another Bank or an Affiliate of a Bank to replace that Reference Bank.

	 
	28.5	 	Register

	 	 	The Agent shall keep a register of all the Parties and shall supply any other Party (at that
Party’s expense) with a copy of the register on request.

	 
	28.6	 	Facility Office

	 	 	Any Bank may from time to time change its Facility Office for the purposes of this
Agreement. In the event of any such change the relevant Bank shall promptly notify the
Agent and on receipt by the Agent from the relevant Bank of notice of such change, the Agent
shall promptly notify the Borrower.

	 
	28.7	 	Accession of Swap Banks

	 	 	No person providing interest rate or hedging facilities to the Borrower will be entitled to
share in any of the security constituted by the Security Documents in respect of any of the
liabilities or debt arising under such swap or hedging facilities or benefit from the
undertakings or the parties to this Agreement unless and until the Agent has agreed in
writing to the identity of such person (such agreement not to be unreasonably withheld where
such person is a Finance Party (or its Affiliate)) and to the swap or hedging facilities
being provided by such person and such person has agreed to become a Swap Bank by executing
and delivering to the Agent a duly completed Deed of Accession. Upon delivery of such a
Deed of Accession to the Agent such person will acquire all its rights and assume all its
obligations as a Swap Bank under this Agreement in relation to such swap or hedging
facilities.

	 
	28.8	 	Termination of Swap Agreements

	 	 	The Borrower may not terminate the Swap Agreements voluntarily without the prior written
consent of the Agent (acting on the instructions of the Banks).

	 
	29.	 	DISCLOSURE OF INFORMATION

	(a)	 	Subject to paragraph (b) below, a Bank may disclose to its Affiliates or any person with whom
it is proposing to enter, or has entered into, any kind of transfer, participation or other
agreement in relation to this Agreement:

	 	(i)	 	a copy of any Finance Document; and

	 	(ii)	 	any information which that Bank has acquired under or in connection with any
Finance Document.

 

69

 

	(b)	 	The rights of disclosure set out in paragraph (a) above are subject to:

	 	(i)	 	the relevant information only being disclosed for the purposes of the relevant
transfer, participation or other agreement;

	 	(ii)	 	the relevant Bank considering it necessary to disclose the relevant information
in order for the recipient of the information properly to determine (on a fully
informed basis) whether or not it wishes to participate in the relevant transfer,
participation or other agreement; and

	 	(iii)	 	the recipient of the relevant information undertaking to the Borrower or to
the Agent or relevant Bank (but for the benefit of the Borrower) to be bound by an
obligation equivalent to this paragraph 29(b).

	30.	 	SET-OFF

	 	 	A Finance Party may upon notice to the Borrower, set off any matured obligation owed by the
Borrower under the Finance Documents (to the extent beneficially owned by that Finance
Party) against any obligation (whether or not matured) owed by that Finance Party to the
Borrower, regardless of the place of payment, booking branch or currency of either
obligation. If the obligations are in different currencies, the Finance Party may convert
either obligation at the Agent’s Spot Rate of Exchange on the relevant date for the purpose
of the set-off. If either obligation is unliquidated or unascertained, the Finance Party
may set off in an amount estimated by it in good faith to be the amount of that obligation.

	 
	31.	 	PRO RATA SHARING

	 
	31.1	 	Redistribution

	 	 	If any amount owing by the Borrower under this Agreement to a Finance Party (the recovering
Finance Party) is discharged by payment, set-off or any other manner other than through the
Agent in accordance with Clause 10 (Payments) (a recovery), then:

	 	(a)	 	the recovering Finance Party shall, within three Business Days, notify details
of the recovery to the Agent;

	 	(b)	 	the Agent shall determine whether the recovery is in excess of the amount which
the recovering Finance Party would have received had the recovery been received by the
Agent and distributed in accordance with Clause 10 (Payments);

	 	(c)	 	subject to Clause 31.3 (Exceptions), the recovering Finance Party shall, within
three Business Days of demand by the Agent, pay to the Agent an amount (the
redistribution) equal to the excess;

	 	(d)	 	the Agent shall treat the redistribution as if it were a payment by the
Borrower under Clause 10 (Payments) and shall pay the redistribution to the Finance
Parties (other than the recovering Finance Party) in accordance with Clause 10.7
(Payments); and

	 	(e)	 	after payment of the full redistribution, the recovering Finance Party will be
subrogated to the portion of the claims paid under paragraph (d) above, and the
Borrower will owe the recovering Finance Party a debt which is equal to the
redistribution, immediately payable and of the type originally discharged.

 

70

 

	31.2	 	Reversal of redistribution

	 	 	If under Clause 31.1 (Redistribution):

	 	(a)	 	a recovering Finance Party must subsequently return a recovery, or an amount
measured by reference to a recovery, to the Borrower; and

	 	(b)	 	the recovering Finance Party has paid a redistribution in relation to that
recovery,

	 	 	each Finance Party shall, within three Business Days of demand by the recovering Finance
Party through the Agent, reimburse the recovering Finance Party all or the appropriate
portion of the redistribution paid to that Finance Party together with interest on the
amount to be returned to the recovering Finance Party for the period whilst it held the
redistribution. Thereupon the subrogation in Clause 31.1(e) (Redistribution) will operate
in reverse to the extent of the reimbursement.

	31.3	 	Exceptions

	(a)	 	A recovering Finance Party need not pay a redistribution to the extent that it would not,
after the payment, have a valid claim against the Borrower in the amount of the redistribution
pursuant to Clause 31.1(e) (Redistribution).

	(b)	 	A recovering Finance Party is not obliged to share with any other Finance Party any amount
which the recovering Finance Party has received or recovered as a result of taking legal
proceedings, if the other Finance Party had an opportunity to participate in those legal
proceedings but did not do so or did not take separate legal proceedings.

	 
	32.	 	SEVERABILITY

	 	 	If a provision of any Finance Document is or becomes illegal, invalid or unenforceable in
any jurisdiction, that shall not affect:

	 	(a)	 	the legality, validity or enforceability in that jurisdiction of any other
provision of the Finance Documents; or

	 	(b)	 	the legality, validity or enforceability in other jurisdictions of that or any
other provision of the Finance Documents.

	33.	 	COUNTERPARTS

	 	 	Each Finance Document may be executed in any number of counterparts, and this has the same
effect as if the signatures on the counterparts were on a single copy of the Finance
Documents.

	 
	34.	 	NOTICES

	 
	34.1	 	Giving of notices

	 	 	All notices or other communications under or in connection with the Finance Documents shall
be given in writing and unless otherwise stated, may be by letter or facsimile. Any such
notice will be deemed to be given as follows:

	 	(a)	 	if by letter, when delivered personally or on actual receipt; and

	 	(b)	 	if by facsimile, when received in legible form.

 

71

 

	 	 	However, a notice given in accordance with the above but received on a non-working day or
after business hours in the place of receipt will only be deemed to be given on the next
working day in that place.

	 
	34.2	 	Addresses for notices

	(a)	 	The address and facsimile number of each Party (other than the Borrower, and Agent) for all
notices under or in connection with the Finance Documents are:

	 	(i)	 	those notified by that Party for this purpose to the Agent on or before it
becomes a Party; or

	 	(ii)	 	any other notified by that Party for this purpose to the Agent by not less than
five Business Days’ notice.

	(b)	 	The address and facsimile number of the Borrower are:

C/Musgo n° 5, 2° Plta.,

LA FLORIDA, 28023

Madrid

Facsimile:       00 34 91 307 7043

Attention:       Andres Luna

		 	or such other as the Borrower may notify to the other Parties by not less than five Business
Days’ notice.

	 
	(c)	 	The address and facsimile number of the Agent are:

60 London Wall

London, EC2M 5TQ

Facsimile:       +44 20 7767 7252

Attention:       Adam Byrne / Jonathan Gorrie

With a copy to:

Loans Agency

60 London Wall

London, EC2M 5TQ

Facsimile:       +44 20 77677324

Attention:       Ian Tofts / Craig Baker

		 	or such other as the Agent may notify to the other Parties by not less than five Business
Days’ notice.

	(d)	 	The address and facsimile number of the Spanish Security Agent are:

Loans Agency60 London Wall

London, EC2M 5TQ

Facsimile:       +44 20 77677324

Attention:       Ian Tofts / Craig Baker

		 	or such other as the Spanish Security Agent may notify to the other Parties by not less than
five Business Days’ notice.

	(e)	 	All notices from or to the Borrower or a Bank shall be sent through the Agent.

 

72

 

	(f)	 	The Agent shall, promptly upon request from any Party, give to that Party the address or
facsimile number of any other Party applicable at the time for the purposes of this clause.

	 
	35.	 	LANGUAGE

	(a)	 	Any notice given under or in connection with any Finance Document shall be in English.

	 
	(b)	 	All other documents provided under or in connection with any Finance Document shall be:

	 	(i)	 	in English; or

	 	(ii)	 	if not in English, accompanied by a certified English translation and, in this
case, the English translation shall prevail unless the document is a statutory or other
official document.

	36.	 	JURISDICTION

	 
	36.1	 	Submission

	 	 	For the benefit of each Finance Party, the Borrower agrees that the courts of England have
jurisdiction to settle any disputes in connection with any Finance Document or any
non-contractual obligations arising out of or in connection with any Finance Document and
accordingly submits to the jurisdiction of the English courts.

	 
	36.2	 	Service of process

	 	 	Without prejudice to any other mode of service, the Borrower:

	 	(a)	 	irrevocably appoints Teekay Shipping (UK) Limited at its offices, for the time
being at 2nd Floor, 86 Jermyn Street, London SW1Y 6JD as its agent for service of
process relating to any proceedings before the English courts in connection with any
Finance Document;

	 	(b)	 	agrees that failure by a process agent to notify the Borrower of the process
will not invalidate the proceedings concerned;

	 	(c)	 	consents to the service of process relating to any such proceedings by prepaid
posting of a copy of the process to its address for the time being applying under
Clause 34.2 (Addresses for notices); and

	 	(d)	 	agrees that if the appointment of any person mentioned in paragraph (a) above
ceases to be effective, the Borrower shall immediately appoint a further person in
England to accept service of process on its behalf in England, and failing such
appointment within 15 days the Agent is entitled to appoint such a person by notice to
the Borrower.

	36.3	 	Forum convenience and enforcement abroad

	 	 	The Borrower:

	 	(a)	 	waives objection to the English courts on grounds of inconvenient forum or
otherwise as regards proceedings in connection with a Finance Document; and

	 	(b)	 	agrees that a judgment or order of an English court in connection with a
Finance Document is conclusive and binding on it and may be enforced against it in the
courts of any other jurisdiction.

 

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	36.4	 	Non-exclusivity

	 	 	Nothing in this Clause 36 limits the right of a Finance Party to bring proceedings against
the Borrower in connection with any Finance Document:

	 	(a)	 	in any other court of competent jurisdiction; or

	 	(b)	 	concurrently in more than one jurisdiction.

	36.5	 	Waiver of immunity

	 	 	The Borrower irrevocably and unconditionally:

	 	(a)	 	agrees that its exercise of its rights and the performance of its obligations
under the Finance Documents will constitute private and commercial acts done and
performed for private and commercial purposes and, if any Finance Party brings legal
proceedings against it or its assets in relation to the Finance Documents, no immunity
from those proceedings shall be claimed by or on behalf of itself or for its assets;

	 	(b)	 	waives any such right of immunity which it or its assets now has or may acquire
after the date of this Agreement; and

	 	(c)	 	consents generally to the giving of any relief or the issue of any process
under those proceedings.

	36.6	 	Executive Proceedings and Set-off. Spanish notarial formalities

	(a)	 	The Borrower agrees that this Facility Agreement, as well as any amendments hereto, will be
formalised in a Spanish notarial document (“escritura pública” or “póliza”), so that it may
have the status of a notarial document of loan for all purposes contemplated in Article 517,
number 2, paragraphs number 4 and 5 of the new Civil Procedural Law (Law 1/2000 of 7 January)
(“Ley de Enjuiciamiento Civil”). The Borrower also undertakes to grant any public or private
document required by the Agent for the purposes of or in relation to such notarial document,
and that the notarial document shall state any conditions that the Agent considers necessary
or convenient in respect of the enforceability of the Finance Documents, including those
referred to in article 517 et seq and 571 et seq or any other provision of the Spanish Civil
Procedural Law (Law 1/2000 of 7 January) (Ley de Enjuiciamiento Civil).

	 	(i)	 	The sum payable by the Borrower shall be the total aggregate sum resulting from
the balance shown in the account(s) maintained by the Agent (or the relevant Bank, as
the case may be) in accordance with this Agreement. For the purposes of Articles 571
et seq. of the new Civil Procedural Law (Law 1/2000 of 7 January) (“Ley de
Enjuiciamiento Civil”), the parties expressly agree that such balance shall be
considered as an acknowledgement of debt and may be claimed pursuant to the same
provisions of such law.

	 	(ii)	 	For the purpose of the provisions of Art. 571 et seq. of the new Civil
Procedural Law (Law 1/2000 of 7 January) (“Ley de Enjuiciamiento Civil”), it is
expressly agreed by the contracting parties that the determination of the debt to be
claimed through the executive proceedings shall be effected by the Agent (or the
relevant Bank, as the case may be) by means of the appropriate certificate setting out
the relevant calculations and determinations and evidencing the balance shown in the
account or accounts of the Borrower. By virtue of the foregoing, to exercise executive
action it will be sufficient to present an original notarial first copy of this
Agreement and the notarial document (“acta notarial”) that incorporates the certificate
issued by the Agent (or the relevant Bank, as the case may be) evidencing that
the determination of the amounts due and payable by the Borrower have been calculated
as agreed in this Agreement and that such amounts coincide with the balance shown in
the account or accounts of the Borrower. Each Finance Party may (at the cost of the
Borrower) have the certificate notarised evidencing that the calculations and
determinations have been effected.

 

74

 

	(b)	 	The covenants in subparagraphs (i) and (ii) above are also applicable with respect to any
Bank with regard to its respective Commitment. Such Bank may issue the appropriate
certification of the balance of the account or accounts of the Borrower and the certification
of the account balance may be legalised by a notary.

	(c)	 	The amount of the balance so established shall be notified to the Borrower in an attestable
manner at least one (1) day in advance of exercising the action.

	(d)	 	The Borrower undertakes that the notarial document shall at least expressly state that a
Finance Party is entitled to claim all amounts outstanding under the Finance Documents
following any non-payment of principal or interest under this Facility Agreement. This does
not prejudice the exercise of any other right and remedy of any Finance Party.

	(e)	 	The Borrower hereby expressly authorises the Agent (and any Bank, as appropriate), to request
and obtain, by itself, certificates issued by the notary which has formalised this Agreement
in order to evidence its accordance with the entries of his registry-book and the date of them
for the purpose of Article 517 number 2 paragraph number 5, of the new Civil Procedural Law
(Law 1/2000 of 7 January) (“Ley de Enjuiciamiento Civil”), the amount of such certificate
being for the account of the Borrower in the manner provided with respect to other expenses.

	 
	37.	 	GOVERNING LAW

	 	 	This Agreement and any non-contractual obligations arising out of or in connection with it
are governed by English law.

	THIS AGREEMENT has been entered into on the date stated at the beginning of this Agreement.

 

75

 

SCHEDULE 1

BANKS AND COMMITMENTS1

	 	 	 	 	 
	Banks	 	Commitments	 
	 
	 	 	 	 
	ING Bank N.V., London Branch
	 	 	42,433,766.11	 
	ABN Amro Bank N.V.
	 	 	40,000,000.00	 
	Crédit Agricole Corporate and Investment Bank
	 	 	22,500,000.00	 
	J.P. Morgan Europe Limited
	 	 	20,000,000.00	 
	Scotiabank (Ireland) Limited
	 	 	25,000,000.00	 
	 	 	 	 
	Total Commitments
	 	euro	149,933,766.11	 
	 	 	 	 

 

	 	 	 
	1	 	ING to provide details

 

76

 

SCHEDULE 2

CONDITIONS PRECEDENT DOCUMENTS

1. Borrower

	(a)	 	A certified copy of the constitutional documents of the Borrower.

	 
	(b)	 	A certified copy of a notarised resolution of the board of directors of the Borrower:

	 	(i)	 	approving the terms of, and the transactions contemplated by, each Finance
Document and each Related Contract and resolving that it execute each Finance Document
then to be executed;

	 	(ii)	 	authorising a specified person or persons to execute each Finance Document on
its behalf; and

	 	(iii)	 	empowering named persons as its attorney to effect notarisation of each of the
relevant Finance Documents on its behalf; and

	 	(iv)	 	authorising a specified person or persons, on its behalf, to sign and/or
despatch all other documents and notices to be signed and/or despatched by it under or
in connection with each Finance Document.

	(c)	 	A specimen of the signature of each director of the Borrower.

	(d)	 	A copy of the reporting form PE-1 assigning a NOF number to this Agreement, duly sealed by
the Bank of Spain.

	(e)	 	A certified copy of all other resolutions, consents, licences, exemptions and filings,
corporate, official or otherwise which the Agent may reasonably require in connection with
this Agreement or any other Finance Document.

	(f)	 	A certified copy of the Borrower’s audited financial statements for the financial year ending
in 2010.

	 
	2.	 	Guarantors

	 
	(a)	 	A certified copy of the constitutional documents of each of the Guarantors.

	(b)	 	A certified copy of a notarised resolution of the board of directors of each of the
Guarantors:

	 	(i)	 	approving the terms of, and the transactions contemplated by, the Finance
Documents and Related Contracts to which it is a party and resolving that it execute
the Finance Documents and Related Contracts to which it is a party;

	 	(ii)	 	authorising a specified person or persons to execute the Finance Documents and
Related Contracts to which it is a party on its behalf; and

	 	(iii)	 	authorising a specified person or persons, on its behalf, to sign and/or
despatch all other documents and notices to be signed and/or despatched by it under or
in connection with the Finance Documents and Related Contracts to which it is a party.

	(c)	 	A specimen of the signature of each director of the Guarantors.

 

77

 

	3.	 	AIE

	(a)	 	A certified copy of the constitutional documents of the AIE.

	 
	(b)	 	A certified copy of a notarised decision of the management body of the AIE:

	 	(i)	 	approving the terms of, and the transactions contemplated by, the Mortgage and
the Swap Bank Mortgage and resolving that it execute the Mortgage and the Swap Bank
Mortgage;

	 	(ii)	 	authorising a specified person or persons to execute the Mortgage and the Swap
Bank Mortgage on its behalf; and

	 	(iii)	 	authorising a specified person or persons, on its behalf, to sign or despatch
all other documents and notices to be signed or despatched by it under or in connection
with the Mortgage and the Swap Bank Mortgage.

	(c)	 	A specimen of the signature of each person authorised by the resolution referred to in
paragraph (b) above.

	(d)	 	A certified copy of all other resolutions, consents, licences, exemptions and filings,
corporate, official or otherwise which the Agent may reasonably require in connection with the
Mortgage and the Swap Bank Mortgage.

	 	 	Each certified copy document must be certified by a director, officer or duly authorised
attorney of the relevant company as being true and complete as at a date no earlier than the
date of this Agreement.

	 
	4.	 	Finance Documents and Related Contracts

	(a)	 	A duly executed original of this Agreement.

	 
	(b)	 	A Spanish Public Document of the executed original of this Agreement.

	 
	(c)	 	A duly executed original of the General Assignment.

	 
	(d)	 	A Spanish Public Document of the executed General Assignment.

	 
	(e)	 	A duly executed original of the Vessel Management Assignment.

	 
	(f)	 	A Spanish Public Document of the executed Vessel Management Assignment.

	 
	(g)	 	A duly executed original of the Insurances Assignment.

	 
	(h)	 	A Spanish Public Document of the executed original of the Insurances Assignment.

	 
	(i)	 	A duly executed original of the Pledge of Quota Shares.

	 
	(j)	 	A Spanish Public Document of the executed Pledge of Quota Shares.

	 
	(k)	 	A duly executed original of the Guarantee.

	(l)	 	A Spanish Public Document of the executed Guarantee with its signatures legalised by a
Spanish Notary Public.

 

78

 

	(m)	 	An original copy of the Shareholders’ Registry Book (Libro Registro de Socios) in order to
proceed with the inscription of the Pledge; (ii) an original copy of a certificate issued by
the Secretary of the Borrower regarding the ownership of the shares free of charges and
encumbrances and (iii) Spanish notarial deed evidencing the ownership of the shares

	 
	(n)	 	A certified copy of each Related Contract, duly executed.

	(o)	 	A duly executed original of each Fee Letter together with confirmation from the Agent of
payment by the Borrower of amounts due thereunder.

	 
	(p)	 	A duly executed original of the Tax Lease General Assignment.

	 
	(q)	 	A Spanish Public Document of the executed original of the Tax Lease General Assignment.

	(r)	 	Duly executed originals of all notices of assignment required to be served under the Tax
Lease General Assignment and each other Security Document referred to above and the
acknowledgements thereof, duly executed by each relevant counterparty.

	(s)	 	A duly executed and notarised original of the Mortgage, in a form registrable at the Canary
Islands Special Registry of Vessels and Shipping Companies.

	(t)	 	A duly executed and notarised original of each Swap Bank Mortgage in a form registrable at
the Canary Islands Special Registry of Vessels and Shipping Companies.

	(u)	 	Two irrevocable Powers of Attorney to be granted under the Mortgage and the Pledge
respectively.

	 
	(v)	 	A duly executed original of the OFAC Letter.

	 
	5.	 	Other documents

	(a)	 	A copy of any other authorisation or other document, opinion or assurance which the Agent
considers to be necessary or desirable in connection with the entry into and performance of,
and the transactions contemplated by, any Finance Document or any Related Contract or for the
validity and enforceability of any Finance Document or any Related Contract.

	(b)	 	A letter from Teekay Shipping (UK) Limited agreeing to its appointment as process agent for
the Borrower and the Guarantors under the Finance Documents.

	(c)	 	A copy of a power of attorney given by the Borrower to the Spanish Security Agent for the
purposes of notarising this Agreement and the other relevant Finance Documents, duly executed,
notarised and apostilled.

	(d)	 	A copy of each Power of Attorney given by each Bank in the form of Schedule 8 (Form of Bank’s
Power of Attorney) duly executed, notarised and apostilled.

	(e)	 	Documents required by any Bank in order to complete their “Know Your Client” procedures or
equivalent regulatory requirements.

	 
	6.	 	The Vessel

	 
	(a)	 	Evidence that:

	 	(i)	 	the title to the Vessel is held by the AIE, free of all Security Interests
other than Permitted Liens;

 

79

 

	 	(ii)	 	the Vessel is registered in the name of the AIE, as a Canary Islands flag ship
at the port of Santa Cruz de Tenerife in the Canary Islands;

	 	(iii)	 	there is no Security Interest whatsoever of any kind upon the Vessel or the
Obligatory Insurances or Earnings of the Vessel other than Permitted Liens;

	 	(iv)	 	the Mortgage and each Swap Bank Mortgage in respect of the Vessel has been duly
recorded in the Special Registry of Ships of the Canary Islands in accordance with
Spanish law and each constitutes a first priority security interest over the Vessel and
that all taxes and fees payable to the Canary Islands Special Registry of Vessels and
Shipping Companies in respect of the Vessel have been paid in full; and

	 	(v)	 	the Vessel is subject to a safety management system which complies with the ISM
Code and the ISPS Code.

	(b)	 	A certified copy of:

	 	(i)	 	a classification certificate in respect of the Vessel showing the Vessel to be
in class without recommendation, condition or qualification;

	 
	 	(ii)	 	a valid Interim Safety Management Certificate for the Vessel;

	 
	 	(iii)	 	a valid Document of Compliance; and

	 
	 	(iv)	 	a valid International Ship Security Certificate.

	(c)	 	Confirmation acceptable to the Agent that the Time Charterer has accepted the Vessel pursuant
to the terms of the Time Charter.

	 
	7.	 	Insurance

	 
	(a)	 	A certified copy of all current insurance policies in respect of the Vessel.

	(b)	 	A duly executed and notarised notice of assignment (and acknowledgement of the same) of the
Obligatory Insurances in respect of the Vessel duly executed by the Borrower substantially in
the form provided for in the Insurances Assignment.

	(c)	 	Fax confirmation from each broker, insurer and club concerned with the Obligatory Insurances
of the Vessel that:

	 	(i)	 	the relevant cover is in effect and will remain in effect;

	 	(ii)	 	they will accept notice of assignment of the Obligatory Insurances in favour of
the Agent;

	 	(iii)	 	they will restrict their lien for unpaid premiums under any fleet policy to
unpaid premiums in respect of that Vessel only;

	 	(iv)	 	they will issue a letter of undertaking in the current LIBA form (in the case
of Lloyds brokers), in the form provided for in the Insurances Assignment (in the case
of non-Lloyds brokers and insurers other than clubs) or in their current standard form
(in the case of clubs);

	 	(v)	 	they will accept endorsement of a loss payable clause on the policies in the
form provided for in the Insurances Assignment (in the case of brokers and insurers
other than clubs) or
will note the interest of the Agent in the entry for the Vessel by way of a loss
payable clause in their current standard form (in the case of clubs); and

 

80

 

	 	(vi)	 	they are not aware of any mortgage, charge, assignment or other encumbrance
affecting the Obligatory Insurances with which they are concerned (other than any
previously disclosed by the Borrower to the Agent in writing).

	(d)	 	Confirmation from the Agent of the Banks’ satisfaction with a final insurance report prepared
by Bankserve or any other insurance advisor selected by the Agent and agreed by the Borrower
and addressed to each Bank.

	 
	8.	 	Legal opinions

	(a)	 	A legal opinion of Allen & Overy, London office, English legal advisers to the Agent,
addressed to the Finance Parties.

	(b)	 	A legal opinion of Allen & Overy, Madrid office, Spanish legal advisers to the Agent,
addressed to the Finance Parties.

	(c)	 	A legal opinion of Seward & Kissel, Marshall Islands advisers to the Agent, addressed to the
Finance Parties.

 

81

 

SCHEDULE 3

CONDITIONS SUBSEQUENT

	1.	 	Within one month of the date of this Agreement and in any event prior to the end of the first
Interest Period after the Drawdown Date and on or before 15 December 2011, the Borrower will
enter into the Swap Agreements with the Swap Banks, in form and substance satisfactory to the
Agent.

	2.	 	A duly executed original of the Swap Agreements, together with evidence satisfactory to the
Agent of satisfaction of any conditions precedent therein.

	 
	3.	 	A Spanish Public Document of the executed original Swap Agreements.

	 
	4.	 	A duly executed original of the Swap Agreements Assignment.

	5.	 	A Spanish Public Document of the executed Swap Agreements Assignment.

 

82

 

SCHEDULE 4

FORM OF REQUEST

	To:	 	 ING Bank N.V., London Branch as Agent

	 
	From:	 	 Naviera Teekay Gas IV S.L.U.

Date: [_____________]

NAVIERA TEEKAY GAS I.V. S.L.U.

euro 149,933,766.11 Credit Agreement dated [_____________] 2011 (as amended, supplemented or

novated from time to time)

m.v. MADRID SPIRIT

	1.	 	We wish to borrow the Loan from the Banks as follows:

(a) Drawdown Date: [_____]

(b) Amount: [_____]

(c) Interest Period: [_____]

(d) Payment Instructions: [_____].

	2.	 	We confirm that:

	 	(a)	 	the representations and warranties in Clause 16 (Representations and
Warranties) are true and accurate and will be true and accurate immediately after the
Loan is advanced;

	 	(b)	 	no Default is outstanding or would result from the advancing of the Loan; and

	 	(c)	 	all other terms and conditions under the Credit Agreement to the advancing of
the Loan have been satisfied in full (unless waived in writing by the Agent).

By:

NAVIERA TEEKAY GAS IV S.L.U.

Authorised Signatory

 

83

 

SCHEDULE 5

FORM OF ASSIGNMENT, ASSUMPTION AND RELEASE CERTIFICATE

	To:	 	 ING Bank N.V., London Branch as Agent

	 
	From:	 	 THE EXISTING BANK] (the Existing Bank) and [THE NEW BANK] (the New Bank)

Date: [______]

NAVIERA TEEKAY GAS IV S.L.U.

euro 149,933,766.11 Credit Agreement dated [l], 2011, as amended, supplemented or novated from

time to time (the Agreement)

m.v. MADRID SPIRIT

We refer to Clause 28.3 (Procedure for assignment, assumption and release) of the Agreement. This
is an Assignment, Assumption and Release Certificate.

	1.	 	In accordance with the Agreement:

	 	(a)	 	the Existing Bank assigns to the New Bank all the rights of the Existing Bank
under the Finance Documents which correspond to that portion of the Existing Bank’s
Commitments under the Agreement specified in the Schedule hereto;

	 	(b)	 	the New Bank assumes all the obligations of the Existing Bank which correspond
to the rights assigned under sub-paragraph (a) above; and

	 
	 	(c)	 	the Existing Bank is released from those obligations.

	2.	 	The proposed Assignment, Assumption and Release Date is [_____].

	 
	3.	 	The administrative details of the New Bank for the purposes of the Finance Documents are set
out in the Schedule.

	 
	4.	 	This Assignment, Assumption and Release Certificate is governed by English law.

 

84

 

THE SCHEDULE

Rights and obligations to be assigned by the Existing Bank and assumed by the New Bank

[Details of the rights and obligations of the Existing Bank, including applicable Commitment (or
part)].

[New Bank]

	 	 	 	 	 
	[Facility Office	 	Address for notices]
	 
	 	 	 	 
	[Existing Bank]	 	[New Bank]	 	ING Bank N.V., London Branch
	 
	 	 	 	 
	By:

	 	By:
	 	By:
	 
	 	 	 	 
	Date:

	 	Date:
	 	Date:

The Assignment, Assumption and Release Date is confirmed by the Agent as [     ].

ING BANK N.V., LONDON BRANCH

By:

 

85

 

SCHEDULE 6

CALCULATION OF THE MANDATORY COST

	1.	 	General

	(a)	 	The Mandatory Cost is to compensate a Bank for the cost of compliance with:

	 	(i)	 	the requirements of the Bank of England and/or the Financial Services Authority
(or, in either case, any other authority which replaces any of its functions); or

	 
	 	(ii)	 	the requirements of the European Central Bank.

	(b)	 	The Mandatory Cost is expressed as a percentage rate per annum.

	(c)	 	The Mandatory Cost is the weighted average (weighted in proportion to the percentage share of
each Bank in the relevant Loan) of the rates for the Banks calculated by the Agent in
accordance with this Schedule on the first day of a Term (or as soon as possible after then).

	(d)	 	The Agent must distribute each amount of Mandatory Cost among the Banks on the basis of the
rate for each Bank.

	(e)	 	Any determination by the Agent pursuant to this Schedule will be, in the absence of manifest
error, conclusive and binding on all the Parties.

	(f)	 	For the purposes of this Schedule, Participating Member State means a member state of the
European Communities that adopts or has adopted the euro as its lawful currency under the
legislation of the European Community for Economic Monetary Union.

	2.	 	For a Bank lending from a Facility Office in the UK

	(a)	 	The relevant rate for a Bank lending from a Facility Office in the UK is calculated in
accordance with the following formula:

	 	 	 	 	 	 	 
	 

	 	E × 0.01
	 	per cent. per annum
	 

	 	 	 
	 

	 	 	300	 	 

where on the day of application of the formula, E is calculated by the Agent as being the
average of the rates of charge under the fees rules supplied by the Reference Banks to the
Agent under paragraph (d) below and expressed in pounds per £1 million.

	(b)	 	For the purposes of this paragraph 2:

	 	(i)	 	fees rules means the then current rules on periodic fees in the Supervision
Manual of the FSA Handbook or any other law or regulation as may then be in force for
the payment of fees for the acceptance of deposits;

	 	(ii)	 	fee tariffs means the fee tariffs specified in the fees rules under fee-block
Category A1 (Deposit acceptors) (ignoring any minimum fee or zero rated fee required
pursuant to the fees rules but applying any applicable discount rate); and

	 	(iii)	 	tariff base has the meaning given to it in, and will be calculated in
accordance with, the fees rules.

 

86

 

	(c)	 	Each rate calculated in accordance with the formula is, if necessary, rounded upward to four
decimal places.

	(d)	 	If requested by the Agent, each Reference Bank must, as soon as practicable after publication
by the Financial Services Authority, supply to the Agent the rate of charge payable by that
Reference Bank to the Financial Services Authority under the fees rules for that financial
year of the Financial Services Authority (calculated by that Reference Bank as being the
average of the fee tariffs applicable to that Reference Bank for that financial year) and
expressed in pounds per £1 million of the tariff base of that Reference Bank.

	(e)	 	Each Bank must supply to the Agent the information required by it to make a calculation of
the rate for that Bank. In particular, each Bank must supply the following information on or
prior to the date on which it becomes a Bank:

(i) the jurisdiction of its Facility Office; and

(ii) any other information that the Agent reasonably requires for that purpose.

Each Bank must promptly notify the Agent of any change to the information supplied to it
under this paragraph.

	(f)	 	The rates of charge of each Reference Bank for the purpose of E above are determined by the
Agent based upon the information supplied to it under paragraphs (d) and (e) above. Unless a
Bank notifies the Agent to the contrary, the Agent may assume that the Bank’s obligations in
respect of cash ratio deposits and special deposits are the same as those of a typical bank
from its jurisdiction of incorporation with a Facility Office in the UK.

	(g)	 	The Agent has no liability to any Party if its calculation over or under compensates any
Bank. The Agent is entitled to assume that the information provided by any Bank or Reference
Bank under this Schedule is true and correct in all respects.

	3.	 	For a Bank lending from a Facility Office in a Participating Member State

	(a)	 	The relevant rate for a Bank lending from a Facility Office in a Participating Member State
is the percentage rate per annum notified by that Bank to the Agent. This percentage rate per
annum must be certified by that Bank in its notice to the Agent as its reasonable
determination of the cost (expressed as a percentage of that Bank’s share in all Loans made
from that Facility Office) of complying with the minimum reserve requirements of the European
Central Bank in respect of Loans made from that Facility Office.

	(b)	 	If a Bank fails to specify a rate under paragraph (a) above, the Agent will assume that the
Bank has not incurred any such cost.

 

87

 

	4.	 	Changes

	(a)	 	The Agent may, after consultation with the Borrower and the Banks, determine and notify all
the Parties of any amendment to this Schedule which is required to reflect:

	 	(i)	 	any change in law or regulation; or

	 	(ii)	 	any requirement imposed by the Bank of England, the Financial Services
Authority or the European Central Bank (or, in any case, any successor authority).

	(b)	 	If the Agent, after consultation with the Borrower, determines that the Mandatory Cost for a
Bank lending from a Facility Office in the UK can be calculated by reference to a screen, the
Agent may notify all the Parties of any amendment to this Agreement which is required to
reflect this.

 

88

 

SCHEDULE 7

REPAYMENT SCHEDULE

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Month From	 	 	 	 	 	 	 	 	 
	Delivery	 	Date	 	 	Outstanding	 	 	Repayment	 
	81
	 	 	31/10/2011	 	 	 	149,933,766.12	 	 	 	-$424,772.99	 
	82
	 	 	30/11/2011	 	 	 	149,506,578.11	 	 	 	-$427,188.00	 
	83
	 	 	30/12/2011	 	 	 	149,076,961.37	 	 	 	-$429,616.74	 
	84
	 	 	31/01/2012	 	 	 	148,644,902.07	 	 	 	-$432,059.29	 
	85
	 	 	29/02/2012	 	 	 	148,210,386.34	 	 	 	-$434,515.73	 
	86
	 	 	30/03/2012	 	 	 	147,773,400.21	 	 	 	-$436,986.13	 
	87
	 	 	30/04/2012	 	 	 	147,333,929.62	 	 	 	-$439,470.58	 
	88
	 	 	31/05/2012	 	 	 	146,891,960.47	 	 	 	-$441,969.16	 
	89
	 	 	29/06/2012	 	 	 	146,447,478.53	 	 	 	-$444,481.94	 
	90
	 	 	31/07/2012	 	 	 	146,000,469.53	 	 	 	-$447,009.00	 
	91
	 	 	31/08/2012	 	 	 	145,550,919.10	 	 	 	-$449,550.43	 
	92
	 	 	28/09/2012	 	 	 	145,098,812.78	 	 	 	-$452,106.31	 
	93
	 	 	31/10/2012	 	 	 	144,644,136.06	 	 	 	-$454,676.73	 
	94
	 	 	30/11/2012	 	 	 	144,186,874.30	 	 	 	-$457,261.75	 
	95
	 	 	31/12/2012	 	 	 	143,727,012.83	 	 	 	-$459,861.48	 
	96
	 	 	31/01/2013	 	 	 	143,264,536.85	 	 	 	-$462,475.98	 
	97
	 	 	28/02/2013	 	 	 	142,799,431.50	 	 	 	-$465,105.35	 
	98
	 	 	28/03/2013	 	 	 	142,331,681.83	 	 	 	-$467,749.67	 
	99
	 	 	30/04/2013	 	 	 	141,861,272.81	 	 	 	-$470,409.02	 
	100
	 	 	31/05/2013	 	 	 	141,388,189.32	 	 	 	-$473,083.49	 
	101
	 	 	28/06/2013	 	 	 	140,912,416.15	 	 	 	-$475,773.17	 
	102
	 	 	31/07/2013	 	 	 	140,433,938.01	 	 	 	-$478,478.14	 
	103
	 	 	30/08/2013	 	 	 	139,952,739.53	 	 	 	-$481,198.48	 
	104
	 	 	30/09/2013	 	 	 	139,468,805.23	 	 	 	-$483,934.30	 
	105
	 	 	31/10/2013	 	 	 	138,982,119.57	 	 	 	-$486,685.67	 
	106
	 	 	29/11/2013	 	 	 	138,492,666.89	 	 	 	-$489,452.68	 
	107
	 	 	31/12/2013	 	 	 	138,000,431.47	 	 	 	-$492,235.42	 
	108
	 	 	31/01/2014	 	 	 	137,505,397.49	 	 	 	-$495,033.98	 
	109
	 	 	28/02/2014	 	 	 	137,007,549.03	 	 	 	-$497,848.46	 
	110
	 	 	31/03/2014	 	 	 	136,506,870.10	 	 	 	-$500,678.93	 
	111
	 	 	30/04/2014	 	 	 	136,003,344.60	 	 	 	-$503,525.50	 
	112
	 	 	30/05/2014	 	 	 	135,496,956.34	 	 	 	-$506,388.25	 
	113
	 	 	30/06/2014	 	 	 	134,987,689.06	 	 	 	-$509,267.28	 
	114
	 	 	31/07/2014	 	 	 	134,475,526.38	 	 	 	-$512,162.68	 
	115
	 	 	29/08/2014	 	 	 	133,960,451.85	 	 	 	-$515,074.54	 
	116
	 	 	30/09/2014	 	 	 	133,442,448.90	 	 	 	-$518,002.95	 
	117
	 	 	31/10/2014	 	 	 	132,921,500.89	 	 	 	-$520,948.01	 
	118
	 	 	28/11/2014	 	 	 	132,397,591.07	 	 	 	-$523,909.82	 
	119
	 	 	31/12/2014	 	 	 	131,870,702.60	 	 	 	-$526,888.46	 
	120
	 	 	30/01/2015	 	 	 	131,340,818.56	 	 	 	-$529,884.05	 
	121
	 	 	27/02/2015	 	 	 	130,807,921.90	 	 	 	-$532,896.66	 
	122
	 	 	31/03/2015	 	 	 	130,271,995.50	 	 	 	-$535,926.40	 
	123
	 	 	30/04/2015	 	 	 	129,733,022.14	 	 	 	-$538,973.36	 
	124
	 	 	29/05/2015	 	 	 	129,190,984.49	 	 	 	-$542,037.65	 
	125
	 	 	30/06/2015	 	 	 	128,645,865.13	 	 	 	-$545,119.36	 

 

89

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Month From	 	 	 	 	 	 	 	 	 
	Delivery	 	Date	 	 	Outstanding	 	 	Repayment	 
	126
	 	 	31/07/2015	 	 	 	128,097,646.54	 	 	 	-$548,218.59	 
	127
	 	 	28/08/2015	 	 	 	127,546,311.10	 	 	 	-$551,335.44	 
	128
	 	 	30/09/2015	 	 	 	126,991,841.09	 	 	 	-$554,470.01	 
	129
	 	 	30/10/2015	 	 	 	126,434,218.69	 	 	 	-$557,622.41	 
	130
	 	 	30/11/2015	 	 	 	125,873,425.96	 	 	 	-$560,792.72	 
	131
	 	 	31/12/2015	 	 	 	125,309,444.90	 	 	 	-$563,981.06	 
	132
	 	 	29/01/2016	 	 	 	124,742,257.37	 	 	 	-$567,187.53	 
	133
	 	 	29/02/2016	 	 	 	124,171,845.15	 	 	 	-$570,412.23	 
	134
	 	 	31/03/2016	 	 	 	123,598,189.89	 	 	 	-$573,655.26	 
	135
	 	 	29/04/2016	 	 	 	123,021,273.16	 	 	 	-$576,916.73	 
	136
	 	 	31/05/2016	 	 	 	122,441,076.42	 	 	 	-$580,196.74	 
	137
	 	 	30/06/2016	 	 	 	121,857,581.02	 	 	 	-$583,495.40	 
	138
	 	 	29/07/2016	 	 	 	121,270,768.21	 	 	 	-$586,812.81	 
	139
	 	 	31/08/2016	 	 	 	120,680,619.12	 	 	 	-$590,149.09	 
	140
	 	 	30/09/2016	 	 	 	120,087,114.79	 	 	 	-$593,504.33	 
	141
	 	 	31/10/2016	 	 	 	119,490,236.14	 	 	 	-$596,878.65	 
	142
	 	 	30/11/2016	 	 	 	118,889,963.98	 	 	 	-$600,272.16	 
	143
	 	 	30/12/2016	 	 	 	118,286,279.03	 	 	 	-$603,684.95	 
	144
	 	 	31/01/2017	 	 	 	117,679,161.88	 	 	 	-$607,117.15	 
	145
	 	 	28/02/2017	 	 	 	117,068,593.01	 	 	 	-$610,568.87	 
	146
	 	 	31/03/2017	 	 	 	116,454,552.80	 	 	 	-$614,040.21	 
	147
	 	 	28/04/2017	 	 	 	115,837,021.52	 	 	 	-$617,531.28	 
	148
	 	 	31/05/2017	 	 	 	115,215,979.32	 	 	 	-$621,042.20	 
	149
	 	 	30/06/2017	 	 	 	114,591,406.23	 	 	 	-$624,573.09	 
	150
	 	 	31/07/2017	 	 	 	113,963,282.19	 	 	 	-$628,124.04	 
	151
	 	 	31/08/2017	 	 	 	113,331,587.00	 	 	 	-$631,695.19	 
	152
	 	 	29/09/2017	 	 	 	112,696,300.36	 	 	 	-$635,286.64	 
	153
	 	 	31/10/2017	 	 	 	112,057,401.85	 	 	 	-$638,898.51	 
	154
	 	 	30/11/2017	 	 	 	111,414,870.93	 	 	 	-$642,530.92	 
	155
	 	 	29/12/2017	 	 	 	110,768,686.96	 	 	 	-$646,183.97	 
	156
	 	 	31/01/2018	 	 	 	110,118,829.16	 	 	 	-$649,857.80	 
	157
	 	 	28/02/2018	 	 	 	109,465,276.65	 	 	 	-$653,552.51	 
	158
	 	 	29/03/2018	 	 	 	108,808,008.43	 	 	 	-$657,268.23	 
	159
	 	 	30/04/2018	 	 	 	108,147,003.36	 	 	 	-$661,005.07	 
	160
	 	 	31/05/2018	 	 	 	107,482,240.19	 	 	 	-$664,763.16	 
	161
	 	 	29/06/2018	 	 	 	106,813,697.58	 	 	 	-$668,542.62	 
	162
	 	 	31/07/2018	 	 	 	106,141,354.02	 	 	 	-$672,343.56	 
	163
	 	 	31/08/2018	 	 	 	105,465,187.91	 	 	 	-$676,166.11	 
	164
	 	 	28/09/2018	 	 	 	104,785,177.51	 	 	 	-$680,010.40	 
	165
	 	 	31/10/2018	 	 	 	104,101,300.97	 	 	 	-$683,876.54	 
	166
	 	 	30/11/2018	 	 	 	103,413,536.30	 	 	 	-$687,764.66	 
	167
	 	 	31/12/2018	 	 	 	102,721,861.41	 	 	 	-$691,674.89	 
	168
	 	 	31/01/2019	 	 	 	102,026,254.06	 	 	 	-$695,607.35	 
	169
	 	 	 	 	 	 	101,326,691.89	 	 	 	-$699,562.17	 
	170
	 	 	 	 	 	 	100,623,152.42	 	 	 	-$703,539.47	 
	171
	 	 	 	 	 	 	99,915,613.03	 	 	 	-$707,539.39	 
	172
	 	 	 	 	 	 	99,204,050.98	 	 	 	-$711,562.04	 
	173
	 	 	 	 	 	 	98,488,443.41	 	 	 	-$715,607.57	 
	174
	 	 	 	 	 	 	97,768,767.32	 	 	 	-$719,676.10	 
	175
	 	 	 	 	 	 	97,044,999.56	 	 	 	-$723,767.76	 
	176
	 	 	 	 	 	 	96,317,116.88	 	 	 	-$727,882.68	 
	177
	 	 	 	 	 	 	95,585,095.89	 	 	 	-$732,020.99	 

 

90

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Month From	 	 	 	 	 	 	 	 	 
	Delivery	 	Date	 	 	Outstanding	 	 	Repayment	 
	178
	 	 	 	 	 	 	94,848,913.05	 	 	 	-$736,182.84	 
	179
	 	 	 	 	 	 	94,108,544.71	 	 	 	-$740,368.34	 
	180
	 	 	 	 	 	 	93,363,967.06	 	 	 	-$744,577.65	 
	181
	 	 	 	 	 	 	92,615,156.18	 	 	 	-$748,810.88	 
	182
	 	 	 	 	 	 	91,862,087.99	 	 	 	-$753,068.18	 
	183
	 	 	 	 	 	 	91,104,738.31	 	 	 	-$757,349.69	 
	184
	 	 	 	 	 	 	90,343,082.77	 	 	 	-$761,655.54	 
	185
	 	 	 	 	 	 	89,577,096.90	 	 	 	-$765,985.87	 
	186
	 	 	 	 	 	 	88,806,756.08	 	 	 	-$770,340.82	 
	187
	 	 	 	 	 	 	88,032,035.56	 	 	 	-$774,720.52	 
	188
	 	 	 	 	 	 	87,252,910.43	 	 	 	-$779,125.13	 
	189
	 	 	 	 	 	 	86,469,355.64	 	 	 	-$783,554.78	 
	190
	 	 	 	 	 	 	85,681,346.02	 	 	 	-$788,009.62	 
	191
	 	 	 	 	 	 	84,888,856.24	 	 	 	-$792,489.78	 
	192
	 	 	 	 	 	 	84,091,860.82	 	 	 	-$796,995.42	 
	193
	 	 	 	 	 	 	83,290,334.15	 	 	 	-$801,526.67	 
	194
	 	 	 	 	 	 	82,484,250.47	 	 	 	-$806,083.68	 
	195
	 	 	 	 	 	 	81,673,583.87	 	 	 	-$810,666.60	 
	196
	 	 	 	 	 	 	80,858,308.29	 	 	 	-$815,275.58	 
	197
	 	 	 	 	 	 	80,038,397.53	 	 	 	-$819,910.76	 
	198
	 	 	 	 	 	 	79,213,825.23	 	 	 	-$824,572.30	 
	199
	 	 	 	 	 	 	78,384,564.90	 	 	 	-$829,260.33	 
	200
	 	 	 	 	 	 	77,550,589.87	 	 	 	-$833,975.02	 
	201
	 	 	 	 	 	 	76,711,873.35	 	 	 	-$838,716.52	 
	202
	 	 	 	 	 	 	75,868,388.38	 	 	 	-$843,484.97	 
	203
	 	 	 	 	 	 	75,020,107.85	 	 	 	-$848,280.54	 
	204
	 	 	 	 	 	 	74,167,004.48	 	 	 	-$853,103.36	 
	205
	 	 	 	 	 	 	73,309,050.87	 	 	 	-$857,953.61	 
	206
	 	 	 	 	 	 	72,446,219.43	 	 	 	-$862,831.44	 
	207
	 	 	 	 	 	 	71,578,482.44	 	 	 	-$867,736.99	 
	208
	 	 	 	 	 	 	70,705,812.00	 	 	 	-$872,670.44	 
	209
	 	 	 	 	 	 	69,828,180.07	 	 	 	-$877,631.93	 
	210
	 	 	 	 	 	 	68,945,558.43	 	 	 	-$882,621.64	 
	211
	 	 	 	 	 	 	68,057,918.72	 	 	 	-$887,639.71	 
	212
	 	 	 	 	 	 	67,165,232.41	 	 	 	-$892,686.31	 
	213
	 	 	 	 	 	 	66,267,470.81	 	 	 	-$897,761.60	 
	214
	 	 	 	 	 	 	65,364,605.06	 	 	 	-$902,865.75	 
	215
	 	 	 	 	 	 	64,456,606.14	 	 	 	-$907,998.92	 
	216
	 	 	 	 	 	 	63,543,444.86	 	 	 	-$913,161.27	 
	217
	 	 	 	 	 	 	62,625,091.89	 	 	 	-$918,352.98	 
	218
	 	 	 	 	 	 	61,701,517.70	 	 	 	-$923,574.19	 
	219
	 	 	 	 	 	 	60,772,692.60	 	 	 	-$928,825.10	 
	220
	 	 	 	 	 	 	59,838,586.74	 	 	 	-$934,105.86	 
	221
	 	 	 	 	 	 	58,899,170.10	 	 	 	-$939,416.64	 
	222
	 	 	 	 	 	 	57,954,412.49	 	 	 	-$944,757.61	 
	223
	 	 	 	 	 	 	57,004,283.54	 	 	 	-$950,128.95	 
	224
	 	 	 	 	 	 	56,048,752.71	 	 	 	-$955,530.83	 
	225
	 	 	 	 	 	 	55,087,789.28	 	 	 	-$960,963.42	 
	226
	 	 	 	 	 	 	54,121,362.38	 	 	 	-$966,426.90	 
	227
	 	 	 	 	 	 	53,149,440.94	 	 	 	-$971,921.44	 
	228
	 	 	 	 	 	 	52,171,993.73	 	 	 	-$977,447.22	 
	229
	 	 	 	 	 	 	51,188,989.31	 	 	 	-$983,004.41	 

 

91

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Month From	 	 	 	 	 	 	 	 	 
	Delivery	 	Date	 	 	Outstanding	 	 	Repayment	 
	230
	 	 	 	 	 	 	50,200,396.11	 	 	 	-$988,593.20	 
	231
	 	 	 	 	 	 	49,206,182.34	 	 	 	-$994,213.77	 
	232
	 	 	 	 	 	 	48,206,316.06	 	 	 	-$999,866.29	 
	233
	 	 	 	 	 	 	47,200,765.11	 	 	 	-$1,005,550.94	 
	234
	 	 	 	 	 	 	46,189,497.20	 	 	 	-$1,011,267.92	 
	235
	 	 	 	 	 	 	45,172,479.80	 	 	 	-$1,017,017.40	 
	236
	 	 	 	 	 	 	44,149,680.23	 	 	 	-$1,022,799.57	 
	237
	 	 	 	 	 	 	43,121,065.62	 	 	 	-$1,028,614.61	 
	238
	 	 	 	 	 	 	42,086,602.91	 	 	 	-$1,034,462.71	 
	239
	 	 	 	 	 	 	41,046,258.85	 	 	 	-$1,040,344.06	 
	240
	 	 	 	 	 	 	40,000,000.00	 	 	 	-$1,046,258.85	 

 

92

 

SCHEDULE 8

FORM OF BANK’S POWER OF ATTORNEY

PODER / POWER OF ATTORNEY

	 	 	 
	[FULL LEGAL NAME OF THE BANK] con domicilio social
en [address], debidamente constituido conforme a la
legislación de [country] con número de registro de
compañía [number], y con objeto social [include
description], actuando a través de su oficina de
[l], con domicilio social en [address] e
inscrita en el [registry] con el número [number]]
(el Poderdante), debidamente representado por los
siguientes firmantes:

	 	[FULL LEGAL NAME OF
THE BANK] with
corporate address at
[address], validly
incorporated under
the laws of [country]
with company
registration number
[number], and with
corporate purpose
[include
description], acting
through its [l]
Branch, with
registered address at
[address] and
registered with
[registry] under
number [number]] (the
Grantor), duly
represented by the
following signatories
	 
	 	 
	1.    [D. / Da.] [full legal name], mayor
de edad, con domicilio en [address], y
[pasaporte / documento de identidad] número
[number of passport or ID document]; y

	 	1.    [Mr. / Mrs] [full
legal name], of legal
age, with address at
[address], with
[passport / id
document] no. [number
of passport or id
document]; and

	 
	 	 
	2.    [D. / Da.] [full legal name], mayor
de edad, con domicilio en [address], y
[pasaporte / documento de identidad] número
[number of passport or ID document],

	 	2.    [Mr. / Mrs] [full
legal name], of legal
age, with address at
[address], with
[passport / id
document] no. [number
of passport or id
document],

	 
	 	 
	POR EL PRESENTE, OTORGA

	 	HEREBY GRANTS
	 
	 	 
	3.    UN PODER TAN AMPLIO Y BASTANTE
COMO EN DERECHO
SEA NECESARIO a los apoderados señalados en el 0
(los Apoderados), para que cualquiera de ellos,
actuando solidaria e indistintamente, puedan
ejercer en nombre del Poderdante todas y cada una
de las facultades señaladas en el 0 en relación con
los Contratos listados en el 0 (los Contratos);

	 	1.    A FULL POWER OF
ATTORNEY to the
attorneys included in
Annex 1 (the
Attorneys), so that,
any of them, may
exercise,
individually
(solidaria e
indistintamente), in
the name and on
behalf of the Grantor
any and all the
capacities listed in
Annex 2 in relation
with the agreements
included in Annex 3
(the Agreements);

	 
	 	 
	Las facultades otorgadas a los
Apoderados pueden ser usadas incluso en
caso de doble representación,
autocontratación o conflicto de
intereses.

	 	The capacities
granted to the
Attorneys may be used
even in cases of
double representation
(doble
representación),
self-contracting
(autocontratación) or
conflict of interest
(conflicto de
intereses).

 

	Las relaciones entre los Apoderados y
el Poderdante serán reguladas e
interpretadas conforme a la legislación
española y por los términos y
condiciones señalados en el 0.

 

	 	The relationship
between the Attorneys
and the Grantor shall
be governed and
constructed by the
laws of Spain and by
the terms and
conditions
established in Annex
4.

	El poder otorgado a los Apoderados
expirará a los seis (6) meses desde su
fecha.

	 	The power of attorney
granted in favour of
the Attorneys shall
expire six (6) months
following the date
hereof.

 

93

 

	 	 	 
	 
	 	 
	La versión en Castellano de este documento
prevalece sobre la inglesa.

	 	The Spanish version
of this document
shall prevail over
the English version.

	 
	 	 
	Este documento ha sido suscrito de conformidad con
las leyes de [Country].

	 	This document has
been executed in
accordance with the
laws of [Country].

	 
	 	 
	Firmado [como documento público], en [place], este

[day] de [month], [year] para y en representación 

del Poderdante por

	 	Executed [as a deed]
in [place] on this
[day] day of [month],
[year] for and on
behalf of the Grantor
by

	 
	 	 
	 

	 	 
	[Mr. / Mrs] [full name]

	 	[Mr. / Mrs] [full name]
	 
	 	 
	CERTIFICADO NOTARIAL

	 	NOTARIAL CERTIFICATE
	 
	 	 
	Este poder ha sido firmado en la fecha indicada
anteriormente por los firmantes.

	 	This Power of
Attorney has been
signed by the
signatories on the
date indicated above.
	 
	 	 
	Yo, [full legal name of the Notary Public], Notario
Público de [city], [country], en calidad de Notario
Público por la presente certifico que (i) el
Poderdante es una sociedad debidamente constituida
y existente de conformidad con las leyes de
[country], y que los datos societarios indicados
anteriormente son correctos; (ii) que he comprobado
la identidad personal de los firmantes y que
tienen, en mi opinión, la capacidad legal necesaria
para firmar este documento en representación del
Poderdante; y (iii) que se han cumplido con todas
las formalidades para la validez de este documento,
que no necesita de ser registrado en ningún
registro para su validez.

	 	I [full legal name
of the Notary
Public], Notary
Public of [city],
[country], as Notary
Public certify and
attest that (i) the
Grantor is a company
duly incorporated and
existing under the
laws of [country],
the corporate details
of which are
correctly stated
above; (ii) I have
checked the personal
identity of the
signatories and the
signatories have, in
my opinion, the legal
capacity necessary to
validly execute this
document on behalf of
the Grantor; and
(iii) all the
formalities requested
by the laws for the
validity of this
instrument have been
duly complied with
and that document
does not require to
be registered in any
public registry to be
valid.

                                                            

Firma del Notario / Signature of the Notary Public

(Please ask the Notary Public to seal and sign all the pages of this power of
attorney (including the notarial certificate). The signature of the Notary
Public has to be legalised in accordance with the apostille procedure provided
for under The Hague Convention of 5th October, 1961 / or legalisation where
applicable).

 

94

 

ANEXO 1 / ANNEX 1

APODERADOS / ATTORNEYS

	 	 	 
	(a)    Dña. Beatriz DEL REY
UBAGO, mayor de edad,
abogado, de nacionalidad
española, con domicilio
profesional en Pedro de
Valdivia 10 Madrid, y con
Documento Nacional de
Identidad número
44.285.106-D.

	 	(a)    Ms. Beatriz DEL REY UBAGO of
legal age, lawyer, of Spanish
nationality, with professional
address at Pedro de Valdivia 10,
Madrid, holder of Spanish Identity
Card number 44.285.106-D.

	 
	 	 
	(b)    Dña. Jimena
URRETAVIZCAYA GIL, mayor
de edad, abogado, de
nacionalidad española, con
domicilio en Pedro de
Valdivia 10, Madrid, y con
Documento Nacional de
Identidad número
16.057.206-D.

	 	(b)    Ms. Jimena URRETAVIZCAYA GIL, of
legal age, lawyer, of Spanish
nationality, domiciled at Pedro de
Valdivia 10, Madrid, holder of
Spanish Identity Card number
16.057.206-D.

	 
	 	 
	(c)    Dña. Vanessa CUELLAS
URÍA, mayor de edad,
abogado, de nacionalidad
española, con domicilio en
Pedro de Valdivia 10,
Madrid, y con Documento
Nacional de Identidad
número 2.547.864-Q.

	 	(c)    Ms. Vanessa CUELLAS URÍA, of
legal age, lawyer, of Spanish
nationality, domiciled at Pedro de
Valdivia 10, Madrid, holder of
Spanish Identity Card number
2.547.864-Q.

	 
	 	 
	(d)    Da. Raquel OLALLA
HERNANDO, mayor de edad,
abogado, de nacionalidad
española, con domicilio en
Pedro de Valdivia 10,
Madrid, y con Documento
Nacional de Identidad
número 71.280.785-J.

	 	(d)    Ms. Raquel OLALLA HERNANDO,
lawyer, of legal age, of Spanish
nationality, domiciled at Pedro de
Valdivia, 10, holder of Spanish
Identity Card number 71.280.785-J.

	 
	 	 
	(e)    D. Luis MÁIZ
LÓPEZ-TEIJÓN, mayor de
edad, abogado, de
nacionalidad española, con
domicilio en Pedro de
Valdivia 10, Madrid, y con
Documento Nacional de
Identidad número
04.848.340-D.

	 	(e)    Mr. Luis MÁIZ LÓPEZ-TEIJÓN,
lawyer, of legal age, of Spanish
nationality, domiciled at Pedro de
Valdivia, 10, holder of Spanish
Identity Card number 04.848.340-D.

	 
	 	 
	(f)    Dña. María Isabel
GÓMEZ ROLDÓS, mayor de
edad, abogado, de
nacionalidad española, con
domicilio en Pedro
Valdivia 10, Madrid, y con
Documento Nacional de
Identidad número
75.790.629-V.

	 	(f)    Ms. María Isabel GÓMEZ ROLDÓS,
of legal age, lawyer, of Spanish
nationality, domiciled at Pedro
Valdivia 10, Madrid, holder of
Identity Card number 75.790.629-V.

	 
	 	 
	(g)    Dña. Pilar GARCÍA
CLAVERÍA, mayor de edad,
abogado, de nacionalidad
española, con domicilio en
Pedro Valdivia 10, Madrid,
y con Documento Nacional
de Identidad número
76.920.551-H.

	 	(g)    Ms. Pilar GARCÍA CLAVERÍA, of
legal age, lawyer, of Spanish
nationality, domiciled at Pedro
Valdivia 10, Madrid, holder of
Identity Card number 76.920.551-H.

 

95

 

ANEXO 2 / ANNEX 2

FACULTADES / CAPACITIES

	 	 	 
	1.    Negociar, acordar, suscribir y
entregar cualquier documento público o
privado con la finalidad de:

	 	1.    To negotiate, agree, execute and
deliver any public or private
document in order to:

	 
	 	 
	(a)    suscribir, aceptar,
ratificar, modificar,
extender, refundir, subsanar,
novar, ceder o aceptar el
otorgamiento, la
ratificación, modificación,
extensión, refundición,
subsanación, novación o
cesión de todos o cualquiera
de los Contratos o cualquier
carta de adhesión a los
mismos;

	 	(a)    execute, accept, ratify, amend,
extend, increase, restate, rectify,
novate, assign or accept the grant,
ratification, amendment, extension,
increase, restatement,
rectification, novation or
assignment of all or any of the
Agreements, or any accession letter
related thereto;

	 
	 	 
	(b)    elevar a público en
España (mediante escritura o
póliza) todos o cualquiera de
Contratos;

	 	(b)    raise all or any of the
Agreements to the status of a
Spanish public document (escritura
pública or póliza intervenida);

	 
	 	 
	(c)    aceptar, suscribir,
ratificar, modificar,
extender, subsanar, ceder,
y/o cancelar cualquier
garantía real o personal,
promesa de garantía o poder
irrevocable, otorgado en
relación con los Contratos, y
a estos efectos, negociar,
acordar, suscribir y entregar
cualquier documento público o
privado, y/o devolver
cualquier documento
relacionado con los mismos;

	 	(c)    accept, execute, ratify, amend,
extend, rectify, assign, accept
and/or cancel any security interest,
personal or real (garantía personal
o real), promise of creation of
security interest or irrevocable
power of attorney granted in
relation to the Agreements, and for
these purposes, to negotiate, agree,
execute and deliver any public or
private document, and/o return any
document delivered to the Grantor in
relation to these security
interests;

 

96

 

	 	 	 
	(d)    aceptar, ratificar,
modificar, extender,
refundir, subsanar, novar,
ceder o aceptar la
ratificación, modificación,
extensión, refundición,
subsanación, novación o
cesión de cualesquiera
garantías reales (hipotecas,
prendas o de cualquier otro
tipo) o personales, caución,
cesión en garantía o promesa
de garantía, reales o
personales, en conexión con
cualquiera de los Contratos;
en garantía y/o en beneficio
del Poderdante (ya actúe éste
en su propio nombre o como
agente o representante de
terceras partes); sometidas a
las leyes de cualquier
jurisdicción (incluyendo sin
limitación alguna las leyes
de España) sobre cualquier
clase de activos, incluyendo
sin limitación alguna,
acciones, participaciones,
inmuebles, propiedades,
facturas, bienes, cuentas
bancarias, derechos
contractuales, derechos de
crédito y bienes muebles,
fijando su precio con vistas
a una subasta si la hubiere y
las direcciones que sirvan de
lugar de notificación y
sometiéndose a la
jurisdicción de los
tribunales de justicia
renunciando a su propio
fuero;

	 	(d)    accept, ratify, amend, extend,
increase, restate, rectify, novate,
assign or accept the ratification,
amendment, extension, increase,
restatement, rectification, novation
or assignment of any security
interest (mortgages, pledges or any
other), caution, assignment by way
of security or promise of security,
whether personal or real, (garantía
personal o real) granted in
connection with any of the
Agreements; in favour of and/or for
the benefit of the Grantor (whether
acting in its own name or as agent
or representative for third
parties); governed by the laws of
any jurisdiction (including without
limitation, the laws of Spain) over
any kind of assets, including
without limitation, shares, quota
shares, real estate, property,
receivables, goods, bank accounts,
contractual rights, credit rights
and chattels, fixing their price for
the purposes of an auction if any
and the address for serving of
notices and submitting to the
jurisdiction of law courts by
waiving its own forum;

	 
	 	 
	(e)    aceptar, modificar,
extender, refundir, subsanar
o novar cualesquiera poderes
irrevocables relacionados con
las Contratos o los
documentos reseñados
previamente otorgados a favor
del Poderdante; y

	 	(e)    accept, amend, extend, restate,
rectify or novate any irrevocable
powers of attorney in connection
with the Agreements or the
abovementioned documents granted in
favour of the Grantor; and

	 
	 	 
	(f)    subsanar, modificar y/o
ratificar cualquier documento
(incluyendo sin limitación
escrituras públicas o
pólizas) otorgadas por un
mandatario verbal en nombre y
representación del
Poderdante.

	 	(f)    rectify, amend and/or ratify any
document (including without
limitation any Spanish public
document (escritura pública or
póliza)) executed by an orally
appointed representative in the name
or on behalf of the Grantor.

	 
	 	 
	2.    Ejercer cualquier
facultad otorgada al
Poderdante en virtud de cualquier poder
conferido por cualquier persona o
sociedad en relación con los Contratos o
con cualquier documento referido en este
poder.

	 	2.    To carry out or use any capacity
or faculty given to the Grantor by
any power of attorney conferred by
any other person or company in
relation to the Agreements or any
other document referred hereto.

	 
	 	 
	3.    Solicitar la inscripción y
presentar
cualquiera de las garantías personales o
reales mencionadas en párrafos anteriores
(incluyendo cualquier hipoteca), o
cualquier otro documento referido en este
poder, en cualquier registro español
(incluyendo sin limitación el registro de
la propiedad, el registro de bienes
muebles y el de patentes y marcas) y
cualesquiera registros
administrativos.

	 	3.    To ask for registration of and
file any of the guarantees or
securities abovementioned (including
any mortgage), or any other document
contained herein within any Spanish
registry (including without
limitation the Land Registry, the
Mobile Property Registry and the
Trade Mark Registry) and any
administrative registry.

 

97

 

	 	 	 
	4.    Comparecer y representar
al Poderdante
ante las Autoridades Fiscales españolas y
realizar cuantos actos fuesen necesarios
para solicitar y obtener de las
Autoridades Fiscales españolas un Número
de Identificación Fiscal (NIF) para el
Poderdante, incluida la formulación,
firma y presentación de las declaraciones
y modelos tributarios que fueren
necesarios.

	 	4.    To appear and represent the
Grantor before the Spanish Tax
Authorities and to perform all such
actions as may be necessary in order
to request and obtain from the
Spanish Tax Authorities a Tax
Identification Number (NIF) for the
Grantor, including the formulation,
signature and filing of the tax
returns and tax forms that may be
necessary.

	 
	 	 
	5.    Comparecer ante
Notario, Registro
(incluyendo sin limitación alguna,
registro mercantil, registro de la
propiedad, registro de patentes y marcas
y de la propiedad intelectual y registro
de bienes muebles y cualesquiera
requisitos administrativos) o cualquier
otra persona, sociedad o autoridad
pública, incluyendo sin limitación a las
autoridades fiscales, y representar al
Poderdante ante las mismas.

	 	5.    To appear before any Notary
Public, any Registry (including
without limitation the Commercial
Registry, Land Registry, Trade Marks
and Intellectual Property Rights
Registry and Mobile Property
Registry and any administrative
registry) or any other person,
company or public authority,
including, without limitation the
Tax authorities, and represent the
Grantor before them.

	 
	 	 
	Todos los poderes mencionados
anteriormente pueden ser ejecutados en
los términos y condiciones que el
Apoderado libremente elija según los
términos consignados aquí, incluyendo
determinación de direcciones que sirvan
para notificaciones y sometimiento a la
jurisdicción de los tribunales mediante
la renuncia del fuero propio y/o hacer
todas las actuaciones o acciones que el
Apoderado tenga por conveniente y
necesario para ejercitar las facultades
previstas en este apoderamiento.

	 	All of the abovementioned powers to
be executed on the terms and
conditions that the Attorney may
freely agree in accordance with the
terms hereof, including fixing the
address for serving of notices and
submitting to the jurisdiction of
law courts by waiving its own forum,
and/or do any and all acts and
things which the Attorney may
consider necessary or expedient for
the exercise of the faculties
provided in this power of attorney.

 

98

 

ANEXO 3 / ANNEX 3

CONTRATOS / AGREEMENTS

	 	 	 
	Las facultades conferidas por este
poder podrán ser ejercitadas en
relación con los siguientes contratos:

	 	The capacities granted hereby may be
exercised in relation to the
following agreements:
	 
	 	 
	1.    un contrato de
préstamo sometido
a la legislación inglesa, por
importe máximo aproximado de
[154.000.000]€ suscrito por, entre
otros, Naviera Teekay Gas IV S.L.U.
como prestatario, los bancos y las
entidades financieras listadas en el
mismo como bancos y bancos swaps, e
ING Bank N.V., Sucursal de Londres
como agente y agente español de
garantías (tal y como el mismo haya
sido o sea modificado, refundido,
suplementado o novado en cada
momento) (el Contrato de
Financiación);

	 	1.    a loan facility agreement
governed by English law for a
maximum amount of approximately
€149,933,766.11 entered into
between, among others, Naviera
Teekay Gas IV S.L.U. as borrower,
the several banks and financial
institutions listed therein as banks
and as swap banks, and ING Bank
N.V., London Branch as agent and
Spanish security agent (as amended,
modified, restated, supplemented or
novated from time to time) (the
Facility Agreement);

	 
	 	 
	2.    cualquier
contrato entre
acreedores o de subordinación
relacionado con el Contrato de
Financiación;

	 	2.    any intercreditor or
subordination agreement related to
the Facility Agreement;

	 
	 	 
	3.    cualquier contrato
de cobertura
relacionado con el Contrato de
Financiación;

	 	3.    any hedging agreement related to
the Facility Agreement;

	 
	 	 
	4.    cualquier contrato
que modifique,
suplemente, ratifique y/o refunda
cualesquiera de los contratos
anteriores; y

	 	4.    any agreement amending,
supplementing, ratifying and/or
restating any of the agreements
referred to above; and

	 
	 	 
	5.    cualquier otro
contrato o
documento relacionado con el
Contrato de Financiación
(incluyendo, sin limitación,
cualquier garantía real o personal,
comfort letters, financiación
subordinada, documento de
refinanciación, carta de comisiones,
carta de adhesión, notificaciones,
carta de toma de razón o cualquier
otra carta, notificación de
selección de plazo de interés,
solicitud de disposición o cualquier
requerimiento o certificado).

	 	5.    any other agreement or document
related to the Facility Agreement
(including, without limitation, any
security, guarantee, comfort letter,
mezzanine finance agreement,
refinance document, fee letter,
accession letter, notification,
acknowledgment letter, or any other
kind of letter, interest term
selection notice or any other
notice, draw down request or any
other request and certificates).

 

99

 

ANEXO 4 / ANNEX 4

TÉRMINOS Y CONDICIONES / TERMS AND CONDITIONS

	 	 	 
	El Poderdante declara que los Apoderados son

	 	The Grantor acknowledges that the Attorneys are:
	 
	 	 
	1.    abogados ejercientes
solamente en España
y bajo Derecho español (salvo que se
establezca expresamente lo contrario); y

	 	1.    lawyers qualified only in Spain (except as
otherwise established); and

	 
	 	 
	2.    empleados o socios de
Allen & Overy.
Este poder se otorga dentro de la relación
por la cual Allen & Overy (o aquella otra
entidad que esté autorizada a llevar el
nombre “Allen & Overy”) (conjuntamente con
Allen & Overy LLP, Allen & Overy) está
dando asesoramiento legal en relación con
los Contratos y documentación relacionada.
El Poderdante acepta que los términos y
condiciones (incluidos cualquier limitación
en responsabilidad) que regulen la relación
entre el Poderdante y Allen & Overy, serán
de aplicación igualmente en la relación
entre el Poderdante y los Apoderados, de
tal forma que cualquier limitación de
responsabilidad aplicable se entenderá que
limita conjuntamente la responsabilidad de
Allen & Overy y la de
todos los Apoderados.
	 	2.    employees or partners of Allen & Overy LLP.
This power of attorney is given within the
relationship by which Allen & Overy (or such
other relevant undertaking which is authorised
to carry the name “Allen & Overy” (together
with Allen & Overy LLP, Allen & Overy)) is
providing legal advice in relation to the
Agreements and related documentation. The
Grantor agrees that the general terms and
conditions (included any limitation on
liability) governing the relationship between
the Grantor and Allen & Overy shall apply to
the relationship between the Grantor and the
Attorneys, in such a manner that it shall be
deemed that any limitation on liability
applicable shall jointly limit the liability of
Allen & Overy and all the Attorneys.

	 
	 	 
	Los Apoderados no serán responsables frente
al Poderdante por cualquier acción llevada
a cabo por el Apoderado en nombre o en
representación del Poderdante, salvo las
acciones atribuibles a la negligencia grave
o dolo de los Apoderados, y en estos
últimos casos responderán en su caso de
conformidad con cualquier limitación de
responsabilidad aplicable según el párrafo
anterior.

	 	The Attorneys shall not be liable against the
Grantor for any action carried out by the
Attorney on behalf or for the benefit of
Grantor, except for actions attributable to the
gross negligence (negligencia grave) or wilful
misconduct (dolo) of the relevant Attorney, and
within in these cases of any limitation on
liability applicable as provided above.
	 
	 	 
	El Poderdante acepta expresamente que los
Apoderados actúen (sin responsabilidad
alguna) en base al asesoramiento o
instrucciones dadas por cualquier otro
abogado de Allen & Overy o por cualquier
otra persona que actúe para el Poderdante
para ejercitar cualquier facultad dada por
este poder, en cuyo caso será solamente
responsable la persona que haya dado las
instrucciones de conformidad con los
términos aplicables a la relación entre
dicha persona y el Poderdante. En
particular, aunque sin carácter limitativo,
los Apoderados no serán en ningún caso
responsables en relación con ningún
documento sujeto a una legislación
diferente de la española (o a cualquier
legislación diferente a aquella en relación
con la que el Apoderado ejerza, si fuera
diferente).

	 	The Grantor expressly agrees that the Attorneys
may rely (without further liability) on the
advice of, or the instructions given by, any
other lawyer within Allen & Overy or any entity
giving advice to the Grantor in order to
exercise any capacity given by this power of
attorney, in which case only the person
providing the instructions shall be liable
vis-à-vis the Grantor in accordance with the
terms and conditions governing their
relationship. In particular, but not limited
to, the Attorneys shall not be liable in any
case in relation to any action related to any
or document which is governed by a law
different from Spanish law (or the jurisdiction
in which the Attorney is qualified, if
different).
	 
	 	 
	Solamente los Apoderados que hagan uso
efectivo de las facultades conferidas por
este poder serán responsables ante el
Poderdante, de forma en todo caso
mancomunada, con excepción de lo dispuesto
en los párrafos anteriores.

	 	Only the Attorneys effectively using the
capacities conferred by this power of attorney
shall be liable vis-à-vis the Grantor, on a
several basis (mancomundamente), except as
provided above.
	 
	 	 
	El Poderdante deberá

	 	The Grantor shall:
	 
	 	 
	1.    indemnizar al Apoderado
por cualquier
responsabilidad que éste último incurriese
frente a un tercero como consecuencia de
cualquier acto realizado correctamente de
acuerdo con este poder y mantener a los
Apoderados indemnes de cualquier acción,
reclamación o responsabilidad de cualquier
tipo como consecuencia del ejercicio de
cualquiera de las facultades conferidas a
los mismos, salvo si dicha responsabilidad
se produce como consecuencia de dolo o
negligencia grave del Apoderado en el
ejercicio de dichas facultades;

	 	1.    indemnify the Attorneys against any
liability which the attorney may incur to a
third party as a result of anything properly
done by it in accordance with this power of
attorney and keep the Attorneys harmless
against any action, claim or responsibility of
any type as a result of the exercise of any of
the capacities conferred herein, unless for
wilful misconduct (dolo) or gross negligence
(negligencia grave) of the Attorney in the
exercise of such capacities;

 

100

 

	 	 	 
	2.    ratificar expresamente
(cuando dicha
ratificación sea necesaria o conveniente)
cada acto llevado a cabo por los Apoderados
bajo este poder, siempre que dicho acto se
haya llevado a cabo dentro de los límites
de las facultades conferidas en el mismo,
incluyendo los actos otorgados por el
Apoderado antes de la revocación de este
poder; y

	 	2.    expressly ratify (when such ratification is
necessary or convenient) every act performed by
the Attorneys under this Power of Attorney,
provided that such performance has been made
within the scope of the capacities conferred
herein, including the acts performed by the
Attorneys before the revocation of this Power
of Attorney is known by the Attorney; and

	 
	 	 
	3.    pagar y reembolsar a
los Apoderados
cualquier gasto, honorario, impuesto,
tarifa o comisión que sea necesario o
conveniente, y que el Apoderado haya
incurrido o pagado, como resultado de las
facultades conferidas por este poder.

	 	3.    pay and reimburse to the Attorneys any
costs, expenses, fees, taxes, tariff or
commissions that are necessary or convenient
and that the Attorney has incurred or paid as a
result of the exercise of the capacities
conferred herein.

	 
	 	 
	Si este poder es revocado antes de que
expire el plazo señalado al efecto, la
revocación del poder deberá ser notificada
por escrito a cualquiera de los Apoderados
y será efectiva desde el día en el cual
cualquier Apoderado reciba dicha
notificación.

	 	If this power of attorney is revoked totally or
partially by the Grantor, the revocation has to
be notified in writing to any of the Attorneys
and will be effective from the date in which
any Attorney acknowledges such notification.
	 
	 	 
	El Poderdante reconoce que puede tener la
obligación de nombrar Representante Fiscal
en España y que ni Allen & Overy ni los
Apoderados son Representantes fiscales del
Poderdante.

	 	The Grantor acknowledges that it may have the
obligation to appoint a Tax Representative in
Spain (Representante Fiscal) and Allen & Overy
and the Attorneys are not Tax Representatives
of the Grantor.
	 
	 	 
	Estos términos y condiciones no afectan a
ni modifican los términos y condiciones que
regulan la relación entre el Poderdante y
Allen & Overy, que permanecerán en pleno
vigor.

	 	These terms and condition do not affect or
amend the terms and conditions governing the
relationship between the Grantor and Allen &
Overy, which shall remain in full force and
effect.
	 
	 	 
	Las partes, por la presente, se someten con
exclusividad a la jurisdicción de los
juzgados de la ciudad de Madrid en relación
con cualquier reclamación o responsabilidad
contractual y extracontractual relativas a
este poder.

	 	The parties hereto submit to exclusive
jurisdiction of the courts of the City of
Madrid in relation to any contractual or
non-contractual claims or liabilities related
hereto.

 

101

 

SCHEDULE 9

[TO BE REVIEWED BY A&O MADRID]

FORM OF DEED OF ASSIGNMENT OF INTEREST

In Madrid, my residence, on the _______________________, 2011

Before me, ..., Notary Public of Madrid and of its Bar.

APPEAR

OF ONE PART, Mr. ...., [details of the appearer to be filled in by the Spanish notary public]

ON THE SECOND PART, Mr. ...., [details of the appearer to be filled in by the Spanish notary public]

AND Mr. ...., [details of the appearer to be filled in by the Spanish notary public]

WHO ACT

Mr. ...., on behalf of [EXISTING BANK], [details of the Existing Bank and of the appearer’s
notarised and apostilled powers of attorney to be filled in by the Spanish notary public].

Mr. .... acts on behalf of [NEW BANK], [details of the New Bank and of the appearer’s notarised and
apostilled powers of attorney to be filled in by the Spanish notary public].

Mr. .... acts on behalf of ING Bank N.V., London Branch as Spanish Security Agent, [details of the
Agent and of the appearer’s notarised and apostilled powers of attorney to be filled in by the
Spanish notary public].

WHEREAS

	(A)	 	[EXISTING BANK] is party to a euro 149,933,766.11 Facility Agreement dated ...., 2011 (the
Facility Agreement) between, inter alia, the Spanish company Naviera Teekay Gas IV S.L.U.
(formerly Naviera F. Tapias Gas IV S.A.) as Borrower (the Borrower), the Existing Bank ING
Bank N.V., London Branch as Spanish Security Agent and ING Bank N.V., London Branch as Agent
and the other parties named therein.

	(B)	 	The Facility Agreement is secured, inter alia, with the following Spanish law security
documents (hereinafter together the Spanish Security Documents):

	 	I.	 	Mortgage over a 138,000 cmb LNG carrying vessel with Hull Number 105 dated ...
(the Mortgage) relating to the Facility Agreement granted by the Borrower under a
notarial deed authorised by the Notary Public of [Madrid] Mr. .... under number .... of his
notarial file, and recorded in the [Mercantile Registry of the Canary Islands] under
Book ...., Folio ...., on the ...

	 	II.	 	Pledge over the shares in the Borrower, dated .... (the Pledge) relating to the
Facility Agreement granted by [insert details of current shareholder/pledgors] in a
notarial deed
authorised by the Notary Public of [Madrid] Mr. .... under number .... of his notarial
file.

 

102

 

	(C)	 	Under an Assignment Agreement dated ... (the Assignment Agreement) between [EXISTING BANK]
and [NEW BANK] and the Agent, the [EXISTING BANK] has assigned to [NEW BANK] [part/all] its
rights, obligations and commitments under the Facility Agreement with effect as of [...],
including, but not limited, all its rights under the Spanish Security Documents.

	(D)	 	[EXISTING BANK] and [NEW BANK] have agreed to formalise the Assignment Agreement for purposes
of Spanish law, and in particular, to validly assign its rights under the Mortgage and to
permit the registration of the assignment of the Mortgage in the [Mercantile Registry of the
Canary Islands].

CLAUSES

First: The [EXISTING BANK] and [NEW BANK], with the assistance of the Spanish Security Agent,
hereby formalise the Assignment Agreement in this notarial deed delivering to me, the Notary, an
original executed copy of the Assignment Certificate, which the parties ratify in its entirety,
together with its certified translation into Spanish, and are hereby incorporated unto this
notarial deed.

The New Bank hereby declares that he knows the terms and conditions of the Facility Agreement and
of the Spanish Security Documents, which it ratifies in its entirety.

Second: For the purposes of Spanish law, the Existing Bank has assigned [part/all] of its
commitments, rights and obligations under the Facility Agreement as follows:

[details of the portion assigned]

Third: The assignment described in the foregoing clauses implies the assignment of all documents
granted as security thereof, including the Spanish Security Agreements. For such purposes, the
portion that the Existing Bank and the New Bank will have under the Spanish Security Documents will
be as follows:

[details of the portion of the Existing Bank and of the portion of the New Bank]

Specifically, for the purposes of clause of .... the Mortgage, the parties hereby establish that the
share of each the Existing Bank and the New Bank is fixed as follows:

[details of the portion of the Existing Bank and of the portion of the New Bank for the purposes of
the Mortgage]

Fourth: [NEW BANK] hereby requests the registration of the Assignment Agreement and of the
assignment under the Mortgage in the [Mercantile Registry of the Canary Islands], and hereby
appoints Mr. [........] and/or Mr. [........], so that any of them may file this notarial deed with the
relevant public registry in order to register the assignment of the Mortgage with the registry, and
if applicable to give notice to the Borrower so that the Assignment Agreement and the assignment of
the Pledge is duly recorded in the Registry Book of Share of the Borrower.

For the above purposes, if in the examination of this notarial deed, the Registrar considers that
any clause, provision, paragraph, sub-paragraph line or mention of this deed is not recordable, the
parties hereby expressly accept his opinion and hereby renounce to the registration of such clause,
provision, paragraph, sub-paragraph line or mention, and specifically requests the partial
registration of this deed, so that the assignment of the Mortgage is duly recorded.

 

103

 

The parties agree, through their attorneys, to execute any and all deeds, documents, acts and
things that they may consider necessary or expedient to duly register the assignment of the
Mortgage to [NEW BANK].

Fifth: All the costs and expenses derived from the execution of this deed will be borne by [NEW
BANK].

Sixth: This notarial deed of assignment is governed by Spanish law. [EXISTING BANK] and [NEW
BANK] submit for any litigation which may derive from this deed to the non-exclusive jurisdiction
and competence of the Courts of the city [Madrid].

So it is said and accepted by the appearers in their capacity as they act, whom I orally admonish
about the legal implications.

After reading this notarial deed, the appearers agree to it, approve it, ratify it and sign with
me, the Notary.

 

104

 

SCHEDULE 10

FORM OF DEED OF ACCESSION OF SWAP BANK

THIS DEED dated [_____], [_____] is supplemental to a credit agreement (the Credit Agreement)
dated [_____], [_____] between, inter alia, Naviera Teekay Gas IV S.L.U. as the Borrower, the
Banks, ING Bank N.V., London Branch as Agent and ING Bank N.V., London Branch as Spanish Security
Agent.

Words and expressions defined in the Credit Agreement have the same meaning when used in this Deed.

[Name of new Swap Bank] hereby agrees with each other person who is or who becomes a party to the
Credit Agreement that with effect on and from the date hereof it will be bound by the Credit
Agreement as a Swap Bank as if it had been party originally to the Credit Agreement in that
capacity and that it shall perform all of the undertakings and agreements set out in the Credit
Agreement and given by a Swap Bank.

The details of Swap Debt covered by this Deed is as follows [_____].

The address for notices of the Swap Bank for the purposes of Clause 34 (Notices) of the Credit
Agreement is:

60 London Wall

London

EC2M 5TQ

This document takes effect as a deed notwithstanding that the Agent only executes it under hand.

This Deed is governed by English law.

[Insert appropriate execution language]

Acknowledged.

[Agent]

By:

NUMBER [...]

 

105

 

SIGNATORIES

Borrower

NAVIERA TEEKAY GAS IV S.L.U.

By:

Banks

ING BANK N.V., LONDON BRANCH

By:

ABN AMRO BANK N.V.

By:

CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK

By:

J.P. MORGAN EUROPE LIMITED

By:

SCOTIABANK(IRELAND) LIMITED

By:

 

106

 

Swap Banks

ING BANK N.V., LONDON BRANCH

By:

ABN AMRO BANK N.V.

By:

CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK

By:

THE BANK OF NOVA SCOTIABy:

Agent

ING BANK N.V., LONDON BRANCH

By:

Spanish Security Agent

ING BANK N.V., LONDON BRANCH

By:

Mandated Lead Arrangers

ING BANK N.V., LONDON BRANCH

By:

ABN AMRO BANK N.V.

By:

CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK

By:

 

107

 

Lead Arrangers

CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK

By:

J.P. MORGAN LIMITED

By:

SCOTIABANK (IRELAND) LIMITED

By:

 

108

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