Exhibit 4.4


 


EXECUTION COPY


 





 






 


SECOND AMENDED AND RESTATED SERVICING
AGREEMENT






Dated as of July 11, 2014






between



GE DEALER FLOORPLAN MASTER NOTE TRUST



and



GENERAL ELECTRIC CAPITAL CORPORATION,

as Master Servicer


 





 



 




    	 	 	Second Amended and Restated
Servicing Agreement



    	 



    

 


Table
of Contents


 


	 	 	Page
	 	 	 
	ARTICLE I              DEFINITIONS AND INTERPRETATION	1
	 	 
	SECTION 1.1	Definitions	1
	SECTION 1.2	Other Interpretive Matters	13
	 	 	 
	ARTICLE
    II            APPOINTMENT OF MASTER SERVICER; CERTAIN
    DUTIES AND RESPONSIBILITIES OF MASTER SERVICER	13
	 	 
	SECTION 2.1	Appointment of Master Servicer	13
	SECTION 2.2	Duties and Responsibilities of Master Servicer	14
	SECTION 2.3	Unrelated Amounts	14
	SECTION 2.4	Authorization of Master Servicer	15
	SECTION 2.5	Servicing Fees	15
	SECTION 2.6	Covenants of Master Servicer	16
	SECTION 2.7	Reporting Requirements	17
	SECTION 2.8	Annual Master Servicer’s Certificate	17
	SECTION 2.9	Annual Independent Public Accountants’ Servicing Report	17
	SECTION 2.10	Notices to Transferor	18
	SECTION 2.11	Collections	18
	SECTION 2.12	Allocations and Disbursements	18
	SECTION 2.13	New Series	18
	SECTION 2.14	Servicer Advances	18
	SECTION 2.15	Intellectual Property Rights	19
	SECTION 2.16	Business Continuity/Disaster Recovery	19
	 	 	 
	ARTICLE III          REPRESENTATIONS AND WARRANTIES	20
	 	 	 
	SECTION 3.1	Representations and Warranties of Master Servicer	20
	 	 	 
	ARTICLE IV           ADDITIONAL MATTERS RELATING TO MASTER SERVICER	21
	 	 
	SECTION 4.1	Covenants of Master Servicer Regarding the Transferred Receivables	21
	SECTION 4.2	Merger or Consolidation of, or Assumption of the Obligations of Master Servicer	22
	SECTION 4.3	Access to Certain Documentation and Information Regarding the Receivables	23
	SECTION 4.4	Confidentiality	23
	 	 	 
	ARTICLE V           SERVICER DEFAULTS	23
	 	 	 
	SECTION 5.1	Servicer Defaults	23
	 	 	 
	ARTICLE VI           SUCCESSOR MASTER SERVICER	25
	 	 
	SECTION 6.1	Resignation of Master Servicer	25
	SECTION 6.2	Appointment of the Successor Master Servicer	25
	SECTION 6.3	Duties of Master Servicer	25
	SECTION 6.4	Effect of Termination or Resignation	26


  



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Servicing Agreement



    	 



    

 


Table
of Contents


(continued)


 


	 	 	Page
	 	 	 
	ARTICLE VII           INDEMNIFICATION	26
	 	 
	SECTION 7.1	Indemnities by Master Servicer	26
	SECTION 7.2	Limitation of Damages; Indemnified Persons	26
	SECTION 7.3	Limitation on Liability of Master Servicer and Others	27
	 	 	 
	ARTICLE VIII           MISCELLANEOUS	27
	 	 
	SECTION 8.1	Notices	27
	SECTION 8.2	Binding Effect; Assignability	28
	SECTION 8.3	Termination; Survival of Obligations	28
	SECTION 8.4	No Proceedings	29
	SECTION 8.5	Complete Agreement; Modification of Agreement	29
	SECTION 8.6	Amendments and Waivers	29
	SECTION 8.7	No Waiver; Remedies	29
	SECTION 8.8	GOVERNING LAW; CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL	29
	SECTION 8.9	Counterparts	31
	SECTION 8.10	Severability	31
	SECTION 8.11	Section Titles	31
	SECTION 8.12	Limited Recourse	31
	SECTION 8.13	Further Assurances	31
	SECTION 8.14	Pledge of Assets	32
	SECTION 8.15	Waiver of Setoff	32
	SECTION 8.16	Limitation of Liability of the Trustee	32
	SECTION 8.17	Continued Effectiveness of the Existing Servicing Agreement	32
	 	 	 
	Schedule 2.1        Services Provided	 
	Schedule 2.7        Reporting Requirements	 


 




    	 	-ii-	Second Amended and Restated
Servicing Agreement



    	 



    

 


This SECOND AMENDED
AND RESTATED SERVICING AGREEMENT, dated as of July 11, 2014 (this “Agreement”), is entered into between
GENERAL ELECTRIC CAPITAL CORPORATION, in its capacity as the Master Servicer (as defined below), and GE DEALER FLOORPLAN
MASTER NOTE TRUST, a Delaware statutory trust (“Owner”).


 


WHEREAS, the parties
hereto executed a servicing agreement, dated as of August 14, 2004; as amended and restated as of June 30, 2006 and as further
amended by Amendment No. 1 to the Amended and Restated Servicing Agreement, dated as of August 10, 2006, Amendment No. 2 to the
Amended and Restated Servicing Agreement, dated as of December 6, 2010, Amendment No. 3 to the Amended and Restated Servicing Agreement,
dated as of March 1, 2011, Amendment No. 4 to the Amended and Restated Servicing Agreement, dated as of December 16, 2011, and
Amendment No. 5 to Amended and Restated Servicing Agreement, dated as of July 17, 2012 (the “Existing Servicing Agreement”);


 


WHEREAS, the parties
desire to amend and restate the Existing Servicing Agreement as set forth herein; and


 


NOW THEREFORE, in consideration
of the premises and the mutual covenants hereinafter contained, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree to amend and restate the Existing Servicing Agreement as
follows:


 


ARTICLE
I



DEFINITIONS AND INTERPRETATION


 


SECTION 1.1           Definitions.


 


“Account”
means each Initial Account and, from and after the related Addition Date, each Additional Account. The term “Account”
shall not include any Removed Accounts. Two or more existing Accounts may be combined and, for the avoidance of doubt, the resulting
revolving credit arrangement shall continue to be an Account hereunder. The account number (or other alpha-numeric identifier)
associated with any Account may also be changed and for the avoidance of doubt, the related financing arrangement shall continue
to be an Account hereunder.


 


“Accounts
Receivable” means, with respect to any Dealer, all amounts shown on such Dealer’s records as amounts payable by
a customer (which may be a Dealer) in respect of goods or services sold by such Dealer to such customer.


 


“Accounts
Receivable Business” means the extensions of credit made by an Originator to Dealers in order to finance the Accounts
Receivable of such Dealers.


 


“Accounts
Receivable Financing Agreement” means an accounts receivable financing agreement or accounts receivable purchase agreement
entered into by an Originator with a Dealer in connection with the Accounts Receivable Business.


 




    	 	 	Second Amended and Restated
Servicing Agreement



    	 



    

  


“Addition
Date” means, as to any Additional Account, the date specified as such in the related assignment with respect to such
Additional Account.


 


“Additional
Accounts” means each individual revolving credit arrangement established by an Originator with a Dealer in connection
with the Floorplan Business or the Asset Based Lending Business, which account is transferred pursuant to the Second Tier Agreement
to be included as an Account.


 


“Administration
Agreement” means the Administration Agreement, dated as of August 12, 2004, among the Administrator, the Trustee
and the Owner.


 


“Administrator”
means GE Capital, in its capacity as Administrator under the Administration Agreement, or any other Person designated as Administrator
under the Administration Agreement.


 


“Affiliate”
means, with respect to any Person, (a) each Person that, directly or indirectly, owns or controls, whether beneficially, or as
a trustee, guardian or other fiduciary, five percent (5%) or more of the securities having ordinary voting power in the election
of directors of such Person, (b) each Person that controls, is controlled by or is under common control with such Person or (c)
each of such Person’s officers, directors, joint venturers and partners. For the purposes of this definition, “control”
of a Person means the possession, directly or indirectly, of the power to direct or cause the direction of its management or policies,
whether through the ownership of voting securities, by contract or otherwise.


 


“Agreement”
is defined in the preamble.


 


“Asset Based
Lending Business” means the extensions of credit made by an Originator to Dealers in order to provide loans based on
the value of certain assets of such Dealers.


 


“Asset Based
Lending Financing Agreement” means an asset based lending financing agreement entered into by an Originator and a Dealer
in connection with the Asset Based Lending Business.


 


“Authorized
Officer” means (a) with respect to any bank, corporation or statutory trust, the Chairman or Vice-Chairman of the Board,
the President, any Vice President, the Secretary, the Treasurer, any Assistant Secretary, any Assistant Treasurer and each other
officer or employee of such corporation or trustee of such trust specifically authorized in resolutions of the Board of Directors
of such corporation or trustee of such trust to sign agreements, instruments or other documents on behalf of such corporation or
statutory trust in connection with the transactions contemplated by or in connection with this Agreement and (b) with respect
to a limited liability company, any officer or manager of such limited liability company.


 


“Business
Continuity Management Program” is defined in Section 2.16.


 


“Business
Day” means any day that is not a Saturday, a Sunday or a day on which banks are required or permitted to be closed in
the State of New York, the State of Illinois or the State of Connecticut (or, with respect to any Series, any additional state
specified by the related Indenture Supplement).


 




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“Class”
means any class of Notes of any Series.


 


“Closing Date”
means August 12, 2004.


 


“Collateral
Security” means, with respect to any Receivable, (i) the security interest, if any, granted by or on behalf of the related
Dealer in the related Primary Collateral for such Receivable but does not include secondary collateral such as personal property,
personal guarantees, mortgages on real estate, assignments of certificates of deposit or letters of credit and (ii) all Records
in respect of such Receivable.


 


“Collection
Account” means the deposit account designated as such in the Indenture.


 


“Collections”
means, with respect to any Receivable, without duplication, the sum of (a) all payments by or on behalf of Dealers received in
respect of such Receivable (including proceeds from the realization upon any Collateral Security) in the form of cash, checks,
wire transfers or any other form of payment, (b) all payments deemed to be collections by or on behalf of Dealers received in respect
of such Receivables and (c) amounts received under or in connection with any Credit Insurance in respect of such Receivable. Any
Recoveries or other amounts received up to the Reimbursement Amount with respect to a Credit Insurance Receivable shall be deemed
not to be Collections or otherwise Collateral Security for any purposes hereof.


 


“Commission”
means the Securities and Exchange Commission.


 


“Confidential
Information” is defined in Section 4.4(a).


 


“Contract”
is defined in Section 2.4.


 


“Credit and
Collection Policies” means the credit and collection policies adopted by Owner pursuant to the Credit and Collection
Policies Resolution, as such credit and collection policies may be amended or modified from time to time.


 


“Credit and
Collection Policies Resolution” means a resolution adopted by the Owner on or prior to the Closing Date.


 


“Credit Insurance”
means credit insurance or other similar credit enhancement with respect to a Receivable supporting payment of such Receivable or
the creditworthiness of the related Dealer.


 


“Credit Insurance
Receivable” means, at any time, any Receivable that is then covered by Credit Insurance.


 


“Crisis Management
Planning” means the overall direction of a Person’s response to a disruptive event, in an effective, timely manner,
with the goal of minimizing damage to such Person’s profitability, reputation and ability to operate, including the process
of preparing for, and responding to, an event threatening life, health, property, security or business continuation.


 




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Servicing Agreement



    	 



    

 


 


“Custodian”
means Deutsche Bank Trust Company Americas, as custodian under the Custody and Control Agreement, or any successor custodian under
the Custody and Control Agreement.


 


“Custody and
Control Agreement” means the Custody and Control Agreement dated as of August 12, 2004, among Owner, the Custodian and
the Indenture Trustee.


 


“Dealer”
means a Person engaged generally in the business of purchasing consumer or commercial goods from a manufacturer or distributor
thereof and holding such goods for sale or lease in the ordinary course of business or a Person engaged generally in the business
of manufacturing or distributing consumer or commercial goods for sale to Dealers in the ordinary course of business.


 


“Debtor Relief
Laws” means Title 11 of the United States Code and all other applicable liquidation, conservatorship, bankruptcy, moratorium,
rearrangement, receivership, insolvency, reorganization, suspension of payments, readjustment of debt, marshalling of assets or
similar debtor relief laws of the United States, any state or any foreign country from time to time in effect, affecting the rights
of creditors generally.


 


“Defaulted
Receivable” on any Determination Date means all Receivables in an Account which are charged off as uncollectible in accordance
with the Credit and Collection Policies of the Owner on or prior to such Determination Date in respect of the immediately preceding
Monthly Period.


 


“Deliverables”
is defined in Section 2.15(a).


 


“Determination
Date” means, unless otherwise specified in any Indenture Supplement with respect to the related Series, the second Business
Day preceding each Payment Date.


 


“Disaster
Recovery Plan” means a plan that describes the process and procedures required to be performed with respect to certain
information technology in order to recover data in the event of a disaster.


 


“Eligible
Servicer” means the Indenture Trustee, a wholly owned subsidiary of the Indenture Trustee or an entity that, at the time
of its appointment as Servicer: (a) is servicing a portfolio of dealer floorplan loans (or is a successor to an entity that was
engaged and continues to be engaged in such servicing); (b) is legally qualified and has the capacity to service the Accounts;
(c) is qualified (or licensed) to use the software that is then being used to service the Accounts or obtains the right to use,
or has its own, software which is adequate to perform its duties under this Agreement; (d) has the ability to professionally and
competently service a portfolio of similar accounts; and (e) has a net worth of at least $50,000,000 as of the end of its most
recent fiscal quarter.


 


“Excess Funding
Account” means the account designated as such, established and owned by the Owner in accordance with the Indenture.


 


“Exchange
Act” means the Securities Exchange Act of 1934.


 




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“Existing
Servicing Agreement” is defined in the recitals.


 


“Financing
Agreement” means a Wholesale Financing Agreement, Accounts Receivable Financing Agreement or Asset Based Lending Financing
Agreement, including, for the avoidance of doubt, any such agreement that is a Syndicated Financing Agreement.


 


“Floorplan
Business” means the extensions of credit made by an Originator to Dealers in order to finance Products purchased by
Dealers from Manufacturers for sale or lease by such Dealers.


 


“GE Capital”
means General Electric Capital Corporation, a Delaware corporation.


 


“Governmental
Authority” means any nation or government, any state or other political subdivision thereof, and any agency, department
or other entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government.


 


“Inactive
Account” means an Account that has had a zero balance and under which no funding has occurred, in each case for at least
the preceding 12 months.


 


“Indemnified
Amounts” means, with respect to any Person, any and all suits, actions, proceedings, claims, damages, losses, liabilities
and expenses (including reasonable attorneys’ fees and disbursements and other costs of investigation or defense, including
those incurred upon any appeal).


 


“Indenture”
means the Amended and Restated Master Indenture dated as of July 11, 2014, between Owner and the Indenture Trustee.


 


“Indenture
Supplement” means, with respect to any Series, a supplement to the Indenture, executed and delivered in connection with
the original issuance of the Notes of such Series.


 


“Indenture
Trustee” means, at any time, the Person acting as indenture trustee under the Indenture.


 


“Ineligible
Receivable” means a Receivable designated as such pursuant to Section 6.1(c) of the Second Tier Agreement.


 


“Initial Account”
means each individual revolving credit arrangement established by an Originator with a Dealer which was identified on or prior
to the Closing Date.


 


“Instructions”
means instructions from the Owner in respect of any of the Custodian’s duties under the Custody and Control Agreement which
have been received by the Custodian at its address as shall have been furnished by the Custodian to the Owner.


 


“Insurance
Proceeds” with respect to an Account means any amounts received by the Master Servicer pursuant to any policy of insurance
which are required to be paid to an Originator pursuant to a Wholesale Financing Agreement, Accounts Receivable Financing Agreement
or Asset Based Lending Financing Agreement.


 




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“Intellectual
Property Rights” means, in any jurisdiction, any and all rights associated with (a) works of authorship, including copyrights,
moral rights and mask-work rights, (b) trademarks, service marks, trade or business names, trade dress, logos, designs, design
rights and other source identifiers, whether registered, and the goodwill associated therewith, (c) know-how or trade secrets,
including ideas, concepts, methods, techniques, inventions (whether developed or reduced to practice), (d) patents, designs, algorithms
and/or other intellectual or industrial property rights of every kind and nature, however designated, whether arising by operation
of law, contract, license or otherwise and (e) registrations, applications, renewals, extensions, continuations, divisions or reissues
now or after in force (including any rights in any of the foregoing).


 


“Intercreditor
Agreement” means the Amended and Restated Intercreditor Agreement, dated as of November 9, 2006, among the Originators,
the Owner and the Master Servicer.


 


“Lien”
means any mortgage or deed of trust, pledge, hypothecation, assignment, deposit arrangement, lien, charge, claim, security interest,
easement or encumbrance, or preference, priority or other security agreement or preferential arrangement of any kind or nature
whatsoever (including any lease or title retention agreement, any financing lease having substantially the same economic effect
as any of the foregoing, and the filing of, or agreement to give, any financing statement perfecting a security interest under
the UCC or comparable law of any jurisdiction); provided, however, that references to Liens (other than in the definition
of Permitted Encumbrances and Permitted Borrowing Base Liens) shall exclude Permitted Encumbrances.


 


“Litigation”
means, with respect to any Person, any action, claim, lawsuit, demand, investigation or proceeding pending or threatened against
such Person before any court, board, commission, agency or instrumentality of any federal, state, local or foreign government or
of any agency or subdivision thereof or before any arbitrator or panel of arbitrators.


 


“Manufacturer”
means a Person engaged generally in the business of manufacturing or distributing Products for sale or lease to Dealers in the
ordinary course of business.


 


“Manufacturer
Discount Amount”, with respect to a Receivable, means an amount equal to the excess, if any, of (a) the invoice price
of the related Product over (b) the amount that the applicable Manufacturer agrees to accept from an Originator in order to permit
the applicable Dealer to obtain a “free flooring” period during which such Dealer is not required to pay interest (or
pays interest at a reduced rate) in respect of such Receivable.


 


“Manufacturer
Subsidy Amount”, with respect to a Receivable, means an amount that the applicable Manufacturer has agreed to pay in
respect of such Receivable (at any time or from time to time) after such Receivable has been originated in order to permit the
applicable Dealer to obtain a “free flooring” period during which such Dealer is not required to pay interest (or pays
interest at a reduced rate) in respect of such Receivable.


 


“Master Servicer”
means GE Capital or any other Person designated as a Successor Master Servicer.


 




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“Master Servicer
Related Document” means, with respect to the Master Servicer, this Agreement and all other pledges, powers of attorney,
consents, assignments, contracts, notices, and all other written matter whether heretofore, now or hereafter executed by or on
behalf of the Master Servicer, or any employee of the Master Servicer, and delivered in connection with this Agreement or the transactions
contemplated hereby.


 


“Master Servicer
Related Party” is defined in Section 7.3.


 


“Material
Adverse Effect” means a material adverse effect on (a) the ability of Master Servicer to perform any of its obligations
under the Master Servicer Related Documents in accordance with the terms thereof, (b) the validity or enforceability of any Master
Servicer Related Document or the rights and remedies of Owner under any Master Servicer Related Document or (c) the Transferred
Receivables (including the collectibility of the Transferred Receivables and the security and other rights securing and supporting
the payment of the Transferred Receivables), the Financing Agreements or the ownership interests or Liens of Owner thereon or the
priority of such interests or Liens.


 


“Materials”
means all systems, software, technology, documentation, reports, notes, tools, methods, methodologies, processes, procedures, workflows,
inventions, forms, data, data formats, data compilations, program names, designs, drawings, videos, object code, source code and
other material, work product created, furnished or made available in connection with this Agreement.


 


“Monthly Period”
means each calendar month.


 


“Monthly Servicing
Fee” is defined in Section 2.5.


 


“Moody’s”
means Moody’s Investors Service, Inc.


 


“New Issuance”
is defined in Section 2.13.


 


“Non-Principal
Receivables” with respect to any Account means (i) all amounts billed to the related Dealer in respect of interest and
all other non-principal charges and (ii) without duplication, all amounts owed in respect of Manufacturer Discount Amounts and
Manufacturer Subsidy Amounts.


 


“Noteholder”
mean the Person in whose name a Note is registered or such other Person deemed to be a “Noteholder” in any related
Indenture Supplement.


 


“Notes”
means all notes issued by Owner pursuant to the Indenture and the applicable Indenture Supplements.


 


“Officer’s
Certificate” means, with respect to any Person, a certificate signed by an Authorized Officer of such Person.


 


“Opinion of
Counsel” means a written opinion of counsel, who may be counsel for, or an employee of, the Person providing the opinion.


 




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“Originator”
means GE Commercial Distribution Finance Corporation, General Electric Capital Corporation, Brunswick Acceptance Company, LLC and
Polaris Acceptance, and any additional Persons as may be added as originators from time to time.


 


“Owner”
is defined in the preamble.


 


“Participation
Agreement” means an agreement between an Originator and a lender (other than the Transferor) pursuant to which such Originator
conveys to such lender an undivided interest in certain receivables that is pari passu in all respects with the undivided interest
retained by such Originator.


 


“Participation
Interest” means the undivided interest, created pursuant to a Participation Agreement, in a receivable in which a Receivable
represents the remaining undivided interest.


 


“Payment Date”
means, except as otherwise specified by the Owner, the twentieth (20th) day of each calendar month, or if
the twentieth (20th) day is not a Business Day, the next Business Day.


 


“Payment Date
Shortfall” is defined in Section 2.14.


 


“Permitted
Borrowing Base Liens” means Liens permitted to attach to the collateral securing any Receivable under the applicable
Financing Agreement, to the extent that the amount of the obligations secured by such Liens were taken into consideration in the
calculation of the borrowing base thereunder in accordance with the Credit and Collection Policies.


 


“Permitted
Encumbrances” means the following: (a) Liens for taxes or assessments or other governmental charges not yet due and payable;
(b) inchoate and unperfected workers’, mechanics’, landlords’, suppliers’ or other Liens that attach by
operation of law arising in the ordinary course of business; (c) presently existing or hereinafter created Liens in favor
of, or created by, Owner; (d) any Lien permitted by the Intercreditor Agreement; (e) any Lien created by any Participation Agreement;
(f) any Permitted Syndicated Financing Agreement Lien; (g) any security interests in the Collateral Security that are subordinate
to the security interests securing the related Receivables; (h) Permitted Borrowing Base Liens; and (i) any Lien in favor of, or
other interest of, a provider of Credit Insurance with respect to a Credit Insurance Receivable or other Collateral Security or
Collections with respect thereto under the terms of the applicable documents governing such Credit Insurance.


 


“Permitted
Investments” means one or more of the following:


 


(a)          direct
obligations of, and obligations fully guaranteed as to timely payment by the United States of America;


 




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(b)          demand
deposits, time deposits or certificates of deposit of any depository institution (including any Affiliate of the Indenture Trustee)
or trust company incorporated under the laws of the United States of America or any state thereof or the District of Columbia (or
any domestic branch of a foreign bank) and subject to supervision and examination by Federal or state banking or depository institution
authorities (including depository receipts issued by any such institution or trust company as custodian with respect to any obligation
referred to in clause (a) above or a portion of such obligation for the benefit of the holders of such depository receipts);
provided, that at the time of the Issuer’s investment or contractual commitment to invest therein (which shall be deemed
to be made again each time funds are reinvested following each Payment Date), the commercial paper or other short-term senior unsecured
debt obligations (other than such obligations the rating of which is based on the credit of a Person other than such depository
institution or trust company) of such depository institution or trust company shall have a credit rating from Moody’s of
at least “Prime-1”, from S&P of at least “A-1” and from Fitch of at least “F1”, if rated
by Fitch;


 


(c)          commercial
paper (including commercial paper of any Affiliate of the Indenture Trustee) having, at the time of the investment or contractual
commitment to invest therein, a rating from Moody’s of at least “Prime-1”, from S&P of at least “A-1”
and from Fitch of at least “F1”, if rated by Fitch; and


 


(d)          only
to the extent permitted by Rule 3a-7 under the Investment Company Act, investments in money market funds (including funds for which
the Seller, the Servicer, the Indenture Trustee or any of its Affiliates is investment manager or advisor) having a rating from
Moody’s of “Aaa-mf”, from S&P of “AAAm” and from Fitch of “AAAmmf”, if rated by Fitch.


 


“Permitted
Syndicated Financing Agreement Lien” means, with respect to a Syndicated Financing Agreement:


 


(a)          the
interests of any letter of credit provider or cash collateral obligation for the benefit of a letter of credit provider to the
extent the funding of the related letter of credit obligations will give rise to a revolving loan and the related Originator’s
interest in such revolving loan would constitute a Receivable;


 


(b)          the
interests of any swingline lender to the extent any related swingline loan is convertible to a revolving loan and the related Originator’s
interest in such revolving loan would constitute a Receivable;


 


(c)          the
interests of any agent or letter of credit provider with respect to customary fees and expenses; and


 


(d)          the
interests of any other lender party to such Syndicated Financing Agreement; provided that:


 


(i)          the
related Originator’s interest in the Receivables and related Collateral Security is senior or pari passu in all respects
with the interest of each lender providing the revolving credit arrangement designated as an Account hereunder; and


 


(ii)         in
the case of any Asset Based Lending Financing Agreement that includes both a revolving credit arrangement designated as an Account
hereunder and a term credit facility or other credit arrangement that has not been designated as an Account (an “Excluded
Credit Arrangement”), the related Originator and other lenders providing the revolving credit arrangement(s) designated
as an Account shall have an interest in the Primary Collateral therefor that is senior to the interests of the lenders (including
the related Originator if applicable) under the Excluded Credit Arrangement.


 




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“Person”
means any individual, sole proprietorship, partnership, joint venture, unincorporated organization, trust (including a business
trust), association, corporation, limited liability company, institution, public benefit corporation, joint stock company, Governmental
Authority or any other entity of whatever nature.


 


“Primary Collateral”
means, with respect to any Receivable, (i) the related Products or Accounts Receivable that, in each case constitute the primary
collateral for such Receivable and (ii) in the case of a Receivable arising under an Asset Based Lending Financing Agreement, the
collateral included in the borrowing base for the related extension of credit.


 


“Principal
Receivable” with respect to an Account means amounts shown on Owner’s records as Receivables (other than such amounts
which represent Non-Principal Receivables due from the related Dealer).


 


“Products”
means the commercial and consumer goods held or to be held by Dealers for sale or lease and financed by an Originator.


 


“Rating Agency”
means, as to each Series, the Persons, if any, specified as such in the related Indenture Supplement.


 


“Receivable”
means, with respect to an Account, all amounts payable (including interest, finance charges and other charges), and the obligation
to pay such amounts, by the related Dealer from time to time in respect of advances made by an Originator to or on behalf of such
Dealer in connection with the Floorplan Business, the Accounts Receivable Business or the Asset Based Lending Business, as the
case may be, together with the group of writings evidencing such amounts and the security interest created in connection therewith
and all of the rights, remedies, powers and privileges thereunder (including under the related Financing Agreement); provided
that if a Participation Interest has been created in respect of such Account, whether before or after that Account has been designated
as an Account, the amounts so payable by the related Dealer that are allocable to such Participation Interest shall not be part
of the “Receivables” in respect of such Account.


 


“Records”
means all Financing Agreements and other documents, books, records and other information (including computer programs, tapes, disks,
data processing software and related property and rights) prepared and maintained by Transferor, an Originator, Master Servicer,
any Sub-Servicer or Owner with respect to the Transferred Receivables and the Dealers thereunder.


 


“Recoveries”
on any Determination Date shall mean all amounts received, including Insurance Proceeds and proceeds of Collateral Security, during
the Monthly Period immediately preceding such Determination Date with respect to Receivables which have previously become Defaulted
Receivables.


 




    	 	10	Second Amended and Restated
Servicing Agreement



    	 



    

 


 


“Regulation
AB” means 17 C.F.R. §§229.1100-229.1123, as such may be amended from time to time, and subject to such clarification
and interpretation as have been provided by the Commission in the adopting release (Asset-Backed Securities, Securities Act Release
No. 33-8518, 70 Fed. Reg. 1506 (Jan. 7, 2005)) or by the staff of the Commission, or as may be provided by the Commission or its
staff from time to time.


 


“Reimbursement
Amount” means, with respect to any Credit Insurance Receivable, any amounts owed to the provider of the Credit Insurance
from the proceeds of the Receivable or the Collateral Security or Collections with respect thereto covered by such Credit Insurance.


 


“Removed Account”
means an Account that is removed in accordance with the Second Tier Agreement.


 


“Requirements
of Law” means, as to any Person, the certificate of incorporation or articles of association and by-laws or other organizational
or governing documents of such Person, and any law, treaty, rule or regulation, or determination of an arbitrator or Governmental
Authority, in each case applicable to or binding upon such Person or to which such Person is subject, whether federal, state or
local.


 


“S&P”
means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc.


 


“Second Tier
Agreement” means the Amended and Restated Receivables Purchase and Contribution Agreement dated as of July 11, 2014,
between the Transferor and Owner.


 


“Securities
Act” means the Securities Act of 1933.


 


“Series”
means any series of Notes, which may include within any such Series a Class or Classes of Notes subordinate to another such Class
or Classes of Notes of the same Series.


 


“Series Account”
means any deposit, trust, escrow or similar account maintained for the benefit of the Noteholders of any Series or class, as specified
in any Indenture Supplement.


 


“Series Closing
Date” means, with respect to any Series, the date of issuance of such Series.


 


“Servicer
Advance” is defined in Section 2.14.


 


“Servicer
Default” is defined in Section 5.1.


 


“Servicer
Indemnified Person” is defined in Section 7.1.


 


“Servicer
Termination Notice” means any notice by Owner to Master Servicer and the Indenture Trustee, respectively, that (a) a
Servicer Default has occurred and (b) Master Servicer’s appointment under this Agreement has been terminated.


 


“Servicing
Records” means all documents, books, Records and other information (including computer programs, tapes, disks, data processing
software and related property and rights) prepared and maintained by Master Servicer with respect to the Transferred Receivables
and the Dealers thereunder.


 




    	 	11	Second Amended and Restated
Servicing Agreement



    	 



    

 


 


“Sub-Servicer”
means any Person with whom Master Servicer enters into a Sub-Servicing Agreement.


 


“Sub-Servicing
Agreement” means any written contract entered into between Master Servicer and any Sub-Servicer pursuant to and in accordance
with Section 2.1 relating to the servicing, administration or collection of the Transferred Receivables.


 


“Successor
Master Servicer” is defined in Section 6.2.


 


“Syndicated
Financing Agreement” means any Wholesale Financing Agreement, Accounts Receivable Financing Agreement or Asset Based
Lending Financing Agreement among a Dealer and a syndicate of one or more lenders, including an Originator and any lender agent,
if applicable.


 


“Termination
Amount” is defined in Section 2.4.


 


“Transfer
Date” means the Business Day preceding each Payment Date.


 


“Transferor”
means CDF Funding, Inc., a Delaware corporation.


 


“Transferred
Receivable” means each Receivable purchased or otherwise acquired by Owner, but excluding Receivables that have been
repurchased by an Originator or assigned to Master Servicer pursuant to this Agreement.


 


“Trust Accounts”
means any Series Account, the Collection Account or Excess Funding Account.


 


“Trust Agreement”
means the Amended and Restated Trust Agreement relating to Owner, dated as of August 12, 2004, between Transferor and the Trustee.


 


“Trustee”
means BNY Mellon Trust of Delaware, not in its individual capacity but as Trustee under the Trust Agreement, its successors in
interest and any successor Trustee under the Trust Agreement.


 


“UCC”
means, with respect to any jurisdiction, the Uniform Commercial Code as the same may, from time to time, be enacted and in effect
in such jurisdiction.


 


“Unrelated
Amounts” is defined in Section 2.3.


 


“Wholesale
Financing Agreement” means a wholesale financing agreement entered into by an Originator and a Dealer in order to finance
inventory, including Products purchased by such Dealer from a Manufacturer.


 




    	 	12	Second Amended and Restated
Servicing Agreement



    	 



    

 


 


SECTION 1.2           Other
Interpretive Matters. All terms defined in this Agreement shall have the defined meanings when used in any certificate or other
document delivered pursuant hereto unless otherwise defined therein. For purposes of this Agreement and all such certificates and
other documents delivered pursuant hereto, unless the context otherwise requires: (a) accounting terms not otherwise defined
in this Agreement, and accounting terms partly defined in this Agreement to the extent not defined, shall have the respective meanings
given to them under generally accepted accounting principles; (b) references to any month, quarter or year refer to a calendar
month, quarter or year; (c) terms defined in Article 9 of the UCC and not otherwise defined in this Agreement are used as defined
in that Article; (d) references to any amount as on deposit or outstanding on any particular date means such amount at the close
of business on such day; (e) the words “hereof,” “herein” and “hereunder” and words of
similar import refer to this Agreement (or the certificate or other document delivered pursuant hereto in which they are used)
as a whole and not to any particular provision of this Agreement (or such certificate or document); (f) references to any
Section, Schedule or Exhibit are references to Sections, Schedules and Exhibits in or to this Agreement (or the certificate or
other document delivered pursuant hereto in which the reference is made), and references to any paragraph, subsection, clause or
other subdivision within any Section or definition refer to such paragraph, subsection, clause or other subdivision of such Section
or definition; (g) the term “including” means “including without limitation”; (h) references
to any law or regulation refer to that law or regulation as amended from time to time and include any successor law or regulation;
(i) references to any agreement refer to that agreement as from time to time amended or supplemented or as the terms of such
agreement are waived or modified in accordance with its terms; and (j) references to any Person include that Person’s successors
and assigns.


 


ARTICLE
II



APPOINTMENT OF MASTER SERVICER; CERTAIN DUTIES

AND RESPONSIBILITIES OF MASTER SERVICER.


 


SECTION 2.1           Appointment
of Master Servicer. Owner hereby appoints Master Servicer as its agent to service the Transferred Receivables and enforce its
rights and interests in and under the Transferred Receivables and to serve in such capacity until the termination of its responsibilities
pursuant to Sections 5.1 or 6.1. Master Servicer hereby accepts such appointment and agrees to perform the duties
and obligations set forth herein, including the performance of those services described in Schedule 2.1 to the extent necessary
to fulfill its duties and obligations set forth herein or otherwise requested by Owner in connection therewith. Master Servicer
may delegate any duties to any of its Affiliates without further action or subcontract with a Sub-Servicer for the collection,
servicing or administration of the Transferred Receivables or any portion thereof; provided, that (a) Master Servicer shall
remain liable and responsible for the performance of the duties and obligations of any such Affiliate or Sub-Servicer pursuant
to the terms hereof and (b) any Sub-Servicing Agreement that may be entered into with, and any other transactions or services
relating to the Transferred Receivables involving, a Sub-Servicer shall be deemed to be between the Sub-Servicer and Master Servicer
alone, and Owner shall not be deemed party thereto and shall have no obligations, duties or liabilities with respect to the Sub-Servicer.


 




    	 	13	Second Amended and Restated
Servicing Agreement



    	 



    

 


 


SECTION 2.2           Duties
and Responsibilities of Master Servicer.


 


(a)          Subject
to the provisions of this Agreement, Master Servicer shall conduct the servicing, administration and collection of the Transferred
Receivables with reasonable care and diligence and in accordance with the Financing Agreements and the Credit and Collection Policies.


 


(b)          Owner
shall provide Master Servicer not less than five (5) Business Days’ prior notice of (i) any designation of additional or
removed Accounts (other than a designation of removed Accounts in connection with such Accounts becoming Inactive Accounts) and
(ii) any designation of any additional Originator. Any such designation, removal or change shall be effective for purposes of this
Agreement on the date specified by Owner to Master Servicer.


 


(c)          Following
receipt of notice of any designation of additional or removed Accounts or an additional Originator pursuant to Section 2.2(b),
Master Servicer shall assist Owner in producing any information required by Owner in connection with such designation or change.


 


(d)          Master
Servicer shall not be obligated to use separate servicing procedures, offices, employees or accounts for servicing the Transferred
Receivables from the procedures, offices, employees and accounts used by Master Servicer in connection with servicing other receivables.


 


(e)          Master
Servicer shall maintain fidelity bond or other appropriate insurance coverage insuring against losses through wrongdoing of its
officers and employees who are involved in the servicing of receivables covering such actions and in such amounts as Master Servicer
believes to be reasonable from time to time.


 


(f)          Master
Servicer shall deliver Instruments and shall direct the Custodian as to the investment of funds credited to the Trust Accounts.


 


SECTION 2.3           Unrelated
Amounts. If Master Servicer determines that amounts which are not property of Owner (“Unrelated Amounts”)
have been deposited in the Collection Account, then Master Servicer shall provide evidence thereof to Owner no later than the first
Business Day following the day on which Master Servicer had actual knowledge thereof. Upon receipt of any such notice, Master Servicer
shall withdraw the Unrelated Amounts from the Collection Account, and the same shall not be treated as Collections on Transferred
Receivables and shall not be subject to the provisions of Section 2.11.


 




    	 	14	Second Amended and Restated
Servicing Agreement



    	 



    

 


 


SECTION 2.4           Authorization
of Master Servicer. Master Servicer is hereby authorized to take any and all reasonable steps necessary or desirable and consistent
with the ownership of the Transferred Receivables by Owner and the pledge of the Transferred Receivables to the Indenture Trustee,
in the determination of Master Servicer, to (a) collect all amounts due under each Transferred Receivable, including endorsing
its name on checks and other instruments representing Collections on such Transferred Receivable, and executing and delivering
any and all instruments of satisfaction or cancellation or of partial or full release or discharge and all other comparable instruments
with respect to such Transferred Receivable, and (b) after a Transferred Receivable is at risk of imminently becoming delinquent
or after a Transferred Receivable becomes delinquent (or if a Transferred Receivable is at risk of imminently becoming a Defaulted
Receivable or after a Transferred Receivable becomes a Defaulted Receivable) and to the extent permitted under and in compliance
with applicable law and regulations, (i) commence proceedings with respect to the enforcement of payment of such Transferred Receivable
and the related Financing Agreement, (ii) adjust, settle or compromise any payments due thereunder, and (iii) initiate proceedings
against any Collateral Security securing the obligations due under such Transferred Receivable, and otherwise enforce and exercise
rights with respect to such Collateral Security and the related Financing Agreements, in each case, consistent with the Credit
and Collection Policies, (c) to make withdrawals from the Collection Account and any Series Account, as set forth in this Agreement,
the Indenture or any Indenture Supplement, (d) to take any action required or permitted under any enhancement for any Series or
class of Notes, as set forth in this Agreement, the Indenture or any Indenture Supplement, (e) deliver Instructions and other directions
as to the investment of funds credited to the Trust Accounts on behalf of Owner; provided that such directions will limit
the investment of funds only to Permitted Investments and (f) without limiting the authorization in clause (b), to the extent such
action would not materially and adversely affect the Owner or the Owner’s ability to pay any of its obligations as such obligations
become due and is permitted under and in compliance with applicable law and regulations, adjust, settle or compromise any payments
due under a Transferred Receivable in accordance with the Credit and Collection Policies. Owner shall furnish (or cause to be furnished)
Master Servicer with any powers of attorney and other documents necessary or appropriate to enable Master Servicer to carry out
its servicing and administrative duties hereunder, and Owner shall assist Master Servicer to the fullest extent to enable Master
Servicer to collect the Transferred Receivables and otherwise discharge its duties hereunder. Upon the request of a Dealer, and
consistent with the Credit and Collection Policies, Master Servicer, on behalf of Owner, shall permit such Dealer to terminate
any agreement (including any invoice) pursuant to, or under which, such Dealer is obligated to make payments with respect to any
Receivable (a “Contract”); provided, that the Dealer shall have paid the Termination Amount, which shall
constitute and be treated like Collections in respect of the related Receivable. “Termination Amount” means,
with respect to a Contract, as of any date, the amount that the related Dealer owes under such Contract on such date, which shall
not be less than, with respect to a (i) a Contract with prepayment rights, one hundred percent (100%) of the principal and accrued
interest thereunder plus any premium set forth in such Contract, and (ii) a Contract without prepayment rights, one hundred
percent (100%) of the principal and accrued interest thereunder plus any premium that may be collected in accordance with
the related Credit and Collection Policies.


 


SECTION 2.5           Servicing
Fees. As compensation for its servicing activities and as reimbursement for its reasonable expenses in connection therewith,
Master Servicer shall be entitled to receive a monthly servicing fee in respect of any Monthly Period (or portion thereof) prior
to the termination of Master Servicer’s obligations under this Agreement (the “Monthly Servicing Fee”).
The Monthly Servicing Fee for each Monthly Period shall equal one-twelfth of the product of (a) the total outstanding balance of
Transferred Receivables that are Principal Receivables as of the beginning of the prior Monthly Period and (b) two percent (2%).
The share of the Monthly Servicing Fee allocable to each Series of Notes shall be payable on the dates and in the amounts specified
in the related Indenture Supplement. Owner shall be obligated to pay the excess of the Monthly Servicing Fee over the portions
allocated as specified above. Master Servicer shall be required to pay for all expenses incurred by it in connection with its activities
hereunder (including any payments to accountants, counsel or any other Person, but not including federal, state, local income or
franchise taxes of Owner) and shall not be entitled to any payment or reimbursement of those expenses other than the Monthly Servicing
Fees.


 




    	 	15	Second Amended and Restated
Servicing Agreement



    	 



    

 


 


SECTION 2.6           Covenants
of Master Servicer. Master Servicer covenants and agrees that from and after the Closing Date and until the date on which the
outstanding balances of all Transferred Receivables have been reduced to zero:


 


(a)          Ownership
of Transferred Receivables. Master Servicer shall identify the Transferred Receivables clearly and unambiguously in its Servicing
Records to reflect that the Transferred Receivables are owned by Owner.


 


(b)          Compliance
with Requirements of Law. Master Servicer shall duly satisfy all obligations on its part to be fulfilled under or in connection
with the Transferred Receivables and the related Accounts, will maintain in effect all qualifications required under Requirements
of Law in order to properly service the Transferred Receivables and the related Accounts and will comply in all material respects
with all other Requirements of Law in connection with servicing the Transferred Receivables and the related Accounts, the failure
to comply with which would have a Material Adverse Effect.


 


(c)          No
Rescission or Cancellation. Master Servicer shall not permit any rescission or cancellation of a Transferred Receivable except
as ordered by a court of competent jurisdiction or other Governmental Authority or in the ordinary course of its business and in
accordance with the Credit and Collection Policies. Master Servicer shall reflect any such rescission or cancellation in its computer
file related to the Accounts.


 


If Master Servicer
breaches either of the covenants contained in paragraph (b) or (c) with respect to any Transferred Receivable or
the related Account, and as a result thereof, Owner’s rights in, to or under any Transferred Receivable(s) in the related
Account or the proceeds of such Transferred Receivable are materially impaired or such proceeds are not available for any reason
to Owner free and clear of any Lien, then no later than the expiration of sixty (60) days from the earlier to occur of the discovery
of such event by Master Servicer, or receipt by Master Servicer of notice of such event given by Owner, all Transferred Receivables
in the Account or Accounts to which such event relates shall be assigned to Master Servicer as set forth below; provided
that such Transferred Receivables will not be assigned to Master Servicer if, on any day prior to the end of such sixty (60) day
period, (i) the relevant breach shall have been cured and the covenant shall have been complied with in all material respects and
(ii) Master Servicer shall have delivered an Officer’s Certificate describing the nature of such breach and the manner in
which such breach was cured.


 


Master Servicer shall
effect such assignment by paying Owner in immediately available funds prior to the related Payment Date in an amount equal to the
amount of such Transferred Receivables, which deposit shall be considered a Collection with respect to such Transferred Receivables.


 




    	 	16	Second Amended and Restated
Servicing Agreement



    	 



    

 


 


Upon each such assignment
to Master Servicer, Owner shall automatically and without further action be deemed to transfer, assign, set over and otherwise
convey to Master Servicer, without recourse, representation or warranty all right, title and interest of Owner in and to such Transferred
Receivables, all moneys due or to become due and all amounts received with respect thereto and all proceeds thereof. Owner shall
execute such documents and instruments of transfer or assignment and take such other actions as shall be reasonably requested by
Master Servicer to effect the conveyance of any such Transferred Receivables pursuant to this Section.


 


SECTION 2.7           Reporting
Requirements.


 


(a)          Master
Servicer hereby agrees that, from and after the Closing Date and until the date on which the outstanding balances of all Transferred
Receivables have been reduced to zero, it has delivered, has caused to be delivered, shall deliver or shall cause to be delivered
financial statements, notices, and other information (including the reports required by Sections 2.8 and 2.9)
at the times, to the Persons and in a manner set forth in Schedule 2.7.


 


(b)          Master
Servicer shall deliver Instructions on behalf of Owner, and shall direct Custodian as to the investment of funds credited to the
Trust Accounts; provided that Master Servicer will direct Custodian to invest only in Permitted Investments.


 


(c)          Notwithstanding
anything to the contrary in any Master Servicer Related Document, Master Servicer shall be responsible for preparing and filing
all reports required to be filed with the Commission under the Exchange Act with respect to Owner.


 


SECTION 2.8           Annual
Master Servicer’s Certificate.


 


(a)          Master
Servicer shall deliver to Owner on or before the 90th day following the end of each fiscal year of Master Servicer,
an Officer’s Certificate of Master Servicer providing such information as is required under Item 1123 of Regulation AB and
the Exchange Act.


 


(b)          Master
Servicer shall deliver to Owner on or before the 90th day following the end of each fiscal year of Master Servicer a
report regarding Master Servicer’s assessment of compliance with the applicable servicing criteria specified in Item 1122
of Regulation AB during the immediately preceding fiscal year, as required under Rules 13a-18 and 15d-18 of the Exchange Act.


 


SECTION 2.9           Annual
Independent Public Accountants’ Servicing Report. On or before the 90th day following the end of each fiscal
year of Master Servicer, Master Servicer shall cause a firm of nationally recognized independent public accountants (who may also
render other services to Master Servicer) to furnish a report to the Owner that attests to, and reports on, the Servicer’s
assessment delivered pursuant to Section 2.8, which attestation report shall be made in accordance with the requirements
of Rule 15d-18 of the Exchange Act. The certification required by this paragraph may be replaced, at Master Servicer’s option,
by any similar certification using standards which are now or in the future in use by servicers of comparable assets and which
otherwise comply with any rule, regulation, “no-action” letter or similar guidance promulgated by the Commission.


 




    	 	17	Second Amended and Restated
Servicing Agreement



    	 



    

 


 


SECTION 2.10         Notices
to Transferor. If GE Capital is no longer acting as Master Servicer, any Successor Master Servicer appointed pursuant to Section
6.2 shall deliver or make available to Owner each certificate and report required to be prepared, forwarded or delivered thereafter
pursuant to Sections 2.7, 2.8 and 2.9.


 


SECTION 2.11         Collections.
Master Servicer shall apply all Collections for each Monthly Period as described in the Indenture and each Indenture Supplement.


 


SECTION 2.12         Allocations
and Disbursements. With respect to each Series, Master Servicer shall make the allocations and disbursements for such Series
on behalf of the Owner as is required to be made by the Owner under the terms of the Indenture and the Indenture Supplement for
such Series.


 


SECTION 2.13         New
Series. Pursuant to one or more Indenture Supplements, Owner may issue one or more new Series of Notes (a “New Issuance”),
as more fully described in the Indenture. To enable Master Servicer to perform its obligations pursuant to Sections 2.11
and 2.12, Owner shall give reasonable prior notice to Master Servicer of each New Issuance and shall provide Master Servicer
an opportunity to review and comment upon each Indenture Supplement. All outstanding Series shall be equally and ratably entitled
as provided herein to the benefits of this Agreement without preference, priority or distinction, all in accordance with the terms
and provisions of this Agreement except, with respect to any Series, as provided in the related Indenture Supplement.


 


SECTION 2.14         Servicer
Advances. On each Transfer Date, the Master Servicer shall have the right, but not the obligation, to make an advance to the
Collection Account (each such advance, a “Servicer Advance”) in an amount equal to the lesser of (a) the amount
of principal and interest payable but not paid during the preceding Monthly Period by Dealers in respect of Receivables owned by
the Issuer for which any payment of principal or interest by the related Dealer is more than one (1) day past due and less than
thirty (30) days past due and (b) the Payment Date Shortfall for the related Payment Date. The Master Servicer shall not make a
Servicer Advance in respect of such Receivable if the Master Servicer does not reasonably believe that future collections on such
Receivable shall equal or exceed the amount of such Servicer Advance (and interest on such Servicer Advance). Each Servicer Advance
shall bear interest on each day until repaid in full at a rate per annum equal to the weighted average interest rate on the Notes
that are outstanding under the terms of the Indenture on such day. Servicer Advances shall be reimbursed after the Issuer has paid
amounts owing to the Indenture Trustee (up to $25,000 for each calendar year), the Trustee (up to $25,000 for each calendar year)
and the Administrator (up to $25,000 for each calendar year), but prior to payments of principal and interest on the Notes. The
Master Servicer shall not make a Servicer Advance with respect to any Defaulted Receivable or Ineligible Receivable.


 


“Payment Date
Shortfall” means, on any Payment Date (determined as of the preceding Transfer Date) the sum, for all Indenture Supplements,
of the excess, if any, of (a) the amount that is payable, from Series Accounts established under such Indenture Supplements on
such Payment Date, to the Indenture Trustee, the Trustee, the Administrator and the Noteholders, over (b) the amount of funds that
are available pursuant to such Indenture Supplements (without giving effect to any Servicer Advance) to make the payments contemplated
by clause (a) of this sentence.


 




    	 	18	Second Amended and Restated
Servicing Agreement



    	 



    

 


 


SECTION 2.15         Intellectual
Property Rights.


 


(a)          Each
of the Master Servicer and the Issuer acknowledges and agrees that the services provided by the Master Servicer hereunder do not
typically and will not include the creation of Intellectual Property Rights. However, if and to the extent Materials containing
Intellectual Property Rights may be created in connection with the Master Servicer’s performance of its duties hereunder,
each of the Master Servicer and the Issuer acknowledges and understands that, as between the Master Servicer and the Issuer, such
Materials generated or created (collectively, “Deliverables”) shall belong to the Master Servicer. Each of the
Master Servicer and the Issuer agrees to execute such other documents and take such other actions as the other party may reasonably
request to perfect ownership of any Deliverable. Additionally, each of the Master Servicer and the Issuer hereby grants to each
other party, for good and valuable consideration, a non-exclusive, non-transferable, world-wide, fully-paid right and licenses
for such other party and approved subcontractors to use such Deliverables or any Intellectual Property Rights necessary to use
such Deliverables.


 


(b)          All
proprietary Materials owned, developed or licensed by or on behalf of either the Master Servicer or the Issuer, including all Materials
that are owned by third parties licensed by the Master Servicer or the Issuer, as the case may be, (i) prior to the Closing Date
and/or (ii) subsequent to the Closing Date but independent of and separate from the services provided hereunder are, and all Intellectual
Property Rights in and to them and all of their derivative works and improvements by whomever developed or created, shall continue
to be owned by the Master Servicer or the Issuer, as the case may be.


 


SECTION 2.16         Business
Continuity/Disaster Recovery. The Master Servicer shall have in place an over-arching program created by the Master Servicer
to facilitate the recovery, resumption and maintenance of critical business services during an unexpected business interruption
(a “Business Continuity Management Program”) and/or a Disaster Recovery Plan applicable to each service it is
required to provide to the Issuer hereunder or piece of information technology supporting such service as the context may require,
and at a minimum, in accordance with commercially reasonable standards and in accordance with such further terms and/or standards
otherwise provided herein. As a general matter, it is agreed that a Business Continuity Management Program includes business continuity
planning, a Disaster Recovery Plan and Crisis Management Planning. Such Business Continuity Management Program must include the
development of business continuity and crisis management plans based upon a business process’s inherent risk analysis (business
impact analyses) and risk assessment. Such Business Continuity Management Program must also include the Master Servicer’s
strategy and plans to exercise and maintain the business continuity plan, as well as to train personnel. The Master Servicer shall
test any Business Continuity Management Program and Disaster Recovery Plan as appropriate based on the Master Servicer’s
risk-based priority testing requirements.


 




    	 	19	Second Amended and Restated
Servicing Agreement



    	 



    

 


 


ARTICLE
III



REPRESENTATIONS AND WARRANTIES


 


SECTION 3.1           Representations
and Warranties of Master Servicer. Master Servicer represents and warrants to Owner as of the date hereof and as of each Series
Closing Date:


 


(a)          It
is duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation and is duly qualified
to do business, and is in good standing, in each jurisdiction in which the servicing of the Transferred Receivables hereunder requires
it to be so qualified, except where the failure to comply would not reasonably be expected to have a Material Adverse Effect.


 


(b)          It
has the power and authority to execute and deliver this Agreement and to perform its obligations contemplated hereby.


 


(c)          This
Agreement has been duly authorized, executed and delivered by Master Servicer and constitutes its legal, valid and binding obligation
enforceable against it in accordance with its terms, subject to any applicable bankruptcy, insolvency, reorganization, moratorium
or other similar laws now or hereafter in effect relating to or affecting the enforceability of creditors’ rights generally
and general equitable principles, whether applied in a proceeding at law or in equity.


 


(d)          No
consent of, notice to, filing with or permits, qualifications or other action by any Governmental Authority or any other party
is required for the due execution, delivery and performance by Master Servicer of this Agreement, other than consents, notices,
filings and other actions which have been obtained or made or where the failure to obtain such consent or take such action, individually
or in the aggregate, would not reasonably be expected to have a Material Adverse Effect.


 


(e)          There
is no pending or, to its actual knowledge, threatened Litigation of a material nature against or affecting it in any court or tribunal,
before any arbitrator of any kind or before or by any Governmental Authority (i) asserting the invalidity of this Agreement, or
(ii) seeking any determination or ruling that might materially and adversely affect the validity or enforceability of this Agreement.


 


(f)          Master
Servicer (or a Sub-Servicer on its behalf) has in its possession all original copies of the Financing Agreements that evidence
the Receivables. Such Financing Agreements do not have any marks or notations indicating that they have been pledged, assigned
or otherwise conveyed to any Person, other than pursuant to the Master Servicer Related Documents.


 




    	 	20	Second Amended and Restated
Servicing Agreement



    	 



    

 


 


ARTICLE
IV



ADDITIONAL MATTERS RELATING TO MASTER SERVICER


 


SECTION 4.1           Covenants
of Master Servicer Regarding the Transferred Receivables.


 


(a)          Maintenance
of Records and Books of Account. Master Servicer shall maintain and implement administrative and operating procedures (including
the ability to recreate records evidencing the Transferred Receivables in the event of the destruction of the originals thereof),
and keep and maintain all documents, books, computer records and other information, reasonably necessary or advisable for the collection
of all the Transferred Receivables. Such documents, books and computer records shall reflect all facts giving rise to the Transferred
Receivables, all payments and credits with respect thereto, and such documents, books and computer records shall indicate the interests
of Owner in the Transferred Receivables.


 


(b)          Servicer
Default. If a Servicer Default shall have occurred and be continuing, promptly upon request therefor, Master Servicer shall
deliver to Owner records reflecting activity through the close of business on the Business Day immediately preceding the Servicer
Default. Upon the occurrence and during the continuation of a Servicer Default, Master Servicer shall (i) deliver and turn over
to Owner or to its representatives, or at the option of Owner shall provide Owner its representatives with access to, at any time,
on demand of Owner, all of Master Servicer’s facilities, personnel, books and records pertaining to the Transferred Receivables,
including all Records, and (ii) allow Owner to occupy the premises of Master Servicer where such books, records and Records are
maintained, and utilize such premises, the equipment thereon and any personnel of Master Servicer Owner may wish to employ to administer,
service and collect the Transferred Receivables.


 


(c)          Notice
of Adverse Claim. Master Servicer shall advise Owner promptly, in reasonable detail, (i) of any Lien (other than a Permitted
Encumbrance) known to it made or asserted against any Transferred Receivable, and (ii) of the occurrence of any event known to
it which would have a material adverse effect on the aggregate value of the Transferred Receivables.


 


(d)          Further
Assurances. Master Servicer shall furnish to Owner from time to time such statements and schedules further identifying and
describing the Transferred Receivables and such other reports in connection with the Transferred Receivables as Owner may reasonably
request, all in reasonable detail.


 


(e)          Maintenance
of Perfection and Priority. Master Servicer shall take such action, or execute and deliver such instruments as may be necessary
or advisable to maintain and perfect, as a first priority interest, Owner’s interests in the Transferred Receivables.


 




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SECTION 4.2           Merger
or Consolidation of, or Assumption of the Obligations of Master Servicer.


 


(a)          Master
Servicer shall not consolidate with or merge into any other Person or convey or transfer its properties and assets substantially
as an entirety to any Person, unless:


 


(i)          Master
Servicer shall have provided prior written notice of such proposed consolidation or merger to Owner (and, if Owner has not notified
each Rating Agency thereof, Master Servicer shall do so);


 


(ii)         the
Person formed by such consolidation or into which Master Servicer is merged or the Person which acquires by conveyance or transfer
the properties and assets of Master Servicer substantially as an entirety shall be a corporation or other entity organized and
existing under the laws of the United States of America or any State or the District of Columbia and, if Master Servicer is not
the surviving entity, shall expressly assume, by an agreement supplemental hereto, executed and delivered to Owner in form satisfactory
to Owner, the performance of every covenant and obligation of Master Servicer hereunder;


 


(iii)        Master
Servicer has delivered to Owner (A) an Officer’s Certificate stating that such consolidation, merger, conveyance or transfer
and such supplemental agreement comply with this Section and that all conditions precedent herein provided for relating to such
transaction have been complied with, and (B) an Opinion of Counsel to the effect that such supplemental agreement is a valid and
binding obligation of such surviving entity enforceable against such surviving entity in accordance with its terms, except as such
enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting
creditors’ rights generally from time to time in effect and except as such enforceability may be limited by general principles
of equity (whether considered in a suit at law or in equity); and


 


(iv)        either
(x) the Person formed by such consolidation or into which Master Servicer is merged or the Person which acquired by conveyance
or transfer the properties and assets of Master Servicer substantially as an entirety shall be an Eligible Servicer (taking into
account, in making such determination, the experience and operations of the predecessor Master Servicer) or (y) upon the effectiveness
of such consolidation, merger, conveyance or transfer, a Successor Master Servicer shall have assumed the obligations of Master
Servicer in accordance with this Agreement.


 


(b)          This
Section 4.2 shall not be construed to prohibit or in any way limit Master Servicer’s ability to effectuate any consolidation
or merger pursuant to which Master Servicer would be the surviving entity.


 




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SECTION 4.3           Access
to Certain Documentation and Information Regarding the Receivables. Master Servicer shall provide to Owner or its designees
access to the documentation regarding the Accounts and the Transferred Receivables in such cases where Owner or such designee is
required in connection with the enforcement of the rights of Owner or any of its creditors, or by applicable statutes or regulations
to review such documentation, such access being afforded without charge but only (i) upon reasonable request, (ii) during normal
business hours, (iii) subject to Master Servicer’s normal security and confidentiality procedures and (iv) at offices designated
by Master Servicer. Nothing in this Section 4.3 shall derogate from the obligation of any Person to observe any applicable
law prohibiting disclosure of information regarding the Dealers (or customers of Dealers), and the failure of Master Servicer to
provide access as provided in this Section 4.3 as a result of such obligation shall not constitute a breach of this
Section 4.3.


 


SECTION 4.4           Confidentiality.
The Master Servicer and the Issuer each agrees:


 


(a)          that
except for information that (i) is generally available and known by the public, (ii) the receiving party obtains without restriction
from the disclosing party or (iii) the receiving party possessed without restriction prior to receipt from the disclosing party,
any information disclosed by either party to the other shall be regarded as confidential and shall be used solely for the purpose
of performance hereunder (“Confidential Information”) and shall not be disclosed to any third party other than:
(A) by mutual written agreement, (B) to those listed by name or (C) as may be required by the Requirements of Law;


 


(b)          to
comply with all applicable Requirements of Law relating to data protection laws including, where applicable, the “Commitment
to Protection of Personal Information” established by General Electric Company; and


 


(c)          that
all such Confidential Information in any form, and any copies and/or extracts thereof, are and shall remain the sole and exclusive
property of the disclosing party.


 


ARTICLE
V



SERVICER DEFAULTS


 


SECTION 5.1           Servicer
Defaults. If any of the following events (each, a “Servicer Default”) shall occur (regardless of the
reason therefor) with respect to Master Servicer:


 


(a)          any
failure by Master Servicer to make any payment, transfer or deposit on or before the date occurring five (5) Business Days after
the date such payment, transfer or deposit is required to be made or given by Master Servicer, as the case may be; provided,
that, if such failure could not have been prevented by the exercise of reasonable due diligence by Master Servicer and such failure
was caused by an act of God or other similar occurrence, then a Servicer Default shall not be deemed to have occurred under this
Section 5.1(a) until thirty-five (35) Business Days after the date of such failure;


 




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(b)          failure
on the part of Master Servicer duly to observe or perform in any material respect any other covenants or agreements of Master Servicer
set forth in this Agreement which has a material adverse effect on Owner, which continues unremedied for a period of sixty (60)
days after the date on which written notice of such failure requiring the same to be remedied shall have been given to Master Servicer
by Owner; provided, that, if such failure could not have been prevented by the exercise of reasonable due diligence by Master
Servicer and such failure was caused by an act of God or other similar occurrence, then a Servicer Default shall not be deemed
to have occurred under this Section 5.1(b) until one hundred twenty (120) days after the date of such failure;


 


(c)          Master
Servicer delegates its duties, except as specifically permitted under Section 2.1, and such delegation continues for fifteen
(15) days after written notice to Master Servicer by Owner;


 


(d)          any
representation, warranty or certification made by Master Servicer in this Agreement or in any certificate delivered pursuant to
this Agreement shall prove to have been incorrect when made, which has a material adverse effect on Owner and which continues to
be incorrect in any material respect for a period of sixty (60) days after the date on which written notice of such error or defect,
requiring the same to be corrected or remedied, shall have been given to Master Servicer by Owner; provided, that, if the
error or defect could not have been prevented by the exercise of reasonable due diligence by Master Servicer and such error or
defect was caused by an act of God or other similar occurrence, then Master Servicer shall have an additional sixty (60) days to
cure the default; or


 


(e)          Master
Servicer shall fail generally to, or admit in writing its inability to, pay its debts as they become due; or a proceeding shall
have been instituted in a court having jurisdiction in the premises seeking a decree or order for relief in respect of Master Servicer
in an involuntary case under any Debtor Relief Law, or for the appointment of a receiver, liquidator, assignee, trustee, custodian,
sequestrator, conservator or other similar official of Master Servicer or for any substantial part of its property, or for the
winding-up or liquidation of its affairs and, if instituted against Master Servicer, any such proceeding shall continue undismissed
or unstayed and in effect, for a period of sixty (60) consecutive days, or any of the actions sought in such proceeding shall occur;
or the commencement by Master Servicer, of a voluntary case under any Debtor Relief Law, or such Person’s consent to the
entry of an order for relief in an involuntary case under any Debtor Relief Law, or consent to the appointment of or taking possession
by a receiver, liquidator, assignee, trustee, custodian, sequestrator, conservator or other similar official of such Person or
for any substantial part of its property, or any general assignment for the benefit of creditors; or Master Servicer shall have
taken any corporate action in furtherance of any of the foregoing actions;


 




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then, in any such event, Owner may, by
delivery of a Servicer Termination Notice to Master Servicer, terminate the servicing responsibilities of Master Servicer hereunder,
without demand, protest or further notice of any kind, all of which are hereby waived by Master Servicer. Upon the delivery of
any such notice, all authority and power of Master Servicer under this Agreement shall pass to and be vested in the Successor Master
Servicer acting pursuant to Section 6.2, provided, that notwithstanding anything to the contrary herein, Master
Servicer agrees to act as Master Servicer and to continue to follow the procedures set forth in this Agreement with respect to
Collections on the Transferred Receivables under this Agreement until a Successor Master Servicer has assumed the responsibilities
and obligations of Master Servicer in accordance with Section 6.2.


 


ARTICLE
VI



SUCCESSOR MASTER SERVICER


 


SECTION 6.1           Resignation
of Master Servicer. Master Servicer may resign only in the circumstances set forth in clause (a) or (b) of this
Section 6.1.


 


(a)          Master
Servicer may resign from its obligations and duties hereunder upon the written consent of Owner if it finds a replacement servicer
satisfying the eligibility criteria set forth in Section 6.2. No such resignation shall become effective until the replacement
servicer shall have obtained Owner’s approval and appointment pursuant to Section 6.2.


 


(b)          Master
Servicer may resign from the obligations and duties hereby imposed on it upon determination that (i) in the determination of Master
Servicer, the performance of its duties hereunder has become impermissible under applicable law, and (ii) there is no commercially
reasonable action which Master Servicer could take to make the performance of its duties hereunder permissible under applicable
law. No such resignation shall become effective until a Successor Master Servicer shall have assumed the responsibilities and obligations
of Master Servicer in accordance with Section 6.2.


 


SECTION 6.2           Appointment
of the Successor Master Servicer. In connection with the termination of Master Servicer’s responsibilities under this
Agreement pursuant to Section 5.1 or 6.1, Owner shall appoint a successor master servicer that shall have a long-term
debt rating of at least “Baa3” by Moody’s and “BBB-” by S&P. The successor master servicer shall
succeed to all rights and assume all of the responsibilities, duties and liabilities of Master Servicer under this Agreement (such
successor master servicer being referred to as the “Successor Master Servicer”); provided, that the Successor
Master Servicer shall have no responsibility for any actions of Master Servicer prior to the date of its appointment as Successor
Master Servicer. The Successor Master Servicer shall accept its appointment by executing, acknowledging and delivering to Owner
an instrument in form and substance acceptable to Owner.


 


SECTION 6.3           Duties
of Master Servicer. At any time following the appointment of a Successor Master Servicer:


 




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(a)          Master
Servicer agrees that it shall terminate its activities as Master Servicer hereunder in a manner acceptable to Owner so as to facilitate
the transfer of servicing to the Successor Master Servicer, including timely delivery (i) to Owner of any funds that were
required to be deposited in the Collection Account, and (ii) to the Successor Master Servicer, at a place selected by the
Successor Master Servicer, of all Servicing Records and other information with respect to the Transferred Receivables. Master Servicer
shall account for all funds and shall execute and deliver such instruments and do such other things as may reasonably be required
to more fully and definitely vest and confirm in the Successor Master Servicer all rights, powers, duties, responsibilities, obligations
and liabilities of Master Servicer; and


 


(b)          Master
Servicer shall terminate each Sub-Servicing Agreement that may have been entered into by it and the Successor Master Servicer shall
not be deemed to have assumed any of Master Servicer’s interest therein or to have replaced Master Servicer as a party to
any such Sub-Servicing Agreement.


 


SECTION 6.4           Effect
of Termination or Resignation. Any termination or resignation of Master Servicer under this Agreement shall not affect any
claims that Owner may have against Master Servicer for events or actions taken or not taken by Master Servicer arising prior to
any such termination or resignation.


 


ARTICLE
VII



INDEMNIFICATION


 


SECTION 7.1           Indemnities
by Master Servicer. Without limiting any other rights that Owner or its Affiliates or any director, officer, employee, trustee
or agent or incorporator thereof (each a “Servicer Indemnified Person”) may have hereunder or under applicable
law, Master Servicer hereby agrees to indemnify each Servicer Indemnified Person from and against any and all Indemnified Amounts
which may be imposed on, incurred by or asserted against a Servicer Indemnified Person to the extent arising out of or relating
to any material breach of Master Servicer’s obligations under this Agreement; excluding, however, Indemnified
Amounts to the extent resulting from (i) bad faith, gross negligence or willful misconduct on the part of a Servicer Indemnified
Person or (ii) uncollectible Receivables. Any Indemnified Amounts subject to the indemnification provisions of this Section 7.1
shall be paid to Servicer Indemnified Person within ten (10) Business Days following demand therefor and shall not be paid from
the assets of the Owner.


 


SECTION
7.2           Limitation of Damages; Indemnified Persons.
NO PARTY TO THIS AGREEMENT SHALL BE RESPONSIBLE OR LIABLE TO ANY OTHER PARTY TO THIS AGREEMENT, ANY SUCCESSOR, ASSIGNEE OR THIRD
PARTY BENEFICIARY OF SUCH PERSON OR ANY OTHER PERSON ASSERTING CLAIMS DERIVATIVELY THROUGH SUCH PARTY, FOR INDIRECT, PUNITIVE,
EXEMPLARY OR CONSEQUENTIAL DAMAGES THAT ARISE OR THAT MAY BE ALLEGED AS A RESULT OF ANY TRANSACTION CONTEMPLATED HEREUNDER.


 




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SECTION 7.3           Limitation
on Liability of Master Servicer and Others. Except as provided in Section 7.1, neither Master Servicer nor any of the
directors, officers, employees or agents of Master Servicer, in its capacity as Master Servicer (each a “Master Servicer
Related Party”) shall be under any liability to Owner or any other Person for any action taken or for refraining from
the taking of any action in good faith in its capacity as Master Servicer pursuant to this Agreement; provided, that this
provision shall not protect Master Servicer or any Master Servicer Related Party against any liability which would otherwise be
imposed by reason of willful misfeasance, bad faith or gross negligence in the performance of duties or by reason of reckless disregard
of obligations and duties hereunder. Master Servicer and any Master Servicer Related Party may rely in good faith on any document
of any kind prima facie properly executed and submitted by any Person (other than Master Servicer) respecting any matters arising
hereunder. Master Servicer shall not be under any obligation to appear in, prosecute or defend any legal action which is not incidental
to its duties as Master Servicer in accordance with this Agreement and which in its reasonable judgment may involve it in any expense
or liability.


 


ARTICLE
VIII



MISCELLANEOUS


 


SECTION 8.1           Notices.
Except as otherwise provided herein, whenever it is provided herein that any notice, demand, request, consent, approval, declaration
or other communication shall or may be given to or served upon any of the parties by any other parties, or whenever any of the
parties desires to give or serve upon any other parties any communication with respect to this Agreement, each such notice, demand,
request, consent, approval, declaration or other communication shall be in writing and shall be deemed to have been validly served,
given or delivered (a) upon the earlier of actual receipt and three (3) Business Days after deposit in the United States Mail,
registered or certified mail, return receipt requested, with proper postage prepaid, (b) upon transmission, when sent by facsimile
or other electronic transmission (with such transmission promptly confirmed by delivery of a copy by personal delivery or United
States Mail as otherwise provided in this Section 8.1), (c) one (1) Business Day after deposit with a reputable overnight
courier with all charges prepaid or (d) when delivered, if hand-delivered by messenger, all of which shall be addressed to the
party to be notified and sent to the address or facsimile number indicated below or to such other address (or facsimile number)
as may be substituted by notice given as herein provided. The giving of any notice required hereunder may be waived in writing
by the party entitled to receive such notice. Failure or delay in delivering copies of any notice, demand, request, consent, approval,
declaration or other communication to any Person designated in any written notice provided hereunder to receive copies shall in
no way adversely affect the effectiveness of such notice, demand, request, consent, approval, declaration or other communication.
Notwithstanding the foregoing, whenever it is provided herein that a notice is to be given to any other party hereto by a specific
time, such notice shall only be effective if actually received by such party prior to such time, and if such notice is received
after such time or on a day other than a Business Day, such notice shall only be effective on the immediately succeeding Business
Day.


 




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If to Master Servicer:


General Electric
Capital Corporation

10 Riverview Drive

Danbury, CT 06810


Attention:     Capital
Markets, Operations
 Telephone:   (203) 749-6000
 Telecopy:     (203) 749-4054


 


If to Owner:


 


GE Dealer Floorplan Master Note Trust

c/o BNY Mellon Trust of Delaware

101 Barclay Street, Floor 7 West (ABS Unit)

New York, NY 10286

Attention:     Antonio Vayas

Telephone:   (212) 815-8322

Telecopy:     (212) 815-2493 or 3883


 


with a copy to:


 


General Electric Capital Corporation, as Administrator

10 Riverview Drive

Danbury, CT 06810

Attention:     Capital Markets, Operations

Telephone:   (203) 749-6000

Telecopy:     (203) 749-4054


 


SECTION 8.2           Binding
Effect; Assignability. This Agreement shall be binding upon and inure to the benefit of Owner and Master Servicer and their
respective successors and permitted assigns. Except as set forth in Section 2.1, or Article VI, Master Servicer may
not assign, transfer, hypothecate or otherwise convey any of its rights or obligations hereunder or interests herein without the
express prior written consent of Owner. Any such purported assignment, transfer, hypothecation or other conveyance by Master Servicer
without the prior express written consent of Owner shall be void. Owner may, at any time, assign any of its rights and obligations
under this Agreement to any Person and any such assignee may further assign at any time its rights and obligations under this Agreement,
in each case, without the consent of Master Servicer. Each of Owner and Master Servicer acknowledges and agrees that, upon any
such assignment, the assignee thereof may enforce directly, all of the obligations of Owner or Master Servicer hereunder, as applicable.


 


SECTION 8.3           Termination;
Survival of Obligations. This Agreement shall create and constitute the continuing obligations of the parties hereto in accordance
with its terms, and shall remain in full force and effect until the date on which the outstanding balances of all Transferred Receivables
have been reduced to zero; provided, that the rights and remedies provided for herein with respect to any breach of any
representation or warranty made by Master Servicer pursuant to Article III, the indemnification and payment provisions of
Article VII and Sections 8.4 and 8.12 shall be continuing and shall survive such reduction.


 




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SECTION 8.4           No
Proceedings. Master Servicer hereby agrees that, from and after the Closing Date and until the date one year plus one day following
the date on which the outstanding balances of all Transferred Receivables have been reduced to zero, it has not instituted or caused
to be instituted and it will not, directly or indirectly, institute or cause to be instituted against Owner any proceeding of the
type referred to in Section 5.1(e); provided that the foregoing shall not in any way limit Master Servicer’s
right to pursue any other creditor rights or remedies that Master Servicer may have for claims against Owner.


 


SECTION 8.5           Complete
Agreement; Modification of Agreement. This Agreement constitutes the complete agreement among the parties hereto with respect
to the subject matter hereof, supersedes all prior agreements and understandings relating to the subject matter hereof, and may
not be modified, altered or amended except as set forth in Section 8.6.


 


SECTION 8.6           Amendments
and Waivers. No amendment, modification, termination or waiver of any provision of this Agreement, or any consent to any departure
by any party hereto therefrom, shall in any event be effective unless the same shall be in writing and signed by each of the parties
hereto.


 


SECTION 8.7           No
Waiver; Remedies. The failure by Owner, at any time or times, to require strict performance by Master Servicer of any provision
of this Agreement shall not waive, affect or diminish any right of Owner thereafter to demand strict compliance and performance
herewith. Any suspension or waiver of any breach or default hereunder shall not suspend, waive or affect any other breach or default
whether the same is prior or subsequent thereto and whether the same or of a different type. None of the undertakings, agreements,
warranties, covenants and representations of Master Servicer contained in this Agreement and no breach or default by Master Servicer
hereunder, shall be deemed to have been suspended or waived by Owner unless such waiver or suspension is by an instrument in writing
signed by an officer or other duly authorized signatory of Owner and directed to Master Servicer specifying such suspension or
waiver. The rights and remedies of Owner under this Agreement shall be cumulative and nonexclusive of any other rights and remedies
that Owner may have under any other agreement, by operation of law or otherwise.


 


SECTION
8.8           GOVERNING LAW; CONSENT TO JURISDICTION; WAIVER
OF JURY TRIAL. 


 


(a)          THIS
AGREEMENT AND THE OBLIGATIONS ARISING HEREUNDER SHALL IN ALL RESPECTS, INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE,
BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING SECTIONS 5-1401
AND 5-1402 OF THE GENERAL OBLIGATIONS LAW, BUT WITHOUT REGARD TO ANY OTHER CONFLICT OF LAWS PROVISIONS THEREOF) AND ANY APPLICABLE
LAWS OF THE UNITED STATES OF AMERICA.


 




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(b)          EACH
PARTY HERETO HEREBY CONSENTS AND AGREES THAT THE STATE OR FEDERAL COURTS LOCATED IN THE BOROUGH OF MANHATTAN IN NEW YORK CITY SHALL
HAVE EXCLUSIVE JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN THEM PERTAINING TO THIS AGREEMENT OR TO ANY MATTER
ARISING OUT OF OR RELATING TO THIS AGREEMENT; PROVIDED, THAT EACH PARTY HERETO ACKNOWLEDGES THAT ANY APPEALS FROM THOSE
COURTS MAY HAVE TO BE HEARD BY A COURT LOCATED OUTSIDE OF THE BOROUGH OF MANHATTAN IN NEW YORK CITY. EACH PARTY HERETO SUBMITS
AND CONSENTS IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR SUIT COMMENCED IN ANY SUCH COURT, AND EACH PARTY HERETO HEREBY WAIVES
ANY OBJECTION THAT SUCH PARTY MAY HAVE BASED UPON LACK OF PERSONAL JURISDICTION, IMPROPER VENUE OR FORUM
NON CONVENIENS AND
HEREBY CONSENTS TO THE GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY SUCH COURT. EACH PARTY HERETO HEREBY
WAIVES PERSONAL SERVICE OF THE SUMMONS, COMPLAINT AND OTHER PROCESS ISSUED IN ANY SUCH ACTION OR SUIT AND AGREES THAT SERVICE OF
SUCH SUMMONS, COMPLAINT AND OTHER PROCESS MAY BE MADE BY REGISTERED OR CERTIFIED MAIL ADDRESSED TO SUCH PARTY AT ITS ADDRESS DETERMINED
IN ACCORDANCE WITH SECTION 8.1 AND THAT SERVICE SO MADE SHALL BE DEEMED COMPLETED UPON THE EARLIER OF SUCH PARTY’S ACTUAL
RECEIPT THEREOF OR THREE DAYS AFTER DEPOSIT IN THE UNITED STATES MAIL, PROPER POSTAGE PREPAID. NOTHING IN THIS SECTION SHALL AFFECT
THE RIGHT OF ANY PARTY HERETO TO SERVE LEGAL PROCESS IN ANY OTHER MANNER PERMITTED BY LAW.


 


(c)          BECAUSE
DISPUTES ARISING IN CONNECTION WITH COMPLEX FINANCIAL TRANSACTIONS ARE MOST QUICKLY AND ECONOMICALLY RESOLVED BY AN EXPERIENCED
AND EXPERT PERSON AND THE PARTIES WISH APPLICABLE STATE AND FEDERAL LAWS TO APPLY (RATHER THAN ARBITRATION RULES), THE PARTIES
DESIRE THAT THEIR DISPUTES BE RESOLVED BY A JUDGE APPLYING SUCH APPLICABLE LAWS. THEREFORE, TO ACHIEVE THE BEST COMBINATION OF
THE BENEFITS OF THE JUDICIAL SYSTEM AND OF ARBITRATION, THE PARTIES HERETO WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT,
OR PROCEEDING BROUGHT TO RESOLVE ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE, ARISING OUT OF, CONNECTED WITH,
RELATED TO, OR INCIDENTAL TO THE RELATIONSHIP ESTABLISHED AMONG THEM IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY.


 




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SECTION 8.9           Counterparts.
This Agreement may be executed in any number of separate counterparts, each of which shall collectively and separately constitute
one agreement. Executed counterparts of this Agreement may be delivered electronically.


 


SECTION 8.10         Severability.
Wherever possible, each provision of this Agreement shall be interpreted in such a manner as to be effective and valid under applicable
law, but if any provision of this Agreement shall be prohibited by or invalid under applicable law, such provision shall be ineffective
only to the extent of such prohibition or invalidity without invalidating the remainder of such provision or the remaining provisions
of this Agreement.


 


SECTION 8.11         Section
Titles. The section titles and table of contents contained in this Agreement are and shall be without substantive meaning or
content of any kind whatsoever and are not a part of the agreement between the parties hereto.


 


SECTION 8.12         Limited
Recourse.


 


(a)          The
obligations of Owner under this Agreement are solely the obligations of Owner. No recourse shall be had for any obligation or claim
arising out of or based upon this Agreement against any incorporator, shareholder, officer, manager, member or director, past,
present or future, of Owner or of any successor or of its constituent members or its other Affiliates, either directly or through
Owner or any successor, whether by virtue of any constitution, statute or rule of law or by the enforcement of any assessment or
penalty or otherwise, all such liability being, by acceptance hereof and as part of the consideration for the acceptance hereof,
expressly waived and released. Any accrued obligations owing by Owner under this Agreement shall be payable by Owner solely to
the extent that funds are available therefor from time to time in accordance with the provisions of Section 2.11 and the
priority of payments in the applicable Indenture Supplement (provided that such accrued obligations shall not be extinguished
until paid in full).


 


(b)          The
obligations of Master Servicer under this Agreement are solely the obligations of Master Servicer. No recourse shall be had for
the payment of any amount owing hereunder or any other obligation or claim arising out of or based upon this Agreement, against
any shareholder, employee, officer, manager, member or director, agent or organizer, past, present or future, of Master Servicer
or of any successor thereto, either directly or through Master Servicer or any successor thereto, whether by virtue of any constitution,
statute or rule of law or by the enforcement of any assessment or penalty or otherwise, all such liability being, by acceptance
hereof and as part of the consideration for the acceptance hereof, expressly waived and released.


 


SECTION 8.13         Further
Assurances. Master Servicer shall, at its sole cost and expense, promptly and duly execute and deliver any and all further
instruments and documents, and take such further action, that may be necessary or desirable or that Owner may request to enable
Owner to exercise and enforce its rights under this Agreement or otherwise carry out more effectively the provisions and purposes
of this Agreement.


 




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SECTION 8.14         Pledge
of Assets. Master Servicer hereby acknowledges that the Owner has granted a security interest in the Transferred Receivables
to the Indenture Trustee under the Indenture, and hereby waives any defenses it may have against the Indenture Trustee for the
enforcement of this Agreement in the event of foreclosure by the Indenture Trustee. Accordingly, the parties hereto agree that,
in the event of foreclosure by the Indenture Trustee, the Indenture Trustee shall have the right to enforce this Agreement and
the full performance by the parties hereto of their obligations and undertakings set forth herein. Master Servicer hereby agrees
to deliver to the Indenture Trustee a copy of all notices to be delivered by Master Servicer to Owner hereunder.


 


SECTION 8.15         Waiver
of Setoff. Master Servicer hereby waives any right of setoff that it may have for amounts owing to it under or in connection
with this Agreement.


 


SECTION 8.16         Limitation
of Liability of the Trustee. Notwithstanding anything contained herein to the contrary, this instrument has been signed by
BNY Mellon Trust of Delaware, not in its individual capacity but solely in its capacity as Trustee of Owner, and in no event shall
BNY Mellon Trust of Delaware, in its individual capacity, or any beneficial owner of Owner have any liability for the representations,
warranties, covenants, agreements or other obligations of Owner hereunder, as to all of which recourse shall be had solely to the
assets of Owner. For all purposes of this Agreement, in the performance of any duties or obligations of Owner thereunder, the Trustee
shall be subject to, and entitled to the benefits of, the terms and provisions of the Trust Agreement.


 


SECTION 8.17         Continued
Effectiveness of the Existing Servicing Agreement. As amended and restated hereby, the Existing Servicing Agreement shall continue
to be in full force and effect and is hereby ratified and confirmed in all respects.


 


[Signatures
Follow]


 




    	 	32	Second Amended and Restated
Servicing Agreement



    	 



    

 


IN WITNESS WHEREOF,
the parties have caused this Servicing Agreement to be executed as of the date first above written.


 


	 	GE DEALER FLOORPLAN MASTER
	 	NOTE TRUST, as Owner
	 	 
	 	By:	BNY MELLON TRUST OF DELAWARE,
	 	 	not in its individual capacity,
	 	 	but solely as Trustee on behalf of Owner
	 	 	 
	 	By:	/s/ Kristine K. Gullo
	 	Name:	Kristine K. Gullo
	 	Title:	Vice President


 




    	 	S-1	Second Amended and Restated
Servicing Agreement



    	 



    

  


	 	General Electric Capital

Corporation, as Master Servicer
	 	 
	 	By:	/s/ Peter M. Graham
	 	Name:	Peter M. Graham
	 	Title:	Authorized Signatory


 




    	 	S-2	Second Amended and Restated
Servicing Agreement



    	 



    

 


Schedule 2.1


 


Services Provided


 


	Service Function	 	Service Description
	Business

Development	 	a) 	Provide advice and services for acquisitions, mergers and divestitures, financial planning analysis and reviews, due diligence,
negotiations, deal completion and technical support and analysis.
	 	 	b) 	Perform financial modeling and analysis, valuation/risk analysis and regulatory filings on behalf of related parties.
	 	 	c) 	Identify opportunities for market growth through acquisitions/mergers and asset acquisitions.
	 	 	d) 	Assist in research on new business opportunities.
	 	 	 	 
	Capital Markets	 	Provide equity capital markets and general capital market consultancy services including:
	 	 	a) 	Advice on capital market opportunities and risks.
	 	 	b) 	Advice, oversight and support execution of securitizations, syndications and other capital market transactions.
	 	 	c) 	Provision of legal and other support with respect to the above activities.
	 	 	 	 
	Collections	 	a) 	Provide collection support.
	 	 	b) 	Provide litigation support for delinquent accounts.
	 	 	 	 
	Communications	 	Provide communications support including:
	 	 	a) 	Internal communications activities such as organizational communications, managing inside GE Capital and support for global initiatives
(i.e. annual leadership meeting organization)
	 	 	b) 	Digital initiatives such as developing content, managing agency relationships, and providing templates/support for business websites.
	 	 	c)	Media relations activities such as management and dealing with inquiries/lawsuits or complaints.
	 	 	d)	Public affairs support for government affairs team, content development for GE Capital’s website and developing/maintaining
strategic relationships with third parties.
	 	 	e) 	Other communications activities such as developing value proposition for GE Capital brand and supporting GE Capital Treasury’s
external communications for raising bonds and issuing preferred stock, etc.
	 	 	 	 
	Finance	 	Includes activities associated with controllership, accounting and financial planning and analysis (FP&A)
	 	 	a) 	Determine and communicate accounting policies and procedures.  
	 	 	b) 	Provide technical and operational controllership support including advising on managerial, statutory and primary accounting policies
and procedures.
	 	 	c) 	Perform accounting services (i.e. booking/reviewing journal vouchers, consolidation/reconciliation of accounts).


 




    	 	Schedule 2.1	Second Amended and Restated
Servicing Agreement



    	 



    

 


 


	Service Function	 	Service Description
	 	 	d) 	Provide due diligence support related to deals and purchase accounting adjustments.
	 	 	e) 	Develop and implement tax planning and funding strategies, as well as tax compliance and audit assistance.
	 	 	f) 	Implement, support, manage and update common reporting systems.
	 	 	g) 	Provide financial accounting support for strategic planning initiatives and specific deals.
	 	 	h) 	Provide paymaster services including payment of affiliate and 3rd party invoices on behalf of service recipients.
	 	 	 	 
	Executive/Business Management	 	Executive management (Office of the CEO) provides strategic management and oversight for all GE Capital business units and is also responsible for developing and implementing GE Capital businesses global initiatives.
	 	 	 
	Human Resources

(“HR”)	 	a) 	Perform compensation and benefits activities including compensation strategies.
	 	 	b) 	HR operations support including Oracle HR management, implementation of HR tools and HR data management.
	 	 	c) 	Medical services support activities such as implementing/communicating programs, setting practices/procedures for large scale
medical emergencies and prevention/screening programs.
	 	 	d) 	Provide organization and staffing activities such as recruiting, diversity recruitment, compliance and regulatory governance)
and managing development programs (i.e. corporate leadership staff).
	 	 	e) 	Management of workforce planning to ensure workforce alignment and development of the service recipient’s strategic goals/operating
plans and assessing the human capital requirements across GE Capital businesses.
	 	 	 	 
	Information

Technology	 	a) 	Provide project management, software implementation, localization and risk-based IT solutions.
	(“IT”)	 	b) 	Maintain and support software systems and IT shared service systems.
	 	 	c) 	Assist IT strategy development and design/development of common operating and business systems.
	 	 	d) 	Assist in procuring software licenses for intranet web services and productivity tools and related maintenance contracts necessary
to the business.
	 	 	e) 	Develop, upgrade, modify and maintain new and existing software applications necessary to the business.
	 	 	f) 	Provide strategic IT management and support.
	 	 	g) 	Co-ordinate and support major infrastructure initiatives.
	 	 	h) 	Provide first, second and end user helpdesk support including desk-side support.


 




    	 	Schedule 2.1	Second Amended and Restated
Servicing Agreement



    	 



    

 





	Service Function	 	Service Description
	 	 	i)	Provide services related to the service networks, email and telephony infrastructures.
	 	 	j)	Provide services related to data storage, backup and disaster recovery solutions to applications and end-users.
	 	 	 	 
	Investment Management	 	a)	Assist and advise on the identification of potential investors, as well as the overall coordination of transactions.
	 	 	b)	Manage and maintain relationships with existing investors.
	 	 	 	 
	Legal	 	a)	Perform legal reviews and documentation for areas such as environmental and regulatory compliance, globally.
	 	 	b)	Provide business legal services including litigation, lawsuits, disclosure, legal advice and settlement support.
	 	 	c)	Review contingencies, merger and acquisition projects.
	 	 	d)	Conduct obligations and contingencies investigations for various deals entered into by service recipients.
	 	 	e)	Advise on issues such as regulatory compliance, knowing the customer and supplier, data privacy and fair employment practices.
	 	 	 	 
	Marketing	 	a)	Assist with go-to-market strategies.
	 	 	b)	Provide advertising, promotion and business support and communications services.
	 	 	c)	Provide commercial quality services, competitive analysis, competitor intelligence and research, and strategic marketing consulting including developing and implementing strategies.
	 	 	d)	Assist with and advise on improving customer care.
	 	 	e)	Update and enhance current product programs, develop and roll out new product programs.
	 	 	f)	Develop sales force effectiveness tools and facilitate cross-selling among related businesses.
	 	 	 	 
	Operations	 	Financial services operations function activities include, but are not limited to:
	 	 	a)	Provide business continuity management and support.  
	 	 	b)	Account services provides business support for servicing and maintenance of client/dealer accounts.
	 	 	c)	Provide guidance and support for continuous process improvement initiatives.
	 	 	d)	Provide strategic support for customer relations and enhancing the customer experience.
	 	 	e)	Provide order and delivery support including processing and delivering new asset acquisitions of customers.
	 	 	f)	Provide booking and funding support including confirming asset receipt by end-customer of asset, arranging payment to the supplier and booking of asset in and maintenance of the asset portfolio system.
	 	 	g)	Manage all lifetime services related to the assets such as maintenance, insurance claims, etc.







 




    	 	Schedule 2.1	Second Amended and Restated
Servicing Agreement



    	 



    

  


	Service Function	 	Service Description
	 	 	h)	Provide payment-processing services including billing to customers and processing of cash receipts.
	 	 	i)	Provide contract management including the preparation of legal contracts and obtaining supporting documentation; verifying and
auditing transaction documentation and filing deal documentation.
	 	 	j)	Provide deal support including preparing deal funding and follow up; and disbursing funding for deals.
	 	 	k)	 Provide portfolio management support including portfolio analytics/reporting and post deal portfolio operations management.
	 	 	l)         	Responsible for direct and indirect procurement (sourcing) of goods and services.
	 	 	m) 	Responsible for optimizing the use of purchasing dollars by driving a procurement process while focusing on continuous improvement
in total cost, quality, and service.
	 	 	 	 
	Properties		Review, advise, negotiate and manage contracts for the acquisition, lease, and maintenance of facilities.
	 	 	 
	Quality Support	 	a) 	Facilitate best practice sharing, ensure commonality and help improve processes within and across businesses.
	 	 	b) 	Manage projects and execute processes to sustain growth and maximize operational effectiveness.
	 	 	c) 	Provide centralized efficiency/organizational training in support of corporate initiatives.
	 	 	 	 
	Regulatory and

Compliance	 	a) 	Provide supervisory relations support such as coordinating and advising on interactions with various regulatory/bank supervisory
authorities.
	 	 	b) 	Perform anti-money laundering (AML) activities such as leadership/oversight of strategy on global compliance and developing/implementing
key legal/regulatory compliance standards/processes.
	 	 	c) 	Develop and execute anti-corruption and sanctions compliance programs.
	 	 	d) 	Provide ombuds and reporting support.
	 	 	e) 	Manage compliance training activities such as developing/executing compliance strategy and communications.
	 	 	f)	Lead core compliance activities including risk assessment methodology, execution of the annual compliance plan and policy framework/procedures
development.
	 	 	 	 
	Risk	 	a) 	Assist in developing and coordinating global credit risk strategies, risk assessment parameters, regulatory and internal reporting,
counterparty risk control program and internal controls for risk management.
	 	 	b) 	Provide transactional support.


 




    	 	Schedule 2.1	Second Amended and Restated
Servicing Agreement



    	 



    

  


	Service Function	 	Service Description
	 	 	c) 	Assist in developing and launching new products.
	 	 	 	 
	Sales	 	a) 	Sales opportunities identification support.
	 	 	b) 	Maintain / manage relationships with strategic clients across business lines and product sectors.
	 	 	c) 	Identify / develop new strategic relationships with intra platform and vendor partners.
	 	 	d) 	Develop / roll out best practices to service recipients and across sales teams.
	 	 	e) 	Develop tools and provide guidance for expanding business including generating leads and completing sale.
	 	 	f)	Assist /advise - on identifying and assessing leads, developing and implementing conversion strategies.
	 	 	g) 	Assist / advise on developing and implementing sales team reward programs.
	 	 	h)	 Develop / implement and deliver training programs to sales teams.
	 	 	i)	Provide support for small customers with a focus on developing accounts and increasing the conversion ratio of deals to sales
including strategic planning, training, and the development of training tools.
	 	 	 	 
	Treasury	 	Business services
	 	 	a) 	Provision of activities relating to corporate cash management, regulatory compliance and funding assistance
	 	 	b) 	Management of corporate-wide alternative (non-capital market) funding initiatives
	 	 	 	 
	 	 	Operations services
	 	 	c) 	Management of cash pool header positions and cash movements within the cash pools
	 	 	d) 	Management of activities such as booking cash transactions, executing AP/wire transfers, and performing clearance/settlement support
services with respect to foreign exchange, derivative and funding transactions
	 	 	e) 	Provision of bank administration activities, including opening, maintaining and closing of bank accounts
	 	 	 	 
	 	 	Funding services
	 	 	f)	Provision of short-term funding services, including assessment, pricing, distribution and settlement of commercial papers, management
of short-term investments, and management of CD programs
	 	 	g) 	Provision of mid/long-term funding services through issuance of mid/long term senior debts


 




    	 	Schedule 2.1	Second Amended and Restated
Servicing Agreement



    	 



    

  


	Service Function	 	Service Description
	 	 	Other support activities
	 	 	h) 	Performance of other functions in support of the activities described above


 




    	 	Schedule 2.1	Second Amended and Restated
Servicing Agreement



    	 



    

 


Schedule 2.7


 


Reporting Requirements


 


Master Servicer shall
prepare a monthly report on behalf of Owner with a copy to the Indenture Trustee for each Series that is outstanding in the manner
described in the Indenture Supplement for such Series.


 




    	 	Schedule 2.7	Second Amended and Restated
Servicing Agreement