Exhibit 4(b)


 





EXECUTION VERSION


 


LIMITED LIABILITY COMPANY AGREEMENT


 


OF


 


GE EQUIPMENT MIDTICKET LLC, SERIES 2014-1


 


(A DELAWARE LIMITED LIABILITY COMPANY)


 


Dated as of September 17, 2014


 




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GE EQUIPMENT MIDTICKET LLC, SERIES 2014-1


 


LIMITED LIABILITY COMPANY
AGREEMENT, dated as of September 17, 2014, adopted by GE Equipment Funding, LLC, as a member (the “Initial Member”).


 


Preliminary Statement


 


The Initial Member desires
to form a limited liability company (the “Company”) under the Delaware Limited Liability Company Act
(currently Chapter 18 of Title 6 of the Delaware Code), as amended from time to time (the “Act”).


 


Accordingly, the Initial
Member hereby adopts the following as the “Limited Liability Company Agreement” of the Company within the meaning
of Section 18-101(7) of the Act.


 


ARTICLE
I


 


Section
1.1 Definitions. Capitalized terms used in this Agreement and not otherwise defined herein shall have the meanings
assigned to such terms in the “Definitions Addendum” attached to this Agreement and incorporated herein, and
shall otherwise have the meanings assigned to such terms in the Act.


 


ARTICLE
II


 


Section
2.1 Formation. The Company was formed as a limited liability company pursuant to the provisions of the Act on July
9, 2014 by the filing of the Certificate of Formation, substantially in the form of Exhibit A, with the office of the Secretary
of State of Delaware. The Initial Member hereby adopts, confirms and ratifies said Certificate of Formation and all acts taken
in connection therewith. Sonia Ravin is hereby designated as an “authorized person” within the meaning of the Act,
and has executed, delivered and filed the Certificate of Formation of the Company with the Secretary of State of the State of Delaware.
Upon the filing of the Certificate of Formation with the Secretary of State of the State of Delaware, her powers as an “authorized
person” ceased, and the Member thereupon became the designated “authorized person” and shall continue as the
designated “authorized person” within the meaning of the Act. The Member shall execute, deliver and file any other
certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any other
jurisdiction in which the Company may wish to conduct business. The existence of the Company as a separate legal entity shall continue
until cancellation of the Certificate of Formation as provided in the Act.


 


ARTICLE
III


 


Section
3.1 Name. The name of the Company is GE Equipment Midticket LLC, Series 2014-1.


 






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ARTICLE
IV


 


Section
4.1 Purpose and Limitations on Activities. The Company shall limit its purposes and activities to (i) the issuance
and sale of Membership Interests, on the terms and conditions set forth herein; (ii) acquiring (through purchase or otherwise)
from CEF Equipment Holding, L.L.C. or any of its subsidiaries or affiliates (collectively, the “Seller”), and
holding, transferring and pledging equipment loan and lease receivables and the related equipment (including any beneficial interests
in such receivables and equipment) and any related rights, documents, certificates, assets, and interests (“Assets”);
(iii) servicing equipment loan receivables and equipment lease receivables and managing the related equipment; (iv) entering into
any agreement providing for the acquisition, sale, financing, servicing, managing, hedging or transfer of the Assets or interests
in the Assets; (v) retaining or reacquiring an interest in the Assets; (vi) lending or otherwise investing proceeds from Assets
and any other income; and (vii) any purposes and activities necessary, convenient or incidental to the conduct, promotion or attainment
of the business purposes and activities of the Company as set forth in clauses (i) through (vi) above; provided
that, in connection with the permitted activities specified above, the purpose and activities of the Company shall be further limited
as follows:


 


(viii) the servicing
and the managing of assets owned or beneficially owned by the Company shall be conducted in a manner that is consistent with the
servicing agreement to which the Company shall become a party coincident with the initial transfer of assets from the Seller (the
“Servicing Agreement”);


 


(ix) the Company may
sell or assign Assets only as specified in the Transaction Documents; and


 


(x) the Company may
enter into derivative contracts or hedges that have the following characteristics: (a) are interest rate swap arrangements, (b)
have a fair value at inception of zero, and (c) commence on a date within two (2) days of the effective date of the receipt by
the Company of Assets transferred to it from the Seller.


 


Section
4.2 Authority. The Company, by or through the Member, or any Manager on behalf of the Company, may enter into and
perform under the Indenture, the Underwriting Agreement, Transaction Documents and all documents, agreements, certificates, or
financing statements contemplated thereby or related thereto, together with any amendments or supplements thereto, all without
any further act, vote or approval of any other Person notwithstanding any other provision of this Agreement, the Act or any other
applicable law, rule or regulation. The foregoing authorization shall not be deemed a restriction on the powers of any Member or
any Manager to enter into other agreements on behalf of the Company.


 


ARTICLE
V


 


Section
5.1 Registered Office; Other Offices. The address of the registered office of the Company in the State of Delaware
is c/o The Corporation Trust Company, 1209 Orange Street, in the City of Wilmington, New Castle County, Delaware 19801. The
Manager may establish other offices of the Company at such locations within or outside the State of Delaware as the Initial Member
may determine.


 






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ARTICLE
VI


 


Section
6.1 Registered Agent. The name and address of the registered agent of the Company for service of process on the Company
in the State of Delaware is The Corporation Trust Company, 1209 Orange Street, in the City of Wilmington, New Castle
County, Delaware 19801.


 


ARTICLE
VII


 


Section
7.1 Admission of Members. (a) By execution of this Agreement, the Initial Member is hereby admitted as a Member of
the Company and shall have a Membership Interest in the Company including, without limitation, such rights in and to the profits
and losses of the Company and rights to receive distributions of the Company’s assets, and such other rights and obligations,
as provided herein.


 


(b)          Without
the consent of any Member or other Person, the Manager may cause the Company to issue additional Membership Interests and thereby
admit a new Member or new Members, as the case may be, to the Company, only if such new Member (i) has delivered to the Initial
Member its capital contribution, (ii) has agreed in writing to be bound by the terms of this Agreement by becoming a party hereto,
and (iii) has delivered such additional documentation as the Initial Member shall reasonably require to so admit such new Member
to the Company.


 


Section
7.2 Initial Member. The name and the address of the Initial Member of the Company is as follows:


 


GE Equipment Funding, LLC


10 Riverview Drive


Danbury, Connecticut 06810


Attention: Capital Markets Operations


 


ARTICLE
VIII


 


Section
8.1 Management. Subject to Section 16.1, management of the Company is initially vested in the Initial Member.
The Initial Member shall be a “manager” within the meaning of the Act (a “Manager”) until such time
as the Initial Member appoints one or more Managers to replace the Initial Member in its capacity as manager of the Company. Each
Manager shall perform duties on behalf of the Company as Manager as set forth in this Agreement and in the Act and may enter into
contracts with Persons on behalf of the Company, bind the Company and engage in activities on behalf of the Company, including
issuing, delivering and executing contracts, agreements and other documents in connection therewith, in each case in accordance
with Section 4.1.


 


Section
8.2 Managers to Provide Information to the Initial Member. It shall be the duty of each Manager to keep the Initial
Member reasonably informed as to material events relating to the Company, including, without limitation, all claims pending or
threatened against the Company and the execution by such Manager on behalf of the Company of any material agreements or instruments.


 






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Section
8.3 Accounting and Tax Reports; Tax Matters. The Manager shall: (i) maintain (or cause to be maintained) the
books of the Company on a calendar year basis on the accrual method of accounting, (ii) deliver to each Member, as may be required
by the Code and applicable Treasury Regulations, such information as may be required to enable each Member to prepare its federal,
state and local income tax returns, (iii) file such tax returns relating to the Company, and make such elections as may from time
to time be required or appropriate under any applicable state or federal statute or rule or regulation thereunder so as to prevent
the Company from being characterized as an entity treated as a corporation
under Section 301.7701-3 of the Treasury Regulations for federal income tax purposes, (iv) cause such tax returns to
be signed in the manner required by law and (v) collect or cause to be collected any withholding tax with respect to income or
distributions to Members.


 


ARTICLE
IX


 


Section
9.1 Initial Capital Contributions. The initial cash capital contribution to be made by the Initial Member promptly
after the Initial Member signs this Agreement is $10,000.


 


ARTICLE
X


 


Section
10.1 Additional Contributions. The Members shall have no obligation to make any additional capital contribution to
the Company after the date hereof, but the Initial Member may elect to do so from time to time.


 


ARTICLE
XI


 


Section
11.1 Distributions. Distributions shall be made to the Members at the times and in the aggregate amounts determined
by the Manager, subject to the limitations of the Act or other applicable laws.


 


Section
11.2 Distribution upon Withdrawal. Upon withdrawal, any withdrawing Member shall not be entitled to receive any distribution
and shall not otherwise be entitled to receive the fair market value of its Membership Interest.


 






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ARTICLE
XII


 


Section
12.1 Transfers. (a) A Member other than the Initial Member may not Transfer any part of its Membership Interest without
(i) the prior written consent of the Initial Member, such consent not to be unreasonably withheld, and (ii) an opinion of a nationally
recognized tax counsel experienced in such matters to the effect that such transfer will not cause the Company to be treated as
a publicly traded partnership within the meaning of Section 7704 of the Code. Any purported Transfer of any Membership Interest
in contravention of this Section 12.1 shall, to the fullest extent permitted by law, be null and void and of no force
or effect whatsoever. No purchase or transfer of a Membership Interest shall be made by or to a Benefit Plan Investor, no purchase
or transfer of a Membership Interest by or to a Benefit Plan Investor will be effective, and neither the Company nor the Initial
Member will recognize any such purchase or transfer. In addition, no purchase or transfer will be effective if it would cause the
Company to (x) be classified as an association (or publicly traded partnership) taxable as a corporation for U.S. federal income
tax purposes or (y) be required to withhold on the transferee’s distributions or distributive shares of income as a
result of Sections 871, 881 or 1446 of the Code, and neither the Manager nor the Company will recognize any purchase or transfer
giving rise to such classification or withholding.


 


(b)          The
Initial Member shall admit a transferee of a Member’s Membership Interest to the Company only if such transferee (i) has
agreed in writing to be bound by the terms of this Agreement by becoming a party hereto and (ii) has delivered such additional
documentation as the Initial Member shall reasonably require to so admit such transferee to the Company. Notwithstanding anything
contained herein to the contrary, both the Company and the Initial Member shall be entitled to treat the transferor of a Membership
Interest as the absolute owner thereof in all respects, and shall incur no liability for distributions of cash or other property
made in good faith to it, until such time as a written assignment or other evidence of the consummation of a Transfer that conforms
to the requirements of this Section 12.1 and is reasonably satisfactory to the Initial Member has been received by
the Company. The effective date of any Transfer permitted under this Agreement shall be the close of business on the day of receipt
thereof by the Company.


 


Section
12.2 Restrictions on Expulsion. No Member shall be expelled as a Member under any circumstances.


 


ARTICLE
XIII


 


Section
13.1 Liability of Members. Except as required by the Act, no Member or any Manager, agent, shareholder, director,
employee or incorporator of any Member solely by reason of its capacity as such will be liable for the debts, obligations and liabilities
of the Company or any other Member, whether arising in contract, tort or otherwise, which debts, obligations and liabilities shall
be solely the debts, obligations and liabilities of the Company or such other Member, as applicable.


 






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ARTICLE
XIV


 


Section
14.1 Exculpation and Indemnification of Members and Managers. (a) No Indemnified Party shall be liable to the
Company or any Member for any loss, damage or claim incurred by reason of any act performed or any act omitted by such Indemnified
Party in connection with any matter arising from, or related to, or in connection with this Agreement or the Company’s business
or affairs; provided, however, that the foregoing shall not eliminate or limit the liability of any Indemnified Party
if a judgment or other final adjudication adverse to the Indemnified Party establishes (i) that the Indemnified Party’s
acts or omissions were in bad faith or involved intentional misconduct or a knowing violation of law or (ii) that the Indemnified
Party personally gained in fact a financial profit or other advantage to which the Indemnified Party was not legally entitled.


 


(b)          The
Company shall, to the fullest extent permitted by the Act, indemnify and hold harmless, and advance expenses to, each Indemnified
Party against any losses, claims, damages or liabilities to which the Indemnified Party may become subject in connection with any
matter arising from, related to, or in connection with this Agreement or the Company’s business or affairs; provided,
however, that no indemnification may be made to or on behalf of any Indemnified Party (and expenses advanced shall be returned)
if a judgment or other final adjudication adverse to the Indemnified Party establishes (i) that the Indemnified Party’s acts
or omissions were committed in bad faith or involved intentional misconduct as a knowing violation of law or (ii) that the
Indemnified Party personally gained in fact a financial profit or other advantage to which the Indemnified Party was not legally
entitled.


 


(c)          Notwithstanding
anything else contained in this Agreement, the indemnity obligations of the Company under paragraph (b) above shall:


 


(i)          be
in addition to any liability that the Company may otherwise have;


 


(ii)         inure
to the benefit of the successors, assigns, heirs and personal representatives of each Indemnified Party; and


 


(iii)        be
limited to the assets of the Company.


 


(d)          This
Article XIV shall survive any termination of this Agreement and the dissolution of the Company.


 


ARTICLE
XV


 


Section
15.1 Duration and Dissolution. The Company shall be dissolved and its affairs shall be wound up upon the affirmative
vote or written consent of the Initial Member or as otherwise required by the Act.


 






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ARTICLE
XVI


 


Section
16.1 Bankruptcy. Except by the unanimous consent of all Members and Managers, the Company shall not file a voluntary
petition in bankruptcy or otherwise seek relief under Title 11 of the United States Code or any successor statute thereto, or under
any similar applicable state law.


 


Section
16.2 Amendments. (a) Except as is otherwise set forth in clause (b) below, this Agreement may be modified,
altered, supplemented or amended only if all the Members execute and deliver a written agreement with respect to such modification,
alteration, supplement or amendment; provided, that so long as any rated debt obligation of the Company is outstanding,
the Rating Agency Condition is satisfied.


 


(b)          This
Agreement may be modified, altered, supplemented or amended without satisfying the requirements of clause (a) above (i) to cure
any ambiguity or (ii) to convert or supplement any provision herein in a manner consistent with the intent of this Agreement and
the other Transaction Documents.


 


Section
16.3 Headings. The titles of Sections of this Agreement are for convenience of reference only and shall not define
or limit any of the provisions of this Agreement.


 


Section
16.4 GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF
THE STATE OF DELAWARE, WITHOUT GIVING EFFECT TO CONFLICTS OF LAW PRINCIPLES THEREOF.


 


Section
16.5 Severability of Provisions. Each provision of this Agreement shall be considered severable and if for any reason
any provision or provisions herein are determined to be invalid, unenforceable or illegal under any existing or future law, such
invalidity, unenforceability or illegality shall not impair the operation of or affect those portions of this Agreement which are
valid, enforceable and legal.


 


Section
16.6 Further Assurances. The Initial Member shall execute and deliver such further instruments and do such further
acts and things as may be required to carry out the intent and purposes of this Agreement.


 


Section
16.7 Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed an
original of this Agreement. Executed counterparts may be delivered electronically.


 


Section
16.8 Assignment; Third Party Beneficiaries. The parties hereto acknowledge and agree that the rights of the Company
under this Agreement may be pledged from time to time by the Company to creditors of the Company to secure the Company’s
obligations to such creditors. Nothing in this Agreement, whether express or implied, shall be construed to give to any other Person
(other than a party hereto or an Indemnified Party) any legal or equitable right, remedy or claim under or in respect of this Agreement
or any covenants, conditions or provisions contained herein.


 






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Section
16.9 Effectiveness. Pursuant to Section 18-201(d) of the Act, this Agreement shall be effective as of the date hereof.


 


[Signature Follows]


 




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IN WITNESS WHEREOF,
the undersigned, intending to be legally bound hereby, has duly executed this Agreement as of the date first above written.


 


	 	GE EQUIPMENT FUNDING, LLC, 
	 	as Initial Member
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 


  




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DEFINITIONS ADDENDUM


TO THE


LIMITED LIABILITY COMPANY AGREEMENT


 


“Act”
is defined in the Preliminary Statement.


 


“Agreement”
means this Limited Liability Company Agreement, as amended from time to time.


 


“Assets”
is defined in Section 4.1.


 


“Benefit Plan
Investor” means an “employee benefit plan” within the meaning of Section 3(3) of ERISA (which is subject
to Title I of ERISA), a “plan” described in Section 4975(e)(1) of the Code (which is subject to Section 4975 of
the Code), or any entity deemed to hold “plan assets” of any of the foregoing by reason of investment by an “employee
benefit plan” or “plan” in the entity.


 


“Business Day”
means any day that is not a Saturday, Sunday or a day on which banks are required or permitted to be closed in the State of New
York or the State of Connecticut.


 


“Certificate
of Formation” means the Certificate of Formation of the Company, as filed with the Secretary of State of the State of
Delaware on July 9, 2014 or as amended, restated and supplemented from time to time.


 


“Code”
means the Internal Revenue Code of 1986, as amended from time to time, and Treasury Regulations promulgated thereunder.


 


“Company”
means GE Equipment Midticket LLC, Series 2014-1, a Delaware limited liability company.


 


“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended from time to time, and any regulations promulgated thereunder.


 


“Indemnified
Party” means a Member, Manager, employee, organizer or agent of the Company or any officer, agent, shareholder, director,
employee or incorporator of the Initial Member.


 


“Indenture”
means the Indenture, dated as of September 17, 2014, between the Company and the Indenture Trustee, as the same may be amended,
restated or supplemented from time to time.


 


“Indenture
Trustee” means Deutsche Bank Trust Company Americas, not in its individual capacity but solely as indenture trustee under
the Indenture, or any successor indenture trustee under the Indenture.


 


“Initial Member”
has the meaning assigned in the preamble.


 






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“Manager”
is defined in Section 8.1.


 


“Member”
means the Initial Member and any other Person that is admitted as a member of the Company, in each case for so long as such Person
continues to be a member of the Company, in such Person’s capacity as a member of the Company.


 


“Membership
Interest” means the entire limited liability company interest of a Member in the Company at any particular time, including
the right of a Member to any and all benefits to which a Member may be entitled as provided in this Agreement, together with the
obligations of such Member to comply with all the terms and provisions of this Agreement. A Membership Interest may be represented
by a certificate.


 


“Person”
means an individual, partnership, corporation, trust (including a business trust), limited liability company, joint stock company,
association, joint venture, government or any agency or political subdivision thereof or any other entity of whatever nature.


 


“Rating Agency
Condition” means, for so long as such entity is rating any class of notes issued by the Company, with respect to any
action, that (i) Standard & Poor’s Financial Services, LLC shall have been given at least ten (10) Business Days’
prior notice thereof and shall have not notified the Company and the Indenture Trustee that such action will result in a reduction
or withdrawal of the then current rating of any class of the notes issued by the Company, and (ii) Fitch, Inc. shall have been
given at least ten (10) Business Days’ prior notice thereof.


 


“Seller”
is defined in Section 4.1.


 


“Servicing
Agreement” means the Servicing Agreement, dated as of September 17, 2014, by and among the Company, the Titling Trust
and General Electric Capital Corporation, as servicer.


 


“Titling Trust”
means GE TF Trust, a Delaware statutory trust.


 


“Transaction
Documents” means this Agreement, the Related Documents as defined in the Indenture and all documents and certificates
contemplated thereby or delivered in connection therewith.


 


“Transfer”
means, (i) as a noun, any transfer, sale, assignment, exchange, charge, pledge, gift, hypothecation, conveyance, encumbrance
or other disposition, whether direct or indirect, voluntary or involuntary, by operation of law or otherwise and, (ii) as
a verb, directly or indirectly, voluntarily or involuntarily, by operation of law or otherwise, to transfer, sell, assign, exchange,
charge, pledge, give, hypothecate, convey, encumber or otherwise dispose of.


 


“Treasury Regulations”
means regulations, including proposed or temporary regulations, promulgated under the Code.


 






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“Underwriting
Agreement” means the Underwriting Agreement, dated on or about of September 9, 2014, by and among the Company, CEF Equipment
Holding, L.L.C., General Electric Capital Corporation and Credit Suisse Securities (USA) LLC.,
as representative of the several underwriters.


 




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EXHIBIT A


 


CERTIFICATE OF FORMATION


 


OF


 


GE
Equipment MIDTICKET LLC, Series 2014-1


 


This Certificate of
Formation of GE Equipment Midticket LLC, Series 2014-1, dated as of July 9,
2014, has been duly executed and is being filed by Sonia Ravin, as an authorized person, to form a limited liability company under
the Delaware Limited Liability Company Act (6 Del.C. §18-101, et seq.).


 


1.           The
name of the limited liability company (the “LLC”) is:


 


GE Equipment
Midticket LLC, Series 2014-1


 


2.           The
address of the registered office of the LLC in the State of Delaware is: Corporation Trust Center, 1209 Orange Street, in the City
of Wilmington, County of New Castle, Delaware 19801. The name of the registered agent of the LLC at such address is The Corporation
Trust Company.


 


3.           This
Certificate of Formation shall be effective as of its filing.


 


IN WITNESS WHEREOF,
the undersigned has executed this Certificate of Formation of the LLC this 9th day of July, 2014.


 


	 	 
	 	Sonia Ravin
	 	Authorized Person


 








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