Document:

<PAGE>

                                                                    EXHIBIT 4(k)
                                                                    ------------

                           THIRD AMENDED AND RESTATED
                       FISCAL AND PAYING AGENCY AGREEMENT

                                      among

                      GENERAL ELECTRIC CAPITAL CORPORATION
           GE CAPITAL AUSTRALIA FUNDING PTY. LTD. (A.C.N. 085 675 467)

                      GENERAL ELECTRIC CAPITAL CANADA INC.
                        GE CAPITAL CANADA FUNDING COMPANY
                          GE CARD SERVICES CANADA INC.

                                       and

                               JPMORGAN CHASE BANK

                                       and

                        J.P. MORGAN BANK LUXEMBOURG S.A.

              Euro Medium-Term Notes and Other Debt Securities Due
                                9 Months or More
                               from Date of Issue

                            Dated as of May 23, 2002

<PAGE>

                                TABLE OF CONTENTS
<TABLE>
<CAPTION>
                                                                                       Page
 <S>    <C>                                                                            <C>
 1.     Appointment of Paying Agents. .................................................   1
 2.     Notes Issuable in Series. .....................................................   2
 3.     Execution and Authentication of Notes; Date and Denomination of Notes .........   4
 4.     Exchange and Registration of Transfer of Notes ................................   8
 5.     Payments of Principal, Premium and Interest; Paying Agents. ...................  10
 6.     Redemption; Sinking Funds; Repayment at the Option of the Holder. .............  13
 7.     Mutilated, Destroyed, Stolen or Lost Notes. ...................................  17
 8.     Events of Default. ............................................................  18
 9.     Additional Payments; Tax Redemption. ..........................................  21
 10.    Covenant of the Issuers and the Guarantor. ....................................  29
 11.    Obligations of the Fiscal and Paying Agent. ...................................  30
 12.    Maintenance and Resignation of Fiscal and Paying Agent ........................  31
 13.    Paying Agency. ................................................................  33
 14.    Merger, Consolidation, Sale or Conveyance. ....................................  33
 15.    Meetings of Holders of the Notes. .............................................  34
 16.    Consent of Holders. ...........................................................  37
 17.    Stamp Taxes. ..................................................................  37
 18.    Modifications and Amendments. .................................................  37
 19.    Accession of Additional Issuers. ..............................................  38
 20.    Notices to Parties. ...........................................................  39
 21.    Notices to and by Holders of the Notes. .......................................  41
 22.    Business Day. .................................................................  42
 23.    Central Bank Reporting Requirements. ..........................................  42
 24.    Governing Law. ................................................................  42
 25.    Consent to Service. ...........................................................  42
 26.    Counterparts. .................................................................  42
 27.    Inspection of Agreement. ......................................................  43
 28.    Descriptive Headings. .........................................................  43
 29.    Provisions Binding on Successors. .............................................  43
 30.    Official Acts by Successor Corporation. .......................................  43
 31.    Severability. .................................................................  43
</TABLE>

<PAGE>

     THIRD AMENDED AND RESTATED FISCAL AND PAYING AGENCY AGREEMENT, dated as of
May 23, 2002 between GENERAL ELECTRIC CAPITAL CORPORATION, a Delaware
corporation ("GE Capital"), GE CAPITAL AUSTRALIA FUNDING PTY. LTD. (A.C.N. 085
675 467), a company incorporated under the laws of the Commonwealth of Australia
("GEC Australia Funding"), GENERAL ELECTRIC CAPITAL CANADA INC., a corporation
incorporated under the laws of Canada ("GEC Canada"), GE CAPITAL CANADA FUNDING
COMPANY, a company incorporated under the laws of the Province of Nova Scotia,
Canada ("GEC Canada Funding") and GE CARD SERVICES CANADA INC, a company
incorporated under the laws of the Province of Nova Scotia, Canada ("GEC Card
Canada ") (each of GEC Canada, GEC Canada Funding and GEC Card Canada, a
"Canadian Subsidiary Issuer", and together, the "Canadian Subsidiary Issuers",
and together with GEC Australia Funding and each Additional Issuer (as defined
herein) acceding hereto pursuant to Section 19 hereof, each an "Issuer" and
together the "Issuers") and JPMORGAN CHASE BANK, as Fiscal and principal Paying
Agent and J.P. MORGAN BANK LUXEMBOURG S.A. as Paying Agent (such agreement, as
further amended and supplemented from time to time, the "Agreement").

     Pursuant to the Third Amended and Restated Euro MTN Distribution Agreement,
dated May 23, 2002, among the Issuers (including GE Capital in its capacity as
guarantor (the "Guarantor") of Notes issued by an Issuer other than GE Capital)
and the agents named therein (the "Agents") (as further amended from time to
time, the "Distribution Agreement"), each Issuer has agreed to issue from time
to time its Euro Medium-Term Notes ("Medium Term Notes") and other debt
securities ("Other Debt Securities") having maturities from 9 months or more
from date of issue (collectively, Medium Term Notes and Other Debt Securities
are referred to herein as the "Notes"). The Guarantor has agreed to guarantee
Notes issued pursuant to this Agreement by each Issuer other than GE Capital in
the form of the guarantee attached hereto as Exhibit D-1 (the "Guarantee").
Administrative procedures, which have been agreed to by the Issuers (including
GE Capital in its capacity as Guarantor) and the Agents as of the date hereof,
are attached as Exhibit A hereto (such procedures, as amended from time to time
pursuant to the Distribution Agreement, are hereinafter referred to as the
"Administrative Procedures").

     Pursuant to this Agreement, the Second Amended and Restated Fiscal and
Paying Agency Agreement dated March 31, 1999 (the "Prior Agency Agreement")
shall be amended and restated on the terms of this Agreement. Any Notes issued
on or after the date of this Agreement shall be issued pursuant to this
Agreement, but this shall not affect any Notes issued prior to the date of this
Agreement. Subject to such amendment and restatement, the Prior Agency Agreement
shall continue in full force and effect.

     1.   Appointment of Paying Agents. Each Issuer and (in the case of Notes
          ----------------------------
issued by an Issuer other than GE Capital) the Guarantor hereby appoint JPMorgan
Chase Bank, acting through its London Branch located at Trinity Tower, 9 Thomas
More Street, London E1W 1YT, England, as the fiscal agent and as the principal
paying agent (in such capacities and including any successor Fiscal and Paying
Agent appointed hereunder, the "Fiscal and Paying Agent") and J.P. Morgan Bank
Luxembourg S.A. as paying agent (the "Luxembourg Paying Agent" and, together
with the Fiscal and Principal Paying Agent in its capacity as principal paying
agents, the "Paying Agent", in each case in respect of the Notes, upon the terms
and subject to the conditions stated herein and in the Notes certified from time
to time pursuant to Section 2 hereof. Each of the Fiscal and Paying Agent and
the Luxembourg Paying Agent hereby accepts such appointment and agrees, upon
such terms and subject to such conditions, to perform its respective obligations
under this Agreement, the Notes certified from time to time pursuant to Section
2 hereof and the Administrative Procedures. In addition, unless otherwise agreed
by the parties hereto, the Fiscal

                                       1

<PAGE>

and Paying Agent agrees to appoint its local branch or affiliate located in the
jurisdiction of the country where any Notes are listed from time to time as an
additional paying agent, to the extent required by the rules and regulations of
the applicable exchange and to the extent the Fiscal and Paying Agent has a
branch or affiliate located in such jurisdiction.

     2.   Notes Issuable in Series.
          ------------------------
     (a)  Each Issuer may issue Notes hereunder in one or more series of Notes,
each series (a "Series") having identical terms but for authentication date and
public offering price; provided that a Series of Notes may comprise Notes in
bearer form ("Bearer Notes") and Notes in registered form ("Registered Notes").
Each such Series may contain one or more tranches of Notes, each such tranche (a
"Tranche") having identical terms, including authentication date and public
offering price; provided that a Tranche of Notes may comprise Bearer Notes and
Registered Notes.

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

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

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

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

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

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

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

                                       2

<PAGE>

          (6) the currency in which the Notes of such Series is denominated,
     which may include U.S. dollars, any foreign currency or any composite of
     two or more currencies (the "Specified Currency");

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

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

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

          (10) the denominations in which the Notes of such Series shall be
     issuable, if other than (a) in the case of Registered Notes, 10,000 units
     of the Specified Currency and integral multiples of 1,000 units of the
     Specified Currency in excess thereof, or (b) in the case of all Bearer
     Notes in definitive form, 1,000, 10,000 and 100,000 units of the Specified
     Currency, or (c) in the case of Bearer Notes in global form, any integral
     multiple of 1,000 units of the Specified Currency;

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

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

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

          (14) if other than as provided in Sections 3, 4 and 5 hereof, whether
     the Notes of such Series will be issuable as Registered Notes or Bearer
     Notes (with or without coupons), or any combination of the foregoing, any
     restriction applicable to the offer, sale or delivery of Bearer Notes or
     the payment of interest thereon and the terms upon which Bearer Notes of
     any Series may be exchanged for Registered Notes of such Series, except
     that the Notes of such Series shall only be issuable as Bearer Notes unless
     otherwise provided in such Corporate Order;

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

                                       3

<PAGE>

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

          (17) the stock exchange, competent listing authority and/or quotation
     system, if any, on or by which the Notes will be listed, quoted and/or
     traded and related information;

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

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

     All Notes of any one Series and coupons, if any, appertaining thereto,
shall be substantially identical except as to denomination and except as may
otherwise be provided in or pursuant to such Corporate Order. The Notes and the
coupons, if any, appertaining thereto shall be in substantially such form as
shall be established pursuant to a resolution of the Board of Directors of the
relevant Issuer and the Guarantor, in each case with such appropriate
insertions, omissions, substitutions and other variations as are required or
permitted by this Agreement, and may have such legends or endorsements placed
thereon as the officers executing the same may approve (execution thereof to be
conclusive evidence of such approval) and as are not inconsistent with the
provisions of this Agreement, or as may be required to comply with the
directions of Euroclear Bank S.A./N.V. as operator of the Euroclear System
("Euroclear "), Clearstream Banking, societe anonyme ("Clearstream, Luxembourg")
or any other clearance system specified for a particular Tranche or Series of
Notes, or any successors thereto, or with any law or with any rule or regulation
made pursuant thereto or with any rule or regulation of any stock exchange,
competent listing authority and/or quotation system on or by which such Notes
may be listed, quoted and/or traded, or to conform to usage.

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

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

     (a) Execution, delivery and safekeeping of Notes. The Notes and, if
         --------------------------------------------
applicable, coupons appertaining thereto in the form certified to the Fiscal and
Paying Agent pursuant to the provisions of Section 2(b) shall each be executed
(i) in the case of Notes issued by GE Capital, by GE Capital's Chairman and
Chief Executive Officer, its President and Chief Operating Officer,

                                       4

<PAGE>

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

     The relevant Issuer will furnish the Fiscal and Paying Agent with an
adequate supply of Notes having attached thereto appropriate coupons, if any, in
the forms approved in accordance with Section 2(b) of this Agreement, bearing
consecutive control numbers. Such Notes shall have been executed by an Issuer
Authorized Representative and attested by the Secretary or an Assistant
Secretary of such Issuer in accordance with this Section. The Fiscal and Paying
Agent or its designated agent will hold such blank Notes in safekeeping in
accordance with its customary practice and shall issue such Notes in the order
of the control numbers imprinted thereon. The Fiscal and Paying Agent will
permit the relevant Issuer and its agents, at all reasonable times and upon
reasonable notice, to examine the Notes and all books, records and other
materials and information of the Fiscal and Paying Agent relating thereto.

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

                                       5

<PAGE>

     (c)  Authentication of temporary global Notes. Unless otherwise specified
          ----------------------------------------
in the applicable Corporate Order or by the relevant Agent or Agents, each
Tranche of Notes, including any Tranche of Additional Notes issued prior to the
Exchange Date for a prior Tranche of Notes of the same Series, shall initially
be issued in the form of a single temporary global Note in bearer form. The
temporary global Bearer Notes shall be authenticated by the Fiscal and Paying
Agent or by a duly authorized officer or attorney-in-fact of the Fiscal and
Paying Agent, upon the same conditions, in substantially the same manner and
with the same effect as the definitive Notes, and shall be deposited with a
common depositary (the "Common Depositary") for the accounts of Euroclear and
Clearstream, Luxembourg or any other recognized and agreed clearing system for
credit to the respective securities clearance accounts of the relevant Agents
(or to such other accounts as they may have directed) maintained with Euroclear,
Clearstream, Luxembourg or other recognized and agreed clearing system. For
purposes of this Agreement "Exchange Date" for any Series of Notes shall mean
the first Business Day that is at least 40 days after the issue date of such
Series; provided that in the event a Tranche of Additional Notes of the same
Series is issued prior to the Exchange Date of a prior Tranche of such Series
(as such Exchange Date may have been extended pursuant to this sentence), such
Exchange Date shall be extended (or further extended, as the case may be) to a
date not earlier than 40 days after the issue date of such subsequent Tranche;
provided however, in no event shall the Exchange Date for any Tranche of Notes
be extended to a date more than 160 days after their issue date. No such
exchange will be made on a day that is not a London Business Day, but shall
instead be made on the next succeeding day that is a London Business Day. For
the purposes of this Clause 3(c) "London Business Day" means a day upon which
banks are generally open for business (including dealings in foreign currency)
in London, England.

     (d)  Exchange of temporary global Notes; certification requirements. On or
          --------------------------------------------------------------
up to 10 days prior to the Exchange Date for any Series of Notes held in
temporary global form, the beneficial owners of such temporary global Note shall
deliver to Euroclear, Clearstream, Luxembourg or other recognized and agreed
clearance system, as the case may be, a certificate substantially in the form
set forth in Exhibit B-1 hereto, copies of which certificate shall be available
at the offices of Euroclear, Clearstream, Luxembourg or other clearance system,
the Fiscal and Paying Agent, in the case of Notes listed on the Luxembourg Stock
Exchange, the Luxembourg Paying Agent and each other paying agent of the
relevant Issuer and (in the case of Notes issued by an Issuer other than GE
Capital) the Guarantor. On or after the Exchange Date for any Series of Notes,
upon the request of the Common Depositary, acting on behalf of Euroclear,
Clearstream, Luxembourg or other clearance system, acting in turn on behalf of
such beneficial owners, the Fiscal and Paying Agent shall authenticate a
permanent global Note in bearer form or (if specified in the applicable
Corporate Order) definitive Bearer Notes and/or definitive Registered Notes in
the amounts requested in an aggregate principal amount equal to the aggregate
principal amount of the temporary global Note beneficially owned by such owners,
but only upon delivery by Euroclear, Clearstream, Luxembourg and/or other
clearance system, acting on behalf of such owners, to the Fiscal and Paying
Agent or its duly authorized attorney-in-fact of a certificate or certificates
substantially in the form set forth in Exhibit B-2 hereto. Such permanent global
Note, if any, shall be authenticated by the Fiscal and Paying Agent or by a duly
authorized officer or attorney-in-fact of the Fiscal and Paying Agent, upon the
same conditions, in substantially the same manner and with the same effect as
the definitive Notes, and shall be deposited with the Common Depositary for the
accounts of Euroclear, Clearstream, Luxembourg and/or other clearance system for
credit to the respective accounts of such beneficial owners.

     Upon any such exchange of all or a portion of a temporary global Note for a
permanent global Note or definitive Notes, such temporary global Note shall be
endorsed by the Fiscal and

                                       6

<PAGE>

Paying Agent or its duly authorized attorney-in-fact to reflect the reduction of
its principal amount by an amount equal to the aggregate principal amount of
such permanent global Note or definitive Notes as to which certification has
been provided as set forth in the preceding paragraph.

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

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

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

     (f)  Authentication of Registered Notes. If so specified in the applicable
          ----------------------------------
Corporate Order, Notes of any Series may be issued in fully registered form.
Such Corporate Order will specify whether Registered Notes of such Series may be
issued in exchange for Bearer Notes of such Series and whether the Notes of such
Series may initially be issued in permanent global or definitive form.
Registered Notes shall be authenticated by the Fiscal and Paying Agent or by a

                                       7

<PAGE>

duly authorized officer or attorney-in-fact of the Fiscal and Paying Agent and,
in the case of permanent global Registered Notes, registered in the name of a
nominee for and deposited with the Common Depositary for the accounts of
Euroclear, Clearstream, Luxembourg, and/or another recognized clearance system,
for credit to the respective securities clearance accounts of the relevant
Agents (or to such other accounts as they may have directed) maintained with
Euroclear, Clearstream, Luxembourg, another clearance system or The Depository
Trust Company in New York City for credit to the respective accounts of the
relevant Agents (or to such other accounts as they may have directed) maintained
with The Depository Trust Company or such other clearance and settlement
organization as is specified in the applicable Corporate Order.

     4.  Exchange and Registration of Transfer of Notes.
         ----------------------------------------------

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

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

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

     (b)  Transfers of Registered Notes. Each Registrar shall keep, at each such
          -----------------------------
office or agency, a register for each Series of Notes (for which it has been
appointed Registrar) issuable in registered form (the registers of all
Registrars being herein sometimes collectively referred to as the "Register") in
which, subject to such reasonable regulations as it may prescribe, the Registrar

                                       8

<PAGE>

shall register Registered Notes and shall register the transfer of Registered
Notes as herein provided. The Register shall be in written form or in any other
form capable of being converted into written form within a reasonable time. At
all reasonable times the Register shall be open for inspection by the relevant
Issuer, the Guarantor, the Fiscal and Paying Agent and any Registrar. Upon due
presentment for registration of transfer of any Registered Note of any Series at
any designated office or agency, such Issuer shall execute, the Guarantor shall
(in the case of Notes issued by an Issuer other than GE Capital) cause the
Guarantee to be endorsed thereon, the Registrar shall register and the Fiscal
and Paying Agent shall authenticate and deliver in the name of the transferee or
transferees a new Registered Note or Registered Notes of the same Series for an
equal aggregate principal amount. Registration or registration of transfer of
any Registered Note by any Registrar in the Register maintained by such
Registrar, and delivery of such Registered Note, duly authenticated, shall be
deemed to complete the registration or registration of transfer of such
Registered Note.

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

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

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

     (d)  Repository of master list of holders of Registered Notes. The relevant
          --------------------------------------------------------
Issuer will at all times designate one person (who may be such Issuer and who
need not be the Registrar of any Series) to act as repository of a master list
of names and addresses of the holders of the Registered Notes. The Fiscal and
Paying Agent shall act as such repository unless and until some other person is,
by written notice from such Issuer to the Fiscal and Paying Agent and each
Registrar, designated by such Issuer to act as such. Such Issuer shall cause
each Registrar to furnish to such repository, on a current basis, such
information as to all registrations of transfer and exchanges effected by such
Registrar, as may be necessary to enable such repository to maintain such master
list on as current a basis as is practicable.

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

                                       9

<PAGE>

sufficient to cover any transfer taxes or other governmental charge that may be
imposed in connection therewith.

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

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

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

     (a)  Payment generally. In order to provide for the payment of the
          -----------------
principal of, premium and interest on each Series of Notes as the same shall
become due and payable on any payment date, the relevant Issuer hereby agrees to
pay to the Fiscal and Paying Agent at the place and in the manner specified
below or to such account or at such offices of any paying agent outside of the
United States and, in the case of Notes issued by an Issuer other than GE
Capital, outside the jurisdiction of incorporation or organization of the
relevant Issuer, as the Fiscal and Paying Agent shall specify in writing to such
Issuer and (in the case of Notes issued by an Issuer other than GE Capital) the
Guarantor, such writing to be delivered not less than five calendar days prior
to the payment date, in such currency or currency units as shall be required to
make the payment due on such payment date, on each interest payment date and on
the maturity date of such Series of Notes or any date fixed for redemption or
acceleration of such Series of Notes (in each case determined in accordance with
the terms of such Notes), in immediately available funds available on such
interest payment, maturity, redemption or acceleration date, as the case may be,
in an aggregate amount which (together with any funds then held by the Fiscal
and Paying Agent and available for the purpose) shall be sufficient to pay the
entire amount of the principal of, premium and interest on such Series of Notes
(including Additional Amounts (as defined below), if any, becoming due on such
interest payment, maturity, redemption or acceleration date), and the Fiscal and
Paying Agent shall hold such amount in trust and apply it to the payment of any
such principal, premium or interest on such interest payment, maturity,
redemption or acceleration date. Nothing contained herein shall be construed to
require the Fiscal and Paying Agent or any other paying agent to make any
payment to the holder of a Note until funds have been received from the relevant
Issuer pursuant to this Section.

                                       10

<PAGE>

     (b)  Payments on temporary global Notes; certification requirements.
          --------------------------------------------------------------
Beneficial owners of any temporary global Note may receive interest payments
prior to the Exchange Date of such temporary global Note; provided such
beneficial owners deliver a certificate or certificates to Euroclear,
Clearstream, Luxembourg or, if specified in the Corporate Order, other
recognized clearing system substantially in the form set forth in Exhibit B-1
and instruct Euroclear, Clearstream, Luxembourg or other clearance system, as
the case may be, to request such interest payment on their behalf. Upon the
request of the Depositary, acting on behalf of Euroclear, Clearstream,
Luxembourg or other clearance system, acting in turn on behalf of beneficial
owners of Notes, the Fiscal and Paying Agent shall make payments of interest to
the beneficial owners of interests in temporary global Notes, but only upon
delivery by Euroclear, Clearstream, Luxembourg, or other clearance system,
acting on behalf of such owners, to the Fiscal and Paying Agent or its duly
authorized attorney-in-fact of a certificate or certificates substantially in
the form set forth in Exhibit B-2 hereto.

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

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

     Interest on Registered Notes may at the option of the relevant Issuer be
paid by check mailed to the persons entitled thereto at their respective
addresses as such appear in the Register, or, at the option of any holder of
$5,000,000 (or the equivalent thereof in one or more foreign or composite
currencies) or more aggregate principal amount of Registered Notes of any Series
and subject to applicable laws and regulations, be made by transfer to an
account denominated in the currency in which such payment is to be made,
maintained by such holder, if appropriate wire transfer instructions have been
received by such Issuer or its agent not less than 10 calendar days prior to the
applicable interest payment date.

     (d)  Payments on Bearer Notes. Payments on Bearer Notes or the coupons
          ------------------------
appertaining thereto will, upon presentation of such Notes or coupons at a
designated office outside of the United States, at the holder's option and
subject to applicable laws and regulations, be made by check or wire transfer to
an account denominated in the Specified Currency (unless

                                       11

<PAGE>

otherwise provided in the applicable Corporate Order) in which such payment is
to be made, maintained by such holder with a bank outside the United States and
(in the case of Notes issued by an Issuer other than GE Capital) outside the
jurisdiction of organization of the Issuer, if appropriate wire transfer
instructions have been received by the relevant Issuer or its agent not less
than 10 calendar days prior to the applicable interest payment date.

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

     (e)  Place of payment. As long as any Registered Notes remain outstanding
          ----------------
hereunder, the relevant Issuer will designate and maintain in London, England an
office or agency where such Registered Notes may be presented for payment, and
where such Notes may be presented for registration of transfer and for exchange
as in this Agreement provided.

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

                                       12

<PAGE>

     The relevant Issuer will give to the Fiscal and Paying Agent written notice
of the location of each such office or agency and of any change of location
thereof. In case such Issuer shall fail to give such notice of the location or
of any change in the location thereof, presentations and demands may be made and
notices may be served at the principal office of the Fiscal and Paying Agent in
London, England.

     The relevant Issuer and (in the case of Notes issued by an Issuer other
than GE Capital) the Guarantor hereby initially designates the offices of the
Fiscal and Paying Agent in London, England (or in the case of Registered Notes
that are listed on the Luxembourg Stock Exchange, the offices of the Luxembourg
Paying Agent in Luxembourg City) as the office or agency where Registered Notes
may be presented for payment, for registration of transfer and for exchange as
in this Agreement provided. Such principal office of the Fiscal and Paying Agent
is also designated as repository pursuant to Section 4 for the master list of
the names and addresses of the holders of Registered Notes.

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

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

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

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

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

          In case the relevant Issuer shall desire to exercise any right to
redeem all, or, as the case may be, any part of, the Notes of any Series in
accordance with their terms, it shall fix a date for redemption. Notice of
redemption to the holders of Registered Notes to be redeemed in whole or in part
at the option of such Issuer shall be given by mailing notice of such redemption
by first class mail, postage prepaid, at least 30 days and not more than 60 days
prior to the date fixed for redemption to such holders at their last addresses
as they shall appear in the Register.

                                       13

<PAGE>

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

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

     On or prior to the redemption date specified in the notice of redemption
given as provided in this Section, the relevant Issuer will deposit with the
Fiscal and Paying Agent or with one or more paying agents an amount of money
sufficient to redeem on the redemption date all the Notes or portions thereof so
called for redemption, together with accrued interest to the date fixed for
redemption. If less than all the Notes of a Series are to be redeemed such
Issuer will give the Fiscal and Paying Agent notice not less than 60 days prior
to the redemption date as to the aggregate principal amount of Notes of such
Series to be redeemed and the Fiscal and Paying Agent shall select or cause to
be selected, in such manner as in its sole discretion it shall deem appropriate
and fair, the Notes or portions thereof to be redeemed. Notes of a Series may be
redeemed in part only in multiples of the smallest authorized denomination of
that Series.

                                       14

<PAGE>

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

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

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

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

     Not less than 60 days prior to each sinking fund payment date for any
Notes, the relevant Issuer will deliver to the Fiscal and Paying Agent a
certificate signed by an Issuer Authorized Representative specifying the amount
of the next ensuing sinking fund payment for such Notes pursuant to the terms
thereof, the portion thereof, if any, which is to be satisfied by payment of
cash (which cash may be deposited with the Fiscal and Paying Agent or with one
or more paying agents) and the portion thereof, if any, which is to be satisfied
by delivering and crediting Notes of the same Series pursuant to this Section
(which Notes, if not theretofore delivered, will accompany such certificate) and
whether such Issuer intends to exercise its right to make a permitted optional
sinking fund payment with respect to such Notes. Such certificate shall also
state that no Event of Default (as defined in Section 8 below) has occurred and
is

                                       15

<PAGE>

continuing with respect to such Notes. Such certificate shall be irrevocable
and upon its delivery the relevant Issuer shall be obligated to make the cash
payment or payments therein referred to, if any, on or before the next
succeeding sinking fund payment date. In the case of the failure of the relevant
Issuer to deliver such certificate (or to deliver the Notes specified in this
paragraph), the sinking fund payment due on the next succeeding sinking fund
payment date for such Notes shall be paid entirely in cash and shall be
sufficient to redeem the principal amount of such Notes subject to a mandatory
sinking fund payment without the option to deliver or credit Notes as provided
in this Section and without the right to make any optional sinking fund payment,
if any, with respect to such Notes.

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

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

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

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

                                       16

<PAGE>

the time when any such default or Event of Default shall occur and any
moneys thereafter paid into such sinking fund shall, during the continuance of
such default or Event of Default, be held as security for the payment of such
Notes; provided, however, that in case such default or Event of Default shall
have been cured or waived as provided herein, such moneys shall thereafter be
applied on the next sinking fund payment date for Notes of such Series on which
such moneys may be applied pursuant to the provisions of this Section.

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

     7.   Mutilated, Destroyed, Stolen or Lost Notes.
          ------------------------------------------

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

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

     (b)  All Notes and coupons surrendered for payment, redemption, repayment,
exchange or registration of transfer or for credit against any sinking fund
shall be delivered to, or to the order of, the Fiscal and Paying Agent for
cancellation. The Fiscal and Paying Agent shall cancel and destroy, or procure
the cancellation and destruction of, all such Notes and coupons and shall
deliver a certificate of destruction to the relevant Issuer and (in the case of
Notes issued by

                                       17

<PAGE>

an Issuer other than GE Capital) the Guarantor. In the case of any global Note
initially issued in temporary global form, which shall be destroyed by the
Fiscal and Paying Agent upon exchange in full, the certificate of destruction
shall state that a certification in the form required pursuant to the terms of
such global Note was received with respect to each portion thereof exchanged for
an interest in a Note in permanent global form or in definitive form.

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

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

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

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

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

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

                                       18

<PAGE>

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

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

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

                                       19

<PAGE>

     further action upon the part of either the Fiscal and Paying Agent or any
     of the Noteholders of such Series; or

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

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

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

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

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

                                       20

<PAGE>

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

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

     9. Additional Payments; Tax Redemption.
        -----------------------------------

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

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

                                       21

<PAGE>

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

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

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

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

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

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

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

     The term "United States Alien" means a beneficial owner of a Note that is
not, for United States federal income tax purposes, (i) a citizen or resident of
the United States, (ii) a corporation or partnership created or organized in or
under the laws of the United States, any state thereof or the District of
Columbia (unless, in the case of a partnership, Treasury regulations provide
otherwise), (iii) an estate whose income is subject to United States federal
income tax regardless of its source, or (iv) a trust if a court within the
United States is able to exercise primary supervision over the administration of
the trust and one or more United States persons have the authority to control
all substantial decisions of the trust. Notwithstanding the preceding sentence,
to the extent provided in Treasury regulations, certain trusts in existence on
August 20, 1996, and treated as United States person prior to such date, that
elect to continue to be treated as United States persons, will also not be a
United States Alien.
                                       22

<PAGE>

     (b) Australian Additional Amounts. All payments of principal and interest
         -----------------------------
in respect of Notes issued by GEC Australia Funding and any coupons relating
thereto will be made without withholding of or deduction for, or on account of,
any present or future taxes, duties, assessments or governmental charges of
whatever nature imposed or levied by or on behalf of the Commonwealth of
Australia or any political subdivision thereof or any authority or agency
therein or thereof having power to tax unless the withholding or deduction of
such taxes, duties, assessments or charges is required by law or the
application, administration or interpretation thereof. In that event, GEC
Australia Funding or the Guarantor (if the Guarantor is required to make
payments under the Guarantee) shall pay (subject to the right of redemption of
GEC Australia Funding referred to above in Section 6 - "Redemption; Sinking
Funds; Repayment at the Option of the Holder") such additional amounts (the
"Australian Additional Amounts") as may be necessary in order that the net
amounts received by the holders of such Notes or coupons after such withholding
or deduction shall equal the respective amounts of principal and interest which
otherwise would have been received by them in respect of the Notes or coupons,
as the case may be, in the absence of such withholding or deduction, except that
no Australian Additional Amounts shall be payable with respect to any Note or
coupon presented for payment:

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

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

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

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

                                     23

<PAGE>

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

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

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

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

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

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

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

                                       24

<PAGE>

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

          (ii) any tax, assessment or other governmental charge required to be
     withheld or deducted where such withholding or deduction is imposed on a
     payment to an individual and is required to be made pursuant to any
     European Union Directive on the taxation of savings implementing the
     conclusions of the ECOFIN Council meeting of November 26-27, 2000 or any
     law implementing or complying with, or introduced in order to conform to,
     such Directive.

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

     (f) Tax Redemption - General. All Notes of the same Series may be redeemed
         ------------------------
in whole but not in part, at the option of the relevant Issuer at any time prior
to maturity, upon the giving of a notice of redemption, at a redemption price
(except as otherwise specified herein or in the applicable Corporate Order)
equal to 100% of the principal amount thereof, together with accrued interest to
the date fixed for redemption, or, in the case of Original Issue Discount Notes,
at 100% of the portion of the face amount thereof that has accreted to the date
of redemption, if the relevant Issuer or (in the case of Notes issued by an
Issuer other than GE Capital) the Guarantor determines that, as a result of any
change in or amendment to the laws (or any regulations or ruling promulgated
thereunder) of the United States or of any political subdivision or taxing
authority thereof or therein affecting taxation, or any change in official
position

                                       25

<PAGE>

regarding the application or interpretation of such laws, regulations or ruling,
which change or amendment becomes effective on or after the date of issuance of
the first Tranche of Notes of such Series (if sold on an agency basis) or the
date on which an Agent acting as principal agreed to purchase such Tranche of
Notes, the relevant Issuer or the Guarantor, as the case may be, has or will
become obligated to pay U.S. Additional Amounts with respect to such Notes as
described under Section 9(a) hereof. Prior to the giving of any notice of
redemption pursuant to this paragraph, the relevant Issuer shall deliver to the
Fiscal and Paying Agent, (i) a certificate stating that the relevant Issuer is
entitled to effect such redemption and setting forth a statement of facts
showing that the conditions precedent to the right of such Issuer to so redeem
have occurred (the date on which such certificate is delivered to the Fiscal and
Paying Agent is herein called the "Redemption Determination Date"), and (ii) an
opinion of counsel satisfactory to the Fiscal Agent to such effect based on such
statement of facts; provided that no such notice of redemption shall be given
earlier than 90 days prior to the earliest date on which the relevant Issuer or
the Guarantor, as the case may be, would be obligated to pay such U.S.
Additional Amounts if a payment in respect of such Notes were then due.

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

     If any date fixed for redemption is a date prior to the Exchange Date for a
temporary global Bearer Note, payment on such redemption date will be made
subject to receipt of a certificate substantially in the form set forth in
Exhibit B-1, delivery of which is a condition to payment of such Notes.

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

                                       26

<PAGE>

case may be, would be obligated to pay such Australian Additional Amounts
if a payment in respect of such Notes were then due.

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

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

                                       27

<PAGE>

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

     (j) Special Tax Redemption of Bearer Notes. If the relevant Issuer or (in
the case of Notes issued by an Issuer other than GE Capital) the Guarantor shall
determine that any payment made outside the United States by such Issuer, the
Guarantor (if the Guarantor is required to make payments under the relevant
Guarantee) or any Paying Agent of principal or interest, including original
discount, due in respect of any Bearer Notes of any Series would, under any
present or future laws or regulations of the United States, be subject to any
certification, identification or other information reporting requirement of any
kind, the effect of which requirement is the disclosure to such Issuer, the
Guarantor, any Paying Agent or any governmental authority of the nationality,
residence or identity of a beneficial owner of such Bearer Note or coupon who is
a United States Alien (other than such a requirement (a) which would not be
applicable to a payment made by such Issuer, the Guarantor or any Paying Agent
(i) directly to the beneficial owner or (ii) to a custodian, nominee or other
agent of the beneficial owner, or (b) which can be satisfied by such custodian,
nominee or other agent certifying to the effect that such beneficial owner is a
United States Alien, provided that in each case referred to in clauses (a)(ii)
and (b) payment by such custodian, nominee or agent to such beneficial owner is
not otherwise subject to any such requirement), the relevant Issuer shall (in
the case of Notes issued by an Issuer other than a Canadian Subsidiary Issuer)
or may (in the case of Notes issued by a Canadian Subsidiary Issuer) redeem the
Bearer Notes of such Series, in whole, at a redemption price equal to 100% of
the principal amount thereof, together with accrued interest to the date fixed
for redemption, or, in the case of Original Issue Discount Notes, at 100% of the
portion of the face amount thereof that has accreted to the date of redemption,
or, at the election of such Issuer or the Guarantor, if the conditions of the
next paragraph are satisfied, pay the additional amounts specified in such
paragraph. The relevant Issuer or the Guarantor, as the case may be, shall make
such determination and election as soon as practicable and publish prompt notice
thereof (the "Determination Notice") stating the effective date of such
certification, identification or other information reporting requirements,
whether such Issuer will redeem the Bearer Notes of such Series, or whether such
Issuer or the Guarantor, as the case may be, has elected to pay the U.S.
Additional Amounts specified in the next paragraph, and (if applicable) the last
date by which the redemption of the Bearer Notes of such Series must take place,
as provided in the next succeeding sentence. If the relevant Issuer redeems the
Bearer Notes of such Series, such redemption shall take place on such date, not
later than one year after the publication of the Determination Notice, as the
relevant Issuer or the Guarantor, as the case may be, shall elect by notice to
the Fiscal and Paying Agent at least 60 days prior to the date fixed for
redemption. Notice of such redemption of the Bearer Notes of such Series will be
given to the holders of such Bearer Notes not more than

                                       28

<PAGE>

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

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

         10. Covenant of the Issuers and the Guarantor.
             -----------------------------------------

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

                                       29

<PAGE>

temporary Bearer Note provides that interest thereon may be paid while such Note
is in temporary form, the interest on any such temporary Bearer Note (together
with any Additional Amounts) shall be paid, as to the installments of interest
only upon presentation and surrender thereof, and, as to the other installments
of interest, if any, only upon presentation of such Notes for notation thereon
of the payment of such interest, in each case subject to the restrictions set
forth in Section 5.

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

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

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

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

                                       30

<PAGE>

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

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

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

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

     (h) The Fiscal and Paying Agent and each paying agent of the relevant
Issuer and the Guarantor shall be obligated to perform such duties and only such
duties as are herein and in the Notes specifically set forth, and no implied
duties or obligations shall be read into this Agreement or the Notes against the
Fiscal and Paying Agent or any such paying agent. The Fiscal and Paying Agent
shall not be under any obligation to take any action hereunder which may tend to
involve it in any expense or liability, the payment of which within a reasonable
time is not, in its reasonable opinion, assured to it.

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

     12. Maintenance and Resignation of Fiscal and Paying Agent

     (a) The relevant Issuer and (in the case of Notes issued by an Issuer other
than GE Capital) the Guarantor agree, for the benefit of the beneficial owners
from time to time of the Notes, that, until all of the Notes and coupons are no
longer outstanding or until moneys for the payment of all of the principal of,
premium and interest on all outstanding Notes (and Additional Amounts, if any)
shall have been made available at the principal office of the Fiscal and Paying

                                       31

<PAGE>

Agent, and shall have been returned to the relevant Issuer or (in the case of
Notes issued by an Issuer other than GE Capital) the Guarantor as provided in
Section 11(b), whichever occurs earlier, there shall at all times be a Fiscal
and Paying Agent hereunder. The Fiscal and Paying Agent shall at all times
maintain a place of business in, or in lieu thereof maintain an agent for
service of process located in, London, England.

     (b) Each Issuer and the Guarantor further agrees that (i) so long as any
Notes are listed, quoted and/or traded on or by a stock exchange, competent
listing authority and/or quotation system, there will at all times be a Paying
Agent (or the Fiscal and Paying Agent) having a specified office in each
location required by the relevant rules of such stock exchange, competent
listing authority and/or quotation system; (ii) there will at all times be a
Paying Agent (or the Fiscal and Paying Agent) with a specified office in a city
in a member state of the European Union; and (iii) if any European Union
Directive on the taxation of savings implementing the conclusions of the ECOFIN
Council meeting on November 26-27, 2000 or any law implementing or complying
with, or introduced in order to conform to, such Directive is introduced, the
Company will ensure that to the extent practicable it maintains a Paying Agent
(or the Fiscal and Paying Agent) in a Member State of the European Union that
will not be obliged to withhold or deduct tax from payment in respect of the
Notes pursuant to any such Directive or law.

     (c) The Fiscal and Paying Agent may at any time resign by giving written
notice of its resignation mailed to the relevant Issuer and the Guarantor
specifying the date on which its resignation shall become effective; provided
that such date shall be at least 90 days after the date on which such notice is
given unless such Issuer and the Guarantor agree to accept less notice. Upon
receiving such notice of resignation, the relevant Issuer and the Guarantor
shall promptly appoint a successor fiscal and paying agent, qualified as
aforesaid, by written instrument in duplicate signed on behalf of such Issuer
and the Guarantor, one copy of which shall be delivered to the resigning Fiscal
and Paying Agent and one copy to the successor fiscal and paying agent. Such
resignation shall become effective upon the earlier of (i) the effective date of
such resignation or (ii) the acceptance of appointment by the successor fiscal
and paying agent as provided in subsection (c). The relevant Issuer and the
Guarantor may, at any time and for any reason, and shall, upon any event set
forth in the next succeeding sentence, remove the Fiscal and Paying Agent and
appoint a successor fiscal and paying agent, qualified as aforesaid, by written
instrument in duplicate signed on behalf of such Issuer and the Guarantor, one
copy of which shall be delivered to the Fiscal and Paying Agent being removed
and one copy to the successor fiscal and paying agent. The Fiscal and Paying
Agent shall be removed as aforesaid if it shall become incapable of acting, or
shall be adjudged a bankrupt or insolvent, or a receiver of the Fiscal and
Paying Agent or of its property shall be appointed, or any public officer shall
take charge or control of it or of its property or affairs for the purpose of
rehabilitation, conservation or liquidation. Any removal of the Fiscal and
Paying Agent and any appointment of a successor fiscal and paying agent shall
become effective upon acceptance of appointment by the successor fiscal and
paying agent as provided in subsection (c). Upon its resignation or removal, the
Fiscal and Paying Agent shall be entitled to the payment by the relevant Issuer
or the Guarantor of its compensation for the services rendered hereunder and to
the reimbursement of all reasonable out-of-pocket expenses incurred in
connection with the services rendered by it hereunder (including any resignation
expenses of the Fiscal and Paying Agent and fees and expenses of counsel).

     (d) Any successor fiscal and paying agent appointed as provided in
subsection (b) shall execute and deliver to its predecessor and to the relevant
Issuer and the Guarantor an instrument accepting such appointment hereunder, and
thereupon such successor fiscal and

                                       32

<PAGE>

paying agent, without any further act, deed or conveyance, shall become vested
with all the rights, powers, duties and obligations of its predecessor
hereunder, with like effect as if originally named as Fiscal and Paying Agent
hereunder, and such predecessor, upon payment of its compensation and
out-of-pocket expenses then unpaid, shall pay over to such successor agent all
moneys or other property at the time held by it hereunder.

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

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

          (1) that it will hold all sums held by it as such agent for the
     payment of the principal of, premium, if any, or interest, if any, on such
     Notes (whether such sums have been paid to it by the Issuer or the
     Guarantor or by any other obligor on such Notes) in trust for the benefit
     of the holders of such Notes, or the coupons appertaining thereto, if any;

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

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

     The Fiscal and Paying Agent shall arrange with all such paying agencies for
the payment, from funds furnished by each Issuer and the Guarantor to the Fiscal
and Paying Agent pursuant to this Agreement, of the principal of, premium and
interest on the Notes (and Additional Amounts, if any, with respect to the
Notes).

     14. Merger, Consolidation, Sale or Conveyance.
         -----------------------------------------

     (a) Each Issuer and (in the case of Notes issued by an Issuer other than GE
Capital) the Guarantor covenant that they will not merge or consolidate with any
other corporation or sell, convey, transfer or otherwise dispose of all or
substantially all of their respective assets to any corporation, unless (i)
either such Issuer or the Guarantor, as the case may be, shall be the continuing
corporation, or the successor corporation (if other than such Issuer or the
Guarantor) shall be (a) with respect to GE Capital, a corporation organized and
existing under the laws of the United States of America or a state thereof, (b)
with respect to GEC Australia Funding, a corporation incorporated under the laws
of Australia or any political subdivision thereof, (c) with

                                       33

<PAGE>

respect to any Canadian Subsidiary Issuer, a corporation incorporated under the
laws of Canada or any province of territory thereof, and (d) with respect to
each Additional Issuer, a corporation incorporated under the laws of the country
of incorporation or organization of such Issuer, and in each case such successor
corporation shall expressly assume the due and punctual payment of the principal
of, and premium, if any, and interest, if any, on all the Notes and coupons, if
any, according to their tenor, and the due and punctual performance and
observance of all of the covenants and conditions of this Agreement and the
Notes to be performed by such Issuer or the Guarantor, as the case may be,
executed and delivered to the Fiscal and Paying Agent by such corporation, and
(ii) such Issuer or the Guarantor or such successor corporation, as the case may
be, shall not, immediately after such merger or consolidation, or such sale,
conveyance, transfer or other disposition, be in default in the performance of
any such covenants or conditions.

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

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

          15. Meetings of Holders of the Notes.
              --------------------------------

     (a) Each Issuer or (in the case of Notes issued by an Issuer other than GE
Capital) the Guarantor may at any time call a meeting of the holders of the
Notes of any or all Series, such meeting to be held at such time and at such
place as such Issuer or the Guarantor shall determine, for the purpose of
obtaining a waiver of or an amendment to any provision of this Agreement or the
Notes of any Series (to the extent permitted in Section 18 hereof). For purposes
of this Section, "holders of a global Bearer Note" shall be those persons shown
on the records of Euroclear, Clearstream, Luxembourg, or another clearance
system in which such Notes are held, as the case may be, as having interests in
such global Bearer Note credited to their respective securities clearance
accounts on the date on which notice of the meeting is given. Notice of any
meeting of Noteholders, setting forth the time and place of such meeting and in
general terms the action proposed to be taken at such meeting, shall be (i) if
any Bearer Notes of a Series affected are then outstanding, published prior to
the date fixed for the meeting at least once a week for three successive weeks
in a daily newspaper in the English language of general circulation in

                                       34

<PAGE>

London, England and if the Notes of such Series are listed on the Luxembourg
Stock Exchange and such Exchange so requires, in a daily newspaper (as defined
in Section 6(a) hereof) of general circulation in Luxembourg or, if publication
in either London or Luxembourg is not practical, elsewhere in Western Europe and
(ii) if any Registered Notes of a Series affected are then outstanding, mailed
to the holders of then outstanding Registered Notes of each Series affected at
their addresses as they shall appear on the books of the Registrar. The first
publication or mailing of notice, in the case of Registered Notes, shall be made
not less than 20 nor more than 180 days prior to the date fixed for such
meeting. Such publication is expected to be made in the Financial Times and (if
such Series of Notes is listed on the Luxembourg Stock Exchange) the Luxemburger
Wort. To be entitled to vote at any meeting of holders of Notes a person shall
be (i) a holder of one of more Notes of the relevant Series with respect to
which such meeting is being held or (ii) a person appointed by an instrument in
writing as proxy by the holder of one or more such Notes. The only persons who
shall be entitled to be present or to speak at any meeting of the holders of the
Notes of any Series shall be the persons entitled to vote at such meeting and
their counsel and any representatives of the relevant Issuer, the Guarantor and
their counsel.

     (b) The persons entitled to vote a majority in principal amount of the
Notes of the relevant Series at the time outstanding shall constitute a quorum
for the purpose of obtaining any such waiver or amendment. No business shall be
transacted in the absence of a quorum, unless a quorum is present when the
meeting is called to order. In the absence of a quorum within 30 minutes of the
time appointed for any such meeting, the meeting shall be adjourned for a period
of not less than 10 calendar days as determined by the chairman of the meeting.
In the absence of a quorum within 30 minutes of the time appointed for any such
adjourned meeting, such adjourned meeting shall be further adjourned for a
period of not less than 10 calendar days as determined by the chairman of the
meeting. Notice of the reconvening of any adjourned meeting shall be given as
provided above except that such notice need be published only once, but must be
mailed or published not less than five days prior to the date on which the
meeting is scheduled to be reconvened. Subject to the foregoing, at the
reconvening of any meeting further adjourned for lack of a quorum, the persons
entitled to vote 25% in principal amount of the Notes of the relevant Series at
the time outstanding shall constitute a quorum for the taking of any action set
forth in the notice of the original meeting. Notice of the reconvening of an
adjourned meeting shall state expressly the percentage of the aggregate
principal amount of the outstanding Notes of the relevant Series which shall
constitute a quorum.

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

     (d) The holding of definitive Bearer Notes of the relevant Series for
purposes of this Section shall be proved by the production of such Notes or by a
certificate executed by any trust company, bank, banker or recognized securities
dealer satisfactory to the relevant Issuer and the

                                       35

<PAGE>

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

     (e) Each Issuer and the Guarantor shall appoint a temporary chairman of the
meeting. A permanent chairman and a permanent secretary of the meeting shall be
elected by vote of the holders of a majority in principal amount of the Notes of
the relevant Series represented at the meeting. At any meeting each Noteholder
of the relevant Series or proxy shall be entitled to one vote for each 1,000
U.S. dollars (or the equivalent thereof in any foreign or composite currency) of
principal amount (in the case of Original Issue Discount Notes of the relevant
Series, such principal amount thereof that would be due and payable as of the
date of such meeting upon a declaration of acceleration of the maturity thereof
pursuant to Section 8) of such Notes held or represented by such Noteholder or
proxy; provided, however, that no vote shall be cast or counted at any meeting
in respect of any Note of the relevant Series challenged as not outstanding and
ruled by the chairman of the meeting to be not outstanding. The chairman of the
meeting shall have no right to vote except as a Noteholder or proxy. Any meeting
of Noteholders duly called at which a quorum is present may be adjourned from
time to time, and the meeting may be held as so adjourned without further
notice.

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

                                       36

<PAGE>

the permanent chairman and secretary of the meeting and one of the duplicates
shall be delivered to the relevant Issuer or the Guarantor and the other to the
Fiscal and Paying Agent to be preserved by the Fiscal and Paying Agent, the
latter to have attached thereto the ballots voted at the meeting. Any record so
signed and verified shall be conclusive evidence of the matters therein stated.

         16. Consent of Holders.

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

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

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

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

          18.  Modifications and Amendments.
               ----------------------------

     (a) This Agreement may be amended by the parties hereto, without the
consent of the holder (which term as used in this Section shall mean with
respect to any global Bearer Note those persons shown on the records of
Euroclear, Clearstream, Luxembourg or another clearance system, as the case may
be, as having interests in such global Bearer Note credited to their respective
securities clearance accounts) of any Note, for the purposes of (i) providing
for the

                                       37

<PAGE>

issuance of Notes pursuant to Section 2 hereof; (ii) curing any ambiguity or
correcting or supplementing any provision contained herein which may be
defective or inconsistent with any other provision contained herein; (iii)
adding to the covenants of the relevant Issuer or (in the case of Notes issued
by an Issuer other than GE Capital) the Guarantor for the protection of the
holders of all or any Series of the Notes; (iv) effecting any assumption of the
relevant Issuer's or the Guarantor's obligations hereunder and under the Notes
or the Guarantee by a successor corporation pursuant to Section 14(a) of this
Agreement; (v) evidencing and providing for the acceptance of appointment
hereunder by a successor Fiscal and Paying Agent with respect to the Notes of
one or more Series; or (vi) amending this Agreement in any other manner which
the parties may mutually deem necessary or desirable and which shall not
adversely affect the interests of the holders of the Notes of any Series
outstanding on the date of such amendment. Nothing in this Agreement prevents
the Issuers, the Guarantor and the Fiscal and Paying Agent from amending this
Agreement in such a manner as to only have a prospective effect on Notes issued
on or after the date of such amendment.

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

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

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

                                       38

<PAGE>

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

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

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

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

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

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

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

Address

GE Capital:

               General Electric Capital Corporation
               260 Long Ridge Road
               Stamford, Connecticut 06927 U.S.A.
               Attention: Senior Vice
               President-Corporate Treasury
               and Global Funding Operation
               Facsimile: 1-203-357-4975

39

<PAGE>

               Telephone: 1-203-357-4000

GEC Australia Funding:

               GE Capital Australia Funding Pty. Ltd. (A.C.N. 085 675 467)
               572 Swan Street
               Richmond, Victoria 3121
               Australia
               Attention:  Jamie Kelly
               Facsimile:  612-8249-3582
               Telephone: 612-8249-3788

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

GEC Canada:

               General Electric Capital Canada Inc.
               2300 Meadowvale Boulevard
               Mississauga, Ontario
               Canada L5N 5P9
               Attention:  Vice President and  General Counsel
               Facsimile:  1-905-858-5710
               Telephone: 1-905-858-5243

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

GEC Canada Funding:

               GE Capital Canada Funding Company
               c/o General Electric Capital Canada Inc.
               2300 Meadowvale Boulevard
               Mississauga, Ontario
               Canada L5N 5P9
               Attention:  David Brennan,  Secretary
               Facsimile:  1-905-858-5710
               Telephone: 1-905-858-5243

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

                                       40

<PAGE>

GEC Canada RFS:

               GE Card Services Canada Inc.
               c/o General Electric Capital Canada Inc.
               2300 Meadowvale Boulevard
               Mississauga, Ontario
               Canada L5N 5P9
               Attention:  David Brennan,  Secretary
               Facsimile:  1-905-858-5710
               Telephone: 1-905-858-5243

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

Fiscal and Paying Agent:

               JPMorgan Chase Bank, London Branch,
               Trinity Tower
               9 Thomas More Street
               London E1W 1YT, England
               Attention:  Manager, Institutional  Trust Services
               Facsimile: 44-020-234-7438
               Telephone: 44-020-234-7430

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

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

          21.  Notices to and by Holders of the Notes. Each Issuer and (in the
               case of Notes issued by an Issuer other than GE Capital) the
               Guarantor will give notice promptly to the holders of the Notes
               of the termination of appointment of any paying agent of such
               Issuer and the Guarantor. Such notice shall be published in a
               daily newspaper in the English language of general circulation in
               London, England, and if the Series of Notes is listed on the
               Luxembourg Stock Exchange and such Exchange so requires, in a
               daily newspaper of general circulation in Luxembourg or, if
               publication in either London or Luxembourg is not practical,
               elsewhere in Western Europe. Such publication is expected to be
               made in the Financial Times and (if such Series is listed on the
               Luxembourg Stock Exchange) the Luxemburger Wort. Any notice to
               the holders of Notes by publication shall be deemed to have been
               given on the date of such publication, or if published in
               newspapers on different dates, on the date of the first such
               publication.

                                       41

<PAGE>

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

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

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

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

          24.  Governing Law. THIS AGREEMENT, THE NOTES AND ANY COUPONS
               APPERTAINING THERETO SHALL BE CONSTRUED IN

                                       42

<PAGE>

               ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW
               YORK, U.S.A.

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

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

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

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

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

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

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

                                       43

<PAGE>

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

                                          GENERAL ELECTRIC CAPITAL CORPORATION
                                          GENERAL ELECTRIC CAPITAL CANADA INC.
                                          GE CARD SERVICES CANADA INC.

                                          By: ________________________________
                                          Name: Kathryn A. Cassidy
                                          Title: Senior Vice President
                                                 Corporate Treasury and Global
                                                 Funding Operation

                                          GE CAPITAL AUSTRALIA FUNDING PTY. LTD

                                          By: ________________________________
                                          Name: Kathryn A. Cassidy
                                          Title:   Authorized Signatory

                                          GE CAPITAL CANADA FUNDING COMPANY

                                          By:_________________________________
                                          Name: Kathryn A. Cassidy
                                          Title:   President

                                          JPMORGAN CHASE BANK
                                          as Fiscal and Paying Agent

                                          By:_________________________________
                                          Name:
                                          Title:

                                          J.P. MORGAN BANK LUXEMBOURG S.A.

                                          By:_________________________________
                                          Name:
                                          Title:

                                       46

<PAGE>

                                                                       EXHIBIT A

                      GENERAL ELECTRIC CAPITAL CORPORATION
                                 AND AFFILIATES

                EURO MEDIUM-TERM NOTES AND OTHER DEBT SECURITIES

                            ADMINISTRATIVE PROCEDURES

                                  May 23, 2002

     Reference is made to Section 2(c) of the Third Amended and Restated Euro
Medium-Term Note Distribution Agreement, dated May 23, 2002 (as the same may be
further amended or supplemented from time to time, the "Euro MTN Distribution
Agreement") pursuant to which Euro Medium-Term Notes and other debt securities
(the "Notes") are to be offered on a continuous basis by General Electric
Capital Corporation ("GE Capital"), and each of the other Issuers named therein
or made a party thereto from time to time (together with GE Capital, each an
"Issuer"). Notes issued by each Issuer other than GE Capital will be
unconditionally and irrevocably guaranteed by GE Capital (the "Guarantor"). Each
of the Agents named in the Euro MTN Distribution Agreement (each an "Agent") has
agreed to use it best efforts to solicit offers to purchase the Notes. Each
Agent, as principal, may also purchase Notes for its own account and if it does
so, the relevant Issuer, the Guarantor and such Agent will enter into a terms
agreement, as contemplated by the Euro MTN Distribution Agreement. Each Issuer
and the Guarantor has reserved the right in the Euro MTN Distribution Agreement
from time to time to appoint one or more additional firms either to solicit
purchases of Notes from the relevant Issuer by others or to purchase Notes
directly from the relevant Issuer as principal for resale to others, and any
reference herein to "Agent" shall include each such additional firm.

     The Notes will be issued under a third amended and restated Fiscal and
Paying Agency Agreement dated as of May 23, 2002, between each Issuer (including
GE Capital in its capacity as Guarantor of Notes issued by an Issuer other than
GE Capital), JPMorgan Chase Bank, as fiscal agent (in such capacity, the "Fiscal
Agent") and principal paying agent (in such capacity, the "Principal Paying
Agent"), and J.P. Morgan Bank Luxembourg S.A., as paying agent, as further
amended or supplemented from time to time (the "Fiscal Agency Agreement").
Unless otherwise specified with respect to a particular series of Notes,
JPMorgan Chase Bank, will also act as the authenticating agent (the
"Authenticating Agent") for the Notes and will be the Registrar for the
Registered Notes (as defined below) and will perform the duties specified herein
and in the Fiscal Agency Agreement. JP Morgan Chase Bank, will also act as
Calculation Agent with respect to the Notes unless a different Calculation Agent
is appointed by an Issuer or the Guarantor with respect to a specific series of
Notes. If the relevant Issuer issues any Notes denominated in Hong Kong dollars,
the Principal Paying Agent will act through one of its branches or agencies
located outside of Hong Kong and will request of Euroclear and Clearstream,
Luxembourg (each as defined below) that the common depositary act through an
office outside of Hong Kong, or as may otherwise be required by applicable laws
or regulations.

     Each Issuer has appointed Kredietbank S.A. Luxembourgeoise in Luxembourg as
listing agent (the "Listing Agent") for each series of Notes that is listed on
the Luxembourg Stock Exchange. Series of Notes may be issued that will not be
listed on any stock exchange. As used

                                     A-1-1

<PAGE>

herein, the term "series of Notes" shall refer to all Notes having identical
terms but for authentication date and public offering price, and the term
"tranche of Notes" shall refer to all Notes having identical terms, including
authentication date and public offering price.

     Notes will bear interest at a fixed rate (the "Fixed Rate Notes"), which
may be zero in the case of certain original issue discount notes (the "OID
Notes"), or at floating rates (the "Floating Rate Notes"). The Notes will be
issued in U.S. dollars or other currencies (the "Specified Currency"). The Notes
may be issued in registered form without coupons ("Registered Notes"), in bearer
form with or without coupons ("Bearer Notes"), or in any combination of any such
registered or bearer forms. Each Bearer Note initially will be represented by a
temporary global Note (each, a "Temporary Global Note") delivered to a common
depositary located outside the United States (the "Common Depositary") for
Euroclear Bank S.A./N.V., as operator of the Euroclear System ("Euroclear") and
Clearstream Banking, societe anonyme ("Clearstream, Luxembourg") and
subsequently by a permanent global Note (each, a "Permanent Global Note") and/or
one or more definitive Bearer Notes (each, a "Definitive Bearer Note") or, under
certain circumstances, for definitive Registered Notes. If so specified in the
applicable Pricing Supplement (as defined below), a tranche or series of Notes
may also be held in alternative clearance systems.

     The Notes are described in an Offering Circular prepared by each Issuer
(including GE Capital in its capacity as Guarantor of Notes issued by an Issuer
other than GE Capital) which may be amended from time to time (the "Offering
Circular"). The terms of each tranche of Notes issued under the Fiscal Agency
Agreement will be described in a supplement to the Offering Circular (each such
supplement hereinafter referred to as a "Pricing Supplement"). The term
"Offering Circular" is used herein to describe the Offering Circular together
with the applicable Pricing Supplement unless the context otherwise required.

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

                                     A-1-2

<PAGE>

                            ADMINISTRATIVE PROCEDURES

Issuance:
               Bearer Notes. Each Bearer Note will be dated and issued as of the
               date of authentication by the Fiscal Agent. Each Note will bear
               an original issue date, which will be (i) with respect to a
               Temporary Global Note (or any portion thereof), the date of its
               original issue as specified in such Temporary Global Note or (ii)
               with respect to any Permanent Global Note or Definitive Bearer
               Note (or portion thereof) issued subsequently upon transfer or
               exchange of a Bearer Note or in lieu of a destroyed, lost or
               stolen Bearer Note, the original issue date of the predecessor
               Bearer Note, regardless of the date of authentication of such
               subsequently issued Bearer Note.

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

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

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

Transfers and
Exchanges:
               Bearer Notes. Transfers of interests in a Temporary or Permanent
               Global Note will be made by Euroclear or Clearstream, Luxembourg
               in accordance with its customary operating procedures. Title to
               definitive Bearer Notes and coupons will pass by physical
               delivery. The bearer of each coupon, whether or not attached to a
               definitive Bearer Note, shall be subject to and bound by all the
               provisions contained in the definitive Bearer Note to which such
               coupon relates. The bearer of any definitive Bearer Note and any
               coupon may, to the fullest extent permitted by applicable law, be
               treated at all times, by all persons and for all purposes as the
               absolute owner of such

                                     A-1-3

<PAGE>

               definitive Bearer Note or coupon, as the case may be, regardless
               of any notice of ownership, theft or loss or of any writing
               thereon. Bearer Notes may be exchanged, if so provided in the
               applicable Pricing Supplement, for Registered Notes.

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

Maturities:
               Each Note will mature on a date from nine months or more from its
               date of issue; provided, however, Notes denominated in Specified
               Currencies other than US dollars may be subject to restrictions
               on maturities as provided for in the Euro MTN Distribution
               Agreement or as otherwise may be required by regulations of the
               applicable central bank or similar monetary authority of the
               country issuing the Specified Currency.

Specified Currency:
               The currency denomination with respect to any Note and the
               payment of interest and the repayment of principal with respect
               to any such Note shall be as set forth therein and in the
               applicable Pricing Supplement.

Denominations:

               Unless otherwise provided in the applicable Pricing Supplement,
               the following denominations shall apply:

                    (a) Definitive Bearer Notes. Definitive Bearer Notes will be
                    issued in denominations of 100,000 units, 10,000 units or
                    1,000 units of the Specified Currency indicated on the face
                    of such Note;

                    (b) Global Bearer Notes. Global Bearer Notes will be issued
                    in denominations of 1,000 units of the Specified Currency
                    indicated on the face thereof and integral multiples
                    thereof;

                    (c) Registered Notes. Registered Notes will be issued in
                    denominations of 10,000 units of the Specified Currency
                    indicated on the face of such Note or an integral multiple
                    of 1,000 units of such Specified Currency in excess thereof;

                    provided, however, Notes denominated in Specified Currencies
                    other than US Dollars may be subject to denomination
                    restrictions as set forth in the Euro MTN Distribution
                    Agreement or as otherwise may be required by regulations of
                    the applicable central bank or similar

                                     A-1-4

<PAGE>

                    monetary authority of the country issuing the Specified
                    Currency.

Global Notes and Definitive
Bearer and Registered Notes:
                    Until the 40th day following the date of issuance of any
                    tranche of Bearer Notes or such other date as may be
                    required to comply with the terms of Regulation S
                    ("Regulation S") under the U.S. Securities Act of 1933, as
                    amended, as described in the Euro MTN Distribution Agreement
                    (the "Exchange Date"), and until Final Certification (as
                    defined below) in accordance with TEFRA D as described in
                    the Euro MTN Distribution Agreement, such tranche of Bearer
                    Notes will be represented by one or more Temporary Global
                    Notes in bearer form without interest coupons. The relevant
                    Issuer shall execute, and upon the instructions of the
                    relevant Issuer the Authenticating Agent shall complete and
                    authenticate, such Temporary Global Note upon the same
                    conditions and in substantially the same manner, and with
                    the same effect, as an individual definitive Bearer Note. On
                    or prior to the settlement date (which will normally be the
                    original issue date) with respect to such Notes, the
                    Authenticating Agent shall deposit the Temporary Global Note
                    with the Common Depositary in the manner specified below
                    under "Settlement Procedures; Bearer Notes". The interest of
                    each beneficial owner of Bearer Notes represented by such
                    Temporary Global Note will be credited to the appropriate
                    account with Euroclear or Clearstream, Luxembourg, as
                    specified below under "Interest -- General; Bearer Notes".

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

                    The beneficial owner of an interest in a Permanent Global
                    Note may, at any time, upon 30 days' written notice to the
                    Fiscal Agent as provided in the Fiscal Agency Agreement
                    given by such beneficial owner through either Euroclear or
                    Clearstream, Luxembourg, as the case may be, exchange its
                    beneficial interest in

                                     A-1-5

<PAGE>
                    such Permanent Global Note for one or more Definitive Bearer
                    Notes (or, if provided in the applicable Pricing Supplement,
                    a Registered Note) equal in aggregate principal amount to
                    such beneficial interest. Upon receipt by the Fiscal Agent
                    of an initial request to exchange an interest in a Permanent
                    Global Note for a Definitive Bearer Note or Notes, all other
                    interests in such Permanent Global Note shall, so long as
                    Euroclear or Clearstream, Luxembourg shall so require, be
                    exchanged for Definitive Bearer Notes. Such exchange shall
                    occur at no expense to the beneficial owners as soon as
                    practicable after the receipt of the initial request for
                    Definitive Bearer Notes. After such exchange has occurred,
                    all remaining interests in the temporary global Bearer Note
                    will be exchangeable only for definitive Bearer Notes or (if
                    so provided in the applicable Pricing Supplement) for
                    definitive Registered Notes.

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

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

Interest:
                    The following is a summary of terms of the Notes with
                    respect to interest and is for informational purposes only;
                    the terms of each Note as described in the Pricing
                    Supplement and the Offering Circular shall govern in the
                    case of any conflict with the provisions set forth below.
                    Terms used but not defined herein shall have the meanings
                    assigned to them in the Offering Circular.

                    General: Bearer Notes. Interest on each Bearer Note will
                    accrue from and including the original issue date of such
                    Note for the first interest period and from and including

                                     A-1-6

<PAGE>

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

                    Fixed Rate Bearer Notes. Unless otherwise specified in the
                    applicable Pricing Supplement, interest payments on Fixed
                    Rate Bearer Notes will be made semi-annually on March 15 and
                    September 15 of each year and at maturity or upon any
                    earlier redemption or repayment.

                    Floating Rate Bearer Notes. Interest payments will be made
                    on Floating Rate Bearer Notes monthly, quarterly,
                    semi-annually or annually. Except as provided below or as
                    specified in the applicable Pricing Supplement, interest
                    will be payable, in the case of Floating Rate Bearer Notes
                    with a daily, weekly or monthly Interest Reset Date, on the
                    third Wednesday of each month or on the third Wednesday of
                    March, June, September and December, as specified pursuant
                    to Settlement Procedure "A" below; in the case of Notes with
                    a quarterly Interest Reset Date, on

                                     A-1-7

<PAGE>

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

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

                    Fixed Rate Registered Notes. Unless otherwise specified in
                    the applicable Pricing Supplement, interest payments on
                    Fixed Rate Registered Notes will be made semi-annually on
                    March 15 and September 15 of each year and at the Maturity
                    Date; provided, however, that in the case of Registered
                    Fixed Rate Notes issued between a Regular Record Date and an
                    Interest Payment Date, the first interest payment will be
                    made on the Interest Payment Date following the next
                    succeeding Regular Record Date.

                    Floating Rate Registered Notes. Interest payments will be
                    made on Floating Rate Registered Notes monthly, quarterly,
                    semiannually or annually. Except as provided below or as
                    specified in the applicable Pricing Supplement, interest
                    will be payable, in the case of Floating Rate Registered
                    Notes with a daily, weekly or

                                     A-1-8

<PAGE>

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

Disclosure under Interest
Act (Canada):
                    In the case of Notes issued by GEC Canada, GEC Canada
                    Funding or GEC Card Canada whenever it is necessary to
                    compute any amount of interest in respect of the Notes for a
                    period of less than a full year, such interest shall be
                    calculated on the basis of a 360-day year consisting of 12
                    months of 30 days each. For purposes only of disclosure
                    under the Interest Act (Canada), the yearly rate of interest
                    to which interest so calculated is equivalent is the
                    interest rate set forth herein multiplied by a fraction the
                    numerator of which is the number of days in the calendar
                    year in which the same is to be ascertained and the
                    denominator of which is 360.

Calculation of Interest:
                    The following is a summary of terms of the Notes with
                    respect to the calculation of interest and is for
                    informational purposes only; the terms of each Note as
                    described in the Pricing Supplement and the Offering
                    Circular shall govern in the case of any conflict with the
                    provisions set forth below. Terms used but not defined
                    herein shall have the meanings assigned to them in the
                    Offering Circular.

                    Fixed Rate Notes. Interest will be calculated as specified
                    in the Offering Circular or as modified in the applicable
                    Pricing Supplement.

                                     A-1-9

<PAGE>

                                    Floating-Rate Notes. Interest will be
                                    calculated as specified in the Offering
                                    Circular or as modified in the applicable
                                    Pricing Supplement.

Payments of Principal
and Interest:

                                    The following is a summary of terms of the
                                    Notes with respect to the payment of
                                    principal and interest and is for
                                    informational purposes only; the terms of
                                    each Note (as described in the Pricing
                                    Supplement and the Offering Circular) and
                                    the Fiscal Agency Agreement shall govern in
                                    the case of any conflict with the provisions
                                    set forth below. Terms used but not defined
                                    herein shall have the meanings assigned to
                                    them in the Fiscal Agency Agreement.

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

                                    Except as specified in "Interest -- General;
                                    Bearer Notes" above, interest on a Temporary
                                    Global Note or Permanent Global Note shall
                                    be payable to the beneficial owner thereof
                                    through credit to the account of such owner
                                    or of the custodian bank of such owner with
                                    Euroclear or Clearstream, Luxembourg. Except
                                    as otherwise provided in the Bearer Notes,
                                    interest on a definitive Bearer Note shall
                                    be payable to the holder of the appropriate
                                    coupon appertaining thereto only upon
                                    presentation and surrender of such coupon at
                                    the office of the Principal Paying Agent or
                                    any other Paying Agent outside the United
                                    States.

                                     A-1-10

<PAGE>

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

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

                                     A-1-11

<PAGE>

                                    payment of principal is payable. The
                                    Principal Paying Agent will provide monthly
                                    to the relevant Issuer lists of principal
                                    and interest, to the extent ascertainable,
                                    to be paid on Registered Notes maturing or
                                    to be redeemed in the next month. The
                                    Principal Paying Agent will be responsible
                                    for withholding taxes on interest paid on
                                    Registered Notes as required by applicable
                                    law.

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

Preparation of                      If any offer to purchase a tranche of Notes
Pricing Supplement:                 is accepted by or on behalf of the relevant
                                    Issuer, the relevant Issuer and (in the case
                                    of Notes issued by an Issuer other than GE
                                    Capital) the Guarantor will prepare a
                                    pricing supplement (a "Pricing Supplement")
                                    reflecting the terms of such tranche of Note
                                    and will deliver a copy of such Pricing
                                    Supplement to the relevant Agent as such
                                    Agent shall request as soon as practicable,
                                    but in no event later than 5 Business Days
                                    following the date such offer to purchase
                                    Notes is accepted. The relevant Agent will
                                    cause such Pricing Supplement together with
                                    the Offering Circular to be delivered to
                                    each purchaser of such tranche of Note. In
                                    addition, the relevant Issuer shall forward
                                    the Pricing Supplement to the Fiscal Agent
                                    as soon as it becomes available but in no
                                    event later than the issue date.

                                     A-1-12

<PAGE>

                                    In each instance that a Pricing Supplement
                                    is prepared, the Agents receiving such
                                    Pricing Supplement will affix the Pricing
                                    Supplement to the Offering Circular prior to
                                    their use. Outdated Pricing Supplements, and
                                    the Offering Circular to which they are
                                    attached (other than those retained for
                                    files), will be destroyed.

Settlement:                         The receipt by the relevant Issuer of
                                    immediately available funds in exchange for
                                    the delivery of an authenticated Temporary
                                    Global Note to the Common Depositary in the
                                    manner described in "Settlement Procedures;
                                    Bearer Notes" below or an authenticated
                                    Registered Note delivered to the relevant
                                    Agent and such Agent's delivery of such Note
                                    against receipt of immediately available
                                    funds shall constitute "settlement" with
                                    respect to such Note. All orders accepted by
                                    the relevant Issuer will be settled on such
                                    date as the relevant Issuer and the
                                    purchaser shall agree upon.

Settlement Procedures;              Settlement Procedures with regard to each
Bearer Notes:                       Bearer Note sold by each Issuer to or
                                    through an Agent shall be as follows:

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

                                        1.   Principal amount.

                                        2.   Maturity Date.

                                        3.   In the case of a Fixed Rate Bearer
                                             Note, the Interest Rate, the
                                             frequency of interest payments, and
                                             whether such Note is an Amortizing
                                             Note and, if so, the amortization
                                             schedule, or, in the case of a
                                             Floating Rate Bearer Note, the
                                             Initial Interest Rate (if known at
                                             such time), Interest Payment Dates,
                                             Interest Payment Period,
                                             Calculation Agent, Base Rate, Index
                                             Maturity, Interest Reset Period,
                                             Interest Reset Dates, Spread or
                                             Spread Multiplier (if any), Minimum
                                             Interest Rate (if any), Maximum
                                             Interest Rate (if any) and the
                                             Alternate Rate Event Spread (if
                                             any).

                                        4.   Redemption or repayment provisions,
                                             if any.

                                     A-1-13

<PAGE>

                                        5.   Settlement date and time.

                                        6.   Issue Price.

                                        7.   Denominations.

                                        8.   Specified Currency.

                                        9.   Agent's commission, if any,
                                             determined as provided in the Euro
                                             MTN Distribution Agreement.

                                       10.   Agent's account number at Cedelbank
                                             or the Euroclear Operator.

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

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

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

                                       14.   Whether such Note is to be listed
                                             on the Luxembourg Stock Exchange,
                                             Euronext Amsterdam N.V., the
                                             Singapore Exchange Securities
                                             Trading Limited or on or by any
                                             other exchange competent listing
                                             authority and/or quotation system.

                                       15.   Any other applicable terms.

                                  B.   The relevant Issuer will advise the
                                       Fiscal Agent by telephone or electronic
                                       transmission confirmed in writing at any
                                       time on the sale date of the information
                                       set forth in Settlement Procedure A
                                       above. The Fiscal Agent will forward such
                                       information to the Listing Agent if such
                                       series of Notes is listed on the
                                       Luxembourg Stock Exchange. The relevant
                                       Issuer will also

                                     A-1-14

<PAGE>

                                    give the Fiscal Agent written instructions
                                    regarding the transfer of funds. The
                                    relevant Issuer will send a copy of such
                                    instructions to the relevant Agent or
                                    Agents.

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

                                    The relevant Issuer and (in the case of
                                    Notes issued by an Issuer other than GE
                                    Capital) the Guarantor shall prepare and
                                    cause to be delivered to the Fiscal Agent a
                                    Pricing Supplement to the Offering Circular
                                    describing the terms of the particular
                                    tranche of Notes.

                             C.     In accordance with the written instructions
                                    and the applicable Pricing Supplement, the
                                    Fiscal Agent shall prepare and authenticate
                                    a Temporary Global Note for each tranche
                                    which the relevant Issuer has agreed to
                                    sell, the settlement for which tranche is to
                                    occur on the settlement date. The Temporary
                                    Global Note will then be delivered to the
                                    Common Depositary. The Fiscal Agent will
                                    also give instructions to Euroclear or
                                    Clearstream, Luxembourg to credit the Notes
                                    represented by such Temporary Global Notes
                                    delivered to such Common Depositary to the
                                    Fiscal Agent's distribution account at
                                    Euroclear or Clearstream, Luxembourg, as the
                                    case may be. The Fiscal Agent will instruct
                                    Euroclear or Clearstream, Luxembourg to
                                    debit, on the settlement date, from the
                                    distribution account of the Fiscal Agent the
                                    number of Notes of each Tranche with respect
                                    to which the relevant Agent has solicited an
                                    offer to purchase and to credit, on the
                                    settlement date, such Notes to the account
                                    of such Agent with Euroclear or Clearstream,
                                    Luxembourg against payment of the issue
                                    price of such Notes. Each relevant Agent
                                    shall give corresponding instructions to
                                    Euroclear or Clearstream, Luxembourg.

                             D.     Euroclear and Clearstream, Luxembourg shall
                                    debit and credit accounts in accordance with
                                    instructions received by them. The Fiscal
                                    Agent shall pay the relevant Issuer the
                                    aggregate net

                                     A-1-15

<PAGE>

                                    proceeds received by it in immediately
                                    available funds via a transfer of funds to
                                    the account of the relevant Issuer with a
                                    bank selected by such Issuer notified to the
                                    Fiscal Agent from time to time in writing.

Settlement Procedures               For sales by each Issuer of Bearer Notes
Timetable; Bearer Notes:            to or through an Agent, Bearer Settlement
                                    Procedures "A" through "D" above shall be
                                    completed on or before the respective times
                                    set forth below:

                                    Settlement Procedure Bearer Notes

                                                        Time

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

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

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

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

Settlement Procedures;        Settlement Procedures with regard to each
Registered Notes:             Registered Note sold by each Issuer to or through
                              an Agent shall be as follows:

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

                              1.    Name in which such Note is to be registered
                                    ("Registered Owner").

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

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

                                     A-1-16

<PAGE>

                              4.    Principal amount.

                              5.    Maturity Date.

                              6.    In the case of a Fixed Rate Registered Note,
                                    the Interest Rate, the frequency of interest
                                    payments and whether such Note is an
                                    Amortizing Note and, if so, the amortization
                                    schedule, or, in the case of a Floating Rate
                                    Registered Note, the Initial Interest Rate
                                    (if known at such time), Interest Payment
                                    Dates, Interest Payment Period, Calculation
                                    Agent, Base Rate, Index Maturity, Interest
                                    Reset Period, Interest Reset Dates, Spread
                                    or Spread Multiplier (if any), Minimum
                                    Interest Rate (if any), Maximum Interest
                                    Rate (if any) and the Alternate Rate Event
                                    Spread (if any).

                              7.    Redemption or repayment provisions, if any.

                              8.    Settlement date and time.

                              9.    Issue Price.

                              10.   Denominations.

                              11.   Specified Currency.

                              12.   Agent's commission, if any, determined as
                                    provided in the Euro MTN Distribution
                                    Agreement.

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

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

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

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

                                     A-1-17

<PAGE>

                              17.   Whether such Note is to be listed on the
                                    Luxembourg Stock Exchange, Euronext
                                    Amsterdam N.V., Singapore Exchange
                                    Securities Trading Limited or on or by any
                                    other exchange competent listing authority
                                    and/or quotation system.

                              18.   Any other applicable terms.

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

                              CC.   The relevant Issuer will have delivered to
                                    the Authenticating Agent an executed Note.
                                    The Authenticating Agent will complete such
                                    Note and authenticate such Note and deliver
                                    it through the Fiscal Agent (with the
                                    confirmation) to the relevant Agent, and
                                    such Agent will acknowledge receipt of the
                                    Note. Such delivery will be made only
                                    against such acknowledgment of receipt and
                                    evidence that instructions have been given
                                    by such Agent for payment to the account of
                                    the relevant Issuer, in funds available for
                                    immediate use, of an amount equal to the
                                    price of such Note less such Agent's
                                    commission, if any; provided however, the
                                    relevant Issuer and the Fiscal Agent may
                                    agree on different delivery procedures for
                                    definitive Registered Notes denominated in
                                    Specified Currencies other than U.S.
                                    dollars. In the event that the instructions
                                    given by such Agent for payment to the
                                    account of such Issuer are revoked, such
                                    Issuer will as promptly as possible wire
                                    transfer to the account of such Agent an
                                    amount of immediately available funds equal
                                    to the amount of such payment made.

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

                              DD.   Unless the relevant Agent purchased such
                                    Note for its own account, such Agent will
                                    deliver such Note (with confirmation) to the
                                    customer

                                     A-1-18

<PAGE>

                                    against payment in immediately payable
                                    funds. Such Agent will obtain the
                                    acknowledgment of receipt of such Note. If
                                    the relevant Agent purchased such Note for
                                    its own account, such Agent will accept
                                    delivery of such Note against payment in
                                    immediately available funds, and will
                                    deliver an acknowledgement of receipt of
                                    such Note.

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

Settlement Procedures               For sales by the relevant Issuer of
Timetable; Registered               Registered Notes to or through an Agent,
Notes:                              Procedures "AA" through "DD" set forth above
                                    shall be completed on or before the
                                    respective times (London Time) set forth
                                    below:

                                    Settlement
                                    Procedure;
                                    Registered
                                    Notes                      Time

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

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

                                    CC      2:15 P.M. on settlement date

                                    DD      3:00 P.M. on settlement date

Failure to Settle:            Bearer Notes. If any Agent shall have advanced its
                              own funds for payment against subsequent receipt
                              of funds from the purchaser and if a purchaser
                              shall fail to make payment for a Note, such Agent
                              will promptly notify the relevant Issuer, the
                              Fiscal Agent, the Principal Paying Agent, the
                              Common Depositary and Euroclear and Clearstream,
                              Luxembourg by telephone, promptly confirmed in
                              writing (but no later than the next Business Day).
                              In such event, the relevant Issuer shall promptly
                              instruct the Fiscal Agent to cancel the
                              purchaser's interest in the appropriate Temporary
                              Global Note representing

                                     A-1-19

<PAGE>

                              such Note. Upon (i) confirmation from the Fiscal
                              Agent in writing (which may be given by telex or
                              telecopy) that the Fiscal Agent has cancelled such
                              purchaser's interest in such Temporary Global Note
                              and upon (ii) confirmation from such Agent in
                              writing (which may be given by telex or telecopy)
                              that such Agent has not received payment from the
                              purchaser, the relevant Issuer will promptly pay
                              to such Agent an amount in immediately available
                              funds equal to the amount previously paid by such
                              Agent in respect of such Bearer Note. Such payment
                              will be made on the settlement date, if possible,
                              and in any event not later than 12:00 noon (New
                              York City time) on the Business Day following the
                              settlement date. The Fiscal Agent and the Common
                              Depositary will make or cause to be made such
                              revisions to such Temporary Global Note as are
                              necessary to reflect the cancellation of such
                              portion of such Temporary Global Note.

                              If a purchaser shall fail to make payment for the
                              Note for any reason other than the failure of such
                              Agent to provide the necessary information to the
                              relevant Issuer as described above for settlement
                              or to provide a confirmation to the purchaser
                              within a reasonable period of time as described
                              above, and if such Agent shall have otherwise
                              complied with its obligations hereunder and in the
                              Euro MTN Distribution Agreement, the relevant
                              Issuer will reimburse such Agent on an equitable
                              basis for such Agent's loss of the use of funds
                              during the period when they were credited to
                              account of such Issuer or the Fiscal Agent.

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

                              Registered Notes. If a purchaser fails to accept
                              delivery of and make payment for any Registered
                              Note, the relevant Agent will notify the relevant
                              Issuer and the Fiscal Agent by telephone and
                              return such Note to the Fiscal Agent. Upon receipt
                              of such notice, the relevant Issuer will
                              immediately wire transfer to the account of such
                              Agent an amount equal to the amount previously
                              credited thereto in respect of such Note. Such
                              wire transfer will be made on the settlement date,
                              if possible, and in any event not later than the
                              Business Day following the settlement date. If a
                              purchaser shall fail to make payment for the Note
                              for any reason other than the failure of such
                              Agent to provide the necessary information to the
                              relevant Issuer as described above for

                                     A-1-20

<PAGE>

                              settlement or to provide a confirmation to the
                              purchaser within a reasonable period of time as
                              described above, and if such Agent shall have
                              otherwise complied with its obligations hereunder
                              and in the Euro MTN Distribution Agreement, then
                              the relevant Issuer will reimburse such Agent or
                              the Principal Paying Agent, as appropriate, on an
                              equitable basis for its loss of the use of the
                              funds during the period when they were credited to
                              the account of such Issuer. Immediately upon
                              receipt of the Registered Note in respect of which
                              such failure occurred, the Principal Paying Agent
                              will mark such Note "cancelled," make appropriate
                              entries in the Principal Paying Agent's records
                              and send such Note to the relevant Issuer.

Notice of Issuance to         The Listing Agent will provide information
Luxembourg                    Stock with respect to each tranche of Notes to
Exchange:                     be listed on the Luxembourg Stock Exchange to such
                              Exchange and will advise the relevant Issuer and
                              the relevant Agent in writing as to the
                              effectiveness of the listing of such Notes by the
                              close of business on the related settlement date.
                              To the extent required by the Luxembourg Stock
                              Exchange, the Agents will provide the Listing
                              Agent with secondary market information regarding
                              any tranche of Notes listed on the Luxembourg
                              Stock Exchange and the Listing Agent will provide
                              such information to the Luxembourg Stock Exchange.

Listing:                      The Listing Agent will, on a regular basis,
                              provide the Luxembourg Stock Exchange with such
                              information as such Exchange may require regarding
                              any tranches of Notes that are listed on such
                              Exchange and are issued and outstanding.

                                     A-1-21

<PAGE>

                                   EXHIBIT B-1

                 [FORM OF CERTIFICATE TO BE GIVEN BY AN ACCOUNT
                 HOLDER OF EUROCLEAR, CLEARSTREAM, LUXEMBOURG]

                                   CERTIFICATE

                     [General Electric Capital Corporation]
          [GE Capital Australia Funding Pty. Ltd. (A.C.N. 085 675 467)]
                     [General Electric Capital Canada Inc.]
                       [GE Capital Canada Funding Company]
                         [GE Card Services Canada Inc.]

                 Euro Medium-Term Notes or Other Debt Securities

                         [Unconditionally Guaranteed by
                      General Electric Capital Corporation]

                  Represented by Temporary Global Note No. __.

This is to certify that as of the date hereof, and except as set forth below,
the above-captioned Notes held by you for our account [(A) are beneficially
owned by persons that are not residents of Canada, except residents of Canada to
whom the principal amount of Notes so beneficially owned has been sold and who
acquired the same in compliance with the securities laws of Canada or of the
applicable province or territory thereof; and (B)] (i) are owned by person(s)
that are not citizens or residents of the United States, corporations or
partnerships created or organized in or under the laws of the United States, any
state thereof or the District of Columbia (unless, in the case of a partnership,
Treasury regulations provide otherwise), estates whose income is subject to
United States federal income tax regardless of its source, or trusts if a court
within the United States is able to exercise primary supervision over the
administration of the trust and one or more United States persons have the
authority to control all substantial decisions of the trust (including certain
trusts in existence on August 20, 1996, and treated as United States person
prior to such date, that elect to continue to be treated as United States
persons) ("United States person(s)"), (ii) are owned by United States person(s)
that (a) are foreign branches of United States financial institutions (as
defined in U.S. Treasury Regulations Section 1.165-12(c)(1)(iv)) ("financial
institutions") purchasing for their own account or for resale, or (b) acquired
the Notes through foreign branches of United States financial institutions and
who hold the Notes through such United States financial institutions on the date
hereof (and in either case (a) or (b), each such United States financial
institution hereby agrees, on its own behalf or through its agent, that you may
advise the Issuer or the Issuer's agent that it will comply with the
requirements of Section 165(j)(3)(A), (B) or (C) of the Internal Revenue Code of
1986, as amended, and the regulations thereunder), or (iii) are owned by United
States or foreign financial institution(s) for purposes of resale during the
restricted period (as defined in U.S. Treasury Regulations Section
1.163-5(c)(2)(i)(D)(7)), and in addition if the owner of the Notes is a United
States or foreign financial institution described in clause (iii) above (whether
or not also described in clause (i) or (ii)) such financial institution has not
acquired the Notes for purposes of resale directly or indirectly to a United
States person or to a person within the United States or its possessions.

                                     B-1-22

<PAGE>

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

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

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

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

Dated:
         ---------------
[To be dated no earlier than the 10th day before
[insert date of Interest Payment Date prior to Exchange Date]
[insert date of redemption or acceleration prior to Exchange Date]
[insert Exchange Date]]

        [Name of Account Holder]

        By:
           (Authorized Signatory)

        Name:
        Title:

                                     B-1-23

<PAGE>

                                   EXHIBIT B-2

                       [FORM OF CERTIFICATE TO BE GIVEN BY
                       EUROCLEAR, CLEARSTREAM, LUXEMBOURG]

                                   CERTIFICATE

                     [General Electric Capital Corporation]
          [GE Capital Australia Funding Pty. Ltd. (A.C.N. 085 675 467)]
                     [General Electric Capital Canada Inc.]
                       [GE Capital Canada Funding Company]
                         [GE Card Services Canada Inc.]

                 Euro Medium-Term Notes or Other Debt Securities

                         [Unconditionally Guaranteed by
                      General Electric Capital Corporation]

                 Represented by Temporary Global Note No. ____.

This is to certify that, based solely on certifications we have received in
writing, by tested telex or by electronic transmission from member organizations
appearing in our records as persons being entitled to a portion of the principal
amount set forth below (our "Member Organizations") substantially to the effect
set forth in Exhibit B-1 to the Third Amended and Restated Fiscal and Paying
Agency Agreement, as of the date hereof, _____ principal amount of the above-
captioned Notes [(A) is beneficially owned by persons that are not residents of
Canada, except residents of Canada to whom the principal amount of Notes so
beneficially owned has been sold and who acquired the same in compliance with
the securities laws of Canada or of the applicable province or territory
thereof; and (B)](i) is owned by persons that are not citizens or residents of
the United States, corporations or partnerships created or organized in or under
the laws of the United States, any state thereof or the District of Columbia
(unless, in the case of a partnership, Treasury regulations provide otherwise),
estates whose income is subject to United States federal income tax regardless
of its source, or trusts if a court within the United States is able to exercise
primary supervision over the administration of the trust and one or more United
States persons have the authority to control all substantial decisions of the
trust (including certain trusts in existence on August 20, 1996, and treated as
United States person prior to such date, that elect to continue to be treated as
United States persons) ("United States persons"), (ii) is owned by United States
persons that (a) are foreign branches of United States financial institutions
(as defined in U.S. Treasury Regulations Section 1.165-12(c)(1)(iv) ("financial
institutions") purchasing for their own account or for resale, or (b) acquired
the Notes through foreign branches of United States financial institutions and
who hold the Notes through such United States financial institutions on the date
hereof (and in either case (a) or (b), each such United States financial
institution has agreed, on its own behalf or through its agent, that we may
advise the Issuer or the Issuer's agent that it will comply with the
requirements of Section 165(j)(3)(A), (B) or (C) of the Internal Revenue Code of
1986, as amended, and the regulations thereunder), or (iii) is owned by United
States or foreign financial institutions for purposes of resale during the
restricted period (as defined in U.S. Treasury Regulations Section
1.163-5(c)(2)(i)(D)(7), and to the further effect that United States or foreign
financial institutions described in clause (iii) above (whether or not

                                     B-2-1

<PAGE>

also described in clause (i) or (ii)) have certified that they have not acquired
the Notes for purposes of resale directly or indirectly to a United States
person or to a person within the United States or its possessions. As used
herein, "United States" means the United States of America (including the States
and the District of Columbia) and its "possessions" including Puerto Rico, the
U.S. Virgin Islands, Guam, American Samoa, Wake Island and the Northern Mariana
Islands.

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

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

Dated:
        ---------------
[To be dated no earlier than
[insert date of Interest Payment Date prior to Exchange Date]
[insert date of redemption or acceleration prior to Exchange Date]
[insert Exchange Date]]

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

                              as Operator of the Euroclear System]

                            [CLEARSTREAM BANKING, societe anonyme]

                            [OTHER CLEARANCE SYSTEM]

                            By:

                                     B-2-2

<PAGE>

                                                                   EXHIBIT C-1-1
                 [FORM OF CERTIFICATE TO BE GIVEN BY AN ACCOUNT
                HOLDER OF EUROCLEAR AND CLEARSTREAM, LUXEMBOURG ]

                                                                     CERTIFICATE

                     [General Electric Capital Corporation]
          [GE Capital Australia Funding Pty. Ltd. (A.C.N. 085 675 467)]
                     [General Electric Capital Canada Inc.]
                       [GE Capital Canada Funding Company]
                         [GE Card Services Canada Inc.]

                 Euro Medium-Term Notes or Other Debt Securities

                         [Unconditionally guaranteed by
                      General Electric Capital Corporation]

                  Represented by Permanent Global Note No. __.

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

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

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

Dated:  _______

                                  [Name of Account Holder]

                                  By:
                                        Name:
                                        Title:

                                     C-1-1

<PAGE>

                                                                     EXHIBIT C-2

                       [FORM OF CERTIFICATE TO BE GIVEN BY
                     EUROCLEAR AND CLEARSTREAM, LUXEMBOURG]

                                   CERTIFICATE

                     [General Electric Capital Corporation]
          [GE Capital Australia Funding Pty. Ltd. (A.C.N. 085 675 467)]
                     [General Electric Capital Canada Inc.]
                       [GE Capital Canada Funding Company]
                         [GE Card Services Canada Inc.]

                 Euro Medium-Term Notes or Other Debt Securities

                         [Unconditionally Guaranteed by
                      General Electric Capital Corporation]

                 Represented by Permanent Global Note No. ____.

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

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

Dated: __________________

[EUROCLEAR BANK S.A./N.V.
                                           as Operator of the Euroclear System]

                                           [CLEARSTREAM BANKING, societe
                                           anonyme]

                                           [OTHER CLEARANCE SYSTEM]

                                     C-2-1

<PAGE>

                                                                     EXHIBIT D-1

                   [FORM OF GUARANTEE TO BE ENDORSED ON NOTES]

     1.  FOR VALUE RECEIVED, GENERAL ELECTRIC CAPITAL CORPORATION, a Delaware
corporation (the "Guarantor"), hereby unconditionally and irrevocably guarantees
to the holder of the Note upon which this guarantee is endorsed the due and
punctual payment of any and all amounts required to be paid upon said Note
according to its terms, when, where and as the same shall become due and
payable, whether on an interest payment date, at maturity, upon redemption or
purchase or otherwise, in accordance with the terms thereof. Terms and
expressions defined in the Third Amended and Restated Fiscal and Paying Agency
Agreement dated as of May 23, 2002, as it may be further amended or supplemented
from time to time, among General Electric Capital Corporation, GE Capital
Australia Funding Pty. Ltd., General Electric Capital Canada Inc., GE Capital
Canada Funding Company, GE Card Services Canada Inc. and JPMorgan Chase Bank(the
"Fiscal Agency Agreement"), and the Notes shall have the same meanings herein,
except as otherwise defined herein or unless there is something in the subject
matter or context inconsistent therewith.

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

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

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

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

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

                                      D-1-1

<PAGE>

due and punctual payments of all amounts due under this Guarantee and the due
and punctual performance of all of the covenants and obligations of the
Guarantor under this Guarantee endorsed on all the Notes, by supplemental
agreement satisfactory to the Fiscal and Paying Agent executed and delivered to
such Fiscal and Paying Agent by the successor corporation and the Guarantor and
(ii) the Guarantor or such successor corporation, as the case may be, shall not,
immediately after such merger or consolidation, or such sale, conveyance,
transfer or other disposition, be in default in the performance of any such
covenant or obligation.

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

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

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

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

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

                                              GENERAL ELECTRIC CAPITAL
                                                CORPORATION

                                              By:______________________

                                     D-1-2

<PAGE>

                                                                       EXHIBIT E

                        [FORM OF ISSUER ACCESSION LETTER]

                             ISSUER ACCESSION LETTER

                                                                          [DATE]

GENERAL ELECTRIC CAPITAL CORPORATION
260 Long Ridge Road
Stamford, CT 06927
Attention:  Senior Vice President - Corporate Treasury
            and Global Funding Operation

[Name of Additional Issuer]
[Address]
Attention:_________________________

JPMORGAN CHASE BANK
Trinity Tower
9 Thomas More Street
London E1W 1YT
United Kingdom
Attention:  Manager, Institutional Trust Services

Ladies and Gentlemen:

Reference is hereby made to the Third Amended and Restated Fiscal and Paying
Agency Agreement dated as of May 23, 2002 (the "Fiscal Agency Agreement") among
General Electric Capital Corporation, as an issuer and as guarantor ("GE
Capital"), the other issuers named therein or acceded thereto (together with GE
Capital, each an "Issuer"), and JPMorgan Chase Bank, as fiscal and paying agent
and J.P. Morgan Bank Luxembourg S.A. as paying agent (the "Fiscal and Paying
Agent") pursuant to which Euro Medium-Term Notes and Other Debt Securities of
each such Issuer are distributed from time to time. Capitalized terms used but
not defined herein have the meanings assigned to such terms in the Fiscal Agency
Agreement.

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

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

3.     In accordance with Section 19(b)(ii) and 19(b)(iii) of the Fiscal Agency
       Agreement, GE Capital and the Company hereby certify to the Fiscal and
       Paying Agent that each of the persons signing this Issuer Accession
       Letter on behalf of the GE Capital and the Company is an Issuer
       Authorized

                                     E-1-1

<PAGE>

Representative as defined in Section 3(a) of the Fiscal Agency Agreement and
that each of the forms of Notes, including the form of the Guarantee appearing
thereon, attached hereto as Annex A-1 through A-[__] has been approved pursuant
to the authority delegated to such Issuer Authorized Representative by the Board
of Directors of each of GE Capital and the Company. In addition to the above,
the following persons are Issuer Authorized Representatives of the Company:
[List each Additional Issuer Authorized Representative, if any.]

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

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

              [Company Name]
              [Address]
              Attention:___________________
              Phone:_____________________
              Fax:_______________________

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

                                      Very truly yours,

                                      GENERAL ELECTRIC CAPITAL
                                            CORPORATION

                                      By__________________________
                                      Name:
                                      Title:

                                      [NAME OF ADDITIONAL ISSUER]

                                      By__________________________
                                      Name:
                                      Title:

                                     E-1-2

<PAGE>

Accepted and Agreed:

JPMORGAN CHASE BANK

By________________________________
Name:
Title:

J.P. MORGAN BANK LUXEMBOURG S.A.

By________________________________
Name:
Title:

                                     E-1-3<PAGE>

                                                                    Exhibit 4(m)

            [FORM OF FACE OF SERIES A MTN FIXED RATE REGISTERED NOTE]

                              U.S. Fixed Rate Note

REGISTERED                                                            REGISTERED
No. USFXR                                                              [    ]/1/
CUSIP: _____/2/                                                       [     ]/3/

         Unless this certificate is presented by an authorized representative of
The Depository Trust Company (55 Water Street, New York, New York) to the issuer
or its agent for registration of transfer, exchange or payment, and any
certificate issued is registered in the name of Cede & Co. or such other name as
requested by an authorized representative of The Depository Trust Company and
any payment is made to Cede & Co., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL since the registered owner
hereof, Cede & Co., has an interest herein.

IF APPLICABLE, THE "AMOUNT OF OID", THE "ORIGINAL ISSUE DATE", THE "YIELD TO
MATURITY", AS WELL AS THE METHOD USED TO DETERMINE THE YIELD TO MATURITY WHERE
THERE IS A SHORT ACCRUAL PERIOD AND THE AMOUNT OF OID ALLOCABLE TO SUCH SHORT
ACCRUAL PERIOD WILL BE SET FORTH BELOW. THE CALCULATION OF THE AMOUNT OF OID
UPON (A) OPTIONAL REDEMPTION OR (B) DECLARATION OF ACCELERATION IS DISCUSSED ON
THE REVERSE HEREOF.

_____________
/1/ Insert Principal Amount.

/2/ Applies only if this Note is a Registered Global Security.

/3/ Insert Optional Payment Amount if the Note has a dual currency feature.

<PAGE>

                      GENERAL ELECTRIC CAPITAL CORPORATION
                        GLOBAL MEDIUM-TERM NOTE, SERIES A
                                  (Fixed Rate)

<TABLE>
<S>                               <C>                                   <C>
ORIGINAL ISSUE DATE:              INITIAL REDEMPTION DATE:              APPLICABILITY OF MODIFIED PAYMENT
                                                                        UPON ACCELERATION OR REDEMPTION:
MATURITY DATE:                    INITIAL REDEMPTION
                                  PERCENTAGE:
INTEREST RATE:
                                  OPTION ELECTION DATES:/4/             If yes, state Issue Price:
INTEREST PAYMENT DATE(S):
                                  DESIGNATED EXCHANGE                   APPLICABILITY OF ANNUAL
SPECIFIED (FACE AMOUNT)/4,5/      DATE:/4/                              REDEMPTION PERCENTAGE INCREASE:
CURRENCY:
                                  AMOUNT OF OID:
INDEXED CURRENCY:/5/                                                    If yes, state each redemption date
                                  INTEREST PAYMENT PERIOD:              and redemption price:
CURRENCY BASE RATE:/5/
                                  APPLICABILITY OF ANNUAL               INITIAL ACCRUAL PERIOD OID
OPTIONAL REPAYMENT DATES:         REDEMPTION PERCENTAGE REDUCTION:      (computed under the Approximate method):

INTEREST ACCRUAL DATE:            If yes, state Annual Percentage       DETERMINATION AGENT:/5/
                                  Reduction:
                                                                        YIELD TO MATURITY:
OPTIONAL PAYMENT CURRENCY:/4/     OPTION VALUE CALCULATION AGENT:/4/
                                                                        DAY COUNT CONVENTION
OTHER PROVISIONS:                                                       [_] 30/360       [_] Actual/365
                                                                        [_] Actual/360   [_] Actual/Actual
</TABLE>

         General Electric Capital Corporation, a Delaware corporation (together
with its successors and assigns, the "Company"), for value received, hereby
promises to pay to Cede & Co., or registered assignees, the principal sum (or
Face Amount, if the Note has a dual-currency or index feature) of on the
Maturity Date specified above (except to the extent redeemed or repaid prior to
the Maturity Date) and to pay interest thereon at the Interest Rate per annum
specified above from the Original Issue Date specified above until the principal
hereof is paid or duly made available for payment (except as provided below), in
arrears monthly, quarterly, semiannually, or annually as specified above as the
Interest Payment Period on each Interest Payment Date (as specified above),
commencing with the first Interest Payment Date next succeeding the Original
Issue Date specified above, and on the Maturity Date (or any redemption or
repayment date); provided, however, that if the Original Issue Date occurs
between a Record Date, as defined below, and the next succeeding Interest
Payment Date, interest payments will commence on the second Interest Payment
Date succeeding the Original Issue Date to the registered holder of this Note on
the Record Date with respect to such second Interest Payment Date.

____________________
/4/ If Note has dual-currency feature.

/5/ If Note has index feature.

                                        2

<PAGE>

         [With respect to any dual-currency Notes, the Company may elect on each
Option Election Date specified above (each such date herein being called an
"Option Election Date") to pay the amounts due on this Note on the succeeding
Interest Payment Date or Maturity Date, as the case may be, in the Optional
Payment Currency specified above (the "Optional Payment Currency") instead of in
the Face Amount Currency. The amounts due in the Optional Payment Currency on
any Interest Payment Date or at the Maturity Date, as the case may be, shall be
determined by the Company using the Designated Exchange Rate specified above
(the "Designated Exchange Rate"). If such election is made, the Company shall
notify the Paying Agent, as defined below, of the election on the Option
Election Date and notice of such election shall be mailed to the registered
holder of this Note by first class mail, postage prepaid, at the address of such
holder as that address appears upon the books of the Company within two Business
Days (this and certain other capitalized terms used herein are defined on the
reverse of this Note) of the Option Election Date and shall state (i) the
Interest Payment Date and (ii) the exchange rate to be used to convert amounts
from the Face Amount Currency to the Optional Payment Currency, which rate shall
be the Designated Exchange Rate. Any such notice by the Company to the
registered holder of this Note, once given, may not be withdrawn. If the Company
elects on any Option Election Date to pay the amounts due on each succeeding
Interest Payment Date or at the Maturity Date, as the case may be, in the
Optional Payment Currency, then it shall pay all such amounts (including
principal) due with respect to this Note in the Optional Payment Currency on
each succeeding Interest Payment Date or at the Maturity Date, as the case may
be. If the Company does not elect on an Option Election Date to pay the amount
due on the succeeding Interest Payment Date or at the Maturity Date, as the case
may be, in the Optional Payment Currency, then such payment shall be made in the
Face Amount Currency and no notice of such payment need be given.]/6/

         Payment of the principal of this Note, any premium and the interest due
at the Maturity Date (or any redemption or repayment date) will be made in
immediately available funds upon surrender of this Note at the office or agency
of such paying agent as the Company may determine maintained for that purpose in
the Borough of Manhattan, The City of New York (a "Paying Agent"), or at the
office or agency of such other Paying Agent as the Company may determine.

         Interest on this Note will accrue initially from the Original Issue
Date and thereafter will accrue from the most recent Interest Payment Date to
which interest has been paid or duly provided for and thereafter will accrue
until the principal hereof has been paid or duly made available for payment
(except as provided below). The interest so payable, and punctually paid or duly
provided for, on any Interest Payment Date, will, subject to certain exceptions
described herein, be paid to the person in whose name this Note (or one or more
predecessor Note) is registered at the close of business on the date 15 days
prior to an Interest Payment Date (whether or not a Business Day) (each such
date a "Record Date"); provided, however, that interest payable on the Maturity
Date (or any redemption or repayment date) will be payable to the person to whom
the principal hereof shall be payable.

         If the Specified Currency indicated on the face hereof is other than
U.S. dollars, any payment on this Note on an Interest Payment Date or the
Maturity Date (or any redemption or repayment date) will be made in U.S. dollars
based on the noon U.S. dollar buying rate in the City of New York for cable
transfers of such Specified Currency, on the second Business Day (this and
certain other capitalized terms used herein are defined on the reverse of this
Note) preceding the applicable payment date, as certified by the Federal Reserve
Bank of New York for customs purposes, unless the holder hereof elects by
written request (which request shall also include appropriate wire transfer
instructions) to the Paying Agent at its corporate trust office in The City of
New York received on or prior to the Record Date relating to an Interest Payment
Date or at least 10 days prior to the Maturity Date (or any redemption or
repayment date), as the case may be, to receive such payment in such Specified
Currency except as provided on the reverse hereof; provided, that the amount of
such Specified Currency to be received by a holder of this Note who so elects to
receive such Specified Currency will be based on a firm bid quotation in New
York City received by the Exchange Rate Agent, as defined on the reverse hereof,
at approximately 11:00 A.M., New York City time, on the second Business Day
preceding the applicable payment date from a recognized foreign exchange dealer
(which may be the Exchange Rate Agent) for the purchase by the quoting dealer of
U.S. dollars in exchange for such Specified Currency for settlement on such
payment date in the aggregate amount of such Specified Currency payable to all
holders of Notes having the same terms as this Note (including Original

_______________________________________
/6/ Use if Note has dual-currency feature.

                                        3

<PAGE>

Issue Date) that have so elected to receive such Specified Currency and at which
the applicable dealer commits to execute a contract; provided, further, that if
such bid quotation is not available, such payments shall be made in U.S.
Dollars. All currency exchange costs will be borne by the holder of this Note
who so elects to receive such Specified Currency by deductions from such
payments. The holder hereof may elect to receive payment in such Specified
Currency for all such payments and need not file a separate election for each
such payment, and such election shall remain in effect until revoked by written
notice to the Paying Agent at its corporate trust office in The City of New York
received on a date prior to the Record Date for the relevant Interest Payment
Date or at least 10 days prior to the Maturity Date (or any redemption or
repayment date), as the case may be; provided, however, that such election is
irrevocable as to the next succeeding payment to which it relates; if such
election is made as to full payment on this Note, such election may thereafter
be revoked so long as the Paying Agent is notified of the revocation within the
time period set forth above.

         If the Specified Currency indicated on the face hereof is U.S. dollars,
payment of the principal of and premium, if any, and interest on this Note will
be made in such coin or currency of the United States as at the time of payment
is legal tender for payment of public and private debts; provided, however, that
payments of interest, other than interest due at maturity (or any redemption or
repayment date) will be made by United States dollar check mailed to the address
of the person entitled thereto as such address shall appear in the Note
register. A holder of U.S.$5,000,000 or more in aggregate principal amount of
Notes having the same Interest Payment Date will be entitled to receive payments
of interest, other than interest due at maturity or any date of redemption or
repayment, by wire transfer of immediately available funds to an account
maintained by the holder of this Note if appropriate wire transfer instructions
in writing have been received by the Paying Agent not less than 10 days prior to
the applicable Interest Payment Date.

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

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

                                        4

<PAGE>

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

DATED:                                          GENERAL ELECTRIC CAPITAL
                                                 CORPORATION

[SEAL]                                          By:_____________________________
                                                Title:

Attest:

By: __________________
    Title:

CERTIFICATE OF AUTHENTICATION

         This is one of the Securities of the Tranche designated therein
described in the within-mentioned Indenture.

JPMORGAN CHASE BANK (FORMERLY KNOWN AS THE CHASE MANHATTAN BANK), as Trustee

By: ______________________________
    Authorized Officer

                                        5

<PAGE>

                            [FORM OF REVERSE OF NOTE]

         This Note is one of a duly authorized issue of Global Medium-Term
Notes, Series A, having maturities from nine months to 60 years from the date of
issue (the "Notes") of the Company. The Notes are issuable under a Third Amended
and Restated Indenture, dated as of February 27, 1997 between the Company and
JPMorgan Chase Bank (formerly known as The Chase Manhattan Bank), as
supplemented by the First Supplemental Indenture dated as of May 3, 1999 and the
Second Supplemental Indenture dated as of July 2, 2001, (such indenture as
amended and as supplemented to the date hereof being referred to herein as the
"Indenture"), to which Indenture and all indentures supplemental thereto
reference is hereby made for a statement of the respective rights, limitations
of rights, duties and immunities of the Company, the Trustee and the holders of
the Notes and the terms upon which the Notes are, and are to be, authenticated
and delivered. JPMorgan Chase Bank has been appointed Exchange Rate Agent (the
"Exchange Rate Agent", which terms include any successor or exchange rate agent
with respect to the Notes, and JPMorgan Chase Bank at its corporate trust office
in The City of New York has been appointed the registrar and as a Paying Agent
with respect to the Notes. The terms of individual Notes may vary with respect
to interest rates, interest rate formulas, issue dates, maturity dates, or
otherwise, all as provided in the Indenture. To the extent not inconsistent
herewith, the terms of the Indenture are hereby incorporated by reference
herein.

         This Note will not be subject to any sinking fund and will not be
redeemable or subject to repayment at the option of the holder prior to
maturity, except as provided below.

         This Note may be redeemed at the option of the Company on any date on
and after the Initial Redemption Date, if any, specified above (the "Redemption
Date"). If no Initial Redemption Date is set forth above, this Note may not be
redeemed at the option of the Company prior to the Maturity Date. On and after
the Initial Redemption Date, if any, this Note may be redeemed at any time in
whole or from time to time in part in increments of $1,000 (provided that any
remaining principal hereof shall be at least $1,000) at the option of the
Company at the applicable Initial Redemption Percentage together with interest
thereon payable to the Redemption Date, on notice given to the holder of this
Note not more than 60 nor less than 30 days prior to the Redemption Date. In the
event of redemption of this Note in part only, a new Note for the unredeemed
portion hereof shall be issued in the name of the holder of this Note upon the
surrender hereof. The Initial Redemption Percentage may be increased or
decreased, as the case may be, as indicated on the face hereof under
"Applicability of Annual Redemption Percentage Increase" or "Applicability of
Annual Redemption Reductions". [If this Note is subject to "Modified Payment
upon Acceleration or Redemption" the redemption price of this Note shall be
limited to the Amortized Amount.]

         Unless otherwise indicated on the face of this Note, this Note shall
not be subject to repayment at the option of the holder prior to the Maturity
Date. If so indicated on the face of this Note, this Note may be subject to
repayment at the option of the holder on the Optional Repayment Date or Dates
specified on the face hereof on the terms set forth herein. On any Optional
Repayment Date, this Note will be repayable in whole or in part in increments of
1,000 units of the Specified Currency indicated on the face hereof (provided
that any remaining principal amount hereof shall not be less than the minimum
authorized denomination hereof) at the option of the holder hereof at a price
equal to 100% of the principal amount to be repaid, together with interest
hereon payable to the date of repayment. For this Note to be repaid in whole or
in part at the option of the holder hereof, the Company must receive at the
corporate trust office of the Paying Agent in the Borough of Manhattan, The City
of New York, at least 30 days but not more than 60 days prior to the repayment,
(i) this Note with the form entitled "Option to Elect Repayment" on the reverse
hereof duly completed or (ii) a telegram, facsimile transmission or a letter
from a member of a national securities exchange or a member of the National
Association of Securities Dealers, Inc. (the "NASD") or a commercial bank or
trust company in the United States which must set forth the name of the holder
of the Note, the principal amount of this Note, the principal amount of this
Note to be repaid, the certificate number or a description of the tenor and
terms of this Note, a statement that the option to elect repayment is being
exercised thereby and a guarantee that this Note to be repaid, together with the
duly completed form entitled "Option to Elect Repayment" on the reverse hereof,
will be received by the Paying Agent not later than the fifth Business Day after
the date of such telegram, facsimile transmission or letter; provided, however,
that such telegram, facsimile transmission or letter from a member of a national
securities exchange or a member of the NASD, or a commercial bank or trust
company in the United States shall only be effective if in such case, this Note
and form duly completed are received by the Company by such fifth Business Day.
Exercise of such repayment option by the holder hereof shall be irrevocable. In
the event of repayment of this Note in part only, a new Note or Notes for the

                                        6

<PAGE>

amount of the unpaid portion hereof shall be issued in the name of the holder
hereof upon cancellation hereof, but only in an authorized denomination.

         Interest payments on this Note will include interest accrued to but
excluding the Interest Payment Dates or the Maturity Date (or earlier redemption
or repayment date), as the case may be. Unless otherwise indicated on the face
of this Note, interest payments for this Note will be computed and paid on the
basis of a 360-day year of twelve 30-day months.

         In the case where the Interest Payment Date or the Maturity Date (or
any redemption or repayment date) does not fall on a Business Day, payment of
interest, premium, if any, or principal otherwise payable on such date need not
be made on such date, but may be made on the next succeeding Business Day with
the same force and effect as if made on the Interest Payment Date or on the
Maturity Date (or any redemption or repayment date), and no interest shall
accrue for the period from and after the Interest Payment Date or the Maturity
Date (or any redemption or repayment date) to such next succeeding Business Day.

         This Note is unsecured and ranks pari passu with all other unsecured
and unsubordinated indebtedness of the Company.

         This Note, and any Note or Notes issued upon transfer or exchange
hereof, is issuable only in fully registered form, without coupons, in
denominations of 100,000 units of the Specified Currency indicated on the face
hereof or any integral multiple of 1,000 units of such Specified Currency in
excess thereof, unless otherwise indicated on the face thereof.

         JPMorgan Chase Bank (formerly known as The Chase Manhattan Bank) has
been appointed registrar for the Notes (the "Registrar", which term includes any
successor registrar appointed by the Company), and the Registrar will maintain
at its office in The City of New York a register for the registration and
transfer of Notes. This Note may be transferred at the aforesaid office of the
Registrar by surrendering this Note for cancellation, accompanied by a written
instrument of transfer in form approved by the Registrar and duly executed by
the registered holder hereof in person or by the holder's attorney duly
authorized in writing, and thereupon the Registrar shall issue in the name of
the transferee or transferees, in exchange herefor, a new Note or Notes having
identical terms and provisions for an equal aggregate principal amount in
authorized denominations, subject to the terms and conditions set forth herein;
provided, however, that the Registrar will not be required to register the
transfer of or exchange any Note that has been called for redemption in whole or
in part, or as to which the holder thereof has elected to cause such Note to be
repaid in whole or in part, except the unredeemed or unpaid portion of Notes
being redeemed or repaid in part, or to register the transfer of or exchange
Notes to the extent and during the period so provided in the Indenture with
respect to the redemption of Notes. Notes are exchangeable at said office for
other Notes of other authorized denominations of equal aggregate principal
amount having identical terms and provisions. All such exchanges and transfers
of Notes will be free of charge, but the Company may require payment of a sum
sufficient to cover any tax or other governmental charge in connection
therewith. All Notes surrendered for exchange shall be accompanied by a written
instrument of transfer in form approved by the Registrar and executed by the
registered holder in person or by the holder's attorney duly authorized in
writing. The date of registration of any Note delivered upon any exchange or
transfer of Notes shall be such that no gain or loss of interest results from
such exchange or transfer.

         In case any Note shall at any time become mutilated, destroyed, lost or
stolen, or is apparently destroyed, lost or stolen, and such Note or evidence of
the loss, theft or destruction thereof (together with the indemnity hereinafter
referred to and such other documents or proof as may be required in the
premises) shall be delivered to the Registrar, a new Note of like tenor will be
issued by the Company in exchange for the Note so mutilated or defaced, or in
lieu of the Note so destroyed or lost or stolen, but, in the case of any
destroyed or lost or stolen Note only upon receipt of evidence satisfactory to
the Registrar and the Company that such Note was destroyed or lost or stolen
and, if required, upon receipt also of indemnity satisfactory to each of them.
All expenses and reasonable charges associated with procuring such indemnity and
with the preparation, authentication and delivery of a new Note shall be borne
by the owner of the Note mutilated, defaced, destroyed, lost or stolen.

         The Indenture provides that if an Event of Default (as defined in the
Indenture) with respect to any series of debt securities issued under the
Indenture, including the series of Global Medium-Term Notes, Series A, of which
this Note

                                        7

<PAGE>

forms a part, shall have occurred and be continuing, either the Trustee or the
holders of not less than 25% in principal amount of the debt securities of such
series then outstanding under the Indenture, by notice in writing to the Company
(and to the Trustee if given by securityholders of such series), may declare the
principal of all debt securities of such series and interest accrued thereon to
be due and payable immediately, but upon certain conditions such declarations
may be annulled and past defaults may be waived (except a continuing default in
payment of principal (or premium, if any) or interest on such debt securities)
by the holders of a majority in principal amount of the debt securities of such
series then outstanding.

         If the face hereof indicates that this Note is subject to "Modified
Payment upon Acceleration or Redemption", then (i) if the principal hereof is
declared to be due and payable as described in the preceding paragraph, the
amount of principal due and payable with respect to this Note shall be limited
to the sum of the Issue Price specified on the face hereof plus the Amortized
Amount, (ii) for the purpose of any vote of security holders taken pursuant to
the Indenture prior to the acceleration of payment of this Note, the principal
amount hereof shall equal the amount that would be due and payable hereon,
calculated as set forth in clause (i) above, if this Note were declared to be
due and payable on the date of any such vote and (iii) for the purpose of any
vote of securityholders taken pursuant to the Indenture following the
acceleration of payment of this Note, the principal amount hereof shall equal
the amount of principal due and payable with respect to this Note, calculated as
set forth in clause (i) above.

         The Indenture permits the Company, when authorized by resolution of the
Board of Directors, and the Trustee, with the consent of the holders of not less
than 66-2/3% in aggregate principal amount of the notes of each series (each
series voting as a class) affected by such supplemental indenture at the time
outstanding, including the series of Global Medium-Term Series A, of which this
Note forms a part, to enter into an indenture or indentures supplemental hereto
for the purpose of adding any provisions to or changing in any manner or
eliminating any of the provisions of the Indenture or of any supplemental
indenture or of modifying in any manner the rights of the holders of the notes
of each such series or the coupons appertaining to such notes; provided,
however, that no such supplemental indenture shall (i) extend the fixed maturity
of any note, or reduce the rate or extend the time of payment of interest, if
any, thereon, or reduce the principal amount or premium, if any, thereof, or
make the principal thereof or premium, if any, or interest, if any, thereon
payable in any coin or currency other than that provided in any note, or reduce
the amount of the principal of an Original Issue Discount note that would be due
and payable upon an acceleration of the maturity thereof or adversely affect the
right of repayment, if any, at the option of the holder without the consent of
the holder of each note so affected, or (ii) reduce the aforesaid percentage of
notes of any series, the holders of which are required to consent to any such
supplemental indenture, without the consent of the holder of each note so
affected. A supplemental indenture which changes or eliminates any covenant or
other provision of the Indenture which has expressly been included solely for
the benefit of one or more particular series of notes, or which modifies the
rights of the holders of notes of such series or of coupons appertaining to such
notes with respect to such covenant or other provision, shall be deemed not to
affect the rights under the Indenture of the holders of notes of any other
series or of coupons appertaining to such notes.

         Except as set forth below, if the principal of, or premium, if any, or
interest, if any, on this Note is payable in a Specified Currency other than
U.S. dollars and such Specified Currency is not available to the Company for
making payments thereof due to the imposition of exchange controls or other
circumstances beyond the control of the Company or is no longer used by the
government of the country issuing, or authority sponsoring, such Specified
Currency or for the settlement of transactions by public institutions within the
international banking community, then the Company will be entitled to satisfy
its obligations to the holder of this Note by making such payments in U.S.
dollars on the basis of the most recently available market exchange rate for
such Specified Currency, as determined by the Exchange Rate Agent on the date of
such payment, or if such rate is not available on such date, as of the most
recent practicable date. If a Specified Currency is unavailable solely because
the country of issue has replaced its currency with Euro or other currency of
the European Union pursuant to the Treaty establishing the European Communities,
the amounts payable will, beginning with the date the replacement becomes
effective, be made in Euro or such other currency. The amounts payable on any
date will be converted into Euro or such other currency on the basis of the most
recently available market exchange rate for such currency, as determined by the
Exchange Rate Agent on the date of such payment, or if such rate is not
available on such date, as of the most recent practicable date.

         If any payment is required to be made in Euro and Euro are unavailable
due to the imposition of exchange controls or other circumstances beyond the
Company's control or are no longer used in the European Monetary System, then
all payments will be made in U.S. dollars until Euro are again available or so
used. The amount of each payment in

                                        8

<PAGE>

U.S. dollars will be computed on the basis of the equivalent of Euro in U.S.
dollars, determined on the basis of the most recently available market exchange
rate for Euro as determined by the Exchange Rate Agent on the date of such
payment, or if such rate is not available on such date, as of the most recent
practicable date. Any payment made under such circumstances in U.S. dollars or
Euro, as the case may be, where the required payment is in a Specified Currency
other than U.S. dollars or Euro, as the case may be, will not constitute an
Event of Default.

         So long as this Note shall be outstanding, the Company will cause to be
maintained an office or agency for the payment of the principal of and premium,
if any, and interest on this Note as herein provided in the Borough of
Manhattan, The City of New York, and an office or agency in said Borough of
Manhattan for the registration, transfer and exchange as aforesaid of the Notes.
The Company may designate other agencies for the payment of said principal,
premium, if any, and interest at such place or places (subject to applicable
laws and regulations) as the Company may decide. So long as there shall be any
such agency, the Company shall keep the Trustee advised of the names and
locations of such agencies, if any are so designated.

         With respect to moneys paid by the Company and held by the Trustee or
any Paying Agent for the payment of the principal of or interest or premium, if
any, on any Notes that remain unclaimed at the end of two years after such
principal, interest or premium shall have become due and payable (whether at
maturity or upon call for redemption or otherwise), such moneys shall be so
repaid to the Company. Upon such repayment all liability of the Trustee or such
Paying Agent with respect to such moneys shall thereupon cease, without,
however, limiting in any way any obligation that the Company may have to pay the
principal of or interest or premium, if any, on this Note as the same shall
become due.

         No provision of this Note or of the Indenture shall alter or impair the
obligation of the Company, which is absolute and unconditional, to pay the
principal of, premium, if any, and interest on this Note at the time, place, and
rate, and in the coin or currency, herein and in the Indenture prescribed unless
otherwise agreed between the Company and the registered holder of this Note.

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

         No recourse shall be had for the payment of the principal of, or
premium, if any, or the interest on, this Note, for any claim based hereon, or
otherwise in respect hereof, or based on or in respect of the Indenture or any
indenture supplemental thereto, against any incorporator, shareholder, officer
or director, as such, past, present or future, of the Company or of any
successor corporation, either directly or through the Company or any successor
corporation, 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 the acceptance hereof and as part of the consideration for the issuer
hereof, expressly waived and released.

         This Note shall for all purposes be governed by, and construed in
accordance with, the laws of the State of New York.

         As used herein:

         (a) the term "Amortized Amount" is equal to the original issue discount
amortized from the Original Issue Date to the date of redemption or declaration,
as the case may be, which amortization shall be calculated using the "constant
yield method" (computed in accordance with the rules under the Internal Revenue
Code of 1986, as amended, and the regulations thereunder, in effect on the date
of redemption or declaration, as the case may be);

         (b) the term "Business Day" means any day, other than a Saturday or
Sunday, that is neither a legal holiday nor a day on which commercial banks are
authorized or required by law, regulation or executive order to close in The
City of New York; provided, however, that, with respect to Notes denominated in
a foreign currency, such day is also not a day on which commercial banks are
authorized or required by law, regulation or executive order to close in the
Principal Financial Center of the country issuing the Specified Currency (or, if
the Specified Currency is Euro, such day

                                        9

<PAGE>

is also a day on which the Trans-European Automated Real-Time Gross Settlement
Express Transfer (TARGET) System is open);

         (c)   the term "Principal Financial Center" means (i) the capital city
of the country issuing the currency in which the Notes are denominated that with
respect to the following currencies, the "Principal Financial Center" will be as
indicated below:

               Currency                     Principal Financial Center

               United States dollars        The City of New York

               Australian dollars           Sydney and, if Australian dollars is
                                            the currency in which the Notes
                                            are denominated, Melbourne

               Canadian dollars             Toronto

               South African rand           Johannesburg

               Swiss francs                 Zurich

         (d)   the term "United States" means the United States of America
(including the States and the District of Columbia), its territories, its
possessions and other areas subject to its jurisdiction.

         (e)   all other terms used in this Note which are defined in the
Indenture and not otherwise defined herein shall have the meanings assigned to
them in the Indenture.

                                       10

<PAGE>

ABBREVIATIONS

         The following abbreviations, when used in the inscription on the face
of this instrument, shall be construed as though they were written out in full
according to applicable laws or regulations:

             TEN COM-as tenants in common
             TEN ENT-as tenants in the entireties
             JT TEN-as joint tenants with right of ownership and not as tenants
             in common

             UNIF GIFT MIN ACT-      Custodian
                                 -----------------------------------
                   (Cust)                        (Minor)

             Under Uniform Gifts to Minors Act
                                                ___________________________
                                                 (State)

       Additional abbreviations may also be used though not in the above list.

             ___________

       FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto

[PLEASE INSERT SOCIAL SECURITY OR OTHER
IDENTIFYING NUMBER OF ASSIGNEE]

[PLEASE PRINT OR TYPE NAME AND ADDRESS INCLUDING ZIP CODE, OF ASSIGNEE]

the within Note and all rights thereunder,  hereby  irrevocably  constituting
and appointing such person attorney to transfer such Note on the books of the
Company, with full power of substitution in the premises.

Dated:

NOTICE:   The signature to this assignment must correspond with the name as
          written upon the face of the within Note in every particular without
          alteration or enlargement or any change whatsoever.

                                       11

<PAGE>

                            OPTION TO ELECT REPAYMENT

The undersigned hereby irrevocably request(s) the Issuer to repay the within
Note (or portion thereof specified below) pursuant to its terms at a price equal
to the principal amount thereof, together with interest to the Optional
Repayment Date, to the undersigned, at (Please print or typewrite name and
address of the undersigned)

If less than the entire principal amount of the within Note is to be repaid,
specify the portion thereof (which shall be increments of 1,000 units of the
Specified Currency indicated on the face hereof) which the holder elects to have
repaid: ___________; and specify the denomination or denominations (which shall
not be less than the minimum authorized denomination) of the Notes to be issued
to the holder for the portion of the within Note not being repaid (in the
absence of any such specification, one such Note will be issued for the portion
not being repaid):

Date:

       NOTICE: The signature on this Option to Elect Repayment must correspond
               with the name as written upon the face of the within instrument
               in every particular without alteration or enlargement.

                                       12

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00043-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00043-of-00352.parquet"}]]