Document:

Hallmark
Financial Services, Inc.

AMENDED AND RESTATED 2005 Long Term Incentive Plan

 

(As Approved by Shareholders May 30,
2013)

 

 

 

Section
1Purpose

 

HALLMARK FINANCIAL
SERVICES, INC. (the "Corporation") establishes this 2005 LONG TERM INCENTIVE PLAN (the "2005 Plan") to:

 

(a)attract and
retain key executive and managerial employees;

 

(b)motivate participating
employees, by means of appropriate incentives, to achieve long-range goals;

 

(c)attract and
retain well-qualified individuals to serve as members of the Corporation's Board of Directors (the "Board");

 

(d)provide incentive
compensation opportunities that are competitive with those of other corporations; and

 

(e)further identify
the interests of directors and eligible employees with those of the Corporation's other stockholders through compensation alternatives
based on the Corporation's Common Stock;

 

and thereby promote the long-term financial
interest of the Corporation, including the growth in value of the Corporation's equity and enhancement of long-term stockholder
return.

 

Section
2Scope

 

Awards under the 2005
Plan may be granted in the form of (a) incentive stock options ("incentive stock options") as provided in Section 422
of the Internal Revenue Code of 1986, as amended (the "Code"), (b) non-qualified stock options ("non-qualified
options") (unless otherwise indicated, references in the 2005 Plan to "options" include incentive stock options
and non-qualified options), (c) shares of the Common Stock of the Corporation (the "Common Stock") that are restricted
as provided in Section 12 hereof ("restricted shares"), or (d) units representing the right to receive shares of
the Common Stock as provided in Section 13 hereof (“restricted stock units”). Stock appreciation rights ("rights")
may accompany options. Rights may also be granted without accompanying options. The maximum aggregate number of shares of Common
Stock with respect to which options, restricted shares, restricted stock units, and rights granted without accompanying options
may be granted from time to time under the 2005 Plan shall be 2,000,000 shares (subject to adjustment as described in Section 17
hereof). Shares of Common Stock with respect to which awards are granted may be, in whole or in part, authorized and unissued shares
or authorized and issued shares reacquired and held in the treasury of the Corporation, as the Board shall from time to time determine.
If for any reason (other than the surrender of options or Deemed Options (as defined in Section 9(b)) upon exercise of rights
as provided in Section 9 hereof) any shares as to which an option has been granted cease to be subject to purchase thereunder,
or any restricted shares are forfeited to the Corporation, or any shares cease to be issuable with respect to restricted stock
units, or any right issued without accompanying options terminates or expires without being exercised, then the shares in respect
of which such option or right was granted, or which relate to such restricted shares or restricted stock units, shall become available
for subsequent awards under the 2005 Plan.

  

    	2005 Long Term Incentive Plan	Page 1

    	 

    

  

Section
3Effective Date

 

The 2005 Plan shall
become effective on the calendar day immediately following the date the 2005 Plan is approved by the stockholders of the Corporation.
If the stockholders of the Corporation approve the 2005 Plan, it shall terminate on the tenth anniversary of its effective date.

 

Section
4Administration

 

(a) The 2005 Plan
shall be administered, construed and interpreted solely by the Compensation Committee, or any successor thereto, of the Board (the
"Committee"). The Committee shall consist of two or more directors. Unless otherwise determined by the Board, each member
of the Compensation Committee shall be (i) a "non-employee director" within the meaning of Rule 16b-3 under
the Securities Exchange Act of 1934, as amended (the "1934 Act"), and (ii) an "outside director" as defined
under Section 162(m) of the Code, unless administration of this Plan by "outside directors" is not then required
in order to qualify for tax deductibility under Section 162(m) of the Code.

 

(b)Subject to the express provisions
of Rule 16b-3 promulgated under the 1934 Act and Treasury regulation §1.162-27, the Committee shall have plenary authority
in its sole discretion, and subject to the express provisions of the 2005 Plan, to grant options, to determine the purchase price
of the Common Stock covered by each option (the "exercise price"), the term of each option, the employees to whom, and
the time or times at which, options shall be granted and the number of shares to be covered by each option; to designate options
as incentive stock options or non-qualified options and to determine which options shall be accompanied by rights; to grant rights
without accompanying options; to determine the employees to whom and the time or times at which such rights shall be granted and
the exercise price, term, and number of shares of Common Stock covered by any Deemed Option corresponding thereto; to grant restricted
shares and to determine the term of the restricted period and other conditions applicable to such restricted shares, the employees
to whom and the time or times at which restricted shares shall be granted and the number of restricted shares to be covered by
each grant; to grant restricted stock units and to determine the period of continued employment prior to the vesting of all or
any portion of the restricted stock units (the “vesting period”), any criteria pertaining to the performance of the
Corporation or any of its subsidiaries, divisions or business units which may be a condition to the issuance of shares attributable
to all or any portion of restricted stock units (“performance criteria”), and any other conditions applicable to such
restricted stock units; to determine the employees to whom and the time or times at which restricted stock units shall be granted
and the number of shares (or formula for determining the number of shares) of Common Stock to be covered by each grant; to interpret
the 2005 Plan; to prescribe, amend and rescind rules and regulations relating to the 2005 Plan; to determine the terms and provisions
of the option, right, restricted share and restricted stock unit agreements entered into in connection with awards under the 2005
Plan; to prepare and distribute in such manner as the Committee determines to be appropriate information concerning the 2005 Plan;
and to make all other determinations deemed necessary or advisable for the administration of the 2005 Plan. The Committee may delegate
to one (1) or more of its members or to one (1) or more agents such administrative duties as it may deem advisable, and
the Committee or any person to whom it has delegated duties as aforesaid may employ one or more persons to render advice with respect
to any responsibility the Committee or such person may have under the 2005 Plan; provided, however, that the Committee
shall not delegate its authority to construe and interpret the 2005 Plan, to determine which employees may participate in the 2005
Plan, or its authority to make grants of options, restricted shares, restricted stock units and rights or any authority which pertains
to awards granted to persons subject to Section 16(b) of the 1934 Act or Section 162(m) of the Code.

 

    	2005 Long Term Incentive Plan	Page 2

    	 

    

 

(c)Subject to the
express provisions of Rule 16b-3 promulgated under the 1934 Act and Treasury regulation §1.162-27, the Committee may
adopt such rules as it deems necessary, desirable or appropriate. The Committee may act at a meeting or in writing without a meeting.
The Committee shall elect one of its members as chairman, appoint a secretary (who may or may not be a Committee member) and advise
the Board of such actions. The secretary shall keep a record of all minutes and forward all necessary communications to the Corporation.
A majority of the Committee shall constitute a quorum. All decisions of the Committee shall be made by a vote of not less than
a majority of the Committee members present at a meeting of the Committee at which a quorum is present or by a written consent
signed by all of the members of the Committee. A dissenting Committee member who, within a reasonable time after he has knowledge
of any action or failure to act in accordance with the preceding sentence, registers his dissent in writing delivered to the other
Committee members and to the Board, shall not be responsible for any such action or failure to act.

 

(d)The Corporation
shall pay all usual and reasonable expenses of the Committee, and no member shall receive compensation with respect to his services
for the Committee except as may be authorized by the Board. The Committee may employ attorneys, consultants, accountants or other
persons, and the Committee, the Corporation and its officers and directors shall be entitled to rely upon the advice, opinions
or valuations of any such persons. All actions taken and all interpretations and determinations made by the Committee in good faith
shall be final and binding upon all employees who have received awards, the Corporation and all other interested persons. No member
of the Committee shall be personally liable for any action, determination, or interpretation taken or made in good faith with respect
to the 2005 Plan or awards made thereunder, and the Corporation shall indemnify and hold harmless each member of the Committee
against all loss, cost, expenses or damages occasioned by any act or omission to act in connection with any such action, determination
or interpretation under or of the 2005 Plan, consistent with the Corporation's articles of incorporation and bylaws.

 

(e)Subject to such
limitations or restrictions as may be imposed by the Code or other applicable law, the Committee may grant to an employee who has
been granted an award under the 2005 Plan or any other benefit plan maintained by the Corporation or any of its subsidiaries, or
any predecessor or successor thereto, in exchange for the surrender and cancellation of such prior award, a new award with such
terms and conditions as the Committee may deem appropriate and consistent with the provisions of the 2005 Plan.

 

    	2005 Long Term Incentive Plan	Page 3

    	 

    

 

(f)At any time
that a member of the Committee is not a "qualified member," which shall mean a member who is (i) a "non-employee
director" within the meaning of Rule 16b-3(b)(3) promulgated under the 1934 Act and (ii) an "outside director"
within the meaning of Treasury regulation §1.162-27, any action of the Committee relating to an award granted or to be granted
to an employee who is then subject to Section 16 of the 1934 Act in respect of the Corporation, or relating to an award intended
by the Committee to qualify as "performance-based compensation" within the meaning of Section 162(m) of the Code
and regulations thereunder, may be taken either (A) by a subcommittee, designated by the Committee, composed solely of two
or more qualified members, or (B) by the Committee but with each such member who is not a qualified member abstaining or recusing
himself or herself from such action; provided, however, that, upon such abstention or recusal, the Committee remains
composed solely of two or more qualified members. Such action, authorized by such a subcommittee or by the Committee upon the abstention
or recusal of such non-qualified member(s), shall be the action of the Committee for purposes of this Plan. Any action of the Committee
shall be final, conclusive and binding on all persons.

 

(g)Notwithstanding
the powers of the Committee set forth in this Section 4, no award may be repriced, replaced, regranted through cancellation,
or modified without approval of the Corporation's stockholders (except in connection with a change in the Corporation's capitalization
as described in Section 17) if the effect would be to reduce the exercise price for the shares of Common Stock underlying
such award.

 

Section
5Eligibility Factors To Be Considered in Granting Awards 

 

(a)Awards shall
be granted only to persons who are employees of the Corporation or one (1) or more of its subsidiaries (as defined below)
or directors of the Corporation who are not employees of the Corporation ("non-employee directors"). In determining the
individuals to whom awards shall be granted, the number of shares of Common Stock with respect to which each award shall be granted,
and the terms and conditions of each award, the Committee shall take into account the nature of the individual's duties, his or
her present and potential contributions to the growth and success of the Corporation, and such other factors as the Committee shall
deem relevant in connection with accomplishing the purposes of the 2005 Plan.

 

(b)For purposes
of the 2005 Plan, the term "subsidiary" means any corporation (other than the Corporation) or other entity of which the
Corporation owns, directly or indirectly, a majority of the voting power of the voting equity securities or equity interest.

 

(c)Unless a different
meaning is indicated or required by the context and except in the case of application of Section 10, the term "employee"
as used in the Plan shall include a non-employee director of the Corporation, and the term "employed" or "employment"
shall include service by a non-employee director as a member of the Board.

  

    	2005 Long Term Incentive Plan	Page 4

    	 

    

 

Section
6Option Price; Fair Market Value

 

The per share exercise
price of each option for shares of Common Stock shall be determined by the Committee, but shall not in any event be less than the
Fair Market Value per Share on the date the option is granted. For purposes of the 2005 Plan, the term "Fair Market Value
per Share" as of any date shall mean for shares of Common Stock with respect to which restricted shares, restricted stock
units, options and rights shall be granted, the closing price of the Common Stock on such date (or if there are no sales on such
date, on the next preceding date on which there were sales), as reported on the principal consolidated transaction reporting system
for the principal national securities exchange on which the Common Stock is listed or admitted to trading, or if the Common Stock
is not listed or admitted to trading on any national securities exchange, the closing price of the Common Stock as reported on
the National Market System of the National Association of Securities Dealers, Inc Automated Quotation System ("NASDAQ"),
or if the Common Stock is not listed or admitted to trading on the NASDAQ National Market System, the last quoted sales price or,
if not so quoted, the average of the high bid and low asked prices in the over-the-counter market, as reported by the NASDAQ System
or such other system as may then be in use, or if the Common Stock is not reported on any such system and is not listed or admitted
to trading on any national securities exchange, the average of the closing bid and asked prices as furnished by a professional
market maker making a market in the Common Stock selected by the Board, or if no such market maker is making a market in the Common
Stock, the fair value of the Common Stock as determined in good faith by the Board; provided, however, that in any
event the Fair Market Value per Share shall be appropriately adjusted to reflect events described in Section 17 hereof. The
Committee shall determine the date on which an option is granted, provided that such date is consistent with the Code and
any applicable rules or regulations thereunder. In the absence of such determination, the date on which the Committee adopts a
resolution granting an option shall be considered the date on which such option is granted, provided that the employee to
whom the option is granted is promptly notified of the grant and a written option agreement is duly executed as of the date of
the resolution. The exercise price so determined shall also be applicable in connection with the exercise of any related right.

 

Section
7Term of Options

 

The term of each option
granted under the 2005 Plan shall be as the Committee shall determine, but in no event shall any option have a term of more than
10 years from the date of grant, subject to earlier termination as provided in Sections 14 and 15 hereof. If the holder
of an incentive stock option owns, at the time the incentive stock option is granted, stock of the Corporation possessing more
than 10% of the combined voting power of all classes of stock of the Corporation or any subsidiary, the term of such incentive
stock option shall not exceed five (5) years from the date of grant.

 

Section
8Exercise of Options

 

(a)Subject to the
provisions of the 2005 Plan and unless otherwise provided in the option agreement, an option granted under the 2005 Plan shall
become 100% vested at the earliest of (i) the employee's retirement from employment at or after Retirement Age (as defined
in Section 14 hereof), or (ii) the employee's death or total and permanent disability (as defined in Section 15
hereof), or (iii) a Change in Control (as defined in Section 22 hereof). Prior to becoming 100% vested, each option shall
become exercisable in such cumulative installments and upon such events as the Committee may determine in its sole discretion.
The Committee may also, in its sole discretion, accelerate the exercisability of any option or installment thereof at any time.

 

    	2005 Long Term Incentive Plan	Page 5

    	 

    

 

(b)An option may
be exercised at any time or from time to time (subject, in the case of an incentive stock option, to such restrictions as may be
imposed by the Code), as to any or all full shares of Common Stock as to which the option has become exercisable; provided,
however, that an option shall not be exercised at any time as to less than 100 shares (or less than the number of full shares
of Common Stock as to which the option is then exercisable, if that number is less than 100 shares).

  

(c)At the time
of exercise of any option, the per share exercise price of such option shall be paid in full for each share of Common Stock with
respect to which such option is exercised. Payment may be made in cash or, with the approval of the Committee, in shares of the
Common Stock, valued at the Fair Market Value per Share on the date of exercise. An option holder may also make payment at the
time of exercise of an option, with the approval of the Committee, by delivering to the Corporation a properly executed exercise
notice together with irrevocable instructions to a broker approved by the Corporation, that upon such broker's sale of shares with
respect to which such option is exercised, it is to deliver promptly to the Corporation the amount of sale proceeds necessary to
satisfy the option exercise price and any required withholding taxes; provided, however, that the right to facilitate
an option exercise by the use of a broker transaction shall, for individuals subject to Section 16 of the 1934 Act and members
of the Board, be available only to the extent allowed pursuant to the Sarbanes-Oxley Act of 2002 and applicable rules and regulations
of the Securities and Exchange Commission.

 

(d)Upon the exercise
of an option or portion thereof in accordance with the 2005 Plan, the option agreement and such rules and regulations as may be
established by the Committee, the holder thereof shall have the rights of a stockholder with respect to the Common Stock issued
as a result of such exercise.

 

Section
9Award and Exercise of Rights

 

(a)The Committee
may grant a right as a primary right or an additional right in the manner set forth in this Section 9. A right granted in
connection with an option must be granted at the time the option is granted. Each right shall be subject to the same terms and
conditions as the related option or Deemed Option (as described in Section 9(b)) and shall be exercisable only to the extent
the option or Deemed Option is exercisable.

 

    	2005 Long Term Incentive Plan	Page 6

    	 

    

 

(b)The Committee
may award a primary right either alone or in connection with any option granted under the 2005 Plan. Each primary right granted
without a corresponding option shall nevertheless be deemed for certain purposes described in this Section 9 to have been
accompanied by an option (a "Deemed Option"). A Deemed Option shall have no value, and no shares of Common Stock (or
other consideration) shall be delivered upon exercise thereof, but such Deemed Option shall serve solely to establish the terms
and conditions of the corresponding primary right. At the time of grant of a primary right not granted in connection with an option,
the Committee shall set forth the terms and conditions of the corresponding Deemed Option. The terms and conditions of such Deemed
Option shall include all terms and conditions that at the time of grant are required, and, in the discretion of the Committee,
may include any additional terms and conditions that at such time are permitted, to be included in options granted under the 2005
Plan. A primary right shall entitle the employee to surrender unexercised the related option or Deemed Option (or any portion or
portions thereof that the employee determines to surrender) and to receive in exchange, subject to the provisions of the 2005 Plan
and such rules and regulations as from time to time may be established by the Committee, a payment having an aggregate value equal
to (i) the excess of (A) the Fair Market Value per Share on the exercise date over (B) the per share exercise price
of the option or Deemed Option, multiplied by (ii) the number of shares of Common Stock subject to the option, Deemed Option
or portion thereof that is surrendered. Surrender of an option or Deemed Option or portion thereof in exchange for a payment as
described in this Section is referred to as the "exercise of a primary right." Upon exercise of a primary right, payment
shall be made in the form of cash, shares of Common Stock, or a combination thereof, as elected by the employee. Shares of Common
Stock paid upon exercise of a primary right will be valued at the Fair Market Value per Share on the exercise date. Cash will be
paid in lieu of any fractional share of Common Stock based upon the Fair Market Value per Share on the exercise date. Subject to
Section 19 hereof, no payment will be required from the employee upon exercise of a primary right.

 

(c)The Committee
may award an additional right in connection with any option granted under the 2005 Plan. An additional right shall entitle the
employee to receive, upon the exercise of a related option, a cash payment equal to (i) the product determined by multiplying
(A) the excess of (x) the Fair Market Value per Share on the date of exercise of the related option over (y) the
option price per share at which such option is exercisable by (B) the number of shares of Common Stock with respect to which
the related option is being exercised, multiplied by (ii) a percentage factor (which may be any percentage factor equal to
or greater than 10% and equal to or less than 100%) as determined by the Committee at the time of the grant of such additional
right or as determined in accordance with a formula for determination of such percentage factor established by the Committee at
the time of the grant of such additional right. If the Committee specifies no other percentage factor or formula at the time of
grant of such additional right, the percentage factor shall be deemed to be 100%. The Committee at any time, or from time to time,
after the time of grant may in its discretion increase such percentage factor (or amend such formula so as to increase such factor)
to not more than 100%.

 

(d)Upon exercise
of a primary right, the number of shares of Common Stock subject to exercise under the related option or Deemed Option shall automatically
be reduced by the number of shares of Common Stock represented by the option, Deemed Option or portion thereof surrendered. Shares
of Common Stock subject to options, Deemed Options or portions thereof surrendered upon the exercise of rights shall not be available
for subsequent awards under the 2005 Plan.

 

(e)If neither the
right nor, in the case of a right (whether primary or additional) with a related option, the related option is exercised before
the end of the day on which the right ceases to be exercisable, such right shall be deemed exercised as of such date and, subject
to Section 19 hereof, a payment in the amount prescribed by Section 9(b) or Section 9(c), as the case may be, shall
be paid to the employee in cash.

 

    	2005 Long Term Incentive Plan	Page 7

    	 

    

 

Section
10Incentive Stock Options

 

(a)The Committee
shall designate the employees to whom incentive stock options, as described in Section 422 of the Code or any successor section
thereto, are to be awarded under the 2005 Plan and shall determine the number of shares of Common Stock to be covered by each incentive
stock option. Incentive stock options shall be awarded only to employees of the Corporation or of its corporate subsidiaries, and
non-employee directors shall not be eligible to receive awards of incentive stock options. In no event shall the aggregate Fair
Market Value Per Share of all Common Stock (determined at the time the option is awarded) with respect to which incentive stock
options are exercisable for the first time by an individual during any calendar year (under all plans of the Corporation and its
subsidiaries) exceed $100,000.

 

(b)The purchase
price of a share of Common Stock under each incentive stock option shall be determined by the Committee; provided, however,
that in no event shall such price be less than 100% of the Fair Market Value Per Share as of the date of grant (or 110% of such
Fair Market Value Per Share if the holder of the incentive stock option owns stock of the Corporation possessing more than 10%
of the combined voting power of all classes of stock of the Corporation or any subsidiary).

 

(c)Except as provided
in Sections 14 and 15 hereof, no incentive stock option shall be exercised at any time unless the holder thereof is then an
employee of the Corporation or one of its subsidiaries. For this purpose, "subsidiary" shall include an entity that becomes
a subsidiary after the grant of an incentive stock option and which subsequently employs the grantee as long as the grantee was,
from the date of grant of the incentive stock option until the date of transfer to the new subsidiary, an employee of either the
Corporation or a subsidiary of the Corporation.

 

(d)In the event
of amendments to the Code or applicable rules or regulations relating to incentive stock options subsequent to the date hereof,
the Corporation shall amend the provisions of the 2005 Plan, and the Corporation and the employees holding such incentive stock
options shall agree to amend outstanding option agreements to conform to such amendments.

 

Section
11Transferability of Awards

 

(a)The Committee
may, in its discretion, permit a holder of an award, other than an incentive stock option, to transfer all or any portion of the
award, or authorize all or a portion of such award granted to be on terms which permit transfer by such holder; provided
that, in either case, the transferee or transferees must be any child, stepchild, grandchild, parent, stepparent, grandparent,
spouse, former spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law,
including adoptive relationships, in each case with respect to the original holder of the award (the "original holder"),
any person sharing the original holder's household (other than a tenant or employee of the Corporation), a trust in which these
persons have more than fifty percent of the beneficial interest, a foundation in which these persons (or the original holder) control
the management of assets, or any other entity in which these persons (or the original holder) own more than fifty percent of the
voting interests (collectively, "permitted transferees"); provided further that, (i) there may be
no consideration for any such transfer and (ii) subsequent transfers of awards transferred as provided above shall be prohibited
except subsequent transfers back to the original holder and transfers to other permitted transferees of the original holder.

 

    	2005 Long Term Incentive Plan	Page 8

    	 

    

 

(b)An award may,
in the Committee's discretion, be transferred to a permitted transferee, pursuant to a domestic relations order entered or approved
by a court of competent jurisdiction only upon delivery to the Corporation of written notice of such transfer and a certified copy
of such order.

 

(c)Notwithstanding
anything to the contrary in this Section 11, an incentive stock option shall not be transferable other than by will or the
laws of descent and distribution. Except as expressly permitted by Section 11(a) and Section 11(b), awards shall not
be transferable other than by will or the laws of descent and distribution.

 

(d)Following the
transfer of any award as contemplated by this Section 11, such award shall continue to be subject to the same terms and conditions
as were applicable immediately prior to transfer, provided that the provisions of the award relating to exercisability shall
continue to be applied with respect to the original holder and, following the occurrence of any such events described therein,
the award shall be exercisable by the permitted transferee, the recipient under a qualified domestic relations order, the estate
or heirs of a deceased award holder, or other transferee, as applicable, only to the extent and for the periods that would have
been applicable in the absence of the transfer.

 

(e)Any award holder
desiring to transfer an award as permitted under this Section 11 shall make application therefor in the manner and time specified
by the Committee and shall comply with such other requirements as the Committee may require to assure compliance with all applicable
securities laws. The Committee shall not give permission for such a transfer if it may not be made in compliance with all applicable
federal, state and foreign securities laws.

 

(f)To the extent
the issuance to any permitted transferee of any shares of Common Stock issuable pursuant to awards transferred as permitted in
this Section 11 is not registered pursuant to an effective registration statement of the Corporation generally covering the
shares to be issued pursuant to the 2005 Plan, the Corporation shall not have any obligation to register the issuance of any such
shares of Common Stock to any such transferee.

 

Section
12Award and Delivery of Restricted Shares 

 

(a)At the time
an award of restricted shares is made, the Committee shall establish a period or periods of time (each a "Restricted Period")
applicable to such award that shall not be more than 10 years. Each award of restricted shares may have a different Restricted
Period or Restricted Periods. The Committee may, in its sole discretion, at the time an award is made, provide for the incremental
lapse of Restricted Periods with respect to a portion or portions of the restricted shares awarded, and for the lapse or termination
of restrictions upon all or any portion of the restricted shares upon the satisfaction of other conditions in addition to or other
than the expiration of the applicable Restricted Period. The Committee may also, in its sole discretion, shorten or terminate a
Restricted Period or waive any conditions for the lapse or termination of restrictions with respect to all or any portion of the
restricted shares. Notwithstanding the foregoing, all restrictions shall lapse or terminate with respect to all restricted shares
upon the earliest of (i) the employee's retirement from employment at or after Retirement Age (as defined in Section 14
hereof), or (ii) the employee's death or total and permanent disability (as defined in Section 15 hereof), or (iii) a
Change in Control (as defined in Section 22 hereof).

 

    	2005 Long Term Incentive Plan	Page 9

    	 

    

 

(b)At the time
a grant of restricted shares is made to an employee, a stock certificate representing a number of shares of Common Stock equal
to the number of such restricted shares shall be registered in the employee's name but shall be held in custody by the Corporation
for such employee's account. The employee shall generally have the rights and privileges of a stockholder as to such restricted
shares, including, without limitation, the right to vote such restricted shares, except that, subject to the earlier lapse or termination
of restrictions as herein provided, the following restrictions shall apply: (i) the employee shall not be entitled to delivery
of the stock certificate evidencing restricted shares until the expiration or termination of the Restricted Period applicable to
such shares and the satisfaction of any other conditions prescribed by the Committee; (ii) none of the shares then subject
to a Restricted Period shall be sold, transferred, assigned, pledged, or otherwise encumbered or disposed of during the Restricted
Period applicable to such shares and until the satisfaction of any other conditions prescribed by the Committee; and (iii) all
of the shares then subject to a Restricted Period shall be forfeited and all rights of the employee to such restricted shares shall
terminate without further obligation on the part of the Corporation if the employee ceases to be an employee of the Corporation
or any of its subsidiaries before the expiration or termination of such Restricted Period and the satisfaction of any other conditions
prescribed by the Committee applicable to such restricted shares. Dividends in respect of restricted shares shall be currently
paid; provided, however, that in lieu of paying currently a dividend of shares of Common Stock in respect of restricted
shares, the Committee may, in its sole discretion, register in the name of an employee a stock certificate representing such shares
of Common Stock issued as a dividend in respect of restricted shares, and may cause the Corporation to hold such certificate in
custody for the employee's account subject to the same terms and conditions as such restricted shares. Upon the forfeiture of any
restricted shares, such forfeited restricted shares shall transfer to the Corporation without further action by the employee. The
employee shall have the same rights and privileges, and be subject to the same restrictions, with respect to any shares received
pursuant to Section 17 hereof.

 

(c)Upon the expiration
or termination of the Restricted Period applicable to such shares and the satisfaction of any other conditions prescribed by the
Committee or at such earlier time as provided for herein, the restrictions applicable to the shares subject to such Restricted
Period shall lapse and a certificate for a number of shares of Common Stock equal to the number of restricted shares with respect
to which the restrictions have expired or terminated shall be delivered, free of all such restrictions, except any that may be
imposed by law, to the employee or the employee's Beneficiary (as defined below). The Corporation shall not be required to deliver
any fractional share of Common Stock but shall pay to the employee or the employee's Beneficiary, in lieu thereof, the product
of (i) the Fair Market Value per Share (determined as of the date the restrictions expire or terminate), and (ii) the
fraction of a share to which such employee would otherwise be entitled. Subject to Section 19 hereof, no payment will be required
from the employee upon the issuance or delivery of any Common Stock upon the expiration or termination of a Restricted Period with
respect to restricted shares. An employee's "Beneficiary" is a person or persons (natural or otherwise) designated by
such employee, pursuant to a written instrument executed by such employee and filed with the Committee, to receive any benefits
payable hereunder in the event of such employee's death.

 

    	2005 Long Term Incentive Plan	Page 10

    	 

    

 

Section
13Award of Restricted Stock Units 

 

(a)The Committee
may make grants of restricted stock units to employees and in each case shall establish as to each award the vesting period, performance
criteria (if any) and other terms and conditions to which the restricted stock units are subject. A restricted stock unit shall
entitle an employee to receive from the Corporation a share of Common Stock, in all events subject to the vesting period, performance
criteria (if any) and other terms and conditions of the award.

 

(b)Restricted stock
unit awards shall be subject to a minimum vesting period of twelve consecutive months; provided the Committee may provide
for accelerated vesting upon (i) the employee's retirement from employment at or after Retirement Age (as defined in Section 14
hereof), or (ii) the employee's death or total and permanent disability (as defined in Section 15 hereof), or (iii) a
Change in Control (as defined in Section 22 hereof). The Committee may also, in its sole discretion, accelerate the vesting
of any restricted stock unit at any time.

 

(c)Restricted stock
unit awards may be granted so as to qualify for the performance-based exception under Code Section 162(m).

 

Section
14Termination of Employment

 

(a)Unless otherwise
determined by the Committee, in the event that the employment of an employee to whom an option or right has been granted under
the 2005 Plan shall be terminated (except as set forth in Section 15 hereof), such option or right may, subject to the provisions
of the 2005 Plan, be exercised (to the extent that the employee was entitled to do so at the termination of his employment) at
any time within three (3) months after such termination or, in the case of a non-employee director who ceases to serve as
a member of the Board or an employee whose termination results from retirement from employment at or after the attainment of age
65 (the "Retirement Age"), within five (5) years after such cessation of service or termination, but in no event
later than the date on which the option or right expires; provided, however, that, unless otherwise determined by
the Committee, any option or right held by an employee whose employment is terminated for cause (as determined by the Board in
its sole discretion) or an employee who leaves the employ of the Corporation voluntarily shall, to the extent not theretofore exercised,
terminate upon the date of termination of employment; and provided further, that (except as set forth in Section 15
hereof) no incentive stock option may be exercised more than three (3) months after the employee's termination of employment.

 

(b)Unless otherwise
determined by the Committee, if an employee to whom restricted shares have been granted ceases to be an employee of the Corporation
or of a subsidiary prior to the end of the Restricted Period applicable to such shares and the satisfaction of any other conditions
prescribed by the Committee for any reason other than death, total and permanent disability (as defined in Section 15 hereof),
or retirement from employment at or after the Retirement Age, the employee shall immediately forfeit all shares then subject to
such Restricted Period.

 

    	2005 Long Term Incentive Plan	Page 11

    	 

    

 

(c)Unless otherwise
determined by the Committee, if an employee to whom restricted stock units have been awarded ceases to be an employee of the Corporation
or of a subsidiary prior to vesting of all such restricted stock units and the satisfaction of any other conditions prescribed
by the Committee for any reason other than death, total and permanent disability (as defined in Section 15 hereof), or retirement
from employment at or after the Retirement Age, the employee shall immediately forfeit all unvested restricted stock units.

 

(d)Awards granted
under the 2005 Plan shall not be affected by any change of duties or position so long as the holder continues to be an employee
of the Corporation or any subsidiary thereof. Any option, right, restricted share or restricted stock unit agreement, and any rules
and regulations relating to the 2005 Plan, may contain such provisions as the Committee shall approve with reference to the determination
of the date employment terminates and the effect of leaves of absence. Any such rules and regulations with reference to any award
agreement shall be consistent with the provisions of the Code and any applicable rules and regulations thereunder. Nothing in the
2005 Plan or in any award granted pursuant to the 2005 Plan shall confer upon any employee any right to continue in the employ
of the Corporation or any subsidiary or interfere in any way with the right of the Corporation or any subsidiary to terminate such
employment at any time.

 

Section
15Death or Total and Permanent Disability of Employee

 

If an employee to whom
an option or right has been granted under the 2005 Plan shall die or suffer a total and permanent disability while employed by
the Corporation or a subsidiary, such option or right may be exercised, to the extent that the employee was entitled to do so at
the termination of employment (including by reason of death or total and permanent disability), as set forth herein by the employee,
legal guardian of the employee (unless such exercise would disqualify an option as an incentive stock option), a legatee or legatees
of the employee under the employee's last will, or by the employee's personal representatives or distributees, whichever is applicable,
at any time within one (1) year after the date of the employee's death or total and permanent disability, but in no event
later than the date on which the option or right terminates. Notwithstanding the above, if an employee who terminates employment
by reason of total and permanent disability shall die, a legatee or legatees of such employee under the employee's last will, or
the executor of such employee's estate, shall only have the right to exercise such option or right, to the extent that the employee
was entitled to do so at the termination of employment, during the period ending one (1) year after the date of the employee's
termination of employment by reason of total and permanent disability. For purposes hereof, "total and permanent disability"
shall have the meaning set forth in the Corporation's long-term disability policy.

 

Section
16[DELETED]

 

    	2005 Long Term Incentive Plan	Page 12

    	 

    

 

Section
17Adjustments upon Changes in Capitalization, etc.

 

Notwithstanding any
other provision of the 2005 Plan, the Committee shall adjust the 2005 Plan, the number and class of shares available thereunder
and any outstanding options, rights, restricted shares or restricted stock units to prevent material dilution or enlargement, including
adjustments in the event of changes in the outstanding Common Stock by reason of stock dividends, split-ups, recapitalizations,
mergers, consolidations, combinations or exchanges of shares, separations, reorganizations, liquidations and the like. In the event
of any offer to holders of Common Stock generally relating to the acquisition of their shares, the Committee may make such adjustment
as it deems equitable in respect to outstanding options, rights, restricted shares and restricted stock units including, in the
Committee's discretion, revision of outstanding options, rights, restricted shares and restricted stock units so that they may
be exercisable or redeemable for or payable in the consideration payable in the acquisition transaction. Any such determination
by the Committee shall be conclusive. Any fractional shares resulting from such adjustments to options, rights, restricted shares
or restricted stock units shall be eliminated.

 

Section
18Termination and Amendment

 

The Board shall have
the right to amend, suspend or terminate the 2005 Plan at any time; provided, however, that an amendment shall be
subject to stockholder approval if such approval is required to comply with the Code, the rules of any securities exchange or market
system on which securities of the Company are listed or admitted to trading at the time such amendment is adopted or any other
applicable laws. The Board may delegate to the Committee all or any portion of its authority under this Section 18. If the
2005 Plan is terminated, the terms of the 2005 Plan shall, notwithstanding such termination, continue to apply to awards granted
prior to such termination. In addition, except in the case of adjustments made pursuant to Section 17 hereof, no suspension,
termination, modification or amendment of the 2005 Plan may, without the consent of the employee to whom an award shall theretofore
have been granted, adversely affect the rights of such employee under such award.

 

Section
19Withholding Tax

 

(a)The Corporation
shall have the right to deduct from all amounts paid in cash under the 2005 Plan in consequence of the exercise of an option or
right any taxes required by law to be withheld with respect to such cash payments. Where an employee or other person is entitled
to receive shares of Common Stock pursuant to the exercise of an option or a right pursuant to the 2005 Plan, or the vesting of
a restricted stock unit, the Corporation shall have the right to require the employee or such other person to pay to the Corporation
the amount of any taxes that the Corporation is required to withhold with respect to such shares or, in lieu thereof, to retain,
or sell without notice, a sufficient number of such shares to cover the amount required to be withheld. Upon the disposition (within
the meaning of Section 424(c) of the Code) of shares of Common Stock acquired pursuant to the exercise of an incentive stock
option prior to the expiration of the holding period requirements of Section 422(a)(1) of the Code, the employee shall be
required to give notice to the Corporation of such disposition and the Corporation shall have the right to require the payment
of the amount of any taxes that are required by law to be withheld with respect to such disposition.

 

    	2005 Long Term Incentive Plan	Page 13

    	 

    

 

(b)Upon termination
of the Restricted Period with respect to any restricted shares (or such earlier time, if any, as an election is made by the employee
under Section 83(b) of the Code, or any successor provisions thereto, to include the value of such shares in taxable income),
the Corporation shall have the right to require the employee or other person receiving shares of Common Stock in respect of such
restricted shares to pay to the Corporation the amount of taxes that the Corporation is required to withhold with respect to such
shares of Common Stock or, in lieu thereof, to retain or sell without notice a sufficient number of shares of Common Stock held
by it to cover the amount required to be withheld. The Corporation shall have the right to deduct from all dividends paid with
respect to restricted shares the amount of taxes that the Corporation is required to withhold with respect to such dividend payments.

 

Section
20Written Agreements

 

Each award of options,
rights, restricted shares or restricted stock units shall be evidenced by a written agreement, executed by the employee and the
Corporation, which shall contain such restrictions, terms and conditions as the Committee may require.

 

Section
21Effect on Other Stock Plans

 

The adoption of the
2005 Plan shall have no effect on awards made or to be made pursuant to other plans covering employees of the Corporation or its
subsidiaries, or any predecessors or successors thereto.

 

Section
22Change in Control

 

(a)For purposes
of this 2005 Plan, the phrase "Change in Control" means a change in ownership or control of the Corporation effected
through any of the following means:

 

(i)a
merger or consolidation of the Corporation with or into another entity, or the exchange of securities (other than a merger or consolidation)
by the holders of the voting securities of the Corporation and the holders of voting securities of any other entity, in either
case in which the stockholders of the Corporation immediately before the transaction do not own 50% or more of the combined voting
power of the voting securities of the surviving entity or its parent immediately after the transaction;

 

(ii)any
merger in which the Corporation is the surviving entity but in which securities possessing more than 50% of the total combined
voting power of the Corporation's outstanding securities are transferred to a person or persons different from the persons holding
those securities immediately prior to such merger;

 

(iii)the
sale, transfer or other disposition of all or substantially all of the assets of the Corporation in complete liquidation or dissolution
of the Corporation;

 

(iv)the
acquisition, at any time after the date hereof, by any "person" or "group" of "beneficial ownership"
(as each such term is used in Regulation 13D promulgated under the 1934 Act) of securities possessing more than 50% of the
total combined voting power of the Corporation's outstanding securities pursuant to a tender or exchange offer made to the Corporation's
stockholders the acceptance of which the Board has not recommended; or

 

    	2005 Long Term Incentive Plan	Page 14

    	 

    

 

(v)a
change in the composition of the Board such that individuals who on the day immediately following the effective date of the 2005
Plan (the "Determination Date") constitute the members of the Board and any new director, whose election to the Board
or nomination for election to the Board by the Corporation's stockholders was approved by a vote of at least a majority of the
directors then in office who either were directors at the Determination Date or whose election or nomination for election was previously
so approved, cease for any reason to constitute at least a majority of the Board.

 

(b)Upon the occurrence
of a Change in Control, with respect only to awards held by individuals who are employees or directors of the Corporation (and
their permitted transferees pursuant to Section 11) at the occurrence of the Change in Control, (i) all outstanding rights
and options shall immediately become fully vested and exercisable in full, including that portion of any right or option that pursuant
to the terms and provisions of the applicable award agreement had not yet become exercisable (the total number of shares of Common
Stock to which a right or an option relates is referred to herein as the "Total Shares"); (ii) the Restricted Period
of any restricted shares shall immediately be accelerated and the restrictions shall expire; and (iii) all restricted stock units
shall immediately be fully vested. Nothing in this Section 22(b) shall impose on a holder the obligation to exercise any award
immediately before or upon the Change of Control, nor shall the holder forfeit the right to exercise the award during the remainder
of the original term of the award because of a Change in Control or because the holder's employment is terminated for any reason
following a Change in Control.

 

(c)The Corporation
shall attempt to keep all holders informed with respect to any Change in Control to the same extent that the Corporation informs
its stockholders of any such event.

 

Section
23Headings

 

Headings in this 2005
Plan are inserted for convenience only and are not to be considered in the construction of the provisions hereof.

 

    	2005 Long Term Incentive Plan	Page 15Exhibit 4.2

 

GE DEALER FLOORPLAN MASTER NOTE TRUST,

 

as Issuer,

 

and

 

DEUTSCHE BANK TRUST COMPANY AMERICAS,

 

as Indenture Trustee

 

FORM OF SERIES [_____] INDENTURE SUPPLEMENT

Dated as of [_____]

 

    	Form
                                                                                                                                                                                               of
                                                                                                                                                                                               Indenture
                                                                                                                                                                                               Supplement

    	 

    

 

Table
of Contents

 

	 	 	 	 	Page
	 	 	 	 	 
	ARTICLE I	 	DEFINITIONS	 	1
	 	 	 	 	 
	SECTION 1.1.	 	Definitions	 	1
	SECTION 1.2.	 	Incorporation of Terms	 	12
	 	 	 	 	 
	ARTICLE II	 	Creation of the Series [_____] Notes	 	12
	 	 	 	 	 
	SECTION 2.1.	 	Designation	 	12
	SECTION 2.2.	 	Transfer Restrictions	 	12
	 	 	 	 	 
	ARTICLE III	 	REPRESENTATIONS, WARRANTIES and Covenants	 	13
	 	 	 	 	 
	SECTION 3.1.	 	Representations, Warranties and Covenants with respect to ERISA	 	13
	SECTION 3.2.	 	[Representations, Warranties and Covenants with respect to Net Swap Receipts]	 	13
	 	 	 	 	 
	ARTICLE IV	 	Rights of Series [_____] Noteholders and Allocation and Application of Collections	 	13
	 	 	 	 	 
	SECTION 4.1.	 	Determination of Interest and Principal	 	13
	SECTION 4.2.	 	Establishment of Accounts	 	14
	SECTION 4.3.	 	Calculations and Series Allocations	 	15
	SECTION 4.4.	 	Application of Available Non-Principal Collections and Available Principal Collections	 	18
	SECTION 4.5.	 	Payments	 	22
	SECTION 4.6.	 	Investor Charge-Offs	 	22
	SECTION 4.7.	 	Reallocated Principal Collections	 	22
	SECTION 4.8.	 	Excess Non-Principal Collections	 	23
	SECTION 4.9.	 	Shared Principal Collections	 	23
	SECTION 4.10.	 	[Reserve Account.]	 	23
	SECTION 4.11.	 	Investment of Amounts on Deposit in Series Accounts	 	24
	SECTION 4.12.	 	Controlled Accumulation Period	 	24
	SECTION 4.13.	 	[Determination of LIBOR.]	 	25
	SECTION 4.14.	 	[Swaps]	 	26
	 	 	 	 	 
	ARTICLE V	 	Delivery of Series [_____] Notes; Reports to Series [_____] Noteholders	 	26
	 	 	 	 	 
	SECTION 5.1.	 	Delivery and Payment for the Series [_____] Notes	 	26
	SECTION 5.2.	 	Reports and Statements to Series [_____] Noteholders	 	26
	 	 	 	 	 
	ARTICLE VI	 	Series [_____] Early Amortization Events	 	27
	 	 	 	 	 
	SECTION 6.1.	 	Series [_____] Early Amortization Events	 	27

 

    	 	-i-	Form of Indenture Supplement

    	 

    

 

Table
of Contents

(continued)

 

	 	 	 	 	Page
	 	 	 	 	 
	ARTICLE VII	 	Redemption of Series [_____] Notes; Final Distributions; Series Termination	 	29
	 	 	 	 	 
	SECTION 7.1.	 	Optional Redemption of Series [_____] Notes; Final Distributions	 	29
	SECTION 7.2.	 	Series Termination	 	30
	 	 	 	 	 
	ARTICLE VIII	 	Miscellaneous Provisions	 	30
	 	 	 	 	 
	SECTION 8.1.	 	Ratification of Indenture; Amendments	 	30
	SECTION 8.2.	 	Form of Delivery of the Series [_____] Notes	 	31
	SECTION 8.3.	 	Counterparts	 	31
	SECTION 8.4.	 	GOVERNING LAW	 	31
	SECTION 8.5.	 	Limitation of Liability	 	32
	SECTION 8.6.	 	Rights of the Indenture Trustee	 	32
	SECTION 8.7.	 	No Petition	 	32
	SECTION 8.8.	 	Notes to be Treated as Debt for Tax	 	33
	SECTION 8.9.	 	Notice Address for Rating Agencies	 	33

 

	EXHIBIT A-1	FORM OF CLASS A NOTE
	EXHIBIT A-2	FORM OF CLASS B NOTE
	EXHIBIT A-3	FORM OF CLASS C NOTE
	EXHIBIT B	FORM OF MONTHLY SERVICER’S CERTIFICATE
	 	 
	SCHEDULES 	 
	 	 
	[SCHEDULE I]	[PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS (With Respect to NET SWAP RECEIPTS)]

 

    	 	-ii-	Form of Indenture Supplement

    	 

    

 

This SERIES [_____]
INDENTURE SUPPLEMENT, dated as of [_____] (this “Indenture Supplement”), is between GE DEALER FLOORPLAN
MASTER NOTE TRUST, a Delaware statutory trust (herein, the “Issuer” or the “Trust”), and
DEUTSCHE BANK TRUST COMPANY AMERICAS, a New York banking corporation, not in its individual capacity, but solely as indenture trustee
(herein, together with its successors thereunder as provided in the Indenture referred to below, the “Indenture Trustee”)
under the Master Indenture, dated as of August 12, 2004 (as amended or supplemented, the “Indenture”), between
the Issuer and the Indenture Trustee (as successor in interest to Wilmington Trust Company).

 

The Principal Terms
of Series [_____] are set forth in this Indenture Supplement.

 

ARTICLE
I

DEFINITIONS

 

SECTION 1.1. Definitions.

 

(a)          Capitalized
terms used and not otherwise defined herein are used as defined in Section 1.1 of the Indenture. This Indenture Supplement
shall be interpreted in accordance with the conventions set forth in Section 1.2 of the Indenture.

 

(b)         Each capitalized
term defined herein relates only to Series [_____] and to no other Series. Whenever used in this Indenture Supplement, the following
words and phrases shall have the following meanings:

 

“Accumulation
Shortfall” means (a) for the first Transfer Date during the Controlled Accumulation Period, zero; and (b) thereafter,
for any Transfer Date during the Controlled Accumulation Period, the excess, if any, of the Controlled Deposit Amount for the previous
Payment Date over the amount deposited into the Principal Account pursuant to Section 4.4(c)(i) for the previous Transfer
Date.

 

“Addition
Date” is defined in the First Tier Agreement.

 

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

 

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

 

“Allocation
Percentage” means, with respect to any Monthly Period, the percentage equivalent of a fraction (which shall not exceed
one hundred percent (100%)):

 

(a)   the
numerator of which shall be equal to:

 

(i) for Non-Principal
Collections and the Default Amount at all times and for Principal Collections during the Revolving Period, the Collateral Amount
at the end of the last day of the prior Monthly Period or, in the case of the Monthly Period during which the Closing Date occurs,
the Closing Date; and

 

    	 	 	Form of Indenture Supplement

    	 

    

 

(ii) for Principal
Collections during the Controlled Accumulation Period and the Early Amortization Period, the Collateral Amount at the end of the
last day of the Revolving Period; provided that on and after the date on which an amount equal to the Note Principal Balance
and the Principal Overcollateralization Amount has been deposited into the Principal Account, the numerator for Principal Collections
shall equal zero; and

 

(b)
 the denominator of which shall be the greater of (i) the result of (x) the Aggregate Principal Receivables as of the
opening of business on the first day of the Monthly Period for which the Allocation Percentage is being determined minus
(y) the sum of the aggregate amount of each Dealer Overconcentration, Manufacturer Overconcentration and Product Line
Overconcentration as determined on the Determination Date falling in the Monthly Period for which the Allocation Percentage
is being determined, and (ii) the sum of the numerators used to calculate the allocation percentages for allocations with
respect to Non-Principal Collections, Principal Collections or the Default Amount, as applicable, for all outstanding Series
on the day for which the Allocation Percentage is being determined. For purposes of subclause (ii) of this clause (b), the
Collateral Amount for the Series [_____] Notes shall be included in the calculation beginning on [the first day of the
Monthly Period that includes] the Closing Date.

 

“Available
Non-Principal Collections” means, for any Transfer Date, an amount equal to the sum of (a) the Investor
Non-Principal Collections for the preceding Monthly Period, (b) the Series [_____] Excess Non-Principal Collections for such
Transfer Date and (c) Investment Earnings for the related Payment Date[, and (d) any Net Swap Receipts for such Transfer
Date].

 

“Available
Principal Collections” means, for any Transfer Date, an amount equal to (a) the Investor Principal Collections
for the preceding Monthly Period, minus (b) the amount of Reallocated Principal Collections with respect to such
Transfer Date which pursuant to Section 4.7 are required to be applied on the related Payment Date, plus
(c) without duplication, the sum of (i) any Shared Principal Collections with respect to other Principal Sharing Series
(including any amounts on deposit in the Excess Funding Account that are allocated to Series [_____] for application as
Shared Principal Collections), (ii) the aggregate amount to be treated as Available Principal Collections pursuant to Sections
4.4(a)(vi) and (vii), (iii) during the Controlled Accumulation
Period or an Early Amortization Period, the amount of Available Non-Principal Collections used to make a deposit in the
Principal Account or to pay principal on the Series [_____] Notes pursuant to Sections 4.4(a)(x) and (xii) for
the related Payment Date[, and (iv) any distribution of amounts on deposit in the Reserve Account on the Series [_____] Final
Maturity Date pursuant to Section 4.10].

 

[“Available
Reserve Account Amount” means, for any Transfer Date, an amount equal to the lesser of (a) the amount on deposit in the
Reserve Account (exclusive of Investment Earnings on such date and before giving effect to any deposit to, or withdrawal from,
the Reserve Account made or to be made with respect to such date) and (b) the Required Reserve Account Amount, in each case on
such Transfer Date.]

 

    	 	2	Form of Indenture Supplement

    	 

    

 

“Benefit Plan”
means (i) an “employee benefit plan” as defined in Section 3(3) of ERISA, that is subject to Title I of ERISA, (ii)
a “plan” as defined in Section 4975(e)(1) of the Code that is subject to Section 4975 of the Code or (iii) an entity
whose underlying assets include plan assets by reason of investment by an employee benefit plan or plan in such entity.

 

[“Class A
Counterparty” means [                      ]
or the counterparty under any interest rate swap with respect to the Class A Notes obtained pursuant to Section 4.15.]

 

“Class A Monthly
Interest” is defined in Section 4.1(a).

 

[“Class A
Net Swap Payment” means, with respect to any Payment Date, any net amount payable by the Issuer under the Class A Swap
as a result of LIBOR being less than the Class A Swap Rate. For the avoidance of doubt, Class A Net Swap Payments do not include
early termination payments or payment of breakage or other miscellaneous costs.]

 

[“Class A
Net Swap Receipt” means, with respect to any Payment Date, any net amount payable by the Class A Counterparty as a result
of LIBOR being greater than the Class A Swap Rate. For the avoidance of doubt, Class A Net Swap Receipts do not include early termination
payments.]

 

“Class A Note
Initial Principal Balance” means $[_____].

 

“Class A Note
Interest Rate” means a per annum rate of [__]% [in excess of LIBOR as determined on the LIBOR Determination Date for
the applicable Interest Period].

 

“Class A Note
Principal Balance” means, on any date of determination, an amount equal to (a) the Class A Note Initial Principal Balance,
minus (b) the aggregate amount of principal payments made to the Class A Noteholders on or prior to such date.

 

“Class A Noteholder”
means the Person in whose name a Class A Note is registered in the Note Register.

 

“Class A Notes”
means any one of the Notes executed by the Issuer and authenticated by or on behalf of the Indenture Trustee, substantially in
the form of Exhibit A-1.

 

“Class A Required
Amount” means, for any Payment Date, an amount equal to the excess of the sum of the amounts described in Sections
4.4(a)(i), (ii) and (iii) over Available Non-Principal
Collections applied to pay such amount pursuant to Section 4.4(a).

 

[“Class A
Swap” means the interest rate swap agreement with respect to the Class A Notes between the Trust and the Class A Counterparty
entered into on the date hereof, or an interest rate swap agreement in such other form as shall have satisfied the Rating Agency
Condition.]

 

[“Class A
Swap Rate” means [___]% per annum.]

 

[“Class B
Counterparty” means [_____] .or the counterparty under any interest rate swap with respect to the Class B Notes obtained
pursuant to Section 4.15.]

 

    	 	3	Form of Indenture Supplement

    	 

    

 

“Class B Monthly
Interest” is defined in Section 4.1(b).

 

[“Class B
Net Swap Payment” means, with respect to any Payment Date, any net amount payable by the Issuer under the Class B Swap
as a result of LIBOR being less than the Class B Swap Rate. For the avoidance of doubt, Class B Net Swap Payments do not include
early termination payments or payment of breakage or other miscellaneous costs.]

 

[“Class B
Net Swap Receipt” means, with respect to any Payment Date, any net amount payable by the Class B Counterparty as a result
of LIBOR being greater than the Class B Swap Rate. For the avoidance of doubt, Class B Net Swap Receipts do not include early termination
payments.]

 

“Class B Note
Initial Principal Balance” means $[_____].

 

“Class B Note
Interest Rate” means a per annum rate of [__]% [in excess of LIBOR as determined on the LIBOR Determination Date for
the applicable Interest Period].

 

“Class B Note
Principal Balance” means, on any date of determination, an amount equal to (a) the Class B Note Initial Principal Balance,
minus (b) the aggregate amount of principal payments made to the Class B Noteholders on or prior to such date.

 

“Class B Noteholder”
means the Person in whose name a Class B Note is registered in the Note Register.

 

“Class B Notes”
means any one of the Notes executed by the Issuer and authenticated by or on behalf of the Indenture Trustee, substantially in
the form of Exhibit A-2.

 

“Class B Required
Amount” means, for any Payment Date, an amount equal to the excess of the amount described in Section 4.4(a)(iv)
over Available Non-Principal Collections applied to pay such amount pursuant to Section 4.4(a).

 

[“Class B
Swap” means the interest rate swap agreement between the Trust and the Class B Counterparty entered into on the date
hereof, or an interest rate swap agreement in such other form as shall have satisfied the Rating Agency Condition.]

 

[“Class B
Swap Rate” means [___]% per annum.]

 

[“Class C
Counterparty” means [_____] or the counterparty under any interest rate swap with respect to the Class C Notes obtained
pursuant to Section 4.15.]

 

“Class C Monthly
Interest” is defined in Section 4.1(c).

 

[“Class C
Net Swap Payment” means, with respect to any Payment Date, any net amount payable by the Issuer under the Class C Swap
as a result of LIBOR being less than the Class C Swap Rate. For the avoidance of doubt, Class C Net Swap Payments do not include
early termination payments or payment of breakage or other miscellaneous costs.]

 

    	 	4	Form of Indenture Supplement

    	 

    

 

[“Class C
Net Swap Receipt” means, with respect to any Payment Date, any net amount payable by the Class C Counterparty as a result
of LIBOR being greater than the Class C Swap Rate. For the avoidance of doubt, Class C Net Swap Receipts do not include early termination
payments.]

 

“Class C Note
Initial Principal Balance” means $[_____].

 

“Class C Note
Interest Rate” means a per annum rate of [__]% [in excess of LIBOR as determined on the LIBOR Determination Date for
the applicable Interest Period].

 

“Class C Note
Principal Balance” means, on any date of determination, an amount equal to (a) the Class C Note Initial Principal Balance,
minus (b) the aggregate amount of principal payments made to the Class C Noteholders on or prior to such date.

 

“Class C Noteholder”
means the Person in whose name a Class C Note is registered in the Note Register.

 

“Class C Notes”
means any one of the Notes executed by the Issuer and authenticated by or on behalf of the Indenture Trustee, substantially in
the form of Exhibit A-3.

 

“Class C Required
Amount” means with respect to any Payment Date, an amount equal to the excess of the amount described in Section 4.4(a)(v)
over Available Non-Principal Collections applied to pay such amount pursuant to Section 4.4(a).

 

[“Class C
Swap” means the interest rate swap agreement with respect to the Class C Notes between the Trust and the Class C Counterparty
entered into on the date hereof, or an interest rate swap agreement in such other form as shall have satisfied the Rating Agency
Condition.]

 

[“Class C
Swap Rate” means [___]% per annum.]

 

“Closing Date”
means [_____].

 

“Code”
means the Internal Revenue Code of 1986, as amended.

 

“Collateral
Amount” means, as of any date of determination, an amount equal to the excess, if any, of (a) the Note Principal Balance
on such date plus the Principal Overcollateralization Amount on such date, over (b) the excess, if any, of (i) the
aggregate amount of Investor Charge-Offs and Reallocated Principal Collections over (ii) the reimbursements of such
Investor Charge-Offs and Reallocated Principal Collections pursuant to Section 4.4(a)(vii)
prior to such date of determination. For avoidance of doubt, the Collateral Amount cannot be less than zero.

 

“Controlled
Accumulation Amount” for each Transfer Date with respect to the Controlled Accumulation Period will be equal to (i) the
sum of the Note Principal Balance and the Principal Overcollateralization Amount as of the last day of the Revolving Period divided
by (ii) the Controlled Accumulation Period Length; provided that the Controlled Accumulation Amount for any Payment
Date shall not exceed the sum of the Note Principal Balance and the Principal Overcollateralization Amount, minus any amount already
on deposit in the Principal Account on such Transfer Date.

 

    	 	5	Form of Indenture Supplement

    	 

    

 

“Controlled
Accumulation Date” means [_____], subject to adjustment pursuant to Section 4.12.

 

“Controlled
Accumulation Period” means, unless an Early Amortization Event shall have occurred prior thereto, the period commencing
at the opening of business on the Controlled Accumulation Date and ending on the earliest to occur of (a) the commencement of the
Early Amortization Period, (b) the Series Maturity Date, and (c) the date on which the Note Principal Balance and the Principal
Overcollateralization Amount have been paid in full.

 

“Controlled
Accumulation Period Length” is defined in Section 4.12.

 

“Controlled
Deposit Amount” means, for any Transfer Date with respect to the Controlled Accumulation Period, an amount equal to the
sum of the Controlled Accumulation Amount for such Payment Date and any existing Accumulation Shortfall.

 

[“Counterparty”
means the Class A Counterparty, the Class B Counterparty or the Class C Counterparty.]

 

“Default Rate”
means, for any Monthly Period, the product of (a) a fraction (expressed as a percentage), (i) the numerator of which is (x) the
Default Amount for such Monthly Period (calculated as of the end of the last day of such Monthly Period), minus (y) with respect
to any Monthly Period after the March 2013 Monthly Period, the portion of the Default Amount allocated to the Transferor pursuant
to Sections 8.4(d), (e) and (f) of the Master Indenture and (ii) the denominator of which is (x) the
Combined Outstanding Principal Balances as of the beginning of such Monthly Period, minus (y) with respect to any Monthly Period
after the March 2013 Monthly Period, the sum of the aggregate amount of each Dealer Overconcentration, Manufacturer Overconcentration
and Product Line Overconcentration as determined on the Determination Date falling in such Monthly Period times (b) 12.

 

[“Designated
Maturity” means, for any LIBOR Determination Date, one month; provided that LIBOR for the initial Interest Period
will be determined by straight-line interpolation (based on the actual number of days in the initial Interest Period) between two
rates determined in accordance with Section 4.13, one of which will be determined for a Designated Maturity of one month
and the other of which will be determined for a Designated Maturity of [___] months.]

 

“Distribution
Account” means the account designated as such, established and owned by the Issuer and maintained in accordance with
Section 4.2.

 

“Early Amortization
Period” means the period commencing on the date on which a Trust Early Amortization Event or a Series [_____] Early Amortization
Event is deemed to occur and ending on the Series Maturity Date. Notwithstanding anything to the contrary in this Indenture Supplement,
an Early Amortization Period that commences before the Controlled Accumulation Date may terminate, and the Revolving Period may
recommence, if the Rating Agency Condition is satisfied.

 

    	 	6	Form of Indenture Supplement

    	 

    

 

“Expected
Principal Payment Date” means the Payment Date in [_____].

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended.

 

“Group One”
means Series [_____] and each other outstanding Series specified in the related Indenture Supplement to be included in Group One.

 

“Indenture”
is defined in the preamble.

 

“Indenture
Trustee” is defined in the preamble.

 

“Ineligible
Receivables” means Receivables that are not Eligible Receivables (as such term is defined in the First Tier Agreement).

 

“Initial Collateral
Amount” means the sum of (i) the Class A Note Initial Principal Balance, (ii) the Class B Note Initial Principal Balance,
(iii) the Class C Note Initial Principal Balance and (iv) the Principal Overcollateralization Amount on the Closing Date.

 

“Interest
Period” means, for any Payment Date, the period from and including the Payment Date immediately preceding such Payment
Date (or, in the case of the first Payment Date, from and including the Closing Date) to but excluding such Payment Date.

 

“Investment
Earnings” means, for any Payment Date, all interest and earnings on Permitted Investments included in the Series Accounts
(net of losses and investment expenses) during the period commencing on and including the Payment Date immediately preceding such
Payment Date and ending on but excluding such Payment Date.

 

“Investor
Charge-Offs” is defined in Section 4.6.

 

“Investor
Default Amount” means for any date of determination with respect to the prior Monthly Period, the product of (a) the
Default Amount for such Monthly Period, after giving effect to any allocation of a portion of such Default Amount to the Transferor
pursuant to Section 8.4 of the Indenture, and (b) the Allocation Percentage with respect to such Monthly Period.

 

“Investor
Non-Principal Collections” means, for any Monthly Period, an amount equal to the aggregate amount of Non-Principal Collections
retained or deposited in the Non-Principal Account for Series [_____] pursuant to Section 4.3(b)(i) for such Monthly Period.

 

“Investor
Principal Collections” means, for any Monthly Period, an amount equal to the aggregate amount of Principal Collections
retained or deposited in the Principal Account for Series [_____] pursuant to Section 4.3(b)(ii) for such Monthly Period.

 

“Issuer”
is defined in the preamble.

 

[“LIBOR”
means, for any Interest Period, the London interbank offered rate for the Designated Maturity for United States dollar deposits
determined by the Indenture Trustee for each Interest Period in accordance with the provisions of Section 4.13.]

 

    	 	7	Form of Indenture Supplement

    	 

    

 

[“LIBOR Determination
Date” means (i) with respect to the first Interest Period, [_____], and (ii) with respect to any Interest Period thereafter,
the second London Business Day prior to the commencement of such Interest Period.]

 

[“London Business
Day” means any day on which dealings in deposits in United States dollars are transacted in the London interbank market.]

 

“Minimum Free
Equity Percentage” means, as of any Determination Date, [___] percent ([__]%).

 

“Monthly Interest”
means, for any Payment Date, the sum of the Class A Monthly Interest, the Class B Monthly Interest and the Class C Monthly Interest
for such Payment Date.

 

“Monthly Payment
Rate” means, for any Monthly Period, a fraction (expressed as a percentage), (a) the numerator of which is (x) the Principal
Collections during such Monthly Period, minus (y) with respect to any Monthly Period after the March 2013 Monthly Period, the portion
of such Principal Collections allocated to the Transferor pursuant to Sections 8.4(d), (e) and (f) of the
Master Indenture, and (b) the denominator of which is (x) the Combined Outstanding Principal Balances as of the beginning of such
Monthly Period, minus (y) with respect to any Monthly Period after the March 2013 Monthly Period, the sum of the aggregate amount
of each Dealer Overconcentration, Manufacturer Overconcentration and Product Line Overconcentration determined on the Determination
Date falling in such Monthly Period.

 

“Monthly Period”
means, as to each Payment Date, the preceding calendar month.

 

“Monthly Principal”
is defined in Section 4.1(d).

 

“Monthly Principal
Reallocation Amount” means, for any Transfer Date, an amount equal to the sum of:

 

(A) the lesser of (i)
the excess, if any, of (x) the amount needed to make the payments described in Sections 4.4(a)(i) through (iii) over
(y) the amount of Non-Principal Collections [and amounts withdrawn from the Reserve Account] that are available to cover the payments
described in Sections 4.4(a)(i) through (iii), and (ii) the excess, if any, of (x) the sum of the Class A Note Initial
Principal Balance, the Class B Note Initial Principal Balance, the Class C Note Initial Principal Balance and the Principal Overcollateralization
Amount over (y) the sum of (I) the amount of unreimbursed Investor Charge-Offs after giving effect to Investor Charge-Offs
for the related Monthly Period, and (II) the amount of unreimbursed Reallocated Principal Collections as of the previous Payment
Date;

 

(B) the lesser of (i)
the excess, if any, of (x) the amount needed to make the payment described in Section 4.4(a)(iv) over (y) the amount
of Non-Principal Collections [and amounts withdrawn from the Reserve Account] that are available to cover the payment described
in Section 4.4(a)(iv) and (ii) the excess, if any, of (x) the sum of the Class B Note Initial Principal Balance, the Class
C Note Initial Principal Balance and the Principal Overcollateralization Amount over (y) the sum of (I) the amount of unreimbursed
Investor Charge-Offs after giving effect to Investor Charge-Offs for the related Monthly Period, and (II) the amount of unreimbursed
Reallocated Principal Collections as of the previous Payment Date and after giving effect to the reallocation of Principal Collections
to make the payments described in Sections 4.4(a)(i) through (iii) in respect of the then-current Payment Date;
and

 

    	 	8	Form of Indenture Supplement

    	 

    

 

(C) the lesser of (i)
the excess, if any, of (x) the amount needed to make the payments described in Section 4.4(a)(v) over (y) the amount
of Non-Principal Collections [and amounts withdrawn from the Reserve Account] that are available to cover the payment described
in Section 4.4(a)(v) and (ii) the excess, if any, of (x) the sum of the Class C Note Initial Principal Balance and the Principal
Overcollateralization Amount over (y) the sum of (I) the amount of unreimbursed Investor Charge-Offs after giving effect
to Investor Charge-Offs for the related Monthly Period, and (II) the amount of unreimbursed Reallocated Principal Collections as
of the previous Payment Date and after giving effect to the reallocation of Principal Collections to make the payments described
in Sections 4.4(a)(i) through (iv) in respect of the then-current Payment Date.

 

“Net Swap
Receipts” means, for any Payment Date, collectively, the Class A Net Swap Receipt, the Class B Net Swap Receipt and the
Class C Net Swap Receipt for such Payment Date.

 

“Non-Principal
Account” means the account designated as such, established and owned by the Issuer and maintained in accordance with
Section 4.2.

 

“Non-Principal
Shortfall” is defined in Section 4.8.

 

“Note Principal
Balance” means, on any date of determination, an amount equal to the sum of the Class A Note Principal Balance, the Class
B Note Principal Balance and the Class C Note Principal Balance.

 

“Noteholder
Servicing Fee” means, for any Transfer Date, an amount equal to one-twelfth of the product of (a) the Series Servicing
Fee Percentage and (b) the Collateral Amount as of the last day of the Monthly Period preceding such Transfer Date; provided,
that with respect to the Transfer Date relating to the first Payment Date, the Noteholder Servicing Fee shall be calculated based
on the Collateral Amount as of the Closing Date and shall be an amount equal to the product of (a) the product of (I) the Series
Servicing Fee Percentage and (II) the Collateral Amount as of the Closing Date and (b) the number of days from and including the
Closing Date to and including the last day of the month ending prior to such Payment Date divided by 360.

 

“Payment Date”
means the twentieth (20th) day of each calendar month, or if such twentieth (20th) day is not a Business
Day, the next succeeding Business Day; provided, that the first Payment Date for Series [_____] shall be [_____].

 

“Principal
Account” means the account designated as such, established and owned
by the Issuer and maintained in accordance with Section 4.2.

 

“Principal
Overcollateralization Amount” means, on any date of determination, an amount equal to (a) $[_____] minus (b) the
aggregate amount of Principal Collections released to the Issuer in reduction of the Principal Overcollateralization Amount pursuant
to Sections 4.4(c)(ii), 4.4(e) and Section 7.1(d)(viii).

 

    	 	9	Form of Indenture Supplement

    	 

    

 

“Principal
Shortfall” is defined in Section 4.9.

 

“Rating Agency”
means, as of any date and with respect to any Class of the Series [_____] Notes, the nationally recognized statistical rating
organizations that have been requested by the Transferor to provide ratings of such class and that are rating the Series [_____]
Notes on such date.

 

“Rating Agency
Condition” means, with respect to Series [_____] and any action, that each Rating Agency shall have been given 10 days’
prior written notice (or, if 10 days’ advance notice is impracticable, as much advance notice as is practicable) delivered
to each applicable rating agency as provided in Section 8.9.

 

“Reallocated
Principal Collections” is defined in Section 4.7.

 

“Reassignment
Amount” means, for any Transfer Date, after giving effect to any deposits and payments otherwise to be made on the related
Payment Date, the sum of (i) the Note Principal Balance on such Payment Date, plus (ii) Monthly Interest for such Payment
Date and any Monthly Interest previously due but not distributed to the Series [_____] Noteholders, plus (iii) the Principal
Overcollateralization Amount and all required yield payments on the Principal Overcollateralization Amount, plus (iv) without
duplication, the other amounts specified in Section 7.1(d)[, plus (v) any amounts owing to any Counterparty pursuant
to the terms of the Class A Swap, Class B Swap or Class C Swap].

 

“Record Date”
means, for purposes of Series [_____] with respect to any Payment Date, the date falling five (5) Business Days prior to such date.

 

“Reference
Banks” means four major banks in the London interbank market selected by the Master Servicer.

 

[“Required
Reserve Account Amount” means, for any Transfer Date, an amount equal to (a) the product of (i) the Required Reserve
Account Percentage for such Transfer Date and (ii) the Note Principal Balance as of the Closing Date; provided that, prior
to the occurrence of an Event of Default and the acceleration of the Series [_____] Notes, the Required Reserve Account Amount
will never exceed the Note Principal Balance (after taking into account any payments to be made on the following Payment Date),
or (b) any other amount designated by the Transferor; provided that if such designation is of a lesser amount, the Transferor shall
(i) provide the Indenture Trustee with evidence that the Rating Agency Condition shall have been satisfied and (ii) deliver to
the Indenture Trustee a certificate of an Authorized Officer to the effect that, based on the facts known to such officer at such
time, in the reasonable belief of the Transferor, such designation will not cause an Early Amortization Event to occur with respect
to Series [_____].]

 

[“Required
Reserve Account Percentage” means [_____] percent ([__]%).]

 

[“Reserve
Account” means the account designated as such, established and owned
by the Issuer and maintained in accordance with Section 4.2.]

 

[“Reserve
Account Deficiency” means the excess, if any, of the Required Reserve Account Amount over the Available Reserve
Account Amount.]

 

    	 	10	Form of Indenture Supplement

    	 

    

 

“Revolving
Period” means the period beginning on the Closing Date and ending at the close of business on the day immediately preceding
the earlier of the day the Controlled Accumulation Period commences or the day the Early Amortization Period commences.

 

“Series [_____]”
means the Series the terms of which are specified in this Indenture Supplement.

 

“Series [_____]
Early Amortization Event” is defined in Section 6.1. The Series [_____] Early Amortization Events are, with
respect to Series [_____], the Early Amortization Events contemplated by clause (a) of the definition of Early Amortization Event
in the Indenture.

 

“Series [_____]
Excess Non-Principal Collections” means Excess Non-Principal Collections allocated from other Series in Group One to
Series [_____] pursuant to Section 8.6 of the Indenture.

 

“Series [_____]
Final Maturity Date” means the Payment Date in [_____].

 

“Series [_____]
Note” means any one of the Class A Notes, Class B Notes or Class C Notes executed by the Issuer and authenticated by
or on behalf of the Indenture Trustee, substantially in the form of Exhibit A-1,
A-2 or A-3, respectively.

 

“Series [_____]
Noteholder” means the Person in whose name a Series [_____] Note is registered in the Note Register.

 

“Series
Accounts” is defined in Section 4.2.

 

“Series Allocation
Percentage” means, with respect to any Transfer Date, the percentage equivalent of a fraction, the numerator of which
is the numerator used in determining the Allocation Percentage for Non-Principal Collections for the preceding Monthly Period and
the denominator of which is the sum of the numerators used in determining the Allocation Percentage for Non-Principal Collections
for all outstanding Series for the preceding Monthly Period (or, if for any Series for which there are two or more such numerators,
the daily average of the numerators applicable during the preceding Monthly Period).

 

“Series Maturity
Date” means the earliest to occur of (a) the date on which the Note Principal Balance is paid in full and the Principal
Overcollateralization Amount has been paid in full, (b) the date on which the Collateral Amount is reduced to zero and (c) the
Series [_____] Final Maturity Date.

 

“Series Servicing
Fee Percentage” means [_____] percent ([__]%) per annum.

 

“Servicer
Advance” is defined in the Servicing Agreement.

 

“Similar Law”
means any applicable law that is substantially similar to the fiduciary responsibility or prohibited transaction provisions of
ERISA or Section 4975 of the Code.

 

“Target Amount”
is defined in Section 4.3(b)(i).

 

    	 	11	Form of Indenture Supplement

    	 

    

 

“Trust” is defined in
the preamble.

 

SECTION 1.2. Incorporation
of Terms. The terms of the Indenture are incorporated in this Indenture Supplement as if set forth in full herein. As supplemented
by this Indenture Supplement, the Indenture is in all respects ratified and confirmed and both together shall be read, taken and
construed as one and the same agreement. If the terms of this Indenture Supplement and the terms of the Indenture conflict, the
terms of this Indenture Supplement shall control with respect to Series [_____].

 

ARTICLE
II

Creation
of the Series [_____] Notes

 

SECTION 2.1. Designation.

 

(a)          There is hereby
created and designated a Series of Notes to be issued pursuant to the Indenture and this Indenture Supplement to be known as “GE
Dealer Floorplan Master Note Trust, Series [_____]” or the “Series [_____] Notes.” The Series [_____]
Notes shall be issued in three Classes, known as the “Class A Series [_____] Asset Backed Notes”, the “Class
B Series [_____] Asset Backed Notes” and the “Class C Series [_____] Asset Backed Notes.”

 

(b)          Series [_____]
shall be included in Group One and shall be a Principal Sharing Series. Series [_____] shall be an Excess Allocation Series with
respect to Group One only. Series [_____] shall not be subordinated to any other Series.

 

(c)          The Class A
Notes shall be issuable only in minimum denominations of at least [_____] dollars ($[_____]) and in integral multiples of [one
thousand] dollars ($[1,000]). The Class B Notes shall be issuable only in minimum denominations of at
least [_____] dollars ($[_____]) and in integral multiples
of [one thousand] dollars ($[1,000]). The Class C Notes shall be issuable only in minimum denominations of at least [_____]
dollars ($[_____]) and in greater whole number denominations. 

 

SECTION 2.2. Transfer
Restrictions. Each Class A Note, Class B Note and Class C Note will bear a legend to the effect of the following unless determined
otherwise by the Administrator (as certified to the Indenture Trustee in an Officer’s Certificate) consistent with applicable
law:

 

THE HOLDER
OF THIS NOTE BY ITS ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST THEREIN, SHALL BE DEEMED TO REPRESENT AND
WARRANT THAT EITHER (I) SUCH HOLDER IS NOT (AND FOR SO LONG AS IT HOLDS SUCH NOTE WILL NOT BE), IS NOT ACTING ON BEHALF OF (AND
FOR SO LONG AS IT HOLDS SUCH NOTE WILL NOT BE ACTING ON BEHALF OF), AND IS NOT INVESTING THE ASSETS OF (A) AN “EMPLOYEE BENEFIT
PLAN” (AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”))
THAT IS SUBJECT TO TITLE I OF ERISA, (B) A “PLAN” (AS DEFINED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE
OF 1986, AS AMENDED (THE “CODE”)) THAT IS SUBJECT TO SECTION 4975 OF THE CODE, (C) AN ENTITY WHOSE UNDERLYING ASSETS
INCLUDE PLAN ASSETS BY REASON OF INVESTMENT BY AN EMPLOYEE BENEFIT PLAN OR PLAN IN SUCH ENTITY (EACH, A “BENEFIT PLAN”)
OR (D) A GOVERNMENTAL PLAN, CHURCH PLAN OR NON-U.S. PLAN THAT IS SUBJECT TO ANY APPLICABLE LAW THAT IS SUBSTANTIALLY SIMILAR TO
THE FIDUCIARY RESPONSIBILITY OR PROHIBITED TRANSACTION PROVISIONS OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”)
OR (II) ITS ACQUISITION, CONTINUED HOLDING AND DISPOSITION OF THIS NOTE WILL NOT RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION
UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION OF ANY SIMILAR LAW.

 

    	 	12	Form of Indenture Supplement

    	 

    

 

ARTICLE
III

REPRESENTATIONS, WARRANTIES
and Covenants

 

SECTION 3.1. Representations,
Warranties and Covenants with respect to ERISA. By acquiring a Series [_____] Note, each purchaser and transferee shall be
deemed to represent and warrant that either (i) it is not, and for so long as it holds such Series [_____] Note will not be, is
not acting on behalf of, and for so long as it holds such Series [_____] Note will not be acting on behalf of, and is not investing
the assets of, a Benefit Plan or a governmental plan, church plan or non-U.S. plan that is subject to Similar Law or (ii) its acquisition,
continued holding and disposition of such Series [_____] Note will not result in a non-exempt prohibited transaction under Section
406 of ERISA or Section 4975 of the Code or a violation of any Similar Law.

 

SECTION
3.2. [Representations, Warranties and Covenants with respect to Net Swap Receipts]. [The parties hereto agree that
the representations, warranties and covenants set forth in Schedule II shall be a part of this Indenture Supplement for
all purposes.]

 

ARTICLE
IV

Rights
of Series [_____] Noteholders and Allocation and

Application
of Collections

 

SECTION 4.1. Determination
of Interest and Principal.

 

(a)          The amount of
monthly interest (“Class A Monthly Interest”) due and payable with respect to the Class A Notes on any Payment
Date shall be an amount equal to the product of (i) a fraction, the numerator of which is [the actual number of days in the related
Interest Period] [30] and the denominator of which is three hundred sixty (360), (ii) the Class A Note Interest Rate in effect
with respect to the related Interest Period and (iii) the Class A Note Principal Balance as of the close of business on the last
day of the preceding Monthly Period (or, with respect to the initial Payment Date, the Class A Note Initial Principal Balance);
provided that the Class A Monthly Interest for the [_____] Payment Date shall equal $[_____].

 

(b)          The amount of
monthly interest (“Class B Monthly Interest”) due and payable with respect to the Class B Notes on any Payment
Date shall be an amount equal to the product of (i) a fraction, the numerator of which is [the actual number of days in the related
Interest Period] [30] and the denominator of which is three hundred sixty (360), (ii) the Class B Note Interest Rate in effect
with respect to the related Interest Period and (iii) the Class B Note Principal Balance as of the close of business on the last
day of the preceding Monthly Period (or, with respect to the initial Payment Date, the Class B Note Initial Principal Balance);
provided that the Class B Monthly Interest for the [_____] Payment Date shall equal $[_____].

 

    	 	13	Form of Indenture Supplement

    	 

    

 

(c)          The amount of
monthly interest (“Class C Monthly Interest”) due and payable with respect to the Class C Notes on any Payment
Date shall be an amount equal to the product of (i) a fraction, the numerator of which is [the actual number of days in the related
Interest Period] [30] and the denominator of which is three hundred sixty (360), (ii) the Class C Note Interest Rate in effect
with respect to the related Interest Period and (iii) the Class C Note Principal Balance as of the close of business on the last
day of the preceding Monthly Period (or, with respect to the initial Payment Date, the Class C Note Initial Principal Balance);
provided that the Class C Monthly Interest for the [_____] Payment Date shall equal $[_____].

 

(d)          The amount of
monthly principal (“Monthly Principal”) to be transferred from the Principal Account with respect to the Series
[_____] Notes on each Transfer Date, beginning with the Transfer Date following the Monthly Period in which the Controlled Accumulation
Period or the Early Amortization Period begins, shall be equal to the least of (i) the Available Principal Collections for such
Transfer Date; (ii) the sum of the Note Principal Balance and the Principal Overcollateralization Amount on such Transfer Date
(minus any amount already in the Principal Account on such Transfer Date); (iii) during the Controlled Accumulation Period, the
Controlled Deposit Amount; and (iv) the Collateral Amount.

 

SECTION 4.2. Establishment
of Accounts.

 

(a)          As of the Closing
Date, the Issuer covenants to have established and shall thereafter maintain the Non-Principal Account, the Principal Account,
the Distribution Account [and the Reserve Account] (collectively, the “Series Accounts”) each of which shall
be an Eligible Deposit Account.

 

(b)          If the depositary
institution wishes to resign as depositary of any of the Series Accounts for any reason or fails to carry out the instructions
of the Issuer for any reason, then the Issuer shall promptly notify the Indenture Trustee on behalf of the Series [_____] Noteholders.

 

(c)          On or before
the Closing Date, the Issuer shall enter into a depositary agreement to govern the Series Accounts pursuant to which such accounts
are continuously identified in the depositary institution’s books and records as subject to a security interest in favor
of the Indenture Trustee on behalf of the Series [_____] Noteholders, and, except as may be expressly provided herein to the contrary,
in order to perfect the security interest of the Indenture Trustee on behalf of the Series [_____] Noteholders under the UCC, the
Indenture Trustee on behalf of the Series [_____] Noteholders shall have the power to direct disposition of the funds in the Series
Accounts without further consent by the Issuer; provided, however, that prior to the delivery by the Indenture Trustee
on behalf of the Series [_____] Noteholders of notice otherwise, the Issuer shall have the right to direct the disposition of funds
in the Series Accounts; provided, further that the Indenture Trustee on behalf of the Series [_____] Noteholders
agrees that it will not deliver such notice or exercise its power to direct disposition of the funds in the Series Accounts unless
an Event of Default has occurred and is continuing. Upon delivery of the foregoing notice by the Indenture Trustee on behalf of
the Series [_____] Noteholders, the depositary institution shall comply with the orders of the Indenture Trustee on behalf of the
Series [_____] Noteholders without further consent by the Issuer.

 

    	 	14	Form of Indenture Supplement

    	 

    

 

(d)          The Issuer shall
not close any of the Series Accounts unless it shall have (i) received the prior consent of the Indenture Trustee on behalf
of the Series [_____] Noteholders, (ii) established a new Eligible Deposit Account with the depositary institution holding the
Series Account being closed or with a new depositary institution satisfactory to the Indenture Trustee on behalf of the Series
[_____] Noteholders, (iii) entered into a depositary agreement to govern such new account(s) with such new depositary institution
which agreement is satisfactory in all respects to the Indenture Trustee on behalf of the Noteholders (whereupon such new account(s)
shall become the applicable Series Account(s) for all purposes of this Indenture Supplement), and (iv) taken all such action as
the Indenture Trustee on behalf of the Series [_____] Noteholders shall reasonably require to grant and perfect a first priority
security interest in such account(s) in favor of the Indenture Trustee.

 

SECTION 4.3. Calculations
and Series Allocations.

 

(a)          Allocations.
Non-Principal Collections, Principal Collections and Defaulted Receivables allocated to Series [_____] pursuant to Article VIII
of the Indenture shall be allocated and paid as set forth in this Article IV. During any period when the Issuer is permitted
by Section 8.4 of the Indenture to make a single monthly deposit to the Collection Account, amounts allocated to the Series
[_____] Noteholders pursuant to this Section 4.3 with respect to any Monthly Period need not be deposited into the
Collection Account, the Excess Funding Account, the Non-Principal Account, the Principal Account or any other Series Account prior
to the related Transfer Date. Notwithstanding anything to the contrary in Section 8.4 of the Indenture or Section 4.3(b),
amounts allocated to the Series [_____] Noteholders pursuant to Section 4.3(b) (x) may be deposited net of any amounts required
to be released to the Issuer or the holders of the Transferor Interest and, if an Originator or an Affiliate of an Originator is
the Master Servicer, any amounts owed to the Master Servicer, and (y) shall be deposited into the Non-Principal Account (in the
case of Non-Principal Collections) and the Principal Account (in the case of Principal Collections (not including any Shared Principal
Collections allocated to Series [_____] pursuant to Section 8.5 of the Indenture)),
and are not required to be deposited to the Collection Account prior to being deposited in the applicable Series Account or other
Trust Account in accordance with Section 4.3(b). For the avoidance of doubt, any amounts required to be released to
the Issuer, to the holders of the Transferor Interest or to the Master Servicer (if an Originator or an Affiliate of the Originator
is the Master Servicer) need not be deposited into the Collection Account or any Series Account. During any period when the Issuer
is not permitted by Section 8.4 of the Indenture to make a single monthly deposit to the Collection Account, to the extent
any data needed to make the allocations described in Section 4.3(b) is not available on any Date of Processing, the Issuer
shall use the corresponding data as most recently determined or other reasonable estimate of such data until the required data
is available (which shall be no later than the Determination Date in the following Monthly Period), and to the extent that the
allocations made using such estimates results in a deposit into any Series Accounts in a different amount than would be required
using the actual data for the related Date of Processing, the Issuer shall make such adjustments as necessary so that the amounts
allocated to the Series [_____] Noteholders are deposited into the appropriate Series Accounts in accordance with Section 4.3(b)
within two Business Days of determining that any shortfall in deposits has resulted from the related estimates, and in any event
not later than the Transfer Date following the related Monthly Period.

 

    	 	15	Form of Indenture Supplement

    	 

    

 

(b)         Allocations
to the Series [_____] Noteholders. The Issuer shall, on each Date of Processing on or after the [first day of the Monthly Period
in which the] Closing Date [occurs], after giving effect to allocations in respect of Dealer Overconcentrations, Manufacturer Overconcentrations
and Product Line Overconcentrations pursuant to Section 8.4 of the Indenture, allocate to the Series [_____] Noteholders
the following amounts as set forth below:

 

(i)          Allocations
of Non-Principal Collections. The Issuer shall allocate to the Series [_____] Noteholders an amount equal to the product of
(A) the Allocation Percentage and (B) the aggregate Non-Principal Collections processed on such Date of Processing and shall deposit
such amount into the Non-Principal Account; provided, that, with respect
to each Monthly Period falling in the Revolving Period (and with respect to that portion of each Monthly Period in the Controlled
Accumulation Period falling on or after the day on which Principal Collections equal to the related Controlled Deposit Amount have
been allocated pursuant to Section 4.3(b)(ii) and deposited pursuant to Section 4.3(a)), Non-Principal
Collections shall be transferred into the Non-Principal Account only until such time as the aggregate amount so deposited equals
the sum of the amounts contemplated to be paid or deposited pursuant to Section 4.4(a) on the related Transfer Date or Payment
Date (the “Target Amount”); and any Non-Principal Collections allocated to the Series [_____] Noteholders but
not deposited into the Non-Principal Account due to the operation of this proviso shall be released to the holders of the Transferor
Interest; provided, further, if on any Transfer Date the Free Equity Amount (calculated on a pro forma basis after
giving effect to any payment of principal on the Notes to be made on the following Payment Date) is less than the Minimum Free
Equity Amount after giving effect to all transfers and deposits on that Transfer Date, the Issuer shall cause the holders of the
Transferor Interest, on that Transfer Date, to deposit into the Principal Account funds in an amount equal to the amounts of Available
Non-Principal Collections that are required to be treated as Available Principal Collections pursuant to Sections 4.4(a)(vi)
and (vii) but are not available from funds in the Non-Principal Account as a result of the operation of the preceding proviso.

 

With respect to any
Monthly Period when deposits of Non-Principal Collections into the Non-Principal Account are limited to deposits up to the Target
Amount in accordance with clause (i) above, notwithstanding such limitation: (1) “Reallocated Principal Collections”
for the related Transfer Date shall be calculated as if the full amount of Non-Principal Collections allocated to the Series [_____]
Noteholders during that Monthly Period had been deposited in the Non-Principal Account and applied on such Transfer Date in accordance
with Section 4.4(a); and (2) Non-Principal Collections released to the holders of the Transferor Interest pursuant to clause (i)
above shall be deemed, for purposes of all calculations under this Indenture Supplement, to have been applied to the items specified
in Section 4.4(a) to which such amounts would have been applied (and in the priority in which they would have been applied)
had such amounts been available in the Non-Principal Account on such Transfer Date. To avoid doubt, the calculations referred to
in the preceding clause (2) include the calculations required by clause (b)(ii) of the definition of Collateral
Amount.

 

    	 	16	Form of Indenture Supplement

    	 

    

 

(ii)         Allocations
of Principal Collections. The Issuer shall allocate to the Series [_____] Noteholders the following amounts as set forth
below:

 

(x)          Allocations
During the Revolving Period. During the Revolving Period an amount equal to the product of the Allocation Percentage and the
aggregate amount of Principal Collections processed on such Date of Processing, shall be allocated to the Series [_____] Noteholders
and first, an amount equal to the Reallocated Principal Collections for the related Transfer Date shall be made available
on that Transfer Date for application in accordance with Section 4.7, second, if any other Principal Sharing Series
is outstanding and in its accumulation period or amortization period, shall be deposited and retained in the Principal Account
for application, to the extent necessary, as Shared Principal Collections to other Principal Sharing Series on the related Payment
Date, third, shall be deposited in the Excess Funding Account to the extent necessary so that the Free Equity Amount (calculated
on a pro forma basis after giving effect to any payment of principal on the Notes to be made on the following Payment Date) is
not less than the Minimum Free Equity Amount and the Note Trust Principal Balance is not less than the Required Principal Balance
(calculated on a pro forma basis after giving effect to any payment of principal on the Notes to occur on or prior to the following
Payment Date and any adjustment in the numerator used to calculate the Allocation Percentages with respect to any Series in connection
with a principal payment to be made on or prior to the following Payment Date), and fourth, any remaining amounts shall
be released to the holders of the Transferor Interest.

 

(y)          Allocations
During the Controlled Accumulation Period. During the Controlled Accumulation Period, an amount equal to the product of the
Allocation Percentage and the aggregate amount of Principal Collections processed on such Date of Processing shall be allocated
to the Series [_____] Noteholders and transferred to the Principal Account until applied as provided herein; provided,
that after the date on which an amount of such Principal Collections equal to the Monthly Principal has been deposited into the
Principal Account, such amounts in excess thereof shall be first, if any other Principal Sharing Series is outstanding
and in its accumulation period or amortization period, deposited and retained in the Principal Account for application, to the
extent necessary, as Shared Principal Collections to other Principal Sharing Series on the related Payment Date, second,
deposited in the Excess Funding Account to the extent necessary so that the Free Equity Amount (calculated on a pro forma
basis after giving effect to any payment of principal on the Notes to be made on the following Payment Date) is not less than
the Minimum Free Equity Amount and the Note Trust Principal Balance is not less than the Required Principal Balance (calculated
on a pro forma basis after giving effect to any payment of principal on the Notes to occur on or prior to the following Payment
Date and any adjustment in the numerator used to calculate the Allocation Percentages with respect to any Series in connection
with a principal payment to be made on or prior to the following Payment Date), and third, any remaining amounts shall
be released to the holders of the Transferor Interest.

 

    	 	17	Form of Indenture Supplement

    	 

    

 

(z)          Allocations
During the Early Amortization Period. During the Early Amortization Period, an amount equal to the product of the Allocation
Percentage and the aggregate amount of Principal Collections processed on such Date of Processing shall be allocated to the Series [_____]
Noteholders and transferred to the Principal Account until applied as provided herein; provided, that after the date on
which an amount of such Principal Collections equal to the Monthly Principal has been deposited into the Principal Account such
amounts in excess thereof shall be first, if any other Principal Sharing Series is outstanding and in its accumulation period
or amortization period, deposited and retained in the Principal Account for application, to the extent necessary, as Shared Principal
Collections to other Principal Sharing Series on the related Payment Date, second, deposited in the Excess Funding Account to
the extent necessary so that the Free Equity Amount (calculated on a pro forma basis after giving effect to any payment of
principal on the Notes to be made on the following Payment Date) is not less than the Minimum Free Equity Amount and the Note
Trust Principal Balance is not less than the Required Principal Balance (calculated on a pro forma basis after giving effect to
any payment of principal on the Notes to occur on or prior to the following Payment Date and any adjustment in the numerator used
to calculate the Allocation Percentages with respect to any Series in connection with a principal payment to be made on or prior
to the following Payment Date), and third, any remaining amounts shall be released to the holders of the Transferor Interest.

 

SECTION 4.4. Application
of Available Non-Principal Collections and Available Principal Collections. On each Transfer Date or related Payment Date,
as applicable, the Issuer shall withdraw, to the extent of available funds, the amount required to be withdrawn from the Non-Principal
Account, the Principal Account and the Distribution Account as follows:

 

(a)          On each Transfer
Date, an amount equal to the Available Non-Principal Collections with respect to the related Payment Date will be paid or deposited
in the following priority:

 

(i)          on
a pari passu basis,

 

(A) the result
of (1) the Series Allocation Percentage multiplied by (2) the accrued and unpaid fees and other amounts owed to the Indenture
Trustee shall be paid to the Indenture Trustee up to a maximum amount of [_____] dollars ($[_____]) for each calendar year,

 

    	 	18	Form of Indenture Supplement

    	 

    

 

(B) the result
of (1) the Series Allocation Percentage multiplied by (2) the accrued and unpaid fees and other amounts (including any unpaid
amounts pursuant to Section 7.2 of the Trust Agreement) owed to the Trustee shall be paid to the Trustee up to a maximum
amount of [_____] dollars ($[_____]) for each calendar year,

 

(C) the result
of (1) the Series Allocation Percentage multiplied by (2) the accrued and unpaid fees and other amounts owed to the Administrator
shall be paid to the Administrator up to a maximum amount of [_____] dollars ($[_____]) for each calendar year, and

 

(D) the result
of (1) the Series Allocation Percentage multiplied by (2) the accrued and unpaid fees and other amounts (including any unpaid
amounts pursuant to Section 15 of the Custody and Control Agreement) owed to the Custodian shall be paid to the Custodian up to
a maximum amount of [_____] dollars ($[_____]) for each calendar year;

 

(ii)         an
amount equal to the Noteholder Servicing Fee for the prior Monthly Period and any overdue Noteholder Servicing Fee (to the extent
not previously paid), plus any unpaid Servicer Advances and accrued and unpaid interest thereon, shall be paid to the Master Servicer;

 

(iii)        [A)]
an amount equal to Class A Monthly Interest for such Payment Date, plus the amount of any Class A Monthly Interest previously
due but not paid to Class A Noteholders on a prior Payment Date [and (B) any Class A Net Swap Payments for such Payment Date and
any unpaid Class A Net Swap Payments owed to the Class A Counterparty in respect of any prior Payment Date shall be paid to the
Class A Counterparty], shall be deposited into the Distribution Account;

 

(iv)        [A)]
an amount equal to Class B Monthly Interest for such Payment Date, plus the amount of any Class B Monthly Interest previously
due but not paid to Class B Noteholders on a prior Payment Date, [and (B) any Class B Net Swap Payments for such Payment Date and
any unpaid Class B Net Swap Payments owed to the Class B Counterparty in respect of any prior Payment Date shall be paid to the
Class B Counterparty], shall be deposited into the Distribution Account;

 

(v)         [A)]
an amount equal to Class C Monthly Interest for such Payment Date, plus the amount of any Class C Monthly Interest previously
due but not paid to Class C Noteholders on a prior Payment Date, [and (B) any Class C Net Swap Payments for such Payment Date and
any unpaid Class C Net Swap Payments owed to the Class C Counterparty in respect of any prior Payment Date shall be paid to the
Class C Counterparty], shall be deposited into the Distribution Account;

 

(vi)        an
amount equal to the Investor Default Amount for the prior Monthly Period shall be treated as Available Principal Collections;

 

    	 	19	Form of Indenture Supplement

    	 

    

 

(vii)       an
amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which
have not been previously reimbursed shall be treated as Available Principal Collections;

 

(viii)      [to
deposit into the Reserve Account, during the Revolving Period and the Controlled Accumulation Period, the amount, if any, required
to be deposited in the Reserve Account pursuant to Section 4.10(c);]

 

(ix)        if
any amounts are owed to the Persons listed in clause (i) above and are not paid pursuant to clause (i), above, such
amounts owed to such Persons shall be paid on a pari passu basis to such Persons;

 

(x)         to
deposit into the Principal Account, during the Controlled Accumulation Period, any deficiency in the amount otherwise required
to be deposited into the Principal Account at that time;

 

(xi)        [on
a pari passu basis (A) an amount equal to any partial or early termination payments or other additional payments owed to the Class
A Counterparty under the Class A Swap shall be paid to the Class A Counterparty, (B) an amount equal to any partial or early termination
payments or other additional payments owed to the Class B Counterparty under the Class B Swap shall be paid to the Class B Counterparty
and (C) an amount equal to any partial or early termination payments or other additional payments owed to the Class C Counterparty
under the Class C Swap shall be paid to the Class C Counterparty;] if the Early Amortization Period has not occurred and is not
continuing, the balance, if any, will, first, be released to the Issuer to make required yield payments on the Principal Overcollateralization
Amount and, second, the remaining balance will constitute a portion of Excess Non-Principal Collections for such Payment Date and
will be applied in accordance with Section 8.6 of the Indenture; and

 

(xii)       during
the Early Amortization Period, the remaining balance, if any, will be applied in the following order of priority: (A) to make principal
payments first, to the Class A Notes until the Class A Note Principal Balance is paid in full, second, to the Class B Notes until
the Class B Note Principal Balance is paid in full, and third, to the Class C Notes until the Class C Note Principal Balance is
paid in full, (B) to the Issuer to make required yield payments on the Principal Overcollateralization Amount and (C) the remaining
balance will constitute a portion of Excess Non-Principal Collections for such Payment Date and will be applied in accordance with
Section 8.6 of the Indenture.

 

On each Transfer Date,
to the extent that there is a shortfall (a “Transfer Date Shortfall”) in the amounts to be paid or deposited
pursuant to clauses (a)(i), (a)(iii), (a)(iv) and (a)(v) of this Section 4.4, the Indenture Trustee shall withdraw from
the Collection Account, from any Servicer Advance on deposit therein, an amount equal to the lesser of (i) the Transfer Date Shortfall
for such Transfer Date and (ii) the product of (x) such Servicer Advance and (y) the Allocation Percentage for Non-Principal Collections
for the previous Monthly Period, and apply such withdrawn amount to make the payments and deposits contemplated by such clauses
of this Section 4.4.

 

    	 	20	Form of Indenture Supplement

    	 

    

 

(b)         On each Transfer
Date with respect to the Revolving Period, an amount equal to the Available Principal Collections for such Transfer Date shall
be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.

 

(c)         On each Transfer
Date or Payment Date, as applicable, with respect to the Controlled Accumulation Period or the Early Amortization Period, an amount
equal to the Available Principal Collections for such Transfer Date shall be paid or deposited in the following order of priority:

 

(i)         during
the Controlled Accumulation Period, an amount equal to the Monthly Principal for each Transfer Date shall be deposited into the
Principal Account on such Transfer Date;

 

(ii)         during
the Early Amortization Period, an amount equal to the Monthly Principal for each Transfer Date shall be deposited into the Distribution
Account on such Transfer Date and on the related Payment Date shall be paid (A) first, to the Class A Noteholders on the related
Payment Date until the Class A Note Principal Balance has been paid in full; second, to the Class B Noteholders until the Class
B Note Principal Balance has been paid in full; and third, to the Class C Noteholders until the Class C Note Principal Balance
has been paid in full; and (B) after the Note Principal Balance shall have been paid in full, any remainder shall be released to
the Issuer in reduction of the Principal Overcollateralization Amount until the Principal Overcollateralization Amount has been
paid in full; and

 

(iii)        in
the case of each of the Controlled Accumulation Period and the Early Amortization Period, the balance of such Available Principal
Collections remaining after application in accordance with clauses (i) and (ii) above shall be treated as Shared
Principal Collections and applied in accordance with Section 8.5 of the Indenture.

 

(d)         On each Payment
Date in accordance with Section 4.5, the Issuer shall pay first, to the Class A Noteholders from the Distribution Account,
the amount deposited into the Distribution Account pursuant to Section 4.4(a)(iii) on the preceding Transfer Date, second,
to the Class B Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section
4.4(a)(iv) on the preceding Transfer Date, and third, to the Class C Noteholders from the Distribution Account, the amount
deposited into the Distribution Account pursuant to Section 4.4(a)(v) on the preceding Transfer Date, in each case to the
extent permitted by applicable law.

 

(e)         On the earlier
to occur of (i) the first Transfer Date during the Early Amortization Period and (ii) the Transfer Date immediately preceding the
Expected Principal Payment Date, the Issuer shall withdraw from the Principal Account and deposit into the Distribution Account
the amount deposited into the Principal Account pursuant to Section 4.4(c)(i) and on the related Payment Date shall pay
such amount first, to the Class A Noteholders, until the Class A Note Principal
Balance is paid in full, second, to the Class B Noteholders until the Class B Note
Principal Balance is paid in full, third, to the Class C Noteholders until the
Class C Note Principal Balance is paid in full and, fourth, to the Issuer in reduction of the Principal Overcollateralization Amount.

 

    	 	21	Form of Indenture Supplement

    	 

    

 

SECTION 4.5. Payments.

 

(a)         On each Payment
Date, the Issuer shall pay to each Class A Noteholder of record on the related Record Date such Class A Noteholder’s pro
rata share of the amounts on deposit in the Distribution Account that are allocated and available on such Payment Date and
as are payable to the Class A Noteholders pursuant to this Indenture Supplement.

 

(b)         On each Payment
Date, the Issuer shall pay to each Class B Noteholder of record on the related Record Date such Class B Noteholder’s pro
rata share of the amounts on deposit in the Distribution Account that are allocated and available on such Payment Date and as are
payable to the Class B Noteholders pursuant to this Indenture Supplement.

 

(c)         On each Payment
Date, the Issuer shall pay to each Class C Noteholder of record on the related Record Date such Class C Noteholder’s pro
rata share of the amounts on deposit in the Distribution Account that are allocated and available on such Payment Date and
as are payable to the Class C Noteholders pursuant to this Indenture Supplement.

 

(d)         The payments
to be made pursuant to this Section 4.5 are subject to the provisions of Section 7.1 of this Indenture Supplement.

 

(e)         All payments
to Noteholders hereunder shall be made by (i) check mailed to each Series [_____] Noteholder (at such Noteholder’s address
as it appears in the Note Register), except that for any Series [_____] Notes registered in the name of the nominee of a Clearing
Agency, such payment shall be made by wire transfer of immediately available funds, and (ii) except as provided in Section
2.7(b) of the Indenture, without presentation or surrender of any Series [_____] Note or the making of any notation thereon.

 

SECTION 4.6. Investor
Charge-Offs. On each Determination Date, the Issuer shall calculate the Investor Default Amount for the preceding Monthly Period.
If, on any Transfer Date, the sum of the Investor Default Amount for the preceding Monthly Period exceeds the amount of Available
Non-Principal Collections allocated with respect thereto pursuant to Section 4.4(a)(vi) with respect to such Transfer Date
[and the amount withdrawn from the Reserve Account on such Transfer Date] and applied pursuant to Section 4.4(a)(vi), the
Collateral Amount will be reduced (but not below zero) by the amount of such excess (such reduction, an “Investor Charge-Off”).

 

SECTION 4.7. Reallocated
Principal Collections. On each Transfer Date, after giving effect to Section 4.10(a), the Issuer shall apply Investor
Principal Collections with respect to that Transfer Date to fund any deficiency pursuant to and in the priority set forth in Sections
4.4(a)(i) through (v) (any such Principal Collections so allocated, “Reallocated Principal Collections”);
provided, that for any Monthly Period, Reallocated Principal Collections may not exceed the Monthly Principal Reallocation
Amount for such Transfer Date. On each Transfer Date, the Collateral Amount shall be reduced by the amount of Reallocated Principal
Collections for such Transfer Date.

 

    	 	22	Form of Indenture Supplement

    	 

    

 

SECTION 4.8. Excess
Non-Principal Collections. Series [_____] shall be an Excess Allocation Series with respect to Group One only. Subject to Section 8.6
of the Indenture, Excess Non-Principal Collections with respect to the Excess Allocation Series in Group One for any Transfer Date
will be allocated to Series [_____] in an amount equal to the product of (x) the aggregate amount of Excess Non-Principal Collections
with respect to all the Excess Allocation Series in Group One for such Transfer Date and (y) a fraction, the numerator of which
is the Non-Principal Shortfall for Series [_____] for such Transfer Date and the denominator of which is the aggregate amount of
Non-Principal Shortfalls for all the Excess Allocation Series in Group One for such Transfer Date. The “Non-Principal
Shortfall” for Series [_____] for any Transfer Date will be equal to the excess, if any, of (a) the full amount
required to be paid, without duplication, pursuant to Sections 4.4(a)(i) through (viii) on such Payment Date over
(b) the Available Non-Principal Collections with respect to such Transfer Date (excluding any portion thereof attributable
to Excess Non-Principal Collections).

 

SECTION 4.9. Shared
Principal Collections. Subject to Section 8.5 of the Indenture, Shared Principal Collections allocable to Series
[_____] on any Transfer Date will be equal to the product of (x) the aggregate amount of Shared Principal Collections with respect
to all Principal Sharing Series for such Transfer Date and (y) a fraction, the numerator of which is the Principal Shortfall for
Series [_____] for such Transfer Date and the denominator of which is the aggregate amount of Principal Shortfalls for all the
Series which are Principal Sharing Series for such Transfer Date. The “Principal Shortfall” for Series [_____]
will be equal to (a) for any Transfer Date with respect to the Revolving Period or any Transfer Date during the Early Amortization
Period prior to the Transfer Date relating to the earlier of (i) the Expected Principal Payment Date and (ii) the date on which
all outstanding Series are in early amortization periods, zero, (b) for any Transfer Date with respect to the Controlled Accumulation
Period, the excess, if any, of (i) the Controlled Deposit Amount over (ii) the amount of Available Principal Collections
for such Transfer Date (excluding any portion thereof attributable to Shared Principal Collections or amounts available to be treated
as Available Principal Collections pursuant to clauses (vi) and (vii) of Section 4.4(a)) and (c) for any Transfer
Date relating to any Payment Date on or after the earlier of (i) the Expected Principal Payment Date and (ii) the date on which
all outstanding Series are in early amortization periods, the sum of the Note Principal Balance and the Principal Overcollateralization
Amount with respect to such Transfer Date.

 

SECTION 4.10. [Reserve
Account.]

 

(a)         [On each Transfer
Date, if the aggregate amount of Available Non-Principal Collections is less than the aggregate amount required to be paid or deposited
pursuant to clauses (i) through (vi) of Section 4.4(a), the Issuer shall withdraw from the Reserve Account
the amount of such deficiency up to the Available Reserve Account Amount and shall apply such amount in accordance with such clauses
of Section 4.4(a).

 

(b)         On the Series
[_____] Final Maturity Date, and on any day following the occurrence of an Event of Default with respect to Series [_____] that
has resulted in the acceleration of the Series [_____] Notes, the Issuer shall withdraw from the Reserve Account the Available
Reserve Account Amount and deposit such amount in the Distribution Account for payment to the Series [_____] Noteholders to fund
any shortfalls in amounts owed to the Series [_____] Noteholders in the order of priority described in Section 4.4(a).

 

(c)         If on any Transfer
Date, after giving effect to all withdrawals from the Reserve Account, the Available Reserve Account Amount is less than the Required
Reserve Account Amount then in effect, Available Non-Principal Collections shall be deposited into the Reserve Account pursuant
to Section 4.4(a)(viii) up to the amount of the Reserve Account Deficiency.

 

    	 	23	Form of Indenture Supplement

    	 

    

 

(d)         If, after giving
effect to all withdrawals from and deposits to the Reserve Account on any Transfer Date, the amount on deposit in the Reserve Account
exceeds the Required Reserve Account Amount, an amount equal to such excess shall be withdrawn from the Reserve Account and distributed
to the Issuer on the related Payment Date. On the date on which the Reserve Account has been terminated, after giving effect to
any withdrawal on such date pursuant to Section 4.10(a) or Section 4.10(b) and making any payments to the Series
[_____] Noteholders required pursuant to this Indenture Supplement, all amounts
then remaining in the Reserve Account shall be released to the Issuer.

 

(e)         The Reserve
Account will terminate on the earliest to occur of (i) the date on which the Note Principal Balance has been paid in full and all
other amounts payable to the Series [_____] Noteholders have been paid in full; (ii) the Series [_____] Final Maturity Date; and
(iii) the termination of the Issuer.

 

(f)          On the Closing
Date, the Issuer or the Transferor will deposit or cause to be deposited in the Reserve Account an amount equal to the Required
Reserve Account Amount (determined after giving effect to the issuance of Series [_____] Notes on the Closing Date).]

 

SECTION 4.11. Investment
of Amounts on Deposit in Series Accounts.

 

(a)         To the extent
there are uninvested amounts deposited in the Series Accounts, the Issuer shall cause such amounts to be invested in Permitted
Investments selected by the Issuer that mature no later than the following Transfer Date.

 

(b)         On each Transfer
Date, the Investment Earnings, if any, accrued since the preceding Transfer Date on funds on deposit in the Series Accounts shall
be treated as Available Non-Principal Collections and paid or deposited in accordance with Section 4.4(a). [Subject to the
foregoing, for purposes of determining the availability of funds or the balance in the Series Accounts for any reason under this
Indenture Supplement, all Investment Earnings shall be deemed not to be available or on deposit.]

 

SECTION 4.12. Controlled
Accumulation Period. The Controlled Accumulation Period is scheduled to commence at the beginning of business on the Controlled
Accumulation Date. On each Determination Date until the Controlled Accumulation Date, the Issuer shall review the amount of expected
Principal Collections and determine the Controlled Accumulation Period Length; provided,
that if the Controlled Accumulation Period Length (determined as described below) on any Determination Date is less than
or more than the number of months in the scheduled Controlled Accumulation Period, upon written notice to the Indenture Trustee,
with a copy to each Rating Agency, the Issuer shall either postpone or accelerate, as applicable, the Controlled Accumulation Date,
so that as a result, the number of Monthly Periods in the Controlled Accumulation Period will equal the Controlled Accumulation
Period Length; provided, that the length of the Controlled Accumulation Period will not be less than one (1) month. The
“Controlled Accumulation Period Length” will mean a number of whole months such that the amount available for
payment of principal on the Notes and the reduction of the Principal Overcollateralization Amount on the Expected Principal Payment
Date is expected to equal or exceed the Note Principal Balance plus the Principal Overcollateralization Amount, assuming for this
purpose that (1) the weighted average principal payment rate on the Receivables held by the Issuer will be no greater than
the lowest weighted average monthly principal payment rate for the Receivables held by the Issuer for the prior twelve (12) Monthly
Periods, (2) the total amount of Principal Receivables held by the Issuer in the Trust (and the principal amount on deposit in
the Excess Funding Account, if any) remains constant at the level on such date of determination, (3) no Early Amortization Event
with respect to any Series will subsequently occur and (4) no additional Series (other than any Series being issued on such date
of determination) will be subsequently issued by the Issuer. Any notice by the Issuer modifying the commencement of the Controlled
Accumulation Period pursuant to this Section 4.12 shall specify (i) the Controlled Accumulation Period Length and (ii) the
commencement date of the Controlled Accumulation Period.

 

    	 	24	Form of Indenture Supplement

    	 

    

 

SECTION 4.13. [Determination
of LIBOR.]

 

(a)         [On each LIBOR
Determination Date in respect of an Interest Period, the Indenture Trustee shall determine LIBOR on the basis of the rate per annum
displayed in the Bloomberg Financial Markets system as the composite offered rate for London interbank deposits for a period of
the Designated Maturity, as of 11:00 a.m., London time, on that date. If that rate does not appear on that display page, LIBOR
for that Interest Period will be the rate per annum shown on Reuters page LIBOR01 or any successor page as the composite offered
rate for London interbank deposits for a period of the Designated Maturity, as shown under the heading “USD” as of
11:00 a.m., London time, on the LIBOR Determination Date. If no rate is shown as described in the preceding two sentences, LIBOR
for that Interest Period will be the rate per annum based on the rates at which U.S. dollar deposits for a period of the Designated
Maturity are displayed on page “LIBOR” of the Reuters Monitor Money Rates Service or such other page as may replace
the LIBOR page on that service for the purpose of displaying London interbank offered rates of major banks as of 11:00 a.m.,
London time, on the LIBOR Determination Date; provided, that if at least two rates appear on that page, the rate will be
the arithmetic mean of the displayed rates and if fewer than two rates are displayed, or if no rate is relevant, the rate for that
Interest Period shall be determined on the basis of the rates at which deposits in United States dollars are offered by the Reference
Banks at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market for a period of
the Designated Maturity. The Indenture Trustee shall request the principal London office of each of the Reference Banks to provide
a quotation of its rate. If at least two (2) such quotations are provided, LIBOR for that Interest Period shall be the arithmetic
mean of all quotations provided. If fewer than two (2) quotations are provided as requested, LIBOR for that Interest Period will
be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Master Servicer, at approximately 11:00 a.m.,
New York City time, on that day for loans in United States dollars to leading European banks for period of the Designated Maturity.

 

(b)         The Class A
Note Interest Rate, Class B Note Interest Rate and Class C Note Interest Rate applicable to the then current and the immediately
preceding Interest Periods may be obtained by telephoning the Indenture Trustee at [_____] or such other telephone number as shall
be designated by the Indenture Trustee for such purpose by prior written notice to each Series [_____] Noteholder from time to
time.

 

    	 	25	Form of Indenture Supplement

    	 

    

 

(c)         On each LIBOR
Determination Date, the Indenture Trustee shall send to the Issuer, by facsimile transmission, notification of LIBOR for the following
Interest Period.]

 

SECTION 4.14. [Swaps].

 

(a)         [On or prior
to the Closing Date, the Issuer shall enter into a Class A Swap with the Class A Counterparty, a Class B Swap with the Class B
Counterparty and a Class C Swap with the Class C Counterparty for the benefit of the Class A Noteholders, the Class B Noteholders
and the Class C Noteholders, respectively. The aggregate notional amount under the Class A Swap shall, at any time, be equal to
the Class A Note Principal Balance at such time. The aggregate notional amount under the Class B Swap shall, at any time, be equal
to the Class B Note Principal Balance at such time. The aggregate notional amount under the Class C Swap shall, at any time, be
equal to the Class C Note Principal Balance. The Issuer shall cause the Class A Counterparty, the Class B Counterparty or the Class
C Counterparty to deposit Net Swap Receipts payable in the Collection Account. On any Payment Date when there shall be a Class
A Net Swap Payment, the Issuer shall pay such Class A Net Swap Payment subject to the priority of payments set forth in Section
4.4(a)(iii). On any Payment Date when there shall be a Class B Net Swap Payment, the Issuer shall pay such Class B Net Swap
Payment subject to the priority of payments set forth in Section 4.4(a)(iv). On any Payment Date when there shall be a Class
C Net Swap Payment, the Issuer shall pay such Class C Net Swap Payment subject to the priority of payments set forth in Section
4.4(a)(v). On any Payment Date when there shall be early termination payments or any other miscellaneous payments payable by
the Issuer to the Counterparties, the Issuer shall pay such amounts subject to the priority of payments set forth in Section
4.4(a)(xi).]

 

(b)         [When required
under the terms of the existing Class A Swap, Class B Swap or Class C Swap, the Issuer shall obtain a replacement Class A Swap,
Class B Swap or Class C Swap, as applicable, upon satisfaction of the Rating Agency Condition.]

 

ARTICLE
V

Delivery
of Series [_____] Notes;

Reports
to Series [_____] Noteholders 

 

SECTION 5.1. Delivery
and Payment for the Series [_____] Notes. The Issuer shall execute and issue, and the Authenticating Agent shall authenticate,
the Series [_____] Notes in accordance with Section 2.2 of the Indenture. The Indenture Trustee shall deliver or cause
to be delivered the Series [_____] Notes to or upon Issuer Order when so authenticated.

 

SECTION 5.2. Reports
and Statements to Series [_____] Noteholders.

 

(a)         Not later than
the second Business Day preceding each Payment Date, the Issuer shall deliver, or cause the Master Servicer to deliver to the Trustee,
the Indenture Trustee (who shall deliver to or cause to be delivered to each Series [_____] Noteholder) and each Rating Agency
a statement substantially in the form of Exhibit B prepared by the Master Servicer; provided,
that the Issuer may amend the form of Exhibit B from time to time with the prior written consent of the Indenture
Trustee.

 

    	 	26	Form of Indenture Supplement

    	 

    

 

(b)         On or before
January 31 of each calendar year, beginning in the first January to occur after the Closing Date, the Indenture Trustee, on behalf
of the Issuer, shall furnish or cause to be furnished to each Person who at any time during the preceding calendar year was a Series [_____]
Noteholder the information for the preceding calendar year, or the applicable portion thereof during which the Person was a Noteholder,
as is required to be provided by an issuer of indebtedness under the Code to the holders of the Issuer’s indebtedness and
such other customary information as is necessary to enable such Noteholder to prepare its federal income tax returns. Notwithstanding
anything to the contrary contained in this Agreement, the Indenture Trustee, on behalf of the Issuer, shall, to the extent required
by applicable law, from time to time furnish to the appropriate Persons, at least five (5) Business Days prior to the end of the
period required by applicable law, the information required to complete a Form 1099-INT.

 

ARTICLE
VI

Series
[_____] Early Amortization Events

 

SECTION 6.1. Series
[_____] Early Amortization Events. If any one of the following events shall occur with respect to the Series [_____] Notes:

 

(a)         (i) failure
on the part of Transferor to make any payment or deposit required to be made by it by the terms of the Second Tier Agreement on
or before the date occurring five (5) Business Days after the date such payment or deposit is required to be made therein or (ii)
failure of the Transferor duly to observe or perform in any material respect any of its covenants or agreements set forth in the
Second Tier Agreement (excluding matters addressed by clause (i) above), which failure has a material adverse effect on
Series [_____] and which continues unremedied for a period of sixty (60) days after the date on which written notice of such failure,
requiring the same to be remedied, shall have been given to the Issuer or the Transferor, as applicable, by the Indenture Trustee,
or to the Issuer, the Transferor and the Indenture Trustee by any Noteholder of the Series [_____] Notes;

 

(b)         any representation
or warranty made by the Transferor in the Second Tier Agreement or by the Issuer in the Indenture and the Indenture Supplement
or any information contained in an account schedule required to be delivered by the Transferor pursuant to [Section 2.1(c)
or Section 2.6(c)] of the Second Tier Agreement shall prove to have been incorrect in any material respect when made or
when delivered, which continues to be incorrect in any material respect for a period of sixty (60) days after the date on which
written notice of the same, requiring the same to be remedied, shall have been given to the Issuer or Transferor, as applicable,
by the Indenture Trustee, or to Transferor or the Issuer, as applicable, and the Indenture Trustee by any Noteholder of the Series
[_____] Notes, and as a result of which the interests of Series [_____] are materially and adversely affected and continue to be
materially and adversely affected for such period; provided, that a Series
[_____] Early Amortization Event pursuant to this Section 6.1(b) shall not be deemed to have occurred hereunder if Transferor
has accepted reassignment of the related Transferred Receivable or Transferred Receivables, if applicable, during such period in
accordance with the provisions of the Second Tier Agreement;

 

(c)         a failure by
Transferor under the Second Tier Agreement to convey Transferred Receivables in Additional Accounts (or to convey participations)
to the Issuer when it is required to convey such Transferred Receivables (or to convey participations) pursuant to Section 2.6
of the Second Tier Agreement;

 

    	 	27	Form of Indenture Supplement

    	 

    

 

(d)         any Servicer
Default or any Indenture Servicer Default shall occur;

 

(e)         either (a)(i)
on any Transfer Date occurring in the months of February through April, the average of the Monthly Payment Rates for the three
(3) preceding Monthly Periods is less than sixteen percent (16%) (or a lower percentage designated by the Transferor if the Rating
Agency Condition is satisfied with respect thereto), (ii) on any Transfer Date occurring in the months of May or June, the average
of the Monthly Payment Rates for the three (3) preceding Monthly Periods is less than eighteen percent (18%) (or a lower percentage
designated by the Transferor if the Rating Agency Condition is satisfied with respect thereto), (iii) on any Transfer Date occurring
in the months of July through October, the average of the Monthly Payment Rates for the three (3) preceding Monthly Periods is
less than twenty-three percent (23%) (or a lower percentage designated by the Transferor if the Rating Agency Condition is satisfied
with respect thereto), or (iv) on any Transfer Date occurring in the months of November through January, the average of the Monthly
Payment Rates for the three (3) preceding Monthly Periods is less than eighteen percent (18%) (or a lower percentage designated
by the Transferor if the Rating Agency Condition is satisfied with respect thereto), or (b) on any Transfer Date, the average Default
Rate over the three immediately preceding Monthly Periods is greater than or equal to five percent (5%);

 

(f)          the Note Principal
Balance shall not be paid in full on the Expected Principal Payment Date;

 

(g)         [the Class A
Counterparty, the Class B Counterparty or the Class C Counterparty shall fail to pay any net amount payable by such Counterparty
under the Class A Swap, Class B Swap or the Class C Swap, as applicable, as a result of LIBOR being greater than the Class A Swap
Rate, Class B Swap Rate or the Class C Swap Rate, as applicable, and such failure is not cured within five Business Days;]

 

(h)         [the Class A
Swap shall terminate prior to the earlier of the payment in full of the Class A Notes and the Series Maturity Date if the Issuer
shall fail to enter into a replacement Class A Swap or other interest rate hedging arrangement in accordance with Section 4.15(b)
within five Business Days; the Class B Swap shall terminate prior to the earlier of the payment in full of the Class B Notes and
the Series Maturity Date if the Issuer shall fail to enter into a replacement Class B Swap or other interest rate hedging arrangement
in accordance with Section 4.15(b) within five Business Days; or the Class C Swap shall terminate prior to the earlier of
the payment in full of the Class C Notes and the Series Maturity Date if the Issuer shall fail to enter into a replacement Class
C Swap or other interest rate hedging arrangement in accordance with Section 4.15(b) within five Business Days; or]

 

(i)          without limiting
the foregoing, the occurrence of an Event of Default with respect to the Series [_____] Notes that results in the acceleration
of the maturity of the Series [_____] Notes pursuant to Section 5.3 of the Indenture; [or]

 

    	 	28	Form of Indenture Supplement

    	 

    

 

(j)          the sum of all
investments (other than Receivables) held in trust accounts of the Issuer and, without duplication, amounts held in the Excess
Funding Account, represents more than fifty percent (50%) of the dollar amount of the assets of the Issuer on each of six or more
consecutive monthly Determination Dates, after giving effect to all payments made or to be made on the Payment Dates relating to
those Determination Dates; [or

 

(k)         (i) on any Payment
Date, after giving effect to withdrawals from and deposits into the Reserve Account, the Reserve Account balance is less than the
product of (A) the Required Reserve Account Percentage minus [_____] percent ([__]%) and (B) the Note Principal Balance, or (ii)
on the Payment Date after a withdrawal from the Reserve Account that does not result in an Early Amortization Event pursuant to
the preceding clause, after giving effect to withdrawals from and deposits into the Reserve Account, the Reserve Account balance
is less than the product of (A) the Required Reserve Account Percentage and (B) the Note Principal Balance;]

 

then, in the case of any event described
in subsection (a), (b) or (d), after the applicable grace period, if any, set forth in such subparagraphs,
either the Indenture Trustee or the Noteholders of Series [_____] Notes evidencing more than fifty percent (50%) of the aggregate
unpaid principal amount of Series [_____] Notes by notice then given in writing to the Issuer (and to the Indenture Trustee if
given by the Series [_____] Noteholders) may declare that a “Series Early Amortization Event” with respect to Series
[_____] (a “Series [_____] Early Amortization Event”) has occurred as of the date of such notice, and, in the
case of any event described in subsection (c), (e), (f) [, (g), (h) or (i)] [or (g)], a Series [_____] Early
Amortization Event shall occur without any notice or other action on the part of the Indenture Trustee or the Series [_____] Noteholders
immediately upon the occurrence of such event.

 

ARTICLE
VII

Redemption
of Series [_____] Notes; 

Final Distributions; Series Termination

 

SECTION 7.1. Optional
Redemption of Series [_____] Notes; Final Distributions.

 

(a)         On any day occurring
on or after the date on which the outstanding principal balance of the Series [_____] Notes plus the Principal Overcollateralization
Amount is reduced to [_____] percent ([__]%) or less of the Initial Collateral Amount, the Transferor has the option pursuant to
the Trust Agreement to reduce the Collateral Amount to zero by paying a purchase price equal to the greater of (x) the Collateral
Amount plus the Allocation Percentage of outstanding Non-Principal Receivables, and (y) (i) if such day is a Payment Date, the
Reassignment Amount for such Payment Date or (ii) if such day is not a Payment Date, the Reassignment Amount for the Payment Date
following such day. If Transferor exercises such option, the Issuer will apply such purchase price to repay the Series [_____]
Notes in full as specified below.

 

(b)         In order to
exercise such option, the Issuer shall give the Indenture Trustee at least thirty (30) days’ prior written notice of the
date on which Transferor intends to exercise such optional redemption. Not later than 3:00 p.m., New York City time, on the day
of such redemption, the Issuer shall deposit into the Collection Account in immediately available funds the Reassignment Amount.
Such redemption option is subject to payment in full of the Reassignment Amount. Following such deposit into the Collection Account
in accordance with the foregoing, the Collateral Amount for Series [_____] shall be paid in full and the Series [_____] Noteholders
shall have no further security interest or other interest in the Transferred Receivables. The Reassignment Amount shall be paid
as set forth in Section 7.1(d).

 

    	 	29	Form of Indenture Supplement

    	 

    

 

(c)         The amount to
be paid by the Issuer with respect to Series [_____] in connection with a repurchase of the Series [_____] Notes pursuant to Section
10.1 of the Trust Agreement shall not be less than the Reassignment Amount for the Payment Date of such repurchase.

 

(d)         With respect
to the Reassignment Amount deposited into the Collection Account pursuant to this Section 7.1 or the net proceeds of
any sale of Transferred Receivables pursuant to Section 5.3 of the Indenture with respect to Series [_____], the Indenture
Trustee shall, in accordance with an Issuer Order, not later than 3:00 p.m., New York City time, on the related Payment Date, make
payments of the following amounts (in the priority set forth below and, in each case, after giving effect to any deposits and payments
otherwise to be made on such date) in immediately available funds: (i) an amount equal to the Class A Monthly Interest due and
payable on such Payment Date (or any prior Payment Date that has not been paid) will be paid, pro rata, to the Class A Noteholders,
to the extent permitted by applicable law, (ii) the Class A Note Principal Balance on such Payment Date will be paid, pro rata,
to the Class A Noteholders, (iii) an amount equal to the Class B Monthly Interest due and payable on such Payment Date (or any
prior Payment Date that has not been paid) will be paid, pro rata, to the Class B Noteholders, to the extent permitted by applicable
law, (iv) the Class B Note Principal Balance on such Payment Date will be paid, pro rata, to the Class B Noteholders, (v) an amount
equal to the Class C Monthly Interest due and payable on such Payment Date (or any prior Payment Date that has not been paid) will
be paid, pro rata, to the Class C Noteholders to the extent permitted by applicable law, (vi) the Class C Note Principal Balance
on such Payment Date will be paid, pro rata, to the Class C Noteholders, (vii) an amount equal to any required yield payments on
the Principal Overcollateralization Amount will be released to the Issuer, (viii) the remainder shall be released to the Issuer
in reduction of the Principal Overcollateralization Amount until the Principal Overcollateralization Amount has been paid in full
[and] (ix) [on a pari passu basis, (A) any amounts owed to the Counterparty under the Class A Swap will be paid to the Class A
Counterparty, (B) any amounts owed to the Class B Counterparty under the Class B Swap will be paid to the Class B Counterparty
and (C) any amounts owed to the Class C Counterparty under the Class C Swap will be paid to the Class C Counterparty and (x)] any
excess shall be released to the Issuer.

 

SECTION 7.2. Series
Termination. On the Series [_____] Final Maturity Date, the unpaid principal amount of the Series [_____] Notes shall
be due and payable.

 

ARTICLE
VIII

Miscellaneous
Provisions

 

SECTION 8.1. Ratification
of Indenture; Amendments. As supplemented by this Indenture Supplement, the Indenture is in all respects ratified and confirmed
and the Indenture as so supplemented by this Indenture Supplement shall be read, taken and construed as one and the same instrument.
This Indenture Supplement may be amended only in accordance with the terms of Section 9.1 or 9.2 of the Indenture.
For purposes of the application of Section 9.2 of the Indenture to any amendment of this Indenture Supplement, the Series
[_____] Noteholders shall be the only Noteholders whose vote shall be required.

 

    	 	30	Form of Indenture Supplement

    	 

    

 

SECTION 8.2. Form
of Delivery of the Series [_____] Notes. The Series [_____] Notes shall be Book-Entry Notes and shall be delivered as provided
in Section 2.1 and 2.2 of the Indenture.

 

SECTION 8.3. Counterparts.
This Indenture Supplement may be executed in two or more counterparts, and by different parties on separate counterparts, each
of which shall be an original, but all of which shall constitute one and the same instrument.

 

SECTION 8.4. GOVERNING
LAW.

 

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

 

(b)         EACH PARTY
HERETO HEREBY CONSENTS AND AGREES THAT THE STATE OR FEDERAL COURTS LOCATED IN THE BOROUGH OF MANHATTAN IN NEW YORK CITY SHALL HAVE
EXCLUSIVE JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN THEM PERTAINING TO THIS INDENTURE SUPPLEMENT OR TO
ANY MATTER ARISING OUT OF OR RELATING TO THIS INDENTURE SUPPLEMENT; PROVIDED,
THAT EACH PARTY HERETO ACKNOWLEDGES THAT ANY APPEALS FROM THOSE COURTS MAY HAVE TO BE HEARD BY A COURT LOCATED OUTSIDE
OF THE BOROUGH OF MANHATTAN IN NEW YORK CITY; PROVIDED, FURTHER, THAT NOTHING IN THIS INDENTURE SUPPLEMENT SHALL
BE DEEMED OR OPERATE TO PRECLUDE THE INDENTURE TRUSTEE FROM BRINGING SUIT OR TAKING OTHER LEGAL ACTION IN ANY OTHER JURISDICTION
TO REALIZE ON THE COLLATERAL OR ANY OTHER SECURITY FOR THE Series [_____] NOTES,
OR TO ENFORCE A JUDGMENT OR OTHER COURT ORDER IN FAVOR OF THE INDENTURE TRUSTEE. EACH PARTY HERETO SUBMITS AND CONSENTS IN ADVANCE
TO SUCH JURISDICTION IN ANY ACTION OR SUIT COMMENCED IN ANY SUCH COURT, AND EACH PARTY HERETO HEREBY WAIVES ANY OBJECTION THAT
SUCH PARTY MAY HAVE BASED UPON LACK OF PERSONAL JURISDICTION, IMPROPER VENUE OR FORUM NON CONVENIENS AND HEREBY CONSENTS
TO THE GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY SUCH COURT. EACH PARTY HERETO HEREBY WAIVES PERSONAL
SERVICE OF THE SUMMONS, COMPLAINT AND OTHER PROCESS ISSUED IN ANY SUCH ACTION OR SUIT AND AGREES THAT SERVICE OF SUCH SUMMONS,
COMPLAINT AND OTHER PROCESS MAY BE MADE BY REGISTERED OR CERTIFIED MAIL ADDRESSED TO SUCH PARTY AT ITS ADDRESS DETERMINED IN ACCORDANCE
WITH SECTION 10.4 OF THE INDENTURE AND THAT SERVICE SO MADE SHALL BE DEEMED COMPLETED UPON THE EARLIER OF SUCH PARTY’S ACTUAL
RECEIPT THEREOF OR THREE DAYS AFTER DEPOSIT IN THE UNITED STATES MAIL, PROPER POSTAGE PREPAID. NOTHING IN THIS SECTION SHALL AFFECT
THE RIGHT OF ANY PARTY HERETO TO SERVE LEGAL PROCESS IN ANY OTHER MANNER PERMITTED BY LAW.

 

    	 	31	Form of Indenture Supplement

    	 

    

 

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

 

SECTION 8.5. Limitation
of Liability. Notwithstanding any other provision herein or elsewhere, this Agreement has been executed and delivered by BNY
Mellon Trust of Delaware, not in its individual capacity, but solely in its capacity as Trustee of the Issuer, in no event shall
BNY Mellon Trust of Delaware in its individual capacity have any liability in respect of the representations, warranties, or obligations
of the Issuer hereunder or under any other document, as to all of which recourse shall be had solely to the assets of the Trust,
and for all purposes of this Agreement and each other document, the Trustee (as such or in its individual capacity) shall be subject
to, and entitled to the benefits of, the terms and provisions of the Trust Agreement.

 

SECTION 8.6. Rights
of the Indenture Trustee. The Indenture Trustee shall have herein the same rights, protections, indemnities and immunities
as specified in the Indenture.

 

SECTION 8.7. No
Petition. Each holder of a Note by its acceptance of a Note will be deemed to covenant and agree that (i) it will not at any
time directly or indirectly institute or cause to be instituted against the Issuer any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceeding or other proceeding under any Debtor Relief Law unless holders of not less than sixty-six
and two-thirds percent (66 2/3%) of the Outstanding Principal Balance of each Class of each Series have approved such filing; and
(ii) it will not at any time directly or indirectly institute or cause to be instituted against the Transferor any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceeding or other proceeding under any Debtor Relief Law in connection
with any obligation relating to the Notes, the Indenture or any of the Related Documents.

 

    	 	32	Form of Indenture Supplement

    	 

    

 

SECTION 8.8. Notes
to be Treated as Debt for Tax. It is the intent of the parties hereto that, for purposes of Federal, State and local income
and franchise tax and any other tax measured in whole or in part by income, the Class A Notes, the Class B Notes and the Class
C Notes shall be treated as debt.

 

SECTION 8.9. Notice
Address for Rating Agencies. Delivery of any notices required to be delivered to the Rating Agencies by the Issuer, the Indenture
Trustee or the Trustee shall be sufficient for the purposes of this Indenture Supplement and the other Related Documents if sent
to such mailing addresses or such email addresses as may be provided by the Rating Agencies.

 

[SIGNATURE PAGES FOLLOW]

 

    	 	33	Form of Indenture Supplement

    	 

    

 

IN WITNESS WHEREOF,
the undersigned have caused this Indenture Supplement to be duly executed and delivered on the day and year first above written.

 

	 	GE DEALER FLOORPLAN MASTER NOTE

TRUST, as Issuer
	 	 
	 	By:	BNY MELLON TRUST OF DELAWARE,

not in its individual capacity,
	 	 	but as Trustee on behalf of Issuer
	 	 	 
	 	By:	 
	 	Name:  	 
	 	Title:	 

 

    	 	S-1	Form of Indenture Supplement

    	 

    

 

	 	DEUTSCHE BANK TRUST COMPANY

AMERICAS, as Indenture Trustee
	 	 
	 	By:	 
	 	Name:  	 
	 	Title:	 
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	 	S-2	Form of Indenture Supplement

    	 

    

 

EXHIBIT A-1

 

FORM OF CLASS A SERIES [_____] ASSET BACKED
NOTE

 

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

 

THE
HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES THAT (i) it will not at any time directly or indirectly institute
or cause to be instituted against the Issuer any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding
or other proceeding under any Federal or state bankruptcy law unless Noteholders of not less than sixty-six and two-thirds percent
(66 2/3%) of the Outstanding Principal BALANCE of each Class of each Series have approved such filing; and (ii) it will not at
any time directly or indirectly institute or cause to be instituted against GE DEALER FLOORPLAN MASTER NOTE TRUST or
CDF Funding, Inc. any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding or other proceeding under any
Federal or state bankruptcy law IN CONNECTION WITH ANY OBLIGATION RELATING TO THE NOTES, THE INDENTURE OR ANY OF THE RELATED DOCUMENTS.

 

THE HOLDER OF THIS
CLASS A NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST THEREIN, AGREE TO TREAT THE CLASS A NOTES AS
INDEBTEDNESS FOR APPLICABLE FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON,
OR MEASURED BY, INCOME.

 

THE HOLDER OF THIS
NOTE BY ITS ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST THEREIN, SHALL BE DEEMED TO REPRESENT AND WARRANT
THAT EITHER (I) SUCH HOLDER IS NOT (AND FOR SO LONG AS IT HOLDS SUCH NOTE WILL NOT BE), IS NOT ACTING ON BEHALF OF (AND FOR SO
LONG AS IT HOLDS SUCH NOTE WILL NOT BE ACTING ON BEHALF OF), AND IS NOT INVESTING THE ASSETS OF (A) AN "EMPLOYEE BENEFIT PLAN"
(AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA")) THAT IS SUBJECT
TO TITLE I OF ERISA, (B) A "PLAN" (AS DEFINED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED
(THE "CODE")) THAT IS SUBJECT TO SECTION 4975 OF THE CODE, (C) AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS
BY REASON OF INVESTMENT BY AN EMPLOYEE BENEFIT PLAN OR PLAN IN SUCH ENTITY ABOVE OR (D) A GOVERNMENTAL PLAN, CHURCH PLAN OR NON-U.S.
PLAN THAT IS SUBJECT TO ANY APPLICABLE LAW THAT IS SUBSTANTIALLY SIMILAR TO THE FIDUCIARY RESPONSIBILITY OR PROHIBITED TRANSACTION
PROVISIONS OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”) OR (II) ITS ACQUISITION, CONTINUED HOLDING AND DISPOSITION
OF THIS NOTE WILL NOT RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A
VIOLATION OF ANY SIMILAR LAW.

 

    	 	A-1-1	Form of Indenture Supplement

    	 

    

 

	REGISTERED	$[_____]
	No. R-	CUSIP NO. [_____]

 

GE DEALER
FLOORPLAN MASTER NOTE TRUST

SERIES
[_____]

 

CLASS
A SERIES [_____] ASSET BACKED NOTE

 

GE Dealer Floorplan
Master Note Trust (herein referred to as the “Issuer” or the “Trust”), a Delaware statutory trust governed
by an Amended and Restated Trust Agreement dated as of August 12, 2004, for value received, hereby promises to pay to Cede &
Co., or registered assigns, subject to the following provisions, the principal sum of [_____] DOLLARS ($[_____]1),
or such greater or lesser amount as determined in accordance with the Indenture, on the Series [_____] Final Maturity Date, except
as otherwise provided below or in the Indenture. The Issuer will pay interest on the unpaid principal amount of this Note at the
rate and in the manner set forth in the Indenture Supplement referred to herein. Interest on this Note will accrue for each Payment
Date from and including the most recent Payment Date on which interest has been paid to but excluding such Payment Date or, for
the initial Payment Date, from and including the Closing Date to but excluding such Payment Date. Interest will be computed on
the basis of a 360-day year [and the actual number of days elapsed] [of twelve 30-day months]. Principal of this Note shall be
paid in the manner specified in the Indenture Supplement referred to herein.

 

The principal of and
interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender
for payment of public and private debts.

 

Unless the certificate
of authentication hereon has been executed by or on behalf of the Indenture Trustee, by manual signature, this Note shall not be
entitled to any benefit under the Indenture or the Indenture Supplement referred to herein, or be valid for any purpose.

 

 

		1	The aggregate amount of the Class A Notes is equal to the Class A Note Initial Principal Balance.
Notes will be prepared in denominations of $[_____] and integral multiples of $[_____] not to exceed [_____] dollars ($[_____]).

 

    	 	A-1-2	Form of Indenture Supplement

    	 

    

 

IN WITNESS WHEREOF,
the Issuer has caused this Class A Note to be duly executed.

 

	 	GE DEALER FLOORPLAN MASTER NOTE

TRUST, as Issuer
	 	 
	 	By:	BNY MELLON TRUST OF DELAWARE,

not in its individual capacity
	 	 	but solely as Trustee on behalf of Issuer
	 	 	 	 
	 	By:	 
	 	Name:  	 
	 	Title:	 

 

Dated:

 

    	 	A-1-3	Form of Indenture Supplement

    	 

    

 

INDENTURE TRUSTEE’S CERTIFICATE OF
AUTHENTICATION

 

This is one of the Class A Notes described
in the within-mentioned Indenture.

 

	 	DEUTSCHE BANK TRUST COMPANY
	 	AMERICAS, as Indenture Trustee
	 	 
	 	By:	 
	 	Name:  	 
	 	Title:	 

 

Dated:

 

    	 	A-1-4	Form of Indenture Supplement

    	 

    

 

GE DEALER FLOORPLAN MASTER NOTE TRUST

SERIES [_____]

 

CLASS A SERIES [_____] ASSET BACKED NOTE

 

This Class A Note (this
“Note”) is one of a duly authorized issue of Notes of the Issuer, designated as GE Dealer Floorplan Master Note
Trust, Series [_____] (the “Series [_____] Notes”), issued under a Master Indenture dated as of August 12, 2004
(as amended, modified or supplemented from time to time, the “Master Indenture”), between the Issuer and Deutsche
Bank Trust Company Americas (successor in interest to Wilmington Trust Company), as indenture trustee (the “Indenture
Trustee”), as supplemented by the Series [_____] Indenture Supplement dated as of [_____] (the “Indenture Supplement”),
and representing the right to receive certain payments from the Issuer. The term “Indenture,” unless the context otherwise
requires, refers to the Master Indenture as supplemented by the Indenture Supplement. The Notes are subject to all of the terms
of the Indenture. All terms used in this Note that are defined in the Indenture shall have the meanings assigned to them in or
pursuant to the Indenture. In the event of any conflict or inconsistency between the Indenture and this Note, the Indenture shall
control.

 

The Class B Notes and
the Class C Notes will also be issued under the Indenture.

 

The Noteholder, by
its acceptance of this Note, agrees that it will look solely to the property of the Issuer allocated to the payment of this Note
for payment hereunder and that neither the Trustee nor the Indenture Trustee is liable to the Noteholders for any amount payable
under the Notes or the Indenture or, except in the case of the Indenture Trustee as expressly provided in the Indenture, subject
to any liability under the Indenture.

 

This Note does not
purport to summarize the Indenture and reference is made to the Indenture for the interests, rights and limitations of rights,
benefits, obligations and duties evidenced thereby, and the rights, duties and immunities of the Indenture Trustee.

 

THIS NOTE DOES NOT
REPRESENT AN OBLIGATION OF, OR AN INTEREST IN, GENERAL ELECTRIC CAPITAL CORPORATION, CDF FUNDING, INC., GE COMMERCIAL DISTRIBUTION
FINANCE CORPORATION, POLARIS ACCEPTANCE, BRUNSWICK ACCEPTANCE COMPANY, LLC OR ANY OF THEIR AFFILIATES (OTHER THAN THE ISSUER),
AND IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

The Issuer, the Indenture
Trustee and any agent of the Issuer or the Indenture Trustee shall treat the person in whose name this Note is registered as the
owner hereof for all purposes, and neither the Issuer, the Indenture Trustee nor any agent of the Issuer or the Indenture Trustee
shall be affected by notice to the contrary.

 

    	 	A-1-5	Form of Indenture Supplement

    	 

    

 

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

 

    	 	A-1-6	Form of Indenture Supplement

    	 

    

 

ASSIGNMENT

 

Social Security or other identifying number
of assignee _________________________________

 

FOR VALUE RECEIVED,
the undersigned hereby sells, assigns and transfers unto                                  
(name and address of assignee) the within certificate and all rights thereunder, and hereby irrevocably constitutes and appoints
                            
attorney, to transfer said certificate on the books kept for registration thereof, with full power of substitution in the premises.

 

	Dated:	 	 	 	**
	 	 	 	Signature Guaranteed:	 

 

 

		**	The signature to this assignment must correspond with the name of the registered owner as it appears
on the face of the within Note in every particular, without alteration, enlargement or any change whatsoever.

 

    	 	A-1-7	Form of Indenture Supplement

    	 

    

 

EXHIBIT A-2

 

FORM OF CLASS B SERIES [_____] ASSET BACKED
NOTE

 

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

 

THE
HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES THAT (i) it will not at any time directly or indirectly institute
or cause to be instituted against the Issuer any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding
or other proceeding under any Federal or state bankruptcy law unless Noteholders of not less than sixty-six and two-thirds percent
(66 2/3%) of the Outstanding Principal BALANCE of each Class of each Series have approved such filing; and (ii) it will not at
any time directly or indirectly institute or cause to be instituted against GE DEALER FLOORPLAN MASTER NOTE TRUST or
CDF Funding, Inc. any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding or other proceeding under any
Federal or state bankruptcy law IN CONNECTION WITH ANY OBLIGATION RELATING TO THE NOTES, THE INDENTURE OR ANY OF THE RELATED DOCUMENTS.

 

THE HOLDER OF THIS
CLASS B NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST THEREIN, AGREE TO TREAT THE CLASS B NOTES AS
INDEBTEDNESS FOR APPLICABLE FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON,
OR MEASURED BY, INCOME.

 

THE
HOLDER OF THIS NOTE BY ITS ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST THEREIN, SHALL BE DEEMED
TO REPRESENT AND WARRANT THAT EITHER (I) SUCH HOLDER IS NOT (AND FOR SO LONG AS IT HOLDS SUCH NOTE WILL NOT BE), IS NOT ACTING
ON BEHALF OF (AND FOR SO LONG AS IT HOLDS SUCH NOTE WILL NOT BE ACTING ON BEHALF OF), AND IS NOT INVESTING THE ASSETS OF (A) AN
“EMPLOYEE BENEFIT PLAN” (AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
(“ERISA”)) THAT IS SUBJECT TO TITLE I OF ERISA, (B) A “PLAN” (AS DEFINED IN SECTION 4975(e)(1) OF THE INTERNAL
REVENUE CODE OF 1986, AS AMENDED (THE "CODE")) THAT IS SUBJECT TO SECTION 4975 OF THE CODE,
(C) AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF INVESTMENT BY AN EMPLOYEE BENEFIT PLAN OR PLAN IN SUCH ENTITY
(EACH, A “BENEFIT PLAN”) OR (D) A GOVERNMENTAL PLAN, CHURCH PLAN OR NON-U.S. PLAN THAT IS SUBJECT TO ANY APPLICABLE
LAW THAT IS SUBSTANTIALLY SIMILAR TO THE FIDUCIARY RESPONSIBILITY OR PROHIBITED TRANSACTION PROVISIONS OF ERISA OR SECTION 4975
OF THE CODE (“SIMILAR LAW”) OR (II) ITS ACQUISITION, CONTINUED HOLDING AND DISPOSITION OF THIS NOTE WILL NOT RESULT
IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION OF ANY SIMILAR LAW.

 

    	 	A-2-1	Form of Indenture Supplement

    	 

    

 

	REGISTERED	$[_____]
	No. R-	CUSIP NO. [_____]

 

GE DEALER FLOORPLAN MASTER NOTE TRUST

SERIES [_____]

 

CLASS B SERIES [_____] ASSET BACKED NOTE

 

GE Dealer Floorplan
Master Note Trust (herein referred to as the “Issuer” or the “Trust”), a Delaware statutory trust governed
by an Amended and Restated Trust Agreement dated as of August 12, 2004, for value received, hereby promises to pay to Cede &
Co., or registered assigns, subject to the following provisions, the principal sum of [_____] DOLLARS ($[_____]), or such greater
or lesser amount as determined in accordance with the Indenture, on the Series [_____] Final Maturity Date, except as otherwise
provided below or in the Indenture. The Issuer will pay interest on the unpaid principal amount of this Note at the rate and in
the manner set forth in the Indenture Supplement referred to herein. Interest on this Note will accrue for each Payment Date from
and including the most recent Payment Date on which interest has been paid to but excluding such Payment Date or, for the initial
Payment Date, from and including the Closing Date to but excluding such Payment Date. Interest will be computed on the basis of
a 360-day year [and the actual number of days elapsed] [of twelve 30-day months]. Principal of this Note shall be paid in the manner
specified in the Indenture Supplement referred to herein.

 

The principal of and
interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender
for payment of public and private debts.

 

Unless the certificate
of authentication hereon has been executed by or on behalf of the Indenture Trustee, by manual signature, this Note shall not be
entitled to any benefit under the Indenture or the Indenture Supplement referred to herein, or be valid for any purpose.

 

THIS CLASS B NOTE IS
SUBORDINATED TO THE EXTENT NECESSARY TO FUND PAYMENTS ON THE CLASS A NOTES TO THE EXTENT SPECIFIED IN THE INDENTURE SUPPLEMENT.

 

    	 	A-2-2	Form of Indenture Supplement

    	 

    

 

IN WITNESS WHEREOF, the Issuer has caused
this Class B Note to be duly executed.

 

	 	GE DEALER FLOORPLAN MASTER NOTE

TRUST, as Issuer
	 	 
	 	By:	BNY MELLON TRUST OF DELAWARE,

not in its individual capacity
	 	 	but solely as Trustee on behalf of Issuer
	 	 	 
	 	By:	 
	 	Name:  	 
	 	Title:	 

 

Dated:

 

    	 	A-2-3	Form of Indenture Supplement

    	 

    

 

INDENTURE TRUSTEE’S CERTIFICATE OF
AUTHENTICATION

 

This is one of the Class B Notes described
in the within-mentioned Indenture.

 

	 	DEUTSCHE BANK TRUST COMPANY

AMERICAS, as Indenture Trustee
	 	 
	 	By:	 
	 	Name:  	 
	 	Title:	 

 

Dated:

 

    	 	A-2-4	Form of Indenture Supplement

    	 

    

 

GE DEALER FLOORPLAN MASTER NOTE TRUST

SERIES [_____]

 

CLASS B SERIES [_____] ASSET BACKED NOTE

 

This Class B Note (this
“Note”) is one of a duly authorized issue of Notes of the Issuer, designated as GE Dealer Floorplan Master Note
Trust, Series [_____] (the “Series [_____] Notes”), issued under a Master Indenture dated as of August 12, 2004
(as amended, modified or supplemented from time to time, the “Master Indenture”), between the Issuer and Deutsche
Bank Trust Company Americas (successor in interest to Wilmington Trust Company), as indenture trustee (the “Indenture
Trustee”), as supplemented by the Series [_____] Indenture Supplement dated as of [_____] (the “Indenture Supplement”),
and representing the right to receive certain payments from the Issuer. The term “Indenture,” unless the context otherwise
requires, refers to the Master Indenture as supplemented by the Indenture Supplement. The Notes are subject to all of the terms
of the Indenture. All terms used in this Note that are defined in the Indenture shall have the meanings assigned to them in or
pursuant to the Indenture. In the event of any conflict or inconsistency between the Indenture and this Note, the Indenture shall
control.

 

The Class A Notes and
the Class C Notes will also be issued under the Indenture.

 

The Noteholder, by
its acceptance of this Note, agrees that it will look solely to the property of the Issuer allocated to the payment of this Note
for payment hereunder and that neither the Trustee nor the Indenture Trustee is liable to the Noteholders for any amount payable
under the Notes or the Indenture or, except in the case of the Indenture Trustee as expressly provided in the Indenture, subject
to any liability under the Indenture.

 

This Note does not
purport to summarize the Indenture and reference is made to the Indenture for the interests, rights and limitations of rights,
benefits, obligations and duties evidenced thereby, and the rights, duties and immunities of the Indenture Trustee.

 

THIS NOTE DOES NOT
REPRESENT AN OBLIGATION OF, OR AN INTEREST IN, GENERAL ELECTRIC CAPITAL CORPORATION, CDF FUNDING, INC., GE COMMERCIAL DISTRIBUTION
FINANCE CORPORATION, POLARIS ACCEPTANCE, BRUNSWICK ACCEPTANCE COMPANY, LLC OR ANY OF THEIR AFFILIATES (OTHER THAN THE ISSUER),
AND IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

The Issuer, the Indenture
Trustee and any agent of the Issuer or the Indenture Trustee shall treat the person in whose name this Note is registered as the
owner hereof for all purposes, and neither the Issuer, the Indenture Trustee nor any agent of the Issuer or the Indenture Trustee
shall be affected by notice to the contrary.

 

    	 	A-2-5	Form of Indenture Supplement

    	 

    

 

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

 

    	 	A-2-6	Form of Indenture Supplement

    	 

    

 

ASSIGNMENT

 

Social Security or other identifying number
of assignee _________________________________

 

FOR VALUE RECEIVED,
the undersigned hereby sells, assigns and transfers unto                                  
(name and address of assignee) the within certificate and all rights thereunder, and hereby irrevocably constitutes and appoints
                            
attorney, to transfer said certificate on the books kept for registration thereof, with full power of substitution in the premises.

 

	Dated:	 	 	 	**
	 	 	 	Signature Guaranteed:	 

 

 

		**	The signature to this assignment must correspond with the name of the registered owner as it appears
on the face of the within Note in every particular, without alteration, enlargement or any change whatsoever.

 

    	 	A-2-7	Form of Indenture Supplement

    	 

    

 

EXHIBIT A-3

 

FORM OF CLASS C SERIES [_____] ASSET BACKED
NOTE

 

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

 

THE
HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES THAT (i) it will not at any time directly or indirectly institute
or cause to be instituted against the Issuer any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding
or other proceeding under any Federal or state bankruptcy law unless Noteholders of not less than sixty-six and two-thirds percent
(66 2/3%) of the Outstanding Principal BALANCE of each Class of each Series have approved such filing; and (ii) it will not at
any time directly or indirectly institute or cause to be instituted against GE DEALER FLOORPLAN MASTER NOTE TRUST or
CDF Funding, Inc. any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding or other proceeding under any
Federal or state bankruptcy law IN CONNECTION WITH ANY OBLIGATION RELATING TO THE NOTES, THE INDENTURE OR ANY OF THE RELATED DOCUMENTS.

 

THE HOLDER OF THIS
CLASS C NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST THEREIN, AGREE TO TREAT THE CLASS C NOTES AS
INDEBTEDNESS FOR APPLICABLE FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON,
OR MEASURED BY, INCOME.

 

THE
HOLDER OF THIS NOTE BY ITS ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST THEREIN, SHALL BE DEEMED
TO REPRESENT AND WARRANT THAT EITHER (I) SUCH HOLDER IS NOT (AND FOR SO LONG AS IT HOLDS SUCH NOTE WILL NOT BE), IS NOT ACTING
ON BEHALF OF (AND FOR SO LONG AS IT HOLDS SUCH NOTE WILL NOT BE ACTING ON BEHALF OF), AND IS NOT INVESTING THE ASSETS OF (A) AN
“EMPLOYEE BENEFIT PLAN” (AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
(“ERISA”)) THAT IS SUBJECT TO TITLE I OF ERISA, (B) A “PLAN” (AS DEFINED IN SECTION 4975(e)(1) OF THE INTERNAL
REVENUE CODE OF 1986, AS AMENDED (THE “CODE”)) THAT IS SUBJECT TO SECTION 4975 OF THE CODE,
(C) AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF INVESTMENT BY AN EMPLOYEE BENEFIT PLAN OR PLAN IN SUCH ENTITY
(EACH, A “BENEFIT PLAN”) OR (D) A GOVERNMENTAL PLAN, CHURCH PLAN OR NON-U.S. PLAN THAT IS SUBJECT TO ANY APPLICABLE
LAW THAT IS SUBSTANTIALLY SIMILAR TO THE FIDUCIARY RESPONSIBILITY OR PROHIBITED TRANSACTION PROVISIONS OF ERISA OR SECTION 4975
OF THE CODE (“SIMILAR LAW”) OR (II) ITS ACQUISITION, CONTINUED HOLDING AND DISPOSITION OF THIS NOTE WILL NOT RESULT
IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION OF ANY SIMILAR LAW.

 

    	 	A-3-1	Form of Indenture Supplement

    	 

    

 

	REGISTERED	$[_____]
	No. R-	CUSIP NO. [_____]

 

GE DEALER FLOORPLAN MASTER NOTE TRUST

SERIES [_____]

 

CLASS C SERIES [_____] ASSET BACKED NOTE

 

GE Dealer Floorplan
Master Note Trust (herein referred to as the “Issuer” or the “Trust”), a Delaware statutory trust governed
by an Amended and Restated Trust Agreement dated as of August 12, 2004, for value received, hereby promises to pay to Cede &
Co., or registered assigns, subject to the following provisions, the principal sum of [_____] DOLLARS ($[_____]), or such greater
or lesser amount as determined in accordance with the Indenture, on the Series [_____] Final Maturity Date, except as otherwise
provided below or in the Indenture. The Issuer will pay interest on the unpaid principal amount of this Note at the rate and in
the manner set forth in the Indenture Supplement referred to herein. Interest on this Note will accrue for each Payment Date from
and including the most recent Payment Date on which interest has been paid to but excluding such Payment Date or, for the initial
Payment Date, from and including the Closing Date to but excluding such Payment Date. Interest will be computed on the basis of
a 360-day year [and the actual number of days elapsed] [of twelve 30-day months]. Principal of this Note shall be paid in the manner
specified in the Indenture Supplement referred to herein.

 

The principal of and
interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender
for payment of public and private debts.

 

Unless the certificate
of authentication hereon has been executed by or on behalf of the Indenture Trustee, by manual signature, this Note shall not be
entitled to any benefit under the Indenture or the Indenture Supplement referred to herein, or be valid for any purpose.

 

THIS CLASS C NOTE IS
SUBORDINATED TO THE EXTENT NECESSARY TO FUND PAYMENTS ON THE CLASS A NOTES AND THE CLASS B NOTES TO THE EXTENT SPECIFIED IN THE
INDENTURE SUPPLEMENT.

 

    	 	A-3-2	Form of Indenture Supplement

    	 

    

 

IN WITNESS WHEREOF, the Issuer has caused
this Class C Note to be duly executed.

 

	 	GE DEALER FLOORPLAN MASTER NOTE

TRUST, as Issuer
	 	 
	 	By:	BNY MELLON TRUST OF DELAWARE,
	 	 	not in its individual capacity
	 	 	but solely as Trustee on behalf of Issuer
	 	 	 
	 	By:	 
	 	Name:  	 
	 	Title:	 

 

Dated:

 

    	 	A-3-3	Form of Indenture Supplement

    	 

    

 

INDENTURE TRUSTEE’S CERTIFICATE OF
AUTHENTICATION

 

This is one of the Class C Notes described
in the within-mentioned Indenture.

 

	 	DEUTSCHE BANK TRUST COMPANY

AMERICAS, as Indenture Trustee
	 	 
	 	By:	 
	 	Name:  	 
	 	Title:	 

 

Dated:

 

    	 	A-3-4	Form of Indenture Supplement

    	 

    

 

GE DEALER FLOORPLAN MASTER NOTE TRUST

SERIES [_____]

 

CLASS C SERIES [_____] ASSET BACKED NOTE

 

This Class C Note (this
“Note”) is one of a duly authorized issue of Notes of the Issuer, designated as GE Dealer Floorplan Master Note
Trust, Series [_____] (the “Series [_____] Notes”), issued under a Master Indenture dated as of August 12, 2004
(as amended, modified or supplemented from time to time, the “Master Indenture”), between the Issuer and Deutsche
Bank Trust Company Americas (successor in interest to Wilmington Trust Company), as indenture trustee (the “Indenture
Trustee”), as supplemented by the Series [_____] Indenture Supplement dated as of [_____] (the “Indenture Supplement”),
and representing the right to receive certain payments from the Issuer. The term “Indenture,” unless the context otherwise
requires, refers to the Master Indenture as supplemented by the Indenture Supplement. The Notes are subject to all of the terms
of the Indenture. All terms used in this Note that are defined in the Indenture shall have the meanings assigned to them in or
pursuant to the Indenture. In the event of any conflict or inconsistency between the Indenture and this Note, the Indenture shall
control.

 

The Class A Notes and
the Class B Notes will also be issued under the Indenture.

 

The Noteholder, by
its acceptance of this Note, agrees that it will look solely to the property of the Issuer allocated to the payment of this Note
for payment hereunder and that neither the Trustee nor the Indenture Trustee is liable to the Noteholders for any amount payable
under the Notes or the Indenture or, except in the case of the Indenture Trustee as expressly provided in the Indenture, subject
to any liability under the Indenture.

 

This Note does not
purport to summarize the Indenture and reference is made to the Indenture for the interests, rights and limitations of rights,
benefits, obligations and duties evidenced thereby, and the rights, duties and immunities of the Indenture Trustee.

 

THIS NOTE DOES NOT
REPRESENT AN OBLIGATION OF, OR AN INTEREST IN, GENERAL ELECTRIC CAPITAL CORPORATION, CDF FUNDING, INC., GE COMMERCIAL DISTRIBUTION
FINANCE CORPORATION, POLARIS ACCEPTANCE, BRUNSWICK ACCEPTANCE COMPANY, LLC OR ANY OF THEIR AFFILIATES (OTHER THAN THE ISSUER),
AND IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

The Issuer, the Indenture
Trustee and any agent of the Issuer or the Indenture Trustee shall treat the person in whose name this Note is registered as the
owner hereof for all purposes, and neither the Issuer, the Indenture Trustee nor any agent of the Issuer or the Indenture Trustee
shall be affected by notice to the contrary.

 

    	 	A-3-5	Form of Indenture Supplement

    	 

    

 

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

 

    	 	A-3-6	Form of Indenture Supplement

    	 

    

 

ASSIGNMENT

 

Social Security or other identifying number
of assignee _________________________________

 

FOR VALUE RECEIVED,
the undersigned hereby sells, assigns and transfers unto                                  
(name and address of assignee) the within certificate and all rights thereunder, and hereby irrevocably constitutes and appoints
                            
attorney, to transfer said certificate on the books kept for registration thereof, with full power of substitution in the premises.

 

	Dated:	 	 	 	**
	 	 	 	Signature Guaranteed:	 

 

 

		**	The signature to this assignment must correspond with the name of the registered owner as it appears
on the face of the within Note in every particular, without alteration, enlargement or any change whatsoever.

 

    	 	A-3-7	Form of Indenture Supplement

    	 

    

 

EXHIBIT B

 

Form of Monthly Servicer’s Certificate

 

GE Dealer Floorplan Master Note Trust

Series [_____]

 

	Payment Date:	[•]
	Collection Period Ended:	[•]
	Closing Date:	[•]
	Next Payment Date:	[•]
	Expected Principal Payment Date:	[•]
	Final Maturity Date:	[•]

 

	Note Payment Detail
	 
	Class	 	CUSIP	 	Interest
 Rate	 	 	Original
 Balance	 	 	Beginning
 Balance	 	 	Principal
 Payment
 Amount	 	 	Interest
 Payment
 Amount	 	 	Total Principal
 and Interest
 Amount	 	 	Ending
 Balance	 
	A	 	None	 	 	[●]	%	 	$	[●]	 	 	$	[●]	 	 	$	[●]	 	 	$	[●]	 	 	$	[●]	 	 	$	[●]	 
	B	 	None	 	 	[●]	%	 	 	[●]	 	 	 	[●]	 	 	 	[●]	 	 	 	[●]	 	 	 	[●]	 	 	 	[●]	 
	C	 	None	 	 	[●]	%	 	 	[●]	 	 	 	[●]	 	 	 	[●]	 	 	 	[●]	 	 	 	[●]	 	 	 	[●]	 
	TOTALS	 	 	 	 	 	 	 	$	[●]	 	 	$	[●]	 	 	$	[●]	 	 	$	[●]	 	 	$	[●]	 	 	$	[●]	 

 

	Combined Outstanding Principal Balance	 	 	 	 
	 	 	 	 	 
	Beginning Combined Outstanding Principal Balance	 	$	[●]	 
	New Volume	 	 	[●]	 
	Principal Collections	 	 	[●]	 
	Default Amount	 	 	[●]	 
	Ending Combined Outstanding Principal Balance	 	$	[●]	 
	 	 	 	 	 
	Aggregate Principal Receivables	 	 	 	 
	 	 	 	 	 
	Ending Combined Outstanding Principal Balance	 	$	[●]	 
	Adjustment for charged-off Receivables	 	$	[●]	 
	Aggregate Principal Receivables	 	 	 	 
	 	 	 	 	 
	Overconcentrations	 	 	 	 
	 	 	 	 	 
	Product Line Overconcentrations	 	$	[●]	 
	Dealer Overconcentrations	 	$	[●]	 
	Manufacturer Overconcentrations	 	 	[●]	 
	 	 	 	 	 
	Discount Factor	 	 	[●]	%
	 	 	 	 	 
	Collections

 

	 	 	Total	 	 	Overconcentrations	 	 	Net of
 Overconcentrations	 
	Principal Collections	 	 	[●]	 	 	 	[●]	 	 	 	[●]	 
	Non Principal Collections	 	 	[●]	 	 	 	[●]	 	 	 	[●]	 
	Total Collections	 	$	[●]	 	 	$	[●]	 	 	$	[●]	 

 

    	 	B-1	Form of Indenture Supplement

    	 

    

 

	Defaults
	Default Amount	 	$	[●]	 	 	$	[●]	 	 	$	[●]	    
	 	 	 	 	 	 	 	 	 	 	 	 	 

	Asset Performance	 	 	 	 
	 	 	 	 	 
	Annualized Yield	 	 	[●]	%
	Payment Rate	 	 	[●]	%
	Default Rate	 	 	[●]	%
	 	 	 	 	 
	Series Allocations	 	 	 	 
	 	 	 	 	 
	Allocation Percentage for Non Principal Collections and Default Amount	 	 	[●]	%
	Allocation Percentage for Principal Collections	 	 	[●]	%
	Non Principal Collections Allocated to Series	 	$	[●]	 
	Principal Collections Allocated to Series	 	$	[●]	 
	Default Amount Allocated to Series	 	$	[●]	 
	 	 	 	 	 
	Application of Available Non Principal Collections	 	 	 	 
	 	 	 	 	 
	Non Principal Collections Allocated to Series	 	$	[●]	 
	Investment Earnings in Principal [and Reserve] Accounts	 	$	[●]	 
	Aggregate Excess Non Principal Collections Applied to Non Principal Shortfall for Series	 	$	[●]	 
	[Net Swap Receipts]	 	$	[●]	 
	Available Non Principal Collections Allocated to Series	 	$	[●]	 

	 	(i)	(A)	Amount to Indenture Trustee	 	$	[●]	   
	 	 	(B)	Amount to Trustee	 	$	[●]	 
	 	 	(C)	Amount to Administrator	 	$	[●]	 
	 	 	 	(D)	Amount to Custodian	 	$	[●]	 
	 	(ii)	Noteholder Servicing Fee	 	$	[●]	 
	 	 	 	Unpaid Servicer Advances and interest thereon	 	$	[●]	 
	 	(iii)	Class A Monthly Interest [and Class A Senior Swap Payments on a pari pasu basis]	 	$	[●]	 
	 	(iv)	Class B Monthly Interest [and Class B Senior Swap Payments on a pari pasu basis]	 	$	[●]	 
	 	(v)	Class C Monthly Interest [and Class C Senior Swap Payments on a pari pasu basis]	 	$	[●]	 
	 	(vi)	Investor Default Amount (treated as Available Principal Collections)	 	$	[●]	 
	 	(vii)	Sum of Unreimbursed Investor Charge-offs and Reallocated Principal Collections	 	$	[●]	 
	 	[(viii)	Amount Required to be Deposited to the Reserve Account]	 	$	[●]	 
	 	[(ix)	Subordinated Termination Payments or other additional amounts owed to Class A Swap Counterparty]	 	$	[●]	 
	 	[(x)	Subordinated Termination Payments or other additional amounts owed to Class B Swap Counterparty	 	$	[●]	 
	 	[(xi)	Subordinated Termination Payments or other additional amounts owed to Class C Swap Counterparty	 	$	[●]	 
	 	(xii)	Remaining Amounts due to Indenture Trustee, Trustee, Administrator, and Custodian	 	$	[●]	 
	 	 	 	Indenture Trustee  [●], Trustee [●], Administrator [●], Custodian [●]	 	$	[●]	 
	 	(xiii)	Amounts otherwise required to be Deposited to Principal Account	 	$	[●]	 
	 	(xiv)	(If Early Amortization Period has not occurred) Release to Issuer to make required yield payments on the Principal Overcollateralization Amount	 	$	[●]	 

	 	 	 	 	 
	Excess Non Principal Collections for Series 20[●]-[●]	 	$	[●]	   
	[Include rows for each outstanding series]	 	$	[●]	 
	 	 	 	 	 
	Total Excess Non Principal Collections	 	$	[●]	 
	 	 	 	 	 
	Non Principal Shortfalls for Series 20[●]-[●]	 	$	[●]	 
	[Include rows for each outstanding series]	 	$	[●]	 
	 	 	 	 	 
	Total Non Principal Shortfalls	 	$	[●]	 
	 	 	 	 	 
	Aggregate Excess Non Principal Collections Applied to Non Principal Shortfalls for Series 20[●]-[●]	 	$	[●]	 

 

    	 	B-2	Form of Indenture Supplement

    	 

    

 

	[Include rows for each outstanding series]	 	$	[●]	 
	 	 	 	 	 
	Total Aggregate Excess Non Principal Collections Applied to Non Principal Shortfalls	 	$	[●]	 
	 	 	 	 	 
	Released to Transferor	 	$	[●]	 
	 	 	 	 	 
	Application of Available Principal Collections	 	 	 	 
	 	 	 	 	 
	Revolving Period	 	 	 	 
	 	 	 	 	 
	Principal Collections Allocated to Series	 	$	[●]	 
	Investor Default Amount and Sum of Unreimbursed Investor Charge-offs and Reallocated Principal Collections	 	$	[●]	 
	Available Principal Collections Treated as Shared Principal Collections	 	$	[●]	 
	 	 	 	 	 
	Controlled Accumulation Period	 	$	[●]	 
	 	 	 	 	 
	Principal Collections Allocated to Series	 	$	[●]	 
	Investor Default Amount and Sum of Unreimbursed Investor Charge-Offs and Reallocated Principal Collections	 	$	[●]	 
	Aggregate Shared Principal Collections applied to Principal Shortfall for Series	 	$	[●]	 
	 	 	 	 	 
	(i)          Monthly Principal Deposited into the Principal Account	 	$	[●]	 
	(ii)         Monthly Principal Deposited to Distribution Account and paid to Noteholders	 	$	[●]	 
	Class A  [●],       Class B  [●],        Class C  [●]	 	$	[●]	 
	(iii)        Principal Overcollateralization Amount	 	$	[●]	 
	(iv)        Amounts Remaining as Shared Principal Collections	 	$	[●]	 
	 	 	 	 	 
	Early Amortization Period	 	$	[●]	 
	 	 	 	 	 
	Principal Collections Allocated to Series	 	$	[●]	 
	Investor Default Amount and Sum of Unreimbursed Investor Charge-offs and Reallocated Principal Collections	 	$	[●]	 
	Aggregate Shared Principal Collections applied to Principal Shortfall for Series	 	$	[●]	 
	(i)          Monthly Principal Deposited into the Principal Account	 	$	[●]	 
	(ii)         Monthly Principal Deposited to Distribution Account and paid to Noteholders:	 	$	[●]	 
	Class A  [●],          Class B  [●],            Class C  [●]	 	 	 	 
	(iii)        Principal Overcollateralization Amount	 	$	[●]	 
	(iv)        Amounts Remaining as Shared Principal Collections	 	$	[●]	 
	 	 	 	 	 
	Shared Principal Collections for Principal Sharing Series	 	 	 	 
	 	 	 	 	 
	Aggregate Shared Principal Collections for Principal Sharing Series	 	$	[●]	 
	Aggregate Principal Shortfall for Principal Sharing Series	 	$	[●]	 
	Aggregate Shared Principal Collections Applied to Principal Shortfall for Series 20[●]-[●]	 	$	[●]	 
	[Include rows for each outstanding series]	 	$	[●]	 
	Amount Deposited into the Excess Funding Account	 	$	[●]	 
	Released to Issuer	 	$	[●]	 
	 	 	 	 	 
	Credit Enhancement (Series Level)	 	 	 	 
	 	 	 	 	 
	[Required Reserve Account	 	 	 	 
	Required Reserve Account Percentage	 	 	[●]	%
	Note Principal Balance	 	$	 	 
	 	 	 	 	 
	Required Reserve Account Amount	 	$	[●]	 
	Reserve Account Investment Earnings	 	$	[●]	 
	Beginning Reserve Account Amount	 	$	[●]	 
	Reserve Account Deposits	 	$	[●]	 

 

    	 	B-3	Form of Indenture Supplement

    	 

    

 

	Reserve Account Withdrawals	 	$	[●]	 
	 	 	 	 	 
	Ending Reserve Account Amount	 	$	[●]	 
	Reserve Account Deficiency]	 	$	[●]	 
	 	 	 	 	 
	Principal Overcollateralization Amount	 	$	[●]	 
	 	 	 	 	 
	Non Principal Account (Series Level Account)	 	$	[●]	 
	 	 	 	 	 
	Beginning Balance	 	$	[●]	 
	Deposits	 	$	[●]	 
	Disbursements	 	$	[●]	 
	Ending Balance	 	$	[●]	 
	 	 	 	 	 
	Principal Account (Series Level Account)	 	$	[●]	 
	 	 	 	 	 
	Principal Account Investment Earnings	 	$	[●]	 
	Beginning Balance	 	$	[●]	 
	Deposits	 	$	[●]	 
	Disbursements	 	$	[●]	 
	Ending Balance	 	$	[●]	 
	 	 	 	 	 
	Free Equity Amount (Trust Level)	 	$	[●]	 
	 	 	 	 	 
	Note Trust Principal Balance	 	$	[●]	 
	Note Principal Balance	 	$	[●]	 
	Principal Overcollateralization Amount	 	$	[●]	 
	Excess Investor Charge-offs & Reallocated Principal Collections	 	$	[●]	 
	Aggregate Collateral Amount for all Series of Notes outstanding	 	$	[●]	 
	Free Equity Amount	 	$	[●]	 
	Minimum Free Equity Percentage	 	 	[●]	%
	Total Overconcentration	 	$	[●]	 
	Minimum Free Equity Amount	 	$	[●]	 
	 	 	 	 	 
	Excess Funding Account (Trust Level Account)	 	$	[●]	 
	 	 	 	 	 
	Excess Funding Account Investment Earnings	 	$	[●]	 
	Beginning Balance	 	$	[●]	 
	Deposits	 	$	[●]	 
	Disbursements	 	$	[●]	 
	Ending Balance	 	$	[●]	 
	 	 	 	 	 
	Summary of Allocation of Collections	 	$	[●]	 
	 	 	 	 	 
	Total Principal Collections	 	$	[●]	 
	Principal Collections Allocated to Series 20[●]-[●]	 	$	[●]	 
	[Include rows for each outstanding series]	 	$	[●]	 
	Principal Collections Not Allocated to Any Series and Released to Issuer	 	$	[●]	 
	 	 	 	 	 
	Total Non Principal Collections	 	$	[●]	 
	 	 	 	 	 
	Non Principal Collections Allocated to Series 20[●]-[●]	 	$	[●]	 
	[Include rows for each outstanding series]	 	$	[●]	 
	Principal Collections Not Allocated to Any Series and Released to Issuer	 	$	[●]	 

 

    	 	B-4	Form of Indenture Supplement

    	 

    

 

	Performance	 	 
	 	 	 	 
	(1)	Are there any material modifications, extensions, or waivers to pool assets?	[Y/N]	 
	 	 	 	 
	(2)	Are there any material breaches of pool assets representations and warranties or covenants?	[Y/N]	 
	 	 	 	 
	(3)	Are there any changes in criteria used to originate, acquire, or select new pool assets?	[Y/N]	 
	 	 	 	 
	(4)	Has the master servicer made any Servicer Advances during the previous collection period?	[Y/N]	 
	 	 	 	 
	(5)	Has an early amortization event occurred?	[Y/N]	 

 

	(6)          Have any Payment Rate Triggers been met?	 	 	 	 	 	 	[Y/N]	 
	 	 	 	 	 	 	 	 	 
	Current Monthly Payment Rate	 	 	[●]	%	 	 	 	 
	Prior Monthly Payment Rate	 	 	[●]	%	 	 	 	 
	Second Prior Monthly Payment Rate	 	 	[●]	%	 	 	 	 
	3 Month Average Monthly Payment Rate	 	 	[●]	%	 	 	 	 
	 	 	 	 	 	 	 	 	 
	(7)          Has the Default Rate Trigger been met?	 	 	 	 	 	 	[Y/N]	 
	 	 	 	 	 	 	 	 	 
	Current Monthly Default Rate	 	 	[●]	%	 	 	 	 
	Prior Monthly Default Rate	 	 	[●]	%	 	 	 	 
	Second Prior Monthly Default Rate	 	 	[●]	%	 	 	 	 
	3 Month Average Monthly Default Rate	 	 	[●]	%	 	 	 	 
	 	 	 	 	 	 	 	 	 
	[(8)         Is Reserve Account balance less than Reserve Account trigger?	 	 	 	 	 	 	[Y/N]	 
	 	 	 	 	 	 	 	 	 
	Reserve Account balance	 	 	[●]	%	 	 	 	 
	(A) Required Reserve Account Percentage minus 0.25%	 	 	[●]	%	 	 	 	 
	times (B) Note Principal Balance	 	 	[●]	%	 	 	 	 
	Reserve Account trigger]	 	 	[●]	%	 	 	 	 
	 	 	 	 	 	 	 	 	 
	(9)          Is the sum of all investments held in trust accounts of the Issuer more than 50% of the assets of the Issuer on each of 6 or more consecutive monthly determination dates?	 	 	 	 	 	 	[Y/N]	 
	 	 	 	 	 	 	 	 	 
	Current Month	 	 	[●]	%	 	 	 	 
	 	 	 	 	 	 	 	 	 
	(10)        Have any new series been issued during the related monthly collection period?	 	 	 	 	 	 	[Y/N]	 
	 	 	 	 	 	 	 	 	 
	(11)        Have any account additions or account removals (other than Inactive Accounts) occurred during the related monthly collection period?	 	 	 	 	 	 	 
[Y/N]
	 
	 	 	 	 	 	 	 	 	 
	Number of accounts added/(removed)	 	 	 	 	 	 	[●]	 
	Outstanding balance of Principal Receivables in such added/(removed) accounts	 	 	 	 	 	$	[●]	 

 

	Delinquency	 	 	 	 	 	 
	Days Outstanding	 	Amount
 (Dollars in Millions)	 	 	Percentage of Total
 Receivables Outstanding	 
	 	 	 	 	 	 	 
	31-60	 	$	[●]	 	 	 	[●]	%
	61-90	 	$	[●]	 	 	 	[●]	%
	91-120	 	$	[●]	 	 	 	[●]	%
	121-150	 	$	[●]	 	 	 	[●]	%
	151-180	 	$	[●]	 	 	 	[●]	%
	181+	 	$	[●]	 	 	 	[●]	%
	*Total	 	$	[●]	 	 	 	[●]	%

 

*Figures may not foot due to rounding

 

    	 	B-5	Form of Indenture Supplement

    	 

    

 

IN WITNESS WHEREOF,
the undersigned has duly executed this Monthly Noteholder’s Statement as of the [•] day of [•] 20[••].

 

	 	General Electric Capital
	 	Corporation,
	 	 as Master Servicer
	 	 
	 	By:	 
	 	Name:  	 
	 	Title:	 

 

    	 	B-6	Form of Indenture Supplement

    	 

    

 

[SCHEDULE I]

 

[PERFECTION REPRESENTATIONS,
WARRANTIES

AND COVENANTS (WITH RESPECT
TO NET SWAP RECEIPTS)]

 

[(a)        In addition
to the representations, warranties and covenants contained in the Indenture, the Issuer hereby represents, warrants and covenants
to the Indenture Trustee as follows as of the Closing Date:

 

(1)         The Indenture
creates a valid and continuing security interest (as defined in the applicable UCC) in the Net Swap Receipts in favor of the Indenture
Trustee, which security interest is prior to all other Liens, and is enforceable as such against creditors of and purchasers from
Issuer.

 

(2)         The Net Swap
Receipts constitute “general intangibles” within the meaning of the applicable UCC.

 

(3)         The Issuer owns
and has good and marketable title to the Net Swap Receipts free and clear of any Lien, claim or encumbrance of any Person.

 

(4)         There are no
consents or approvals required by the terms of the Class A Swap, Class B Swap or Class C Swap for the pledge of the Net Swap Receipts
to the Indenture Trustee pursuant to the Indenture.

 

(5)         The Issuer (or
the Administrator on behalf of the Issuer) has caused the filing of all appropriate financing statements in the proper filing office
in the appropriate jurisdictions under applicable law in order to perfect the security interest granted to the Indenture Trustee
under the Indenture in the Net Swap Receipts.

 

(6)         Other than the
pledge of the Net Swap Receipts to the Indenture Trustee pursuant to the Indenture, the Issuer has not pledged, assigned, sold,
granted a security interest in, or otherwise conveyed the Net Swap Receipts. The Issuer has not authorized the filing of and is
not aware of any financing statements against the Issuer that include a description of the Net Swap Receipts, except for the financing
statement filed pursuant to the Indenture.

 

(7)         Notwithstanding
any other provision of the Indenture, the representations and warranties set forth in this Schedule I shall be continuing,
and remain in full force and effect, until such time as the Series [_____] Notes are retired.

 

(b)         The Indenture
Trustee covenants that it shall not, without satisfying the Rating Agency Condition, waive a breach of any representation or warranty
set forth in this Schedule I.

 

(c)         The Issuer covenants
that in order to evidence the interests of the Issuer and the Indenture Trustee under the Indenture, the Issuer shall take such
action, or execute and deliver such instruments as may be necessary or advisable (including, without limitation, such actions as
are requested by the Indenture Trustee) to maintain and perfect, as a first priority interest, the Indenture Trustee’s security
interest in the Net Swap Receipts.]

 

    	 	Sched I-1	Form of Indenture Supplement

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00218-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00218-of-00352.parquet"}]]