Document:

Exhibit 10.1

 

(Amended and Restated Forbearance Agreement)

 

AMENDED AND RESTATED AGREEMENT CONCERNING
OUTSTANDING/FUTURE COMMISSIONS

 

AND 

 

SECURITY AGREEMENT

 

THIS AMENDED AND RESTATED AGREEMENT CONCERNING OUTSTANDING/FUTURE
COMMISSIONS AND SECURITY AGREEMENT (this “Agreement”), dated as of June 12, 2014 , by and between ACN, Inc.
(“ACN US”), ACN Europe B.V. (“ACN Europe”), ACN Digital Phone Service, LLC (“DPS”) (ACN US,
ACN Europe and DPS are collectively referred to herein as “ACN”), and deltathree, Inc. (“Inc.”), DME Solutions,
Inc. (“DME”), and Delta Three Israel, Ltd. (“Delta Three Israel”) (Inc., DME, and Delta Three Israel are
collectively referred to herein as “D3”).

 

WHEREAS, ACN US and D3 entered into a Sales Agency Agreement
dated September 27, 2010 and amended as of January 26, 2011, and ACN Europe entered into the Introducer Agreement with those same
D3 parties dated April 13, 2011, (both documents together herein referred to as the “Agency Agreements”), whereby D3
is obligated, among other things, to pay ACN certain commissions (together with related payment obligations, the “Commissions”)
for ACN US’s (which also includes sales in Canada) and ACN Europe’s sale of D3’s mobile application services
(the “Mobile Applications”);

 

WHEREAS, ACN US, ACN Europe, and D3 entered into an Agreement
Concerning Outstanding/Future Commissions (the “Forbearance Agreement”) dated April 1, 2012 whereby ACN US and ACN
Europe agreed, subject to the terms of the Forbearance Agreement, to forbear from exercising their rights and pursuing their remedies
for Commissions due from D3 to ACN US and ACN Europe;

 

WHEREAS, to date, D3 has not paid to ACN Commissions
owed to ACN as required under the Forbearance Agreement, and D3 has requested that ACN US and ACN Europe continue to forbear from
exercising their rights and pursuing their remedies for overdue Commissions;

 

WHEREAS, ACN US and ACN Europe are willing to continue
forbearance as requested by D3, subject to the terms and conditions of this Agreement set forth below, including without limitation
the granting by D3 of a security interest in all of its assets;

 

WHEREAS, on February 7, 2013, DPS assigned to Inc. all
of DPS’s rights and obligations under that certain Software License and Distribution Agreement, dated as of October 31, 2011
(the “License Agreement”), between DPS and CounterPath Corporation (“CPC”) (such assignment, the “License
Assignment”), and as consideration for the License Assignment, Inc. agreed to pay to DPS $286,875 (the “License Assignment
Payment”);

 

WHEREAS, to date, Inc. has yet to pay to DPS any portion
of the License Assignment Payment and Inc. has requested that DPS allow Inc. to make the License Assignment Payment over time;
and

 

WHEREAS, ACN and D3 have agreed that the License Assignment
Payment obligation owed by Inc. to DPS should be, along with the Commissions owed by D3 to ACN US and ACN Europe (the Commissions
and the License Assignment Payment are referred to herein as the “Payment Obligations”), subject to the terms and conditions
of this Agreement, including without limitation the grant of security interest in all of D3’s assets.

 

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NOW, THEREFORE, in consideration of the mutual covenants
contained herein and for other good and valuable consideration set forth herein, the sufficiency of which is hereby acknowledged,
the parties hereto agree as follows:

 

		1.	Past Due Payment Obligations

 

		a)	Commissions. The total past due amount for all Commissions owed to ACN US and ACN Europe that remained unpaid as of
February 28, 2014 is $ 1,256,899.07(consisting of $ 1,145,021.53 in commissions and $ 111,877.54 in late payment fees on unpaid
commissions).

 

		b)	License Assignment Payment. The total amount of the License Assignment Payment due to DPS from Inc. was $286,875 as
of December 31, 2013. On March 13, 2014, the License Assignment Payment was reduced to $113,000 (consisting of $58,000 in prepaid
license fees and $55,000 in branding and support fees) in connection with a re-assignment of the license back to DPS in the amount
of $173,875.

 

		c)	Total Payment Obligations. Therefore the total amount of the Payment Obligations as of March 13, 2014, was (i) $1,369,899.07
plus (ii) the amount of Commissions accrued after February 28, 2014, through and including March 13, 2014. Additional Commissions
(including both commissions and late payment fees) have continued to accrue after March 13, 2014 through and including the date
hereof, and when aggregated with Payment Obligations owed as of March 13, 2014, such total amount constitutes the currently due
and owing Payment Obligations.

  

 

		2.	Payment of Past Due, Additional, and Current Obligations; Forbearance

  

		a)	Interest. A late payment fee in the amount of one percent (1%) per month (“Interest”) shall accrue on all
unpaid Payment Obligations from and after the date hereof. Commencing on July 15, 2014 and continuing on the 15th day
of each month thereafter, D3 shall pay to ACN the Interest accrued since the 15th day of the previous month. D3 and
ACN understand and agree that (i) if D3 does not timely pay any Interest amount, not in limitation of any other rights or remedies
available to ACN, such amount shall be added to and considered a part of the Payment Obligations and (ii) Additional Payment Obligations
that accrue shall become and be deemed included within the Payment Obligations. The “Additional Payment Obligations”
shall be any amounts owed as commissions or otherwise that are past-due and unpaid after the date hereof. The Parties agree that
the method for determining Interest throughout the term of this Agreement shall be a calculation each month of 1% of the total
Payment Obligations that remain outstanding to ACN after any and all payments have been applied on the 15th day of such
month.

 

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		b)	Pay Down. Commencing on July 15, 2014, and continuing on the 15th day of each month thereafter, D3 shall,
in addition to paying the Interest described in clause a) above, Pay Down any outstanding Obligations (defined below). The amount
of such “Pay Down” shall be at least $114,000.00 per month and shall continue until such time as all Obligations are
fully paid and satisfied and no additional Obligations are incurred.

 

		c)	Current Commissions. Commencing on July 15, 2014, and continuing on the 15th day of each month thereafter,
D3 shall pay all then current commissions (the “Current Payment Obligations”) on a timely basis as required under the
Agency Agreements starting with those commissions that are reported for June 2014. Any cure periods provided for under the Agency
Agreements for non-payment shall continue to not apply. Current Payment Obligations will be deemed included within Payment Obligations
if not timely paid, but such inclusion will not extend the due date for payment of the Current Payment Obligations and any failure
to timely pay as provided in this subsection c) shall be deemed a material breach of the Agency Agreements and this Agreement.

 

		d)	Forbearance. Subject to subsection e) below, so long as D3 agrees to and fulfills the terms and conditions of this Agreement,
ACN agrees to (i) forbear from exercising its rights or pursuing its remedies for D3’s breaches of the Agency Agreements
that have occurred on or before the date hereof (or are directly contemplated by this Agreement) and are known to ACN, and (ii)
permit D3 to pay the License Assignment Payment over time in accordance with the terms and conditions of this Agreement.

 

		e)	Forbearance Expiration. ACN’s agreement in subsection d) above is effective as of the date hereof and shall continue
for a period that will expire on July 31, 2014 (the “Initial Forbearance Period”). Upon the expiration of the Initial
Forbearance Period, ACN’s agreement in subsection d) above shall automatically renew on a month-to-month basis unless terminated
by either party by the giving of written notice of termination to the other party at least one (1) month prior to the expiration
of the Initial Forbearance Period, or any successive term, as the case may be. However, without the prior mutual written consent
of both parties, ACN’s agreement in subsection d) above shall not be subject to automatic renewal beyond July 15, 2015 and
shall therefore expire no later than that date. Upon the expiration of the Initial Forbearance Period or any subsequent renewal(s),
unless ACN’s agreement in subsection d) above has renewed, all unpaid Obligations (including without limitations all of the
Payment Obligations) shall become immediately due and payable by D3 to ACN and unless so paid, an Event of Default shall be deemed
to have occurred and ACN shall be entitled to exercise its Remedies described in Section 8. b.

 

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		3.	Guaranty Regarding License Assignment Payment. Each of DME and Delta Three Israel hereby unconditionally guarantees
the payment and performance of Inc.’s obligations under the License Assignment and hereunder, including without limitation
Inc.’s License Assignment Payment obligation. This guaranty is referred to herein as the “Guaranty”. DPS shall
not be required to undertake or commence any action or suit, nor to exhaust any other remedies against Inc., prior to making demand
or invoking any action under this Agreement, including without limitation with respect to this Guaranty. Neither legal insolvency
of Inc., nor a discharge of the obligation as to Inc. under any state or federal laws, shall be a defense by DME or Delta Three
Israel to the enforcement of the Guaranty.

  

 

		4.	Continuity of Service. D3 expressly commits, at ACN’s option and to the extent and for any time period requested
by ACN, to support ACN in ensuring continuity of service to ACN’s customers for both the Mobile Applications that are the
subject of the Agency Agreements, as well as the existing Service Agreements between D3 and both ACN KR and ACN AU, should those
networks otherwise become unavailable, provided that ACN provides the cash and other financial resources required to pay all costs
and expenses incurred by D3 to continue operating the networks (including, but not limited to, cash required to pay D3 employees'
salaries, network and termination costs, etc.). At ACN’s request, which may be made at any time, D3 shall provide ACN with
projected costs and expenses to be reasonably incurred in connection with the foregoing provision, and shall provide ACN with reports
as to actual costs and expenses as they are incurred. Continuity of Service includes ordering, portals, billing, device management,
network deployment and monitoring, tier 3 support services, and reporting. Such support would also include maintaining: a business
grade VoIP service to end users, software/hardware support contracts, and appropriate system level backups.

  

 

		5.	Security Agreement

  

		a)	Creation and Grant of Security Interest.

		i.	D3 hereby grants to ACN, to secure the payment and performance in full of all of the Obligations under this Agreement (including
without limitations Obligations arising under the Agency Agreements and the License Assignment), a continuing security interest
in, and pledges to ACN, all of D3’s right, title and interest in, to and under all of the Collateral described in Exhibit
A, wherever located, whether now owned or hereafter acquired or arising, and all proceeds and products thereof.  If D3
shall acquire a commercial tort claim, D3 shall promptly notify ACN in writing of the general details thereof and grant to ACN
a security interest therein and in the proceeds thereof, all upon the terms of this Agreement, with such writing to be in form
and substance reasonably satisfactory to ACN. With respect to Collateral assets of Delta Three Israel located in Israel and/or
which are subject to Israeli liquidation law wherever situated, the security interest shall be a general floating charge (the “Floating
Charge”), except to the extent a specific lien for the benefit of ACN is duly created. Other than the Liens created under
the D4 Loan Agreements, D3 (including Delta Three Israel) is hereby prohibited from creating any additional Liens on its property,
of any sort, without the prior written consent of ACN.

 

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		ii.	D3 hereby grants ACN a security interest to secure all future advances from ACN to D3 or other future obligations of D3 to
ACN under any promissory note, contract, guaranty, or other evidence of debt existing now or executed after this Amendment, whether
or not this Amendment is specifically referred to in the evidence of debt and whether or not such future advances or obligations
are incurred for any purpose that was related to the purpose of this Amendment.

  

		iii.	If this Agreement is terminated, ACN’s security interest in the Collateral shall continue until the Obligations are repaid
in full.  Upon payment in full of the Obligations and upon such time as no additional Obligations may be incurred, ACN
shall, at D3’s sole cost and expense, release its security interest in the Collateral and all rights therein shall revert
to D3.

 

		iv.	“Obligations” as used in this Section 5 and otherwise in this Agreement shall mean all obligations of each D3 party
to any ACN party hereto, including without limitation: (i) the Payment Obligations, the Guaranty, and any and all other obligations
of any D3 party to any ACN party under, arising from, in connection with, or otherwise relating to this Agreement; (ii) all future
advances which any ACN party may, at its option and for any purpose, make to any D3 party, together with interest thereon; (iii)
all expenses, including reasonable attorneys’ fees, which any ACN party incurs in connection with collection of any or all
Obligations or in enforcement or protection of its rights hereunder, or any other instrument given as security for the Obligations;
and (iv) all other present or future, direct or indirect, absolute or contingent, liabilities, obligations and indebtedness of
any D3 party to any ACN party, however created, and specifically including all or part of any renewal or extension of any Obligation
whether or not D3 executes any extension agreement or renewal instrument.

 

		b)	Authorization to File Financing Statements.  D3 hereby authorizes ACN to file financing statements, or any
document similar thereto (including, without limitation, collateral agreements and filings with the United States Patent and Trademark
Office), without notice to D3, with all appropriate jurisdictions to perfect or protect ACN’s interest or rights hereunder.  Such
financing statements may indicate the Collateral as “all assets of the Debtor” or words of similar effect, or as being
of an equal or lesser scope, or with greater detail, all in ACN’s discretion, and may include a notice that any disposition
of the Collateral, either by D3 or any other person, shall be deemed to violate the rights of ACN under the Uniform Commercial
Code.

 

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		6.	Representation and Warranties. Except as stated below, each of the parties hereby represents and warrants to the other
party as of the date hereof as follows:

 

		a)	Binding Agreement. This Agreement constitutes a valid and binding obligation of such party, enforceable in accordance
with its terms, subject to bankruptcy, insolvency and other similar laws affecting the enforcement of creditors’ rights in
general, and general principles of equity.

 

		b)	Organization; Power; Authorization. Such party is duly organized, validly existing and in good standing under the laws
of the jurisdiction in which it is organized. Such party has all requisite power and authority (corporate and otherwise) to execute,
deliver and perform this Agreement and to consummate the transactions contemplated hereby. The execution, delivery and performance
by such party of this Agreement and the consummation of the transactions contemplated hereby have been duly authorized by all necessary
action on the part of such party.

  

		c)	Non-Contravention. Neither the execution and the delivery of this Agreement, nor the consummation of the transactions
contemplated hereby, will (a) violate any injunction, judgment, order, decree, ruling, charge or any provision of such party’s
charter documents, or, to such party’s knowledge, any restriction of any government, governmental agency, or court to which
such party is subject, or (b) conflict with, result in a material breach of, constitute a default under, result in the acceleration
of, create in any party the right to accelerate, terminate, modify, or cancel, any material agreement, contract, lease, license,
instrument, or other arrangement to which such party is a party or by which it is bound or to which any of its assets are subject.
Such D3 party has obtained the consent of D4 under the D4 Loan Agreements to enter into this Agreement and effect the transactions
contemplated hereunder.

  

		d)	Collateral – In addition, each D3 party hereby represents and warrants to AC N as of the date hereof as follows:

  

		i.	Such D3 party has good title to, has rights in, and the power to transfer each item of the Collateral upon which it purports
to grant a security interest hereunder, free and clear of any and all Liens except Permitted Liens. The security interests granted
to ACN under this Agreement constitute valid and perfected first priority liens and security interests (junior in priority to all
liens and security interests granted by the Company to D4 Holdings) in and upon the Collateral to which such D3 party now has or
hereafter acquires rights other than with respect to Permitted Liens. Such D3 party has no deposit accounts other than the deposit
accounts described in Exhibit A and those which such D3 party has given ACN written notice and taken such actions as are necessary
to give ACN a perfected security interest therein. The Accounts are bona fide, existing obligations of the Account Debtors.

 

		ii.	The Collateral is not in the possession of any third party bailee (such as a warehouse). None of the components of the Collateral
shall be maintained at locations other than (A) the primary business address of such D3 party, (B) collocation sites at which such
D3 party leases space and (C) storage facilities utilized by such D3 party, in the case of (B) and (C) at such locations as have
been previously disclosed in writing to ACN. In the event that such D3 party, after the date hereof, intends to store or otherwise
deliver any portion of the Collateral to a bailee, then such D3 party will first receive the written consent of ACN and such bailee
must execute and deliver a bailee agreement in form and substance satisfactory to ACN in its sole discretion.

 

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		iii.	All Inventory is in all material respects of good and marketable quality, free from material defects.

  

		iv.	Such D3 party is the sole owner of its intellectual property, except for non-exclusive licenses granted to its customers in
the ordinary course of business. Such D3 party’s intellectual property does not include any patents, nor does such D3 party
have any patents pending or any applications for patents on file. No part of the intellectual property has been judged invalid
or unenforceable, in whole or in part, and to the best of such D3 party’s knowledge and except as previously disclosed in
writing to ACN or its representatives no claim has been made that any part of the intellectual property violates the rights of
any third party.

  

		v.	Such D3 party is not a party to, nor is bound by, any material license or other agreement with respect to which such D3 party
is the licensee (A) that prohibits or otherwise restricts such D3 party from granting a security interest in such D3 party’s
interest in such license or agreement or any other property, or (B) for which a default under or termination of could interfere
with ACN’s right to sell any Collateral. Such D3 party shall provide written notice to ACN within ten (10) days of entering
or becoming bound by any such license or agreement which is reasonably likely to have a material impact on such D3 party’s
business or financial condition (other than over-the-counter software that is commercially available to the public). Such D3 party
shall take such steps as ACN requests to obtain the consent of, or waiver by, any Person whose consent or waiver is necessary for
(Y) all such licenses or agreements to be deemed “Collateral” and for ACN to have a security interest in it that might
otherwise be restricted or prohibited by law or by the terms of any such license or agreement, whether now existing or entered
into in the future, and (Z) ACN to have the ability in the event of a liquidation of any Collateral to dispose of such Collateral
in accordance with ACN’s rights and remedies under this Agreement.

 

		e)	Good Faith and Arm’s Length Transaction. The transactions contemplated by this Agreement are being made on a good
faith, arms-length basis on what such D3 party reasonably believes to be the best available market terms, such D3 party reasonably
believes in good faith that the terms and conditions of this Agreement are substantially equivalent to and at least as favorable
in the aggregate as those such D3 party would be able to receive from an unaffiliated Person.

 

 

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		7.	Covenants. 

 

		a)	Existing Covenants. The affirmative and negative covenants in Section 5 of the D4 Fourth Loan Agreement are incorporated
herein by reference and shall run to the benefit of ACN as if ACN were “Lender” thereunder. Defined terms in such covenants,
unless otherwise defined in this Agreement, shall have the meanings given them in the D4 Fourth Loan Agreement. The covenants will
apply as in effect as of the date hereof and any amendment or other modification to any covenant in the D4 Fourth Loan Agreement
will not apply under this Agreement without ACN’s written consent. Notwithstanding the foregoing, the following modifications
shall be deemed made to the convents: the Indebtedness covenant in Section 5(B)(iii) of the D4 Fourth Loan Agreement as incorporated
in this Agreement shall be deemed to permit indebtedness allowed as of the date hereof under all of the D4 Loan Agreements.

 

		b)	D4 Consent. D3 shall deliver to ACN a copy of the written consent from D4 Holdings, LLC, permitting D3 to enter into
this Agreement and effect the transactions contemplated hereunder. Notwithstanding anything to the contrary. the forbearance and
other obligations of ACN hereunder shall not be deemed in effect until such consent is received by ACN from D3.

 

 

		8.	Events of Default; Remedies Upon Default.

 

		a)	Events of Default. The occurrence of any of the following events shall constitute an event of default (each, an “Event
of Default”) hereunder:

 

		i.	D3 fails to pay timely any of the Payment Obligations or other Obligations, when the same becomes due and payable;

 

		ii.	With respect to any D3 party, such D3 party (A) files any petition or action for relief under any bankruptcy, reorganization,
insolvency or moratorium law, or any other law for the relief of, or relating to, debtors, now or hereafter in effect; (B) applies
for or consents to the appointment of a custodian, receiver, trustee, sequestrator, conservator or similar official for such D3
party or for a substantial part of such D3 party’s assets; (C) makes a general assignment for the benefit of creditors; (D)
becomes unable to, or admits in writing its inability to, pay its debts generally as they come due; or (E) takes any corporate
action in furtherance of any of the foregoing;

  

		iii.	An involuntary petition is filed against any D3 party (unless such petition is dismissed or discharged within sixty (60) days)
under any bankruptcy statute now or hereafter in effect, or a custodian, receiver, trustee, sequestrator, conservator, assignee
for the benefit of creditors (or other similar official) is appointed to take possession, custody or control of any property of
any D3 party;

 

 

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		iv.	One or more judgments for the payment of money in an amount, individually or in the aggregate, that could reasonably be expected
to have a material adverse effect on D3’s business or operations (not covered by independent third-party insurance as to
which liability has been accepted by such insurance carrier) are entered by a court of competent jurisdiction against any D3 party
which judgment remains undischarged, unsatisfied, unvacated or unstayed for a period of ten (10) days after such judgment becomes
final and non-appealable;

  

		v.	A default or breach occurs under any agreement between any D3 party and any creditor of such D3 party that signed a subordination,
intercreditor, or other similar agreement with ACN, or any creditor that has signed such an agreement with ACN breaches any terms
of such agreement;

  

		vi.	Any representation, warranty or other statement made by any D3 party in this Agreement, or any other agreement or other document
delivered in connection with this Agreement, shall prove to have been false or misleading in any material respect when made;

  

		vii.	Any D3 party violates any covenant set forth in Section 7 hereof;

  

		viii.	After the date hereof, any D3 party grants any Person, other than ACN, any Lien or other encumbrance on all or any substantial
part of its assets, other than (A) with respect to Permitted Liens or (B) with respect to any Lien or other encumbrance that is
junior in priority to the Lien created by Section 5 hereof;

  

		ix.	There is a default in any agreement to which any D3 party is a party with a third party or parties resulting in a right by
such third party or parties, whether or not exercised, to accelerate the maturity of any indebtedness in an amount that could,
in ACN’s sole discretion, reasonably be expected to result in a Material Adverse Change; provided, however, that the Event
of Default under this Section caused by the occurrence of a default under such other agreement shall be cured or waived for purposes
of this Agreement upon ACN receiving written notice from the party asserting such default of such cure or waiver of the default
under such other agreement, if at the time of such cure or waiver under such other agreement (a) ACN has not declared an Event
of Default under this Agreement and/or exercised any rights with respect thereto; (b) any such cure or waiver does not result in
an Event of Default under any other provision of this Agreement; and (c) in connection with any such cure or waiver under such
other agreement, the terms of any agreement with such third party are not modified or amended in any manner which could in the
good faith judgment of ACN be materially less advantageous to D3;

 

		x.	This Agreement, at any time after its execution and delivery and for any reason or the indefeasible satisfaction in full, in
cash, of all the Obligations, ceases to be in full force and effect; or any D3 party contests in any manner the validity or enforceability
of this Agreement; or any D3 party denies that it has any or further liability or obligation under this Agreement, or purports
to revoke, terminate or rescind this Agreement; or

  

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		xi.	There shall have occurred, as determined by ACN its sole discretion, any Material Adverse Change.

  

		b)	Remedies Upon Default. Upon the occurrence of an Event of Default hereunder:

 

		i.	all unpaid Payment Obligations and other Obligations shall, at the option of ACN, be immediately due and payable by D3 (but
if an Event of Default described in Section 8(a)(ii) or (iii) occurs, all Obligations are immediately due and payable without any
action by ACN);

 

		ii.	ACN may terminate this Agreement, any of the Agency Agreements, the License Assignment, or any related agreement, or any of
ACN’s obligations hereunder or thereunder (any termination will not affect D3’s Obligations, which shall survive until
paid in full);

  

		iii.	ACN shall have the right to exercise all the remedies of a secured party under the Code or other applicable law, including
without limitation the right to require D3 to assemble the Collateral and to make it available to ACN at a place designated by
ACN. D3 will pay any reasonable expenses (including reasonable attorneys’ fees) incurred by ACN in connection with the exercise
of any of ACN’s rights hereunder, including without limitation any expense incurred in disposing of the Collateral.

  

		iv.	ACN may proceed to protect and enforce its right by suit in the specific performance of any covenant or agreement contained
in this Agreement or in aid of the exercise of any power granted in this Agreement or may proceed to enforce the payment of the
Obligations or to enforce any other legal or equitable rights as ACN may have, including exercising any right or remedies available
to ACN under this Agreement and under the Code or other applicable law (including disposal of the Collateral pursuant to the terms
thereof); and

  

		v.	Any and all amounts (including without limitation reasonable costs and expenses of collection, and reasonable attorneys’
fees) outstanding hereunder after an Event of Default shall bear interest from the date due until paid at the rate of eighteen
percent (18%) per annum.

  

		vi.	Upon the occurrence of an Event of Default, and upon the filing of a suit or other commencement of judicial proceedings to
enforce the rights of ACN under this Agreement, ACN shall be entitled, as a matter of right, to the appointment of a receiver or
receivers of D3 and of the revenues, issues, payments and profits thereof, pending such proceedings, with such powers as the court
making such appointment shall confer.

  

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		vii.	If an Event of Default occurs, in addition to any other right under this Agreement, ACN shall have the right to require, in
writing, D3 to hire either an independent management consultant with sufficient expertise in and knowledge of the business of D3,
or new management, and shall have the right to consent, in writing, to the independent management consultant, management personnel
and/or company that D3 recommends as consultant or replacement management, as applicable.

  

		c)	Power of Attorney. Subject to any conflicting rights held by D4 Holdings, LLC, under the D4 Loan Agreements (or related
“Loan Documents” defined therein) as of the date hereof, D3 hereby irrevocably appoints ACN as its lawful attorney-in-fact,
exercisable upon the occurrence and during the continuance of an Event of Default, to: (a) endorse D3’s name on any checks
or other forms of payment or security; (b) sign D3’s name on any invoice or bill of lading for any Account or drafts against
Account Debtors; (c) settle and adjust disputes and claims about the Accounts directly with Account Debtors, for amounts and on
terms ACN determines reasonable; (d) make, settle, and adjust all claims under D3’s insurance policies; (e) pay, contest
or settle any Lien (except for Permitted Liens), charge, encumbrance, security interest, and adverse claim in or to the Collateral,
or any judgment based thereon, or otherwise take any action to terminate or discharge the same; and (f) transfer the Collateral
into the name of ACN or a third party as the Code or other applicable law permits. D3 hereby appoints ACN as its lawful attorney-in-fact
to sign D3’s name on any documents necessary to perfect or continue the perfection of ACN’s security interest in the
Collateral regardless of whether an Event of Default has occurred until all Obligations have been satisfied in full. ACN’s
foregoing appointment as D3’s attorney-in-fact, and all of ACN’s rights and powers, coupled with an interest, are irrevocable
until all Obligations have been fully repaid.

 

		d)	Application of Payments and Proceeds. If an Event of Default has occurred and is continuing, D3 shall have no right
to specify the order or the accounts to which ACN shall allocate or apply any payments required to be made by D3 to ACN or otherwise
received by ACN under this Agreement when any such allocation or application is not specified elsewhere in this Agreement. If an
Event of Default has occurred and is continuing, ACN may apply any funds in its possession, whether from D3 account balances, payments,
proceeds realized as the result of any collection of Accounts or other disposition of the Collateral, or otherwise, to the Obligations
in such order as ACN shall determine in its sole discretion. If ACN, in its good faith business judgment, directly or indirectly
enters into a deferred payment or other credit transaction with any purchaser at any sale of Collateral, ACN shall have the option,
exercisable at any time, of either reducing the Obligations by the principal amount of the purchase price or deferring the reduction
of the Obligations until the actual receipt by ACN of cash therefor.

 

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		e)	ACN’s Liability for the Collateral. So long as ACN complies with reasonable practices regarding the safekeeping
of the Collateral in the possession or under the control of ACN customary for Persons in possession or having control of items
similar to the Collateral, ACN shall not be liable or responsible for: (i) any loss or damage to the Collateral; (ii) any diminution
in the value of the Collateral; or (iii) any act or default of any carrier, warehouseman, bailee, or other Person. D3 bears all
risk of loss, damage or destruction of the Collateral.

 

 

		9.	Other Provisions.

 

		a)	Demand Waiver; Representations and Expenses. D3 waives presentment, notice of dishonor, protest and notice of protest
of this Agreement and all other notices or demands in connection with the delivery, acceptance, performance, default or endorsement
of this Agreement, and shall pay reasonable out-of-pocket costs and expenses of collection when incurred by ACN, including, without
limitation, reasonable attorneys’ fees and expenses.

 

		b)	Waivers by ACN; Remedies Cumulative. Either party’s failure, at any time or times, to require strict performance
by the other party of any provision of this Agreement shall not waive, affect, or diminish any right of such party thereafter to
demand strict performance and compliance herewith. Any waiver is only effective for the specific instance and purpose for which
it is given. ACN’s rights and remedies under this Agreement are cumulative. ACN has all rights and remedies provided under
the Code, by law, or in equity. ACN’s exercise of one right or remedy is not an election, and ACN’s waiver of any Event
of Default is not a continuing waiver. Any delay in exercising any remedy by a party is not a waiver, election, or acquiescence.

  

		c)	Binding Agreement; Governing Law; Venue/Arbitration. This Agreement shall be binding upon and inure to the benefit of
the parties hereto and their respective successors and permitted assigns. This Agreement shall be governed by and construed in
accordance with the internal and substantive laws of the State of New York and without regard to any conflicts of laws concepts
which would apply the substantive law of some other jurisdiction. In the event ACN elects to enforce its rights or exercise its
remedies under or in connection with this Agreement, ACN may, in its sole discretion, do so through any means allowed under this
Agreement, at law or in equity, including without limitation, (i) arbitration as outlined under Section 18(f) of the Agreements,
except such arbitration may be held in Charlotte, North Carolina, in ACN’s sole discretion, or (ii) action in any state or
federal court in Charlotte, North Carolina.

  

		d)	Entire Agreement; Amendment; Amended and Restated Agreement. This Agreement contains the entire agreement among the
parties with respect to the subject matter hereof and there are no agreements, understandings, representations, or warranties regarding
the subject matter hereof that are not set forth herein. This Agreement may not be amended or revised except by a writing signed
by D3 and ACN. This Agreement is an amendment and restatement of the Forbearance Agreement and does not extinguish any of D3’s
obligations thereunder; rather, all such obligations carry forward and are included among the Obligations under this Agreement.
Notwithstanding the foregoing, nothing herein shall be deemed a waiver of any of ACN’s rights or remedies under the Forbearance
Agreement, the Agency Agreements, the License Assignment, or any related agreement. Upon any termination of the Agency Agreements,
the License Assignment, or any related agreements, D3’s payment obligations and ACN’s rights with respect thereto under
this Agreement shall survive.

 

    	12

    	 

    

 

		e)	Notices. Any notices required or permitted to be sent to D3 or ACN shall be delivered pursuant to the notice provisions
of the Agency Agreements.

  

		f)	Counterparts. This Agreement may be executed in one or more counterparts, all of which when taken together shall constitute
but one instrument, and in the event any signature is delivered by facsimile or “.pdf” transmission, such signature
shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same
force and effect as if such facsimile or “.pdf” were an original thereof.

  

		g)	Severability. The provisions of this Agreement are severable, and the invalidity of any provision shall not affect the
validity or enforceability of any other provision hereof.

  

		h)	Captions. The captions herein have been inserted solely for convenience of reference and in no way define, limit, or
describe the scope or substance of any provision of this Agreement.

  

		i)	Interpretation. All pronouns used herein shall include the masculine, feminine, and neuter gender as the context requires.
All defined terms shall include both the plural and singular case as the context requires.

  

		j)	Restriction on Assignment. Notwithstanding anything herein to the contrary, D3 shall not assign this Agreement without
obtaining the prior written approval of ACN. ACN may assign or transfer any of its rights or obligations under this Agreement without
the consent of D3, and the provisions of this Agreement shall be binding upon and inure to the benefit of such assignee or transferee.
Any attempted assignment in violation of this Section 7(j) shall be void and the other party hereto shall not recognize any such
purported assignment.

  

		k)	D3 Matters. Each D3 party hereunder shall be jointly and severally obligated to repay all Obligations hereunder, regardless
of which D3 party actually incurred such Obligation, as if each D3 party hereunder directly incurred such Obligation. Each D3 party
waives any suretyship defenses available to it under the Code or any other applicable law. Each D3 party waives any right to require
ACN to: (i) proceed against any other D3 party or any other Person; (ii) proceed against or exhaust any security; or (iii) pursue
any other remedy. ACN may exercise or not exercise any right or remedy it has against any D3 party or any security it holds (including
the right to foreclose by judicial or non-judicial sale) without affecting any D3 party’s liability hereunder. Notwithstanding
any other provision of this Agreement, each D3 party irrevocably waives all rights that it may have at law or in equity (including,
without limitation, any law subrogating such D3 party to the rights of ACN under this Agreement) to seek contribution, indemnification
or any other form of reimbursement from any other D3 party, or any other Person now or hereafter primarily or secondarily liable
for any of the Obligations, for any payment made by such D3 party with respect to the Obligations in connection with this Agreement
or otherwise and all rights that it might have to benefit from, or to participate in, any security for the Obligations as a result
of any payment made by D3 with respect to the Obligations in connection with this Agreement or otherwise. Any agreement providing
for indemnification, reimbursement or any other arrangement prohibited under this Section shall be null and void. If any payment
is made to a D3 party in contravention of this Section, such D3 party shall hold such payment in trust for ACN and such payment
shall be promptly delivered to ACN for application to the Obligations, whether matured or unmatured.

 

    	13

    	 

    

 

		l)	Maximum Legal Rate. Anything herein to the contrary notwithstanding, if during any period for which interest is computed
hereunder, the amount of interest computed on the basis provided for in this Agreement, together with all fees, charges, and other
payments or rights which are treated as interest under applicable law, as provided for herein or in any other document executed
in connection herewith, would exceed the amount of such interest computed on the basis of the Highest Lawful Rate (as defined below),
D3 shall not be obligated to pay, and ACN shall not be entitled to charge, collect, receive, reserve, or take, interest in excess
of the Highest Lawful Rate, and during any such period the interest payable hereunder shall be computed on the basis of the Highest
Lawful Rate. “Highest Lawful Rate” means the maximum non-usurious rate of interest, as in effect from time to time,
which may be charged, contracted for, reserved, received, or collected by ACN in connection with this Agreement under applicable
law. In accordance with this paragraph, any amounts received in excess of the Highest Lawful Rate shall be applied towards the
prepayment of principal then outstanding.

 

 

		10.	Definitions. As used in this Agreement:

 

		a)	“Account” means all present and future rights of D3 to payment for goods sold or leased or for services rendered,
which are not evidenced by instruments or chattel paper, and whether or not earned by performance.

 

		b)	“Account Debtor” is any “account debtor” as defined in the Code with such additions to such term as
may hereafter be made.

  

		c)	“Business Day” means any day except Saturday, Sunday and any day which shall be a federal legal holiday or a day
on which banking institutions in the State of Delaware are authorized or required by law or governmental action to close.

  

		d)	“Code” means the Uniform Commercial Code, as the same may, from time to time, be enacted and in effect in the State
of Delaware; provided, that, to the extent that the Code is used to define any term herein or in any Loan Document and such term
is defined differently in different Articles or Divisions of the Code, the definition of such term contained in Article or Division
9 shall govern; provided further, that in the event that, by reason of mandatory provisions of law, any or all of the attachment,
perfection, or priority of, or remedies with respect to, ACN’s security interest in any Collateral is governed by the Uniform
Commercial Code in effect in a jurisdiction other than the State of Delaware, the term “Code” shall mean the Uniform
Commercial Code as enacted and in effect in such other jurisdiction solely for purposes on the provisions thereof relating to such
attachment, perfection, priority, or remedies and for purposes of definitions relating to such provisions.

 

    	14

    	 

    

 

		e)	“Collateral” is any and all properties, rights and assets of any and all D3 parties described on Exhibit A.

  

		f)	“D4 Loan Agreements” means, collectively, (i) that certain Loan and Security Agreement dated as of March 1, 2010,
(ii) that certain Second Loan and Security Agreement dated as of August 10, (iii) that certain Third Loan and Security Agreement
dated as of March 2, 2011, and (iv) that certain Fourth Loan and Security Agreement dated as of September 12, 2011 (the “D4
Fourth Loan Agreement”), each as in effect on the date of this Agreement.

 

		g)	“Equipment” is all “equipment” as defined in the Code with such additions to such term as may hereafter
be made, and includes without limitation all machinery, fixtures, goods, vehicles (including motor vehicles and trailers), and
any interest in any of the foregoing.

  

		h)	“Inventory” means all “inventory” as defined in the Code in effect on the date hereof with such additions
to such term as may hereafter be made, and includes without limitation all merchandise, raw materials, parts, supplies, packing
and shipping materials, work in process and finished products, including without limitation such inventory as is temporarily out
of D3’s custody or possession or in transit and including any returned goods and any documents of title representing any
of the above.

  

		i)	“Lien” means any claim, mortgage, deed of trust, levy, charge, pledge, security interest or other encumbrance of
any kind, whether voluntarily incurred or arising by operation of law or otherwise against any property.

  

		j)	“Material Adverse Change” means (i) any impairment in the perfection or priority of ACN’s security interest
in the Collateral, other than with respect to any Permitted Lien, or in the value of such Collateral; (ii) a material adverse change
in the business, operations or condition (financial or otherwise) of D3; or (iii) a material impairment in the prospect of repayment
of any portion of the Obligations.

  

		k)	“Permitted Liens” means the following: (i) the Liens under the D4 Loan Agreements.

 

    	15

    	 

    

 

		l)	“Person” means an individual, corporation association, partnership, limited liability company, joint venture, trust,
government, agency department or any other entity.

 

		m)	“Records” means all of D3’s present and future books of account of every kind or nature, purchase and sale
agreements, invoices, ledger cards, bills of lading and other shipping evidence, statements, correspondence, memoranda, credit
files and other data relating to the Collateral or any account debtor, together with the tapes, disks, diskettes and other data
and software storage media and devices, file cabinets or containers in or on which the foregoing are stored (including any rights
of D3 with respect to the foregoing maintained with or by any other person).

 

[Signatures on Following Page]

 

    	16

    	 

    

 

 

IN WITNESS WHEREOF, the parties
hereto have executed this Agreement as of the date first above written. 

 

ACN, INC.

 

By:/s/ Charles Barker

Name: Charles Barker

Title: CEO

 

 

ACN Europe B.V.

 

By:/s/ Dave Merriman

Name: Dave Merriman

Title: Director

 

 

ACN DIGITAL PHONE SERVICE, LLC

 

By:/s/ Charles Barker

Name: Charles Barker

Title: Treasurer

 

 

DELTATHREE, INC.

 

By:/s/ Effi Baruch

Name: Effi Baruch

Title: CEO and President

 

 

DME SOLUTIONS, INC.

 

By:/s/ Effi Baruch

Name: Effi Baruch

Title: CEO and President

 

 

DELTA THREE ISRAEL, LTD.

 

By:/s/ Effi Baruch

Name: Effi Baruch

Title: CEO and President 

 

    	17

    	 

    

 

Exhibit A

 

Description of Collateral

 

The “Collateral” consists of all of each D3 party’s
right, title and interest in, to and under all of its assets, including without limitation the the following personal property:

 

		1.	All Accounts and other indebtedness owed to D3;

 

		2.	All present and future contract rights, general intangibles (including, but not limited to, tax and duty refunds, intellectual
property, registered and unregistered patents, trademarks, service marks, copyrights, trade names, applications for the foregoing,
technology, software, know-how, designs, trade secrets, goodwill, processes, drawings, blueprints, customer lists, mailing lists,
licenses, whether as licensor or licensee, choses in action and other claims and existing and future leasehold interests in equipment,
real estate and fixtures), chattel paper, documents, instruments, securities, investment property, letters of credit, proceeds
of letters of credit, bankers’ acceptances and guaranties;

  

		3.	All present and future monies, securities, credit balances, deposits, deposit accounts and other property of D3, including
without limitation any such items now or hereafter held or received by or in transit to ACN or any of its affiliates or at any
other depository or other institution from or for the account of D3, whether for safekeeping, pledge, custody, transmission, collection
or otherwise; and all present and future Liens, security interests, rights, remedies, title and interest in, to and in respect
of Accounts and other Collateral, including, without limitation, (a) rights and remedies under or relating to guaranties, contracts
of suretyship, letters of credit and credit and other insurance related to the Collateral, (b) rights of stoppage in transit, replevin,
repossession, reclamation and other rights and remedies of an unpaid vendor, lienor or secured party, (c) goods described in invoices,
documents, contracts or instruments with respect to, or otherwise representing or evidencing, Accounts or other Collateral, including,
without limitation, returned, repossessed and reclaimed goods, and (d) deposits by and property of Account Debtors or other Persons
securing the obligations of Account Debtors;

 

		4.	All Inventory;

 

		5.	All Equipment;

 

		6.	All Records; and

 

		7.	All products and proceeds of the foregoing, in any form, including,
without limitation, insurance proceeds and any claims against third parties for loss or damage to or destruction of any or all
of the foregoing.

 

 

    	18LIMITED LIABILITY COMPANY AGREEMENT

OF

GE EQUIPMENT TRANSPORTATION LLC, SERIES
2014-1

(A DELAWARE LIMITED LIABILITY COMPANY)

Dated as of June 18, 2014

 

    	Issuer LLC Agreement

    	 

    

 

GE EQUIPMENT TRANSPORTATION LLC, SERIES
2014-1

 

LIMITED LIABILITY COMPANY
AGREEMENT, dated as of June 18, 2014, adopted by GE Equipment Funding, LLC, as a member (the “Initial Member”).

 

Preliminary Statement

 

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

 

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

 

ARTICLE
I

 

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

 

ARTICLE
II

 

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

 

ARTICLE
III

 

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

 

    	Issuer LLC Agreement

    	 

    

  

ARTICLE
IV

 

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

 

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

 

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

 

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

 

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

 

ARTICLE
V

 

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

 

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ARTICLE
VI

 

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

 

ARTICLE
VII

 

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

 

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

 

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

 

GE Equipment Funding, LLC

10 Riverview Drive

Danbury, Connecticut 06810

Attention: Capital Markets Operations

 

ARTICLE
VIII

 

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

 

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

 

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

 

ARTICLE
IX

 

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

 

ARTICLE
X

 

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

 

ARTICLE
XI

 

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

 

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

 

    	 	4	Issuer LLC Agreement

    	 

    

  

ARTICLE
XII

 

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

 

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

 

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

 

ARTICLE
XIII

 

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

 

    	 	5	Issuer LLC Agreement

    	 

    

  

ARTICLE
XIV

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

ARTICLE
XV

 

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

 

    	 	6	Issuer LLC Agreement

    	 

    

 

 

ARTICLE
XVI

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	7	Issuer LLC Agreement

    	 

    

  

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

 

[Signature Follows]

 

    	 	8	Issuer LLC Agreement

    	 

    

 

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

 

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

 

    	 	S-1	Issuer LLC Agreement

    	 

    

 

DEFINITIONS ADDENDUM

TO THE

LIMITED LIABILITY COMPANY AGREEMENT

 

“Act”
is defined in the Preliminary Statement.

 

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

 

“Assets”
is defined in Section 4.1.

 

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

 

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

 

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

 

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

 

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

 

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

 

“Fitch”
means Fitch, Inc. and its successors and assigns.

 

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

 

“Indenture”
means the Indenture, dated as of June 18, 2014, between the Company and the Indenture Trustee, as the same may be amended, restated
or supplemented from time to time.

 

“Indenture Trustee”
means Citibank, N.A., not in its individual capacity but solely as indenture trustee under the Indenture, or any successor indenture
trustee under the Indenture.

 

    	 	A-1	Issuer LLC Agreement

    	 

    

  

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

 

“Manager”
is defined in Section 8.1.

 

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

 

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

 

“Moody’s”
means Moody’s Investors Service, Inc. or any successor thereto.

 

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

 

“Rating Agency”
means each of Fitch and Moody’s. If any of such organizations or its successor is no longer in existence, the Issuer
shall designate a nationally recognized statistical rating organization or other comparable Person as a substitute Rating Agency,
notice of which designation shall be given to the Indenture Trustee and the Servicer.

 

“Rating Agency
Condition” means with respect to any action and a Rating Agency, that, for so long as such Rating Agency is rating any
Class of Notes, (i) each Rating Agency shall have been given prior notice thereof and shall have not notified the Issuer that such
action will result in a reduction or withdrawal of its then current rating of any Class of the Notes and (ii) Fitch shall have
been given at least ten (10) Business Days’ prior notice thereof.

 

“Seller”
is defined in Section 4.1.

 

“Servicer”
means General Electric Capital Corporation , as the Servicer under the Servicing Agreement, as the case may be, or any other Person
designated as a Successor Servicer under such agreement.

 

“Servicing Agreement”
means the Servicing Agreement, dated as of June 18, 2014, by and among the Company, the Titling Trust and Servicer.

 

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

 

    	 	A-2	Issuer LLC Agreement

    	 

    

  

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

 

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

 

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

 

“Underwriting
Agreement” means the Underwriting Agreement, dated on or about June 10, 2014, by and among the Company, CEF Equipment
Holding, L.L.C., General Electric Capital Corporation and Barclays Capital Inc., as representative of the several underwriters.

 

    	 	A-3	Issuer LLC Agreement

    	 

    

 

EXHIBIT A

 

CERTIFICATE OF FORMATION

 

OF

 

GE
Equipment Transportation LLC, Series 2014-1

 

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

 

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

 

GE Equipment
Transportation LLC, Series 2014-1

 

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

 

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

 

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

 

	 	 
	 	Sonia Ravin
	 	Authorized Person

 

    	 	Exhibit A-1	Issuer LLC Agreement

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