Document:

exhibit4a3312008.htm

    Exhibit 4(a) 

     

    EXECUTION VERSION

     

    GENERAL ELECTRIC CAPITAL CORPORATION

     

    GE CAPITAL AUSTRALIA FUNDING PTY.
LTD. (A.B.N. 67 085 675 467) 

     

    GE CAPITAL CANADA FUNDING COMPANY

     

    GE CAPITAL EUROPEAN FUNDING

     

    GE CAPITAL UK FUNDING

     

    Euro Medium-Term Notes and Other Debt
Securities 

     

    Due 9 Months or More from Date of
Issue 

     

    NINTH AMENDED AND RESTATED

     

    DISTRIBUTION AGREEMENT

     

    April 4, 2008 

     

    BARCLAYS BANK PLC

     

    5 The North Colonnade 

     

    Canary Wharf 

     

    London E14 4BB 

     

    England 

     

    CREDIT SUISSE SECURITIES (EUROPE)
LIMITED 

     

    One Cabot Square 

     

    London E14 4QJ 

     

    England 

     

    GE MONEY BANK 

     

    Tour Europlaza 

     

    20, avenue André Prothin

     

    92063 Paris La Défense Cedex

     

    France 

     

    GOLDMAN SACHS INTERNATIONAL

     

    Peterborough Court 

     

    133 Fleet Street 

     

    London EC4A 2BB 

     

    England 

     

    MERRILL LYNCH INTERNATIONAL

     

    Merrill Lynch Financial Centre

     

    2 King Edward Street 

     

    London EC1A 1HQ 

     

    England 

     

    UBS LIMITED 

     

    1 Finsbury Avenue 

     

    London EC2M 2PP 

     

    England 

     

    
    

     

    

    Ladies and Gentlemen: 

     

    Each of General Electric Capital
Corporation, a Delaware corporation (“GE Capital”), GE Capital Australia Funding
Pty. Ltd. (A.B.N. 67 085 675 467), a company incorporated under the corporations
laws of Australia (“GEC Australia Funding”), GE Capital Canada Funding Company,
a company incorporated under the laws of the Province of Nova Scotia, Canada
(“GEC Canada Funding”), GE Capital European Funding (“GECEF”) and GE Capital UK
Funding (“GECUKF” and, together with GECEF, the “Irish Issuers” and each an
“Irish Issuer”) each Irish Issuer being incorporated with unlimited liability
under the Companies Acts 1963-2006 of Ireland (together with each Additional
Issuer (as defined herein) from time to time acceding to this Agreement in
accordance with Section 16 hereof, each an “Issuer” and collectively, the
“Issuers”) hereby enters into this agreement with Barclays Bank PLC, Credit
Suisse Securities (Europe) Limited (“Credit Suisse First Boston”), GE Money
Bank, Goldman Sachs International (“Goldman Sachs”), Merrill Lynch International
(“Merrill Lynch”), and UBS Limited (“UBS”) (each a “Dealer” and, collectively,
the “Dealers”) with respect to the issue and sale by each of the Issuers of Euro
Medium-Term Notes (“Medium-Term Notes”) and other debt securities (“Other Debt
Securities” and, collectively, with the Medium-Term Notes, the “Notes”) in an
unlimited aggregate principal amount. Notes issued by each Issuer other than GE
Capital will be issued with the benefit of the unconditional and irrevocable
guarantee (each, a “Guarantee”) of GE Capital (in such capacity, the
“Guarantor”) under which the Guarantor will guarantee the payment of all amounts
payable on or in respect of such Notes. The Notes may be (i) admitted to
the official list of the Financial Services Authority in its capacity as U.K.
Listing Authority (the “UKLA”) and to the London Stock Exchange plc for such
Notes to be admitted to trading on the London Stock Exchange’s Regulated Market
(hereinafter referred to as the (“London Stock Exchange”), (ii) listed on
the Singapore Exchange Securities Trading Limited (the “Singapore Stock
Exchange”), and/or (iii) listed on or by such other stock exchange,
competent authority and/or market, if any, as are identified in the relevant
Offering Document (as defined below). 

     

    The Notes are to be issued pursuant
to an eighth amended and restated fiscal and paying agency agreement dated as of
May 12, 2006 among the Issuers (including GE Capital in its capacity as
Guarantor of Notes issued by an Issuer other than GE Capital), The Bank of New
York (successor to JPMorgan Chase Bank, N.A.), as fiscal agent (in such
capacity, the “Fiscal Agent”) and principal paying agent (in such capacity, the
“Principal Paying Agent”), The Bank of New York (Luxembourg) S.A. (successor to
J.P. Morgan Bank Luxembourg S.A.), as initial registrar and transfer agent (such
agreement, as further amended and supplemented from time to time, being referred
to herein as the “Fiscal Agency Agreement”). The Issuers and (in the case of
Notes issued by an Issuer other than GE Capital) the Guarantor have authorized
the issuance of Notes to and through the Dealers pursuant to the terms of this
Agreement. Notes will be in bearer or registered form. Notes issued in bearer
form will be represented initially by a temporary global Note without interest
coupons attached (each, a “Temporary Global Note”) which will (i) if the
Global Note (as defined below) is intended to be issued in new global note
(“NGN”) form, as stated in the applicable Final Terms or Securities Note (as the
case may be), be delivered on or prior to the original issue date of the tranche
of Notes to a common safekeeper (the “Common Safekeeper”) for Euroclear Bank
S.A./N.V. as operator of the Euroclear System (“Euroclear”) and Clearstream
Banking, société anonyme (Clearstream, Luxembourg); and (ii) if the Global
Note is intended to be issued in classic global note (“CGN”) form, be delivered
to a common depositary (the “Common Depositary”) on behalf of Euroclear and
Clearstream, Luxembourg. Beneficial interests in a Temporary Global Note will be
exchangeable for beneficial interests in a permanent global Note without
interest coupons attached (each, a “Permanent Global Note”) or for definitive
Notes in bearer form (“Definitive Notes”), with interest coupons attached (such
Temporary Global Notes, Permanent Global Notes or Definitive Notes, together,
“Bearer Notes”), or in registered form without interest coupons (“Registered
Notes”). As used in this Agreement, the term “Note” includes any Temporary
Global Note, Permanent Global Note or Definitive Note issued pursuant to the
Fiscal Agency Agreement and “Global Note” means a Temporary Global Note or a
Permanent Global Note. 

     

    
    

     

    

    Subject to the terms and conditions
stated herein and further subject to the understanding that nothing in this
Agreement shall impair the right of an Issuer to sell securities with terms
similar or identical to any Note independently of the continuous offering of
Notes contemplated by this Agreement, each Issuer hereby (i) appoints the
Dealers as agents of such Issuer for the purpose of soliciting purchases of the
Notes from such Issuer by others from time to time, (ii) agrees that
whenever such Issuer determines from time to time to sell Notes directly to one
or more of the Dealers as principal for resale to others (such resale to be at
fixed offering prices or at varying prices related to prevailing market prices
at the time of resale or otherwise as determined by such Dealer), it will enter
into a Terms Agreement relating to such sale in accordance with the provisions
of Section 2(b) hereof, (iii) reserves the right from time to time to
sell Notes on its own behalf directly to investors (other than broker-dealers)
(any such sale to be made in accordance with the selling restrictions set forth
in Exhibit D hereto) and (iv) reserves the right from time to time to
appoint one or more additional firms either (A) to solicit purchase of
Notes from such Issuer by others or (B) to purchase Notes directly from
such Issuer as principal for resale to others; provided, however, that such
sales will be made on terms substantially the same as those contained in this
Agreement. Any such additional firm designated by an Issuer pursuant to clause
(iv) above shall be considered a Dealer hereunder for all purposes with
respect to each transaction with respect to which such appointment is made. In
the case of each purchaser whose offer to purchase Notes from an Issuer has been
solicited by a Dealer as agent and accepted by any such Issuer, such Dealer will
make reasonable efforts to assist such Issuer in obtaining performance by such
purchaser, but no Dealer shall have any liability to such Issuer in the event
any such purchase is not consummated for any reason. 

     

    The Notes have not been and will not
be registered under the U.S. Securities Act of 1933, as amended (the “Securities
Act”) and may not be offered or sold within the United States or to, or for the
account or benefit of, U.S. persons except in accordance with Regulation S under
the Securities Act or pursuant to an exemption from the registration
requirements of the Securities Act. 

     

    Pursuant to this Agreement, the
Eighth Amended and Restated Distribution Agreement dated May 12, 2006 (the
“Prior Distribution Agreement”) shall be amended and restated on the terms of
this Agreement. Any Notes issued on or after the date of this Agreement shall be
issued pursuant to this Agreement, but this shall not affect any notes issued
prior to the date of this Agreement. Subject to such amendment and restatement,
the Prior Distribution Agreement shall continue in full force and effect.

     

    With respect to the offer and sale
of the Notes on a continuous basis from and after the Commencement Date (as
defined below), the Issuers and (in the case of Notes issued by an Issuer other
than GE Capital) the Guarantor have prepared: 

     

     

     

    
      	 	(1)	a prospectus, constituting (in the case of Notes to be listed
      and/or admitted to trading on a stock exchange, competent authority and/or
      market), the Base Prospectus (as defined below) including with respect to
      each tranche of Notes issued under the Fiscal Agency Agreement the Final
      Terms (as defined below) relating to such tranche of Notes (the
      prospectus, as the same may be revised, amended or updated from time to
      time as described herein, together with the Final Terms, any other
      applicable supplement to the prospectus and the documents incorporated by
      reference therein, are hereinafter and as the context may require together
      referred to as the “Prospectus”); and 

    

     

     

    
      	 	(2)	a registration document, consitituting the Registration Document
      relating to the Programme for the purposes of Article 5.3 of the
      Prospectus Directive (as defined below) (the Registration Document, as the
      same may be revised, amended or updated from time to time as described
      herein, together with any Securities Note (as defined below), any other
      applicable supplement to the Registration Document and the documents
      incorporated by reference therein, are hereinafter sometimes referred to
      as the “Registration Document”). The Issuers and (in the case of Notes
      issued by an Issuer other than GE Capital) the Guarantor will also prepare
      from time to time Securities Notes being supplemental to the Registration
      Document. 

    

     

     

    2 

     

    
    

     

    

    The offer and sale of the Notes may
be documented by way of either (i) the Base Prospectus and an accompanying
Final Terms or (ii) the Registration Document and a supplemental Securities
Note, together in each case (as and when so required) with any and all related
supplements to such Base Prospectus or Registration Document as the case may be.

     

    For the purposes of this Agreement,
except where the context requires otherwise: 

     

    “Base Prospectus” means the base
prospectus with regard to the issue of Notes (other than Notes that are not
listed and/or admitted to trading and/or which the relevant Issuer does not have
a continuing obligation to list or admit to trading on a stock exchange,
competent authority and/or market) and which for the purposes of Article 5.4 of
the Prospectus Directive has been approved by the UK Listing Authority under the
listing rules made pursuant to part VI of the Financial Services and Markets Act
2000 (or in the case of Notes which are, or are to be, listed on or by any other
stock exchange, competent authority and/or market, the listing rules and
regulations for the time being in force for such stock exchange, competent
authority and/or market); 

     

    “Eurosystem-eligible NGN” means a
NGN which is intended to be held in a manner which would allow Eurosystem
eligibility, as specified in the applicable Final Terms or Securities Note (as
the case my be); 

     

    “Final Terms” means the applicable
(i) Wholesale Final Terms; (ii) the Retail Final Terms; or
(iii) the Unlisted Final Terms, as the case may be; 

     

    “Offering Document” means
(i) the Prospectus including in relation to a tranche of Notes, the
relevant Final Terms relating to such tranche, (ii) the Registration
Document, including in relation to a tranche of Notes, the relevant Securities
Note (iii) a Summary or translation thereof or (iv) such other
Prospectus used in connection with an issue of a tranche of Notes, each as
revised, supplemented, amended or updated from time to time by the Issuer in
accordance with Section 3(c) hereof, including any documents which are from
time to time incorporated by reference therein except that in relation to a
tranche of Notes, no Final Terms or Securities Note (as the case may be)
applicable to another tranche of Notes shall be deemed to be included in the
Prospectus or Registration Document (as applicable); 

     

    “Programme” means the Issuers’ Euro
Medium-Term Notes and other Debt Securities Programme, unconditionally and
irrevocably guaranteed by General Electric Capital Corporation, established by
this Agreement and the Fiscal Agency Agreement; 

     

    “Prospectus Directive” means
Directive 2003/71/EC of the European Parliament and of the Council of
4 November 2003; 

     

    “Retail Final Terms” means the final
terms applicable to the issuance of Notes with a denomination of less than
EUR50,000 (or its equivalent in any other Specified Currency) and issued in
relation to a tranche of Notes issued under the Fiscal Agency Agreement (in, or
substantially in, the form set out in the Base Prospectus) as a supplement to
the Base Prospectus and setting out the particular contractual terms and other
prescribed information in respect of that tranche of Notes; 

     

    “Securities Note” means a securities
note relating to a tranche of Notes issued under the Fiscal Agency Agreement for
the purposes of Article 5.3 of the Prospectus Directive and setting out the
contractual terms and other presecribed information in respect of such tranche
of Notes and being supplemental to the Registration Document; 

     

     

     

    3 

     

    
    

     

    

    “Summary” means a summary required
or produced in accordance with Article 5 (2) of the Prospectus Directive;

     

    “Terms Agreement” means a separate
agreement (which shall be substantially in the form of Exhibit A hereto) and
which may take the form of an exchange of any standard form of written
telecommunication between a Dealer or Dealers, the relevant Issuer and (in the
case of Notes issued by an Issuer other than GE Capital) the Guarantor or may be
an oral agreement and confirmed by the relevant Dealer in writing (including
facsimile transmission) and containing the information specified in Exhibit A
hereto; 

     

    “Unlisted Final Terms” means the
final terms applicable for the issuances of Notes which are neither listed nor
admitted to trading on a regulated market and issued in relation to each tranche
of Notes issued under the Fiscal Agency Agreement as a supplement to the Base
Prospectus and setting out the particular contractual terms and other prescribed
information in respect of that tranche of Notes; and 

     

    “Wholesale Final Terms” means the
final terms applicable for the issuance of Notes with a denomination of at least
EUR50,000 (or its equivalent in any other Specified Currency) and issued in
relation to each tranche of Notes issued under the Fiscal Agency Agreement (in,
or substantially in, the form set out in the Base Prospectus) as a supplement to
the Base Prospectus and setting out the particular contractual terms and other
prescribed information in respect of that tranche of Notes. 

     

     

     

    4 

     

    
    

     

    

    SECTION 1.
REPRESENTATIONS AND WARRANTIES. 

     

    (a) Each Issuer and (in the case of
Notes issued by an Issuer other than GE Capital) the Guarantor jointly and
severally represents and warrants to each Dealer as of the date of this
Agreement (the “Commencement Date”), as of the date of each acceptance by each
Issuer of an offer for the purchase of Notes whether through a Dealer as agent
or to a Dealer as principal (the “Acceptance Date”), as of the date of each sale
of Notes whether through a Dealer as agent or to a Dealer as principal (the date
of each such sale to a Dealer as principal being referred to herein as a
“Settlement Date”), and as of the times referred to in Sections 6(a) and 6(b)
hereof (each of the times referenced above being referred to herein as a
“Representation Date”), as follows: 

     

     

     

    
      	 	(i)	each document filed by GE Capital pursuant to the U.S. Securities
      Exchange Act of 1934, as amended (the “Exchange Act”) which is
      incorporated by reference in the Offering Document complied when so filed
      in all material respects with the Exchange Act and the rules and
      regulations thereunder; 

    

     

     

    
      	 	(ii)	the relevant Offering Document is accurate in all material respects
      and does not, and will not, contain any untrue statement of a material
      fact or omit to state any material fact necessary to make the statements
      therein, in the light of the circumstances under which they were made, not
      misleading; 

    

     

     

    
      	 	(iii)	there has been no material adverse change in the condition of GE
      Capital and its consolidated affiliates, taken as a whole, or, in the case
      of an Issuer other than GE Capital, such Issuer and its consolidated
      affiliates, if any, taken as a whole, from such condition set forth in or
      incorporated by reference in the Offering Document (excluding any
      amendments or supplements to the Offering Document since the relevant
      Acceptance Date, if any); 

    

     

     

    
      	 	(iv)	the aggregate principal amount of each Issuer’s Notes outstanding
      at any one time will not exceed any limitation thereon which may be in
      effect by actions of the Board of Directors (or other appropriate
      corporate governing body) of each such Issuer and (in the case of Notes
      issued by an Issuer other than GE Capital) the Guarantor;
  

    

     

     

    
      	 	(v)	the Notes have been duly authorized and, if executed and
      authenticated in accordance with the provisions of the Fiscal Agency
      Agreement and delivered to and paid for by any purchaser of Notes sold
      through a Dealer as agent or through a Dealer as principal pursuant to any
      Terms Agreement (as defined in Section 2(b)), would be valid and
      binding obligations of the relevant Issuer enforceable against such Issuer
      in accordance with their respective terms and would be entitled to the
      benefits of the Fiscal Agency Agreement; 

    

     

     

    
      	 	(vi)	in the case of Notes issued by an Issuer other than GE Capital, the
      Guarantees have been duly authorized and, if the Guarantees endorsed on
      the Notes are executed in accordance with the provisions of the Fiscal
      Agency Agreement and the Notes are duly executed and authenticated and
      delivered to and paid for by any purchaser of Notes sold through a Dealer
      as agent or any Dealer as principal pursuant to any Terms Agreement, such
      Guarantees would be valid and binding obligations of the Guarantor,
      enforceable against the Guarantor in accordance with their terms and would
      be entitled to the benefits of the Fiscal Agency Agreement;
  

    

     

     

    5 

     

    
    

     

    

    
      	 	(vii)	no event exists which would constitute an event of default under
      the Fiscal Agency Agreement or the Notes;

    

     

     

    
      	 	(viii)	neither the Issuers nor (in the case of Notes issued by an Issuer
      other than GE Capital) the Guarantor, nor any of their affiliates, nor any
      person acting on any of their behalf, have engaged in or will engage in
      any directed selling efforts (within the meaning of Regulation S under the
      Securities Act) with respect to the Notes, and they have each complied
      with the offering restrictions requirement of Regulation S under the
      Securities Act; and 

    

     

     

    
      	 	(ix)	in the case of Notes issued by an Issuer other than GE Capital, no
      stamp duty or other similar taxes or duties are payable in the country of
      the organization of such Issuer or any applicable political subdivision
      thereof, in respect of the creation or issue by it of such Notes, or by
      any holder of such Notes; 

    

    except that the representations and
warranties set forth in paragraph (ii) of this Section 1(a) do not
apply to statements or omissions in the Offering Document based upon information
furnished to the relevant Issuer or the Guarantor in writing by any Dealer
expressly for use therein. 

     

    (b) Additional Certifications.
Any certificate signed by any officer of the relevant Issuer or (in the case of
Notes issued by an Issuer other than GE Capital) the Guarantor and delivered to
the Dealers or to counsel for the Dealers in connection with an offering of
Notes shall be deemed a representation and warranty by such Issuer or the
Guarantor to each Dealer as to the matters covered thereby. 

     

    SECTION 2. SOLICITATIONS AS AGENT;
PURCHASES AS PRINCIPAL. 

     

    (a) Solicitations as Agent. On
the basis of the representations and warranties herein contained, but subject to
the terms and conditions herein set forth, each Dealer individually agrees, as
agent of each Issuer, to use its best efforts to solicit offers to purchase the
Notes upon the terms and conditions set forth in the Offering Document.

     

    Each Issuer and (in the case of
Notes issued by an Issuer other than GE Capital) the Guarantor reserves the
right, in its sole discretion, to suspend solicitation by any one or more of the
Dealers of purchases of the Notes of the relevant Issuer commencing at any time
for any period of time or permanently. Upon receipt of instructions from an
Issuer or the Guarantor, as the case may be, each Dealer will forthwith suspend
solicitation of purchases from such Issuer until such time as such Issuer or the
Guarantor has advised such Dealer or Dealers that such solicitation may be
resumed. 

     

    Each Dealer shall have the right to
suspend solicitations, commencing at any time such Dealer reasonably believes
that there has occurred a material adverse change in the condition of
(i) GE Capital and its consolidated affiliates, taken as a whole, or
(ii) in the case of an Issuer other than GE Capital, such Issuer and its
consolidated affiliates, if any, taken as a whole, from such condition then set
forth in the Offering Document, and ending at the time such Dealer has been
reasonably satisfied that adequate and full disclosure of such adverse change
has been made (including without limitation any necessary amendments or
supplements to the Offering Document); provided, however, that any such Dealer
shall notify the relevant Issuer and (in the case of Notes issued by an Issuer
other than GE Capital) the Guarantor of its belief prior to or concurrently with
any such suspension of solicitations. 

     

    Each Issuer agrees to pay each
Dealer a commission, by means of a deduction from the proceeds of a sale of
Notes of such Issuer or otherwise, equal to the applicable percentage of the
public offering price of each Note sold by such Issuer as a result of a
solicitation made by such Dealer, as such Issuer and such Dealer may agree. It
is understood that no commission will be payable with respect to any offer to
purchase Notes accepted by an Issuer where such Issuer tenders such Note and
delivery of such Note is not accepted by the purchaser. 

     

     

     

    6 

     

    
    

     

    

    As agent, each Dealer is authorized
to solicit orders for the Notes at a purchase price which shall be agreed upon
by the relevant Issuer and such Dealer and set forth in the applicable Final
Terms or Securities Note (as the case may be) and in such denominations as may
be agreed, subject to compliance with all applicable laws and regulations. Each
Dealer shall communicate to the relevant Issuer, orally or in writing, each
reasonable offer to purchase Notes received by such Dealer as agent. Such Issuer
shall have the sole right to accept offers to purchase the Notes and may reject
any such offer in whole or in part. Each Dealer shall have the right to reject
any offer that is not a reasonable offer to purchase the Notes received by it in
whole or in part, and any such rejection shall not be deemed a breach of such
Dealer’s agreement contained herein. “Reasonable” with respect to an offer shall
be determined by such Dealer by reference to then-prevailing interest rates and
the interest rates then posted by the relevant Issuer with respect to offers to
sell the Notes. 

     

    (b) Purchases as Principal. Each
sale of Notes to one or more Dealers as principal shall be made in accordance
with the terms of this Agreement and a separate Terms Agreement which will
provide for the sale of such Notes to, and the purchase and reoffering thereof
by, such Dealer or Dealers. Any Dealer’s commitment to purchase Notes pursuant
to any Terms Agreement shall be deemed to have been made on the basis of the
representations and warranties of the relevant Issuer and (in the case of Notes
issued by an Issuer other than GE Capital) the Guarantor herein contained and
shall be subject to the terms and conditions herein set forth. Each Dealer shall
notify the Fiscal Agent promptly after its last sale of Notes purchased under a
Terms Agreement of its completion of the distribution thereof. 

     

    In the event that two or more
Dealers purchase Notes as principal pursuant to a Terms Agreement, the
obligation of the Dealers to purchase the Notes subject to such Terms Agreement
shall be joint and several. In the event that any Dealer or Dealers (which term
as used herein shall include any person signing a Terms Agreement with respect
to a particular tranche of Notes, including those signing by power-of-attorney
or otherwise) purchasing Notes as principal pursuant to a Terms Agreement
desires to use any dealer or selling group to distribute any portion of its
allotment of such tranche of Notes, then any such Dealer or Dealers shall cause
such dealer or selling group member to agree, in writing, for the benefit of the
relevant Issuer and (in the case of Notes issued by an Issuer other than GE
Capital) the Guarantor, to comply with all applicable terms of this Agreement
and such Terms Agreement relating to the distribution of such Notes.

     

    (c) Administrative Procedures.
Administrative procedures regarding the sale of Notes (the “Administrative
Procedures”) shall be agreed upon from time to time by the Dealers and each
Issuer (including GE Capital in its capacity as Guarantor of Notes issued by any
Issuer other than itself). The Dealers, each such Issuer and GE Capital (in its
capacity as Guarantor of Notes issued by any Issuer other than itself) agree to
perform the respective duties and obligations specifically provided to be
performed by them herein and in the written Administrative Procedures. The
Administrative Procedures as in effect on the Commencement Date are attached as
Exhibit B hereto. The Administrative Procedures may be amended from time to time
only by written agreement of the Dealers, the relevant Issuer, the Guarantor (in
the case of Notes issued by an Issuer other than GE Capital) and the Fiscal
Agent and Principal Paying Agent (in the case of amendments which affect the
rights, duties or obligations of the Fiscal Agent and the Principal Paying
Agent). To the extent the Administrative Procedures in effect from time to time
conflict with any provision of this Agreement, the provisions of this Agreement
shall govern. Each Issuer will furnish a copy of the Administrative Procedures
from time to time in effect to the Fiscal Agent and the Principal Paying Agent,
each authenticating agent (an “Authenticating Agent”) or paying agent designated
pursuant to the Fiscal Agency Agreement and the common depositary, or the Common
Safekeeper and common service provider (the “Common Service Provider”) (as
applicable) for Euroclear and Clearstream, Luxembourg. 

     

    (d) Delivery of Documents. The
documents required to be delivered by Section 5 hereof shall be delivered
at the offices of the Dealer (or, if one or more Dealers is participating in any
such sale, the 

     

     

     

    7 

     

    
    

     

    

    Lead Manager (as defined in the
applicable Terms Agreement)), or at such other location as shall be specified in
the relevant Terms Agreement, on the date required for such delivery set forth
in Section 5 hereof. 

     

    (e) Obligations Several. Each
Issuer and (in the case of Notes issued by an Issuer other than GE Capital) the
Guarantor acknowledge that the obligations of the Dealers are several (except as
otherwise provided in Section 2(b) hereof) and, subject to the provisions
of this Section 2, Section 7 and Section 10 hereof, each Dealer
shall have complete discretion as to the manner in which it solicits purchasers
for the Notes and as to the identity thereof. 

     

    SECTION 3. COVENANTS OF EACH ISSUER AND
THE GUARANTOR. Each Issuer and (in the case of Notes issued by an Issuer
other than GE Capital) the Guarantor covenant with each Dealer as follows:

     

    (a) Notice of Certain Events.
Each Issuer or (in the case of Notes issued by an Issuer other than GE Capital)
the Guarantor will notify each Dealer promptly (i) of the filing with the
Securities and Exchange Commission (the “Commission”) of any document pursuant
to the Exchange Act which will be incorporated by reference in the Offering
Document, in each case other than filings relating solely to securities other
than the Notes and (ii) of the issuance by any non-U.S. regulatory
authority of any request for information relating to the Notes or suspension or
qualification of (A) the offer and sale of the Notes under the laws of such
non-U.S. jurisdiction or (B) the listing of the Notes on a stock exchange
or exchanges. With respect to subclause (i) of this paragraph, the delivery
to each Dealer of the documents referred to in such subclause shall constitute
valid notice to the Dealers. 

     

    (b) Copies of Offering Document.
The relevant Issuer will furnish to each Dealer as many copies of the Offering
Document (as amended or supplemented) as such Dealer shall reasonably request in
connection with sales or solicitations of offers to purchase Notes hereunder.

     

    (c) Revisions of Offering Document -
Material Changes. If, during such period after the first date of the
public offering of the Notes as in the opinion of counsel to the relevant Issuer
and (in the case of Notes issued by an Issuer other than GE Capital) the
Guarantor, a prospectus, offering circular or other offering document is
required by law to be delivered or made available in connection with sales of
the Notes by a Dealer as agent or sales of Notes by a Dealer as principal, any
event shall occur as a result of which it is necessary to amend or supplement
the Offering Document in order that the Offering Document will not include an
untrue statement of a material fact or omit to state any material fact necessary
in order to make the statements therein not misleading in the light of the
circumstances existing at the time it is delivered to a purchaser, or if it
shall be necessary at any such time to amend or supplement the Offering Document
in order to comply with applicable law, prompt notice shall be given, and
confirmed in writing, to each Dealer to cease the solicitation of offers to
purchase the Notes in such Dealer’s capacity as agent and to cease sales of any
Notes such Dealer may then own as principal. If the relevant Issuer and the
Guarantor shall determine that solicitation of purchases of the Notes shall be
resumed, or if on the date of the occurrence of the event necessitating an
amendment of or supplement to the Offering Document a Dealer holds Notes that
were issued by the relevant Issuer less than 90 days prior to such date, then,
prior to the relevant Issuer and the Guarantor authorizing the Dealers to resume
solicitations of purchases of the Notes or prior to sales of any such Notes, the
relevant Issuer and the Guarantor will promptly prepare (or cause to be
prepared) and make available to the Dealers such amendment or supplement as may
be necessary to correct such untrue statement or omission. 

     

    (d) Offering Document Revisions -
Periodic Financial Information. Promptly after the filing with the
Commission of GE Capital’s quarterly reports on Form 10-Q with respect to each
of the first three quarters of any fiscal year, GE Capital shall furnish copies
of such reports to each Dealer; provided, however, that if on the date of such
filing the Dealers shall have suspended solicitation of purchases of the Notes
in their capacity as agents pursuant to a request from the relevant Issuer and
(in the case of 

     

     

     

    8 

     

    
    

     

    

    Notes issued by an Issuer other than
GE Capital) the Guarantor and if no Dealer shall then hold any Notes as
principal purchased pursuant to a Terms Agreement, GE Capital shall not be
obligated to furnish copies of such reports until such time as the relevant
Issuer and the Guarantor shall determine that solicitation of purchases of the
Notes should be resumed or shall subsequently enter into a new Terms Agreement
with one or more of the Dealers. 

     

    (e) Offering Document Revisions -
Audited Financial Information. Promptly after the filing with the
Commission of GE Capital’s annual report on Form 10-K including the audited
financial statements of GE Capital for the preceding fiscal year, GE Capital
shall furnish copies of such report to each Dealer; provided, however, that if
on the date of such filing the Dealers shall have suspended solicitation of
purchases of Notes in their capacity as agents pursuant to a request from GE
Capital and if no Dealer shall then hold any Notes as principal purchased
pursuant to a Terms Agreement, GE Capital shall not be obligated to furnish
copies of such reports until such time as GE Capital shall determine that
solicitation of purchases of Notes should be resumed or shall subsequently enter
into a new Terms Agreement with one or more of the Dealers. 

     

    (f) Copies of Current Reports. GE
Capital will furnish to each Dealer, promptly after the filing thereof with the
Commission, copies of GE Capital’s reports on Form 8-K (other than reports
relating solely to securities other than the Notes). 

     

    (g) Exchange Act Filings. GE
Capital will timely file all documents required to be filed with the Commission
pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act.

     

    (h) Indemnification for Documentary,
Stamp or Similar Transfer or Issue Tax. Each Issuer and (in the case of
Notes issued by an Issuer other than GE Capital) the Guarantor will jointly and
severally indemnify and hold the Dealers harmless against any documentary, stamp
or similar transfer or issue tax, including any interest and penalties, on the
issue of the Notes in accordance with the terms of this Agreement, on the
execution and delivery of the Fiscal Agency Agreement and this Agreement and on
the exchange of the Temporary Global Notes for Definitive Notes or Permanent
Global Notes that are or may be required to be paid under the laws of the United
Kingdom, the United States, or the country of incorporation or organization of
each Issuer other than GE Capital or any political subdivision or taxing
authority thereof or therein. 

     

    (i) Copies of Listing
Documentation. In connection with the listing of any Notes on the
Official List of the UKLA and the admission of such Notes to trading by the
London Stock Exchange, or the listing of such Notes on the Singapore Stock
Exchange or on or by any other stock exchange, competent authority and/or
market, the relevant Issuer and (in the case of Notes issued by an Issuer other
than GE Capital) the Guarantor will furnish from time to time any and all
documents, instruments, information and undertakings and publish all
advertisements or other material that may be necessary in order to maintain such
listing and will maintain such listing until none of such Notes is outstanding
or until such time as payment in respect of principal, premium, if any, and
interest in respect of all such Notes has been duly provided for, whichever is
earlier; provided, however, that if the relevant Issuer and/or the Guarantor can
no longer reasonably maintain such listing, it will use its reasonable efforts
to obtain and maintain the listing of, such Notes on or by such other stock
exchange, competent authority and/or market as the Dealers shall reasonably
request. In addition, for so long as any Notes are listed or admitted to trading
on or by any stock exchange, competent authority and/or market and the rules of
any such stock exchange, competent authority and/or market so require, each
Issuer and the Guarantor will maintain a paying agent in respect of such Notes
in such jurisdiction(s) as may be required in order to comply with the rules and
regulations of such stock exchange, competent authority and/or market on a list
which Notes may be listed and/or admitted to trading. 

     

    (j) UK Commercial Paper. In
respect of each Tranche of Notes which has a maturity of less than one year from
the date of its issue and for which the issue proceeds are accepted by the
relevant Issuer in the United Kingdom, the relevant Issuer will issue such Notes
only if the following conditions apply 

     

     

     

    9 

     

    
    

     

    

    (or the Notes can otherwise be
issued without contravention of Section 19 of the United Kingdom’s
Financial Services and Markets Act 2000 (the “FSMA”)): 

     

    (i) the relevant Dealer covenants in
the terms set out in paragraph 2 of the United Kingdom selling restrictions set
out in Exhibit D hereto; and 

     

    (ii) the redemption value of each
Note is not less than £100,000 (or an amount of equivalent value denominated
wholly or partly in a currency other than pounds sterling), and no part of any
Note may be transferred unless the redemption value of that part is not less
than £100,000 (or such an equivalent amount). 

     

    (k) Irish Commercial Paper. Notes
issued by any of the Irish Issuers with a maturity of less than one year
constitute commercial paper for the purposes of, and are issued in accordance
with, an exemption granted by the Irish Financial Services Regulatory Authority
as a constituent part of the Central Bank and Financial Services Authority of
Ireland (“IFSRA”) under section 8(2) of the Central Bank Act, 1971 of Ireland,
as inserted by section 31 of the Central Bank Act, 1989 of Ireland, as amended
by section 70(d) of the Central Bank Act, 1997 of Ireland. The Irish Issuers are
not and will not be regulated by IFSRA arising from the issue of Notes. An
investment in Notes issued by an Irish Issuer with a maturity of less than one
year will not have the status of a bank deposit and is not within the scope of
the Deposit Protection Scheme operated by IFSRA. 

     

    Each Bearer or Registered Note
issued by an Irish Issuer with a maturity of less than one year shall carry the
title “Commercial
Paper”, include a statement to the effect that it is guaranteed and
identify the Guarantor by name and bear the following legend: 

     

    “This Note is issued in accordance
with an exemption granted by IFSRA under section 8(2) of the Central Bank Act,
1971 of Ireland, as inserted by section 31 of the Central Bank Act, 1989 of
Ireland, as amended by section 70(d) of the Central Bank Act, 1997 of Ireland.
[Insert name of relevant Irish
Issuer] is not regulated by IFSRA arising from the issue of Notes. An
investment in Notes issued by [insert name of relevant Irish
Issuer] with a maturity of less than one year does not have the status of
a bank deposit and is not within the scope of the Deposit Protection Scheme
operated by IFSRA. 

     

    Minimum denominations for Notes
Issued by Irish Issuers. Notes issued by an Irish Issuer will be subject
to a minimum denomination of ?1,000 (or the equivalent in another Specified
Currency). Notes issued by an Irish Issuer with a maturity of less than one year
will be further subject to a minimum denomination of ?125,000 or its foreign
currency equivalent. Notes issued by an Irish Issuer will, if unlisted, have a
minimum denomination of £300,000 or its foreign currency equivalent.

     

    SECTION 4. PAYMENT OF EXPENSES.
Each Issuer and (in the case of Notes issued by an Issuer other than GE Capital)
the Guarantor will (unless otherwise agreed with a Dealer or Dealers with
respect to an issuance of Notes) pay all expenses incident to the performance of
their respective obligations under this Agreement, including: (i) the
preparation of the Offering Document and any amendments or supplements thereto;
(ii) the preparation, issuance and delivery of the Notes; (iii) the
fees and disbursements of the accountants of each Issuer and the Guarantor;
(iv) the fees and disbursements of the Fiscal Agent and its counsel;
(v) the reasonable fees and disbursements of U.S. counsel for the Dealers
(“US Counsel”), together with counsel for the Dealers in each other country
where an Issuer of Notes other than GE Capital is incorporated (“Local
Counsel”); provided, however, that in any sale of Notes to one or more Dealers
acting as principal, the obligations of each Issuer and the Guarantor, if any,
to pay the reasonable fees and disbursements of US Counsel and Local Counsel, if
any, shall be as agreed upon by such Issuer, the Guarantor and the Dealer(s)
participating in such transaction and reflected in the applicable Terms
Agreement; (vi) the printing and delivery to the Dealers in quantities as
hereinabove stated of the Offering Document and any amendments or supplements
thereto in connection with solicitations or confirmations of sales of the Notes;
(vii) the 

     

     

     

    10 

     

    
    

     

    

    printing and delivery to the Dealers
of copies of the Fiscal Agency Agreement; (viii) any fees charged by rating
agencies for the rating of the Notes; (ix) any advertising and other
out-of-pocket expenses incurred with the approval of the relevant Issuer or the
Guarantor and (x) the fees and expenses incurred with respect to listing of
any of the Notes on the Official List of the UKLA and the admission of such
Notes to trading by the London Stock Exchange, the Singapore Stock Exchange or
on or by another stock exchange competent authority and/or market. 

     

    SECTION 5. CONDITIONS OF
OBLIGATIONS. Each Dealer’s obligations to solicit offers to purchase the
Notes as agent of each Issuer and (in the case of Notes issued by an Issuer
other than GE Capital) the Guarantor, the obligation of any purchaser to
purchase Notes sold through a Dealer as agent, and any Dealer’s obligations to
purchase Notes as principal pursuant to any Terms Agreement will be subject at
all times to the accuracy of the representations and warranties on the part of
each such Issuer and the Guarantor herein and to the accuracy of the statements
of the officers of each such Issuer and the Guarantor made in any certificate
furnished pursuant to the provisions hereof, to the performance and observance
by each such Issuer and the Guarantor of all covenants and agreements herein
contained on its part to be performed and observed and to the following
additional conditions precedent: 

     

    (a) Legal Opinions. At the
Commencement Date and at each Settlement Date with respect to any applicable
Terms Agreement, if called for by such Terms Agreement, the Dealers shall have
received the following documents: 

     

    (1) Opinion of United States Counsel
to each Issuer and the Guarantor. The opinion of Craig T. Beazer, Vice
President, General Counsel and Secretary of GE Capital or such other counsel
satisfactory to the Dealer(s), dated as of such Commencement Date or Settlement
Date, in form and substance satisfactory to the Dealers and counsel to the
Dealers, to the effect that: 

     

    (i) GE Capital has been duly
incorporated and is validly existing in good standing under the laws of the
State of Delaware. 

     

    (ii) GE Capital is duly qualified to
transact business and is in good standing in each jurisdiction in which the
conduct of its business or the ownership of its property requires such
qualification. 

     

    (iii) The Fiscal Agency Agreement
has been duly authorized, executed and delivered by GE Capital and, assuming due
authorization, execution and delivery by each Issuer other than GE Capital, is a
valid and binding agreement of the relevant Issuer and GE Capital in its
capacity as Guarantor. 

     

    (iv) The Notes have been duly
authorized by GE Capital and, if (a) authorized by the Issuer thereof (in
the case of Notes issued by an Issuer other than GE Capital), (b) executed
and authenticated in accordance with the provisions of the Fiscal Agency
Agreement and (c) delivered to and paid for by any purchaser of Notes sold
through a Dealer as agent or through a Dealer as principal pursuant to any Terms
Agreement, would be valid and binding obligations of the relevant Issuer
enforceable against such Issuer in accordance with their respective terms and
would be entitled to the benefits of the Fiscal Agency Agreement. 

     

    (v) In the case of Notes issued by
an Issuer other than GE Capital, the Guarantees have been duly authorized and,
if the Guarantees endorsed on the Notes are executed in accordance with the
provisions of the Fiscal Agency Agreement and the Notes are duly executed and
authenticated and delivered to and paid for by any purchaser of Notes sold
through a Dealer as agent or any Dealer as principal 

     

     

     

    11 

     

    
    

     

    

    pursuant to any Terms Agreement,
such Guarantees would be valid and binding obligations of the Guarantor
enforceable against the Guarantor in accordance with their terms and would be
entitled to the benefits of the Fiscal Agency Agreement. 

     

    (vi) This Agreement (and, if the
opinion is being given pursuant to Section 6(c) hereof as a result of the
relevant Issuer’s and (in the case of Notes issued by an Issuer other than GE
Capital) the Guarantor’s having entered into a Terms Agreement requiring such
opinion, the applicable Terms Agreement) has been duly authorized, executed and
delivered by GE Capital. 

     

    (vii) Neither the execution,
delivery and performance of this Agreement nor the issuance and sale of the
Notes and (in the case of Notes issued by an Issuer other than GE Capital) the
Guarantees as provided herein will contravene the certificate of incorporation
or by-laws of GE Capital or result in any violation of any of the terms or
provisions of any law, rule or regulation of the United States or of any
indenture, mortgage or other agreement or instrument known to such counsel by
which GE Capital or any of its subsidiaries is bound or any judgment, order or
decree of any governmental body, agency or court having jurisdiction over GE
Capital or any of its subsidiaries. 

     

    (viii) To the best of such counsel’s
knowledge, no authorization, consent or approval of, or registration or filing
with, any governmental or public body or authority in the United States or any
state or other political subdivision thereof will be required for the offer and
sale of the Notes in the manner contemplated by the Offering Document, this
Agreement (including the offering restrictions contained in Exhibit D hereto)
and the Fiscal Agency Agreement. 

     

    (ix) The statements contained in the
Offering Document under the captions “Description of Notes”, “Description of the
Guarantee” and “Plan of Distribution” fairly present the matters referred to
therein. 

     

    (x) Each document incorporated by
reference in the Offering Document which was filed pursuant to the Exchange Act
(except for the financial statements and schedules and other financial and
statistical material included therein or omitted therefrom, as to which such
counsel need not express any opinion) complied when so filed as to form in all
material respects with the Exchange Act and the applicable rules and regulations
of the Commission thereunder. 

     

    (xi) Registration of the Notes and
the Guarantees under the Securities Act and qualification of an indenture under
the United States Trust Indenture Act of 1939, as amended, will not be required
for the offer and sale of the Notes in the manner contemplated by the Offering
Document, this Agreement (including the offering restrictions contained in
Exhibit D hereto) and the Fiscal Agency Agreement. 

     

    (2) Opinion of United States Tax
Counsel to each Issuer and the Guarantor. The opinion of U.S. Tax Counsel to
each Issuer and (in the case of Notes issued by an Issuer other than GE Capital)
the Guarantor, dated as of such Commencement Date, confirming the information as
set forth under the caption “United States Tax Considerations” in the Offering
Document. 

     

    (3) Opinion of United States Counsel
to the Dealers. The opinion of US Counsel, dated as of such Commencement Date,
covering the matters referred to in subparagraph (1) under the subheadings
(i), (iii), (iv), (v), (vi), (ix) and (xi). 

     

     

     

    12 

     

    
    

     

    

    (4) Opinion of Local Counsel to the
Dealers. In the case of Notes issued by an Issuer other than GE Capital, the
opinion of Local Counsel to the Dealers, dated as of such Commencement Date or,
if agreed with the Dealers, Settlement Date, in a form reasonably satisfactory
to each Dealer participating in a particular issue of Notes. 

     

    (5) In rendering the opinion
referred to in subparagraph (1) above, such counsel may state that, with
respect to (xi) of subparagraph (1), such counsel need not express any
opinion as to when and under what circumstances the Notes and the Guarantees may
be re-offered and resold within the United States or to U.S. persons, as such
terms are defined in Regulation S under the Securities Act. In rendering the
opinions referred to in subparagraphs (1) and (3) above, such counsel
may state that with respect to (iv) and (v) of subparagraph
(1) above, such counsels’ opinions, insofar as such opinions relate to
enforceability, are subject to the effect of any applicable bankruptcy,
insolvency, reorganization, moratorium or similar laws affecting creditors’
rights generally and to the effect of general equitable principles (regardless
of whether the issue of enforceability is considered in a proceeding in equity
or at law). In rendering the opinions referred to in subparagraphs (1) and
(3) above, such counsel may, in the case of Notes issued by an Issuer other
than GE Capital, rely on the opinion of Local Counsel as to matters of the laws
of the country or organization of the relevant Issuer. In rendering the opinions
referred to in subparagaph (4) above, such counsel may rely on the opinion
of Craig T. Beazer, Vice President, General Counsel and Secretary of GE Capital,
or such other counsel satisfactory to the Dealer(s) and US Counsel to the
Dealers, as to matters of New York State Law, the General Corporation Law of the
State of Delaware and the federal law of the United States. 

     

    (b) Officers’ Certificates. At
the Commencement Date and at each Settlement Date with respect to any Terms
Agreement, there shall have been no material adverse change in the condition of
(i) GE Capital and its consolidated affiliates, taken as a whole, and
(ii) the relevant Issuer (in the case of Notes issued by an Issuer other
than GE Capital) and its consolidated affiliates, if any, taken as a whole, from
that set forth in the Offering Document (excluding any amendments or supplements
to the Offering Document since the relevant Acceptance Date, if any); and the
Dealers shall have received on the Commencement Date and, if called for by the
applicable Terms Agreement, at each Settlement Date, certificates dated the
Commencement Date or such Settlement Date and signed by an executive officer of
the relevant Issuer and (in the case of Notes issued by an Issuer other than GE
Capital) the Guarantor to the foregoing effect. 

     

    (c) Accountant’s Letter. The
Dealers shall have received at the Commencement Date and at each Settlement Date
with respect to any Terms Agreement, if called for by such Terms Agreement, a
letter from KPMG LLP, independent registered public accounting firm, dated as of
the Commencement Date or such Settlement Date, in form and substance
satisfactory to the Dealers, with respect to the financial statements of GE
Capital and certain financial information contained in or incorporated by
reference in the Offering Document. 

     

    (d) Listing on the London Stock
Exchange. On the Commencement Date, the listing of the Programme on the
Official List of the UKLA and the admission to trading of Notes issued under the
Programme by the London Stock Exchange shall have been granted subject only to
delivery to the UKLA and the London Stock Exchange of the Offering Document as
most recently amended or supplemented. 

     

    (e) Eurosystem Eligible
Collateral. At each Settlement Date with respect to any applicable Terms
Agreement and Final Terms or Securities Note (as the case may be) which provide
for Notes to be issued as a Eurosystem-eligible NGN: 

     

    (i) the Common Safekeeper shall have
received a Programme Effectuation Authorisation in a form agreed with the Common
Safekeeper; 

     

     

     

    13 

     

    
    

     

    

    (ii) each of GE Capital and GECEF
shall have entered into an Issuer-ICSDs Agreement with Euroclear and
Clearstream, Luxembourg; and 

     

    (iii) the Common Safekeeper shall
have received the signed Issuer Effectuation Authorisation in a form agreed with
the Common Safekeeper. 

     

    (f) Other Documents. On the
Commencement Date and at each Settlement Date with respect to any applicable
Terms Agreement, US Counsel to the Dealers and Local Counsel to the Dealers (in
the case of Notes issued by an Issuer other than GE Capital) shall have been
furnished with such documents and opinions as such counsel may reasonably
require for the purpose of enabling such counsel to pass upon the issuance and
sale of Notes and (in the case of Notes issued by an Issuer other than GE
Capital) the endorsement thereon of the Guarantees as herein contemplated and
related proceedings, or in order to evidence the accuracy and completeness of
any of the representations and warranties, or the fulfillment of any of the
conditions, herein contained; and all proceedings taken by the relevant Issuer
and the Guarantor in connection with the issuance and sale of Notes and the
execution and delivery of the Guarantee as herein contemplated shall be
satisfactory in form and substance to the Dealers, US Counsel to the Dealers and
Local Counsel to the Dealers. 

     

    (g) If any condition specified in
this Section shall not have been fulfilled as of the relevant date required,
this Agreement and any Terms Agreement may be terminated as to any Dealer by
notice by such Dealer to the relevant Issuer and the Guarantor at any time at or
prior to the Commencement Date or the applicable Settlement Date, and such
termination shall be without liability of any party to any other party, except
that the provisions of Section 4 hereof, the indemnity and contribution
agreements set forth in Sections 8 and 9 hereof, and the provisions of Sections
11 and 15 hereof, shall remain in effect. 

     

    SECTION 6. ADDITIONAL COVENANTS OF EACH
ISSUER AND THE GUARANTOR. Each Issuer and (in the case of Notes issued by
an Issuer other than GE Capital) the Guarantor covenants and agrees that:

     

    (a) Reaffirmation of Representations and
Warranties. Each acceptance by it of an offer for the purchase of Notes,
and each sale of Notes to any Dealer pursuant to a Terms Agreement, shall be
deemed to be an affirmation that the representations and warranties of the
relevant Issuer and (in the case of Notes issued by an Issuer other than GE
Capital) the Guarantor contained in this Agreement and in any certificate
theretofore delivered to the Dealers pursuant hereto are true and correct at the
time of such acceptance or sale, as the case may be, and an undertaking that
such representations and warranties will be true and correct at the time of
delivery to the purchaser or his agent, or to the Dealers, of the Note or Notes
relating to such acceptance or sale, as the case may be, as though made at and
as of each such time (and it is understood that such representations and
warranties shall relate to the Offering Document as amended and supplemented to
each such time); 

     

    (b) Subsequent Delivery of
Certificates. Each time that (i) the Offering Document shall be
amended or supplemented, or there is filed with the Commission any annual report
on Form 10-K incorporated by reference into the Offering Document; (ii) an
Issuer sells Notes to any Dealer pursuant to a Terms Agreement and the Dealer so
requests; and (iii) there is filed with the Commission any quarterly report
on Form 10-Q or current report on Form 8-K incorporated by reference into the
Offering Document and any Dealer reasonably so requests, such Issuer and (in the
case of Notes issued by an Issuer other than GE Capital) the Guarantor shall
furnish or cause to be furnished to each Dealer (in the case of clause (i)), the
Dealer(s) party to the Terms Agreement (in the case of clause (ii)) or the
requesting Dealer(s) (in the case of clause (iii)) promptly a certificate in
form satisfactory to such Dealer(s) to the effect that the statements contained
in the certificates referred to in Section 5(b) hereof which were last
furnished to the Dealers are true and correct at the time of such amendment or
supplement or filing, as the case may be, as though made at and as of such time
(except that such statements shall be deemed to relate to the Offering Document
as amended and supplemented to such time) or, in lieu of such 

     

     

     

    14 

     

    
    

     

    

    certificate, certificates of the
same tenor as the certificates referred to in said Section 5(b), modified
as necessary to relate to the Offering Document as amended and supplemented to
the time of delivery of such certificates; provided, however, that the relevant
Issuer and the Guarantor shall not be required to furnish any certificates to
any Dealers pursuant to this paragraph at a time when the Dealers shall have
suspended solicitation of purchases of Notes in their capacity as agents
pursuant to instructions of such Issuer or the Guarantor, unless a Dealer shall
then hold any Notes as principal purchased under a Terms Agreement;

     

    (c) Subsequent Delivery of Legal
Opinions. Each time that (i) the Offering Document shall be amended
or supplemented with respect to the Notes (other than pursuant to the applicable
Final Terms or Securities Note (as the case may be) describing the terms of a
particular tranche of Notes), (ii) there is filed with the Commission any
annual report on Form 10-K incorporated by reference into the Offering Document
and (iii) if so indicated in the applicable Terms Agreement, an Issuer
sells Notes to a Dealer pursuant to a Terms Agreement, such Issuer and (in the
case of Notes issued by an Issuer other than GE Capital) the Guarantor shall,
upon any Dealer’s reasonable request, furnish or cause to be furnished promptly
to the Dealers or relevant Dealers a written opinion of Craig T. Beazer, Vice
President, General Counsel and Secretary of GE Capital or such other counsel
satisfactory to the Dealers and U.S. Counsel and, in the case of Notes issued by
an Issuer other than GE Capital, a written opinion of Local Counsel and/or other
counsel satisfactory to the Dealers, dated the date of delivery of such opinion,
in form satisfactory to the Dealers, of the same tenor as the opinions referred
to in Section 5(a) hereof but modified, as necessary, to relate to the
Offering Document as amended and supplemented to the time of delivery of such
opinion or, in lieu of such opinion, counsel last furnishing such opinion to the
Dealers shall furnish the Dealers with a letter to the effect that the Dealers
may rely on such last opinion to the same extent as though it were dated the
date of such letter authorizing reliance (except that statements in such last
opinion shall be deemed to relate to the Offering Document as amended and
supplemented to the time of delivery of such letter authorizing reliance);

     

    (d) Subsequent Delivery of Accountant’s
Letters. Each time that the Offering Document shall be amended or
supplemented to include additional financial information relating to GE Capital
or there is filed with the Commission any document incorporated by reference
into the Offering Document which contains additional financial information
relating to GE Capital or, if so indicated in the applicable Terms Agreement, an
Issuer sells Notes to a Dealer pursuant to a Terms Agreement, such Issuer and
(in the case of Notes issued by an Issuer other than GE Capital) the Guarantor
shall cause KPMG LLP promptly to furnish the Dealers a letter, dated the date of
such amendment or supplement, or the date of the filing of such document with
the Commission, or the date of such sale, as the case may be, in form
satisfactory to the Dealers, of the same tenor as the letter referred to in
Section 5(c) hereof; provided, however, that if the Offering Document is
amended or supplemented solely to include financial information as of and for a
fiscal quarter, KPMG LLP may limit the scope of such letter to the unaudited
financial statements included in such amendment or supplement unless any other
information included therein of an accounting, financial or statistical nature
is of such a nature that, in the Dealers’ reasonable judgment, such letter
should cover such other information. 

     

    SECTION 7. ADDITIONAL COVENANTS OF THE
DEALERS. Each Dealer agrees that: 

     

    (a) Advertising. It will not
place advertisements or publish notices of any kind in any jurisdiction relating
to any Notes, the offering of any Notes or any other matter relating to this
Agreement without the prior written consent of the relevant Issuer and (in the
case of Notes issued by an Issuer other than GE Capital) the Guarantor.

     

    (b) Calculation Agent. If
requested by the relevant Issuer and (in the case of Notes issued by an Issuer
other than GE Capital) the Guarantor and agreed by such Dealer with respect to
any Notes offered through such Dealer as agent or to such Dealer as principal,
such Dealer will act as calculation agent (the “Calculation Agent”) with respect
to such Notes for all purposes. Unless otherwise agreed 

     

     

     

    15 

     

    
    

     

    

    by such Issuer, the Guarantor and
the relevant Dealer, the rights and obligations of such Issuer, the Guarantor
and such Dealer shall, with respect to each instance in which such Dealer is
requested to so act, be governed by the Master Calculation Agent Agreement set
forth as Exhibit C hereto. 

     

    (c) Offering Materials and
Information. In connection with its solicitation of purchases of the
Notes, such Dealer will use only (i) the Offering Document and the
documents incorporated therein by reference and (if such solicitation involves a
particular tranche of Notes, from and after the Acceptance Date with respect
thereto) the applicable Final Terms or Securities Note (as the case may be) and
(ii) information taken from the documents referred to in the preceding
clause; provided, however, that each Dealer agrees that it has and will have
sole responsibility for the completeness and accuracy of all such information,
written or oral, furnished by such Dealer and its agents and employees to
purchasers and prospective purchasers of the Notes to the extent that such
information differs in any material way from the presentation of such
information in the documents referred to in clause (i) above. 

     

     

     

    
      	(d)	Stabilization.
    

    

    (i) In connection with the
distribution of any Notes, if the Dealer (if any) designated as Stabilizing
Manager in the applicable Final Terms or Securities Note (as the case may be)
undertakes any action in repect of Notes which falls within the definition of
“stabilisation” and/or “ancillary stabilisation” set out in the Handbook
published by the Financial Services Authority, then such Dealer shall not be
deemed to act as agent of the relevant Issuer or (in the case of Notes issued by
an Issuer other than GE Capital) the Guarantor. Such stabilizing, if commenced,
may be discontinued at any time. Any loss resulting from over-allotment and
stabilization shall be borne, and any net profit arising therefrom shall be
retained, by the Stabilizing Manager for its own account. 

     

    (ii) Each Issuer confirms that it
has been informed of the existence of the informational guidance published by
the United Kingdom Financial Services Authority in relation to stabilization.

     

    (iii) In relation to any Notes for
which the Dealer is named as Stabilizing Manager in the applicable Final Terms
or Securities Note (as the case may be), the Issuer has not issued and will not
issue, without the prior consent of that Dealer, any press or other public
announcement referring to the proposed issue of Notes unless the announcement
adequately discloses the fact that stabilizing action may take place in relation
to the Notes to be issued. 

     

    (e) Each of the Dealers undertakes
to, and agrees with, each Irish Issuer that, on request by an Irish Issuer, to
the extent which it is lawfully able to do so, it will provide any information
it has available to it in order to assist the relevant Irish Issuer in complying
with any obligations it may have, in relation to the prevention of money
laundering, under the Criminal Justice Act, 1994 of Ireland or any code of best
practice in such regard. 

     

    (f) USA PATRIOT Act compliance.
Each Dealer hereby certifies that such Dealer has anti-money laundering and
sanctions-compliance policies and procedures in place in accordance with the
requirements imposed by the Uniting and Strengthening America by Providing
Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT Act)
Act of 2001, Pub. L, 107-56, 115 Stat. 380 (October 26, 2001), or any rules or
regulations promulgated thereunder, and legal measures administered by the
Office of Foreign Assets Control of the United States Department of the
Treasury, in each case to the extent applicable to such Dealer. Each Dealer also
certifies that such Dealer has implemented an anti-money laundering compliance
program pursuant to NASD Rule 3011, to the extent applicable to such Dealer.

     

     

     

    16 

     

    
    

     

    

    SECTION 8. INDEMNIFICATION.

     

    (a) Indemnification of the
Dealers. The relevant Issuer and (in the case of Notes issued by an
Issuer other than GE Capital) the Guarantor agrees to jointly and severally
indemnify and hold harmless each Dealer, each Dealer’s respective directors and
officers and each person, if any, who controls any Dealer against any and all
losses, claims, damages and liabilities caused by any untrue statement or
alleged untrue statement of a material fact contained in the Offering Document
(if used within the period set forth in Section 3(c) and as amended or
supplemented if the relevant Issuer or the Guarantor shall have furnished any
amendments or supplements thereto), or caused by any omission or alleged
omission to state therein a material fact required to be stated therein or
necessary to make the statements therein not misleading, except insofar as such
losses, claims, damages or liabilities are caused by any such untrue statement
or omission or alleged untrue statement or omission based upon information
furnished in writing to such Issuer or the Guarantor by any Dealer expressly for
use therein; provided, however, that the foregoing indemnity agreement with
respect to any preliminary offering document (including, without limitation, any
preliminary offering document supplement) shall not inure to the benefit of any
Dealer from whom the person asserting any such losses, claims, damages or
liabilities purchased Notes, or any person controlling such Dealer, if a copy of
the Offering Document (as then amended or supplemented if such Issuer or the
Guarantor shall have furnished any amendments or supplements thereto) was not
sent or given by or on behalf of such Dealer to such person at or prior to the
written confirmation of the sale of the Notes to such person, and if the
Offering Document (as so amended or supplemented) would have cured the defect
giving rise to such loss, claim, damage or liability. 

     

    (b) Indemnification of the Issuers and
the Guarantor. Each Dealer agrees, severally and not jointly, to
indemnify and hold harmless each Issuer, the Guarantor, each of their respective
directors and officers and any person controlling such Issuer or the Guarantor
to the same extent as the foregoing indemnity from such Issuer or the Guarantor
to each Dealer, but only with reference to information relating to such Dealer
furnished in writing by such Dealer expressly for use in the Offering Document.

     

    (c) General. In case any
proceeding (including any governmental investigation) shall be instituted
involving any person in respect of which indemnity may be sought pursuant to
Sections 8(a) or 8(b) hereof, such person (the “indemnified party”) shall
promptly notify the person against whom such indemnity may be sought (the
“indemnifying party”) in writing and the indemnifying party, upon request of the
indemnified party, shall retain counsel reasonably satisfactory to the
indemnified party to represent the indemnified party and any others the
indemnifying party may designate in such proceeding and shall pay the reasonable
fees and expenses of such counsel related to such proceeding. In any such
proceeding, any indemnified party shall have the right to retain its own
counsel, but the fees and expenses of such counsel shall be at the expense of
such indemnified party unless (i) the indemnifying party and the
indemnified party shall have mutually agreed to the retention of such counsel or
(ii) the named parties to any proceeding (including any impleaded parties)
include both the indemnifying party and the indemnified party and representation
of both parties by the same counsel would be inappropriate due to actual or
potential differing interests between them. It is understood that the
indemnifying party shall not, in connection with any proceeding or related
proceedings in the same jurisdiction, be liable for the reasonable fees and
expenses of more than one separate firm (in addition to local counsel) for all
such indemnified parties and that all such fees and expenses shall be reimbursed
as they are incurred. Such firm shall be designated in writing by the Dealers in
the case of parties indemnified pursuant to Section 8(a) and by GE Capital
in the case of parties indemnified pursuant to Section 8(b). The
indemnifying party shall not be liable for any settlement of any proceeding
effected without its written consent but if settled with such consent or if
there be a final judgment for the plaintiff, the indemnifying party agrees to
indemnify the indemnified party from and against any loss or liability by reason
of such settlement or judgment. 

     

     

     

    17 

     

    
    

     

    

    SECTION 9. CONTRIBUTION. If the
indemnification provided for in Section 8 is unavailable to an indemnified
party in respect of any losses, claims, damages or liabilities referred to
therein, then each indemnifying party, in lieu of indemnifying such indemnified
party, shall contribute to the amount paid or payable by such indemnified party
as a result of such losses, claims, damages or liabilities (i) if the
indemnifying party is an Issuer or (in the case of Notes issued by an Issuer
other than GE Capital) the Guarantor, in such proportion as is appropriate to
reflect the relative benefits received by the relevant Issuer on the one hand
and the Dealers on the other from the issue and sale of the Notes, (ii) if
the indemnifying party is a Dealer, in such proportion as is appropriate to
reflect the relative fault of such Dealer on the one hand and the relevant
Issuer or the Guarantor on the other hand in connection with the statements or
omissions which resulted in such losses, claims, damages or liabilities, or
(iii) if the allocation provided by clause (i) or clause
(ii) above, as the case may be, is not permitted by applicable law, in such
proportion as is appropriate to reflect not only the relative benefits referred
to in clause (i) above or the relative fault referred to in clause
(ii) above, as the case may be, but also such relative fault (in cases
covered by clause (i)) or such relative benefits (in cases covered by clause
(ii)) as well as any other relevant equitable considerations. The relative
benefits received by the relevant Issuer on the one hand and the Dealers on the
other hand shall be deemed to be in the same proportion as the total sales price
received by such Issuer from the sale of Notes that are the subject of the claim
for indemnification (before deducting expenses) bears to the total underwriting
discounts and commissions received by the Dealers from sales of Notes that are
the subject of the claim for indemnification. The relative fault of the relevant
Issuer or the Guarantor on the one hand and of the Dealers on the other shall be
determined by reference to, among other things, whether the untrue statement of
a fact or the omission to state a fact relates to information supplied by such
Issuer or the Guarantor or statements made or furnished by the Dealers and the
parties’ relative intent, knowledge, access to information and opportunity to
correct or prevent such statement or omission. 

     

    Each Issuer, the Guarantor and the
Dealers agree that it would not be just and equitable if contribution pursuant
to this Section 9 were determined by pro rata allocation (even if the
Dealers were treated as one entity for such purpose) or by any other method of
allocation which does not take account of the equitable considerations provided
for, in the respective cases, in clauses (i), (ii) and (iii) of the
immediately preceding paragraph. The amount paid or payable by an indemnified
party as a result of the losses, claims, damages and liabilities referred to in
the immediately preceding paragraph shall be deemed to include, subject to the
limitations set forth above, any legal or other expenses reasonably incurred by
such indemnified party in connection with investigating or defending any such
action or claim. Notwithstanding the provisions of this Section 9, no
Dealer shall be required to contribute any amount in excess of the amount by
which the sum of (i) the total price at which any Notes, the purchase of
which is the subject of the claim for indemnification and which was solicited by
such Dealer, were sold by the relevant Issuer and (ii) the total price at
which any Notes, the purchase of which is the subject of the claim for
indemnification and which such Dealer purchased as principal and distributed to
the public, were offered to the public, exceeds the amount of any damages which
such Dealer has otherwise been required to pay by reason of such untrue or
alleged untrue statement or omission or alleged omission. No person guilty of
fraudulent misrepresentation (within the meaning of Section 11(f) of the
Securities Act) shall be entitled to contribution from any person who was not
guilty of such fraudulent misrepresentation. The Dealers’ obligations to
contribute pursuant to this Section 9 are several, in proportion to the
respective amounts of Notes solicited or purchased by each of such Dealers, and
not joint. 

     

    SECTION 10. OFFERING
RESTRICTIONS. 

     

    (a) Each Dealer hereby represents
and warrants that it will observe the restrictions included in Exhibit D hereto,
or as may be set forth in the applicable Final Terms and Terms Agreement, on
offers and sales of the Notes and the distribution of documents relating to the
Notes; the terms of Exhibit D are hereby, and such further selling restrictions
as may be set forth in the applicable Final Terms and Terms Agreement will be
for the purposes of offering and selling the relevant Notes, incorporated by
reference with the same effect as if set forth herein in full. Each Issuer and
(in the case of Notes 

     

     

     

    18 

     

    
    

     

    

    issued by an Issuer other than GE
Capital) the Guarantor may from time to time amend, modify or supplement the
offering restrictions contained in Exhibit D pursuant to the procedures set
forth in Section 17 hereof or by including further selling restrictions in
the applicable Final Terms and Terms Agreement. 

     

    (b) Without prejudice to the
provisions of this Section 10 and subject to the obligations of each Issuer
and the Guarantor set forth in Section 3 of this Agreement, each Issuer and
the Guarantor shall have no responsibility for, and each Dealer will obtain, any
consent, approval or permission required by such Dealer for the subscription,
offer, sale or delivery by such Dealer of Notes under the laws and regulations
in force in any jurisdiction to which such Dealer is subject or in or from which
such Dealer makes any subscription, offer, sale or delivery. 

     

    (c) Unless otherwise specified in
the applicable Final Terms or Securities Note (as the case may be) or the Terms
Agreement, each Dealer agrees to indemnify and hold harmless each Issuer and the
Guarantor (and, in any underwritten transaction, each other Dealer underwriting
Notes) and each person controlling such Issuer and the Guarantor (and, in any
underwritten transaction, each other Dealer underwriting Notes) from and against
any and all losses, claims, damages and liabilities arising from any breach by
it of the foregoing provisions of this Section 10. 

     

    (d) For the purpose of the issue of
Notes by GEC Australia Funding, each Dealer represents and agrees that it will
use reasonable endeavors to assist GEC Australia Funding in ensuring that Notes
to be issued by GEC Australia Funding are offered for sale in such a manner
which will allow payments of interest (or amounts in the nature of interest) on
the Notes to be exempt from Australian withholding tax under section 128F of the
Income Tax Assessment Act 1936 (“Australian Tax Act”). In
particular, each Dealer represents and agrees that it will provide GEC Australia
Funding, within 14 days of receipt of a request from GEC Australia Funding, such
confirmation and other evidence in relation to the Notes issued by GEC Australia
Funding as it is reasonably able to provide and is reasonably required by GEC
Australia Funding for the purpose of obtaining an exemption (including by
self-assessment) under section 128F of the Australian Tax Act or which relate to
a request from the Australian Taxation Office (“ATO”) for specific information
(and in the latter case, GEC Australia Funding’s request must be accompanied by
satisfactory evidence of the request from the ATO), provided that no Dealer
shall be obliged to disclose the identity of any purchaser of any Note issued by
GEC Australia Funding or any information from which such identity would be
capable of being ascertained or any information, the disclosure of which would
be contrary to, or prohibited by, any relevant law, regulation or directive.

     

    SECTION 11. REPRESENTATIONS, WARRANTIES
AND AGREEMENTS TO SURVIVE DELIVERY. All representations, warranties and
agreements contained in this Agreement or any Terms Agreement, or contained in
certificates of officers of the relevant Issuer and (in the case of Notes issued
by an Issuer other than GE Capital) the Guarantor submitted pursuant hereto,
shall remain operative and in full force and effect, regardless of any
investigation made by or on behalf of the Dealers or any controlling person of
any Dealer, or by or on behalf of such Issuer and the Guarantor or any
controlling person of such Issuer and the Guarantor, and shall survive each
delivery of and payment for any of the Notes. 

     

    SECTION 12. TERMINATION.

     

    (a) Termination of this
Agreement. This Agreement may be terminated as to a party for any reason,
at any time by any party hereto upon the giving of thirty (30) days’
written notice of such termination to each other party hereto; provided,
however, that a Dealer’s termination of this Agreement shall terminate the
Agreement only between itself, the relevant Issuer and (in the case of Notes
issued by an Issuer other than GE Capital) the Guarantor. 

     

     

     

    19 

     

    
    

     

    

    (b) Termination of a Terms
Agreement. Notwithstanding anything contained in this Agreement, the
applicable Dealer or Dealers may, by notice to the relevant Issuer and (in the
case of Notes issued by an Issuer other than GE Capital) the Guarantor,
terminate any Terms Agreement at any time before the time on the relevant
Settlement Date when payment would otherwise be due under such Terms Agreement
to such Issuer in respect of the relevant Notes if: 

     

     

     

    
      	 	(i)	in the opinion of such Dealer or Dealers, circumstances shall be
      such as: 

    

     

     

    
      	 	(A)	to prevent or to a material extent restrict payment for the Notes
      in the manner contemplated in the Terms Agreement; or

    

     

     

    
      	 	(B)	to a material extent prevent or restrict settlement of transactions
      in the Notes in the market or otherwise; or

    

     

     

    
      	 	(ii)	in the opinion of such Dealer or Dealers, there shall have been:
      

    

     

     

    
      	 	(A)	any change in national or international political, legal, tax or
      regulatory conditions; or 

    

     

     

    
      	 	(B)	any calamity or emergency, 

    

    which has in its view caused a
substantial deterioration in the price and/or value of the Notes; 

     

    and, upon notice being given, the
parties to such Terms Agreement shall (except for the liability of the relevant
Issuer and the Guarantor in relation to expenses as provided in Section 4
of this Agreement (and, if relevant, as provided in such Terms Agreement) and
except for any liability arising before or in relation to such termination) be
released and discharged from their respective obligations under this Agreement.

     

    (c) General. In the event of any
such termination, no party will have any liability to the other parties hereto
or to the other parties to any Terms Agreement so terminated, except that
(i) the Dealers shall be entitled to any commissions in accordance with the
fourth paragraph of Section 2(a) hereof, (ii) if at the time of
termination (a) any Dealer shall own any Notes purchased pursuant to a
Terms Agreement with the intention of reselling them or (b) an offer to
purchase any of the Notes has been accepted by the relevant Issuer but the time
of delivery to the purchaser or his agent of the Note or Notes relating thereto
has not occurred, the covenants set forth in Sections 3 and 6 hereof and the
offering restrictions set forth in Section 10 hereof shall remain in effect
until such Notes are so resold or delivered, as the case may be, and
(iii) the provisions of Section 4 hereof, the indemnity and
contribution agreements set forth in Sections 8 and 9 hereof, and the provisions
of Sections 11 and 15 hereof shall remain in effect. 

     

    SECTION 13. NOTICES. All notices
and other communications hereunder shall be in writing and shall be deemed to
have been duly given if mailed or transmitted by any standard form of
telecommunication to the address or telefax number set forth below:

     

    In the case of the Issuers or the
Guarantor: 

     

     

     

    
      	
            	
            	
            
	General Electric Capital Corporation
	260 Long Ridge Road
	Stamford, CT 06927
	Phone:	 	(203)
      357 4000
	Fax:	 	(203)
      357 4975
	Attention:	 	
              Senior Vice President-Corporate

               

              Treasury and Global Funding
      Operation

               

            

    

     

     

    20 

     

    
    

     

    

    
      	
            	
            	
            
	GE Capital Australia Funding Pty. Ltd.
	572 Swan Street
	Richmond, Victoria 3121
	Australia	 	
            
	Phone:	 	61 2
      8249 3582
	Fax:	 	61 2
      8249 3788
	Attention:	 	Vice
      President

    

     

     

    
      	
            	
            	
            
	GE Capital Canada Funding Company
	
              c/o General Electric Capital
      Canada Inc.

               

            
	2300 Meadowvale Blvd.
	Mississauga, Ontario
	Canada L5N 5P9
	Phone:	 	(905)
      858 5710
	Fax:	 	(905)
      858 5234
	Attention:	 	Secretary

    

     

     

    
      	
            	
            	
            
	GE Capital European Funding
	WIL House
	Shannon Business Park
	Shannon	 	
            
	Co. Clare
	Ireland	 	
            
	Fax:	 	353 61
      362010
	Attention:	 	Secretary

    

     

     

    
      	
            	
            	
            
	GE Capital UK Funding
	WIL House
	Shannon Business Park
	Shannon	 	
            
	Co. Clare
	Ireland	 	
            
	Fax:	 	353 61
      362010
	Attention:	 	Secretary

    

    (in each case with a copy to the
Guarantor at the address specified above) 

     

    In the case of the Dealers:

     

     

     

    
      	
            	
            	
            
	Barclays Bank PLC
	5 The North Colonnade

	Canary Wharf
	London E14 4BB
	England	 	
            
	Fax:	 	44
      (0)20 7773 4876
	Attention:	 	MTN
      Dealers

    

     

     

    21 

     

    
    

     

    

    
      	
            	
            	
            
	Credit Suisse Securities (Europe) Limited
	One Cabot Square
	London E14 4QJ
	England	 	
            
	Fax:	 	44
      (0)20 7905 6128
	Attention:	 	MTN
      Trading

    

     

     

    
      	
            	
            	
            
	Goldman Sachs International
	Peterborough Court
	133 Fleet Street
	London EC4A 2BB
	England	 	
            
	Fax:	 	44
      (0)20 7774 5711
	Attention:	 	Medium-Term Note Desk
	
            
	GE Money Bank
	Tour Europlaza
	20, avenue André Prothin
	92063 Paris La Défense Cedex
	France	 	
            
	Fax:	 	33 1
      47 75 59 04
	Attention:	 	Medium-Term Note Desk
	
            
	Merrill Lynch International
	Merrill Lynch Financial Centre
	2 King Edward Street
	London EC1A 1HQ
	England	 	
            
	Fax:	 	44
      (0)20 7995 2968
	Attention:	 	EMTN
      Trading and Distribution Desk
	
            
	UBS LIMITED
	1 Finsbury Avenue
	London EC2M 2PP
	England	 	
            
	Phone:	 	44 (0)
      20 7567 2479
	Fax:	 	44 (0)
      20 7568 3349
	Attention:	 	MTNs
      and Private Placements

    

    SECTION 14. PARTIES.
This Agreement and any Terms Agreement shall inure to the benefit of and be
binding upon the Dealers, the relevant Issuer, the Guarantor (in the case of
Notes issued by an Issuer other than GE Capital) and each of their respective
successors. Nothing expressed or mentioned in this Agreement or any Terms
Agreement is intended or shall be construed to give any person, firm or
corporation, other than the parties hereto and their respective successors and
the controlling persons and officers and directors referred to in Sections 8 and
9 and their heirs and legal representatives, any legal or equitable right,
remedy or claim under or in respect of this Agreement or 

     

     

     

    22 

     

    
    

     

    

    any Terms Agreement or any provision
herein or therein contained. This Agreement and any Terms Agreement and all
conditions and provisions hereof and thereof are intended to be for the sole and
exclusive benefit of the parties hereto and thereto and their respective
successors and said controlling persons and officers and directors and their
heirs and legal representatives, and for the benefit of no other person, firm or
corporation, except that purchasers of Notes sold by any Dealer as agent shall
be entitled to the benefits of Section 5 hereof. No purchaser of Notes
shall be deemed to be a successor by reason merely of such purchase.

     

    SECTION 15. GOVERNING LAW. This
Agreement shall be governed by the laws of the State of New York. 

     

    SECTION 16. ACCESSION OF
ADDITIONAL ISSUERS. The Dealers and the other parties hereto acknowledge
and agree that one or more additional Issuers (each, an “Additional Issuer”) may
from time to time accede to this Agreement upon the terms and conditions set
forth below. On and after the Accession Date (as defined below) with respect to
an Additional Issuer, such Additional Issuer shall be bound by the terms of this
Agreement and shall be entitled to all rights and benefits, and subject to all
duties and obligations, of an Issuer hereunder, except under the circumstances
provided for in subsection (c) below. 

     

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

     

    (b) Condition Precedent to
Accession. On or prior to the date on which an Additional Issuer accedes
as a party to this Agreement (the “Accession Date”), each of the following
conditions precedents must be fulfilled: (i) the Additional Issuer and the
Guarantor shall have delivered an Issuer Accession Notice to each Dealer
substantially in the form annexed hereto as Exhibit E, together with the
attachments described therein; (ii) each Dealer shall have received legal
opinions in the form contemplated by Section 5(a)(1), Section 5(a)(3)
and, if the Additional Issuer is incorporated or organized outside of the United
States, Section 5(a)(4), or, in the alternative, letters entitling the
Dealers to rely on the corresponding opinions delivered on the Commencement
Date, modified as appropriate to reflect the Additional Issuer; (iii) each
Dealer shall have received an Officers’ Certificate signed by an executive
officer of the Additional Issuer in the form contemplated by
Section 5(b)(ii); (iv) in the event any Notes to be issued by the
Additional Issuer are to be listed on the Official List of the UKLA and admitted
to trading by the London Stock Exchange or on or by another stock exchange,
competent authority and/or market, confirmation that listing of any Notes will
be granted by such exchange, competent authority and/or market subject only to
delivery of the Offering Document as most recently amended or supplemented; and
(v) a supplement or amendment to the Offering Document, in form and
substance reasonably acceptable to the Dealers, describing the Additional Issuer
and any other matters related to its accession to the Programme. 

     

    (c) Dealer’s Option Not to Recognize
Accession. If within thirty (30) days of receipt of an Issuer
Accession Notice as provided for in subsection (b) above, a Dealer
determines, in its sole discretion, not to solicit offers to purchase Notes of
such Additional Issuer pursuant to subsection 2(a) and 2(b) hereof, then such
Dealer shall deliver notice to the Guarantor and such Additional Issuer (at the
address set forth in the Issuer Accession Notice) to the effect that such Dealer
does not intend to recognize such Additional Issuer’s accession to this
Agreement. Thereafter, such Additional Issuer shall not be deemed to be a party
to this Agreement solely with respect to such Dealer and such Dealer shall have
no obligation to solicit offers to purchase Notes on behalf of such Issuer.

     

    SECTION 17. AMENDMENTS. This
Agreement may be amended by an agreement executed by each of the parties hereto;
provided, however, that if the relevant Issuer elects to issue Notes denominated
in a currency with respect to which additional selling restrictions or
amendments 

     

     

     

    23 

     

    
    

     

    

    to existing selling restrictions or
other provisions are required to be added to this Agreement, such Issuer and (in
the case of Notes issued by an Issuer other than GE Capital) the Guarantor shall
deliver to each Dealer a notice identifying such currency, an amended version of
Exhibit D hereto containing such selling restrictions and such other provisions
applicable thereto. Any such notice shall constitute an amendment to this
Agreement to add such selling restrictions and other provisions and such
amendment shall be effective on the date it is sent to each Dealer in accordance
with the provisions of Section 13 hereof. 

     

    SECTION 18.

     

    If the foregoing is in accordance
with your understanding of our agreement, please sign and return to each Issuer
(including GE Capital in its capacity as Guarantor of Notes issued by each
Issuer other than GE Capital) a counterpart hereof, whereupon this instrument
along with all counterparts will become a binding agreement between the Dealers
and each such Issuer in accordance with its terms. 

     

     

     

    24 

     

    
    

     

    

    
      	
            	
            	
            
	Very truly yours,
	
            
	GENERAL ELECTRIC
      CAPITAL CORPORATION
	
            	
            
	By:	 	
              /s/ Kathryn A.
      Cassidy

               

            
	Name:	 	Kathryn
      A. Cassidy
	Title:	 	Senior
      Vice President Corporate Treasury and Global Funding
Operation
	
            
	GE CAPITAL
      AUSTRALIA FUNDING PTY. LTD.
	
            	
            
	By:	 	
              /s/ Kathryn A.
      Cassidy

               

            
	Name:	 	Kathryn
      A. Cassidy
	Title:	 	Authorized Signatory
	
            
	GE CAPITAL CANADA
      FUNDING COMPANY
	
            	
            
	By:	 	
              /s/ Mark S.
Barber

               

            
	Name:	 	Mark S.
      Barber
	Title:	 	Vice
      President
	
            
	GE CAPITAL
      EUROPEAN FUNDING
	
            	
            
	By:	 	
              /s/ Patrick
      Gilmartin

               

            
	Name:	 	Patrick
      Gilmartin
	Title:	 	Director/Authorized Signatory
	
            
	GE CAPITAL UK
      FUNDING
	
            	
            
	By:	 	
              /s/ Patrick
      Gilmartin

               

            
	Name:	 	Patrick
      Gilmartin
	Title:	 	Director/Authorized Signatory

    

     

     

    25 

     

    
    

     

    

    CONFIRMED AND ACCEPTED,

     

    as of the date first above written:

     

     

     

    
      	
            	
            	
            
	BARCLAYS BANK
      PLC
	
            	
            
	By:	 	
              /s/ Isabelle
      Beverley

               

            
	Name:	 	Isabelle
      Beverley
	Title:	 	Authorised Attorney
	
            
	CREDIT SUISSE
      SECURITIES (EUROPE) LIMITED
	
            	
            
	By:	 	
              /s/ Eva Kysely

               

            
	Name:	 	Eva
      Kysely
	Title:	 	Vice
      President
	
            
	GE MONEY
      BANK
	
            	
            
	By:	 	
              /s/ Geert Ameloot

               

            
	Name:	 	Geert
      Ameloot
	Title:	 	Managing
      Director European Funding Operation
	
            
	GOLDMAN SACHS
      INTERNATIONAL
	
            	
            
	By:	 	
              /s/ Lucia
      Zarranz-Sastre

               

            
	Name:	 	Lucia
      Zarranz-Sastre
	Title:	 	Executive
      Director
	
            
	MERRILL LYNCH
      INTERNATIONAL
	
            	
            
	By:	 	
              /s/ J. Flemming

               

            
	Name:	 	J.
      Flemming
	Title:	 	Authorised Signatory

    

     

     

    26 

     

    
    

     

    

    
      	
            	
            	
            
	UBS
      LIMITED
	
            	
            
	By:	 	
              /s/ Rupert
Walford

               

            
	Name:	 	Rupert
      Walford
	Title:	 	Executive
      Director
	
            	
            
	By:	 	
              /s/ James Southam

               

            
	Name:	 	James
      Southam
	Title:	 	Director

    

     

     

    27 

     

    
    

     

    

    EXHIBIT A 

     

    [Principal Amount] 

     

    [GENERAL ELECTRIC CAPITAL
CORPORATION] 

     

    [RELEVANT ISSUER]

     

    Euro Medium-Term Notes or Other Debt
Securities 

     

    [Guaranteed by GENERAL ELECTRIC
CAPITAL CORPORATION] 

     

    TERMS AGREEMENT 

     

    [DATE] 

     

    GENERAL ELECTRIC CAPITAL CORPORATION

     

    260 Long Ridge Road 

     

    Stamford, Connecticut 06927

     

    Attention: Senior Vice
President-Corporate 

     

     Treasury and Global Funding
Operation 

     

    [RELEVANT ISSUER] 

     

    [Address] 

     

    Attention: 

     

     

     

    
      	Re:	Ninth Amended and
      Restated Distribution Agreement 

    

    Dated April 4, 2008

     

    Each of the undersigned (the “Managers”) agrees to purchase
the principal amount of bearer Euro-Medium-Term Notes [or Other Debt Securities]
([Final Terms No.
[            ]/Securities
Note No.
[            ]]),
set forth opposite its name on Schedule I hereto, having the following terms:

     

    Issuer: 

     

    [Guarantor:] 

     

    Maturity Date: 

     

    Principal Amount: 

     

    Issue Price: 

     

    Settlement Date and Time: 3:00 p.m.,
London time, on                                 

     

    [Settlement Date and Time: 11:00
a.m., Greenwich Mean time, on
[            ].]

     

    Contact Details of [Manager / Lead
Manager]: [Name of relevant Manager and address] 

     

    Issue Date: 

     

    Specified Currency: 

     

    Ranking: 

     

    Interest Rate: 

     

    [Interest Commencement Date: [only applicable for Fixed Rate Notes
with Fixed Day Count Fraction of act/act (ICMA)] 

     

    Determination Dates: [only applicable for Fixed Rate Notes
with Fixed Day Count Fraction of act/act (ICMA)] [Insert regular Fixed Interest
Payment Dates, ignoring the Original Issue Date or the Maturity Date in the case
of a long or short first or last coupon. In these cases, insert regular Fixed
Interest Payment Dates] 

     

    Day Count Fraction: 

     

    Interest Payments: 

     

     

     

    A-1 

     

    
    

     

    

    Redemption at the option of the
Company: 

     

    Repayment at the option of the
holder: 

     

    Combined management and underwriting
commission: 

     

    Selling concession: 

     

    Denominations of Definitive Notes:

     

    Listing: 

     

    Other Terms (including any
additional selling restrictions): 

     

    For the purposes of the Notes being
purchased hereby, any Manager party to this Terms Agreement that is not named as
a Dealer in the Distribution Agreement referenced above is hereby appointed a
Dealer thereunder solely with respect to the Notes and any such Manager agrees
to be bound by the terms of the Distribution Agreement as it applies to the
distribution of the Notes. 

     

    [[Each of the][The] Manager[s]
acknowledges and agrees that the Issuer will not be passporting the Base
Prospectus dated [date of the
relevant Base Prospectus] into any European Economic Area Member State in
connection with the offering of the Notes.] 

     

    [The certificate[s] referred to in
Section 5(b) of the Distribution Agreement, the opinion[s] referred to in
Sections 5(a)(1) and 5(a)(4) of the Distribution Agreement [and the accountants’
letter referred to in Section 5(c) of the Distribution
Agreement]* will be required.] 

     

    [In the event that any Manager
desires to use any dealer or selling group to distribute any portion of its
allotment of the Notes, then any such Manager shall cause such dealer or selling
group member to agree in writing, for the benefit of the Issuer [and General
Electric Capital Corporation in its capacity as Guarantor], to comply with all
applicable terms of the Distribution Agreement and this Terms Agreement relating
to the distribution of the Notes.] 

     

     

     

    
      	
            	
            	
            
	[NAME OF MANAGERS]
	
            	
            
	By:	 	
               

               

            
	Name:	 	
            
	Title:	 	
            

    

    Accepted: 

     

    GENERAL ELECTRIC CAPITAL CORPORATION

     

     

     

    
      	
            	
            	
            
	By:	 	
               

               

            
	Name:	 	
            
	Title:	 	
            
	
            
	[RELEVANT ISSUER]
	
            	
            
	By:	 	
               

               

            
	Name:	 	
            
	Title:	 	
            

    

    
    

     

    
      	
              *

               

            	
              May only be required for
      issues the principal amount of which exceeds [US$100,000,000] or its
      equivalent in other currencies, unless otherwise agreed. 

               

            

    

     

     

    A-2 

     

    
    

     

    

    SCHEDULE I 

     

     

     

    
      	
            	
            	
            
	Name of
      Managers	  	Principal Amount

    

     

     

    A-3 

     

    
    

     

    

    EXHIBIT B 

     

    GENERAL ELECTRIC CAPITAL CORPORATION
AND AFFILIATES 

     

    EURO MEDIUM-TERM NOTES AND OTHER DEBT
SECURITIES 

     

    ADMINISTRATIVE PROCEDURES

     

    April 4, 2008

     

    Reference is made to
Section 2(c) of the Ninth Amended and Restated Euro Medium-Term Note
Distribution Agreement, dated April 4, 2008 (as the same may be further
amended or supplemented from time to time, the “Distribution Agreement”)
pursuant to which Euro Medium-Term Notes and other debt securities (the “Notes”)
are to be offered on a continuous basis by General Electric Capital Corporation
(“GE Capital”), and each of the other Issuers named therein or made a party
thereto from time to time (together with GE Capital, each an “Issuer”). Notes
issued by each Issuer other than GE Capital will be unconditionally and
irrevocably guaranteed by GE Capital (the “Guarantor”). Each of the Dealers
named in the Distribution Agreement (each a “Dealer”) has agreed to use it best
efforts to solicit offers to purchase the Notes. Each Dealer, as principal, may
also purchase Notes for its own account and if it does so, the relevant Issuer,
the Guarantor and such Dealer will enter into a terms agreement, as contemplated
by the Distribution Agreement. Each Issuer and the Guarantor has reserved the
right in the Distribution Agreement from time to time to appoint one or more
additional persons either to solicit purchases of Notes from the relevant Issuer
by others or to purchase Notes directly from the relevant Issuer as principal
for resale to others, and any reference herein to “Dealer” shall include each
such additional persons. 

     

    The Notes will be issued under an
Eighth Amended and Restated Fiscal and Paying Agency Agreement dated as of
May 12, 2006, among each Issuer (including GE Capital in its capacity as
Guarantor of Notes issued by an Issuer other than GE Capital), The Bank of New
York (successor to JPMorgan Chase Bank, N.A.,) as fiscal agent (in such
capacity, the “Fiscal Agent”) and principal paying agent (in such capacity, the
“Principal Paying Agent”), The Bank of New York (Luxembourg) S.A. (successor to
J.P. Morgan Bank Luxembourg S.A.), as initial registrar and transfer agent, as
further amended or supplemented from time to time (the “Fiscal Agency
Agreement”). Unless otherwise specified with respect to a particular series of
Notes, the Fiscal Agent will also act as the authenticating agent (the
“Authenticating Agent”) for the Notes. The Bank of New York (Luxembourg) S.A.
(successor to J.P. Morgan Bank Luxembourg S.A.) will be the Registrar for the
Registered Notes (as defined below) and will also perform the duties specified
herein and in the Fiscal Agency Agreement. The Bank of New York (successor to
JPMorgan Chase Bank, N.A.) will also act as Calculation Agent with respect to
the Notes unless a different Calculation Agent is appointed by an Issuer or the
Guarantor with respect to a specific series of Notes. If the relevant Issuer
issues any Notes denominated in Hong Kong dollars, the Principal Paying Agent
will act through one of its branches or agencies located outside of Hong Kong
and will request of Euroclear and Clearstream, Luxembourg (each as defined
below) that the common depositary or, as the case may be, the common safekeeper,
act through an office outside of Hong Kong, or as may otherwise be required by
applicable laws or regulations. 

     

     

     

    B-1 

     

    
    

     

    

    Series of Notes may be issued that
will not be listed on any stock exchange. As used herein, the term “series of
Notes” shall refer to all Notes having identical terms but for authentication
date and public offering price, and the term “tranche of Notes” shall refer to
all Notes having identical terms, including authentication date and public
offering price. 

     

    Notes will bear interest at a fixed
rate per annum (the “Fixed Rate Notes”), which may be zero in the case of
certain original issue discount notes (the “OID Notes”), or at floating rates
per annum (the “Floating Rate Notes”). Notes may be denominated in any currency,
subject to any applicable laws and regulations (the “Specified Currency”).
Unless otherwise specified in the applicable Final Terms or Securities Note (as
the case may be) (each as defined below), the Notes of each tranche will be in
bearer form (“Bearer Notes”) and will initially be represented by one or more
temporary global Notes (each, a “Temporary Global Note”), without interest
coupons attached, and will (i) if the Global Note (as defined below) is
intended to be issued in new global note (“NGN”) form, as stated in the
applicable Final Terms or Securities Note (as the case may be), be delivered on
or prior to the original issue date of the tranche of Notes to a common
safekeeper (the “Common Safekeeper”) for Euroclear Bank S.A./N.V., as operator
of the Euroclear System (“Euroclear”) and Cleamstream Banking, Société anonyme
(“Clearstream, Luxembourg”); and (ii) if the Global Note is to be issued in
classic global note (“CGN”) form, be delivered to a common depositary located
outside the United States (the “Common Depositary”) for Euroclear and
Clearstream, Luxembourg and subsequently by a permanent global Note (each, a
“Permanent Global Note”) and/or one or more definitive Bearer Notes (each, a
“Definitive Bearer Note”), with coupons, if any, attached. References to “Global
Note” shall mean the Temporary Global Note or Permanent Global Note and
references to “Bearer Notes” shall, except where otherwise indicated, include
interests in a Temporary Global Note or Permanent Global Note as well as
Definitive Bearer Notes and any coupons attached thereto. If specified in the
applicable Final Terms or Securities Note (as the case may be), Notes may also
be issued in fully registered form (“Registered Notes”). If so specified in the
applicable Final Terms or Securities Note (as the case may be), a tranche or
series of Notes may also be held in alternative clearance systems. 

     

    The Notes may be described in an
Offering Document prepared by each Issuer (including GE Capital in its capacity
as Guarantor of Notes issued by an Issuer other than GE Capital), which may be
amended from time to time (the “Offering Document”). The terms of each tranche
of Notes issued under the Fiscal Agency Agreement will be described in either:

     

     

     

    
      	 	(i)	a supplement to the Base Prospectus (each such supplement
      hereinafter referred to as the “Final Terms”). The term “Prospectus” is
      used herein to describe the Base Prospectus together with the applicable
      Final Terms unless the context otherwise requires; or

    

     

     

    
      	 	(ii)	a supplement to the Registration Document (each supplement
      hereinafter referred to as the “Securities Note”). The term “Registration
      Document” is used herein to describe the Registration Document together
      with the applicable Securities Note unless the context otherwise requires.
      

    

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

     

     

     

    B-2 

     

    
    

     

    

    ADMINISTRATIVE PROCEDURES

     

     

     

    
      	
            	
            	
            
	Issuance:	 	Bearer Notes. Each
      Bearer Note in global form which is intended to be issued in CGN form will
      be dated and issued as of the date of authentication by the Fiscal Agent.
      Each Bearer Note in global form which is intended to be issued in NGN form
      and is intended to be Eurosystem-eligible collateral (a
      “Eurosystem-eligible NGN”) will be dated and issued as of the date of both
      authentication by the Fiscal Agent and effectuation by the Common
      Safekeeper. Each Note will bear an original issue date, which will be (i)
      with respect to a Temporary Global Note (or any portion thereof), the date
      of its original issue as specified in such Temporary Global Note or (ii)
      with respect to any Permanent Global Note or Definitive Bearer Note (or
      portion thereof) issued subsequently upon transfer or exchange of a Bearer
      Note or in lieu of a destroyed, lost or stolen Bearer Note, the original
      issue date of the predecessor Bearer Note, regardless of the date of
      authentication (and effectuation, as applicable) of such subsequently
      issued Bearer Note.
	
            	
            
	
            	 	Each
      Bearer Note issued by an Irish Issuer with a maturity of less than one
      year shall carry the title “Commercial Paper”, include a statement to the
      effect that it is guaranteed and identify the Guarantor by name and bear
      the following legend:
	
            	
            
	
            	 	“This
      Note is issued in accordance with an exemption granted by the Irish
      Financial Services Regulatory Authority as a constituent part of the
      Central Bank and Financial Services Authority of Ireland (“IFSRA”) under
      section 8(2) of the Central Bank Act, 1971 of Ireland, as inserted by
      section 31 of the Central Bank Act, 1989 of Ireland, as amended by section
      70(d) of the Central Bank Act, 1997 of Ireland and as amended by Schedule
      3 of Part 4 of the Central Bank and Financial Services Authority of
      Ireland Act, 2004. [Insert name of relevant Irish
      Issuer] is not regulated by IFSRA arising from the issue of Notes.
      An investment in Notes issued by [insert name of relevant Irish
      Issuer] with a maturity of less than one year does not have the
      status of a bank deposit and is not within the scope of the Deposit
      Protection Scheme operated by IFSRA.”
	
            	
            
	
            	 	Registered Notes.
      Except as described below, each Registered Note will be dated and issued
      as of the date of its authentication by the Authenticating Agent. Each
      Registered Note will bear an original issue date, which will be (i) with
      respect to an original Registered Note (or any portion thereof), its
      original issuance date (which will be the settlement date), (ii) with
      respect to any Registered Note (or portion thereof) issued subsequently
      upon transfer or exchange of a Registered Note or in lieu of
  a

    

     

     

    B-3 

     

    
    

     

    

    
      	
            	
            	
            
	
            	 	destroyed, lost or stolen Registered Note, the original issuance
      date of the predecessor Registered Note, regardless of the date of
      authentication of such subsequently issued Registered Note and (iii) with
      respect to any Registered Note (or portion thereof) issued in exchange for
      an interest in a Permanent Global Note, the last date on which interest
      was paid on such Permanent Global Note or any predecessor
  Note.
	
            	
            
	
            	 	Each
      Registered Note issued by an Irish Issuer with a maturity of less than one
      year shall carry the title “Commercial Paper”,
      include a statement to the effect that it is guaranteed and identify the
      Guarantor by name and bear the following legend:
	
            	
            
	
            	 	“This
      Note is issued in accordance with an exemption granted by IFSRA under
      section 8(2) of the Central Bank Act, 1971 of Ireland, as inserted by
      section 31 of the Central Bank Act, 1989 of Ireland, as amended by section
      70(d) of the Central Bank Act, 1997 of Ireland. [Insert name of relevant Irish
      Issuer] is not regulated by IFSRA arising from the issue of Notes.
      An investment in Notes issued by [insert name of relevant Irish
      Issuer] with a maturity of less than one year does not have the
      status of a bank deposit and is not within the scope of the Deposit
      Protection Scheme operated by IFSRA.”
	
            	
            
	Registration:	 	Registered Notes will be issued only in fully registered form
      without coupons.
	
            	
            
	Guarantee:	 	Each
      Note issued by an Issuer other than GE Capital will have the Guarantee of
      the Guarantor endorsed thereon.
	
            	
            
	Transfers
      and Exchanges:	 	Bearer Notes. For so
      long as any of the Notes are represented by a global Note, each person who
      is for the time being shown in the records of Euroclear or Clearstream,
      Luxembourg as the holder of a particular principal amount of Notes (in
      which regard any certificate or other document issued by Euroclear or
      Clearstream, Luxembourg as to the principal amount of such Notes standing
      to the account of any person shall be conclusive and binding for all
      purposes except in the case of manifest error) shall be treated as the
      holder of such principal amount of such Notes for all purposes other than
      with respect to the payment of principal or interest on the Notes, the
      right to which shall be vested, as against the Issuers, the Fiscal Agent
      and any Paying Agent solely in the bearer of the relevant global Note in
      accordance with and subject to its terms. Transfers of interests in a
      Temporary or Permanent Global Note will be made by Euroclear or
      Clearstream, Luxembourg in accordance with its customary operating
      procedures. Title to definitive Bearer Notes and coupons will pass by
      physical delivery. The bearer of each coupon, whether or not attached to a
      definitive Bearer Note, shall be subject to
and

    

     

     

    B-4 

     

    
    

     

    

    
      	
            	
            	
            
	
            	  	bound
      by all the provisions contained in the definitive Bearer Note to which
      such coupon relates. The bearer of any definitive Bearer Note and any
      coupon may, to the fullest extent permitted by applicable law, be treated
      at all times, by all persons and for all purposes as the absolute owner of
      such definitive Bearer Note or coupon, as the case may be, regardless of
      any notice of ownership, theft or loss or of any writing thereon. Bearer
      Notes may be exchanged, if so provided in the applicable Final Terms or
      Securities Note (as the case may be), for Registered Notes.
	
            	
            
	
            	  	Registered Notes. A
      Registered Note may be presented for transfer or exchange at the corporate
      trust office of the Registrar or any Transfer Agent appointed under the
      Fiscal Agency Agreement. Registered Notes will be exchangeable for other
      Registered Notes having identical terms but different denominations
      without service charge. Registered Notes will not be exchangeable for
      Bearer Notes.
	
            	
            
	Maturities:	  	Each
      Note will mature on a date from nine months or more from its date of
      issue; provided, however, Notes denominated in Specified Currencies other
      than US dollars may be subject to restrictions on maturities as provided
      for in the Distribution Agreement or as otherwise may be required by
      regulations of the applicable central bank or similar monetary authority
      of the country issuing the Specified Currency.
	
            	
            
	Specified
      Currency:	  	The
      currency denomination with respect to any Note and the payment of interest
      and the repayment of principal with respect to any such Note shall be as
      set forth therein and in the applicable Final Terms or Securities Note (as
      the case may be).
	
            	
            
	Denominations:	  	Notes
      will be issued in such denominations as may be agreed between the Issuer
      and the relevant Dealer(s) and as indicated in the applicable Final Terms
      or Securities Note (as the case may be) provided always that (i) the
      minimum denomination of each Note will be such as may be allowed or
      required from time to time by the relevant central bank (or equivalent
      body) or any laws or regulations applicable to the relevant Specified
      Currency; and (ii) Notes issued by an Irish Issuer will be subject to a
      minimum denomination of ?1,000 (or the equivalent in another Specified
      Currency).
	
            	
            
	Global
      Notes and Definitive Bearer and Registered Notes:	  	Until
      the 40th day following the date of issuance of any tranche of Bearer Notes
      or such other date as may be required to comply with the terms of
      Regulation S (“Regulation S”) under the U.S. Securities Act of 1933, as
      amended, as described in the Distribution Agreement (the “Exchange Date”),
      and until Final Certification (as defined below) in accordance with TEFRA
      D as described in the Distribution Agreement, such tranche of
    Bearer

    

     

     

    B-5 

     

    
    

     

    

    
      	
            	
            	
            
	
            	 	Notes
      will be represented by one or more Temporary Global Notes in bearer form
      without interest coupons. The relevant Issuer shall execute, and upon the
      instructions of the relevant Issuer the Authenticating Agent shall
      complete and authenticate, and with respect to a Eurosystem-eligible NGN
      the Authenticating Agent shall also instruct the Common Safekeeper to
      effectuate, such Temporary Global Note upon the same conditions and in
      substantially the same manner, and with the same effect, as an individual
      definitive Bearer Note. On or prior to the settlement date (which will
      normally be the original issue date) with respect to such Notes, the
      Authenticating Agent shall (i) with respect to a Temporary Global Note
      which is intended to be issued in NGN form, deposit the authenticated and
      effectuated Temporary Global Note with the Common Safekeeper and (ii) with
      respect to a Temporary Global Note which is intended to be issued in CGN
      form deposit the Temporary Global Note with the Common Depositary, in each
      case, in the manner specified below under “Settlement Procedures; Bearer
      Notes”. The interest of each beneficial owner of Bearer Notes represented
      by such Temporary Global Note will be credited to the appropriate account
      with Euroclear or Clearstream, Luxembourg, as specified below under
      “Interest — General; Bearer Notes”.
	
            	
            
	
            	 	On or
      after the Exchange Date and provided that Final Certification (as
      described below) has occurred, the interest of the beneficial owners of
      the Notes represented by the Temporary Global Note shall be cancelled and
      such interests shall thereafter be represented by a Permanent Global Note
      or Definitive Bearer Notes or, if provided in the applicable Final Terms
      or Securities Note (as the case may be), by definitive Registered Notes.
      The interest of each beneficial owner of Bearer Notes represented by a
      Permanent Global Note will be credited to the appropriate account with
      Euroclear or Clearstream, Luxembourg.
	
            	
            
	
            	 	The
      beneficial owner of an interest in a Permanent Global Note may, at any
      time, upon 30 days’ written notice to the Fiscal Agent as provided in the
      Fiscal Agency Agreement given by such beneficial owner through either
      Euroclear or Clearstream, Luxembourg, as the case may be, exchange its
      beneficial interest in such Permanent Global Note for one or more
      Definitive Bearer Notes (or, if provided in the applicable Final Terms or
      Securities Note (as the case may be), a Registered Note) equal in
      aggregate principal amount to such beneficial interest. Upon receipt by
      the Fiscal Agent of an initial request to exchange an interest in a
      Permanent Global Note for a Definitive Bearer Note or Notes, all other
      interests in such Permanent Global Note shall, so long as Euroclear or
      Clearstream, Luxembourg shall so require, be exchanged for Definitive
      Bearer Notes. Such exchange shall occur at no expense to the beneficial
      owners as soon as practicable after the receipt of the initial request for
      Definitive

    

     

     

    B-6 

     

    
    

     

    

    
      	
            	
            	
            
	
            	  	Bearer
      Notes. After such exchange has occurred, all remaining interests in the
      Temporary Global Note will be exchangeable only for definitive Bearer
      Notes or (if so provided in the applicable Final Terms or Securities Note
      (as the case may be)) for definitive Registered Notes.
	
            	
            
	
            	  	In all
      events, Bearer Notes will be delivered by the Fiscal Agent only outside
      the United States to non-US persons.
	
            	
            
	Final
      Certification:	  	Final
      Certification with respect to a Temporary Global Note shall mean the
      delivery by Euroclear or Clearstream, Luxembourg, as the case may be, to
      the Fiscal Agent of a signed certificate (a “Clearance System
      Certificate”) in substantially the form set forth in Exhibit B-1 to the
      Fiscal Agency Agreement with respect to the Notes being exchanged, dated
      no earlier than the Exchange Date for such Notes, to the effect that
      Euroclear or Clearstream, Luxembourg, as the case may be, has received
      certificates (“Certificates of Non-U.S. Beneficial Ownership”) in the form
      substantially set forth in Exhibit B-2 to the Fiscal Agency Agreement with
      respect to each of such Notes, which Certificates of Non-U.S. Beneficial
      Ownership shall be dated no earlier than ten days before the Exchange Date
      and shall be delivered by the account holders appearing on its records as
      entitled to such Notes.
	
            	
            
	Interest:	  	The
      following is a summary of terms of the Notes with respect to interest and
      is for informational purposes only; the terms of each Note as described in
      the applicable Final Terms and the Prospectus (in the case of Notes issued
      by way of the Prospectus) or the applicable Securities Note and
      Registration Document (in the case of Notes issued by way of the
      Registration Document) shall govern in the case of any conflict with the
      provisions set forth below. Terms used but not defined herein shall have
      the meanings assigned to them in the Offering Document.
	
            	
            
	
            	  	General: Bearer Notes.
      Interest on each Bearer Note will accrue from and including the original
      issue date of such Note for the first interest period and from and
      including the most recent date to which interest has been paid for all
      subsequent interest periods. Each payment of interest on a Bearer Note
      will include interest accrued from and including the next preceding
      Interest Payment Date in respect of which interest has been paid (or from
      and including the date of issue, if no interest has been paid) to but
      excluding the Interest Payment Date; provided, however, that in the case
      of Floating Rate Notes on which the interest rate is reset daily or
      weekly, each interest payment will include interest accrued from and
      including the date of issue or from but excluding the fifteenth calendar
      day preceding the next preceding Interest Payment Date (whether or not
      such fifteenth calendar day is a Business Day), unless otherwise specified
      in the applicable

    

     

     

    B-7 

     

    
    

     

    

    
      	
            	
            	
            
	
            	 	Final
      Terms or Securities Note (as the case may be); and provided, further, that
      interest in respect of any Interest Payment Date on any interest in a
      Temporary Global Note for which Final Certification has not been made
      shall not be paid until the occurrence of the earlier of (1) Final
      Certification with respect to such interest in such Temporary Global Note
      and (2) in the case of an Interest Payment Date occurring between the
      original issue date and the Exchange Date, delivery by Euroclear or
      Clearstream, Luxembourg, as the case may be, to the Fiscal Agent of a
      Clearing System Certificate dated no earlier than such Interest Payment
      Date to the effect that Euroclear or Clearstream, Luxembourg, as the case
      may be, has received Certificates of Non-U.S. Beneficial Ownership with
      respect to such interests in the Temporary Global Note, which Certificates
      of Non-U.S. Beneficial Ownership shall have been dated no earlier than ten
      days before such Interest Payment Date and shall be signed by the account
      holders appearing on its records as entitled to such Notes.
	
            	
            
	
            	 	Fixed Rate Bearer
      Notes. Unless otherwise specified in the applicable Final Terms or
      Securities Note (as the case may be), interest payments on Fixed Rate
      Bearer Notes will be made on the dates specified in the applicable Final
      Terms or Securities Note (as the case may be) and at maturity or upon any
      earlier redemption or repayment.
	
            	
            
	
            	 	Floating Rate Bearer
      Notes. Interest payments will be made on Floating Rate Bearer Notes
      monthly, quarterly, semi-annually or annually. Except as provided below or
      as specified in the applicable Final Terms or Securities Note (as the case
      may be), interest will be payable, in the case of Floating Rate Bearer
      Notes with a daily, weekly or monthly Interest Reset Date, on the third
      Wednesday of each month or on the third Wednesday of March, June,
      September and December, as specified pursuant to “A” under “Settlement
      Procedures; Bearer Notes” below (“Settlement Procedure “A” “); in the case
      of Notes with a quarterly Interest Reset Date, on the third Wednesday of
      March, June, September and December of each year; in the case of Notes
      with a semi-annual Interest Reset Date, on the third Wednesday of the two
      months specified pursuant to Settlement Procedure “A” and in the case of
      Notes with an annual Interest Reset Date, on the third Wednesday of the
      month specified pursuant to Settlement Procedure “A” and, in each case, on
      the Maturity Date. If any such Interest Payment Date is not a Business
      Day, the provisions set forth under “Payments of Principal and Interest —
      Bearer Notes” shall apply.
	
            	
            
	
            	 	General: Registered
      Notes. Interest on each Registered Note will accrue from and
      including the original issue date of such Note for the first interest
      period and from and including the most
recent

    

     

     

    B-8 

     

    
    

     

    

    
      	
            	
            	
            
	
            	 	date
      to which interest has been paid for all subsequent interest periods. Each
      payment of interest on a Registered Note will include interest accrued
      from and including the next preceding Interest Payment Date in respect of
      which interest has been paid (or from and including the date of issue, if
      no interest has been paid) to but excluding the Interest Payment Date,
      provided, however, that in the case of Floating Rate Notes which reset
      daily or weekly, interest payments will include interest from and
      including the date of issue or from but excluding the last Regular Record
      Date to which interest has been paid, as the case may be, through and
      including the Regular Record Date next preceding the Interest Payment
      Date, unless otherwise specified in the applicable Final Terms or
      Securities Note (as the case may be); and provided, further, that at the
      Maturity Date, the interest payable will include interest accrued to but
      excluding the Maturity Date.
	
            	
            
	
            	 	Fixed Rate Registered
      Notes. Unless otherwise specified in the applicable Final Terms or
      Securities Note (as the case may be), interest payments on Fixed Rate
      Registered Notes will be made on the dates specified in the applicable
      Final Terms or Securities Note (as the case may be) and at the Maturity
      Date; provided, however, that in the case of Registered Fixed Rate Notes
      issued between a Regular Record Date and an Interest Payment Date, the
      first interest payment will be made on the Interest Payment Date following
      the next succeeding Regular Record Date.
	
            	
            
	
            	 	Floating Rate Registered
      Notes. Interest payments will be made on Floating Rate Registered
      Notes monthly, quarterly, semiannually or annually. Except as provided
      below or as specified in the applicable Final Terms or Securities Note (as
      the case may be), interest will be payable, in the case of Floating Rate
      Registered Notes with a daily, weekly or monthly Interest Reset Date, on
      the third Wednesday of each month or on the third Wednesday of March,
      June, September and December, as specified pursuant to “AA” below under
      “Settlement Procedures; Registered Notes” (“Settlement Procedure “AA” “);
      in the case of Notes with a quarterly Interest Reset Date, on the third
      Wednesday of March, June, September and December of each year; in the case
      of Notes with a semi-annual Interest Reset Date, on the third Wednesday of
      the two months specified pursuant to Settlement Procedure “AA”; and in the
      case of Notes with an annual Interest Reset Date, on the third Wednesday
      of the month specified pursuant to Settlement Procedure “AA” and, in each
      case, on the Maturity Date; provided, however, that in the case of
      Registered Floating Rate Notes issued between a Regular Record Date and an
      Interest Payment Date, the first interest payment will be made on the
      Interest Payment Date following the next succeeding Record Date. If any
      such Interest Payment Date is not a Business Day, the provisions set forth
      under “Payments of Principal and Interest — Registered Notes” shall
      apply.

    

     

     

    B-9 

     

    
    

     

    

    
      	
            	
            	
            
	Disclosure under Interest Act
      (Canada):	 	In the
      case of Notes issued by GEC Canada Funding whenever it is necessary to
      compute any amount of interest in respect of the Notes for a period of
      less than a full year, such interest shall be calculated on the basis of a
      360-day year consisting of 12 months of 30 days each. For purposes only of
      disclosure under the Interest Act (Canada), the yearly rate of interest to
      which interest so calculated is equivalent is the interest rate set forth
      herein multiplied by a fraction the numerator of which is the number of
      days in the calendar year in which the same is to be ascertained and the
      denominator of which is 360.
	
            	
            
	Calculation of Interest:	 	The
      following is a summary of terms of the Notes with respect to the
      calculation of interest and is for informational purposes only; the terms
      of each Note as described in the applicable Final Terms and the Prospectus
      (in the case of Notes issued by way of the Prospectus) or the applicable
      Securities Note and Registration Document (in the case of Notes issued by
      way of the Registration Document) shall govern in the case of any conflict
      with the provisions set forth below. Terms used but not defined herein
      shall have the meanings assigned to them in the Offering
    Document.
	
            	
            
	
            	 	Fixed Rate Notes.
      Interest will be calculated as specified in either (i) the Base Prospectus
      or as modified in the applicable Final Terms or (ii) the Securities Note
      (as the case may be).
	
            	
            
	
            	 	Floating Rate Notes.
      Interest will be calculated as specified in either (i) the Base Prospectus
      or as modified in the applicable Final Terms or (ii) the Securities Note
      (as the case may be).
	
            	
            
	Payments
      of Principal and Interest:	 	The
      following is a summary of terms of the Notes with respect to the payment
      of principal and interest and is for informational purposes only; the
      terms of each Note (as described in either (i) the Final Terms and the
      Base Prospectus or (ii) the Registration Document and the Securities Note
      (as the case may be)) and the Fiscal Agency Agreement shall govern in the
      case of any conflict with the provisions set forth below. Terms used but
      not defined herein shall have the meanings assigned to them in the Fiscal
      Agency Agreement.
	
            	
            
	
            	 	Bearer Notes. Except as
      otherwise provided in the Bearer Notes, payment of the principal amount of
      each Bearer Note at the Maturity Date thereof will be made only upon
      presentation and surrender of such Bearer Note to the Principal Paying
      Agent or any Paying Agent outside the United States. Such payment,
      together with payment of interest due at the Maturity Date
  of

    

     

     

    B-10 

     

    
    

     

    

    
      	
            	
            	
            
	
            	 	such
      Note, will be made in funds available for immediate use by the Principal
      Paying Agent or such Paying Agent and in turn by the holder of such Note.
      Bearer Notes presented to the Principal Paying Agent or a Paying Agent at
      the Maturity Date for payment will be cancelled or destroyed by such
      paying agent and delivered to the relevant Issuer with a certificate of
      cancellation or destruction, as applicable. All interest payments on a
      Bearer Note (other than interest due at the Maturity Date) will be made by
      check drawn on the Principal Paying Agent (or another person appointed by
      the Principal Paying Agent) and delivered to an address outside the United
      States by the Principal Paying Agent to the person entitled thereto or by
      wire transfer of immediately available funds to an account maintained by
      the payee with a bank located outside the United States.
	
            	
            
	
            	 	Except as
      specified in “Interest — General; Bearer Notes” above, interest on a
      Global Note shall be payable to the beneficial owner thereof through
      credit to the account of such owner or of the custodian bank of such owner
      with Euroclear or Clearstream, Luxembourg. On the occasion of each
      payment, (i) in the case of a CGN, the Paying Agent to which any
      Global Note was presented for the purpose of making the payment shall
      cause the appropriate schedule to the relevant Global Note to be annotated
      so as to evidence the amounts and dates of the payments of principal
      and/or interest as applicable or (ii) in the case of any Global Note
      which is a NGN, the Fiscal Agent shall instruct Euroclear and Clearstream,
      Luxembourg to make appropriate entries in their records to reflect such
      payment. Except as otherwise provided in the Bearer Notes, interest on a
      definitive Bearer Note shall be payable to the holder of the appropriate
      coupon appertaining thereto only upon presentation and surrender of such
      coupon at the office of the Principal Paying Agent or any other Paying
      Agent outside the United States.
	
            	
            
	
            	 	If any
      Fixed Interest Payment Date or the Maturity Date or redemption or
      repayment date of a Fixed Rate Bearer Note is not a Business Day, the
      payment due on such day shall be made on the next succeeding Business Day
      and no interest shall accrue on such payment for the period from and after
      such Fixed Interest Payment Date or Maturity Date, as the case may be. If
      any Interest Payment Date (other than the Maturity Date) for any Floating
      Rate Bearer Note would fall on a day that is not a Business Day with
      respect to such Note, such Interest Payment Date will be the following day
      that is a Business Day with respect to such Note at which time the Issuer
      will pay additional interest that has accrued up to but excluding such
      following Business Day, except that, if such Business Day is in the next
      succeeding calendar month, such Interest Payment Date shall be the
      immediately preceding day that is a Business Day. If the Maturity Date for
      any Floating Rate Bearer Note would fall on a day
that

    

     

     

    B-11 

     

    
    

     

    

    
      	
            	
            	
            
	
            	 	is not a
      Business Day with respect to such Note, the payment of principal, premium,
      if any, and interest, if any, will be made on the following day that is a
      Business Day with respect to such Note, and no interest shall accrue for
      the period from and after such Maturity Date.
	
            	
            
	
            	 	Registered Notes.
      Except as otherwise provided in a Registered Note, the Principal Paying
      Agent will pay the principal amount of each Registered Note at the
      Maturity Date upon presentation and surrender of such Note to its offices.
      Such payment, together with payment of interest due at the Maturity Date
      of such Note, will be made in funds available for immediate use by the
      Principal Paying Agent and in turn by the holder of such Note. Registered
      Notes presented to the Principal Paying Agent at the Maturity Date for
      payment will be cancelled or destroyed and delivered to the relevant
      Issuer with a certificate of cancellation or destruction, as applicable.
      All interest payments on a Registered Note (other than interest due at the
      Maturity Date) will be made by check drawn on the Principal Paying Agent
      (or another person appointed by the Principal Paying Agent) and mailed by
      the Principal Paying Agent to the person entitled thereto as provided in
      such Note and the Fiscal Agency Agreement or by wire transfer of
      immediately available funds. Following each Regular Record Date, the
      Principal Paying Agent will furnish the relevant Issuer with a list of
      interest payments to be made on the following Interest Payment Date for
      each Registered Note and in total for all Registered Notes. Interest at
      the Maturity Date will be payable to the person to whom the payment of
      principal is payable. The Principal Paying Agent will provide monthly to
      the relevant Issuer lists of principal and interest, to the extent
      ascertainable, to be paid on Registered Notes maturing or to be redeemed
      in the next month. The Principal Paying Agent will be responsible for
      withholding taxes on interest paid on Registered Notes as required by
      applicable law.
	
            	
            
	
            	 	If any
      Fixed Interest Payment Date or the Maturity Date of a Fixed Rate
      Registered Note is not a Business Day, the payment due on such day shall
      be made on the next succeeding Business Day and no interest shall accrue
      on such payment for the period from and after such Fixed Interest Payment
      Date or Maturity Date, as the case may be. If any Interest Payment Date
      (other than the Maturity Date) for any Floating Rate Registered Note would
      fall on a day that is not a Business Day with respect to such Note, such
      Interest Payment Date will be the following day that is a Business Day
      with respect to such Note at which time the Issuer will pay additional
      interest that has accrued up to but excluding such following Business Day,
      except that, if such Business Day is in the next succeeding calendar
      month, such Interest Payment Date shall be the immediately preceding
      day

    

     

     

    B-12 

     

    
    

     

    

    
      	
            	
            	
            
	
            	 	that
      is a Business Day. If the Maturity Date for any Floating Rate Registered
      Note would fall on a day that is not a Business Day with respect to such
      Note, the payment of principal, premium, if any, and interest, if any,
      will be made on the following day that is a Business Day with respect to
      such Note, and no interest shall accrue for the period from and after such
      Maturity Date.
	
            	
            
	Preparation of Final Terms:	 	If any
      offer to purchase a tranche of Notes is accepted by or on behalf of the
      relevant Issuer, and the tranche of Notes is to be issued and documented
      by way of the Prospectus, the relevant Issuer and (in the case of Notes
      issued by an Issuer other than GE Capital) the Guarantor will prepare the
      final terms (the “Final Terms”) reflecting the terms of such tranche of
      Note and will deliver a copy of such Final Terms to the relevant Dealer as
      such Dealer shall request as soon as practicable, but in no event later
      than 5 Business Days following the date such offer to purchase Notes is
      accepted. The relevant Dealer will cause such Final Terms together with
      the Base Prospectus to be delivered to each purchaser of such tranche of
      Note. In addition, the relevant Issuer shall forward the Final Terms to
      the Fiscal Agent as soon as it becomes available but in no event later
      than the issue date.
	
            	
            
	
            	 	In
      each instance that Final Terms are prepared, the Dealers receiving such
      Final Terms will affix the Final Terms to the Base Prospectus prior to
      their use. Outdated Final Terms, and the Base Prospectus to which they are
      attached (other than those retained for files), will be
    destroyed.
	
            	
            
	Preparation of Securities Note:	 	If any
      offer to purchase a tranche of Notes is accepted by or on behalf of the
      relevant Issuer, and the tranche of Notes is to be issued by way of the
      Registration Document and documented in a securities note supplemental to
      the Registration Document, the relevant Issuer and (in the case of Notes
      issued by an Issuer other than GE Capital) the Guarantor will prepare such
      securities note (the “Securities Note”) reflecting the terms of such
      tranche of Note and will deliver a copy of such Securities Note to the
      relevant Dealer as such Dealer shall request as soon as practicable, but
      in no event later than 5 Business Days following the date such offer to
      purchase Notes is accepted. The relevant Dealer will cause such Securities
      Note together with the Base Prospectus to be delivered to each purchaser
      of such tranche of Note. In addition, the relevant Issuer shall forward
      the Securities Note to the Fiscal Agent as soon as it becomes available
      but in no event later than the issue date.
	
            	
            
	
            	 	In
      each instance that a Securities Note is prepared, the Dealers receiving
      such Securities Note will affix the Securities Note to the Registration
      Document prior to their use. Outdated Securities Notes, and the
      Registration Document to which they are attached (other than those
      retained for files), will be destroyed.

    

     

     

    B-13 

     

    
    

     

    

    
      	
            	
            	
            
	Settlement:	  	The
      receipt by the relevant Issuer of immediately available funds in exchange
      for (i) in the case of a Global Note issued in CGN form, the delivery of
      an authenticated Temporary Global Note to the Common Depositary or (ii) in
      the case of a Global Note issued in NGN form, the delivery of an
      authenticated Temporary Global Note to, and which is then effectuated by,
      the Common Safekeeper, in each case, in the manner described in
      “Settlement Procedures; Bearer Notes” below or an authenticated Registered
      Note delivered to the relevant Dealer and such Dealer’s delivery of such
      Note against receipt of immediately available funds shall constitute
      “settlement” with respect to such Note. All orders accepted by the
      relevant Issuer will be settled on such date as the relevant Issuer and
      the purchaser shall agree upon.
	
            	
            
	
              Settlement
      Procedures;

               

              Bearer Notes:

               

            	  	Settlement Procedures with regard to each Bearer Note sold by each
      Issuer to or through a Dealer shall be as follows:
	
            	
            
	
            	  	
              A.     The relevant Dealer will advise the
      relevant Issuer by telephone that such Note is initially a Bearer Note and
      of the following settlement information:

               

            
	
            	
            
	
            	  	
              1.      Principal
amount.

               

            
	
            	
            
	
            	  	
              2.      Maturity Date.

               

            
	
            	
            
	
            	  	
              3.      In the case of a Fixed Rate
      Bearer Note, the Fixed Interest Rate, the Interest Payment Period, the
      Fixed Interest Payment Dates, the Determination Dates, the Interest
      Commencement Date, the Fixed Day Count Fraction, and whether such Note is
      an Amortizing Note and, if so, the amortization schedule.

               

            
	
            	
            
	
            	  	
              In the case of a Floating Rate Bearer Note, the Initial Interest
      Rate (if known at such time), the Interest Payment Dates, the Interest
      Payment Period, the Calculation Agent, the Base Rate, the Index Maturity,
      the Interest Reset Period, the Interest Determination Date, the Interest
      Reset Dates, the Spread or Spread Multiplier (if any), the Minimum
      Interest Rate (if any), the Maximum Interest Rate (if any), the Alternate
      Rate Event Spread (if any) and the Floating Day Count
      Fraction.

               

            
	
            	
            
	
            	  	
              4.      Redemption or repayment
      provisions, if any.

               

            
	
            	
            
	
            	  	
              5.      Settlement date and
      time.

               

            

    

     

     

    B-14 

     

    
    

     

    

    
      	
            	
            	
            
	
            	 	
              6.      Issue Price.

               

            
	
            	
            
	
            	 	
              7.      Denominations.

               

            
	
            	
            
	
            	 	
              8.      Specified
      Currency.

               

            
	
            	
            
	
            	 	
              9.      Ranking.

               

            
	
            	
            
	
            	 	
              10.    Dealer’s commission, if any, determined
      as provided in the Distribution Agreement.

               

            
	
            	
            
	
            	 	
              11.    Dealer’s account number at Clearstream
      or the Euroclear Operator.

               

            
	
            	
            
	
            	 	
              12.    Whether the Global Note constituting the
      Notes will be issued in CGN form or NGN form.

               

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

               

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

               

            
	
            	
            
	
            	 	
              15.    Whether the Note is an Extendible Note,
      and if it is an Extendible Note, the Initial Maturity Date, the Election
      Date and the Final Maturity Date.

               

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

               

            
	
            	
            
	
            	 	
              17.    Whether such Note is to be listed on the
      Official List of the UK Listing Authority (the “UKLA”) and admitted to
      trading by the London Stock Exchange, the Singapore Exchange Securities
      Trading Limited or on or by any other stock exchange, competent authority
      and/or market.

               

            
	
            	
            
	
            	 	
              18.    Any
      other applicable terms.

               

            
	
            	
            
	
            	 	
              B.     The relevant Issuer will advise the
      Fiscal Agent by telephone or electronic transmission confirmed in writing
      at any time on the sale date of the information set forth in Settlement
      Procedure A above. The relevant Issuer will also give the Fiscal Agent
      written instructions regarding the transfer of funds. The relevant Issuer
      will send a copy of such instructions to the relevant Dealer or
      Dealers.

               

            

    

     

     

    B-15 

     

    
    

     

    

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

               

            
	
            	
            
	
            	 	
              The relevant Issuer and (in the case of Notes issued by an Issuer
      other than GE Capital) the Guarantor shall prepare and cause to be
      delivered to the Fiscal Agent either (i) the applicable Final Terms
      supplemental to the Base Prospectus or (ii) the Securities Note
      supplemental to the Registration Document (as the case may be) describing
      the terms of the particular tranche of Notes.

               

            
	
            	
            
	
            	 	
              C.     In accordance with the written
      instructions and the applicable Final Terms or Securities Note (as the
      case may be), the Fiscal Agent shall:

               

            
	
            	
            
	
            	 	
              (i) with respect to Global Notes in CGN form, prepare and
      authenticate a Temporary Global Note for each tranche which the relevant
      Issuer has agreed to sell, the settlement for which tranche is to occur on
      the settlement date. The Temporary Global Note will then be delivered to
      the Common Depositary. The Fiscal Agent will also give instructions to
      Euroclear or Clearstream, Luxembourg to credit the Notes represented by
      such Temporary Global Notes delivered to such Common Depositary to the
      Fiscal Agent’s distribution account at Euroclear or Clearstream,
      Luxembourg, as the case may be; or

               

            
	
            	
            
	
            	 	
              (ii) with respect to Global Notes in NGN form, prepare and
      authenticate a Temporary Global Note for each tranche which the relevant
      Issuer has agreed to sell, the settlement for which tranche is to occur on
      the settlement date. The Temporary Global Note will then be delivered to
      the specified Common Safekeeper and, in the case of an NGN which is a
      Eurosystem eligible NGN, the Fiscal Agent will instruct the Common
      Safekeeper to effectuate the same. The Fiscal Agent will also give
      instructions to Euroclear or Clearstream, Luxembourg to make the
      appropriate entries in their records to reflect the initial outstanding
      aggregate principal amount of the relevant tranche of Notes and to credit
      the Notes represented by such Temporary Global Note delivered to such
      Common Safekeeper to the Fiscal Agent’s distribution account at Euroclear
      or Clearstream, Luxembourg, as the case may be.

               

            

    

     

     

    B-16 

     

    
    

     

    

    
      	
            	
            	
            	
            	
            
	
            	  	
              In each case, the Fiscal Agent will instruct Euroclear or
      Clearstream, Luxembourg to debit, on the settlement date, from the
      distribution account of the Fiscal Agent the number of Notes of each
      Tranche with respect to which the relevant Dealer has solicited an offer
      to purchase and to credit, on the settlement date, such Notes to the
      account of such Dealer with Euroclear or Clearstream, Luxembourg against
      payment of the issue price of such Notes. Each relevant Dealer shall give
      corresponding instructions to Euroclear or Clearstream,
      Luxembourg.

               

            
	
            	
            
	
            	  	
              D.     Euroclear and Clearstream,
      Luxembourg shall debit and credit accounts in accordance with instructions
      received by them. The Fiscal Agent shall pay the relevant Issuer the
      aggregate net proceeds received by it in immediately available funds via a
      transfer of funds to the account of the relevant Issuer with a bank
      selected by such Issuer notified to the Fiscal Agent from time to time in
      writing.

               

            
	
            	
            
	
              Settlement
      Procedures

               

              Timetable; Bearer
      Notes:

               

            	  	For sales by each Issuer of Bearer Notes to or through a Dealer,
      Bearer Settlement Procedures “A” through “D” above shall be completed on
      or before the respective times set forth below:
	
            	
            
	
            	  	Settlement Procedure
	
            	  	Bearer Notes Time
	
            	
            	
            
	
            	  	
              A      

               

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

               

            
	
            	
            	
            
	
            	  	
              B      

               

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

               

            
	
            	
            	
            
	
            	  	
              C      

               

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

               

            
	
            	
            	
            
	
            	  	
              D      

               

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

               

            
	
            	
            
	
              Settlement
      Procedures;

               

              Registered Notes:

               

            	  	Settlement Procedures with regard to each Registered Note sold by
      each Issuer to or through a Dealer shall be as follows:
	
            	
            
	
            	  	
              AA. The relevant Dealer
      will advise the relevant Issuer by telephone that such Note is a
      Registered Note and of the following settlement information:

               

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

               

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

               

            

    

     

     

    B-17 

     

    
    

     

    

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

               

            
	
            	
            
	
            	  	
              4.      Principal
amount.

               

            
	
            	
            
	
            	  	
              5.      Maturity Date.

               

            
	
            	
            
	
            	  	
              6.      In the case of a Fixed Rate
      Registered Note, the Fixed Interest Rate, the Interest Payment Period, the
      Fixed Interest Payment Dates, the Determination Dates, the Interest
      Commencement Date, the Fixed Day Count Fraction, and whether such Note is
      an Amortizing Note and, if so, the amortization schedule.

               

            
	
            	
            
	
            	  	
              In the case of a Floating Rate Registered Note, the Initial
      Interest Rate (if known at such time), the Interest Payment Dates, the
      Interest Payment Period, the Calculation Agent, the Base Rate, the Index
      Maturity, the Interest Reset Period, the Interest Determination Date, the
      Interest Reset Dates, the Spread or Spread Multiplier (if any), the
      Minimum Interest Rate (if any), the Maximum Interest Rate (if any), the
      Alternate Rate Event Spread (if any), the Floating Day Count Fraction and
      the Regular Record Dates.

               

            
	
            	
            
	
            	  	
              7.      Redemption or repayment
      provisions, if any.

               

            
	
            	
            
	
            	  	
              8.      Settlement date and
      time.

               

            
	
            	
            
	
            	  	
              9.      Issue Price.

               

            
	
            	
            
	
            	  	
              10.    Denominations.

               

            
	
            	
            
	
            	  	
              11.    Specified Currency.

               

            
	
            	
            
	
            	  	
              12.    Ranking.

               

            
	
            	
            
	
            	  	
              13.    Dealer’s commission, if any, determined
      as provided in the Distribution Agreement.

               

            

    

     

     

    B-18 

     

    
    

     

    

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

               

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

               

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

               

            
	
            	
            
	
            	 	
              17.    Whether the Note is an Extendible Note,
      and if it is an Extendible Note, the Initial Maturity Date, the Election
      Date and the Final Maturity Date.

               

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

               

            
	
            	
            
	
            	 	
              19.    Whether such Note is to be listed on the
      Official List of the UKLA and admitted to trading by the London Stock
      Exchange, the Singapore Exchange Securities Trading Limited or on or by
      any other stock exchange, competent authority and/or market.

               

            
	
            	
            
	
            	 	
              20.    Any
      other applicable terms.

               

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

               

            
	
            	
            
	
            	 	
              CC.  The relevant
      Issuer will have delivered to the Authenticating Agent an executed Note.
      The Authenticating Agent will complete such Note and authenticate such
      Note and deliver it through the Fiscal Agent (with the confirmation) to
      the relevant Dealer, and such Dealer will acknowledge receipt of the Note.
      Such delivery will be made only against such acknowledgment of receipt and
      evidence that instructions have been given by such Dealer for payment to
      the account of the relevant Issuer, in funds available for immediate use,
      of an amount equal to the price of such Note less such Dealer’s
      commission, if any; provided however, the relevant Issuer and the Fiscal
      Agent may agree on different delivery procedures for definitive Registered
      Notes

               

            

    

     

     

    B-19 

     

    
    

     

    

    
      	
            	
            	
            	
            	
            
	
            	  	
              denominated in Specified Currencies other than U.S. dollars. In the
      event that the instructions given by such Agent for payment to the account
      of such Issuer are revoked, such Issuer will as promptly as possible wire
      transfer to the account of such Dealer an amount of immediately available
      funds equal to the amount of such payment made.

               

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

               

            
	
            	
            
	
            	  	
              DD. Unless the relevant
      Dealer purchased such Note for its own account, such Dealer will deliver
      such Note (with confirmation) to the customer against payment in
      immediately payable funds. Such Dealer will obtain the acknowledgment of
      receipt of such Note. If the relevant Dealer purchased such Note for its
      own account, such Dealer will accept delivery of such Note against payment
      in immediately available funds, and will deliver an acknowledgement of
      receipt of such Note.

               

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

               

            
	
            	
            
	
              Settlement
      Procedures

               

              Timetable;
      Registered

               

              Notes:

               

            	  	For sales by the relevant Issuer of Registered Notes to or through
      a Dealer, Registered Settlement Procedures “AA” through “DD” set forth
      above shall be completed on or before the respective times (London Time)
      set forth below:
	
            	
            	
            
	
            	  	Settlement	  	
            
	
            	  	Procedure;	  	
            
	
            	  	Registered	  	
            
	
            	  	Notes	  	Time
	
            	
            	
            
	
            	  	AA	  	2:00
      P.M. on day before settlement date
	
            	
            	
            
	
            	  	BB	  	3:00
      P.M. on day before settlement date
	
            	
            	
            
	
            	  	CC	  	2:15
      P.M. on settlement date
	
            	
            	
            
	
            	  	DD	  	3:00
      P.M. on settlement date

    

     

     

    B-20 

     

    
    

     

    

    
      	
            	
            	
            
	Failure
      to Settle:	  	Bearer Notes. If any
      Dealer shall have advanced its own funds for payment against subsequent
      receipt of funds from the purchaser and if a purchaser shall fail to make
      payment for a Note, such Dealer will promptly notify the relevant Issuer,
      the Fiscal Agent, the Principal Paying Agent, the Common Depositary or
      Common Service Provider appointed by the relevant Issuer and Common
      Safekeeper (as the case may be) and Euroclear and Clearstream, Luxembourg
      by telephone, promptly confirmed in writing (but no later than the next
      Business Day). In such event, the relevant Issuer shall promptly instruct
      the Fiscal Agent to cancel the purchaser’s interest in the appropriate
      Temporary Global Note representing such Note. Upon (i) confirmation from
      the Fiscal Agent in writing (which may be given by facsimile) that the
      Fiscal Agent has cancelled such purchaser’s interest in such Temporary
      Global Note and (ii) confirmation from such Dealer in writing (which may
      be given by facsimile) that such Dealer has not received payment from the
      purchaser, the relevant Issuer will promptly pay to such Dealer an amount
      in immediately available funds equal to the amount previously paid by such
      Dealer in respect of such Bearer Note. Such payment will be made on the
      settlement date, if possible, and in any event not later than 12:00 noon
      (New York City time) on the Business Day following the settlement date.
      The Fiscal Agent and the Common Depositary will make or cause to be made
      such revisions to such Temporary Global Note (if the Temporary Global Note
      is a CGN) or the Fiscal Agent will instruct Euroclear and Clearstream,
      Luxembourg to make the appropriate entries in their records in each case
      (if the Temporary Global Note is a NGN) as are necessary to reflect the
      cancellation of such portion of such Temporary Global Note.
	
            	
            
	
            	  	If a
      purchaser shall fail to make payment for the Note for any reason other
      than the failure of such Dealer to provide the necessary information to
      the relevant Issuer as described above for settlement or to provide a
      confirmation to the purchaser within a reasonable period of time as
      described above, and if such Dealer shall have otherwise complied with its
      obligations hereunder and in the Distribution Agreement, the relevant
      Issuer will reimburse such Dealer on an equitable basis for such Dealer’s
      loss of the use of funds during the period when they were credited to
      account of such Issuer or the Fiscal Agent.
	
            	
            
	
            	  	Immediately upon such cancellation, the Fiscal Agent will make
      appropriate entries in its records to reflect the fact that a settlement
      did not occur with respect to such Note.
	
            	
            
	
            	  	Registered Notes. If a
      purchaser fails to accept delivery of and make payment for any Registered
      Note, the relevant Dealer will notify the relevant Issuer and the Fiscal
      Agent by telephone and return such Note to the Fiscal Agent. Upon receipt
      of such

    

     

     

    B-21 

     

    
    

     

    

    
      	
            	
            	
            
	
            	  	notice, the relevant Issuer will immediately wire transfer to the
      account of such Dealer an amount equal to the amount previously credited
      thereto in respect of such Note. Such wire transfer will be made on the
      settlement date, if possible, and in any event not later than the Business
      Day following the settlement date. If a purchaser shall fail to make
      payment for the Note for any reason other than the failure of such Dealer
      to provide the necessary information to the relevant Issuer as described
      above for settlement or to provide a confirmation to the purchaser within
      a reasonable period of time as described above, and if such Dealer shall
      have otherwise complied with its obligations hereunder and in the
      Distribution Agreement, then the relevant Issuer will reimburse such
      Dealer or the Principal Paying Agent, as appropriate, on an equitable
      basis for its loss of the use of the funds during the period when they
      were credited to the account of such Issuer. Immediately upon receipt of
      the Registered Note in respect of which such failure occurred, the
      Principal Paying Agent will mark such Note “cancelled”, make appropriate
      entries in the Principal Paying Agent’s records and send such Note to the
      relevant Issuer.
	
            	
            
	Notice of
      Issuance to London Stock Exchange:	  	The
      Fiscal Agent will provide information with respect to each tranche of
      Notes to be listed on the Official List of UKLA and admitted to trading by
      the London Stock Exchange to such Exchange and will advise the relevant
      Issuer and the relevant Dealer in writing as to the effectiveness of the
      listing of such Notes by the close of business on the related settlement
      date. To the extent required by the UKLA and/or London Stock Exchange, the
      Dealers will provide the Fiscal Agent with secondary market information
      regarding any tranche of Notes listed on the London Stock Exchange and the
      Fiscal Agent will provide such information to the UKLA and the London
      Stock Exchange.
	
            	
            
	
              Notice of Issuance
      to

               

              Any other stock

               

              exchange,
      competent

               

              Authority:

               

            	  	The
      Fiscal Agent will provide information with respect to each tranche of
      Notes to be listed or admitted to trading on any stock exchange, competent
      authority and/or market to such stock exchange, competent authority and/or
      market and will advise the relevant Issuer and the relevant Dealer in
      writing as to the effectiveness of the listing and or admission to trading
      of such Notes by the close of business on the related settlement
      date.
	
            	
            
	Listing:	  	The
      Fiscal Agent will, on a regular basis and as applicable, provide the UKLA
      and the London Stock Exchange and/or any other stock exchange, competent
      authority and/or market with such information as the UKLA and the London
      Stock Exchange

    

     

     

    B-22 

     

    
    

     

    

    
      	
            	
            	
            
	
            	 	or any
      other stock exchange, competent authority and/or market may require
      regarding any tranches of Notes that are listed on the Official List of
      the UKLA and admitted to trading on the London Stock Exchange or listed or
      admitted to trading on any other stock exchange, competent authority
      and/or market and are issued and
outstanding.

    

     

     

    B-23 

     

    
    

     

    

    EXHIBIT C 

     

    GENERAL ELECTRIC CAPITAL CORPORATION
AND AFFILIATES 

     

    Euro Medium-Term Notes and other Debt
Securities 

     

    MASTER CALCULATION AGENT AGREEMENT

     

    WHEREAS, General Electric Capital
Corporation (“GE Capital”), GE Capital Australia Funding Pty. Ltd. (A.B.N. 67
085 675 467) (“GEC Australia Funding”), GE Capital Canada Funding Company (“GEC
Canada Funding”), GE Capital European Funding (“GECEF”) and GE Capital UK
Funding (“GECUKF”) (together with each Additional Issuer (as defined in the
Distribution Agreement) from time to time acceding to the Distribution
Agreement, each an “Issuer” and, collectively, the “Issuers”) have authorized
the issuance of Euro Medium-Term Notes and other debt securities (the “Notes”)
due from nine months or more from the date of issue, which may bear interest at
either a fixed or variable rate; and 

     

    WHEREAS, the Notes will be offered
on a continuous basis outside the United States by the Issuer pursuant to the
terms of an Ninth Amended and Restated Distribution Agreement, dated
April 4, 2008 (as further amended and supplemented from time to time, the
“Distribution Agreement”), among each Issuer (including GE Capital in its
capacity as Guarantor of Notes issued by an Issuer other than GE Capital) and
the Dealers named therein (the “Dealers”); and 

     

    WHEREAS, the Notes are to be issued
under an Eighth Amended and Restated Fiscal and Paying Agency Agreement, dated
as of May 12, 2006 (as further amended and supplemented from time to time,
the “Fiscal Agency Agreement”) among each Issuer (including GE Capital in its
capacity as Guarantor of Notes issued by an Issuer other than GE Capital), The
Bank of New York (successor to JPMorgan Chase Bank, N.A.), as fiscal agent and
as principal paying agent (the “Fiscal Agent”), and the other paying agents
named therein (together the “Paying Agents”). 

     

    NOW IT IS HEREBY AGREED that:

     

    1. Appointment of Calculation
Agent. Each Issuer and GE Capital in its capacity as Guarantor of Notes
issued by an Issuer other than GE Capital hereby appoints the Fiscal Agent and
the Fiscal Agent hereby accepts such appointment, as each such Issuer’s and the
Guarantor’s agent for the purpose of calculating the applicable interest rate
(the “Interest Rate”) as set forth in the Offering Document relating to the
Notes, upon the terms and subject to the conditions hereinafter set forth (the
“Calculation Agent”). 

     

    2. Obligations of Calculation
Agent. The Calculation Agent shall calculate the Interest Rate in the
manner and at the times provided in the Notes and the Offering Document. The
Calculation Agent shall exercise due care to calculate such Interest Rate and
shall promptly communicate the same, in writing, to each relevant Issuer, the
Guarantor (in the case of Notes issued by an Issuer other than GE Capital), the
Fiscal Agent and each Paying Agent. With respect to Notes that are listed on or
by a stock exchange, competent authority and/or market, the Calculation Agent
will notify such stock exchange of the interest rate and certain other related
information (including the interest amount, the interest period and each
interest payment date) as 

     

     

     

    C-1 

     

    
    

     

    

    soon as such information is
available. The Calculation Agent shall, upon the request of any holder of any
Note, provide such Interest Rate as then in effect and, if determined, as it
will become effective as a result of calculations made on the most recent
Interest Determination Date with respect to such Note. The Calculation Agent’s
determination of any interest rate will, absent manifest error, be binding on
each relevant Issuer, the Guarantor and the holders of the Notes. 

     

    3. Terms and Conditions. The
Calculation Agent accepts its obligations set forth herein, upon the terms and
subject to the conditions hereof, including the following, to all of which each
Issuer and the Guarantor (in the case of Notes issued by an Issuer other than GE
Capital) agree: 

     

    (a) Each Issuer agrees to indemnify
the Calculation Agent for, and to hold it harmless against, any loss, liability
or expense (including the costs and expenses of defending against any claim of
liability) incurred by the Calculation Agent which arises out of or in
connection with its acting as Calculation Agent hereunder, except such as may
result from the negligence, willful misconduct or bad faith of the Calculation
Agent or any of its officers or employees. The Calculation Agent shall incur no
liability and shall be indemnified and held harmless by each such Issuer and the
Guarantor for, or in respect of, any actions taken, omitted to be taken or
suffered to be taken in good faith by the Calculation Agent in reliance upon
(i) the written opinion of counsel or (ii) written instructions from
each such Issuer or the Guarantor, as the case may be. 

     

    (b) In acting under this Agreement
and in connection with the Notes, the Calculation Agent is acting solely as
agent of each Issuer and the Guarantor and does not assume any obligation or
relationship of agency or trust for or with any of the owners or holders of the
Notes. 

     

    (c) The Calculation Agent shall be
protected and shall incur no liability for or in respect of any action taken or
omitted to be taken or anything suffered by it in reliance upon any notice,
direction, certificate, affidavit, statement or other paper, documents of
communication reasonably believed by it to be genuine and to have been approved
or signed by the proper party or parties. 

     

    (d) The Calculation Agent and any of
its affiliates, or any of their respective officers, managing directors,
employees and shareholders, may become the owner of, or acquire an interest in,
any Notes, with the same rights that it or they would have if it were not the
Calculation Agent, and may engage or be interested in any financial or other
transaction with each Issuer or the Guarantor as freely as if it were not the
Calculation Agent. 

     

    (e) The Calculation Agent shall be
obligated to perform such duties and only such duties as are herein specifically
set forth, and no implied duties or obligations shall be read into this
Agreement against the Calculation Agent. 

     

    (f) Unless herein otherwise
specifically provided, any order, certificate, notice, request, direction or
other communication from each Issuer or the Guarantor made or given by it under
any provision of this Agreement shall be sufficient if signed by any authorized
representatives of each such Issuer. 

     

     

     

    C-2 

     

    
    

     

    

    4. Resignation; Removal;
Successor. (a) The Calculation Agent may at any time resign as
Calculation Agent by giving written notice to each Issuer and the Guarantor (in
the case of Notes issued by an Issuer other than GE Capital of such intention on
its part, specifying the date on which its desired resignation shall become
effective; provided, however, that such date shall never be earlier than 120
days after the receipt of such notice by each such Issuer and the Guarantor,
unless an Issuer or the Guarantor agrees to accept less notice. The Calculation
Agent may be removed at any time by the filing with it of any instrument in
writing signed by an authorized officer of an Issuer and the Guarantor and
specifying such removal and the date when it is intended to become effective.
Such resignation or removal shall take effect upon the date of the appointment
by each such Issuer and the Guarantor, as hereinafter provided, of a successor
Calculation Agent and the acceptance of such appointment by such successor
Calculation Agent. A successor Calculation Agent shall be appointed by each such
Issuer and the Guarantor by an instrument in writing signed on behalf of each
such Issuer and the Guarantor and filed with the entity designated as the
successor Calculation Agent. Upon the appointment of a successor Calculation
Agent and acceptance by it of such appointment, the Calculation Agent so
superseded shall cease to be such Calculation Agent hereunder. Upon its
resignation or removal, the Calculation Agent shall be entitled to the
reimbursement of all reasonable out-of-pocket expenses (including reasonable
counsel fees) incurred in connection with the services rendered by it hereunder,
in either case to the effective date of such resignation or removal.

     

    (b) Any successor Calculation Agent
appointed hereunder shall execute and deliver to its predecessor and to each
relevant Issuer and the Guarantor an instrument accepting such appointment
hereunder, and thereupon such successor Calculation Agent, without any further
act, deed or conveyance, shall become vested with all the authority, rights,
powers, trusts, immunities, duties and obligations of such predecessor with like
effect as if originally named as such Calculation Agent hereunder, and such
predecessor, upon payment of its charges and disbursements then unpaid, shall
thereupon become obligated to transfer and deliver, and such successor
Calculation Agent shall be entitled to receive, copies of any relevant records
maintained by such predecessor Calculation Agent. 

     

    (c) Any corporation into which the
Calculation Agent may be merged, or any corporation other than the Calculation
Agent resulting or continuing from a merger or consolidation or amalgamation to
which the Calculation Agent shall be party, or any corporation to which the
Calculation Agent shall sell or otherwise transfer all or substantially all of
its assets and business shall, to the extent permitted by applicable law, be the
successor Calculation Agent under this Agreement without the execution or filing
of any paper or any further act on the part of any of the parties hereto. Notice
of any such merger, consolidation, amalgamation or sale shall forthwith be given
to each relevant Issuer and the Paying Agent. 

     

    5. Notices. Any notice required
to be given hereunder shall be delivered in person, sent by letter or facsimile
or communicated by telephone (subject, in the case of communication by
telephone, to confirmation dispatched within two Business Days by letter or
facsimile): (a) in the case of any Issuer or the Guarantor, to 260 Long
Ridge Road, Stamford, Connecticut 06927 (Attention: Senior Vice President -
Corporate Treasury and Global Funding Operation), Telephone
No. 203-357-4000, Fax No. 203-357-4975; (b) in the case of the
Calculation Agent, to such address as is set forth in the Distribution
Agreement, (c) in the case of the Fiscal Agent, to One Canada Square,
London, SW4 6NR England, Attention: Corporate Trust Admin, Telephone No. 44
(020) 7964 4288, Fax No. 44 (020) 7964 2536; or, in any case, to
any other address to which the party receiving notice shall have notified the
party giving such notice in writing. Any notice hereunder given by facsimile or
letter shall be deemed to be served when, in the ordinary course of transmission
or post, as the case may be, it would be received. 

     

     

     

    C-3 

     

    
    

     

    

    6. Governing Law. This Agreement
shall be governed by, and construed in accordance with, the laws of the State of
New York. 

     

    7. Terms. Capitalized terms
used but not defined herein shall have the meanings assigned to such terms in
the Offering Document 

     

     

     

    C-4 

     

    
    

     

    

    EXHIBIT D 

     

    SELLING RESTRICTIONS 

     

    United States. 

     

    General. Each Dealer
represents, warrants and agrees with each Issuer and (in the case of Notes
issued by an Issuer other than GE Capital) the Guarantor that in connection with
such Dealer’s distribution of each Issuer’s Euro Medium-Term Notes (the “Notes”)
pursuant to the Fifth Amended and Restated Distribution Agreement (the
“Distribution Agreement”) to which these selling restrictions are attached, it
will distribute any Notes in compliance with the selling restrictions set forth
below, as applicable. The Regulation S restrictions shall be applicable to all
Notes distributed pursuant to the Distribution Agreement whether issued as
Bearer Notes or Registered Notes. In addition, each Dealer distributing Bearer
Notes shall comply with the TEFRA D restrictions set forth below. Terms used but
not defined herein shall have the meaning assigned to them in the Distribution
Agreement. 

     

    Regulation S Restrictions.
The Notes have not been and will not be registered under the U.S. Securities Act
of 1933, as amended (the “Securities Act”) and may not be offered or sold within
the United States or to, or for the account or benefit of, U.S. persons except
in accordance with Regulation S under the Securities Act or pursuant to an
exemption from the registration requirements of the Securities Act. Terms used
in this paragraph have the meanings given to them by Regulation S. Each Dealer
represents that it has offered and sold any Notes, and will offer and sell any
Notes of a Tranche (as defined in the Fiscal and Paying Agency Agreement)
(i) as part of its distribution at any time and (ii) otherwise until
40 days after the completion of the distribution, as determined by the Fiscal
Agent, of all Notes of such Tranche, only in accordance with Rule 903 of
Regulation S under the Securities Act. Accordingly, each Dealer, its affiliates
and any persons acting on its or their behalf have not engaged and will not
engage in any directed selling efforts with respect to the Notes, and have
complied and will comply with the offering restriction requirements of
Regulation S. Each Dealer agrees to notify the Fiscal Agent when it has
completed the distribution of its portion of Notes of a Tranche, and the Fiscal
Agent agrees to determine the completion of the distribution of all Notes of
such Tranche once all Dealers participating in the distribution of such Tranche
have so notified the Fiscal Agent and to notify each other Dealer of the end of
the restricted period. Each Dealer also agrees that, at or prior to confirmation
of sale of any Notes, it will have sent to each distributor, dealer or person
receiving any selling concession, fee or other remuneration that purchases Notes
from it during the restricted period a confirmation or notice to substantially
the following effect: 

     

    The Securities covered hereby have
not been registered under the U.S. Securities Act of 1933, as amended (the
“Securities Act”) and may not be offered or sold within the United States or to,
or for the benefit of, U.S. persons (i) as part of their distribution at
any time or (ii) otherwise until 40 days after the completion of the
distribution of the Securities as determined by the Fiscal Agent, except in
either case in accordance with Regulation S under the Securities Act. Terms used
above have the meanings given to them by Regulation S. 

     

    TEFRA D Restrictions. Each
Dealer represents and warrants (and each further Dealer appointed under the
Programme will be required to represent and warrant) to each Issuer and (in the
case of Notes issued by an Issuer other than GE Capital) the Guarantor and
agrees with respect to the Bearer Notes that: 

     

     

     

    D - 1 

     

    
    

     

    

    (1) except to the extent permitted
under U.S. Treas. Reg. § 1.163-5(c)(2)(i)(D) (the “D Rules”), (a) it
has not offered or sold, and during the restricted period will not offer or
sell, Notes in bearer form to a person who is within the United States or its
possessions or to a United States person, and (b) it has not delivered and
will not deliver within the United States or its possessions definitive Notes in
bearer form that are sold during the restricted period; 

     

    (2) it represents and agrees that it
has and throughout the restricted period will have in effect procedures
reasonably designed to ensure that its employees or agents who are directly
engaged in selling Notes in bearer form are aware that such Notes may not be
offered or sold during the restricted period to a person who is within the
United States or its possessions or to a United States person, except as
permitted by the D Rules; 

     

    (3) if it is a United States person,
it represents that it is acquiring the Notes in bearer form for purposes of
resale in connection with their original issuance and if it retains Notes in
bearer form for its own account, it will only do so in accordance with the
requirements of U.S. Treas. Reg. § 1.163-5(c)(2)(i)(D)(6); and

     

    (4) with respect to each affiliate
that acquires from it Notes in bearer form for the purpose of offering or
selling such Notes during the restricted period, it either (a) repeats and
confirms the representations and agreements contained in clauses (1),
(2) and (3) on such affiliate’s behalf or (b) agrees that it will
obtain from such affiliate for the Issuer’s benefit the representations and
agreements contained in clauses (1), (2) and (3). 

     

    Terms used in this paragraph have
the meanings given to them by the U.S. Internal Revenue Code and regulations
thereunder, including the D Rules. 

     

    In addition, each Dealer represents
and agrees that it has not entered and will not enter into any contractual
arrangement with any distributor (as that term is defined for purposes of the D
Rules) with respect to the distribution of the Notes, except with its affiliates
or with the prior written consent of the Issuer. 

     

    For purposes of this subsection
entitled “TEFRA D Restrictions”, an offer or sale will be considered to be made
in the United States if the offeror or seller of such Notes has an address
within the United States for the offeree or purchaser of such Notes with respect
to the offer or sale. As used in this subsection, “United States person” means a
citizen or resident of the United States, a corporation or partnership or other
entity created or organized in or under the laws of the United States or any
political subdivision thereof, an estate whose income is subject to United
States federal income tax regardless of its source, or a trust if a court within
the United States is able to exercise primary supervision over the
administration of the trust and one or more United States persons have the
authority to control all substantial decision of the trust or if such trust has
a valid election in effect under applicable U.S. Treasury regulations to be
treated as a United States person; “United States” means the United States
(including the States and the District of Columbia), its territories, its
possessions and any other areas subject to its jurisdiction; and “Restricted
Period” with respect to each issuance means the period which begins on the
earlier of the settlement date (or the date on which the relevant Issuer
receives the proceeds of the sale of Notes with respect to such issuance) or the
first date on which the Notes are offered to persons other than the Dealers, and
which ends 40 days after the date on which the relevant Issuer receives the
proceeds of the sale of such Notes; provided that with respect to a Note held as
part of an unsold allotment or subscription, any offer or sale of such Note by
the relevant Issuer or a Dealer shall be deemed to be during the Restricted
Period. 

     

     

     

    D - 2 

     

    
    

     

    

    European Economic Area 

     

    In relation to each Member State of
the European Economic Area which has implemented the Prospectus Directive (each,
a “Relevant Member State”), each Dealer represents and agrees, and each further
Dealer appointed under the Programme will be required to represent and agree,
that with effect from and including the date on which the Prospectus Directive
is implemented in that Relevant Member State (the “Relevant Implementation
Date”) it has not made and will not make an offer of Notes to the public in that
Relevant Member State except that it may, with effect from and including the
Relevant Implementation Date, make an offer of Notes to the public in that
Relevant Member State: 

     

     

     

    
      	(a)	if the final terms in relation to the Notes specify that an offer
      of those Notes may be made other than pursuant to Article 3(2) of the
      Prospectus Directive in that Relevant Member State (a “Non-exempt Offer”),
      following the date of publication of a prospectus in relation to such
      Notes which has been approved by the competent authority in that Relevant
      Member State or, where appropriate, approved in another Relevant Member
      State and notified to the competent authority in that Relevant Member
      State, provided that any such prospectus has subsequently been completed
      by the final terms contemplating such Non-exempt Offer, in accordance with
      the Prospectus Directive, in the period beginning and ending on the dates
      specified in such prospectus or final terms, as applicable;
  

    

     

     

    
      	(b)	at any time to legal entities which are authorised or regulated to
      operate in the financial markets or, if not so authorised or regulated,
      whose corporate purpose is solely to invest in securities;
  

    

     

     

    
      	(c)	at any time to any legal entity which has two or more of
      (1) an average of at least 250 employees during the last financial
      year; (2) a total balance sheet of more than ?43,000,000 and
      (3) an annual net turnover of more than ?50,000,000, as shown in its
      last annual or consolidated accounts; 

    

     

     

    
      	(d)	at any time to fewer than 100 natural or legal persons (other than
      qualified investors as defined in the Prospectus Directive) subject to
      obtaining the prior consent of the relevant Dealer or Dealers nominated by
      the Issuer for any such offer; or 

    

     

     

    
      	(e)	at any time in any other circumstances falling within Article 3(2)
      of the Prospectus Directive, 

    

    provided that no such offer of Notes
referred to in (b) to (e) above shall require the Issuer or any Dealer
to publish a prospectus pursuant to Article 3 of the Prospectus Directive or
supplement a prospectus pursuant to Article 16 of the Prospectus Directive.

     

    For the purposes of this provision,
the expression an “offer of Notes to the public” in relation to any Notes in any
Relevant Member State means the communication in any form and by any

     

     

     

    D - 3 

     

    
    

     

    

    means of sufficient information on
the terms of the offer and the Notes to be offered so as to enable an investor
to decide to purchase or subscribe the Notes, as the same may be varied in that
Member State by any measure implementing the Prospectus Directive in that Member
State. The expression “Prospectus Directive” means Directive 2003/71/EC and
includes any relevant implementing measure in each Relevant Member State.

     

    Australia. 

     

    No offering circular, prospectus or
other disclosure document (as defined in the Corporations Act 2001 (Cth)(the
“Corporations Act”)) in relation to the Programme or any Notes has been lodged
with the Australian Securities and Investments Commission (“ASIC”) or the
Australian Stock Exchange Limited. 

     

    Each Dealer has represented (and
agreed and each further Dealer appointed under the Programme will be required to
represent and agree) that it: 

     

    (a) has not offered and will not
offer for issue or sale and has not invited and will not invite applications for
issue or offers to purchase Notes in Australia, including an offer or invitation
received in Australia; and 

     

    (b) has not distributed or published
and will not distribute or publish any offering memorandum, advertisement or
other offering material relating to the Notes in Australia, 

     

    unless, 

     

    (i) the amount payable by each
offeree or invitee for the Notes is a minimum amount (or the equivalent in
another currency) of A$500,000 disregarding amounts, if any, lent by the offeror
or inviter or its associates, or the offer or invitation is otherwise an offer
or invitation such that by virtue of section 708 of the Corporations Act no
disclosure is required to be made under Part 6D.2 of the Corporations Act and is
not made to a retail client (as defined in section 761 G of the Corporations
Act; and 

     

    (ii) the offer, invitation or
distribution complies with all applicable laws, regulations and directives and
does not require any document to be lodged with ASIC under Division 5 of Part
6D.2 or under Part 7of the Corporations Act. 

     

    In addition, each Dealer has agreed
(and each further Dealer appointed under the Programme will be required to
agree) that, in connection with the primary distribution of Notes, it will not
sell Notes to any person if, at the time of such sale, the employees of the
Dealer, or further Dealer aware of, or involved in, the sale, knew or had
reasonable grounds to suspect that, as a result of such sale, such Notes or an
interest in such Notes were being, or would later be, acquired (directly or
indirectly) by an Offshore Associate of GEC Australia Funding (other than one
acting in the capacity of a dealer, manager or underwriter in relation to the
placement of the Notes or in the capacity of a clearing house, custodian, funds
manager or responsible entity of a registered scheme (within the meaning of the
Corporations Act)). 

     

    Reference to “Offshore Associate”,
for this purpose, means an associate (as defined in section 128F of the
Australian Tax Act) of GEC Australia Funding that is either a non-resident of
the Commonwealth of Australia which does not acquire Notes in carrying on a
business at or 

     

     

     

    D - 4 

     

    
    

     

    

    through a permanent establishment in
Australia, or alternatively, is a resident of Australia that acquires Notes in
carrying on business at or through a permanent establishment outside Australia.

     

    Canada. 

     

    Each Dealer acknowledges (and each
further Dealer appointed under the Programme will be required to acknowledge)
that the Notes have not been and will not be qualified for sale under the
securities laws of Canada or any province or territory thereof. Each Dealer
represents and agrees (and each further Dealer appointed under the Programme
will be required to represent and agree) that it has not offered or sold, and
that it will not offer to sell, any Notes, directly or indirectly, in Canada or
to, or for the benefit of, any resident thereof in contravention of the
securities laws of Canada or any province or territory thereof. Each Dealer
further agrees that until 40 days after the date of issuance of such Notes, it
will deliver to any dealer who purchases from it any Notes a notice stating in
substance that, by purchasing such Notes, such dealer represents and agrees that
it has not offered or sold and will not offer or sell, directly or indirectly,
any of such Notes in Canada or to, or for the benefit of, any resident thereof
in contravention of the securities laws of Canada or any province or territory
thereof, and will deliver to any other dealer to whom it sells any of such Notes
a notice containing substantially the same statement as in this sentence. Each
Dealer also agrees not to distribute the Offering Document, or any other
offering material relating to the Notes, in Canada. Each Dealer and any dealer
who purchases from it any of the Notes, may be required to furnish a certificate
to the effect that it has complied with the restrictions described in this
paragraph. 

     

    Hong Kong. 

     

    Each Dealer represents and agrees
(and each further Dealer appointed under the Programme will be required to
represent and agree) that: 

     

    (a) it has not offered or sold and
will not offer or sell in Hong Kong, by means of any document, any notes other
than (i) to persons whose ordinary business is to buy or sell shares or
debentures (whether as principal or agent); or (ii) to “professional
investors” as defined in the Securities and Futures Ordinance (Cap. 571) of Hong
Kong and any rules made under that Ordinance; or (iii) in other
circumstances which do not result in the document being a “prospectus” as
defined in the Companies Ordinance (Cap. 32) of Hong Kong or which do not
constitute an offer to the public within the meaning of that Ordinance; and

     

    (b) it has not issued or had in its
possession for the purposes of the issue, and will not issue or have in its
possession for the purposes of issue, whether in Hong Kong or elsewhere, any
advertisement, invitation or document relating to the Notes, which is directed
at, or the contents of which are likely to be accessed or read by, the public of
Hong Kong (except if permitted to do so under the securities laws of Hong Kong)
other than with respect to Notes which are or are intended to be disposed of
only to persons outside Hong Kong or only to “professional investors” as defined
in the Securities and Futures Ordinance and any rules made under that Ordinance.

     

    Ireland. 

     

    Each Dealer has represented and
agreed (and each further Dealer appointed under the Programme will be required
to represent and agree) that: 

     

     

     

    D - 5 

     

    
    

     

    

    
      	(a)	it has only issued or passed on, and will only issue or pass on, in
      Ireland, any document received by it in connection with the issue of Notes
      to person who are persons to whom the document may otherwise lawfully be
      issued or passed on; and 

    

     

     

    
      	(b)	it has complied and will comply with all applicable provisions of
      the Markets in Financial Instruments and Miscellaneous Provisions Act,
      2007 (the “MIFID Act”) and S.I. No. 60 of 2007, the European
      Communities (Markets in Financial Instruments) Regulations, 2007 (as
      amended) (the “MIFID Regulations”) with respect to anything done by it in
      relation to the Notes or operating in, or otherwise involving, Ireland
      and, in the case of a Dealer acting under and within the terms of an
      authorisation to do so for the purposes of Directive 2004/39/EC of the
      European Parliament of April 21, 2004, it has complied with any codes
      of conduct made under the MIFID Act or the MIFID Regulations and, in the
      case of a Dealer acting within the terms of an authorisation granted to it
      for the purposes of Directive 2006/48/EC of the European Parliament and
      Council of June 14, 2006 (as amended or extended), it has complied
      with any codes of conduct or practice made under section 117(1) of the
      Central Bank Act, 1989 of Ireland (as amended).

    

    Japan. 

     

    The Notes have not been, and will
not be, registered under the Financial Instruments and Exchange Law of Japan
(the “Financial Instruments and Exchange Law”). Accordingly, each Dealer has
represented and agreed (and each further Dealer appointed under the Programme
will be required to represent and agree) that it has not, directly or
indirectly, offered or sold and will not, directly or indirectly, offer or sell
any Notes in Japan or to, or for the benefit of, a resident of Japan or to
others for reoffering or resale, directly or indirectly, in Japan or to, or for
the benefit of, a resident of Japan, except pursuant to an exemption from the
registration requirements of, and otherwise in compliance with, the Financial
Instruments and Exchange Law and other relevant laws and regulations of Japan.
As used in this paragraph, “resident of Japan” means any person resident in
Japan, including any corporation or other entity organised under the laws of
Japan. Without limiting the generality of the foregoing, Notes denominated or
payable in Japanese Yen will be offered and sold by the relevant issuer in
compliance with the then-current regulations and guidelines of the Japanese
Ministry of Finance. 

     

    New Zealand. 

     

    The Issuer does not intend that the
Notes should be offered for sale or subscription to the public in New Zealand in
terms of the Securities Act 1978. Each Dealer shall: (i) observe all
applicable laws and regulations in any jurisdiction in which it may subscribe,
offer, sell or deliver Notes; and (ii) not subscribe, offer, sell or
deliver Notes or distribute the Offering Document or any other offering material
relating to the Notes in any jurisdiction except under circumstances that will
result in compliance with all applicable laws and regulations. Without limiting
the previous sentence: (i) each Dealer has represented and agreed (and each
further Dealer appointed under the Programme will be required to represent and
agree) that it is a person whose principal business is the investment of money
or who, in the course of and for the purpose of its business, habitually invests
money; and (ii) no Dealer may offer, sell or deliver Notes or distribute
any advertisement or offering material relating to the Notes, in breach of any
provision of the Securities Act 1978. 

     

     

     

    D - 6 

     

    
    

     

    

    Norway. 

     

    Each Dealer has represented and
agreed (and each further Dealer appointed under the Programme will be required
to represent and agree) that it has not, directly or indirectly, offered or sold
and will not, directly or indirectly, offer or sell in the Kingdom of Norway any
Notes other than to persons who are registered with the Oslo Stock Exchange as
professional investors. 

     

    Singapore. 

     

    Each Dealer acknowledges that the
Offering Document has not been registered as a prospectus with Monetary
Authority of Singapore. Accordingly, each Dealer represents, warrants and agrees
(and each further Dealer appointed under the Programme will be required to
represent, warrant and agree) that it has not offered or sold any Notes or
caused the Notes to be made the subject of an invitation for subscription or
purchase and will not offer or sell any Notes or cause the Notes to be made the
subject of an invitation for subscription or purchase, and has not circulated or
distributed, nor will it circulate or distribute, the Offering Document or any
other document or material in connection with the offer or sale, or invitation
for subscription or purchase, of the Notes, whether directly or indirectly, to
persons in Singapore other than (i) to an institutional investor under
Section 274 of the Securities and Futures Act, Chapter 289 of Singapore
(the “SFA”),
(ii) to a relevant person pursuant to Section 275(1), or any person
pursuant to Section 275(1A), and in accordance with the conditions
specified in Section 275, of the SFA or (iii) otherwise pursuant to,
and in accordance with the conditions of, any other applicable provision of the
SFA. 

     

    South Africa. 

     

    Each Dealer represents and agrees
(and each further Dealer appointed under the Programme will be required to
represent and agree) that it has not and will not offer for sale or subscription
or sell any Notes, directly or indirectly, within the Republic of South Africa
or to any person or corporate or other entity resident in the Republic of South
Africa except (a) in accordance with the exchange control regulations of
the Republic of South Africa and (b) to any entity resident or within the
Republic of South Africa in accordance with the Commercial Paper regulations,
the Companies Act 1973 and the Financial Advisory and Intermediary Services Act
2002. 

     

    Switzerland. 

     

    Each Dealer represents and agrees
(and each further Dealer appointed under the Programme will be required to
represent and agree) that the Notes will not be offered or sold in Switzerland
save for to a limited group of persons within the meaning of Art. 652a(2) of the
Swiss Code of Obligations of March 30, 1911. 

     

    United Kingdom 

     

    Each Dealer represents and agrees,
and each further Dealer appointed under the Programme will be required to
represent and agree, that: 

     

     

     

    D - 7 

     

    
    

     

    

    (a) in relation to any Notes which
have a maturity of less than one year, (i) it is a person whose ordinary
activities involve it in acquiring, holding, managing or disposing of
investments (as principal or agent) for the purposes of its business and
(ii) it has not offered or sold and will not offer or sell any Notes other
than to persons whose ordinary activities involve them in acquiring, holding,
managing or disposing of investments (as principal or as agent) for the purposes
of their businesses or who it is reasonable to expect will acquire, hold, manage
or dispose of investments (as principal or agent) for the purposes of their
businesses where the issue of the Notes would otherwise constitute a
contravention of Section 19 of the Financial Services and Markets Act 2000
(the “FSMA”) by the Issuer; 

     

    (b) it has only communicated or
caused to be communicated and will only communicate or cause to be communicated
an invitation or inducement to engage in investment activity (within the meaning
of Section 21 of the FSMA) received by it in connection with the issue or
sale of any Notes in circumstances in which Section 21(1) of the FSMA does
not apply to the relevant Issuer (and in the case of Notes issued by an Issuer
other than GE Capital) the Guarantor; and 

     

    (c) it has complied and will comply
with all applicable provisions of the FSMA with respect to anything done by it
in relation to any Notes in, from or otherwise involving the United Kingdom.

     

    General. 

     

    Each Dealer represents and agrees
(and each further Dealer appointed under the Programme will be required to
represent and agree) that it will comply with all applicable laws and
regulations in force in a jurisdiction in which it purchases, offers or sells
the Notes or possesses or distributes the Offering Document and will obtain any
consent, approval or permission required by it for the purchase, offer or sale
by it of the Notes under the laws and regulations in force in any jurisdiction
to which it is subject or in which it makes such purchase, offers or sales and
neither the relevant Issuer nor (in the case of Notes issued by an Issuer other
than GE Capital the Guarantor nor any other Dealer shall have responsibility
therefor. 

     

    Additional Offering Restrictions.

     

    Each Issuer or (in the case of Notes
issued by an Issuer other than GE Capital) the Guarantor shall from time to time
advise the Dealer (and each further Dealer appointed under the Programme) of any
selling or other restrictions on the offer or sale of Notes denominated in one
or more other currencies in accordance with the provisions of Section 10(a)
and/or Section 17 of the Distribution Agreement to which these selling
restrictions are attached. 

     

     

     

    D - 8 

     

    
    

     

    

    EXHIBIT E 

     

    ISSUER ACCESSION NOTICE

     

    GENERAL ELECTRIC CAPITAL CORPORATION
AND AFFILIATES 

     

    Euro Medium-Term Note Programme

     

    [DATE] 

     

    BARCLAYS BANK PLC

     

    5 The North Colonnade 

     

    Canary Wharf 

     

    London E14 4BB 

     

    England 

     

    CREDIT SUISSE SECURITIES (EUROPE)
LIMITED 

     

    One Cabot Square 

     

    London E14 4QJ 

     

    England 

     

    GE MONEY BANK 

     

    Tour Europlaza 

     

    20, avenue André Prothin

     

    92063 Paris La Défense Cedex

     

    France 

     

    GOLDMAN SACHS INTERNATIONAL

     

    Peterborough Court 

     

    133 Fleet Street 

     

    London EC4A 2BB 

     

    England 

     

    MERRILL LYNCH INTERNATIONAL

     

    Merrill Lynch Financial Centre

     

    2 King Edward Street 

     

    London EC1A 1HQ 

     

    England 

     

    UBS LIMITED 

     

    1 Finsbury Avenue 

     

    London EC2M 2PP 

     

    England 

     

    Ladies and Gentlemen: 

     

    Reference is hereby made to the
Ninth Amended and Restated Distribution Agreement dated April 4, 2008 (the
“Distribution Agreement”) among General Electric Capital Corporation (“GE
Capital”), the other issuer parties to such agreement (together with GE Capital,
each an “Issuer”) and each of the dealers named above (the “Dealers”), pursuant
to which Euro Medium-Term Notes (“Notes”) of such Issuers are distributed from
time to time. Capitalized terms used but not defined herein have the meanings
assigned to such terms in the Distribution Agreement. 

     

     

     

    E - 1 

     

    
    

     

    

    Pursuant to Section 16 of the
Distribution Agreement, this Issuer Accession Notice is being delivered to
notify you that as of the date hereof [name of Additional Issuer] has acceded as
an Additional Issuer thereunder. 

     

    Each of the Guarantor and the
Additional Issuer hereby confirm the following with respect to the accession of
the Additional Issuer: 

     

     

     

    
      	 	1.	As required by Section 16(a) of the Distribution Agreement,
      the Additional Issuer is a Subsidiary of GE Capital and all Notes to be
      issued by the Additional Issuer will be unconditionally and irrevocably
      guaranteed by GE Capital. 

    

     

     

    
      	 	2.	Each of the Condition Precedent documents set forth in
      Section 16(b) of the Distribution Agreement is attached hereto,
      including: (a) the legal opinions required by Section 16(b)(ii),
      (b) the Officers’ Certificate required by Section 16(b)(iii) and
      (c) the form of Offering Document supplement pertaining to the
      Additional Issuer, as required by Section 16(b)(v).
  

    

     

     

    
      	 	3.	Pursuant to Section 16(b)(iv) of the Distribution Agreement,
      [the UKLA and the London Stock Exchange/other stock exchange] has
      confirmed that listing of any Notes issued by the Additional Issuer will
      be granted subject only to delivery of the Offering Document as most
      recently amended or supplemented. 

    

    Notices under Section 13 of the
Distribution Agreement can be delivered to the Additional Issuer at the
following address or facsimile number set forth below: 

     

    [Name of Additional Issuer]

     

    [Address] 

     

    Phone: 

     

    Fax: 

     

    Attention: 

     

     

     

    E - 2 

     

    
    

     

    

    [Supplemental Information to be
added to Administrative Procedures, if any] 

     

     

     

    
      	
            	
            	
            
	Very truly yours,
	
            
	GENERAL ELECTRIC
      CAPITAL CORPORATION
	
            	
            
	By	 	
               

               

            
	Name:	 	
            
	Title:	 	
            
	
            
	[ADDITIONAL
      ISSUER]
	
            	
            
	By	 	
               

               

            
	Name:	 	
            
	Title:	 	
            

    

     

     

    E - 3exhibit4b3312008.htm

    Exhibit 4(b) 

     

    FORM OF PERMANENT GLOBAL FIXED RATE
BEARER NOTE 

     

    GENERAL ELECTRIC CAPITAL CORPORATION

     

     

     

    
      	
            	
            	
            
	BEARER	  	BEARER
	No. PGFX	  	[                    ]1
	
            	  	[                    ]2

    

    THIS SECURITY IS A PERMANENT GLOBAL
BEARER NOTE, WITHOUT COUPONS, EXCHANGEABLE FOR THE RIGHTS ATTACHING TO THIS NOTE
AND THE CONDITIONS AND PROCEDURES GOVERNING ITS EXCHANGE FOR DEFINITIVE BEARER
NOTES OR IF SO PROVIDED HEREIN REGISTERED NOTES ARE AS SPECIFIED IN THE FISCAL
AGENCY AGREEMENT (AS DEFINED BELOW). 

     

    ANY UNITED STATES PERSON WHO HOLDS
THIS OBLIGATION WILL BE SUBJECT TO LIMITATIONS UNDER THE UNITED STATES INCOME
TAX LAWS, INCLUDING THE LIMITATIONS PROVIDED IN SECTIONS 165(j) AND 1287(a) OF
THE INTERNAL REVENUE CODE. 

     

    UNLESS AND UNTIL IT IS EXCHANGED IN
WHOLE OR IN PART FOR DEFINITIVE BEARER NOTES OR IF SO PROVIDED HEREIN REGISTERED
NOTES, THIS GLOBAL NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE
[DEPOSITARY/COMMON SAFE-KEEPER]3 TO A NOMINEE OF THE
[DEPOSITARY/COMMON SAFE-KEEPER] OR BY A NOMINEE OF THE [DEPOSITARY/COMMON
SAFE-KEEPER] TO THE [DEPOSITARY/COMMON SAFE-KEEPER] OR ANOTHER NOMINEE OF THE
[DEPOSITARY/COMMON SAFE-KEEPER] OR BY THE [DEPOSITARY/COMMON SAFE-KEEPER] OR ANY
SUCH NOMINEE TO A SUCCESSOR [DEPOSITARY/COMMON SAFE-KEEPER] OR A NOMINEE OF SUCH
SUCCESSOR [DEPOSITARY/COMMON SAFE-KEEPER]. 

     

    
    

     

    
      	
              1

               

            	
              Insert Principal Amount.
      

               

            

    

    
      	
              2

               

            	
              Insert Optional Payment Amount
      if the Note has dual-currency feature. 

               

            

    

    
      	
              3

               

            	
              Common safe-keeper is only
      applicable where this Note indicates hereon that it is intended to be a
      New Global Note. 

               

            

    

    
    

     

    

    GENERAL ELECTRIC CAPITAL CORPORATION

     

    EURO MEDIUM - TERM NOTE

     

    (Fixed Rate) 

     

    SERIES: 

     

     

     

    
      	
            	
            	
            	
            	
            	
            	
            
	
              ISIN:

               

               

               

              COMMON CODE:

               

               

               

              ORIGINAL ISSUE
      DATE:

               

               

               

              MATURITY DATE:

               

               

               

              PRINCIPAL AMOUNT IN SPECIFIED
      CURRENCY:

               

               

               

              INTEREST RATE:

               

               

               

              INTEREST PAYMENT
      PERIOD:

               

               

               

              FIXED INTEREST PAYMENT
      DATE(S):

               

               

               

              NEW GLOBAL NOTE:

               

               

               

              [ ] Yes4

               

              [ ] No

               

               

               

              INTENDED TO BE HELD IN A
      MANNER WHICH WOULD ALLOW EUROSYSTEM ELIGIBILITY:

               

               

               

              [ ] Yes5

               

              [ ] Not
      applicable

               

            	  	
              DETERMINATION
      DATES:6

               

               

               

              INTEREST COMMENCEMENT
      DATE:7

               

               

               

              ISSUER OPTIONAL REDEMPTION
      DATE:

               

               

               

              NOTEHOLDER OPTIONAL REDEMPTION
      DATE:

               

               

               

              OPTIONAL
      REPAYMENT:

               

               

               

              OPTIONAL REPAYMENT
      DATE(S):

               

               

               

              SPECIFIED (FACE AMOUNT)
      CURRENCY:

               

               

               

              OPTION VALUE CALCULATION
      AGENT:

               

            	  	
              OPTIONAL PAYMENT
      CURRENCY:

               

               

               

              OPTION ELECTION
      DATES:

               

               

               

              DESIGNATED EXCHANGE
      RATE:

               

               

               

              CURRENCY BASE
      RATE:

               

               

               

              DETERMINATION
      AGENT:

               

               

               

              INITIAL MATURITY
      DATE:

               

               

               

              ELECTION DATE

               

               

               

              FINAL MATURITY
      DATE:

               

               

               

              AVAILABILITY OF

               

              REGISTERED NOTES:

               

            	  	
              IF THIS NOTE IS EXCHANGEABLE
      DIRECTLY FOR DEFINITIVE NOTES, INDICATE FORM(S) OF

               

              DEFINITIVE NOTES:

               

               

               

              DENOMINATIONS OF DEFINITIVE
      NOTES (if not as set forth herein):

               

               

               

              DENOMINATIONS:

               

               

               

              REDENOMINATION:

               

               

               

              DAY COUNT
      FRACTION:

               

              [ ] 30/3608

               

              [ ] Actual/Actual
      (ICMA)9

               

              [ ] (Other)

               

               

               

              TAX REDEMPTION
      DATE:

               

               

               

              LISTING:

               

               

               

              RANKING:

               

              [ ] Senior

               

              [ ] Subordinated

               

            

    

    General Electric Capital Corporation
(together with its successors and assigns, the “Company”), for value received,
hereby promises to pay to the holder hereof upon surrender hereof, the principal
sum (or Face Amount, if the Note has a dual-currency or index feature)
(a) if indicated hereon that this Note is not intended to be a New Global
Note, specified in Schedule A-1 hereto or (b) if indicated hereon that this
Note is intended to be a New Global Note, entered in the records of the relevant
Clearing Systems (as defined below), on the Maturity Date specified above
(except to the extent redeemed or repaid prior to the Maturity Date) or,
(a) if indicated hereon that this Note is not intended to be a New Global
Note, in accordance with the Amortization Schedule set out in Schedule A-2
hereto, or (b) if indicated hereon that this Note is intended to be a New
Global Note, in accordance with the records of the relevant Clearing Systems and
to pay interest thereon to the bearer at the Interest Rate per 

     

     

     

    
    

     

    
      	
              4

               

            	
              Only applicable to euro
      denominated Notes intended to be held in a manner which would allow
      Eurosystem eligibility. 

               

            

    

    
      	
              5

               

            	
              Only applicable if Note issued
      in New Global Note form. 

               

            

    

    
      	
              6

               

            	
              Only applicable if fixed Day
      Count Fraction is Act/Act (ICMA) 

               

            

    

    
      	
              7

               

            	
              Only applicable if fixed Day
      Count Fraction is Act/Act (ICMA) 

               

            

    

    
      	
              8

               

            	
              Fixed Rate U.S. Dollar
      denominated Notes 

               

            

    

    
      	
              9

               

            	
              Fixed Rate Notes in all
      currencies other than U.S. Dollars 

               

            

    

     

     

    2 

     

    
    

     

    

    annum specified above from the
Original Issue Date specified above until the principal hereof is paid or duly
made available for payment (except as provided below), in arrears monthly,
quarterly, semiannually or annually as specified above as the Interest Payment
Period on each Fixed Interest Payment Date (as specified above), commencing with
the first Fixed Interest Payment Date next succeeding the Original Issue Date
specified above, and on the Maturity Date (or any other redemption or repayment
date specified above); provided, however, that each of
Euroclear Bank, S.A./N.A., as operator of the Euroclear System (the “Euroclear
Operator”), and Clearstream Banking, société anonyme (“Clearstream, Luxembourg”
and, together with the Euroclear Operator “the relevant Clearing Systems”), or
any other recognized or agreed clearing system (if indicated hereon that this
Note is not intended to be a New Global Note), shall be deemed a holder of this
Note with respect to the portion hereof held for its respective account; and
providedfurther, however, that if the
Original Issue Date occurs between a date that is 15 days prior to the next
succeeding Fixed Interest Payment Date and such Fixed Interest Payment Date,
interest payments will commence on the second Fixed Interest Payment Date
succeeding the Original Issue Date to the holder of this Note on such second
Fixed Interest Payment Date. 

     

    If indicated hereon that this Note
is intended to be a New Global Note, the nominal amount of Notes represented by
this Note shall be the aggregate amount from time to time entered in the records
of the relevant Clearing Systems. The records of the relevant Clearing Systems
(which expression in this Note means the records that each relevant Clearing
System holds for its customers which reflect the amount of such customer’s
interest in the Notes) shall be conclusive evidence of the nominal amount of
Notes represented by this Note and, for these purposes, a statement issued by a
relevant Clearing System stating the nominal amount of Notes represented by this
Note at any time shall be conclusive evidence of the records of the relevant
Clearing System at that time. 

     

    Payments due in respect of Notes for
the time being represented by this Note shall be made to the bearer of this Note
and each payment so made will discharge the Company’s obligations in respect
thereof. Any failure to make the entries referred to above shall not affect such
discharge. 

     

    Payment of the principal of this
Note and any premium due at the Maturity Date (or any other redemption or
repayment date) will be made in immediately available funds upon surrender of
this Note at the office or agency of the Fiscal and Paying Agent or at the
office or agency of such other paying agents outside the United States (this and
certain other capitalized terms used herein are defined on the reverse of this
Note) as the Company may determine maintained for that purpose (a “Paying
Agent”). 

     

    Interest on this Note will accrue
from the most recent Fixed Interest Payment Date to which interest has been paid
or duly provided for, or, if no interest has been paid or duly provided for,
from the Original Issue Date, until the principal hereof has been paid or duly
made available for payment (except as provided below). The interest so payable,
and punctually paid or duly provided for, on any Fixed Interest Payment Date,
will be paid to the holder of this Note at the office or agency of the Fiscal
and Paying Agent or at the office of any Paying Agent and the Fiscal and Paying
Agent shall (a) if indicated hereon that this Note is not intended to be a
New Global Note, cause Schedule A-1 of this Note to be endorsed or (b) if
indicated hereon that this Note is intended to be a New Global Note, promptly
provide details to the relevant Clearing Systems in order for the records of the
relevant Clearing Systems to be updated and remain at all times accurate, in
each case to reflect such payment of interest and the amount of interest so paid
will be noted. 

     

    If the Specified Currency is other
than U.S. dollars, then, except as provided on the reverse hereof, payment of
the principal of and premium, if any, and interest on this Note will be made in
such Specified Currency either by a check drawn on a bank in London, Luxembourg
or a city in the country of such Specified Currency or by wire transfer of
immediately available funds to an account maintained by the holder of this Note
with a bank located outside the United States if appropriate wire transfer
instructions in writing have been received by the Fiscal and Paying Agent or any
Paying Agent not less than 10 days prior to the applicable Fixed Interest
Payment Date. 

     

    If the Specified Currency indicated
on the face hereof is U.S. dollars, any payment of the principal of and premium,
if any, and interest on this Note will be made, subject to applicable laws and
regulations, 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 

     

     

     

    3 

     

    
    

     

    

    debts either by a check drawn on a
bank in The City of New York mailed to an address outside the United States
furnished by the holder or by wire transfer of immediately available funds to an
account maintained by the holder of this Note with a bank located outside the
United States if appropriate wire transfer instructions have been received by
the Fiscal and Paying Agent or any Paying Agent not less than 10 days prior to
the applicable payment date. Notwithstanding the foregoing, in the event that
payment in U.S. dollars of the full amount payable on this Note at the offices
of all Paying Agents would be illegal or effectively precluded as a result of
exchange controls or similar restrictions, payment on this Note will be made by
a paying agency in the United States, if such paying agency, under applicable
law and regulations, would be able to make such payment. 

     

    This Note is issued in the principal
amount set forth on the face hereof, but the total aggregate principal amount of
the Series to which this Note belongs is unlimited. The Company has the right,
without the consent of the holder of any Note or coupon appertaining thereto, to
issue additional Notes which form part of the Series to which this Note belongs.

     

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

     

    Unless the certificate of
authentication hereon has been executed by the Fiscal and Paying Agent by manual
signature, and, if indicated hereon that this Note is intended to be held in a
manner which would allow Eurosystem eligibility, effectuated by the entity
appointed as common safe-keeper by the relevant Clearing Systems, this Note
shall not be entitled to any benefit under the Fiscal Agency Agreement, as
defined on the reverse hereof, or be valid or obligatory for any purpose.

     

     

     

    4 

     

    
    

     

    

    IN WITNESS WHEREOF, the
Company has caused this Note to be duly executed. 

     

     

     

    
      	
            	
            	
            	
            	
            
	DATED:	 	GENERAL ELECTRIC
      CAPITAL CORPORATION
	
            	
            	
            
	[SEAL]	 	By:	 	
              /s/ Kathryn A.
      Cassidy

               

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

    

     

     

    
      	
            	
            	
            
	By:	 	
              /s/ Craig T.
      Beazer

               

            
	
            	 	Authorized Signatory

    

    CERTIFICATE OF AUTHENTICATION

     

    This is one of the Notes referred to

     

    in the within-mentioned Fiscal
Agency Agreement. 

     

     

     

    
      	
            	
            	
            
	THE BANK OF NEW
      YORK
	
            	 	                as
      Fiscal and Paying Agent
	
            	
            
	By:	 	
               

               

            
	
            	 	                Authorized
      Officer

    

    [Effectuated without recourse,

     

    warranty or liability by:

     

    As common safe-keeper]10 

     

     

     

    
    

     

    
      	
              10

               

            	
              Applicable only for a series
      of Notes issued and indicated hereon that it is issued as a New Global
      Note. 

               

            

    

     

     

    5 

     

    
    

     

    

    [Reverse of Note]

     

    This Note is one of a duly
authorized issue of Euro Medium-Term Notes of the Series specified on the face
hereof, having maturities of nine months or more from the date of issue (the
“Notes”) of the Company. The Notes are issuable under an eighth amended and
restated fiscal and paying agency agreement, dated as of May 12, 2006,
among General Electric Capital Corporation, GE Capital Australia Funding Pty.
Ltd., GE Capital Canada Funding Company, GE Capital European Funding, GE Capital
UK Funding and The Bank of New York (successor to JPMorgan Chase Bank, N.A.), as
fiscal agent and as principal paying agent (in such capacities, the “Fiscal and
Paying Agent”) and The Bank of New York (Luxembourg) S.A. (successor to J.P.
Morgan Bank Luxembourg S.A.), as initial registrar and transfer agent (as
amended and supplemented from time to time, the “Fiscal Agency Agreement”), to
which Fiscal Agency Agreement reference is hereby made for a statement of the
respective rights, limitations of rights, duties and immunities of the Company
and holders of the Notes and the terms upon which the Notes are, and are to be,
authenticated, effectuated (if applicable), and delivered. The Bank of New York
(successor to JPMorgan Chase Bank, N.A.) at its office in London has been
appointed the Exchange Rate Agent (the “Exchange Rate Agent”, which term
includes any successor exchange rate agent) with respect to the Notes. The terms
of individual Notes may vary with respect to interest rates, interest rate
formulas, issue dates, maturity dates, or otherwise, all as provided in the
Fiscal Agency Agreement. To the extent not inconsistent herewith, the terms of
the Fiscal Agency Agreement are hereby incorporated by reference herein.

     

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

     

    Unless otherwise indicated on the
face of this Note, this Note shall not be subject to repayment at the option of
the holder prior to the Maturity Date. If so indicated on the face of this Note,
this Note may be subject to repayment at the option of the holder on the
Optional Repayment Date or Dates specified on the face hereof on the terms set
forth herein. On any Optional Repayment Date, this Note will be repayable in
whole or in part in increments of 1,000 units of the Specified Currency
indicated on the face hereof (provided that any remaining principal amount
hereof shall not be less than the minimum authorized denomination hereof) at the
option of the holder hereof at a price equal to 100% of the principal amount to
be repaid, together with interest hereon payable to the date of repayment. For
this Note to be repaid in whole or in part at the option of the holder hereof,
the Company must receive at the corporate trust office of the Fiscal and Paying
Agent in the City of London, at least 30 days but not more than 60 days prior to
the repayment, (i) this Note with the form entitled “Option to Elect
Repayment” on the reverse hereof duly completed or (ii) a telegram,
facsimile transmission or a letter from a commercial bank or trust company in
Western Europe which must set forth the principal amount of this Note, the
principal amount of this Note to be repaid, the certificate number or a
description of the tenor and terms of this Note, a statement that the option to
elect repayment is being exercised thereby and a guarantee that this Note to be
repaid, together with the duly completed form entitled “Option to Elect
Repayment” on the reverse hereof, will be received by the Fiscal and Paying
Agent not later than the fifth Business Day after the date of such telegram,
facsimile transmission or letter; provided, however, that such
telegram, facsimile transmission or letter from a commercial bank or trust
company in Western Europe shall only be effective if in such case, this Note and
form duly completed are received by the Fiscal and Paying Agent by such fifth
Business Day. Exercise of such repayment option by the holder hereof shall be
irrevocable. In the event of repayment of this Note in part only, a new Note or
Notes for the amount of the unpaid portion hereof shall be issued in the name of
the holder hereof upon cancellation hereof, but only in an authorized
denomination. Partial redemption with respect to Notes indicated hereon that it
is intended to be a New Global Note form will be reflected in the records of
Euroclear and Clearstream, Luxembourg as either pool factor (whereby a
percentage reduction is applied to the nominal amount) or reduction in nominal
amount, at their discretion. 

     

    Interest payments on this Note will
include interest accrued to but excluding the Fixed Interest Payment Dates or
the Maturity Date (or earlier redemption or repayment date), as the case may be.
Interest payments for this Note, unless otherwise specified on the face hereof,
will be computed and paid on the following bases: 

     

     

     

    
      	•	 	
              In the
      case of Notes denominated in U.S. Dollars “30/360” means interest will be
      computed and paid on the basis of the number of days in the Calculation
      Period divided by 360 (the number of days to be calculated on the basis of
      a 360-day year of twelve 30-day months) (“30/360”). 

               

            

    

     

     

    6 

     

    
    

     

    

    
      	•	 	
              In the
      case of Notes denominated in a currency other than U.S. Dollars,
      “Actual/Actual (ICMA)” means interest will be computed and paid on the
      following basis : 

               

            

    

    (a) in the case of Notes where the
number of days in the relevant period from (and including) the most recent Fixed
Interest Payment Date (or, if none, the Interest Commencement Date) to (but
excluding) the relevant payment date (the “Calculation Period”) is equal
to or shorter than the Determination Period (as defined below) during which the
Calculation Period ends, the number of days in such Calculation Period divided
by the product of (1) the number of days in such Determination Period and
(2) the number of determination dates (each, a “Determination Date”) that
would occur in one calendar year, assuming interest was to be payable in respect
of the whole of that year; or 

     

    (b) in the case of Notes where the
Calculation Period is longer than the Determination Period during which the
Calculation Period ends, the sum of: 

     

    (i) the number of days in such
Calculation Period falling in the Determination Period in which the Calculation
Period begins divided by the product of (x) the number of days in such
Determination Period and (y) the number of Determination Dates (as
specified in the applicable Final Terms or Securities Note (as the case may be))
that would occur in one calendar year, assuming interest was to be payable in
respect of the whole of that year; and 

     

    (ii) the number of days in such
Calculation Period falling in the next Determination Period divided by the
product of (x) the number of days in such Determination Period and
(y) the number of Determination Dates that would occur in one calendar
year, assuming interest was to be payable in respect of the whole of that year;

     

    where “Determination Period” means
the period from (and including) a Determination Date to (but excluding) the next
Determination Date (including, where either the Interest Commencement Date or
the final Fixed Interest Payment Date is not a Determination Date, the period
commencing on the first Determination Date prior to, and ending on the first
Determination Date falling after, such date). 

     

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

     

    [This Note is unsecured and ranks
pari passu with all other
unsecured and unsubordinated indebtedness of the Company/This Note is a
subordinate Note and [insert
applicable subordination provisions.]]11 

     

    This Note is issuable in bearer form
(the “Bearer Notes”), without interest coupons attached, and is exchangeable
upon 30 days’ written notice to the Fiscal and Paying Agent, in whole or from
time to time in part, for (i) Bearer Notes, with interest coupons attached, in
such denominations of the Specified Currency as are indicated on the face hereof
or (ii) (if so specified on the face hereof) Notes in fully registered
form, without coupons (“Registered Notes”), in such denominations of the
Specified Currency as are indicated on the face hereof at the office of the
Fiscal and Paying Agent, upon the request of the Euroclear Operator or
Clearstream, 

     

     

     

    
    

     

    
      	
              11

               

            	
              Insert as applicable as set
      out in the applicable Final Terms or Securities Note (as the case may be).
      

               

            

    

     

     

    7 

     

    
    

     

    

    Luxembourg, acting on behalf of the
owners of beneficial interests in the Note, and upon Certification to the effect
set forth in Exhibits B-1 and B-2 attached hereto and upon compliance with the
other procedures set forth in the Fiscal Agency Agreement; provided, however,
that no such exchange may occur during a period beginning at the opening of
business 15 days before the day of the first publication of a notice of
redemption and ending on the relevant redemption date. All expenses incurred as
a result of any such exchange shall be paid by the Company. Notwithstanding
anything to the contrary contained in this paragraph, the Fiscal and Paying
Agent shall not be required to exchange the entire aggregate principal amount of
a permanent global Bearer Note for definitive Bearer Notes in the event
beneficial owners of less than the entire aggregate principal amount of the
permanent global Bearer Note have requested definitive Bearer Notes, provided
the operating rules and regulations of the clearance system then in effect would
permit less than the entire aggregate principal amount of the permanent global
Bearer Note to be so exchanged. Upon exchange of any portion of this Note for a
definitive Bearer Note or definitive Bearer Notes, or a definitive Registered
Note or definitive Registered Notes, the Fiscal and Paying Agent shall
(a) if indicated hereon that this Note is not intended to be a New Global
Note, cause Schedule A-1 of this Note to be endorsed or (b) if indicated
hereon that this Note is intended to be a New Global Note, promptly provide
details to the relevant Clearing Systems in order for the records of the
relevant Clearing Systems to be updated, in each case to reflect the reduction
of its principal amount by an amount equal to the aggregate principal amount of
such definitive Bearer Note or Bearer Notes, or such definitive Registered Note
or Registered Notes, whereupon the principal amount hereof shall be reduced for
all purposes by the amount so exchanged and noted. The date of surrender of any
Note delivered upon any exchange or transfer of Notes shall be such that no gain
or loss of interest results from such exchange or transfer. 

     

    This Note may be transferred by
delivery; provided, however, that this
Note may be transferred only to a common depositary, or as the case may be, the
common safe-keeper, outside the United States for the Euroclear Operator or
Clearstream, Luxembourg, or to a nominee of such a depositary, or as the case
may be, the common safe-keeper. 

     

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

     

    The Fiscal Agency Agreement provides
that if an Event of Default (as defined in the Fiscal Agency Agreement) with
respect to the Series of which this Note forms a part, shall have occurred and
be continuing, the holder hereof, by notice in writing to the Company and the
Fiscal and Paying Agent, may declare the principal of this Note and the interest
accrued hereon to be due and payable immediately. 

     

    Notes of the Series of which this
Note forms a part may be redeemed, at the option of the Company, as a whole but
not in part, at any time prior to maturity, upon the giving of a notice of
redemption as described below, at a redemption price equal to 100% of the
principal amount thereof, together with accrued interest to the date fixed for
redemption, or, in the case of Original Issue Discount Notes, at 100% of the
portion of the face amount thereof that has accrued to the date of redemption,
if the Company determines that, as a result of any change in or amendment to the
laws (or any regulations or rulings promulgated thereunder) of the United States
or of any political subdivision or taxing authority thereof or therein affecting
taxation, or any change in official position regarding the application or
interpretation of such laws, regulations or rulings, which change or amendment
becomes effective on or after the Tax Redemption Date specified on the face
hereof, the Company has or will become obligated to pay U.S. Additional Amounts
(as defined below) with respect to the Notes as described below. Prior to the
giving of any notice of redemption pursuant to this paragraph, the Company shall
deliver to the Fiscal and Paying Agent (i) a certificate stating that the
Company is entitled to effect such redemption and setting forth a 

     

     

     

    8 

     

    
    

     

    

    statement of facts showing that the
conditions precedent to the right of the Company to so redeem have occurred, and
(ii) an opinion of counsel satisfactory to the Fiscal and Paying Agent to
such effect based on such statement of facts; provided that no such notice of
redemption shall be given earlier than 90 days prior to the earliest date on
which the Company would be obligated to pay such U.S. Additional Amounts if a
payment in respect of the Notes were then due. 

     

    Notice of redemption will be given
not less than 30 nor more than 60 days prior to the date fixed for redemption,
which date and the applicable redemption price will be specified in the notice.
Such notice will be given in accordance with “Notices” as defined below.

     

    If the Company shall determine that
any payment made outside the United States by the Company or any Paying Agent of
principal or interest, including original issue discount, if any, due in respect
of any Bearer Notes of the Series of which this Note forms a part would, under
any present or future laws or regulations of the United States, be subject to
any certification, identification or other information reporting requirement of
any kind, the effect of which requirement is the disclosure to the Company, any
Paying Agent or any governmental authority of the nationality, residence or
identity of a beneficial owner of such Bearer Note or interest coupon who is a
United States Alien (other than such a requirement (a) which would not be
applicable to a payment made by the Company or any one of its Paying Agents
(i) directly to the beneficial owner or (ii) to a custodian, nominee
or other agent of the beneficial owner, or (b) which can be satisfied by
such custodian, nominee or other agent certifying to the effect that such
beneficial owner is a United States Alien, provided that in each case referred
to in clauses (a)(ii) and (b) payment by such custodian, nominee or agent
to such beneficial owner is not otherwise subject to any such requirement), the
Company may redeem the Bearer Notes, in whole, at a redemption price equal to
100% of the principal amount thereof, together with accrued interest to the date
fixed for redemption (or, in the case of Original Issue Discount Notes, at 100%
of the portion of the face amount thereof that has accrued to the date of
redemption), or, at the election of the Company if the conditions of the next
succeeding paragraph are satisfied, pay the additional amounts specified in such
paragraph. The Company shall make such determination and election as soon as
practicable and publish prompt notice thereof (the “Determination Notice”)
stating the effective date of such certification, identification or other
information reporting requirements, whether the Company will redeem the Bearer
Notes of such Series, or whether the Company has elected to pay the U.S.
Additional Amounts specified in the next succeeding paragraph, and (if
applicable) the last date by which the redemption of the Bearer Notes must take
place, as provided in the next succeeding sentence. If the Company redeems the
Bearer Notes, such redemption shall take place on such date, not later than one
year after the publication of the Determination Notice, as the Company shall
elect by notice to the Fiscal and Paying Agent at least 60 days prior to the
date fixed for redemption. Notice of such redemption of the Bearer Notes will be
given to the holders of the Bearer Notes not more than 60 nor less than 30 days
prior to the date fixed for redemption. Such redemption notice shall include a
statement as to the last date by which the Bearer Notes to be redeemed may be
exchanged for Registered Notes. Notwithstanding the foregoing, the Company shall
not so redeem the Bearer Notes if the Company shall subsequently determine, not
less than 30 days prior to the date fixed for redemption, that subsequent
payments would not be subject to any such requirement, in which case the Company
shall publish prompt notice of such determination and any earlier redemption
notice shall be revoked and of no further effect. The right of any of the
holders of Bearer Notes called for redemption pursuant to this paragraph to
exchange such Bearer Notes for Registered Notes will terminate at the close of
business of the Fiscal and Paying Agent on the fifteenth day prior to the date
fixed for redemption, and no further exchanges of such Series of Bearer Notes
for Registered Notes shall be permitted. 

     

    If and so long as the certification,
identification or other information reporting requirements referred to in the
preceding paragraph would be fully satisfied by payment of a backup withholding
tax or similar charge, the Company may elect to pay as U.S. Additional Amounts
such amounts as may be necessary so that every net payment made outside the
United States following the effective date of such requirements by the Company
or any Paying Agent of principal or interest, including original issue discount,
if any, due in respect of any Bearer Note or any interest coupon of which the
beneficial owner is a United States Alien (but without any requirement that the
nationality, residence or identity of such beneficial owner be disclosed to the
Company, any Paying Agent or any governmental authority, with respect to the
payment of such additional amounts), after deduction or withholding for or on
account of such backup withholding tax or similar charge (other than a backup
withholding tax or similar 

     

     

     

    9 

     

    
    

     

    

    charge which (i) would not be
applicable in the circumstances referred to in the second parenthetical clause
of the first sentence of the preceding paragraph, or (ii) is imposed as a
result of the presentation of such Bearer Note or interest coupon for payment
more than 15 calendar days after the date on which such payment becomes due and
payable or on which payment thereof is duly provided for, whichever occurs
later), will not be less than the amount provided for in such Bearer Note or
interest coupon to be then due and payable. In the event the Company elects to
pay U.S. Additional Amounts pursuant to this paragraph, the Company shall have
the right to redeem the Bearer Notes of such Series as a whole at any time
pursuant to the applicable provisions of the immediately preceding paragraph and
the redemption price of such Bearer Notes shall not be reduced for applicable
withholding taxes. If the Company elects to pay U.S. Additional Amounts pursuant
to this paragraph and the condition specified in the first sentence of this
paragraph should no longer be satisfied, then the Company shall redeem the
Bearer Notes of such Series in whole, pursuant to the applicable provisions of
the immediately preceding paragraph. 

     

    The Company will, subject to certain
exceptions and limitations set forth below, pay such additional amounts (the
“U.S. Additional Amounts”) to the holder of any Note or of any coupon, if any,
who is a United States Alien as may be necessary in order that every net payment
of the principal of, premium and interest, including original issue discount, on
such Note and any other amounts payable on such Note, after withholding for or
on account of any present or future tax, assessment or governmental charge
imposed upon or as a result of such payment by the United States (or any
political subdivision or taxing authority thereof or therein), will not be less
than the amount provided for in such Note or coupon, if any, to be then due and
payable. However, the Company will not be required to make any payment of U.S.
Additional Amounts to any such holder for or on account of: 

     

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

     

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

     

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

     

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

     

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

     

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

     

     

     

    10 

     

    
    

     

    

    (g) any tax, assessment or other
governmental charge required to be deducted or withheld by any Paying Agent from
a payment on a Note or coupon, if such payment can be made without such
deduction or withholding by any other Paying Agent; or 

     

    (h) any combination of two or more
of items (a), (b), (c), (d), (e), (f) and (g); 

     

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

     

    The Company will not be required to
make any payment of U.S. Additional Amounts to any holder for or on the account
of : 

     

     

     

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

    

     

     

    
      	 	(b)	any tax, duty, assessment or other governmental charge required to
      be imposed or withheld on a payment to an individual and such deduction or
      withholding is required to be made pursuant to any European Union
      Directive on the taxation of savings or any law implementing or complying
      with, or introduced in order to conform to, such Directive.
  

    

    The Fiscal Agency Agreement provides
that the Company will not merge or consolidate with any other corporation or
sell, convey, transfer or otherwise dispose of all or substantially all of its
properties to any other corporation, unless (i) either the Company shall be
the continuing corporation or the successor corporation (if other than the
Company) (the “successor corporation”) shall be a corporation incorporated under
the laws of the United States of America and such successor corporation shall
expressly assume the due and punctual payments of all amounts due under this
Note and the due and punctual performance of all of the covenants and
obligations of the Company under this Note by supplemental agreement
satisfactory to the Fiscal and Paying Agent executed and delivered to such
Fiscal and Paying Agent by the successor corporation and the Company and
(ii) the Company or such successor corporation, as the case may be, shall
not, immediately after such merger or consolidation, or such sale, conveyance,
transfer or other disposition, be in default in the performance of any such
covenant or obligation. Upon any such merger or consolidation, sale, conveyance,
transfer or other disposition, such successor corporation shall succeed to and
be substituted for, and may exercise every right and power of and shall be
subject to all the obligations of, the Company under this Note, with the same
effect as if such successor corporation had been named as the Company herein,
and the Company shall be released from its liability under this Note and under
the Fiscal Agency Agreement. 

     

    The Fiscal Agency Agreement permits
the Company, when authorized by resolution of the Board of Directors, and the
Fiscal and Paying Agent, with the consent of the holders of not less than a
majority in aggregate principal amount of the Notes of the Series of which this
Note forms a part, to modify or amend the Fiscal Agency Agreement or such Notes;
provided, however, that no such
modification or amendment may, without the consent of the holders of each such
Note affected thereby, (i) change the stated maturity of the principal of
any such Note or extend the time for payment of interest thereon;
(ii) change the amount of the principal of an Original Issue Discount Note
of such Series that would be due and payable upon an acceleration of the
maturity thereof; (iii) reduce the amount of interest payable thereon or
the amount payable thereon in the event of redemption or acceleration;
(iv) change the currency of payment of principal of or any other amounts
payable on any such Note; (v) impair the right to institute suit for the
enforcement of any such payment on or with respect to any such Note;
(vi) reduce the above-stated percentage of the principal amount of Notes of
such Series the consent of whose holders is necessary to modify or amend the
Fiscal Agency Agreement or the Notes of such Series or reduce the 

     

     

     

    11 

     

    
    

     

    

    percentage of the Notes of such
Series required for the taking of action or the quorum required at any such
meeting of holders of Notes of such Series; or (vii) modify the foregoing
requirements to reduce the percentage of outstanding Notes of such Series
necessary to waive any future compliance or past default. 

     

    Purchasers are required to pay for
the Notes in the currency specified in the applicable Final Terms or Securities
Note (as the case may be). Payment of principal, premium, if any, and interest,
if any, on each Note will be made in immediately available funds in the
Specified Currency unless otherwise specified in the applicable Final Terms or
Securities Note (as the case may be) and except as provided below. 

     

    If specified in the applicable Final
Terms or Securities Note (as the case may be), the Company may, without the
consent of holders of Notes denominated in a Specified Currency of a member
state of the European Union, which on or after the issue date of such Notes
participates in European Economic and Monetary Union, on giving at least 30
days’ prior notice (the “Redenomination Notice”) to the holders of such Notes
and on prior notice to the Paying Agent, the Euroclear Operator, Clearstream,
Luxembourg and/or any other relevant clearing system (if indicated hereon that
this Note is not intended to be a New Global Note), elect that, with effect from
the date specified in the Redenomination Notice (the “Redenomination Date”),
such Notes shall be redenominated in euro. The election will have effect as
follows: (a) the Notes shall be deemed to be redenominated into euro in the
denomination of ?0.01 with a nominal amount for each Note equal to the nominal
amount of that Note in the Specified Currency, converted into euro at the
Established Rate (defined below), provided that, if the Company determines after
consultation with the Paying Agent that the then market practice in respect of
the redenomination into euro of internationally offered securities is different
from the provisions specified above, such provisions shall be deemed to be
amended so as to comply with such market practice and the Company shall promptly
notify the holders of Notes, any stock exchange on which the Notes may be listed
and the Paying Agent of such deemed amendments; (b) save to the extent that
an Exchange Notice (defined below) has been given in accordance with paragraph
(d) below, the amount of interest due in respect of the Notes will be
calculated by reference to the aggregate nominal amount of Notes presented (or,
as the case may be, in respect of which coupons are presented) for payment by
the relevant holder and the amount of such payment shall be rounded down to the
nearest ?0.01; (c) if definitive Notes are required to be issued after the
Redenomination Date, they shall be issued at the expense of the Company in the
denominations of ?1,000, ? 10,000, ? 100,000 and (but only to the extent of any
remaining amounts less than ?1,000 or such smaller denominations as the Paying
Agent may approve) ?0.01 and such other denominations as the Issuer shall
determine and notify to the Noteholders; (d) if issued prior to the
Redenomination Date, all unmatured coupons denominated in the Specified Currency
(whether or not attached to the Notes) will become void with effect from the
date on which the Company gives notice (the “Exchange Notice”) that replacement
euro-denominated Notes and coupons are available for exchange (provided that
such securities are so available) and no payments will be made in respect of
them. The payment obligations contained in any Notes so issued will also become
void on that date although such Notes will continue to constitute valid exchange
obligations of the Company. New euro-denominated Notes and coupons, if any, will
be issued in exchange for Notes and coupons, if any, denominated in the
Specified Currency in such manner as the Paying Agent may specify and as shall
be notified to the holders of Notes in the Exchange Notice. No Exchange Notice
may be given less than 15 days prior to any date for payment of principal or
interest on the Notes; (e) after the Redenomination Date, all payments in
respect of the Notes and the coupons, if any, including payments of interest in
respect of periods commencing before the Redenomination Date, will be made
solely in euro as though references in the Notes to the Specified Currency were
to euro. Payments will be made in euro by credit or transfer to a euro account
outside the United States (or any other account to which euro may be credited or
transferred) specified by the payee or, at the option of the payee, by a euro
cheque mailed to an address outside the United States; (f) the applicable
Final Terms or Securities Note (as the case may be) will specify any relevant
changes to the provisions relating to interest; and (g) such other changes
shall be made as the Company may decide, after consultation with the Paying
Agent and the calculation agent (if applicable), and as may be specified in the
Redenomination Notice, to conform them to conventions then applicable to
instruments denominated in euro. For the purposes hereof, “Established Rate”
means the rate for the conversion of the Specified Currency (including
compliance with rules relating to roundings in accordance with applicable
European Union regulations) into euro established by the Council of the European
Union pursuant to Article 1091(4) of the treaty establishing the European
Communities, as amended by the Treaty on European Union, and “sub-unit” means,
with respect to any Specified Currency other than euro, the lowest amount of
such Specified Currency that is available as legal tender in the country of such
Specified Currency and, with respect to euro, means one cent. 

     

     

     

    12 

     

    
    

     

    

    Payments of principal, premium, if
any, and interest, if any, on any Note denominated in a Specified Currency other
than U.S. dollars shall be made in U.S. dollars if, on any payment date, such
Specified Currency (a) is unavailable due to imposition of exchange
controls or other circumstances beyond the Company’s control or (b) is no
longer used by the government of the country issuing such currency or for the
settlement of transactions by public institutions in that country or within the
international banking community. Such payments shall be made in U.S. dollars on
such payment date and on all subsequent payment dates until such Specified
Currency is again available or so used as determined by the Company.

     

    Amounts so payable on any such date
in such Specified Currency shall be converted into U.S. dollars at a rate
determined by the Exchange Rate Agent on the basis of the most recently
available Market Exchange Rate or as otherwise indicated in the applicable Final
Terms or Securities Note (as the case may be). The Exchange Rate Agent at the
date of the Fiscal Agency Agreement is The Bank of New York (successor to
JPMorgan Chase Bank, N.A.). Any payment required to be made on Notes denominated
in a Specified Currency other than U.S. dollars and euro that is instead made in
U.S. dollars under the circumstances described above will not constitute a
default of any obligation of the relevant Issuer under such Notes. The “Market
Exchange Rate” with respect to any currency other than U.S. dollars means, for
any day, the noon dollar buying rate in The City of New York on such day for
cable transfers of such currency as published by the Federal Reserve Bank of New
York, or, if such rate is not published for such day, the equivalent rate as
determined by the Exchange Rate Agent. 

     

    The provisions of the two preceding
paragraphs shall not apply in the event of the introduction in the country
issuing any Specified Currency of the euro pursuant to the entry of such country
into European Economic and Monetary Union. In this situation, payments of
principal, premium, if any, and interest, if any, on any Note denominated in any
such Specified Currency shall be effected in euro at such time as is required
by, and otherwise in conformity with, legally applicable measures adopted with
reference to such country’s entry into European Economic and Monetary Union. All
references herein or in any Final Terms or Securities Note (as the case may be)
to “euro” shall be to the lawful currency of the member states of the European
Union that adopt the single currency in accordance with the treaty establishing
the European Communities, as amended. 

     

    All determinations made by the
Company or the agent of the Company shall be at such person’s sole discretion
and shall, in the absence of manifest error, be conclusive for all purposes and
binding on the Company and all holders of Notes. 

     

    So long as this Note or the Coupons
shall be outstanding, the Company will cause to be maintained an office or
agency for the payment of the principal of and premium, if any, and interest on
this Note as herein provided in London, England, and in any jurisdiction
required by the rules and regulations of any stock exchange, competent authority
and/or market on which this Note may be listed and/or admitted to trading and an
office or agency in London for the transfer and exchange as aforesaid of the
Notes. The Company may designate other agencies for the payment of said
principal, premium and interest at such place or places outside the United
States (subject to applicable laws and regulations) as the Company may decide.
So long as there shall be any such agency, the Company shall keep the Fiscal and
Paying Agent advised of the names and locations of such agencies, if any are so
designated. 

     

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

     

     

     

    13 

     

    
    

     

    

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

     

    No recourse shall be had for the
payment of the principal of, or premium, if any, or the interest on this Note,
for any claim based hereon, or otherwise in respect hereof, or based on or in
respect of the Fiscal Agency Agreement or any fiscal agency agreement
supplemental thereto, against any incorporator, shareholder, officer or
director, as such, past, present or future, of the Company or of any successor
corporation to the Company, either directly or through the Company or any
successor corporation to the Company, whether by virtue of any constitution,
statute or rule of law or by the enforcement of any assessment or penalty or
otherwise, all such liability being, by the acceptance hereof and as part of the
consideration for the issue hereof, expressly waived and released. 

     

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

     

    As used herein: 

     

    (a) the term “Business Day” means, unless
otherwise specified in the applicable Final Terms or Securities Note (as the
case may be), any day other than a Saturday or Sunday or any other day on which
banking institutions are generally authorized or obligated by law or regulation
to close in each of (i) the Principal Financial Center of the country in
which the Company is incorporated; (ii) the Principal Financial Center of
the country of the currency in which the Notes are denominated (if the Note is
denominated in a Specified Currency other than euro); (iii) London,
England; (iv) The City of New York and (v) any Additional Business
Centre specified in the applicable Final Terms or Securities Note (as the case
may be); provided, however, that with respect to Notes denominated in euro, such
day is also a TARGET Settlement Day; 

     

    (b) the term “Notices” refers to notices to
holders of the Notes to be given by publication in one leading English language
daily newspaper with general circulation in London or, if publication in London
is not practical, elsewhere in Western Europe. Such publication is expected to
be made in the Financial
Times. If the Series of which this Note forms a part is listed on any
stock exchange, competent authority and/or market, notices to the holders of the
Notes will be published in a manner which complies with the rules and
regulations of such stock exchange, competent authority and/or market. Such
notices will be deemed to have been given on the date of such publication, or if
published in such newspapers on different dates, on the date of the first such
publication; and 

     

    (c) the term “Principal Financial Center”
means (i) the capital of the country issuing the currency in which the
Notes are denominated or (ii) the capital city of the country to which the
Designated LIBOR Currency relates, as applicable, except, in the case of
(i) or (ii) above, that with respect to the following currencies, the
“Principal Financial Center” will be as indicated below: 

     

     

     

    
      	
            	
            	
            
	
              Currency

               

            	  	
              Principal Financial
      Center

               

            
	
              United States
      dollars

               

            	  	The City
      of New York
	
              Australian
dollars

               

            	  	Sydney
      and Melbourne
	
              Canadian dollars

               

            	  	Toronto
	
              New Zealand
      dollars

               

            	  	Auckland
      and Wellington
	
              Norwegian Krone

               

            	  	Oslo
	
              South African
rand

               

            	  	Johannesburg
	
              Swedish Krona

               

            	  	Stockholm
	
              Swiss francs

               

            	  	Zurich

    

     

     

    14 

     

    
    

     

    

    (d) the term “TARGET Settlement Day” means
any day on which the Trans-European Automated Real-Time Gross Settlement Express
Transfer (TARGET) System is open; 

     

    (e) the term “United States” means the
United States of America (including the States and the District of Columbia),
its territories, its possessions and other areas subject to its jurisdiction;

     

    (f) the term “United States Alien” means a
beneficial owner of a Note that is not, for United States federal income tax
purposes, (i) a citizen or resident of the United States, (ii) a
corporation, partnership or other entity created or organized in or under the
laws of the United States or any political subdivision thereof, (iii) an
estate whose income is subject to United States federal income tax regardless of
its source, or (iv) a trust if a court within the United States is able to
exercise primary supervision over the administration of the trust and one or
more United States persons have the authority to control all substantial
decisions of the trust or if such trust has a valid election in effect under
applicable U.S. Treasury regulations to be treated as a United States person;

     

    (g) the term “Certification” means a
certificate substantially in the form of Exhibit B-2 hereto delivered by the
Euroclear Operator, Clearstream Luxembourg or other clearance system specified
on the face hereof, as the case may be, which certificate is based on a
certificate substantially in the form of Exhibit B-1 hereto provided to it by
its account holders; and 

     

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

     

     

     

    15 

     

    
    

     

    

    OPTION TO ELECT REPAYMENT

     

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

     

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

     

                        .

     

    Date: 

     

     

     

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

    

     

     

    16 

     

    
    

     

    

    SCHEDULE A-1

     

    EXCHANGE FOR DEFINITIVE BEARER NOTES,
DEFINITIVE 

     

    REGISTERED NOTES AND FROM TEMPORARY
GLOBAL NOTE12 

     

    The Initial Principal Amount of this
Note is                     .
The following payments of interest and exchanges of a part of this Permanent
Global Fixed Rate Bearer Note for definitive Bearer Notes and Registered Notes,
and from Temporary Global Notes have been made: 

     

     

     

    
      	
            	
            	
            	
            	
            	
            	
            	
            	
            	
            	
            	
            	
            
	
              Date of

               

              Exchange or

               

              Interest

               

              Payment

               

            	 	Payment of
Interest	 	Principal
(Face)13
Amount
Exchanged
From
Temporary
Global Notes	 	Principal
(Face)13
Amount
Exchanged
For
Definitive
Bearer
Notes	 	Principal
(Face)
      13
Amount
Exchanged
For
Definitive
Registered
Notes	 	Remaining
Principal
(Face)
      13
Amount
Outstanding
Following
Such
Exchange	 	Notation
Made by or
on behalf of
Fiscal
      and
Paying
Agent

    

     

     

     

     

    
    

     

    
      	
              12

               

            	
              Schedule A-1 should only be
      completed where this Note indicates hereon that it is not intended to be a
      New Global Note. 

               

            

    

    
      	
              13

               

            	
              To be used if Note has
      dual-currency or index feature. 

               

            

    

     

     

    17 

     

    
    

     

    

    SCHEDULE A-2

     

    AMORTIZATION
SCHEDULE14 

     

    [INSERT IF APPLICABLE] / [NOT
APPLICABLE] 

     

     

     

    
    

     

    
      	
              14

               

            	
              Schedule A-2 should only be
      completed where this Note indicates hereon that it is not intended to be a
      New Global Note. 

               

            

    

    
    

     

    

    [FORM OF CERTIFICATE TO BE GIVEN BY
AN ACCOUNT 

     

    HOLDER OF THE EUROCLEAR OPERATOR,
CLEARSTREAM, LUXEMBOURG 

     

    OR OTHER CLEARANCE SYSTEM]

     

    EXHIBIT B-1

     

    CERTIFICATE 

     

    GENERAL ELECTRIC CAPITAL CORPORATION

     

    Euro Medium-Term Notes

     

    Represented by Permanent Global Note
No.     .

     

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

     

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

     

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

     

    Dated:                     ,
20 

     

     

     

    
      	
            	
            	
            
	
            	 	[Name of Account
      Holder]
	
            	
            
	By:	 	
               

               

            
	
            	 	(Authorized Signatory)
	Name:	 	
            
	Title:	 	
            

    

    
    

     

    

    [FORM OF CERTIFICATE TO BE GIVEN BY
AN ACCOUNT 

     

    HOLDER OF THE EUROCLEAR OPERATOR,
CLEARSTREAM, LUXEMBOURG 

     

    OR OTHER CLEARANCE SYSTEM]

     

    EXHIBIT B-2

     

    CERTIFICATE 

     

    GENERAL ELECTRIC CAPITAL CORPORATION

     

    Euro Medium-Term Notes

     

    Represented by Permanent Global Note
No.                     .

     

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

     

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

     

    Dated:                     ,
20 

     

     

     

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

               

                  as
      Operator of the Euroclear System]

               

            
	
            
	[CLEARSTREAM BANKING SOCIÉTÉ ANONYME]
	[OTHER CLEARANCE
      SYSTEM]
	
            	
            
	By:

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