Document:

EX-4.2

 

Exhibit 4.2

GE DEALER FLOORPLAN MASTER NOTE TRUST,

as Issuer,

and

WILMINGTON TRUST COMPANY,

as Indenture Trustee

SERIES 2006-2 INDENTURE SUPPLEMENT

Dated as of June 30, 2006

2006-2 Indenture Supplement

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	ARTICLE I Definitions
	 	 	 	 
	 
	 	 	 	 
	SECTION 1.1. Definitions
	 	 	1	 
	SECTION 1.2. Incorporation of Terms
	 	 	9	 
	 
	 	 	 	 
	ARTICLE II Creation of the Series 2006-2 Notes
	 	 	 	 
	 
	 	 	 	 
	SECTION 2.1. Designation
	 	 	9	 
	 
	 	 	 	 
	ARTICLE III [RESERVED]
	 	 	 	 
	 
	 	 	 	 
	ARTICLE IV Rights of Series 2006-2 Noteholders and Allocation and Application of Collections
	 	 	 	 
	 
	 	 	 	 
	SECTION 4.1. Determination of Interest and Principal
	 	 	10	 
	SECTION 4.2. Establishment of Accounts
	 	 	10	 
	SECTION 4.3. Calculations and Series Allocations
	 	 	11	 
	SECTION 4.4. Application of Available Non-Principal Collections and Available Principal Collections
	 	 	14	 
	SECTION 4.5. Payments
	 	 	17	 
	SECTION 4.6. Investor Charge-Offs
	 	 	17	 
	SECTION 4.7. Reallocated Principal Collections
	 	 	17	 
	SECTION 4.8. Excess Non-Principal Collections
	 	 	17	 
	SECTION 4.9. Shared Principal Collections
	 	 	18	 
	SECTION 4.10. Reserve Account
	 	 	18	 
	SECTION 4.11. Investment of Amounts on Deposit in Series Accounts
	 	 	19	 
	SECTION 4.12. Controlled Accumulation Period
	 	 	19	 
	SECTION 4.13. Determination of LIBOR
	 	 	20	 
	 
	 	 	 	 
	ARTICLE V Delivery of Series 2006-2 Notes; Reports to Series 2006-2 Noteholders
	 	 	 	 
	 
	 	 	 	 
	SECTION 5.1. Delivery and Payment for the Series 2006-2 Notes
	 	 	21	 
	SECTION 5.2. Reports and Statements to Series 2006-2 Noteholders
	 	 	21	 
	 
	 	 	 	 
	ARTICLE VI Series 2006-2 Early Amortization Events
	 	 	 	 
	 
	 	 	 	 
	SECTION 6.1. Series 2006-2 Early Amortization Events
	 	 	21	 
	 
	 	 	 	 
	ARTICLE VII Redemption of Series 2006-2 Notes; Final Distributions; Series Termination
	 	 	 	 
	 
	 	 	 	 
	SECTION 7.1. Optional Redemption of Series 2006-2 Notes; Final Distributions
	 	 	23	 

	 	 	 	 	 
	 

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TABLE OF CONTENTS

(Continued)

	 	 	 	 	 
	 	 	Page	 
	SECTION 7.2. Series Termination
	 	 	24	 
	 
	 	 	 	 
	ARTICLE VIII Miscellaneous Provisions
	 	 	 	 
	 
	 	 	 	 
	SECTION 8.1. Ratification of Indenture; Amendments
	 	 	24	 
	SECTION 8.2. Form of Delivery of the Series 2006-2 Notes
	 	 	24	 
	SECTION 8.3. Counterparts
	 	 	25	 
	SECTION 8.4. GOVERNING LAW
	 	 	25	 
	SECTION 8.5. Limitation of Liability
	 	 	26	 
	SECTION 8.6. Rights of the Indenture Trustee
	 	 	26	 
	SECTION 8.7. No Petition
	 	 	26	 
	 
	 	 	 	 
	EXHIBIT A-1 FORM OF CLASS A NOTE
	 	 	 	 
	EXHIBIT A-2 FORM OF CLASS B NOTE
	 	 	 	 
	EXHIBIT A-3 FORM OF CLASS C NOTE
	 	 	 	 
	EXHIBIT B FORM OF MONTHLY SERVICER’S CERTIFICATE
	 	 	 	 

	 	 	 	 	 
	 

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     SERIES 2006-2 INDENTURE SUPPLEMENT, dated as of June 30, 2006 (this “Indenture
Supplement”), between GE DEALER FLOORPLAN MASTER NOTE TRUST, a Delaware statutory trust
(herein, the “Issuer” or the “Trust”), and WILMINGTON TRUST COMPANY, a Delaware
banking corporation, not in its individual capacity, but solely as indenture trustee (herein,
together with its successors in the trusts thereunder as provided in the Master Indenture referred
to below, the “Indenture Trustee”) under the Master Indenture, dated as of August 12, 2004
(the “Indenture”), between the Issuer and the Indenture Trustee.

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

ARTICLE I

DEFINITIONS

     SECTION 1.1. Definitions.

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

     (b) Except as set forth in Section 8.8, each capitalized term defined herein relates
only to Series 2006-2 and to no other Series. Whenever used in this Indenture Supplement, the
following words and phrases shall have the following meanings:

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

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

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

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

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

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

     (ii) for Principal Collections during the Controlled Accumulation Period and
the Early Amortization Period, the Collateral Amount at the end of the last day of
the Revolving Period; and

          (b) the denominator of which shall be the greater of (i) the result of (x) the
Aggregate Principal Receivables minus (y) the sum of the aggregate amount of each

2006-2 Indenture Supplement

 

 

Dealer Overconcentration, Manufacturer Overconcentration and Product Line
Overconcentration, and (ii) the sum of the numerators used to calculate the allocation
percentages for allocations with respect to Non-Principal Collections, Principal Collections
or the Default Amount, as applicable, for all outstanding Series on such date of
determination. The denominator described in this clause (b) shall be determined as
of the close of business on the last day of the prior Monthly Period (or in the case of the
Monthly Period during which the Closing Date occurs, the Closing Date).

     “Available Non-Principal Collections” means, for any Monthly Period, an amount equal
to the sum of (a) the Investor Non-Principal Collections for such Monthly Period, (b) the Series
2006-2 Excess Non-Principal Collections for such Monthly Period and (c) Investment Earnings.

     “Available Principal Collections” means, for any Monthly Period, an amount equal to
(a) the Investor Principal Collections for such Monthly Period, minus (b) the amount of
Reallocated Principal Collections with respect to such Monthly Period which pursuant to Section
4.7 are required to be applied on the related Payment Date, plus (c) without
duplication, the sum of (i) any Shared Principal Collections with respect to other Principal
Sharing Series (including any amounts on deposit in the Excess Funding Account that are allocated
to Series 2006-2 for application as Shared Principal Collections), (ii) the aggregate amount to be
treated as Available Principal Collections pursuant to Sections 4.4(a)(vi) and
(vii), (iii) during the Controlled Accumulation Period or an Early Amortization Period, the
amount of Available Non-Principal Collections used to make a deposit in the Principal Account or to
pay principal on the Series 2006-2 Notes pursuant to Sections 4.4(a)(x) and (xii)
for the related Payment Date, and (iv) any distribution of amounts on deposit in the Reserve
Account on the Series 2006-2 Final Maturity Date pursuant to Section 4.10.

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

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

     “Class A Note Initial Principal Balance” means four hundred seventy-seven million,
five hundred thousand dollars ($477,500,000).

     “Class A Note Interest Rate” means a per annum rate of seven hundredths of one percent
(0.07%) in excess of LIBOR as determined on the LIBOR Determination Date for the applicable
Interest Period.

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

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

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

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

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

     “Class B Note Initial Principal Balance” means seventeen million five hundred thousand
dollars ($17,500,000).

     “Class B Note Interest Rate” means a per annum rate of twenty-four hundredths of one
percent (0.24%) in excess of LIBOR as determined on the LIBOR Determination Date for the applicable
Interest Period.

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

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

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

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

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

     “Class C Note Initial Principal Balance” means five million dollars ($5,000,000).

     “Class C Note Interest Rate” means a per annum rate of forty-three hundredths of one
percent (0.43%) in excess of LIBOR as determined on the LIBOR Determination Date for the applicable
Interest Period.

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

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

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

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

     “Closing Date” means June 30, 2006.

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

     “Controlled Accumulation Date” means November 1, 2010, subject to adjustment pursuant
to Section 4.12.

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

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

     “Defaulted Account” means an Account in which there are Defaulted Receivables.

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

     “Early Amortization Period” means the period commencing on the date on which a Trust
Early Amortization Event or a Series 2006-2 Early Amortization Event is deemed to occur and ending
on the Series Maturity Date. Notwithstanding anything to the contrary in this Indenture
Supplement, an Early Amortization Period that commences before the scheduled end of the Revolving
Period may terminate, and the Revolving Period may recommence, if the Rating Agency Condition is
satisfied.

     “Expected Principal Payment Date” means the Payment Date in April 2011.

     “Group One” means Series 2006-2 and each other outstanding Series specified in the
related Indenture Supplement to be included in Group One.

     “Indenture” is defined in the preamble.

     “Indenture Trustee” is defined in the preamble.

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

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

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

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

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

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

     “Investor Non-Principal Collections” means, for any Monthly Period, an amount equal to
the aggregate amount of Non-Principal Collections retained or deposited in the Non-Principal
Account for Series 2006-2 pursuant to Section 4.3(b)(i) for such Monthly Period.

     “Investor Principal Collections” means, for any Monthly Period, an amount equal to the
aggregate amount of Principal Collections retained or deposited in the Principal Account for Series
2006-2 pursuant to Section 4.3(b)(ii) for such Monthly Period.

     “Issuer” is defined in the preamble.

     “LIBOR” means, for any Interest Period, the London interbank offered rate for
one-month United States dollar deposits determined by Deutsche Bank Trust Company Americas, as
Paying Agent, for each Interest Period in accordance with the provisions of Section 4.13.

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

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

     “Maximum Rate” is defined in Section 8.8.

     “Minimum Free Equity Percentage” means, as of any Determination Date, three percent
(3%) (or a lower percentage designated by the Transferor if the Rating Agency Condition is
satisfied with respect thereto).

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

     “Monthly Payment Rate” means, for any Monthly Period, a fraction (expressed as a
percentage), (a) the numerator of which is the Principal Collections during such Monthly Period,
and (b) the denominator of which is the Combined Outstanding Principal Balances as of the beginning
of such Monthly Period.

     “Monthly Period” means, as to each Payment Date, the preceding calendar month;
provided, that the Monthly Period relating to the first Payment Date after the Closing Date
means the period from and including the Closing Date to and including the end of the calendar month
preceding the first Payment Date.

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

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

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

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

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

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

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

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

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

     “Note Rate” means any of the Class A Note Interest Rate, the Class B Note Interest
Rate or the Class C Note Interest Rate, as applicable.

     “Payment Date” means the twentieth (20th) day of each calendar month, or if
such twentieth (20th) day is not a Business Day, the next succeeding Business Day;
provided, that the first Payment Date shall be August 21, 2006.

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

     “Principal Shortfall” is defined in Section 4.9.

     “Rating Agency” means, with respect to Series 2006-2, each of Fitch, Moody’s and S&P.

     “Reallocated Principal Collections” means, for any Transfer Date, Investor Principal
Collections applied in accordance with Section 4.7 in an amount not to exceed the Monthly
Principal Reallocation Amount for the related Monthly Period.

     “Reassignment Amount” means, for any Transfer Date, after giving effect to any
deposits and payments otherwise to be made on the related Payment Date, the sum of (i) the Note
Principal Balance on the related Payment Date, plus (ii) Monthly Interest for the related
Payment Date and any Monthly Interest previously due but not distributed to the Series 2006-2
Noteholders, plus (iii) without duplication, the other amounts specified in Section
7.1(d).

     “Record Date” means, for purposes of Series 2006-2 with respect to any Payment Date,
the date falling five (5) Business Days prior to such date.

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

					
	 	 	 	 	 
	 
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     “Removal Date” is defined in the Second Tier Agreement.

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

     “Required Reserve Account Amount” means, for any day, an amount equal to (a) the
product of (i) the Required Reserve Account Percentage and (ii) the Note Principal Balance, as of
such day (after giving effect to any changes therein on such day) or (b) any other amount
designated by the Transferor; provided, that if such designation is of a lesser amount, the
Transferor shall (i) provide the Indenture Trustee with evidence that the Rating Agency Condition
shall have been satisfied and (ii) deliver to the Indenture Trustee a certificate of an Authorized
Officer to the effect that, based on the facts known to such officer at such time, in the
reasonable belief of the Transferor, such designation will not cause an Early Amortization Event to
occur with respect to Series 2006-2.

     “Required Reserve Account Percentage” means two and one-half percent (2.5%).

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

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

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

     “Series 2006-2” means the Series the terms of which are specified in this Indenture
Supplement.

     “Series 2006-2 Early Amortization Event” is defined in Section 6.1. The
Series 2006-2 Early Amortization Events are, with respect to Series 2006-2, the Early Amortization
Events contemplated by clause (a) of the definition of Early Amortization Event in the Indenture.

     “Series 2006-2 Excess Non-Principal Collections” means Excess Non-Principal
Collections allocated from other Series in Group One to Series 2006-2 pursuant to Section
8.6 of the Indenture.

     “Series 2006-2 Final Maturity Date” means the Payment Date in April 2013.

     “Series 2006-2 Note” means any one of the Class A Notes, Class B Notes or Class C
Notes executed by the Issuer and authenticated by or on behalf of the Indenture Trustee,
substantially in the form of Exhibit A-1, A-2, or A-3 respectively.

     “Series 2006-2 Noteholder” means the Person in whose name a Series 2006-2 Note is
registered in the Note Register.

					
	 	 	 	 	 
	 
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     “Series Accounts” is defined in Section 4.2.

     “Series Allocation Percentage” means, with respect to any Monthly Period, the
percentage equivalent of a fraction, the numerator of which is the numerator used in determining
the Allocation Percentage for Non-Principal Collections for that Monthly Period and the denominator
of which is the sum of the numerators used in determining the Allocation Percentage for
Non-Principal Collections for all outstanding Series on such date of determination.

     “Series Maturity Date” means the earliest to occur of (a) the date on which the Note
Principal Balance is paid in full, (b) the date on which the Collateral Amount is reduced to zero
and (c) the Series 2006-2 Final Maturity Date.

     “Series Servicing Fee Percentage” means two percent (2%) per annum.

     “Servicer Advance” is defined in the Servicing Agreement.

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

     “Trust” is defined in the preamble.

     SECTION 1.2. Incorporation of Terms. The terms of the Indenture are incorporated in
this Supplement as if set forth in full herein. As supplemented by this Supplement, the Indenture
is in all respects ratified and confirmed and both together shall be read, taken and construed as
one and the same agreement. If the terms of this Supplement and the terms of the Indenture
conflict, the terms of this Supplement shall control with respect to Series 2006-2.

ARTICLE II

CREATION OF THE SERIES 2006-2 NOTES

     SECTION 2.1. Designation.

     (a) There is hereby created and designated a Series of Notes to be issued pursuant to the
Indenture and this Indenture Supplement to be known as “GE Dealer Floorplan Master Note Trust,
Series 2006-2” or the “Series 2006-2 Notes.” The Series 2006-2 Notes shall be issued
in three Classes, known as the “Class A Series 2006-2 Asset Backed Notes,” the “Class B
Series 2006-2 Asset Backed Notes” and the “Class C Series 2006-2 Asset Backed Notes”.

     (b) Series 2006-2 shall be included in Group One and shall be a Principal Sharing Series.
Series 2006-2 shall be an Excess Allocation Series with respect to Group One only. Series 2006-2
shall not be subordinated to any other Series.

ARTICLE III

[RESERVED]

					
	 	 	 	 	 
	 
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ARTICLE IV

RIGHTS OF SERIES 2006-2 NOTEHOLDERS AND ALLOCATION AND

APPLICATION OF COLLECTIONS

     SECTION 4.1. Determination of Interest and Principal.

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

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

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

     (d) The amount of monthly principal (“Monthly Principal”) to be transferred from the
Principal Account with respect to the Series 2006-2 Notes on each Transfer Date, beginning with the
Transfer Date following the Monthly Period in which the Controlled Accumulation Period or the Early
Amortization Period begins, shall be equal to the least of (i) the Available Principal Collections
for the preceding Monthly Period; (ii) the Note Principal Balance on such Transfer Date (minus any
amount already in the Principal Account on such Transfer Date); (iii) during the Controlled
Accumulation Period, the result of (x) the Note Principal Balance as of the last day of the
Revolving Period, divided by (y) the Controlled Accumulation Period Length; and (iv) during the
Controlled Accumulation Period, the Collateral Amount.

     SECTION 4.2. Establishment of Accounts.

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

					
	 	 	 	 	 
	 
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     (b) If the depositary institution wishes to resign as depositary of any of the Series Accounts
for any reason or fails to carry out the instructions of the Issuer for any reason, then the Issuer
shall promptly notify the Indenture Trustee on behalf of the Series 2006-2 Noteholders.

     (c) On or before the Closing Date, the Issuer shall enter into a depositary agreement to
govern the Series Accounts pursuant to which such accounts are continuously identified in the
depositary institution’s books and records as subject to a security interest in favor of the
Indenture Trustee on behalf of the Series 2006-2 Noteholders, and, except as may be expressly
provided herein to the contrary, in order to perfect the security interest of the Indenture Trustee
on behalf of the Series 2006-2 Noteholders under the UCC, the Indenture Trustee on behalf of the
Series 2006-2 Noteholders shall have the power to direct disposition of the funds in the Series
Accounts without further consent by the Issuer; provided, however, that prior to
the delivery by the Indenture Trustee on behalf of the Series 2006-2 Noteholders of notice
otherwise, the Issuer shall have the right to direct the disposition of funds in the Series
Accounts; provided, further that the Indenture Trustee on behalf of the Series
2006-2 Noteholders agrees that it will not deliver such notice or exercise its power to direct
disposition of the funds in the Series Accounts unless an Event of Default has occurred and is
continuing. Upon delivery of the foregoing notice by the Indenture Trustee on behalf of the Series
2006-2 Noteholders, the depositary institution shall comply with the orders of the Indenture
Trustee on behalf of the Series 2006-2 Noteholders without further consent by the Issuer.

     (d) The Issuer shall not close any of the Series Accounts unless it shall have (i) received
the prior consent of the Indenture Trustee on behalf of the Series 2006-2 Noteholders, (ii)
established a new Eligible Deposit Account with the depositary institution holding the Series
Account being closed or with a new depositary institution satisfactory to the Indenture Trustee on
behalf of the Series 2006-2 Noteholders, (iii) entered into a depositary agreement to govern such
new account(s) with such new depositary institution which agreement is satisfactory in all respects
to the Indenture Trustee on behalf of Noteholders (whereupon such new account(s) shall become the
applicable Series Account(s) for all purposes of this Indenture Supplement), and (iv) taken all
such action as the Indenture Trustee on behalf of the Series 2006-2 Noteholders shall reasonably
require to grant and perfect a first priority security interest in such account(s) in favor of the
Indenture Trustee.

     SECTION 4.3. Calculations and Series Allocations.

     (a) Allocations. Non-Principal Collections, Principal Collections and Defaulted
Receivables allocated to Series 2006-2 pursuant to Article VIII of the Indenture shall be
allocated and paid as set forth in this Article IV. During any period when the Issuer is
permitted by Section 8.4 of the Indenture to make a single monthly deposit to the
Collection Account, amounts allocated to the Series 2006-2 Noteholders pursuant to this Section
4.3 with respect to any Monthly Period need not be deposited into the Collection Account, the
Non-Principal Account, the Principal Account or any other Series Account prior to the related
Transfer Date, and, when so deposited, (x) may be deposited net of any amounts required to be
released to the Issuer and, if an Originator or an Affiliate of an Originator is the Master
Servicer, any amounts owed to the Master Servicer, and (y) shall be deposited into the
Non-Principal Account (in the case of Non-Principal Collections) and the Principal Account (in the
case of Principal

					
	 	 	 	 	 
	 
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Collections (not including any Shared Principal Collections allocated to Series 2006-2
pursuant to Section 8.5 of the Indenture)).

     (b) Allocations to the Series 2006-2 Noteholders. The Issuer shall, on each Date of
Processing, after giving effect to allocations in respect of Dealer Overconcentrations,
Manufacturer Overconcentrations and Product Line Overconcentrations pursuant to Section 8.4
of the Indenture, allocate to the Series 2006-2 Noteholders the following amounts as set forth
below:

     (i) Allocations of Non-Principal Collections. The Issuer shall allocate to the
Series 2006-2 Noteholders an amount equal to the product of (A) the Allocation Percentage
and (B) the aggregate Non-Principal Collections processed on such Date of Processing and
shall deposit such amount into the Non-Principal Account; provided, that, so long
as, with respect to each Monthly Period falling in the Revolving Period (and with respect to
that portion of each Monthly Period in the Controlled Accumulation Period falling on or
after the day on which Principal Collections equal to the related Controlled Payment Amount
have been allocated pursuant to Section 4.3(b)(ii) and deposited pursuant to
Section 4.3(a)), Non-Principal Collections shall be transferred into the
Non-Principal Account only until such time as the aggregate amount so deposited equals the
sum (the “Target Amount”) of the amounts contemplated to be paid or deposited
pursuant to Section 4.4(a) on the related Transfer Date or Payment Date; and any
Non-Principal Collections allocated to the Series 2006-2 Noteholders but not deposited into
the Non-Principal Account due to the operation of this proviso shall be released to the
Issuer; provided, further, if on any Transfer Date the Free Equity Amount is
less than the Minimum Free Equity Amount after giving effect to all transfers and deposits
on that Transfer Date, the Issuer shall, on that Transfer Date, deposit into the Principal
Account funds in an amount equal to the amounts of Available Non-Principal Collections that
are required to be treated as Available Principal Collections pursuant to Section
4.4(a)(vi) and (vii) but are not available from funds in the Non-Principal
Account as a result of the operation of the second preceding proviso.

     With respect to any Monthly Period when deposits of Non-Principal Collections into the
Non-Principal Account are limited to deposits up to the Target Amount in accordance with clause
(i) above, notwithstanding such limitation: (1) “Reallocated Principal Collections” for
the related Transfer Date shall be calculated as if the full amount of Non-Principal Collections
allocated to the Series 2006-2 Noteholders during that Monthly Period had been deposited in the
Non-Principal Account and applied on such Transfer Date in accordance with Section 4.4(a);
and (2) Non-Principal Collections released to the Issuer pursuant to clause (i) above shall
be deemed, for purposes of all calculations under this Indenture Supplement, to have been applied
to the items specified in Section 4.4(a) to which such amounts would have been applied (and
in the priority in which they would have been applied) had such amounts been available in the
Non-Principal Account on such Transfer Date. To avoid doubt, the calculations referred to in the
preceding clause (2) include the calculations required by clause (b)(ii) of the
definition of Collateral Amount.

					
	 	 	 	 	 
	 
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     (ii) Allocations of Principal Collections. The Issuer shall allocate to the
Series 2006-2 Noteholders the following amounts as set forth below:

(x) Allocations During the Revolving Period. During the Revolving
Period an amount equal to the product of the Allocation Percentage and the
aggregate amount of Principal Collections processed on such Date of
Processing, shall be allocated to the Series 2006-2 Noteholders and first,
an amount equal to the Reallocated Principal Collections for the related
Transfer Date shall be made available on that Transfer Date for application
in accordance with Section 4.7, second, if any other Principal
Sharing Series is outstanding and in its accumulation period or amortization
period, shall be retained in the Principal Account for application, to the
extent necessary, as Shared Principal Collections to other Principal Sharing
Series on the related Payment Date, third, shall be deposited in the Excess
Funding Account to the extent necessary so that the Free Equity Amount is
not less than the Minimum Free Equity Amount, and fourth, shall be released
to the Issuer (and distributed by the Issuer to the Transferor or its
assigns).

(y) Allocations During the Controlled Accumulation Period. During
the Controlled Accumulation Period, an amount equal to the product of the
Allocation Percentage and the aggregate amount of Principal Collections
processed on such Date of Processing shall be allocated to the Series 2006-2
Noteholders and transferred to the Principal Account until applied as
provided herein; provided, that after the date on which an amount of
such Principal Collections equal to the Monthly Principal has been deposited
into the Principal Account such amount shall be first, if any other
Principal Sharing Series is outstanding and in its accumulation period or
amortization period, retained in the Principal Account for application, to
the extent necessary, as Shared Principal Collections to other Principal
Sharing Series on the related Payment Date, and second, deposited in the
Excess Funding Account to the extent necessary so that the Free Equity
Amount is not less than the Minimum Free Equity Amount, and third, shall be
released to the Issuer (and distributed by the Issuer to the Transferor or
its assigns).

(z) Allocations During the Early Amortization Period. During the
Early Amortization Period, an amount equal to the product of the Allocation
Percentage and the aggregate amount of Principal Collections processed on
such Date of Processing shall be allocated to the Series 2006-2 Noteholders
and transferred to the Principal Account until applied as provided herein;
provided, that after the date on which an amount of such Principal
Collections equal to the Monthly Principal has been deposited into the
Principal Account such amount shall be first, if any other Principal Sharing
Series is outstanding and in its accumulation period or amortization period,
retained in the Principal Account for application, to the extent necessary,
as Shared Principal Collections to

					
	 	 	 	 	 
	 
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other Principal Sharing Series on the related Payment Date, and second,
deposited in the Excess Funding Account to the extent necessary so that the
Free Equity Amount is not less than the Minimum Free Equity Amount, and
third, shall be released to the Issuer (and distributed by the Issuer to the
Transferor or its assigns).

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

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

     (i) on a pari passu basis,

     (A) the result of (1) the Allocation Percentage multiplied by (2) the accrued
and unpaid fees and other amounts owed to the Indenture Trustee up to a maximum
amount of twenty-five thousand dollars ($25,000) for each calendar year, shall be
paid to the Indenture Trustee,

     (B) the result of (1) the Allocation Percentage multiplied by (2) the accrued
and unpaid fees and other amounts (including any unpaid amounts pursuant to Section
7.2 of the Trust Agreement) owed to the Trustee up to a maximum amount of
twenty-five thousand dollars ($25,000) for each calendar year, shall be paid to the
Trustee,

     (C) the result of (1) the Allocation Percentage multiplied by (2) the accrued
and unpaid fees and other amounts owed to the Administrator up to a maximum amount
of twenty-five thousand dollars ($25,000) for each calendar year, shall be paid to
the Administrator, and

     (D) the result of (1) the Allocation Percentage multiplied by (2) the accrued
and unpaid fees and other amounts (including any unpaid amounts pursuant to Section
15 of the Custody and Control Agreement) owed to the Custodian up to a maximum
amount of twenty-five thousand dollars ($25,000) for each calendar year, shall be
paid to the Custodian;

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

     (iii) an amount equal to Class A Monthly Interest for such Payment Date, plus
the amount of any Class A Monthly Interest previously due but not paid to Class A
Noteholders on a prior Payment Date, shall be deposited into the Distribution Account;

					
	 	 	 	 	 
	 
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     (iv) an amount equal to Class B Monthly Interest for such Payment Date, plus
the amount of any Class B Monthly Interest previously due but not paid to Class B
Noteholders on a prior Payment Date, shall be deposited into the Distribution Account;

     (v) an amount equal to Class C Monthly Interest for such Payment Date, plus the
amount of any Class C Monthly Interest previously due but not paid to Class C Noteholders on
a prior Payment Date, shall be deposited into the Distribution Account;

     (vi) an amount equal to the Investor Default Amount for the prior Monthly Period shall
be treated as Available Principal Collections and, during the Controlled Accumulation Period
or the Early Amortization Period, shall be deposited into the Principal Account;

     (vii) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and
the amount of Reallocated Principal Collections which have not been previously reimbursed
shall be treated as Available Principal Collections and, during the Controlled Accumulation
Period or the Early Amortization Period, shall be deposited into the Principal Account;

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

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

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

     (xi) if the Early Amortization Period has not occurred and is not continuing, the
balance, if any, will constitute a portion of Excess Non-Principal Collections for such
Payment Date and will be applied in accordance with Section 8.6 of the Indenture;
and

     (xii) during the Early Amortization Period, the remaining balance, if any, will be used
to make principal payments first, to the Class A Notes until the Class A Note Principal
Balance is paid in full, second, to the Class B Notes until the Class B Note Principal
Balance is paid in full, and, third, to the Class C Notes until the Class C Note Principal
Balance is paid in full.

     On each Transfer Date, to the extent that there is a shortfall (a “Transfer Date
Shortfall”) in the amounts to be paid or deposited pursuant to clauses (a)(i), (a)(iii),
(a)(iv) and (a)(v) of this Section 4.4, Deutsche Bank Trust Company Americas, as Paying
Agent on behalf of the Issuer, shall withdraw from the Collection Account, from any Servicer
Advance on deposit therein, an amount equal to the lesser of (i) the Transfer Date Shortfall for
such Transfer Date and (ii) the product of (x) such Servicer Advance and (y) the Allocation
Percentage for the previous Monthly

					
	 	 	 	 	 
	 
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Period, and apply such withdrawn amount to make the payments and deposits contemplated by such
clauses of this Section 4.4.

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

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

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

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

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

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

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

					
	 	 	 	 	 
	 
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     SECTION 4.5. Payments.

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

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

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

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

     (e) All payments to Noteholders hereunder shall be made by (i) check mailed to each Series
2006-2 Noteholder (at such Noteholder’s address as it appears in the Note Register), except that
for any Series 2006-2 Notes registered in the name of the nominee of a Clearing Agency, such
payment shall be made by wire transfer of immediately available funds, and (ii) except as provided
in Section 2.7(b) of the Indenture, without presentation or surrender of any Series 2006-2 Note or
the making of any notation thereon.

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

     SECTION 4.7. Reallocated Principal Collections. On each Transfer Date, after giving
effect to Section 4.10(a), the Issuer shall apply Reallocated Principal Collections with
respect to that Transfer Date to fund any deficiency pursuant to and in the priority set forth in
Sections 4.4(a)(i) through (v). On each Transfer Date, the Collateral Amount shall
be reduced by the amount of Reallocated Principal Collections for such Transfer Date.

     SECTION 4.8. Excess Non-Principal Collections. Series 2006-2 shall be an Excess
Allocation Series with respect to Group One only. Subject to Section 8.6 of the Indenture,
Excess Non-Principal Collections with respect to the Excess Allocation Series in Group One for any
Transfer Date will be allocated to Series 2006-2 in an amount equal to the product of (x) the
aggregate amount of Excess Non-Principal Collections with respect to all the Excess Allocation
Series in Group One for the related Payment Date and (y) a fraction, the numerator of which is

					
	 	 	 	 	 
	 
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the Non-Principal Shortfall for Series 2006-2 for such Payment Date and the denominator of
which is the aggregate amount of Non-Principal Shortfalls for all the Excess Allocation Series in
Group One for such Payment Date. The “Non-Principal Shortfall” for Series 2006-2 for any
Payment Date will be equal to the excess, if any, of (a) the full amount required to be paid,
without duplication, pursuant to Sections 4.4(a)(i) through (viii) on such Payment
Date over (b) the Available Non-Principal Collections with respect to such Payment Date
(excluding any portion thereof attributable to Excess Non-Principal Collections).

     SECTION 4.9. Shared Principal Collections. Subject to Section 8.5 of the
Indenture, Shared Principal Collections allocable to Series 2006-2 on any Transfer Date will be
equal to the product of (x) the aggregate amount of Shared Principal Collections with respect to
all Principal Sharing Series for such Transfer Date and (y) a fraction, the numerator of which is
the Principal Shortfall for Series 2006-2 for such Transfer Date and the denominator of which is
the aggregate amount of Principal Shortfalls for all the Series which are Principal Sharing Series
for such Transfer Date. The “Principal Shortfall” for Series 2006-2 will be equal to (a)
for any Transfer Date prior to the Transfer Date relating to the Expected Principal Payment Date,
zero, and (b) for any Transfer Date relating to any Payment Date on or after the Expected Principal
Payment Date, the Note Principal Balance.

     SECTION 4.10. Reserve Account.

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

     (b) On the Series 2006-2 Final Maturity Date, and on any day following the occurrence of an
Event of Default with respect to Series 2006-2 that has resulted in the acceleration of the Series
2006-2 Notes, the Issuer shall withdraw from the Reserve Account the Available Reserve Account
Amount and deposit such amount in the Distribution Account for payment to the Series 2006-2
Noteholders to fund any shortfalls in amounts owed to the Series 2006-2 Noteholders.

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

     (d) If, after giving effect to all deposits to and withdrawals from the Reserve Account with
respect to any Transfer Date, the amount on deposit in the Reserve Account exceeds the Required
Reserve Account Amount, the Issuer shall withdraw an amount equal to such excess from the Reserve
Account and distribute such amount to the Transferor on the related Payment Date. On the date on
which the Reserve Account has been terminated, after giving effect to any withdrawal on such date
pursuant to Section 4.10(a) or Section 4.10(b) and making any payments to the
Series 2006-2 Noteholders required pursuant to this Indenture Supplement, all

					
	 	 	 	 	 
	 
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amounts then remaining in the Reserve Account shall be released to the Issuer (and distributed
by the Issuer to the Transferor or its assigns).

     (e) The Reserve Account will terminate on the earliest to occur of (i) the date on which the
Note Principal Balance has been paid in full and all other amounts payable to the Series 2006-2
Noteholders have been paid in full; (ii) the Series 2006-2 Final Maturity Date; and (iii) the
termination of the Issuer.

     (f) On the Closing Date, the Issuer or the Transferor will deposit or cause to be deposited in
the Reserve Account an amount equal to the Required Reserve Account Amount (determined after giving
effect to the issuance of Series 2006-2 Notes on the Closing Date).

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

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

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

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

					
	 	 	 	 	 
	 
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the commencement of the Controlled Accumulation Period pursuant to this Section 4.12
shall specify (i) the Controlled Accumulation Period Length and (ii) the commencement date of the
Controlled Accumulation Period.

     SECTION 4.13. Determination of LIBOR.

     (a) On each LIBOR Determination Date in respect of an Interest Period after the first Interest
Period, Deutsche Bank Trust Company Americas, as Paying Agent, shall determine LIBOR on the basis
of the rate per annum displayed in the Bloomberg Financial Markets system as the composite offered
rate for London interbank deposits for a one-month period, as of 11:00 a.m., London time, on that
date. If that rate does not appear on that display page, LIBOR for that Interest Period will be
the rate per annum shown on page 3750 of the Bridge Telerate Services Report screen or any
successor page as the composite offered rate for London interbank deposits for a one-month period,
as shown under the heading “USD” as of 11:00 a.m., London time, on the LIBOR Determination Date.
If no rate is shown as described in the preceding two sentences, LIBOR for that Interest Period
will be the rate per annum based on the rates at which U.S. dollar deposits for a one-month period
are displayed on page “LIBOR” of the Reuters Monitor Money Rates Service or such other page as may
replace the LIBOR page on that service for the purpose of displaying London interbank offered rates
of major banks as of 11:00 a.m., London time, on the LIBOR Determination Date; provided,
that if at least two rates appear on that page, the rate will be the arithmetic mean of the
displayed rates and if fewer than two rates are displayed, or if no rate is relevant, the rate for
that Interest Period shall be determined on the basis of the rates at which deposits in United
States dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on that
day to prime banks in the London interbank market for a one-month period. The Indenture Trustee
shall request the principal London office of each of the Reference Banks to provide a quotation of
its rate. If at least two (2) such quotations are provided, LIBOR for that Interest Period shall
be the arithmetic mean of all quotations provided. If fewer than two (2) quotations are provided
as requested, LIBOR for that Interest Period will be the arithmetic mean of the rates quoted by
major banks in New York City, selected by the Master Servicer, at approximately 11:00 a.m., New
York City time, on that day for loans in United States dollars to leading European banks for a
one-month period. Notwithstanding the foregoing, LIBOR for the first Interest Period will be
determined by reference to straight line interpolation between one-month and two-month LIBOR based
on the actual number of days in the first Interest Period.

     (b) The Class A Note Interest Rate, Class B Note Interest Rate and Class C Note Interest Rate
applicable to the then current and the immediately preceding Interest Periods may be obtained by
telephoning Deutsche Bank Trust Company Americas, as Paying Agent, at (212) 250-4855 or such other
telephone number as shall be designated by the Indenture Trustee for such purpose by prior written
notice by Deutsche Bank Trust Company Americas, as Paying Agent, to each Series 2006-2 Noteholder
from time to time.

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

					
	 	 	 	 	 
	 
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	 	2006-2 Indenture Supplement

 

 

ARTICLE V

DELIVERY OF SERIES 2006-2 NOTES;

REPORTS TO SERIES 2006-2 NOTEHOLDERS

     SECTION 5.1. Delivery and Payment for the Series 2006-2 Notes.

     The Issuer shall execute and issue, and the Authenticating Agent shall authenticate, the
Series 2006-2 Notes in accordance with Section 2.2 of the Indenture. The Indenture Trustee shall
deliver or cause to be delivered the Series 2006-2 Notes to or upon Issuer Order when so
authenticated.

     SECTION 5.2. Reports and Statements to Series 2006-2 Noteholders.

     (a) Not later than the second Business Day preceding each Payment Date, the Issuer shall
deliver, or cause the Master Servicer to deliver to the Trustee, the Indenture Trustee (who shall
deliver to or cause to be delivered to each Series 2006-2 Noteholder) and each Rating Agency a
statement substantially in the form of Exhibit B prepared by the Master Servicer;
provided, that the Issuer may amend the form of Exhibit B from time to time with
the prior written consent of the Indenture Trustee.

     (b) On or before January 31 of each calendar year, beginning with January 31, 2007 the
Indenture Trustee, on behalf of the Issuer, shall furnish or cause to be furnished to each Person
who at any time during the preceding calendar year was a Series 2006-2 Noteholder the information
for the preceding calendar year, or the applicable portion thereof during which the Person was a
Noteholder, as is required to be provided by an issuer of indebtedness under the Code to the
holders of the Issuer’s indebtedness and such other customary information as is necessary to enable
such Noteholder to prepare its federal income tax returns. Notwithstanding anything to the
contrary contained in this Agreement, the Indenture Trustee, on behalf of the Issuer, shall, to the
extent required by applicable law, from time to time furnish to the appropriate Persons, at least
five (5) Business Days prior to the end of the period required by applicable law, the information
required to complete a Form 1099-INT.

ARTICLE VI

SERIES 2006-2 EARLY AMORTIZATION EVENTS

     SECTION 6.1. Series 2006-2 Early Amortization Events. If any one of the following
events shall occur with respect to the Series 2006-2 Notes:

     (a) (i) failure on the part of Transferor to make any payment or deposit required to be made
by it by the terms of the Second Tier Agreement on or before the date occurring five (5) Business
Days after the date such payment or deposit is required to be made therein or (ii) failure of the
Transferor duly to observe or perform in any material respect any of its covenants or agreements
set forth in the Second Tier Agreement (excluding matters addressed by clause (i) above),
which failure has a material adverse effect on Series 2006-2 and which continues unremedied for a
period of sixty (60) days after the date on which written notice of such failure, requiring the
same to be remedied, shall have been given to the Issuer or the Transferor, as applicable, by the
Indenture Trustee, or to the Issuer, the Transferor and the Indenture Trustee by any Noteholder of
the Series 2006-2 Notes;

					
	 	 	 	 	 
	 
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	 	2006-2 Indenture Supplement

 

 

     (b) any representation or warranty made by the Transferor in the Second Tier Agreement or by
the Issuer in the Indenture and the Indenture Supplement or any information contained in an account
schedule required to be delivered by the Transferor pursuant to Section 2.1(b) or
Section 2.6(c) of the Second Tier Agreement shall prove to have been incorrect in any
material respect when made or when delivered, which continues to be incorrect in any material
respect for a period of sixty (60) days after the date on which written notice of the same,
requiring the same to be remedied, shall have been given to the Issuer or Transferor, as
applicable, by the Indenture Trustee, or to Transferor or the Issuer, as applicable, and the
Indenture Trustee by any Noteholder of the Series 2006-2 Notes, and as a result of which the
interests of Series 2006-2 are materially and adversely affected and continue to be materially and
adversely affected for such period; provided, that a Series 2006-2 Early Amortization Event
pursuant to this Section 6.1(b) shall not be deemed to have occurred hereunder if
Transferor has accepted reassignment of the related Transferred Receivable or Transferred
Receivables, if applicable, during such period in accordance with the provisions of the Second Tier
Agreement;

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

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

     (e) (i) on any Determination Date occurring in the months of February through April, the
average of the Monthly Payment Rates for the three (3) preceding Monthly Periods is less than
eighteen percent (18%) (or a lower percentage designated by the Transferor if the Rating Agency
Condition is satisfied with respect thereto), (ii) on any Determination Date occurring in the
months of May or June, the average of the Monthly Payment Rates for the three (3) preceding Monthly
Periods is less than twenty percent (20%) (or a lower percentage designated by the Transferor if
the Rating Agency Condition is satisfied with respect thereto); (iii) on any Determination Date
occurring in the months of July through October, the average of the Monthly Payment Rates for the
three (3) preceding Monthly Periods is less than twenty-five percent (25%) (or a lower percentage
designated by the Transferor if the Rating Agency Condition is satisfied with respect thereto), and
(iv) on any Determination Date occurring in the months of November through January, the average of
the Monthly Payment Rates for the three (3) preceding Monthly Periods is less than twenty percent
(20%) (or a lower percentage designated by the Transferor if the Rating Agency Condition is
satisfied with respect thereto);

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

     (g) without limiting the foregoing, the occurrence of an Event of Default with respect to the
Series 2006-2 Notes that results in the acceleration of the maturity of the Series 2006-2 Notes
pursuant to Section 5.3 of the Indenture; or

     (h) the sum of all investments (other than Receivables) held in trust accounts of the Issuer
and, without duplication, amounts held in the Excess Funding Account, represents more than fifty
percent (50%) of the dollar amount of the assets of the Issuer on each of six or more

					
	 	 	 	 	 
	 
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	 	2006-2 Indenture Supplement

 

 

consecutive monthly Determination Dates, after giving effect to all payments made or to be
made on the Payment Dates relating to those Determination Dates; or

     (i) (i) on any Payment Date, after giving effect to withdrawals from and deposits into the
Reserve Account, the Reserve Account balance is less than the product of (A) the Required Reserve
Account Percentage minus one-fourth of one percent (0.25%) and (B) the Note Principal Balance, or
(ii) on the Payment Date after a withdrawal from the Reserve Account that does not result in an
Early Amortization Event pursuant to the preceding clause, after giving effect to withdrawals from
and deposits into the Reserve Account, the Reserve Account balance is less than the product of (A)
the Required Reserve Account Percentage and (B) the Note Principal Balance;

then, in the case of any event described in subsection (a), (b) or (d),
after the applicable grace period, if any, set forth in such subparagraphs, either the Indenture
Trustee or the Noteholders of Series 2006-2 Notes evidencing more than fifty percent (50%) of the
aggregate unpaid principal amount of Series 2006-2 Notes by notice then given in writing to the
Issuer (and to the Indenture Trustee if given by the Series 2006-2 Noteholders) may declare that a
“Series Early Amortization Event” with respect to Series 2006-2 (a “Series 2006-2 Early
Amortization Event”) has occurred as of the date of such notice, and, in the case of any event
described in subsection (c), (e), (f), (g), (h) or
(i), a Series 2006-2 Early Amortization Event shall occur without any notice or other
action on the part of the Indenture Trustee or the Series 2006-2 Noteholders immediately upon the
occurrence of such event.

ARTICLE VII

REDEMPTION OF SERIES 2006-2 NOTES; FINAL DISTRIBUTIONS; SERIES TERMINATION

     SECTION 7.1. Optional Redemption of Series 2006-2 Notes; Final Distributions.

     (a) On any day occurring on or after the date on which the outstanding principal balance of
the Series 2006-2 Notes is reduced to ten percent (10%) or less of the Initial Collateral Amount,
the Transferor has the option pursuant to the Trust Agreement to reduce the Collateral Amount to
zero by paying a purchase price equal to the greater of (x) the Collateral Amount plus the
Allocation Percentage of outstanding Non-Principal Receivables, and (y) (i) if such day is a
Payment Date, the Reassignment Amount for such Payment Date or (ii) if such day is not a Payment
Date, the Reassignment Amount for the Payment Date following such day. If Transferor exercises
such option, the Issuer will apply such purchase price to repay the Series 2006-2 Notes in full as
specified below.

     (b) In order to exercise such option, the Issuer shall give the Indenture Trustee at least
thirty (30) days’ prior written notice of the date on which Transferor intends to exercise such
optional redemption. Not later than 12:00 noon, New York City time, on the day of such redemption,
the Issuer shall deposit into the Collection Account in immediately available funds the
Reassignment Amount. Such redemption option is subject to payment in full of the Reassignment
Amount. Following such deposit into the Collection Account in accordance with the foregoing, the
Collateral Amount for Series 2006-2 shall be reduced to zero and the Series

					
	 	 	 	 	 
	 
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	 	2006-2 Indenture Supplement

 

 

2006-2 Noteholders shall have no further security interest or other interest in the
Transferred Receivables. The Reassignment Amount shall be paid as set forth in Section
7.1(d).

     (c) The amount to be paid by the Issuer with respect to Series 2006-2 in connection with a
repurchase of the Series 2006-2 Notes pursuant to Section 10.1 of the Trust Agreement shall
not be less than the Reassignment Amount for the Payment Date of such repurchase.

     (d) With respect to the Reassignment Amount deposited into the Collection Account pursuant to
this Section 7.1 or the net proceeds of any sale of Transferred Receivables pursuant to
Section 5.3 of the Indenture with respect to Series 2006-2, the Indenture Trustee shall, in
accordance with an Issuer Order, not later than 12:00 noon, New York City time, on the related
Payment Date, make payments of the following amounts (in the priority set forth below and, in each
case, after giving effect to any deposits and payments otherwise to be made on such date) in
immediately available funds: (i) an amount equal to the Class A Monthly Interest due and payable
on such Payment Date (or any prior Payment Date that has not been paid) will be paid, pro rata, to
the Class A Noteholders, to the extent permitted by applicable law, (ii) the Class A Note Principal
Balance on such Payment Date will be paid, pro rata, to the Class A Noteholders, (iii) an amount
equal to the Class B Monthly Interest due and payable on such Payment Date (or any prior Payment
Date that has not been paid) will be paid, pro rata, to the Class B Noteholders, to the extent
permitted by applicable law, (iv) the Class B Note Principal Balance on such Payment Date will be
paid, pro rata, to the Class B Noteholders, (v) an amount equal to the Class C Monthly Interest due
and payable on such Payment Date (or any prior Payment Date that has not been paid) will be paid,
pro rata, to the Class C Noteholders to the extent permitted by applicable law, (vi) the Class C
Note Principal Balance on such Payment Date will be paid, pro rata, to the Class C Noteholders, and
(vii) any excess shall be released to the Issuer.

     SECTION 7.2. Series Termination.

     On the Series 2006-2 Final Maturity Date, the unpaid principal amount of the Series 2006-2
Notes shall be due and payable.

ARTICLE VIII

MISCELLANEOUS PROVISIONS

     SECTION 8.1. Ratification of Indenture; Amendments. As supplemented by this Indenture
Supplement, the Indenture is in all respects ratified and confirmed and the Indenture as so
supplemented by this Indenture Supplement shall be read, taken and construed as one and the same
instrument. This Indenture Supplement may be amended only in accordance with the terms of Section
9.1 or 9.2 of the Indenture. For purposes of the application of Section 9.2 of the Indenture to
any amendment of this Indenture Supplement, the Series 2006-2 Noteholders shall be the only
Noteholders whose vote shall be required.

     SECTION 8.2. Form of Delivery of the Series 2006-2 Notes. The Class A Notes, the
Class B Notes and the Class C Notes shall be Book-Entry Notes and shall be delivered as provided in
Sections 2.1 and 2.2 of the Indenture.

					
	 	 	 	 	 
	 
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	 	2006-2 Indenture Supplement

 

 

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

     SECTION 8.4. GOVERNING LAW.

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

     (b) EACH PARTY HERETO HEREBY CONSENTS AND AGREES THAT THE STATE OR FEDERAL COURTS LOCATED IN
THE BOROUGH OF MANHATTAN IN NEW YORK CITY SHALL HAVE EXCLUSIVE JURISDICTION TO HEAR AND DETERMINE
ANY CLAIMS OR DISPUTES BETWEEN THEM PERTAINING TO THIS INDENTURE SUPPLEMENT OR TO ANY MATTER
ARISING OUT OF OR RELATING TO THIS INDENTURE SUPPLEMENT; PROVIDED, THAT EACH PARTY HERETO
ACKNOWLEDGES THAT ANY APPEALS FROM THOSE COURTS MAY HAVE TO BE HEARD BY A COURT LOCATED OUTSIDE OF
THE BOROUGH OF MANHATTAN IN NEW YORK CITY; PROVIDED, FURTHER, THAT NOTHING IN THIS
INDENTURE SUPPLEMENT SHALL BE DEEMED OR OPERATE TO PRECLUDE THE INDENTURE TRUSTEE FROM BRINGING
SUIT OR TAKING OTHER LEGAL ACTION IN ANY OTHER JURISDICTION TO REALIZE ON THE COLLATERAL OR ANY
OTHER SECURITY FOR THE SERIES 2006-2 NOTES, OR TO ENFORCE A JUDGMENT OR OTHER COURT ORDER IN FAVOR
OF THE INDENTURE TRUSTEE. EACH PARTY HERETO SUBMITS AND CONSENTS IN ADVANCE TO SUCH JURISDICTION
IN ANY ACTION OR SUIT COMMENCED IN ANY SUCH COURT, AND EACH PARTY HERETO HEREBY WAIVES ANY
OBJECTION THAT SUCH PARTY MAY HAVE BASED UPON LACK OF PERSONAL JURISDICTION, IMPROPER VENUE OR
FORUM NON CONVENIENS AND HEREBY CONSENTS TO THE GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF
AS IS DEEMED APPROPRIATE BY SUCH COURT. EACH PARTY HERETO HEREBY WAIVES PERSONAL SERVICE OF THE
SUMMONS, COMPLAINT AND OTHER PROCESS ISSUED IN ANY SUCH ACTION OR SUIT AND AGREES THAT SERVICE OF
SUCH SUMMONS, COMPLAINT AND OTHER PROCESS MAY BE MADE BY REGISTERED OR CERTIFIED MAIL ADDRESSED TO
SUCH PARTY AT ITS ADDRESS DETERMINED IN ACCORDANCE WITH SECTION 10.4 OF THE INDENTURE AND THAT
SERVICE SO MADE SHALL BE DEEMED COMPLETED UPON THE EARLIER OF SUCH PARTY’S ACTUAL RECEIPT THEREOF
OR THREE DAYS AFTER DEPOSIT IN THE UNITED STATES MAIL, PROPER POSTAGE PREPAID. NOTHING IN THIS
SECTION SHALL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE LEGAL PROCESS IN ANY OTHER MANNER
PERMITTED BY LAW.

					
	 	 	 	 	 
	 
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	 	2006-2 Indenture Supplement

 

 

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

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

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

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

[SIGNATURE PAGES FOLLOW]

					
	 	 	 	 	 
	 
	 	26
	 	2006-2 Indenture Supplement

 

 

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

	 	 	 	 	 	 	 
	 	 	GE DEALER FLOORPLAN MASTER NOTE TRUST, as Issuer	 	 
	 
	 	 	 	 	 	 
	 	 	By: THE BANK OF NEW
YORK (DELAWARE), not in its individual capacity, but as Trustee on behalf of Issuer	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Kristine K. Gullo
 

Name: Kristine K. Gullo
	 	 
	 

	 	 	 	Title: Vice President	 	 

	 	 	 	 	 
	 

	 	S-1
	 	2006-2 Indenture Supplement

 

 

	 	 	 	 	 	 	 
	 	 	WILMINGTON TRUST COMPANY, as Indenture Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Dorri E. Wolhar
 

Name: Dorri E. Wolhar
	 	 
	 

	 	 	 	Title: Financial Services Officer	 	 

	 	 	 	 	 
	 

	 	S-2
	 	2006-2 Indenture Supplement

 

 

     The undersigned agrees to calculate LIBOR as provided in Section 4.13.

	 	 	 	 	 	 	 
	 	 	DEUTSCHE BANK TRUST COMPANY AMERICAS	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Louis Bodi
 

Name: Louis Bodi
	 	 
	 

	 	 	 	Title: Vice President	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Jenna Kaufman
 

Name: Jenna Kaufman
	 	 
	 

	 	 	 	Title: Vice President	 	 

	 	 	 	 	 
	 

	 	S-3
	 	2006-2 Indenture Supplement

 

 

EXHIBIT A-1

FORM OF CLASS A SERIES 2006-2 ASSET BACKED NOTE

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

     THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES THAT (I) IT WILL NOT AT
ANY TIME DIRECTLY OR INDIRECTLY INSTITUTE OR CAUSE TO BE INSTITUTED AGAINST THE ISSUER ANY
BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDING OR OTHER PROCEEDING
UNDER ANY FEDERAL OR STATE BANKRUPTCY LAW UNLESS NOTEHOLDERS OF NOT LESS THAN SIXTY-SIX AND
TWO-THIRDS PERCENT (66 2/3%) OF THE OUTSTANDING PRINCIPAL BALANCE OF EACH CLASS OF EACH SERIES HAVE
APPROVED SUCH FILING; AND (II) IT WILL NOT AT ANY TIME DIRECTLY OR INDIRECTLY INSTITUTE OR CAUSE TO
BE INSTITUTED AGAINST DISTRIBUTION FINANCIAL SERVICES FLOORPLAN MASTER TRUST OR CDF FUNDING, INC.
ANY BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDING OR OTHER
PROCEEDING UNDER ANY FEDERAL OR STATE BANKRUPTCY LAW IN CONNECTION WITH ANY OBLIGATION RELATING TO
THE NOTES, THE INDENTURE OR ANY OF THE RELATED DOCUMENTS.

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

     BY ACQUIRING THIS NOTE (OR ANY INTEREST HEREIN), EACH PURCHASER AND TRANSFEREE SHALL BE DEEMED
TO REPRESENT AND WARRANT THAT EITHER (I) IT IS NOT ACQUIRING THE NOTE WITH THE PLAN ASSETS OF (A)
AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY
ACT OF 1974, AS AMENDED (“ERISA”) WHICH IS SUBJECT TO TITLE I OF ERISA, (B) A “PLAN” AS DEFINED IN
SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), (C) AN ENTITY WHOSE
UNDERLYING ASSETS INCLUDE PLAN ASSETS OF THE FOREGOING OR (D) A GOVERNMENTAL PLAN SUBJECT TO
APPLICABLE LAW THAT IS SUBSTANTIALLY SIMILAR TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF

	 	 	 	 	 
	 

	 	Exhibit A-1 (Page 1)
	 	2006-2 Indenture Supplement

 

 

ERISA OR SECTION 4975 OF THE CODE OR (II) THE ACQUISITION AND HOLDING OF THIS NOTE (OR
ANY INTEREST HEREIN) WILL NOT GIVE RISE TO A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF
ERISA OR SECTION 4975 OF THE CODE (OR, IN THE CASE OF A GOVERNMENTAL PLAN, ANY SUBSTANTIALLY
SIMILAR LAW).

	 	 	 	 	 
	 

	 	Exhibit A-1 (Page 2)
	 	2006-2 Indenture Supplement

 

 

			
	REGISTERED
	 	$                                        
	No. R-
	 	CUSIP NO.                                         

GE DEALER FLOORPLAN MASTER NOTE TRUST

SERIES 2006-2

CLASS A SERIES 2006-2 ASSET BACKED NOTE

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

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

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

 

			
	1	 	The aggregate amount of the Class A Notes is
equal to the Class A Note Initial Principal Balance. Book-entry notes will be
prepared in denominations not to exceed five hundred million dollars
($500,000,000).

	 	 	 	 	 
	 

	 	Exhibit A-1 (Page 3)
	 	2006-2 Indenture Supplement

 

 

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

	 	 	 	 	 	 	 	 	 
	 	 	GE DEALER FLOORPLAN MASTER NOTE TRUST, as Issuer	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By: THE BANK OF NEW YORK (DELAWARE), not in its	 	 
	 	 	individual capacity but
solely as Trustee on behalf of Issuer	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 	 	 
	 

	 	 	 	Title:
	 	 

	 	 
	 

	 	 	 	 	 	 

	 	 
	 
	 	 	 	 	 	 	 	 
	Dated:
	 	 	 	 	 	 	 	 

	 	 	 	 	 
	 

	 	Exhibit A-1 (Page 4)
	 	2006-2 Indenture Supplement

 

 

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

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

	 	 	 	 	 	 	 	 	 
	 	 	WILMINGTON TRUST COMPANY,
as Indenture Trustee	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By: DEUTSCHE BANK TRUST COMPANY AMERICAS, as	 	 
	 	 	Authenticating Agent	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 	 	 
	 

	 	 	 	Title:
	 	 

	 	 
	 

	 	 	 	 	 	 

	 	 
	 
	 	 	 	 	 	 	 	 
	Dated:
	 	 	 	 	 	 	 	 

	 	 	 	 	 
	 

	 	Exhibit A-1 (Page 5)
	 	2006-2 Indenture Supplement

 

 

GE DEALER FLOORPLAN MASTER NOTE TRUST

SERIES 2006-2

CLASS A SERIES 2006-2 ASSET BACKED NOTE

     This Class A Note is one of a duly authorized issue of Notes of the Issuer, designated as GE
Dealer Floorplan Master Note Trust, Series 2006-2 (the “Series 2006-2 Notes”), issued under
a Master Indenture dated as of August 12, 2004 (as amended, modified or supplemented from time to
time, the “Master Indenture”), between the Issuer and Wilmington Trust Company, as
indenture trustee (the “Indenture Trustee”), as supplemented by the Series 2006-2 Indenture
Supplement dated as of June 30, 2006 (the “Indenture Supplement”), and representing the
right to receive certain payments from the Issuer. The term “Indenture,” unless the context
otherwise requires, refers to the Master Indenture as supplemented by the Indenture Supplement.
The Notes are subject to all of the terms of the Indenture. All terms used in this Note that are
defined in the Indenture shall have the meanings assigned to them in or pursuant to the Indenture.
In the event of any conflict or inconsistency between the Indenture and this Note, the Indenture
shall control.

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

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

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

     THIS CLASS A NOTE DOES NOT REPRESENT AN OBLIGATION OF CDF FUNDING, INC., DISTRIBUTION
FINANCIAL SERVICES FLOORPLAN MASTER TRUST, GE COMMERCIAL DISTRIBUTION FINANCE CORPORATION,
BRUNSWICK ACCEPTANCE COMPANY, LLC OR ANY OF THEIR AFFILIATES (OTHER THAN THE ISSUER), AND IS NOT
INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY
OR INSTRUMENTALITY.

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

     THIS CLASS A NOTE AND THE OBLIGATIONS ARISING HEREUNDER SHALL IN ALL RESPECTS, INCLUDING ALL
MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN

					
	 	 	 	 	 
	 
	 	Exhibit A-1 (Page 6)
	 	2006-2 Indenture Supplement

 

 

ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING SECTIONS 5-1401 AND
5-1402 OF THE GENERAL OBLIGATIONS LAW, BUT WITHOUT REGARD TO ANY OTHER CONFLICT OF LAWS PROVISIONS
THEREOF) AND ANY APPLICABLE LAWS OF THE UNITED STATES OF AMERICA.

					
	 	 	 	 	 
	 
	 	Exhibit A-1 (Page 7)
	 	2006-2 Indenture Supplement

 

 

ASSIGNMENT

Social Security or other identifying number of assignee

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

	 	 	 	 	 	 	 
	Dated:

	 	 	 	 	 	**
	 

	 
	 	 	 	 
	 

	 	 	 	Signature Guaranteed:	 	 

 

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

					
	 	 	 	 	 
	 
	 	Exhibit A-1 (Page 8)
	 	2006-2 Indenture Supplement

 

 

EXHIBIT A-2

FORM OF CLASS B SERIES 2006-2 ASSET BACKED NOTE

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

     THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES THAT (I) IT WILL NOT AT
ANY TIME DIRECTLY OR INDIRECTLY INSTITUTE OR CAUSE TO BE INSTITUTED AGAINST THE ISSUER ANY
BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDING OR OTHER PROCEEDING
UNDER ANY FEDERAL OR STATE BANKRUPTCY LAW UNLESS NOTEHOLDERS OF NOT LESS THAN SIXTY-SIX AND
TWO-THIRDS PERCENT (66 2/3%) OF THE OUTSTANDING PRINCIPAL BALANCE OF EACH CLASS OF EACH SERIES HAVE
APPROVED SUCH FILING; AND (II) IT WILL NOT AT ANY TIME DIRECTLY OR INDIRECTLY INSTITUTE OR CAUSE TO
BE INSTITUTED AGAINST DISTRIBUTION FINANCIAL SERVICES FLOORPLAN MASTER TRUST OR CDF FUNDING, INC.
ANY BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDING OR OTHER
PROCEEDING UNDER ANY FEDERAL OR STATE BANKRUPTCY LAW IN CONNECTION WITH ANY OBLIGATION RELATING TO
THE NOTES, THE INDENTURE OR ANY OF THE RELATED DOCUMENTS.

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

     BY ACQUIRING THIS NOTE (OR ANY INTEREST HEREIN), EACH PURCHASER AND TRANSFEREE SHALL BE DEEMED
TO REPRESENT AND WARRANT THAT EITHER (I) IT IS NOT ACQUIRING THE NOTE WITH THE PLAN ASSETS OF (A)
AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY
ACT OF 1974, AS AMENDED (“ERISA”) WHICH IS SUBJECT TO TITLE I OF ERISA, (B) A “PLAN” AS DEFINED IN
SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), (C) AN ENTITY WHOSE
UNDERLYING ASSETS INCLUDE PLAN ASSETS OF THE FOREGOING OR (D) A GOVERNMENTAL PLAN SUBJECT TO
APPLICABLE LAW THAT IS SUBSTANTIALLY SIMILAR TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF

					
	 	 	 	 	 
	 
	 	Exhibit A-2 (Page 1)
	 	2006-2 Indenture Supplement

 

 

ERISA OR SECTION 4975 OF THE CODE OR (II) THE ACQUISITION AND HOLDING OF THIS NOTE (OR ANY
INTEREST HEREIN) WILL NOT GIVE RISE TO A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF
ERISA OR SECTION 4975 OF THE CODE (OR, IN THE CASE OF A GOVERNMENTAL PLAN, ANY SUBSTANTIALLY
SIMILAR LAW).

					
	 	 	 	 	 
	 
	 	Exhibit A-2 (Page 2)
	 	2006-2 Indenture Supplement

 

 

			
	 	 	 
	REGISTERED
	 	$                    
	No. R-
	 	CUSIP NO.                     

GE DEALER FLOORPLAN MASTER NOTE TRUST

SERIES 2006-2

CLASS B SERIES 2006-2 ASSET BACKED NOTE

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

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

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

					
	 	 	 	 	 
	 
	 	Exhibit A-2 (Page 3)
	 	2006-2 Indenture Supplement

 

 

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

	 	 	 	 	 	 	 
	 	 	GE DEALER FLOORPLAN MASTER NOTE TRUST,
as Issuer
	 
	 	 	 	 	 	 
	 	 	By: THE BANK OF NEW YORK
(DELAWARE), not in its
individual capacity but
solely as Trustee on behalf
of Issuer
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Title:	 	 
	 

	 	 	 	 	 	 

Dated:

					
	 	 	 	 	 
	 
	 	Exhibit A-2 (Page 4)
	 	2006-2 Indenture Supplement

 

 

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

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

	 	 	 	 	 	 	 
	 	 	WILMINGTON TRUST COMPANY,

as Indenture Trustee
	 
	 	 	 	 	 	 
	 	 	By: DEUTSCHE BANK TRUST COMPANY
AMERICAS, as Authenticating Agent
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Title:	 	 
	 

	 	 	 	 	 	 

Dated:

					
	 	 	 	 	 
	 
	 	Exhibit A-2 (Page 5)
	 	2006-2 Indenture Supplement

 

 

GE DEALER FLOORPLAN MASTER NOTE TRUST

SERIES 2006-2

CLASS B SERIES 2006-2 ASSET BACKED NOTE

     This Class B Note is one of a duly authorized issue of Notes of the Issuer, designated as GE
Dealer Floorplan Master Note Trust, Series 2006-2 (the “Series 2006-2 Notes”), issued under
a Master Indenture dated as of August 12, 2004 (as amended, modified or supplemented from time to
time, the “Master Indenture”), between the Issuer and Wilmington Trust Company, as
indenture trustee (the “Indenture Trustee”), as supplemented by the Series 2006-2 Indenture
Supplement dated as of June 30, 2006 (the “Indenture Supplement”), and representing the
right to receive certain payments from the Issuer. The term “Indenture,” unless the context
otherwise requires, refers to the Master Indenture as supplemented by the Indenture Supplement.
The Notes are subject to all of the terms of the Indenture. All terms used in this Note that are
defined in the Indenture shall have the meanings assigned to them in or pursuant to the Indenture.
In the event of any conflict or inconsistency between the Indenture and this Note, the Indenture
shall control.

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

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

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

     THIS CLASS B NOTE DOES NOT REPRESENT AN OBLIGATION OF CDF FUNDING, INC., DISTRIBUTION
FINANCIAL SERVICES FLOORPLAN MASTER TRUST, GE COMMERCIAL DISTRIBUTION FINANCE CORPORATION,
BRUNSWICK ACCEPTANCE COMPANY, LLC OR ANY OF THEIR AFFILIATES (OTHER THAN THE ISSUER), AND IS NOT
INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY
OR INSTRUMENTALITY.

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

     THIS CLASS B NOTE AND THE OBLIGATIONS ARISING HEREUNDER SHALL IN ALL RESPECTS, INCLUDING ALL
MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN

					
	 	 	 	 	 
	 
	 	Exhibit A-2 (Page 6)
	 	2006-2 Indenture Supplement

 

 

ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING SECTIONS 5-1401 AND
5-1402 OF THE GENERAL OBLIGATIONS LAW, BUT WITHOUT REGARD TO ANY OTHER CONFLICT OF LAWS PROVISIONS
THEREOF) AND ANY APPLICABLE LAWS OF THE UNITED STATES OF AMERICA.

					
	 	 	 	 	 
	 
	 	Exhibit A-2 (Page 7)
	 	2006-2 Indenture Supplement

 

 

ASSIGNMENT

Social Security or other identifying number of assignee

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

	 	 	 	 	 	 	 
	Dated:

	 	 	 	 	 	**
	 

	 
	 	 	 	 
	 

	 	 	 	Signature Guaranteed:	 	 

 

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

					
	 	 	 	 	 
	 
	 	Exhibit A-2 (Page 8)
	 	2006-2 Indenture Supplement

 

 

EXHIBIT A-3

FORM OF CLASS C SERIES 2006-2 ASSET BACKED NOTE

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

     THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES THAT (I) IT WILL NOT AT
ANY TIME DIRECTLY OR INDIRECTLY INSTITUTE OR CAUSE TO BE INSTITUTED AGAINST THE ISSUER ANY
BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDING OR OTHER PROCEEDING
UNDER ANY FEDERAL OR STATE BANKRUPTCY LAW UNLESS NOTEHOLDERS OF NOT LESS THAN SIXTY-SIX AND
TWO-THIRDS PERCENT (66 2/3%) OF THE OUTSTANDING PRINCIPAL BALANCE OF EACH CLASS OF EACH SERIES HAVE
APPROVED SUCH FILING; AND (II) IT WILL NOT AT ANY TIME DIRECTLY OR INDIRECTLY INSTITUTE OR CAUSE TO
BE INSTITUTED AGAINST DISTRIBUTION FINANCIAL SERVICES FLOORPLAN MASTER TRUST OR CDF FUNDING, INC.
ANY BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDING OR OTHER
PROCEEDING UNDER ANY FEDERAL OR STATE BANKRUPTCY LAW IN CONNECTION WITH ANY OBLIGATION RELATING TO
THE NOTES, THE INDENTURE OR ANY OF THE RELATED DOCUMENTS.

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

     BY ACQUIRING THIS NOTE (OR ANY INTEREST HEREIN), EACH PURCHASER AND TRANSFEREE SHALL BE DEEMED
TO REPRESENT AND WARRANT THAT EITHER (I) IT IS NOT ACQUIRING THE NOTE WITH THE PLAN ASSETS OF (A)
AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY
ACT OF 1974, AS AMENDED (“ERISA”) WHICH IS SUBJECT TO TITLE I OF ERISA, (B) A “PLAN” AS DEFINED IN
SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), (C) AN ENTITY WHOSE
UNDERLYING ASSETS INCLUDE PLAN ASSETS OF THE FOREGOING OR (D) A GOVERNMENTAL PLAN SUBJECT TO
APPLICABLE LAW THAT IS SUBSTANTIALLY SIMILAR TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF

					
	 	 	 	 	 
	 
	 	Exhibit A-3 (Page 1)
	 	2006-2 Indenture Supplement

 

 

ERISA OR SECTION 4975 OF THE CODE OR (II) THE ACQUISITION AND HOLDING OF THIS NOTE (OR ANY
INTEREST HEREIN) WILL NOT GIVE RISE TO A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF
ERISA OR SECTION 4975 OF THE CODE (OR, IN THE CASE OF A GOVERNMENTAL PLAN, ANY SUBSTANTIALLY
SIMILAR LAW).

					
	 	 	 	 	 
	 
	 	Exhibit A-3 (Page 2)
	 	2006-2 Indenture Supplement

 

 

			
	 	 	 
	REGISTERED
	 	$                    
	No. R-
	 	CUSIP NO.                     

GE DEALER FLOORPLAN MASTER NOTE TRUST

SERIES 2006-2

CLASS C SERIES 2006-2 ASSET BACKED NOTE

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

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

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

					
	 	 	 	 	 
	 
	 	Exhibit A-3 (Page 3)
	 	2006-2 Indenture Supplement

 

 

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

	 	 	 	 	 	 	 
	 	 	GE DEALER FLOORPLAN MASTER NOTE TRUST,
as Issuer
	 
	 	 	 	 	 	 
	 	 	By: THE BANK OF NEW YORK
(DELAWARE), not in its
individual capacity but
solely as Trustee on behalf
of Issuer
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Title:	 	 
	 

	 	 	 	 	 	 

Dated:

					
	 	 	 	 	 
	 
	 	Exhibit A-3 (Page 4)
	 	2006-2 Indenture Supplement

 

 

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

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

	 	 	 	 	 	 	 
	 	 	WILMINGTON TRUST COMPANY,

as Indenture Trustee
	 
	 	 	 	 	 	 
	 	 	By: DEUTSCHE BANK TRUST COMPANY
AMERICAS, as Authenticating Agent
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Title:	 	 
	 

	 	 	 	 	 	 

Dated:

					
	 	 	 	 	 
	 
	 	Exhibit A-3 (Page 5)
	 	2006-2 Indenture Supplement

 

 

GE DEALER FLOORPLAN MASTER NOTE TRUST

SERIES 2006-2

CLASS C SERIES 2006-2 ASSET BACKED NOTE

     This Class C Note is one of a duly authorized issue of Notes of the Issuer, designated as GE
Dealer Floorplan Master Note Trust, Series 2006-2 (the “Series 2006-2 Notes”), issued under
a Master Indenture dated as of August 12, 2004 (as amended, modified or supplemented from time to
time, the “Master Indenture”), between the Issuer and Wilmington Trust Company, as
indenture trustee (the “Indenture Trustee”), as supplemented by the Series 2006-2 Indenture
Supplement dated as of June 30, 2006 (the “Indenture Supplement”), and representing the
right to receive certain payments from the Issuer. The term “Indenture,” unless the context
otherwise requires, refers to the Master Indenture as supplemented by the Indenture Supplement.
The Notes are subject to all of the terms of the Indenture. All terms used in this Note that are
defined in the Indenture shall have the meanings assigned to them in or pursuant to the Indenture.
In the event of any conflict or inconsistency between the Indenture and this Note, the Indenture
shall control.

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

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

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

     THIS CLASS C NOTE DOES NOT REPRESENT AN OBLIGATION OF CDF FUNDING, INC., DISTRIBUTION
FINANCIAL SERVICES FLOORPLAN MASTER TRUST, GE COMMERCIAL DISTRIBUTION FINANCE CORPORATION,
BRUNSWICK ACCEPTANCE COMPANY, LLC OR ANY OF THEIR AFFILIATES (OTHER THAN THE ISSUER), AND IS NOT
INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY
OR INSTRUMENTALITY.

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

     THIS CLASS C NOTE AND THE OBLIGATIONS ARISING HEREUNDER SHALL IN ALL RESPECTS, INCLUDING ALL
MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN

					
	 	 	 	 	 
	 
	 	Exhibit A-3 (Page 6)
	 	2006-2 Indenture Supplement

 

 

ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING SECTIONS 5-1401 AND
5-1402 OF THE GENERAL OBLIGATIONS LAW, BUT WITHOUT REGARD TO ANY OTHER CONFLICT OF LAWS PROVISIONS
THEREOF) AND ANY APPLICABLE LAWS OF THE UNITED STATES OF AMERICA.

					
	 	 	 	 	 
	 
	 	Exhibit A-3 (Page 7)
	 	2006-2 Indenture Supplement

 

 

ASSIGNMENT

Social Security or other identifying number of assignee

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

	 	 	 	 	 	 	 
	Dated:

	 	 	 	 	 	**
	 

	 
	 	 	 	 
	 

	 	 	 	Signature Guaranteed:	 	 

 

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

					
	 	 	 	 	 
	 
	 	Exhibit A-3 (Page 8)
	 	2006-2 Indenture Supplement

 

 

EXHIBIT B

Form of Monthly Servicer’s Certificate

[On file with GECC]

					
	 	 	 	 	 
	 
	 	Exhibit B (Page 1)
	 	2006-2 Indenture SupplementEX-4.3

 

 
Exhibit 4.3

 

AMENDED AND RESTATED SERVICING AGREEMENT

Dated as of June 30, 2006

between

GE DEALER FLOORPLAN MASTER NOTE TRUST

and

GENERAL ELECTRIC CAPITAL CORPORATION,

as Master Servicer

 

Amended and Restated Servicing Agreement

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	ARTICLE I

	DEFINITIONS AND INTERPRETATION

	 
	 	 	 	 
	SECTION 1.1 Definitions
	 	 	1	 
	SECTION 1.2 Other Interpretive Matters
	 	 	10	 
	 
	 	 	 	 
	ARTICLE II

	APPOINTMENT OF MASTER SERVICER; CERTAIN DUTIES AND RESPONSIBILITIES

	OF MASTER SERVICER

	 
	 	 	 	 
	SECTION 2.1 Appointment of Master Servicer
	 	 	10	 
	SECTION 2.2 Duties and Responsibilities of Master Servicer
	 	 	11	 
	SECTION 2.3 Unrelated Amounts
	 	 	11	 
	SECTION 2.4 Authorization of Master Servicer
	 	 	11	 
	SECTION 2.5 Servicing Fees
	 	 	12	 
	SECTION 2.6 Covenants of Master Servicer
	 	 	13	 
	SECTION 2.7 Reporting Requirements
	 	 	14	 
	SECTION 2.8 Annual Master Servicer’s Certificate
	 	 	14	 
	SECTION 2.9 Annual Independent Public Accountants’ Servicing Report
	 	 	14	 
	SECTION 2.10 Notices to Transferor
	 	 	15	 
	SECTION 2.11 Collections
	 	 	15	 
	SECTION 2.12 Allocations and Disbursements
	 	 	15	 
	SECTION 2.13 New Series
	 	 	15	 
	SECTION 2.14 Servicer Advances
	 	 	15	 
	 
	 	 	 	 
	ARTICLE III

	REPRESENTATIONS AND WARRANTIES

	 
	 	 	 	 
	SECTION 3.1 Representations and Warranties of Master Servicer
	 	 	16	 
	 
	 	 	 	 
	ARTICLE IV

	ADDITIONAL MATTERS RELATING TO MASTER SERVICER

	 
	 	 	 	 
	SECTION 4.1 Covenants of Master Servicer Regarding the Transferred Receivables
	 	 	17	 
	SECTION 4.2 Merger or Consolidation of, or Assumption of the Obligations of Master Servicer
	 	 	18	 
	SECTION 4.3 Access to Certain Documentation and Information Regarding the Receivables
	 	 	19	 
	 
	 	 	 	 
	ARTICLE V

	SERVICER DEFAULTS

	 
	 	 	 	 
	SECTION 5.1 Servicer Defaults
	 	 	19	 
	 
	 	 	 	 
	ARTICLE VI

	SUCCESSOR MASTER SERVICER

	 
	 	 	 	 
	SECTION 6.1 Resignation of Master Servicer
	 	 	21	 
	SECTION 6.2 Appointment of the Successor Master Servicer
	 	 	21	 

					
	 	 	 	 	 
	 
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TABLE
OC CONTENTS

(continued)

	 	 	 	 	 
	 	 	Page	 
	SECTION 6.3 Duties of Master Servicer
	 	 	21	 
	SECTION 6.4 Effect of Termination or Resignation
	 	 	22	 
	 
	 	 	 	 
	ARTICLE VII

	INDEMNIFICATION

	 
	 	 	 	 
	SECTION 7.1 Indemnities by Master Servicer
	 	 	22	 
	SECTION 7.2 Limitation of Damages; Indemnified Persons
	 	 	22	 
	SECTION 7.3 Limitation on Liability of Master Servicer and Others
	 	 	22	 
	 
	 	 	 	 
	ARTICLE VIII

	MISCELLANEOUS

	 
	 	 	 	 
	SECTION 8.1 Notices
	 	 	23	 
	SECTION 8.2 Binding Effect; Assignability
	 	 	24	 
	SECTION 8.3 Termination; Survival of Obligations
	 	 	24	 
	SECTION 8.4 No Proceedings
	 	 	24	 
	SECTION 8.5 Complete Agreement; Modification of Agreement
	 	 	25	 
	SECTION 8.6 Amendments and Waivers
	 	 	25	 
	SECTION 8.7 No Waiver; Remedies
	 	 	25	 
	SECTION 8.8 GOVERNING LAW; CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL
	 	 	25	 
	SECTION 8.9 Counterparts
	 	 	26	 
	SECTION 8.10 Severability
	 	 	26	 
	SECTION 8.11 Section Titles
	 	 	27	 
	SECTION 8.12 Limited Recourse
	 	 	27	 
	SECTION 8.13 Further Assurances
	 	 	27	 
	SECTION 8.14 Pledge of Assets
	 	 	27	 
	SECTION 8.15 Waiver of Setoff
	 	 	28	 
	SECTION 8.16 Limitation of Liability of the Trustee
	 	 	28	 
	SECTION 8.17 Continued Effectiveness of the Existing Servicing Agreement
	 	 	28	 

Schedule 2.7 Reporting Requirements

					
	 	 	 	 	 
	 
	 	-ii-
	 	Amended and Restated
Servicing Agreement

 

 

     This AMENDED AND RESTATED SERVICING AGREEMENT, dated as of June 30, 2006 (this
“Agreement”), is entered into between GENERAL ELECTRIC CAPITAL CORPORATION, in its capacity
as the Master Servicer (as defined below), and GE DEALER FLOORPLAN MASTER NOTE TRUST, a Delaware
statutory trust (“Owner”).

     WHEREAS, the parties hereto executed a servicing agreement, dated as of August 14, 2004 (the
“Existing Servicing Agreement”), and now wish to amend and restate the Existing Servicing
Agreement; and

     NOW THEREFORE, in consideration of the premises and the mutual covenants hereinafter
contained, and for other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto agree to amend and restate the Existing Servicing Agreement
as follows:

ARTICLE I

DEFINITIONS AND INTERPRETATION

     SECTION 1.1 Definitions.

     “Account” means each Initial Account and, from and after the related Addition Date,
each Additional Account. The term “Account” shall not include any Removed Accounts.

     “Account Schedule” is defined in the First Tier Agreement.

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

     “Additional Accounts” means each individual revolving credit arrangement established
by an Originator with a Dealer in connection with the Floorplan Business or the Asset Based Lending
Business, which account is designated pursuant to the First Tier Agreement to be included as an
Account and is identified in an Account Schedule delivered to the Indenture Trustee.

     “Accounts Receivable” means, with respect to any Dealer, all amounts shown on such
Dealer’s records as amounts payable by a customer (which may be a Dealer) in respect of goods or
services sold by such Dealer to such customer.

     “Accounts Receivable Business” means the extensions of credit made by an Originator to
Dealers in order to finance the Accounts Receivable of such Dealers.

     “Accounts Receivable Financing Agreement” means an accounts receivable financing
agreement or accounts receivable purchase agreement entered into by an Originator with a Dealer in
connection with the Accounts Receivable Business.

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

Amended and Restated Servicing Agreement

 

 

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

     “Affiliate” means, with respect to any Person, (a) each Person that, directly or
indirectly, owns or controls, whether beneficially, or as a trustee, guardian or other fiduciary,
five percent (5%) or more of the securities having ordinary voting power in the election of
directors of such Person, (b) each Person that controls, is controlled by or is under common
control with such Person or (c) each of such Person’s officers, directors, joint venturers and
partners. For the purposes of this definition, “control” of a Person means the possession, directly
or indirectly, of the power to direct or cause the direction of its management or policies, whether
through the ownership of voting securities, by contract or otherwise.

     “Agreement” is defined in the preamble.

     “Asset Based Lending Business” means the extensions of credit made by an Originator to
Dealers in order to provide loans based on the value of certain assets of such Dealers.

     “Asset Based Lending Financing Agreement” means an asset based lending financing
agreement entered into by an Originator and a Dealer in connection with the Asset Based Lending
Business.

     “Authorized Officer” means (a) with respect to any bank, corporation or statutory
trust, the Chairman or Vice-Chairman of the Board, the President, any Vice President, the
Secretary, the Treasurer, any Assistant Secretary, any Assistant Treasurer and each other officer
or employee of such corporation or trustee of such trust specifically authorized in resolutions of
the Board of Directors of such corporation or trustee of such trust to sign agreements, instruments
or other documents on behalf of such corporation or statutory trust in connection with the
transactions contemplated by the Servicing Agreement and the other Related Documents, and (b) with
respect to a limited liability company, any officer or manager of such limited liability company;
provided, that any Authorized Officer of the Transferor shall be considered to be an
Authorized Officer of Owner.

     “Business Day” means any day that is not a Saturday, a Sunday or a day on which banks
are required or permitted to be closed in the State of New York, the State of Illinois or the State
of Connecticut (or, with respect to any Series, any additional city specified by the related
Indenture Supplement).

     “Class” means any class of Notes of any Series.

     “Closing Date” means August 12, 2004.

     “Collateral Security” means, with respect to any Receivable, (i) the security
interest, if any, granted by or on behalf of the related Dealer in the related Products or Accounts
Receivable that, in each case, constitute the primary collateral for such Receivable but does not
include secondary collateral such as personal property, personal guarantees, mortgages on real
estate, assignments of certificates of deposit or letters of credit and (ii) all Records in respect
of such Receivable.

					
	 	 	 	 	 
	 
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     “Collection Account” means the deposit account designated as such in the Indenture.

     “Collections” means, without duplication, all payments by or on behalf of Dealers
received by the Master Servicer in respect of the Transferred Receivables (including proceeds from
the realization upon any Collateral Security), in the form of cash, checks, wire transfers or any
other form of payment. Collections of Non-Principal Receivables shall include all Recoveries.
Amounts paid by Transferor pursuant to Section 2.5 of the Second Tier Agreement shall be
deemed to be Principal Collections. Amounts paid by Transferor pursuant to Section 6.1(e)
of the Second Tier Agreement shall be deemed to be Principal Collections to the extent that they
represent the purchase price of Principal Receivables. Amounts paid by the Master Servicer
pursuant to Section 2.6 shall be deemed to be Principal Collections.

     “Commission” means the Securities and Exchange Commission.

     “Credit and Collection Policies” means the credit and collection policies adopted by
Owner pursuant to the Credit and Collection Policies Resolution, as such credit and collection
policies may be amended or modified from time to time.

     “Credit and Collection Policies Resolution” means a resolution adopted by the Owner on
or prior to the Closing Date.

     “Custodian” means Wilmington Trust Company, as custodian under the Custody and Control
Agreement.

     “Custody and Control Agreement” means the Custody and Control Agreement dated as of
August 12, 2004, among Owner, the Custodian and the Indenture Trustee.

     “Dealer” means a Person engaged generally in the business of purchasing consumer or
commercial goods from a manufacturer or distributor thereof and holding such goods for sale or
lease in the ordinary course of business or a Person engaged generally in the business of
manufacturing or distributing consumer or commercial goods for sale to Dealers in the ordinary
course of business.

     “Debtor Relief Laws” means Title 11 of the United States Code and all other applicable
liquidation, conservatorship, bankruptcy, moratorium, rearrangement, receivership, insolvency,
reorganization, suspension of payments, readjustment of debt, marshalling of assets or similar
debtor relief laws of the United States, any state or any foreign country from time to time in
effect, affecting the rights of creditors generally.

     “Defaulted Receivable” is defined in the First Tier Agreement.

     “Delinquent Receivable” is defined in Section 2.14.

     “Determination Date” means, unless otherwise specified in any Indenture Supplement
with respect to the related Series, the second Business Day preceding each Payment Date.

     “Eligible Servicer” means the Indenture Trustee, a wholly owned subsidiary of the
Indenture Trustee or an entity that, at the time of its appointment as Servicer: (a) is servicing
a

					
	 	 	 	 	 
	 
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	 	Amended and Restated Servicing Agreement

 

 

portfolio of dealer floorplan loans (or is a successor to an entity that was engaged and
continues to be engaged in such servicing); (b) is legally qualified and has the capacity to
service the Accounts; (c) is qualified (or licensed) to use the software that is then being used to
service the Accounts or obtains the right to use, or has its own, software which is adequate to
perform its duties under this Agreement; (d) has the ability to professionally and competently
service a portfolio of similar accounts; and (e) has a net worth of at least $50,000,000 as of the
end of its most recent fiscal quarter.

     “Exchange Act” means the Securities Exchange Act of 1934.

     “Existing Servicing Agreement” is defined in the recitals.

     “Financing Agreement” means any Wholesale Financing Agreement, Accounts Receivable
Financing Agreement or Asset Based Lending Financing Agreement.

     “First Tier Agreement” means the Receivables Sale Agreement, dated as of August 12,
2004, among the Originators and the Transferor.

     “Floorplan Agreement” means an agreement entered into by an Originator and a
Manufacturer establishing certain terms and conditions for the financing of such Manufacturer’s
Dealers by such Originator, which may include such Manufacturer’s agreement, among other matters,
to repurchase from, or remarket for, such Originator Products sold by such Manufacturer to any of
its Dealers and financed by such Originator under a Wholesale Financing Agreement if such
Originator acquires possession of such Products because of a default by such Dealer under such
Wholesale Financing Agreement, whether by repossession, voluntary surrender or other circumstances.

     “Floorplan Business” means the extensions of credit made by an Originator to Dealers
in order to finance Products purchased by Dealers from Manufacturers for sale or lease by such
Dealers.

     “GE Capital” means General Electric Capital Corporation, a Delaware corporation.

     “Governmental Authority” means any nation or government, any state or other political
subdivision thereof, and any agency, department or other entity exercising executive, legislative,
judicial, regulatory or administrative functions of or pertaining to government.

     “Indemnified Amounts” means, with respect to any Person, any and all suits, actions,
proceedings, claims, damages, losses, liabilities and expenses (including reasonable attorneys’
fees and disbursements and other costs of investigation or defense, including those incurred upon
any appeal).

     “Indenture” means the Master Indenture dated as of August 12, 2004, between Owner and
the Indenture Trustee.

     “Indenture Supplement” means, with respect to any Series, a supplement to the
Indenture, executed and delivered in connection with the original issuance of the Notes of such
Series.

					
	 	 	 	 	 
	 
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	 	Amended and Restated Servicing Agreement

 

 

     “Indenture Trustee” means, at any time, the Person acting as indenture trustee under
the Indenture.

     “Initial Account” means each individual revolving credit arrangement established by an
Originator with a Dealer which was identified in the Account Schedule delivered to the Indenture
Trustee on or prior to the Closing Date.

     “Instructions” is defined in the Custody and Control Agreement.

     “Insurance Proceeds” with respect to an Account means any amounts received by the
Master Servicer pursuant to any policy of insurance which are required to be paid to an Originator
pursuant to a Wholesale Financing Agreement, Accounts Receivable Financing Agreement or Asset Based
Lending Financing Agreement.

     “Lien” means any mortgage or deed of trust, pledge, hypothecation, assignment, deposit
arrangement, lien, charge, claim, security interest, easement or encumbrance, or preference,
priority or other security agreement or preferential arrangement of any kind or nature whatsoever
(including any lease or title retention agreement, any financing lease having substantially the
same economic effect as any of the foregoing, and the filing of, or agreement to give, any
financing statement perfecting a security interest under the UCC or comparable law of any
jurisdiction).

     “Litigation” means, with respect to any Person, any action, claim, lawsuit, demand,
investigation or proceeding pending or threatened against such Person before any court, board,
commission, agency or instrumentality of any federal, state, local or foreign government or of any
agency or subdivision thereof or before any arbitrator or panel of arbitrators.

     “Manufacturer” means a Person engaged generally in the business of manufacturing or
distributing Products for sale or lease to Dealers in the ordinary course of business.

     “Manufacturer Discount Amount”, with respect to a Receivable, means an amount equal to
the excess, if any, of (a) the invoice price of the related Product over (b) the amount that the
applicable Manufacturer agrees to accept from an Originator in order to permit the applicable
Dealer to obtain a “free flooring” period during which such Dealer is not required to pay interest
(or pays interest at a reduced rate) in respect of such Receivable.

     “Manufacturer Subsidy Amount”, with respect to a Receivable, means an amount that the
applicable Manufacturer has agreed to pay in respect of such Receivable (at any time or from time
to time) after such Receivable has been originated in order to permit the applicable Dealer to
obtain a “free flooring” period during which such Dealer is not required to pay interest (or pays
interest at a reduced rate) in respect of such Receivable.

     “Master Servicer” means GE Capital or any other Person designated as a Successor
Master Servicer.

     “Material Adverse Effect” means a material adverse effect on (a) the ability of Master
Servicer to perform any of its obligations under the Related Documents in accordance with the terms
thereof, (b) the validity or enforceability of any Related Document or the rights and

					
	 	 	 	 	 
	 
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	 	Amended and Restated Servicing Agreement

 

 

remedies of Owner under any Related Document or (c) the Transferred Receivables (including the
collectibility of the Transferred Receivables and the security and other rights securing and
supporting the payment of the Transferred Receivables), the Financing Agreements or the ownership
interests or Liens of Owner thereon or the priority of such interests or Liens.

     “Monthly Period” means each calendar month.

     “Monthly Servicing Fee” is defined in Section 2.5.

     “Moody’s” means Moody’s Investors Service, Inc.

     “New Issuance” is defined in Section 2.13.

     “Non-Principal Collections” means the sum of (a) Collections of interest and all other
non-principal charges (including insurance service fees and handling fees) on the Receivables; (b)
all Recoveries; (c) all interest and earnings on investments included in the Excess Funding Account
(as defined in the Indenture), net of losses and investment expenses; (d) payments by Dealers of
Manufacturer Discount Amounts; and (e) payments by Manufacturers of Manufacturer Subsidy Amounts.

     “Non-Principal Receivables” with respect to any Account means (i) all amounts billed
to the related Dealer in respect of interest and all other non-principal charges and (ii) without
duplication, all amounts owed in respect of Manufacturer Discount Amounts and Manufacturer Subsidy
Amounts.

     “Noteholder” is defined in the Indenture.

     “Notes” means all notes issued by the Owner pursuant to the Indenture and the
applicable Indenture Supplements.

     “Officer’s Certificate” means, with respect to any Person, a certificate signed by an
Authorized Officer of such Person.

     “Opinion of Counsel” is defined in the Indenture.

     “Originator” means a Person that is party from time to time to the First Tier
Agreement as a “Seller”.

     “Outstanding” is defined in the Indenture.

     “Owner” is defined in the preamble.

     “Participation Interest” is defined in the First Tier Agreement.

     “Payment Date” means, except as otherwise specified for any Series in the related
Indenture Supplement, the twentieth (20th) day of each calendar month, or if
the twentieth (20th) day is not a Business Day, the next Business Day.

     “Payment Date Shortfall” is defined in Section 2.14.

					
	 	 	 	 	 
	 
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	 	Amended and Restated Servicing Agreement

 

 

     “Permitted Investments” is defined in the Custody and Control Agreement.

     “Person” means any individual, sole proprietorship, partnership, joint venture,
unincorporated organization, trust (including a business trust), association, corporation, limited
liability company, institution, public benefit corporation, joint stock company, Governmental
Authority or any other entity of whatever nature.

     “Principal Collections” means all Collections other than Non-Principal Collections.
Amounts paid by an Originator pursuant to Section 2.5 of the First Tier Agreement shall be
deemed to be Principal Collections. To the extent not duplicative of the preceding sentence,
amounts paid by Transferor pursuant to Section 2.5 of the Second Tier Agreement shall be
deemed to be Principal Collections. Amounts paid by Transferor pursuant to Section 6.1(e)
of the Second Tier Agreement shall be deemed to be Principal Collections to the extent that they
represent the purchase price of Principal Receivables. Amounts paid by the Master Servicer
pursuant to Section 2.6 shall be deemed to be Principal Collections.

     “Principal Receivable” with respect to an Account means amounts shown on Owner’s
records as Receivables (other than such amounts which represent Non-Principal Receivables due from
the related Dealer).

     “Products” means the commercial and consumer goods held or to be held by Dealers for
sale or lease and financed by an Originator.

     “Rating Agency” is defined in the Indenture.

     “Rating Agency Condition” is defined in the Indenture.

     “Receivable” means, with respect to an Account, all amounts payable (including
interest, finance charges and other charges), and the obligation to pay such amounts, by the
related Dealer from time to time in respect of advances made by an Originator to or on behalf of
such Dealer in connection with the Floorplan Business, the Accounts Receivable Business or the
Asset Based Lending Business, as the case may be, together with the group of writings evidencing
such amounts and the security interest created in connection therewith and all of the rights,
remedies, powers and privileges thereunder (including under the related Financing Agreement);
provided that if a Participation Interest has been created in respect of such Account,
whether before or after that Account has been designated as an Account, the amounts so payable by
the related Dealer that are allocable to such Participation Interest shall not be part of the
“Receivables” in respect of such Account. A Receivable that, prior to its transfer to the
Transferor, was subject to a participation from an Originator in favor of another Originator shall
be considered a Receivable.

     “Records” means all Financing Agreements and other documents, books, records and other
information (including computer programs, tapes, disks, data processing software and related
property and rights) prepared and maintained by Transferor, an Originator, Master Servicer, any
Sub-Servicer or Owner with respect to the Transferred Receivables and the Dealers thereunder.

					
	 	 	 	 	 
	 
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     “Recoveries” on any Determination Date shall mean all amounts received, including
Insurance Proceeds and proceeds of Collateral Security, during the Monthly Period immediately
preceding such Determination Date with respect to Receivables which have previously become
Defaulted Receivables.

     “Regulation AB” means 17 C.F.R. §§229.1100-229.1123, as such may be amended from time
to time, and subject to such clarification and interpretation as have been provided by the
Commission in the adopting release (Asset-Backed Securities, Securities Act Release No. 33-8518, 70
Fed. Reg. 1506 (Jan. 7, 2005)) or by the staff of the Commission, or as may be provided by the
Commission or its staff from time to time.

     “Related Documents” means this Agreement, the Indenture, the Indenture Supplements and
all other pledges, powers of attorney, consents, assignments, contracts, notices and all other
written matter whether heretofore, now or hereafter executed by or on behalf of Master Servicer, or
any employee of Master Servicer, and delivered in connection with any of the foregoing or the
transactions contemplated thereby.

     “Removed Accounts” is defined in the First Tier Agreement.

     “Requirements of Law” means, as to any Person, the certificate of incorporation or
articles of association and by-laws or other organizational or governing documents of such Person,
and any law, treaty, rule or regulation, or determination of an arbitrator or Governmental
Authority, in each case applicable to or binding upon such Person or to which such Person is
subject, whether federal, state or local.

     “S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill
Companies, Inc.

     “S&P Condition” is defined in the Indenture.

     “Securities Act” means the Securities Act of 1933.

     “Second Tier Agreement” means the Receivables Purchase and Contribution Agreement
dated as of August 12, 2004, between the Transferor and Owner.

     “Series” means any series of Notes, which may include within any such Series a Class
or Classes of Notes subordinate to another such Class or Classes of Notes of the same Series.

     “Series Account” means any deposit, trust, escrow or similar account maintained for
the benefit of the Noteholders of any Series or class, as specified in any Indenture Supplement.

     “Series Closing Date” means, with respect to any Series, the date of issuance of such
Series.

     “Servicer Advance” is defined in Section 2.14.

     “Servicer Default” is defined in Section 5.1.

					
	 	 	 	 	 
	 
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	 	Amended and Restated Servicing Agreement

 

 

     “Servicer Indemnified Person” is defined in Section 7.1.

     “Servicer Termination Notice” means any notice by the Indenture Trustee or holders of
Notes representing more than fifty percent (50%) of the Outstanding Principal Balance (as defined
in the Indenture) to Master Servicer and the Indenture Trustee, respectively, that (a) a Servicer
Default has occurred and (b) Master Servicer’s appointment under this Agreement has been
terminated.

     “Servicing Records” means all documents, books, Records and other information
(including computer programs, tapes, disks, data processing software and related property and
rights) prepared and maintained by Master Servicer with respect to the Transferred Receivables and
the Dealers thereunder.

     “Sub-Servicer” means any Person with whom Master Servicer enters into a Sub-Servicing
Agreement.

     “Sub-Servicing Agreement” means any written contract entered into between Master
Servicer and any Sub-Servicer pursuant to and in accordance with Section 2.1 relating to
the servicing, administration or collection of the Transferred Receivables.

     “Successor Master Servicer” is defined in Section 6.2.

     “Termination Amount” is defined in Section 2.4.

     “Transfer Date” means the Business Day preceding each Payment Date.

     “Transferor” means CDF Funding, Inc., a Delaware corporation.

     “Transferred Receivable” means each Receivable purchased or otherwise acquired by
Owner pursuant to the Second Tier Agreement, but excluding Receivables that have been repurchased
by an Originator pursuant to the First Tier Agreement or assigned to Master Servicer pursuant to
this Agreement.

     “Trust Accounts” is defined in the Custody and Control Agreement.

     “Trust Agreement” means the Amended and Restated Trust Agreement relating to Owner,
dated as of August 12, 2004, between Transferor and the Trustee.

     “Trustee” means The Bank of New York (Delaware), not in its individual capacity but as
Trustee under the Trust Agreement, its successors in interest and any successor Trustee under the
Trust Agreement.

     “UCC” means, with respect to any jurisdiction, the Uniform Commercial Code as the same
may, from time to time, be enacted and in effect in such jurisdiction.

     “Unrelated Amounts” is defined in Section 2.3.

					
	 	 	 	 	 
	 
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	 	Amended and Restated Servicing Agreement

 

 

     “Wholesale Financing Agreement” means a wholesale financing agreement entered into by
an Originator and a Dealer in order to finance Products purchased by such Dealer from a
Manufacturer.

     SECTION 1.2 Other Interpretive Matters. All terms defined directly or by
incorporation in this Agreement shall have the defined meanings when used in any certificate or
other document delivered pursuant thereto unless otherwise defined therein. For purposes of this
Agreement and all such certificates and other documents, unless the context otherwise requires: (a)
accounting terms not otherwise defined in this Agreement, and accounting terms partly defined in
this Agreement to the extent not defined, shall have the respective meanings given to them under
generally accepted accounting principles; (b) references to any month, quarter or year refer to a
calendar month, quarter or year; (c) terms defined in Article 9 of the UCC and not otherwise
defined in this Agreement are used as defined in that Article; (d) references to any amount as on
deposit or outstanding on any particular date means such amount at the close of business on such
day; (e) the words “hereof,” “herein” and “hereunder” and words of similar import refer to this
Agreement (or the certificate or other document in which they are used) as a whole and not to any
particular provision of this Agreement (or such certificate or document); (f) references to any
Section, Schedule or Exhibit are references to Sections, Schedules and Exhibits in or to this
Agreement (or the certificate or other document in which the reference is made), and references to
any paragraph, subsection, clause or other subdivision within any Section or definition refer to
such paragraph, subsection, clause or other subdivision of such Section or definition; (g) the term
“including” means “including without limitation”; (h) references to any law or regulation refer to
that law or regulation as amended from time to time and include any successor law or regulation;
(i) references to any agreement refer to that agreement as from time to time amended or
supplemented or as the terms of such agreement are waived or modified in accordance with its terms;
and (j) references to any Person include that Person’s successors and assigns.

ARTICLE II

APPOINTMENT OF MASTER SERVICER; CERTAIN DUTIES

AND RESPONSIBILITIES OF MASTER SERVICER.

     SECTION 2.1 Appointment of Master Servicer. Owner hereby appoints Master Servicer as
its agent to service the Transferred Receivables and enforce its rights and interests in and under
the Transferred Receivables and to serve in such capacity until the termination of its
responsibilities pursuant to Sections 5.1 or 6.1. In connection therewith, Master
Servicer hereby accepts such appointment and agrees to perform the duties and obligations set forth
herein. Master Servicer may delegate any duties to any of its Affiliates without further action or
subcontract with a Sub-Servicer for the collection, servicing or administration of the Transferred
Receivables or any portion thereof; provided, that (a) Master Servicer shall remain liable
and responsible for the performance of the duties and obligations of any such Affiliate or
Sub-Servicer pursuant to the terms hereof and (b) any Sub-Servicing Agreement that may be entered
into with, and any other transactions or services relating to the Transferred Receivables
involving, a Sub-Servicer shall be deemed to be between the Sub-Servicer and Master Servicer alone, and Owner shall not be deemed party thereto and shall have
no obligations, duties or liabilities with respect to the Sub-Servicer.

					
	 	 	 	 	 
	 
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	 	Amended and Restated Servicing Agreement

 

 

     SECTION 2.2 Duties and Responsibilities of Master Servicer.

     (a) Subject to the provisions of this Agreement, Master Servicer shall conduct the
servicing, administration and collection of the Transferred Receivables with reasonable care
and diligence and in accordance with the Financing Agreements and the Credit and Collection
Policies.

     (b) Owner shall provide Master Servicer not less than five (5) Business Days’ prior
notice of (i) any designation of additional or removed Accounts and (ii) any designation of
any additional Originator contemplated pursuant to the First Tier Agreement. Any such
designation, removal or change shall be effective for purposes of this Agreement on the date
the designation, removal or change is given effect under the First Tier Agreement or the
Second Tier Agreement, as specified by Owner to Master Servicer.

     (c) Following receipt of notice of any designation of additional or removed Accounts or
an additional Originator pursuant to Section 2.2(b), Master Servicer shall assist
Owner in producing any information required by Owner in connection with such designation or
change.

     (d) Master Servicer shall not be obligated to use separate servicing procedures,
offices, employees or accounts for servicing the Transferred Receivables from the
procedures, offices, employees and accounts used by Master Servicer in connection with
servicing other receivables.

     (e) Master Servicer shall maintain fidelity bond or other appropriate insurance
coverage insuring against losses through wrongdoing of its officers and employees who are
involved in the servicing of receivables covering such actions and in such amounts as Master
Servicer believes to be reasonable from time to time.

     (f) Master Servicer shall deliver Instruments and shall direct the Custodian as to the
investment of funds credited to the Trust Accounts.

     SECTION 2.3 Unrelated Amounts. If Master Servicer determines that amounts which are
not property of Owner (“Unrelated Amounts”) have been deposited in the Collection Account,
then Master Servicer shall provide evidence thereof to Owner no later than the first Business Day
following the day on which Master Servicer had actual knowledge thereof. Upon receipt of any such
notice, Master Servicer shall withdraw the Unrelated Amounts from the Collection Account, and the
same shall not be treated as Collections on Transferred Receivables and shall not be subject to the
provisions of Section 2.11.

     SECTION 2.4 Authorization of Master Servicer. Master Servicer is hereby authorized to
take any and all reasonable steps necessary or desirable and consistent with the ownership of the
Transferred Receivables by Owner and the pledge of the Transferred Receivables to the Indenture
Trustee, in the determination of Master Servicer, to (a) collect all

					
	 	 	 	 	 
	 
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amounts due under each Transferred Receivable, including endorsing its name on checks and
other instruments representing Collections on such Transferred Receivable, and executing and
delivering any and all instruments of satisfaction or cancellation or of partial or full release or
discharge and all other comparable instruments with respect to such Transferred Receivable, and (b)
after a Transferred Receivable is at risk of imminently becoming delinquent or after a Transferred
Receivable becomes delinquent (or if a Transferred Receivable is at risk of imminently becoming a
Defaulted Receivable or after a Transferred Receivable becomes a Defaulted Receivable) and to the
extent permitted under and in compliance with applicable law and regulations, (i) commence
proceedings with respect to the enforcement of payment of such Transferred Receivable and the
related Financing Agreement, (ii) adjust, settle or compromise any payments due thereunder, and
(iii) initiate proceedings against any Collateral Security securing the obligations due under such
Transferred Receivable, and otherwise enforce and exercise rights with respect to such Collateral
Security and the related Financing Agreements, in each case, consistent with the Credit and
Collection Policies, (c) to make withdrawals from the Collection Account and any Series Account, as
set forth in this Agreement, the Indenture or any Indenture Supplement, (d) to take any action
required or permitted under any enhancement for any Series or class of Notes, as set forth in this
Agreement, the Indenture or any Indenture Supplement and (e) deliver Instructions and other
directions as to the investment of funds credited to the Trust Accounts on behalf of Owner;
provided that such directions will limit the investment of funds only to Permitted
Investments. Owner shall furnish (or cause to be furnished) Master Servicer with any powers of
attorney and other documents necessary or appropriate to enable Master Servicer to carry out its
servicing and administrative duties hereunder, and Owner shall assist Master Servicer to the
fullest extent to enable Master Servicer to collect the Transferred Receivables and otherwise
discharge its duties hereunder. Upon the request of a Dealer, and consistent with the Credit and
Collection Policies, Master Servicer, on behalf of Owner, shall permit such Dealer to terminate any
agreement (including any invoice) pursuant to, or under which, such Dealer is obligated to make
payments with respect to any Receivable (a “Contract”); provided, that the Dealer
shall have paid the Termination Amount, which shall constitute and be treated like Collections in
respect of the related Receivable. “Termination Amount” means, with respect to a Contract,
as of any date, the amount that the related Dealer owes under such Contract on such date, which
shall not be less than, with respect to a (i) a Contract with prepayment rights, one hundred
percent (100%) of the principal and accrued interest thereunder plus any premium set forth
in such Contract, and (ii) a Contract without prepayment rights, one hundred percent (100%) of the
principal and accrued interest thereunder plus any premium set forth in the related Credit and
Collection Policies.

     SECTION 2.5 Servicing Fees. As compensation for its servicing activities and as
reimbursement for its reasonable expenses in connection therewith, Master Servicer shall be
entitled to receive a monthly servicing fee in respect of any Monthly Period (or portion thereof)
prior to the termination of Master Servicer’s obligations under this Agreement (the “Monthly
Servicing Fee”). The Monthly Servicing Fee for each Monthly Period shall equal one-twelfth of
the product of (a) the total outstanding balance of Transferred Receivables that are Principal
Receivables as of the beginning of the prior Monthly Period and (b) two percent (2%). The share of
the Monthly Servicing Fee allocable to each Series of Notes shall be payable on the dates and in
the amounts specified in the related Indenture Supplement. Owner shall be obligated to pay the
excess of the Monthly Servicing Fee over the portions allocated as specified above. Master
Servicer shall be required to pay for all expenses incurred by it in connection with its activities

					
	 	 	 	 	 
	 
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hereunder (including any payments to accountants, counsel or any other Person, but not
including federal, state, local income or franchise taxes of Owner) and shall not be entitled to
any payment or reimbursement of those expenses other than the Monthly Servicing Fees.

     SECTION 2.6 Covenants of Master Servicer. Master Servicer covenants and agrees that
from and after the Closing Date and until the date on which the outstanding balances of all
Transferred Receivables have been reduced to zero:

     (a) Ownership of Transferred Receivables. Master Servicer shall identify the
Transferred Receivables clearly and unambiguously in its Servicing Records to reflect that
the Transferred Receivables are owned by Owner.

     (b) Compliance with Requirements of Law. Master Servicer shall duly satisfy
all obligations on its part to be fulfilled under or in connection with the Transferred
Receivables and the related Accounts, will maintain in effect all qualifications required
under Requirements of Law in order to properly service the Transferred Receivables and the
related Accounts and will comply in all material respects with all other Requirements of Law
in connection with servicing the Transferred Receivables and the related Accounts, the
failure to comply with which would have a Material Adverse Effect.

     (c) No Rescission or Cancellation. Master Servicer shall not permit any
rescission or cancellation of a Transferred Receivable except as ordered by a court of
competent jurisdiction or other Governmental Authority or in the ordinary course of its
business and in accordance with the Credit and Collection Policies. Master Servicer shall
reflect any such rescission or cancellation in its computer file related to the Accounts.

     If Master Servicer breaches either of the covenants contained in paragraph (b) or
(c) with respect to any Transferred Receivable or the related Account, and as a result
thereof, Owner’s rights in, to or under any Transferred Receivable(s) in the related Account or the
proceeds of such Transferred Receivable are materially impaired or such proceeds are not available
for any reason to Owner free and clear of any Lien, then no later than the expiration of sixty (60)
days from the earlier to occur of the discovery of such event by Master Servicer, or receipt by
Master Servicer of notice of such event given by Owner, all Transferred Receivables in the Account
or Accounts to which such event relates shall be assigned to Master Servicer as set forth below;
provided that such Transferred Receivables will not be assigned to Master Servicer if, on
any day prior to the end of such sixty (60) day period, (i) the relevant breach shall have been
cured and the covenant shall have been complied with in all material respects and (ii) Master
Servicer shall have delivered an Officer’s Certificate describing the nature of such breach and the
manner in which such breach was cured.

     Master Servicer shall effect such assignment by paying Owner in immediately available funds
prior to the related Payment Date in an amount equal to the amount of such Transferred Receivables,
which deposit shall be considered a Collection with respect to such Receivables.

     Upon each such assignment to Master Servicer, Owner shall automatically and without further
action be deemed to transfer, assign, set over and otherwise convey to Master Servicer,
without recourse, representation or warranty all right, title and interest of Owner in and to
such

					
	 	 	 	 	 
	 
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Transferred Receivables, all moneys due or to become due and all amounts received with respect
thereto and all proceeds thereof. Owner shall execute such documents and instruments of transfer
or assignment and take such other actions as shall be reasonably requested by Master Servicer to
effect the conveyance of any such Transferred Receivables pursuant to this Section.

     SECTION 2.7 Reporting Requirements.

     (a) Master Servicer hereby agrees that, from and after the Closing Date and until the
date on which the outstanding balances of all Transferred Receivables have been reduced to
zero, it has delivered, has caused to be delivered, shall deliver or shall cause to be
delivered financial statements, notices, and other information (including the reports
required by Sections 2.8 and 2.9) at the times, to the Persons and S&P and
in a manner set forth in Schedule 2.7.

     (b) Master Servicer shall deliver Instructions on behalf of Owner, and shall direct
Custodian as to the investment of funds credited to the Trust Accounts; provided
that Master Servicer will direct Custodian to invest only in Permitted Investments.

     (c) Notwithstanding anything to the contrary in any Related Document (as such term is
defined in this Agreement or in the Indenture) Master Servicer shall be responsible for
preparing and filing all reports required to be filed with the Commission under the Exchange
Act with respect to Owner.

     SECTION 2.8 Annual Master Servicer’s Certificate.

     (a) Master Servicer shall deliver to Owner on or before the 90th day
following the end of each fiscal year of Master Servicer, an Officer’s Certificate of Master
Servicer providing such information as is required under Item 1123 of Regulation AB and the
Exchange Act.

     (b) Master Servicer shall deliver to Owner on or before the 90th day
following the end of each fiscal year of Master Servicer a report regarding Master
Servicer’s assessment of compliance with the applicable servicing criteria specified in Item
1122 of Regulation AB during the immediately preceding fiscal year, as required under Rules
13a-18 and 15d-18 of the Exchange Act.

     SECTION 2.9 Annual Independent Public Accountants’ Servicing Report. On or before the
90th day following the end of each fiscal year of Master Servicer, Master Servicer shall
cause a firm of nationally recognized independent public accountants (who may also render other
services to Master Servicer) to furnish a report to the Owner that attests to, and reports on, the
Servicer’s assessment delivered pursuant to Section 2.8, which attestation report shall be
made in accordance with the requirements of Rule 15d-18 of the Exchange Act. The certification
required by this paragraph may be replaced, at Master Servicer’s option, by any similar
certification using standards which are now or in the future in use by servicers of comparable
assets and which otherwise comply with any rule, regulation, “no-action” letter or similar guidance
promulgated by the Commission.

					
	 	 	 	 	 
	 
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     SECTION 2.10 Notices to Transferor. If GE Capital is no longer acting as Master
Servicer, any Successor Master Servicer appointed pursuant to Section 6.2 shall deliver or
make available to Owner each certificate and report required to be prepared, forwarded or delivered
thereafter pursuant to Sections 2.7, 2.8 and 2.9.

     SECTION 2.11 Collections. Master Servicer shall apply all Collections for each
Monthly Period as described in the Indenture and each Indenture Supplement.

     SECTION 2.12 Allocations and Disbursements. With respect to each Series, Master
Servicer shall make the allocations and disbursements for such Series on behalf of the Owner as is
required to be made by the Owner under the terms of the Indenture and the Indenture Supplement for
such Series.

     SECTION 2.13 New Series. Pursuant to one or more Indenture Supplements, Owner may
issue one or more new Series of Notes (a “New Issuance”), as more fully described in the
Indenture. To enable Master Servicer to perform its obligations pursuant to Sections 2.11
and 2.12, Owner shall give reasonable prior notice to Master Servicer of each New Issuance
and shall provide Master Servicer an opportunity to review and comment upon each Indenture
Supplement. All outstanding Series shall be equally and ratably entitled as provided herein to the
benefits of this Agreement without preference, priority or distinction, all in accordance with the
terms and provisions of this Agreement except, with respect to any Series, as provided in the
related Indenture Supplement.

     SECTION 2.14 Servicer Advances. On each Transfer Date, the Master Servicer shall have
the right, but not the obligation, to make an advance to the Collection Account (each such advance,
a “Servicer Advance”) in an amount equal to the lesser of (a) the amount of principal and
interest payable but not paid during the preceding Monthly Period by Dealers in respect of
Delinquent Receivables owned by the Issuer and (b) the Payment Date Shortfall for the related
Payment Date. The Master Servicer shall not make a Servicer Advance in respect of a Delinquent
Receivable if the Master Servicer does not reasonably believe that future collections on such
Delinquent Receivable shall equal or exceed the amount of such Servicer Advance (and interest on
such Servicer Advance). Each Servicer Advance shall bear interest on each day until repaid in full
at a rate per annum equal to the weighted average interest rate on the Notes that are Outstanding
on such day. Servicer Advances shall be reimbursed after the Issuer has paid amounts owing to the
Indenture Trustee (up to $25,000 for each calendar year), the Trustee (up to $25,000 for each
calendar year) and the Administrator (up to $25,000 for each calendar year), but prior to payments
of principal and interest on the Notes.

     As used in this Section 2.14, the following terms shall have the meanings set forth
below:

     “Delinquent Receivable” shall mean a Receivable for which any payment of principal or
interest by the related Dealer is more than one (1) day past due and less than thirty (30) days
past due; provided that no Defaulted Receivable, Ineligible Receivable (as defined in the
First Tier Agreement) or Designated Ineligible Receivable (as defined in the First Tier Agreement)
shall be considered to be a Delinquent Receivable for purposes of this definition.

					
	 	 	 	 	 
	 
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     “Payment Date Shortfall” means, on any Payment Date (determined as of the preceding
Transfer Date) the sum, for all Indenture Supplements, of the excess, if any, of (a) the amount
that is payable, from Series Accounts established under such Indenture Supplements on such Payment
Date, to the Indenture Trustee, the Trustee, the Administrator and the Noteholders, over (b) the
amount of funds that are available pursuant to such Indenture Supplements (without giving effect to
any Servicer Advance) to make the payments contemplated by clause (a) of this sentence.

ARTICLE III

REPRESENTATIONS AND WARRANTIES

     SECTION 3.1 Representations and Warranties of Master Servicer. Master Servicer
represents and warrants to Owner as of the date hereof and as of each Series Closing Date:

     (a) It is duly organized, validly existing and in good standing under the laws of its
jurisdiction of incorporation and is duly qualified to do business, and is in good standing,
in each jurisdiction in which the servicing of the Transferred Receivables hereunder
requires it to be so qualified, except where the failure to comply would not reasonably be
expected to have a Material Adverse Effect.

     (b) It has the power and authority to execute and deliver this Agreement and to perform
its obligations contemplated hereby.

     (c) This Agreement has been duly authorized, executed and delivered by Master Servicer
and constitutes its legal, valid and binding obligation enforceable against it in accordance
with its terms, subject to any applicable bankruptcy, insolvency, reorganization, moratorium
or other similar laws now or hereafter in effect relating to or affecting the enforceability
of creditors’ rights generally and general equitable principles, whether applied in a
proceeding at law or in equity.

     (d) No consent of, notice to, filing with or permits, qualifications or other action by
any Governmental Authority or any other party is required for the due execution, delivery
and performance by Master Servicer of this Agreement, other than consents, notices, filings
and other actions which have been obtained or made or where the failure to obtain such
consent or take such action, individually or in the aggregate, would not reasonably be
expected to have a Material Adverse Effect.

     (e) There is no pending or, to its actual knowledge, threatened Litigation of a
material nature against or affecting it in any court or tribunal, before any arbitrator of
any kind or before or by any Governmental Authority (i) asserting the invalidity of this
Agreement, or (ii) seeking any determination or ruling that might materially and adversely
affect the validity or enforceability of this Agreement.

     (f) Master Servicer (or a Sub-Servicer on its behalf) has in its possession all
original copies of the Financing Agreements that evidence the Receivables. Such Financing
Agreements do not have any marks or notations indicating that they have been pledged,
assigned or otherwise conveyed to any Person, other than pursuant to the Related Documents.

					
	 	 	 	 	 
	 
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ARTICLE IV

ADDITIONAL MATTERS RELATING TO MASTER SERVICER

     SECTION 4.1 Covenants of Master Servicer Regarding the Transferred Receivables.

     (a) Maintenance of Records and Books of Account. Master Servicer shall
maintain and implement administrative and operating procedures (including the ability to
recreate records evidencing the Transferred Receivables in the event of the destruction of
the originals thereof), and keep and maintain all documents, books, computer records and
other information, reasonably necessary or advisable for the collection of all the
Transferred Receivables. Such documents, books and computer records shall reflect all facts
giving rise to the Transferred Receivables, all payments and credits with respect thereto,
and such documents, books and computer records shall indicate the interests of Owner in the
Transferred Receivables.

     (b) Servicer Default. If a Servicer Default shall have occurred and be
continuing, promptly upon request therefor, Master Servicer shall deliver to Owner records
reflecting activity through the close of business on the Business Day immediately preceding
the Servicer Default. Upon the occurrence and during the continuation of a Servicer
Default, Master Servicer shall (i) deliver and turn over to Owner or to its representatives,
or at the option of Owner shall provide Owner its representatives with access to, at any
time, on demand of Owner, all of Master Servicer’s facilities, personnel, books and records
pertaining to the Transferred Receivables, including all Records, and (ii) allow Owner to
occupy the premises of Master Servicer where such books, records and Records are maintained,
and utilize such premises, the equipment thereon and any personnel of Master Servicer Owner
may wish to employ to administer, service and collect the Transferred Receivables.

     (c) Notice of Adverse Claim. Master Servicer shall advise Owner promptly, in
reasonable detail, (i) of any Lien (other than a “Permitted Encumbrance” as such term is
defined in the Indenture) known to it made or asserted against any Transferred Receivable,
and (ii) of the occurrence of any event known to it which would have a material adverse
effect on the aggregate value of the Transferred Receivables.

     (d) Further Assurances. Master Servicer shall furnish to Owner from time to
time such statements and schedules further identifying and describing the Transferred
Receivables and such other reports in connection with the Transferred Receivables as Owner
may reasonably request, all in reasonable detail.

     (e) Maintenance of Perfection and Priority. Master Servicer shall take such
action, or execute and deliver such instruments as may be necessary or advisable to maintain
and perfect, as a first priority interest, Owner’s interests in the Transferred Receivables.

					
	 	 	 	 	 
	 
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     SECTION 4.2 Merger or Consolidation of, or Assumption of the Obligations of Master
Servicer.

     (a) Master Servicer shall not consolidate with or merge into any other Person or convey
or transfer its properties and assets substantially as an entirety to any Person, unless:

     (i) Master Servicer shall have provided prior written notice of such proposed
consolidation or merger to Owner (and, if Owner has not notified each Rating Agency
thereof, Master Servicer shall do so);

     (ii) the Person formed by such consolidation or into which Master Servicer is
merged or the Person which acquires by conveyance or transfer the properties and
assets of Master Servicer substantially as an entirety shall be a corporation or
other entity organized and existing under the laws of the United States of America
or any State or the District of Columbia and, if Master Servicer is not the
surviving entity, shall expressly assume, by an agreement supplemental hereto,
executed and delivered to Owner in form satisfactory to Owner, the performance of
every covenant and obligation of Master Servicer hereunder;

     (iii) Master Servicer has delivered to Owner (A) an Officer’s Certificate
stating that such consolidation, merger, conveyance or transfer and such
supplemental agreement comply with this Section and that all conditions precedent
herein provided for relating to such transaction have been complied with, and (B) an
Opinion of Counsel to the effect that such supplemental agreement is a valid and
binding obligation of such surviving entity enforceable against such surviving
entity in accordance with its terms, except as such enforceability may be limited by
applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws
affecting creditors’ rights generally from time to time in effect and except as such
enforceability may be limited by general principles of equity (whether considered in
a suit at law or in equity); and

     (iv) either (x) the Person formed by such consolidation or into which Master
Servicer is merged or the Person which acquired by conveyance or transfer the
properties and assets of Master Servicer substantially as an entirety shall be an
Eligible Servicer (taking into account, in making such determination, the experience
and operations of the predecessor Master Servicer) or (y) upon the effectiveness of
such consolidation, merger, conveyance or transfer, a Successor Master Servicer
shall have assumed the obligations of Master Servicer in accordance with this
Agreement.

					
	 	 	 	 	 
	 
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     (b) This Section 4.2 shall not be construed to prohibit or in any way limit
Master Servicer’s ability to effectuate any consolidation or merger pursuant to which Master
Servicer would be the surviving entity.

     SECTION 4.3 Access to Certain Documentation and Information Regarding the Receivables.
Master Servicer shall provide to Owner or its designees access to the documentation regarding the
Accounts and the Transferred Receivables in such cases where Owner or such designee is required in
connection with the enforcement of the rights of Owner or any of its creditors, or by applicable
statutes or regulations to review such documentation, such access being afforded without charge but
only (i) upon reasonable request, (ii) during normal business hours, (iii) subject to Master
Servicer’s normal security and confidentiality procedures and (iv) at offices designated by Master
Servicer. Nothing in this Section 4.3 shall derogate from the obligation of any Person to
observe any applicable law prohibiting disclosure of information regarding the Dealers (or
customers of Dealers), and the failure of Master Servicer to provide access as provided in this
Section 4.3 as a result of such obligation shall not constitute a breach of this
Section 4.3.

ARTICLE V

SERVICER DEFAULTS

     SECTION 5.1 Servicer Defaults. If any of the following events (each, a “Servicer
Default”) shall occur (regardless of the reason therefor) with respect to Master Servicer:

     (a) any failure by Master Servicer to make any payment, transfer or deposit on or
before the date occurring five (5) Business Days after the date such payment, transfer or
deposit is required to be made or given by Master Servicer, as the case may be;
provided, that, if such failure could not have been prevented by the exercise of
reasonable due diligence by Master Servicer and such failure was caused by an act of God or
other similar occurrence, then a Servicer Default shall not be deemed to have occurred under
this Section 5.1(a) until thirty-five (35) Business Days after the date of such
failure;

     (b) failure on the part of Master Servicer duly to observe or perform in any material
respect any other covenants or agreements of Master Servicer set forth in this Agreement
which has a material adverse effect on Owner, which continues unremedied for a period of
sixty (60) days after the date on which written notice of such failure requiring the same to
be remedied shall have been given to Master Servicer by Owner; provided, that, if
such failure could not have been prevented by the exercise of reasonable due diligence by
Master Servicer and such failure was caused by an act of God or other similar occurrence,
then a Servicer Default shall not be deemed to have occurred under this Section
5.1(b) until one hundred twenty (120) days after the date of such failure;

     (c) Master Servicer delegates its duties, except as specifically permitted under
Section 2.1, and such delegation continues for fifteen (15) days after written
notice to Master Servicer by Owner;

					
	 	 	 	 	 
	 
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     (d) any representation, warranty or certification made by Master Servicer in this
Agreement or in any certificate delivered pursuant to this Agreement shall prove to have
been incorrect when made, which has a material adverse effect on Owner and which continues
to be incorrect in any material respect for a period of sixty (60) days after the date on
which written notice of such error or defect, requiring the same to be corrected or
remedied, shall have been given to Master Servicer by Owner; provided, that, if the
error or defect could not have been prevented by the exercise of reasonable due diligence by
Master Servicer and such error or defect was caused by an act of God or other similar
occurrence, then Master Servicer shall have an additional sixty (60) days to cure the
default; or

     (e) Master Servicer shall fail generally to, or admit in writing its inability to, pay
its debts as they become due; or a proceeding shall have been instituted in a court having
jurisdiction in the premises seeking a decree or order for relief in respect of Master
Servicer in an involuntary case under any Debtor Relief Law, or for the appointment of a
receiver, liquidator, assignee, trustee, custodian, sequestrator, conservator or other
similar official of Master Servicer or for any substantial part of its property, or for the
winding-up or liquidation of its affairs and, if instituted against Master Servicer, any
such proceeding shall continue undismissed or unstayed and in effect, for a period of sixty
(60) consecutive days, or any of the actions sought in such proceeding shall occur; or the
commencement by Master Servicer, of a voluntary case under any Debtor Relief Law, or such
Person’s consent to the entry of an order for relief in an involuntary case under any Debtor
Relief Law, or consent to the appointment of or taking possession by a receiver, liquidator,
assignee, trustee, custodian, sequestrator, conservator or other similar official of such
Person or for any substantial part of its property, or any general assignment for the
benefit of creditors; or Master Servicer shall have taken any corporate action in
furtherance of any of the foregoing actions;

then, in any such event, Owner may, by delivery of a Servicer Termination Notice to Master
Servicer, terminate the servicing responsibilities of Master Servicer hereunder, without demand,
protest or further notice of any kind, all of which are hereby waived by Master Servicer. Upon the
delivery of any such notice, all authority and power of Master Servicer under this Agreement shall
pass to and be vested in the Successor Master Servicer acting pursuant to Section 6.2,
provided, that notwithstanding anything to the contrary herein, Master Servicer agrees to
act as Master Servicer and to continue to follow the procedures set forth in this Agreement with
respect to Collections on the Transferred Receivables under this Agreement until a Successor Master
Servicer has assumed the responsibilities and obligations of Master Servicer in accordance with
Section 6.2. Master Servicer shall send written notice to Owner and Owner shall forward
such notice to S&P promptly after becoming aware of the occurrence of any Servicer Default or any
event that, with notice or lapse of time or both, would become a Servicer Default.

					
	 	 	 	 	 
	 
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ARTICLE VI

SUCCESSOR MASTER SERVICER

     SECTION 6.1 Resignation of Master Servicer. Master Servicer may resign only in the
circumstances set forth in clause (a) or (b) of this Section 6.1.

     (a) Master Servicer may resign from its obligations and duties hereunder upon the
written consent of Owner if it finds a replacement servicer satisfying the eligibility
criteria set forth in Section 6.2. No such resignation shall become effective until
the replacement servicer shall have obtained Owner’s approval and appointment pursuant to
Section 6.2.

     (b) Master Servicer may resign from the obligations and duties hereby imposed on it
upon determination that (i) in the determination of Master Servicer, the performance of its
duties hereunder has become impermissible under applicable law, and (ii) there is no
commercially reasonable action which Master Servicer could take to make the performance of
its duties hereunder permissible under applicable law. No such resignation shall become
effective until a Successor Master Servicer shall have assumed the responsibilities and
obligations of Master Servicer in accordance with Section 6.2.

     SECTION 6.2 Appointment of the Successor Master Servicer. In connection with the
termination of Master Servicer’s responsibilities under this Agreement pursuant to Section
5.1 or 6.1, Owner shall appoint a successor master servicer that shall have a long-term
debt rating of at least “Baa3” by Moody’s and “BBB-” by S&P. The successor master servicer shall
succeed to all rights and assume all of the responsibilities, duties and liabilities of Master
Servicer under this Agreement (such successor master servicer being referred to as the
“Successor Master Servicer”); provided, that the Successor Master Servicer shall
have no responsibility for any actions of Master Servicer prior to the date of its appointment as
Successor Master Servicer. The Successor Master Servicer shall accept its appointment by
executing, acknowledging and delivering to Owner an instrument in form and substance acceptable to
Owner. Owner shall provide prior written notice of such appointment to the Rating Agencies and the
Indenture Trustee.

     SECTION 6.3 Duties of Master Servicer. At any time following the appointment of a
Successor Master Servicer:

     (a) Master Servicer agrees that it shall terminate its activities as Master Servicer
hereunder in a manner acceptable to Owner so as to facilitate the transfer of servicing to
the Successor Master Servicer, including timely delivery (i) to Owner of any funds that were
required to be deposited in the Collection Account, and (ii) to the Successor Master
Servicer, at a place selected by the Successor Master Servicer, of all Servicing Records and
other information with respect to the Transferred Receivables. Master Servicer shall
account for all funds and shall execute and deliver such instruments and do such other
things as may reasonably be required to more fully and definitely vest and confirm in the
Successor Master Servicer all rights, powers, duties, responsibilities, obligations and
liabilities of Master Servicer; and

					
	 	 	 	 	 
	 
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     (b) Master Servicer shall terminate each Sub-Servicing Agreement that may have been
entered into by it and the Successor Master Servicer shall not be deemed to have assumed any
of Master Servicer’s interest therein or to have replaced Master Servicer as a party to any
such Sub-Servicing Agreement.

     SECTION 6.4 Effect of Termination or Resignation. Any termination or resignation of
Master Servicer under this Agreement shall not affect any claims that Owner may have against Master
Servicer for events or actions taken or not taken by Master Servicer arising prior to any such
termination or resignation.

ARTICLE VII

INDEMNIFICATION

     SECTION 7.1 Indemnities by Master Servicer. Without limiting any other rights that
Owner or its Affiliates or any director, officer, employee, trustee or agent or incorporator
thereof (each a “Servicer Indemnified Person”) may have hereunder or under applicable law,
Master Servicer hereby agrees to indemnify each Servicer Indemnified Person from and against any
and all Indemnified Amounts which may be imposed on, incurred by or asserted against a Servicer
Indemnified Person to the extent arising out of or relating to any material breach of Master
Servicer’s obligations under this Agreement; excluding, however, Indemnified
Amounts to the extent resulting from (i) bad faith, gross negligence or willful misconduct on the
part of a Servicer Indemnified Person or (ii) uncollectible Receivables. Any Indemnified Amounts
subject to the indemnification provisions of this Section 7.1 shall be paid to Servicer
Indemnified Person within ten (10) Business Days following demand therefor and shall not be paid
from the assets of the Owner.

     SECTION 7.2 Limitation of Damages; Indemnified Persons. NO PARTY TO THIS AGREEMENT
SHALL BE RESPONSIBLE OR LIABLE TO ANY OTHER PARTY TO THIS AGREEMENT, ANY SUCCESSOR, ASSIGNEE OR
THIRD PARTY BENEFICIARY OF SUCH PERSON OR ANY OTHER PERSON ASSERTING CLAIMS DERIVATIVELY THROUGH
SUCH PARTY, FOR INDIRECT, PUNITIVE, EXEMPLARY OR CONSEQUENTIAL DAMAGES THAT ARISE OR THAT MAY BE
ALLEGED AS A RESULT OF ANY TRANSACTION CONTEMPLATED HEREUNDER.

     SECTION 7.3 Limitation on Liability of Master Servicer and Others. Except as provided
in Section 7.1, neither Master Servicer nor any of the directors, officers, employees or
agents of Master Servicer, in its capacity as Master Servicer (each a “Master Servicer Related
Party”) shall be under any liability to Owner or any other Person for any action taken or for
refraining from the taking of any action in good faith in its capacity as Master Servicer pursuant
to this Agreement; provided, that this provision shall not protect Master Servicer or any
Master Servicer Related Party against any liability which would otherwise be imposed by reason of
willful misfeasance, bad faith or gross negligence in the performance of duties or by reason of
reckless disregard of obligations and duties hereunder. Master Servicer and any Master Servicer

					
	 	 	 	 	 
	 
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Related Party may rely in good faith on any document of any kind prima facie properly executed
and submitted by any Person (other than Master Servicer) respecting any matters arising hereunder.
Master Servicer shall not be under any obligation to appear in, prosecute or defend any legal
action which is not incidental to its duties as Master Servicer in accordance with this Agreement
and which in its reasonable judgment may involve it in any expense or liability.

ARTICLE VIII

MISCELLANEOUS

     SECTION 8.1 Notices. Except as otherwise provided herein, whenever it is provided
herein that any notice, demand, request, consent, approval, declaration or other communication
shall or may be given to or served upon any of the parties by any other parties, or whenever any of
the parties desires to give or serve upon any other parties any communication with respect to this
Agreement, each such notice, demand, request, consent, approval, declaration or other communication
shall be in writing and shall be deemed to have been validly served, given or delivered (a) upon
the earlier of actual receipt and three (3) Business Days after deposit in the United States Mail,
registered or certified mail, return receipt requested, with proper postage prepaid, (b) upon
transmission, when sent by facsimile or other electronic transmission (with such transmission
promptly confirmed by delivery of a copy by personal delivery or United States Mail as otherwise
provided in this Section 8.1), (c) one (1) Business Day after deposit with a reputable
overnight courier with all charges prepaid or (d) when delivered, if hand-delivered by messenger,
all of which shall be addressed to the party to be notified and sent to the address or facsimile
number indicated below or to such other address (or facsimile number) as may be substituted by
notice given as herein provided. The giving of any notice required hereunder may be waived in
writing by the party entitled to receive such notice. Failure or delay in delivering copies of any
notice, demand, request, consent, approval, declaration or other communication to any Person
designated in any written notice provided hereunder to receive copies shall in no way adversely
affect the effectiveness of such notice, demand, request, consent, approval, declaration or other
communication. Notwithstanding the foregoing, whenever it is provided herein that a notice is to
be given to any other party hereto by a specific time, such notice shall only be effective if
actually received by such party prior to such time, and if such notice is received after such time
or on a day other than a Business Day, such notice shall only be effective on the immediately
succeeding Business Day.

If to Master Servicer:

General Electric Capital Corporation

44 Old Ridgebury Road

Danbury CT 06810

Attention: Capital Markets, Operations

Telephone: (203) 796-1334

Telecopy: (203) 796-5554

 
					
	 	 	 	 	 
	 
	 	23
	 	Amended and Restated Servicing Agreement

 

 

If to Owner:

GE Dealer Floorplan Master Note Trust

c/o The Bank of New York

101 Barclay Street, Floor 8 West (ABS Unit)

New York, NY 10286

Attention: Antonio Vayas

Telephone: (212) 815-8322

Telecopy: (212) 815-2493 or 3883

with a copy to:

General Electric Capital Corporation, as Administrator

44 Old Ridgebury Road

Danbury, CT 06810

Attention: Capital Markets, Operations

Telephone: (203) 796-1334

Telecopy: (203) 796-5554

     SECTION 8.2 Binding Effect; Assignability. This Agreement shall be binding upon and
inure to the benefit of Owner and Master Servicer and their respective successors and permitted
assigns. Except as set forth in Section 2.1, or Article VI, Master Servicer may
not assign, transfer, hypothecate or otherwise convey any of its rights or obligations hereunder or
interests herein without the express prior written consent of Owner and satisfaction of the S&P
Condition. Any such purported assignment, transfer, hypothecation or other conveyance by Master
Servicer without the prior express written consent of Owner shall be void. Owner may, at any time,
assign any of its rights and obligations under this Agreement to any Person and any such assignee
may further assign at any time its rights and obligations under this Agreement, in each case,
without the consent of Master Servicer. Each of Owner and Master Servicer acknowledges and agrees
that, upon any such assignment, the assignee thereof may enforce directly, all of the obligations
of Owner or Master Servicer hereunder, as applicable.

     SECTION 8.3 Termination; Survival of Obligations. This Agreement shall create and
constitute the continuing obligations of the parties hereto in accordance with its terms, and shall
remain in full force and effect until the date on which the outstanding balances of all Transferred
Receivables have been reduced to zero; provided, that the rights and remedies provided for
herein with respect to any breach of any representation or warranty made by Master Servicer
pursuant to Article III, the indemnification and payment provisions of Article VII
and Sections 8.4 and 8.12 shall be continuing and shall survive such reduction.

     SECTION 8.4 No Proceedings. Master Servicer hereby agrees that, from and after the
Closing Date and until the date one year plus one day following the date on which the outstanding
balances of all Transferred Receivables have been reduced to zero, it has not instituted or caused
to be instituted and it will not, directly or indirectly, institute or cause to be instituted
against Owner any proceeding of the type referred to in Section 5.1(e); provided
that the foregoing shall not in any way limit Master Servicer’s right to pursue any other creditor
rights or remedies that Master Servicer may have for claims against Owner.

					
	 	 	 	 	 
	 
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     SECTION 8.5 Complete Agreement; Modification of Agreement. This Agreement constitutes
the complete agreement among the parties hereto with respect to the subject matter hereof,
supersedes all prior agreements and understandings relating to the subject matter hereof, and may
not be modified, altered or amended except as set forth in Section 8.6.

     SECTION 8.6 Amendments and Waivers. No amendment, modification, termination or waiver
of any provision of this Agreement, or any consent to any departure by any party hereto therefrom,
shall in any event be effective unless the same shall be in writing and signed by each of the
parties hereto and the S&P Condition shall have been satisfied.

     SECTION 8.7 No Waiver; Remedies. The failure by Owner, at any time or times, to
require strict performance by Master Servicer of any provision of this Agreement shall not waive,
affect or diminish any right of Owner thereafter to demand strict compliance and performance
herewith. Any suspension or waiver of any breach or default hereunder shall not suspend, waive or
affect any other breach or default whether the same is prior or subsequent thereto and whether the
same or of a different type. None of the undertakings, agreements, warranties, covenants and
representations of Master Servicer contained in this Agreement and no breach or default by Master
Servicer hereunder, shall be deemed to have been suspended or waived by Owner unless such waiver or
suspension is by an instrument in writing signed by an officer or other duly authorized signatory
of Owner and directed to Master Servicer specifying such suspension or waiver and the S&P Condition
shall have been satisfied. The rights and remedies of Owner under this Agreement shall be
cumulative and nonexclusive of any other rights and remedies that Owner may have under any other
agreement, including the other Related Documents, by operation of law or otherwise.

     SECTION 8.8 GOVERNING LAW; CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL.

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

     (b) EACH PARTY HERETO HEREBY CONSENTS AND AGREES THAT THE STATE OR FEDERAL COURTS
LOCATED IN THE BOROUGH OF MANHATTAN IN NEW YORK CITY SHALL HAVE EXCLUSIVE JURISDICTION TO
HEAR AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN THEM PERTAINING TO THIS AGREEMENT OR TO
ANY MATTER ARISING OUT OF OR RELATING TO THIS AGREEMENT; PROVIDED, THAT EACH PARTY
HERETO ACKNOWLEDGES THAT ANY APPEALS FROM THOSE COURTS MAY HAVE TO BE HEARD BY A COURT
LOCATED OUTSIDE OF THE BOROUGH OF MANHATTAN IN NEW YORK CITY. EACH PARTY HERETO SUBMITS AND
CONSENTS IN ADVANCE TO

					
	 	 	 	 	 
	 
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SUCH JURISDICTION IN ANY ACTION OR SUIT COMMENCED IN ANY SUCH COURT, AND EACH PARTY
HERETO HEREBY WAIVES ANY OBJECTION THAT SUCH PARTY MAY HAVE BASED UPON LACK OF PERSONAL
JURISDICTION, IMPROPER VENUE OR FORUM NON CONVENIENS AND HEREBY
CONSENTS TO THE GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY SUCH
COURT. EACH PARTY HERETO HEREBY WAIVES PERSONAL SERVICE OF THE SUMMONS, COMPLAINT AND OTHER
PROCESS ISSUED IN ANY SUCH ACTION OR SUIT AND AGREES THAT SERVICE OF SUCH SUMMONS, COMPLAINT
AND OTHER PROCESS MAY BE MADE BY REGISTERED OR CERTIFIED MAIL ADDRESSED TO SUCH PARTY AT ITS
ADDRESS DETERMINED IN ACCORDANCE WITH SECTION 8.1 AND THAT SERVICE SO MADE SHALL BE DEEMED
COMPLETED UPON THE EARLIER OF SUCH PARTY’S ACTUAL RECEIPT THEREOF OR THREE DAYS AFTER
DEPOSIT IN THE UNITED STATES MAIL, PROPER POSTAGE PREPAID. NOTHING IN THIS SECTION SHALL
AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE LEGAL PROCESS IN ANY OTHER MANNER PERMITTED BY
LAW.

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

     SECTION 8.9 Counterparts. This Agreement may be executed in any number of separate
counterparts, each of which shall collectively and separately constitute one agreement. Executed
counterparts of this Agreement may be delivered electronically.

     SECTION 8.10 Severability. Wherever possible, each provision of this Agreement shall
be interpreted in such a manner as to be effective and valid under applicable law, but if any
provision of this Agreement shall be prohibited by or invalid under applicable law, such provision
shall be ineffective only to the extent of such prohibition or invalidity without invalidating the
remainder of such provision or the remaining provisions of this Agreement.

					
	 	 	 	 	 
	 
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     SECTION 8.11 Section Titles. The section titles and table of contents contained in
this Agreement are and shall be without substantive meaning or content of any kind whatsoever and
are not a part of the agreement between the parties hereto.

     SECTION 8.12 Limited Recourse.

     (a) The obligations of Owner under this Agreement are solely the obligations of Owner.
No recourse shall be had for any obligation or claim arising out of or based upon this
Agreement against any incorporator, shareholder, officer, manager, member or director, past,
present or future, of Owner or of any successor or of its constituent members or its other
Affiliates, either directly or through Owner or any successor, 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 acceptance hereof and as part of the consideration
for the acceptance hereof, expressly waived and released. Any accrued obligations owing by
Owner under this Agreement shall be payable by Owner solely to the extent that funds are
available therefor from time to time in accordance with the provisions of Section
2.11 and the priority of payments in the applicable Indenture Supplement
(provided that such accrued obligations shall not be extinguished until paid in
full).

     (b) The obligations of Master Servicer under this Agreement are solely the obligations
of Master Servicer. No recourse shall be had for the payment of any amount owing hereunder
or any other obligation or claim arising out of or based upon this Agreement, against any
shareholder, employee, officer, manager, member or director, agent or organizer, past,
present or future, of Master Servicer or of any successor thereto, either directly or
through Master Servicer or any successor thereto, 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 acceptance hereof and as part of the consideration for the
acceptance hereof, expressly waived and released.

     SECTION 8.13 Further Assurances. Master Servicer shall, at its sole cost and expense,
promptly and duly execute and deliver any and all further instruments and documents, and take such
further action, that may be necessary or desirable or that Owner may request to enable Owner to
exercise and enforce its rights under this Agreement or otherwise carry out more effectively the
provisions and purposes of this Agreement.

     SECTION 8.14 Pledge of Assets. Master Servicer hereby acknowledges that the Owner has
granted a security interest in the Transferred Receivables to the Indenture Trustee under the
Indenture, and hereby waives any defenses it may have against the Indenture Trustee for the
enforcement of this Agreement in the event of foreclosure by the Indenture Trustee. Accordingly,
the parties hereto agree that, in the event of foreclosure by the Indenture Trustee, the Indenture
Trustee shall have the right to enforce this Agreement and the full performance by the parties
hereto of their obligations and undertakings set forth herein. Master Servicer hereby agrees to
deliver to the Indenture Trustee a copy of all notices to be delivered by Master Servicer to Owner
hereunder.

					
	 	 	 	 	 
	 
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     SECTION 8.15 Waiver of Setoff. Master Servicer hereby waives any right of setoff that
it may have for amounts owing to it under or in connection with this Agreement.

     SECTION 8.16 Limitation of Liability of the Trustee. Notwithstanding anything
contained herein to the contrary, this instrument has been signed by The Bank of New York
(Delaware), not in its individual capacity but solely in its capacity as Trustee of Owner, and in
no event shall The Bank of New York (Delaware), in its individual capacity, or any beneficial owner
of Owner have any liability for the representations, warranties, covenants, agreements or other
obligations of Owner hereunder, as to all of which recourse shall be had solely to the assets of
Owner. For all purposes of this Agreement, in the performance of any duties or obligations of
Owner thereunder, the Trustee shall be subject to, and entitled to the benefits of, the terms and
provisions of the Trust Agreement.

     SECTION 8.17 Continued Effectiveness of the Existing Servicing Agreement. As amended
and restated hereby, the Existing Servicing Agreement shall continue to be in full force and effect
and is hereby ratified and confirmed in all respects.

[Signatures Follow]

					
	 	 	 	 	 
	 
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     IN WITNESS WHEREOF, the parties have caused this Servicing Agreement to be executed as of the
date first above written.

	 	 	 	 	 	 	 
	 	 	GE DEALER FLOORPLAN MASTER NOTE TRUST, as Owner	 	 
	 
	 	 	 	 	 	 
	 	 	By: The Bank of New York (Delaware), not in its
individual capacity, but solely as Trustee on behalf
of Owner	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Kristine K. Gullo
 

	 	 
	 	 	Name: Kristine K. Gullo	 	 
	 	 	Title: Vice President	 	 

					
	 	 	 	 	 
	 
	 	S-1
	 	Amended and Restated
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	 	 	GENERAL ELECTRIC CAPITAL CORPORATION, as Master
Servicer	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Margaret Fritz
 

	 	 
	 	 	Name: Margaret Fritz	 	 
	 	 	Title: Attorney-in-Fact	 	 

 
					
	 	 	 	 	 
	 
	 	S-2
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Schedule 2.7

Reporting Requirements

     Master Servicer shall prepare a monthly report on behalf of Owner for each Series that is
outstanding in the manner described in the Indenture Supplement for such Series. Master Servicer
shall also provide the Indenture Trustee with an electronic or written form of such report for each
such Series for delivery as set forth in the Indenture Supplement for such Series.

					
	 	 	 	 	 
	 
	 	2.7
	 	Amended and Restated Servicing Agreement

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