Document:

LIMITED LIABILITY COMPANY AGREEMENT

 

OF

 

GE EQUIPMENT MIDTICKET LLC, SERIES 2012-1

 

(A DELAWARE LIMITED LIABILITY COMPANY)

 

Dated as of September 26, 2012

 

Issuer LLC Agreement

 

    	 

    	 

    

 

GE EQUIPMENT MIDTICKET LLC, SERIES 2012-1

 

LIMITED LIABILITY COMPANY
AGREEMENT dated as of September 26, 2012, adopted by CEF Equipment Holding, L.L.C., as a member (the “Initial Member”).

 

Preliminary Statement

 

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

 

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

 

ARTICLE
I

 

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

 

ARTICLE
II

 

Section
2.1 Formation. The Company was formed as a limited liability company pursuant to the provisions of the Act on July
27, 2012 by the filing of the Certificate of Formation, substantially in the form of Exhibit A, with the office of
the Secretary of State of Delaware. The Initial Member hereby adopts, confirms and ratifies said Certificate of Formation and all
acts taken in connection therewith. Katarzyna (Kasia) Kordas is hereby designated as an “authorized person” within
the meaning of the Act, and has executed, delivered and filed the Certificate of Formation of the Company with the Secretary of
State of the State of Delaware. Upon the filing of the Certificate of Formation with the Secretary of State of the State of Delaware,
his powers as an “authorized person” ceased, and the Member thereupon became the designated “authorized person”
and shall continue as the designated “authorized person” within the meaning of the Act. The Member shall execute, deliver
and file any other certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do
business in any other jurisdiction in which the Company may wish to conduct business. The existence of the Company as a separate
legal entity shall continue until cancellation of the Certificate of Formation as provided in the Act.

 

ARTICLE
III

 

Section
3.1 Name. The name of the Company is GE Equipment Midticket LLC, Series 2012-1.

 

Issuer LLC Agreement

 

    	 

    	 

    

 

ARTICLE
IV

 

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

 

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

 

(viii) the Company
may sell or assign assets only as specified in the Servicing Agreement; and

 

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

 

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

 

ARTICLE
V

 

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

 

Issuer LLC Agreement

 

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ARTICLE
VI

 

Section
6.1 Registered Agent. The name and address of the registered agent of the Company for service of process on the Company
in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Wilmington, New Castle County, Delaware, 19808.

 

ARTICLE
VII

 

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

 

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

 

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

 

CEF Equipment Holding, L.L.C.

10 Riverview Drive

Danbury, Connecticut 06810

 

ARTICLE
VIII

 

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

 

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

 

Issuer LLC Agreement

 

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

 

ARTICLE
IX

 

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

 

ARTICLE
X

 

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

 

ARTICLE
XI

 

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

 

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

 

ARTICLE
XII

 

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

 

Issuer LLC Agreement

 

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

 

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

 

ARTICLE
XIII

 

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

 

ARTICLE
XIV

 

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

 

Issuer LLC Agreement

 

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

 

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

 

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

 

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

 

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

 

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

 

ARTICLE
XV

 

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

 

ARTICLE
XVI

 

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

 

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

 

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

 

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

 

Issuer LLC Agreement

 

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

 

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

 

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

 

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

 

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

 

Section
16.9 Effectiveness. Notwithstanding any other provision of this Agreement, each Member agrees that this Agreement
constitutes a legal, valid and binding agreement of such Member, and is enforceable against such Member, in accordance with its
terms.

 

[Signature Follows]

 

Issuer LLC Agreement

 

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

 

	 	CEF EQUIPMENT HOLDING, L.L.C., 
	 	as Initial Member
	 	 
	 	By:	/s/ Charles E. Rhodes
	 	Name:	Charles E. Rhodes
	 	Title:	Vice President and Secretary

 

Issuer LLC Agreement

 

    	S-1

    	 

    

 

DEFINITIONS ADDENDUM

TO THE

LIMITED LIABILITY COMPANY AGREEMENT

 

“Act”
is defined in the Preliminary Statement.

 

“Affiliate”
means, with respect to any Person, any Person or group of Persons acting in concert in respect of the Person in question that,
directly or indirectly, controls or is controlled by or is under common control with such Person. For the purposes of this definition,
“control” (including, with correlative meaning, the terms “controlled by” and “under common control
with”) as used with respect to any Person or group of Persons, shall mean the power to direct or cause the direction of the
management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise.

 

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

 

“Assets”
is defined in Section 4.1.

 

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

 

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

 

“Certificate
of Formation” means the Certificate of Formation of the Company, as filed with the Secretary of State of the State
of Delaware on July 27, 2012, or as amended, restated and supplemented, from time to time.

 

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

 

“Company”
means GE Equipment Midticket LLC, Series 2012-1, a Delaware limited liability company.

 

“Distribution
Date” means the 22nd day of each calendar month, or, if such day is not a Business Day, the next Business Day, commencing
on October 22, 2012.

 

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

 

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

 

Issuer LLC Agreement

 

    	 

    	 

    

 

“Indenture”
means the Indenture, dated September 26, 2012, between the Company and the Indenture Trustee, as the same may be amended, restated
or supplemented from time to time.

 

“Indenture Trustee”
means Deutsche Bank Trust Company Americas, not in its individual capacity but solely as indenture trustee under the Indenture,
or any successor indenture trustee under the Indenture.

 

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

 

“Manager”
is defined in Section 8.1.

 

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

 

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

 

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

 

“Rating Agency
Condition” means, for so long as such entity is rating any class of notes issued by the Company, with respect to any
action, that (i) Standard & Poor’s Financial Services, LLC shall have been given at least 10 Business Days’ prior
notice thereof and shall have not notified the Company and the Indenture Trustee that such action will result in a reduction or
withdrawal of the then current rating of any class of the notes, and (ii) Fitch Inc. shall have been given at least 10 Business
Days’ prior notice thereof.

 

“Seller”
is defined in Section 4.1.

 

“Servicing Agreement”
means the Servicing Agreement, dated as of September 26, 2012, between the Company and General Electric Capital Corporation, as servicer.

 

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

 

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

 

Issuer LLC Agreement

 

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

 

Issuer LLC Agreement

 

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EXHIBIT A

 

CERTIFICATE OF FORMATION

OF

GE EQUIPMENT MIDTICKET LLC, SERIES 2012-1

 

This Certificate of
Formation of GE Equipment Midticket LLC, Series 2012-1, dated as of July 27, 2012, has been duly executed and is being filed
by Katarzyna (Kasia) Kordas, as an authorized person, to form a limited liability company under the Delaware Limited Liability
Company Act (6 Del.C.§18-101, et seq.).

 

		1.	The name of the limited liability company is GE Equipment
Midticket LLC, Series 2012-1 (the “LLC”).

 

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

 

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

 

IN WITNESS WHEREOF,
the undersigned has executed this Certificate of Formation of the LLC this 27th day of July, 2012.

 

	 	By:	 
	 	 	Name: Katarzyna (Kasia) Kordas
	 	 	Title:   Authorized Person

 

Issuer LLC Agreement

 

    	A-1EXECUTION COPY

 

RECEIVABLES SALE AGREEMENT

 

September 26, 2012

 

among

 

GENERAL ELECTRIC CAPITAL CORPORATION,

as Seller,

 

VFS FINANCING, INC.,

as Seller

NMHG
Financial Services, Inc., 

as Seller

 

and

CEF EQUIPMENT HOLDING, L.L.C.,

as Purchaser 

 

Receivables Sale Agreement

 

    	 

    	 

    

 

This RECEIVABLES
SALE AGREEMENT (“Agreement” or “Sale Agreement”) is entered into as of September
26, 2012 by and among GENERAL ELECTRIC CAPITAL CORPORATION, a Delaware corporation (“GE Capital”), VFS
FINANCING, INC., a Delaware corporation (“VFS”), NMHG FINANCIAL SERVICES, INC., a Delaware corporation
(“NMHG,” and, together with VFS and GE Capital, the “Sellers”, and individually, each a “Seller”)
and CEF EQUIPMENT HOLDING, L.L.C., a Delaware limited liability company (the “Purchaser”).

 

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 as follows:

 

ARTICLE
I

DEFINITIONS AND INTERPRETATION

 

Section 1.1          Definitions.
Capitalized terms used herein and not otherwise defined shall have the meanings ascribed to them in Section 1 of Annex A
to this Agreement.

 

Section 1.2          Rules
of Construction. For purposes of this Agreement, the rules of construction set forth in Section 2 of Annex A
shall govern. All Annexes, Exhibits and Schedules hereto, are incorporated herein by reference and, taken together with this Agreement,
shall constitute but a single agreement.

 

ARTICLE
II

SALES OF CEF ASSETS

 

Section 2.1          Sale
of CEF Assets. (a) Subject to the terms and conditions hereof each Seller does hereby sell, transfer, assign, set over and
otherwise convey to the Purchaser, without recourse (subject to the obligations herein) all of such Seller’s right, title
and interest in (without duplication):

 

		(i)	the Receivables and all obligations of the Obligors thereunder, excluding amounts received thereunder
(provided, that, with respect to any Split-Payment Stream Receivable, only the base rent component is included) prior to
or on the Cut-off Date;

 

		(ii)	the Equipment (including any Residuals) with respect to the Receivables that are Leases;

 

		(iii)	all Related Security and any Collections and additional monies received under such Receivables,
Equipment and Related Security, unless related to amounts due in respect of the Receivables on or prior to the Cut-off Date;

 

		(iv)	all other property now or hereafter in the possession or custody of, or in transit to, the Issuer,
the Servicer, any Sub-Servicer or each Seller relating to any of the foregoing;

 

Receivables Sale Agreement

 

    	 

    	 

    

 

		(v)	all Receivable Files and Records with respect to any of the foregoing; and

 

		(vi)	all proceeds of the foregoing (all such assets, collectively, the “CEF Assets”).

 

(b)         On
or before the Closing Date, each Seller shall (i) indicate in its records that the CEF Assets have been sold to the Purchaser
pursuant to this Agreement by so identifying such CEF Assets with an appropriate notation and (ii) deliver to the Purchaser or
its designee the following documents (collectively, the “Receivable Files”):

 

		(i)	the original fully executed copy of the Receivable and related Contract;

 

		(ii)	a record or facsimile of the original credit application, if obtained, fully executed by the
Obligor;

 

		(iii)	the original certificate of title or file stamped copy of the UCC financing statement or such other
documents evidencing the security interest of the Purchaser in the Equipment; and

 

		(iv)	any and all other material documents relating to a Receivable, an Obligor or any of the Equipment.

 

Section 2.2          Grant
of Security Interest. The parties hereto intend that the sale pursuant to Section 2.1 hereof shall constitute a purchase
and sale and not a loan. Notwithstanding anything to the contrary set forth in this Section 2.2, if a court of competent
jurisdiction determines that any sale provided for herein constitutes a loan and not a purchase and sale, then the parties hereto
intend that this Agreement shall constitute a security agreement under applicable law and that the applicable Seller shall be deemed
to have granted, and each Seller hereby grants, to the Purchaser a first priority lien and security interest in and to all of such
Seller’s right, title and interest in, to and under the CEF Assets sold and transferred by such Seller on the Closing Date.
The possession by the Purchaser of notes and such other goods, money, documents, chattel paper or certificated securities shall
be deemed to be “possession by or delivery to the secured party” for purposes of perfecting the security interest pursuant
to the UCC in force in the relevant jurisdiction (including, without limitation, Section 9-313(c)(1) thereof). Notifications to
persons holding such property, and acknowledgments, receipts or confirmations from persons holding such property, shall be deemed
notifications to, or acknowledgments, receipts or confirmations from, bailees or agents (as applicable) of the Purchaser for
the purpose of perfecting such security interest under applicable law (except that nothing in this sentence shall cause any Person
to be deemed to be an agent of the Purchaser for any purpose other than for perfection of such security interest unless, and then
only to the extent, expressly appointed and authorized by the Purchaser in writing).

 

Section 2.3          Sale
Price. (a) As consideration for the sale of the CEF Assets pursuant to Section 2.1 hereof, the Purchaser shall pay each
Seller on the Closing Date, upon satisfaction of the applicable conditions set forth in Article III, an amount acknowledged by
the applicable Seller and the Purchaser to be the fair market value of the CEF Assets that such Seller sold and transferred by
such Seller to the Purchaser under this Agreement (together the “CEF Purchase Price”).

 

Receivables Sale Agreement

 

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(b)          The
CEF Purchase Price shall be payable by the Purchaser to the Sellers in the form of (i) cash and (ii) in the case of GE Capital,
an increase in GE Capital’s equity interest in the Purchaser.

 

ARTICLE
III

CONDITIONS PRECEDENT

 

Section 3.1          Conditions
to Sale. Each sale hereunder shall be subject to satisfaction of each of the following conditions precedent (any one or more
of which, except clause (e) below, may be waived in writing by the Purchaser) as of the Closing Date:

 

(a)          This
Agreement or counterparts hereof shall have been duly executed by, and delivered to, the applicable Seller and the Purchaser, and
the Purchaser shall have received such documents, instruments, agreements and legal opinions as the Purchaser shall reasonably
request in connection with the transactions contemplated by this Agreement, each in form and substance reasonably satisfactory
to the Purchaser.

 

(b)          The
Purchaser shall have received satisfactory evidence that the applicable Seller has obtained all required consents and approvals
of all Persons, including all requisite Governmental Authorities, to the execution, delivery and performance of this Agreement
and the consummation of the transactions contemplated hereby.

 

(c)          The
applicable Seller shall be in compliance in all material respects with all applicable foreign, federal, state and local laws and
regulations, including those specifically referenced in Section 4.2(c), except to the extent that the failure to so comply,
individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect.

 

(d)          The
representations and warranties of the applicable Seller contained herein or in any other Related Document shall be true and correct
in all material respects (or, to the extent any such representation or warranty is qualified by a materiality standard, such representation
or warranty shall be true and correct) as of the Closing Date, both before and after giving effect to such sale, except to the
extent that any such representation or warranty expressly relates to an earlier date and except for changes therein expressly permitted
by this Agreement.

 

(e)          At
the time of such sale, the Purchaser shall have sufficient funds on hand to pay the cash portion of the CEF Purchase Price.

 

(f)          The
applicable Seller shall be in compliance, in all material respects, with each of its covenants and other agreements set forth
herein.

 

(g)          The
applicable Seller shall have taken such other action, including delivery of approvals, consents, opinions, documents and instruments
to the Purchaser as the Purchaser may reasonably request.

 

Receivables Sale Agreement

 

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The consummation by a Seller of the sale
of CEF Assets on the Closing Date shall be deemed to constitute, as of the Closing Date, a representation and warranty by such
Seller that the conditions in clauses (d), (f) and (g) of this Section 3.1 have been satisfied.

 

ARTICLE
IV

REPRESENTATIONS, WARRANTIES AND COVENANTS

 

Section 4.1          Representations
and Warranties of the Sellers. To induce the Purchaser to purchase the CEF Assets, each Seller, severally and not jointly,
makes the following representations and warranties to the Purchaser, as of the Closing Date, each and all of which shall survive
the execution and delivery of this Agreement.

 

(a)          Corporate
Existence; Power and Authority. Such Seller (i) is a corporation duly organized, validly existing and in good standing
under the laws of its jurisdiction of organization; and (ii)  has all requisite power and authority and licenses to conduct
its business, to own its properties and to execute, deliver and perform its obligations under this Agreement.

 

(b)          UCC
Information. The true legal name of such Seller as registered in the jurisdiction of its organization, and the current location
of such Seller’s jurisdiction of organization are set forth in Schedule 4.1(b) and such location has not changed
within the past twelve (12) months with respect to such Seller. During the prior five (5) years, except as set forth in Schedule 4.1(b),
such Seller has not been known as or used any corporate, fictitious or trade name. In addition, Schedule 4.1(b) lists
such Seller’s (i) federal employer identification number and (ii) organizational identification number as designated
by the jurisdiction of its organization.

 

(c)          Authorization,
Compliance with Law. The execution, delivery and performance by such Seller of this Agreement and the other Related Documents
and the creation and perfection of all Liens and ownership interests provided for herein: (i) have been duly authorized by all
necessary corporate action, and (ii) do not violate any provision of any law or regulation of any Governmental Authority, or contractual
or corporate restrictions, binding on such Seller, except where such violations, individually or in the aggregate, could not reasonably
be expected to have a Material Adverse Effect.

 

(d)          Enforceability.
On or prior to the Closing Date, each of the Related Documents to which such Seller is a party shall have been duly executed and
delivered by such Seller and each such Related Document shall then constitute a legal, valid and binding obligation of such Seller,
enforceable against it in accordance with its terms, subject as to enforcement to bankruptcy, receivership, conservatorship, insolvency,
reorganization, moratorium and other similar laws of general applicability relating to or affecting creditors’ rights and
to general principles of equity.

 

(e)          Solvency.
Such Seller is Solvent.

 

Receivables Sale Agreement

 

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(f)          Use
of Proceeds. No proceeds received by such Seller under this Agreement will be used by it for any purpose that violates Regulation
U of the Federal Reserve Board.

 

(g)          Investment
Company Act. Such Seller is not an “investment company” or “controlled by” an “investment company,”
as such terms are defined in the Investment Company Act.

 

(h)          Receivables
and Other CEF Assets. With respect to each Receivable and the other CEF Assets sold by such Seller on the Closing Date, such
Seller represents and warrants that (i) such Receivable satisfies the criteria for an Eligible Receivable as of the Cut-off Date;
(ii) immediately prior to sale to the Purchaser, such CEF Assets were owned by such Seller free and clear of any Adverse Claim,
and such Seller has had at all relevant times the full right, power and authority to sell, contribute, assign, transfer and pledge
its interest therein as contemplated under this Agreement and, upon such sale, the Purchaser will acquire valid and properly
perfected title to, and the sole record and beneficial ownership interest in, such CEF Assets, free and clear of any Adverse Claim
or restrictions on transferability, and the Liens granted to the Purchaser by such Seller pursuant to Section 2.2 will
at all times be fully perfected first priority Liens in and to such Receivables and, in addition, following such sale, such Receivable
will not be subject to any Adverse Claim as a result of any action or inaction on the part of such Seller (or any predecessor in
interest); and (iii) if such Receivable is cross-collateralized with a receivable that is not a CEF Asset conveyed hereunder, as
of the Closing Date, either (x) the repossession or exercise of other rights with respect to the related Equipment by the holder
of such receivable that is not a CEF Asset would not materially impair the security intended to be afforded for such Receivable
and result in a material adverse effect on the holders of the Notes or (y) the holder of such receivable and the Purchaser or its
assigns as holder of the Receivable have entered into an intercreditor arrangement under which each holder has agreed to subordinate
its respective lien and rights of enforcement against the Equipment financed by the other holder or its predecessor in interest.

 

The representations and warranties described
in this Section 4.1 shall survive the sale of the CEF Assets to the Purchaser, any subsequent assignment or sale of
the CEF Assets by the Purchaser, and the termination of this Agreement and the other Related Documents and shall continue until
the payment in full of all CEF Assets.

 

Section 4.2          Affirmative
Covenants of the Sellers. Each Seller covenants and agrees that, unless otherwise consented to by the Purchaser, from and after
the Closing Date and until the earlier of the Redemption Date or the Class B Maturity Date:

 

(a)          Records.
Such Seller shall at its own cost and expense, for not less than three years from the date on which each Receivable was originated,
or for such longer period as may be required by law, maintain adequate Records with respect to such Receivable, including records
of all payments received, credits granted and merchandise returned with respect thereto.

 

Receivables Sale Agreement

 

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(b)          Access.
At any reasonable time, and from time to time at the Purchaser’s reasonable request, and upon at least seven (7) days prior
notice to such Seller, such Seller shall permit the Purchaser (or such Person as the Purchaser may designate), at the expense of
the Purchaser (or such Person as the Purchaser may designate), to conduct audits or visit and inspect any of the properties of
such Seller to examine the records, internal controls and procedures maintained by such Seller with respect to the CEF Assets and
take copies and extracts therefrom, and to discuss such Seller’s affairs with its officers, employees and, upon notice to
such Seller, independent accountants. Such Seller shall authorize such officers, employees and independent accountants to discuss
with the Purchaser (or such Person as the Purchaser may designate) the affairs of such Seller as such affairs relate to the CEF
Assets. Any audit provided for herein shall be conducted in accordance with such Seller’s rules respecting safety and security
on its premises and without materially disrupting operations. If an Event of Default shall have occurred and be continuing, such
Seller shall provide such access at all times and without advance notice and shall provide the Purchaser (or such Person as the
Purchaser may designate) with access to its suppliers and customers.

 

(c)          Compliance
With Agreements and Applicable Laws. Such Seller shall comply with all federal, state and local laws and regulations applicable
to it and the CEF Assets, including those relating to truth in lending, fair credit billing, fair credit reporting, equal credit
opportunity, fair debt collection practices, privacy, licensing and taxation, except to the extent that the failure to so comply,
individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect.

 

(d)          Maintenance
of Existence and Conduct of Business. Such Seller shall preserve and maintain its corporate existence, rights, franchise and
privileges in the jurisdiction of its incorporation; provided, that (i) such Seller may change its jurisdiction of
organization upon thirty (30) days’ notice to the Purchaser, and upon taking all actions necessary to maintain the perfected
ownership interest of the Purchaser in the Purchased Assets and (ii) such Seller may merge or consolidate with, or convey
substantially all of its assets to any Person, so long as such Person assumes such Seller’s obligations under this Agreement,
either contractually or by operation of law.

 

(e)          Notice
of Material Event. Such Seller shall promptly inform the Purchaser in writing of the occurrence of any of the following, in
each case setting forth the details thereof and what action, if any, such Seller proposes to take with respect thereto:

 

		(i)	any Litigation commenced, or to the knowledge of such Seller, threatened against it or with respect
to or in connection with all or any substantial portion of the CEF Assets or developments in such Litigation in each case that
such Seller believes has a reasonable risk of being determined adversely to it and that could, if determined adversely, have a
Material Adverse Effect on such Seller or the Purchaser; or

 

Receivables Sale Agreement

 

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		(ii)	the commencement of a case or proceeding by or against such Seller seeking a decree or order in
respect to it (A) under the Bankruptcy Code or any other applicable federal, state or foreign bankruptcy or other similar
law, (B) appointing a custodian, receiver, liquidator, assignee, trustee or sequestrator (or similar official) for such Seller
or for any substantial part of such Seller’s assets, or (C) ordering the winding-up or liquidation of the affairs of
such Seller.

 

(f)          Separate
Identity. Such Seller shall, to the extent applicable to it, act in a manner that is consistent with the statements set forth
in Exhibit 4.2(f).

 

(g)          Deposit
of Collections. Such Seller shall transfer and cause its Subsidiaries to transfer to the Purchaser or the Servicer on its behalf,
promptly, and in any event no later than the second (2nd) Business Day after receipt thereof, all Collections it may
receive in respect of CEF Assets.

 

Section 4.3          Negative
Covenants of the Sellers. Each Seller covenants and agrees that, without the prior written consent of the Purchaser, from and
after the Closing Date and until the earlier of the Redemption Date or the Class B Maturity Date:

 

(a)          Adverse
Claims. Such Seller shall not create, incur, assume or permit to exist any Adverse Claim on or with respect to any CEF Assets.

 

(b)          UCC
Matters. Such Seller shall not change its state of organization or incorporation or its name, identity or corporate structure
such that any financing statement filed to perfect the Purchaser’s interests under this Agreement would become seriously
misleading, unless such Seller shall have given the Purchaser not less than thirty (30) days’ prior written notice of such
change.

 

(c)          No
Proceedings. From the Closing Date and until the date one (1) year plus one (1) day following the date on which all amounts
due with respect to the Notes have been paid in full in cash, such Seller shall not, directly or indirectly, institute or cause
to be instituted against the Purchaser any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding or other
proceeding under any federal or state bankruptcy or similar law; provided that the foregoing shall not in any way limit
such Seller’s right to pursue any other creditor rights or remedies that such Seller may have under applicable law.

 

ARTICLE
V

INDEMNIFICATION

 

Section 5.1         Indemnification.
Without limiting any other rights that the Purchaser or any of its Stockholders, officers, directors, employees, attorneys, agents
or representatives or assigns (each, a “Purchaser Indemnified Person”) may have hereunder or under applicable
law, each Seller hereby, severally and not jointly, agrees to indemnify and hold harmless each Purchaser Indemnified Person from
and against any and all Indemnified Amounts that may be claimed or asserted against or incurred by any such Purchaser Indemnified
Person to the extent arising from or related to the failure of a Receivable sold and transferred by each Seller to be originated
in compliance with all requirements of law; provided, that no Seller shall be liable for any indemnification to a Purchaser
Indemnified Person to the extent that any such Indemnified Amounts result from (a) such Purchaser Indemnified Person’s
bad faith, gross negligence or willful misconduct, (b) recourse for uncollectible Receivables, or (c) any income tax or franchise
tax incurred by any Purchaser Indemnified Person, except to the extent that the incurrence of any such tax results from a breach
of or default by such Seller under this Agreement.

 

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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
MAY BE ALLEGED AS A RESULT OF ANY TRANSACTION CONTEMPLATED HEREUNDER.

 

ARTICLE
VI

MISCELLANEOUS

 

Section 6.1          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 telecopy
or other similar facsimile transmission (with such telecopy or facsimile promptly confirmed by delivery of a copy by personal delivery
or United States mail as otherwise provided in this Section 6.1), (c) one 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 set forth 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 (other than the Purchaser) designated in any written communication
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 be effective only 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 be effective
only on the immediately succeeding Business Day.

 

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If to GE Capital:

 

General Electric Capital Corporation

201 Merritt 7

Norwalk, Connecticut 06851

Attention: General Counsel

Telephone: (203) 229-5000

Facsimile: (203) 956-4296

 

If to VFS:

 

VFS Financing, Inc

10 Riverview Drive

Danbury, CT 06810

Attention: Capital Markets Operations

Telephone: (203) 749-2101

Facsimile: (203) 749-4054

 

If to NMHG:

 

NMHG Financial Services, Inc.

10 Riverview Drive

Danbury, CT 06810

Attention: Capital Markets Operations

Telephone: (203) 749-2101

Facsimile: (203) 749-4054

 

If to Purchaser:

 

CEF Equipment Holding, L.L.C.

10 Riverview Drive

Danbury, CT 06810

Attention: Capital Markets Operations

Telephone: (203) 749-2101

Facsimile: (203) 749-4054

 

Section 6.2          No
Waiver; Remedies. (a) Any party’s failure, at any time or times, to require strict performance by any other party
hereto of any provision of this Agreement shall not waive, affect or diminish any right of such party 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 of the same or a different type. None of
the undertakings, agreements, warranties, covenants and representations of any party contained in this Agreement, and no breach
or default by any party hereunder, shall be deemed to have been suspended or waived by any other party hereto unless such waiver
or suspension is by an instrument in writing signed by an officer of or other duly authorized signatory of such party and directed
to the defaulting party specifying such suspension or waiver.

 

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(b)          Upon
discovery by any Seller or the Purchaser of any breach of any representation, warranty, undertaking or covenant made by such party
and described in Sections 4.1, 4.2 or 4.3, which breach is reasonably likely to have a Material Adverse
Effect on the applicable CEF Assets, the party discovering the same shall give prompt written notice thereof to the other parties
hereto. As liquidated damages, the Purchaser shall, on the Transfer Date relating to the Collection Period during which the breach
is discovered, request the applicable Seller to, and such Seller shall pay to, or at the direction of, the Purchaser the Purchase
Amount for the applicable CEF Assets (measured at the end of the Collection Period during which such breach is discovered). Upon
such payment, all rights, title and interest of the Purchaser in and to such CEF Assets will be deemed to be automatically released
without the necessity of any further action by the Purchaser, the applicable Seller or any other party and such CEF Assets will
become the property of such Seller.

 

(c)          Each
party’s rights and remedies under this Agreement shall be cumulative and nonexclusive of any other rights and remedies that
such party may have under any other agreement, including the other Related Documents, by operation of law or otherwise.

 

Section 6.3          Successors
and Assigns. This Agreement shall be binding upon and shall inure to the benefit of each Seller and the Purchaser and their
respective successors and permitted assigns, except as otherwise provided herein. No Seller may assign, transfer, hypothecate or
otherwise convey its rights, benefits, obligations or duties hereunder without the prior express written consent of the Purchaser.
Any such purported assignment, transfer, hypothecation or other conveyance by any Seller without the prior express written consent
of the Purchaser shall be void. Each Seller acknowledges that under the Purchase and Sale Agreement the Purchaser will assign its
rights granted hereunder to the Issuer, and upon such assignment, the Issuer shall have, to the extent of such assignment, all
rights of the Purchaser hereunder and the Issuer may in turn transfer such rights. The terms and provisions of this Agreement are
for the purpose of defining the relative rights and obligations of each of the Sellers and the Purchaser with respect to the transactions
contemplated hereby and no Person shall be a third-party beneficiary of any of the terms and provisions of this Agreement.

 

Section 6.4          Termination;
Survival of Obligations. (a) 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 earlier of (i) the Class B Maturity Date or (ii)
the Redemption Date.

 

(b)          Except
as otherwise expressly provided herein or in any other Related Document, no termination or cancellation (regardless of cause or
procedure) of any commitment made by the Purchaser under this Agreement shall in any way affect or impair the obligations, duties
and liabilities of any Seller or the rights of the Purchaser relating to any unpaid portion of any and all recourse and indemnity
obligations of such Seller to the Purchaser, due or not due, liquidated, contingent or unliquidated or any transaction or event
occurring prior to such termination, or any transaction or event, the performance of which is required after the earlier to occur
of the Redemption Date or the Class B Maturity Date. Except as otherwise expressly provided herein or in any other Related Document,
all undertakings, agreements, covenants, warranties and representations of or binding upon any Seller, and all rights of the Purchaser
hereunder shall not terminate or expire, but rather shall survive any such termination or cancellation and shall continue in full
force and effect until the earlier of (i) the Class B Maturity Date or (ii) the Redemption Date; provided, that the rights
and remedies pursuant to Section 6.2(b), the indemnification and payment provisions of Article V, and the
provisions of Sections 4.3(c), 6.3, 6.4(b), 6.12 and 6.15 shall be continuing and shall
survive any termination of this Agreement.

 

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Section 6.5          Complete
Agreement; Modification of Agreement. This Agreement constitutes the complete agreement between the parties with respect to
the subject matter hereof, supersedes all prior agreements and understandings relating to the subject matter hereof and thereof,
and may not be modified, altered or amended except as set forth in Section 6.6.

 

Section 6.6          Amendments
and Waivers. No amendment, modification, termination or waiver of any provision of this Agreement, or any consent to any departure
therefrom by any party hereto, shall in any event be effective unless the same shall be in writing and signed by each of the parties
hereto and their respective permitted successors and assigns. No consent or demand in any case shall, in itself, entitle any party
to any other consent or further notice or demand in similar or other circumstances.

 

Section 6.7          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 (WITHOUT REGARD TO THE CONFLICT
OF LAW PROVISIONS THEREOF EXCEPT SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATION LAW) AND ANY APPLICABLE LAWS OF THE UNITED
STATES OF AMERICA.

 

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(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; PROVIDED
FURTHER, THAT NOTHING IN THIS AGREEMENT SHALL BE DEEMED OR OPERATE TO PRECLUDE THE PURCHASER FROM BRINGING SUIT OR TAKING
OTHER LEGAL ACTION IN ANY OTHER JURISDICTION TO REALIZE ON THE CEF ASSETS OR ANY SECURITY FOR THE OBLIGATIONS OF ANY SELLER ARISING
HEREUNDER OR TO ENFORCE A JUDGMENT OR OTHER COURT ORDER IN FAVOR OF THE PURCHASER. 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 6.1 AND THAT SERVICE SO MADE SHALL BE DEEMED COMPLETED UPON THE EARLIER OF SUCH PARTY’S ACTUAL RECEIPT
THEREOF OR THREE (3) 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 6.8          Counterparts.
This Agreement may be executed in any number of separate counterparts, each of which shall collectively and separately constitute
one agreement.

 

Section 6.9          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.

 

Section 6.10          Section
Titles. The section titles and table of contents contained in this Agreement are provided for ease of reference only and shall
be without substantive meaning or content of any kind whatsoever and are not a part of the agreement between the parties hereto.

 

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Section 6.11          No
Setoff. No Seller’s obligations under this Agreement shall be affected by any right of setoff, counterclaim, recoupment,
defense or other right such Seller might have against the Purchaser, all of which rights are hereby expressly waived by such Seller.

 

Section 6.12          Confidentiality.
Notwithstanding anything herein to the contrary, there is no restriction (express or implied) on any disclosure or dissemination
of the structure or tax aspects of the transaction contemplated by the Related Documents. Furthermore, each party hereto acknowledges
that it has no proprietary rights to any tax matter or tax idea contemplated hereby or to any element of the transaction structure
contemplated hereby.

 

Section 6.13          Further
Assurances. (a) Each Seller shall, at its sole cost and expense, upon request of the Purchaser, promptly and duly authorize,
execute and/or deliver, as applicable, any and all further instruments and documents and take such further actions that may
be necessary or desirable or that the Purchaser may request to carry out more effectively the provisions and purposes of this Agreement
or to obtain the full benefits of this Agreement and of the rights and powers herein granted, including authorizing the filing
of any financing or continuation statements under the UCC with respect to the ownership interests or Liens granted hereunder. Each
Seller hereby authorizes the Purchaser to file any such financing or continuation statements without the signature of such Seller
to the extent permitted by applicable law. A carbon, photographic or other reproduction of this Agreement or of any notice or financing
statement covering the CEF Assets or any part thereof shall be sufficient as a notice or financing statement where permitted by
law. If any amount payable under or in connection with any of the CEF Assets is or shall become evidenced by any instrument, such
instrument, other than checks and notes received in the ordinary course of business, shall be duly endorsed in a manner satisfactory
to the Purchaser immediately upon the applicable Seller’s receipt thereof and promptly delivered to or at the direction of
the Purchaser.

 

(b)          If any Seller
fails to perform any agreement or obligation under this Section 6.13, the Purchaser may (but shall not be required
to) itself perform, or cause performance of, such agreement or obligation, and the reasonable expenses of the Purchaser incurred
in connection therewith shall be payable by such Seller upon demand of the Purchaser.

 

Section 6.14          Accounting
Changes. If any Accounting Changes occur and such changes result in a change in the standards or terms used herein, then the
parties hereto agree to enter into negotiations in order to amend such provisions so as to equitably reflect such Accounting Changes
with the desired result that the criteria for evaluating the financial condition of such Persons and their Subsidiaries shall be
the same after such Accounting Changes as if such Accounting Changes had not been made. If the parties hereto agree upon the required
amendments to this Agreement, then after appropriate amendments have been executed and the underlying Accounting Change with respect
thereto has been implemented, any reference to GAAP contained herein shall, only to the extent of such Accounting Change, refer
to GAAP consistently applied after giving effect to the implementation of such Accounting Change. If such parties cannot agree
upon the required amendments within thirty (30) days following the date of implementation of any Accounting Change, then all financial
statements delivered and all standards and terms used herein shall be prepared, delivered and used without regard to the underlying
Accounting Change.

 

Receivables Sale Agreement

 

    	13

    	 

    

 

Section 6.15          Limitation
on Payments. Notwithstanding any provision contained herein to the contrary, if the Purchaser has not received funds which
may be used to make payments hereunder as contemplated by the Related Documents, the Purchaser shall not be obligated to make any
payments hereunder and any amounts which the Purchaser does not so pay hereunder shall not constitute a claim (as defined in Section
101 of the Bankruptcy Code) against, or limited liability company obligation of the Purchaser for, any such amounts not paid,
in each case, unless and until the Purchaser has received funds to make such payments as contemplated by the Related Documents.

 

[signatures follow]

 

Receivables Sale Agreement

 

    	14

    	 

    

 

IN WITNESS WHEREOF,
the parties have caused this RECEIVABLES SALE AGREEMENT to be executed by their respective duly authorized representatives, as
of the date first above written.

 

	 	CEF EQUIPMENT HOLDING, L.L.C.
	 	 
	 	By:	/s/ Steven Day
	 	Name:	 Steven Day
	 	Title:	Vice President
	 	 
	 	GENERAL ELECTRIC CAPITAL CORPORATION, as a Seller
	 	 
	 	By:	/s/ Thomas A. Davidson
	 	Name:	Thomas A. Davidson
	 	Title:	Attorney-in-Fact
	 	 
	 	VFS FINANCING, INC., as a Seller
	 	 
	 	By:	/s/ Diane L. Cooper
	 	Name:	 Diane L. Cooper
	 	Title:	Vice President
	 	 
	 	NMHG Financial Services, Inc., as a Seller
	 	
	 	By:	/s/ Diane L. Cooper
	 	Name:	Diane L. Cooper
	 	Title:	Executive Vice President

 

Receivables Sale Agreement

 

    	S-1

    	 

    

 

Schedule 4.1(b)

 

UCC INFORMATION

 

	General Electric Capital Corporation	 
	 	 
	True Legal Name:	General Electric Capital Corporation
	 	 
	Jurisdiction of Organization:	Delaware
	 	 
	Executive Offices/Principal Place of Business:	201 Merritt 7
	 	Norwalk, Connecticut 06851
	 	 
	Collateral Locations:	Danbury, Connecticut
	 	El Paso, Texas
	 	Billings, Montana
	 	Mexico
	 	 
	Trade Names:	GE Capital
	 	 
	FEIN:	13-1500700
	 	 
	Organizational Identification Number:	3174543
	 	 
	VFS Financing, Inc.	 
	 	 
	True Legal Name:	VFS Financing, Inc.
	 	 
	Jurisdiction of Organization:	Delaware
	 	 
	Executive Offices/Principal Place of Business:	10 Riverview Drive
	 	Danbury, Connecticut 06810
	 	 
	Collateral Locations:	Danbury, Connecticut
	 	El Paso, Texas
	 	Mexico
	 	 
	Trade Names:	GE Capital
	 	 
	FEIN:	06-1576442
	 	 
	Organizational Identification Number:	3160751

 

Receivables Sale Agreement

 

    	Sch. 4.1(b)-2

    	 

    

 

	NMHG Financial Services, Inc.	 
	 	 
	True Legal Name:	NMHG Financial Services, Inc.
	 	 
	Jurisdiction of Organization:	Delaware
	 	 
	Executive Offices/Principal Place of Business:	10 Riverview Drive
	 	Danbury, Connecticut 06810
	 	 
	Collateral Locations:	Danbury, Connecticut
	 	El Paso, Texas
	 	Mexico
	 	 
	Trade Names:	Yale Financial Services
	 	 
	FEIN:	06-1156013
	 	 
	Organizational Identification Number:	2073649

 

Receivables Sale Agreement

 

    	Sch. 4.1(b)-3

    	 

    

 

Schedule I

 

Schedule of GECC Receivables

 

[On
file with Mayer Brown LLP]

 

Receivables Sale Agreement

 

    	Sch. I-1

    	 

    

 

Schedule II

 

Schedule of VFS Receivables

[On
file with Mayer Brown LLP]

 

Receivables Sale Agreement

 

    	Sch. II-1

    	 

    

 

Schedule III

 

Schedule of NMHG Receivables

[On
file with Mayer Brown LLP]

 

Receivables Sale Agreement

 

    	Sch. III-1

    	 

    

 

Exhibit 4.2(f)

 

SEPARATE IDENTITY PROVISIONS

 

The Purchaser and each
of the Sellers have and will continue (in each case, to the extent within its control) to maintain the Purchaser’s separate
existence and identity and have and will continue to take all steps necessary to make it apparent to third parties that the Purchaser
is an entity with assets and liabilities distinct from those of each Seller or any other Subsidiary or Affiliate of any Seller.
In addition to the foregoing, such steps and indicia of the Purchaser’s separate identity include the following:

 

(a)          The Purchaser
does and will maintain its own stationery and other business forms separate from those of any other Person (including any of the
Sellers), and will conduct business in its own name except that certain Persons may act on behalf of the Purchaser as agents;

 

(b)          The Purchaser
maintains and will maintain separate office space of its own as part of its operations, although such space is in a building shared
with GE Capital. The corporate records, the other books and records, and the other assets of the Purchaser are and will be segregated
from the respective property of each of the Sellers;

 

(c)          Each of the
Sellers and the Purchaser will take certain actions to disclose publicly the Purchaser’s separate existence and the transactions
contemplated hereby, including through the filing of the UCC Financing Statements. None of the Sellers or the Purchaser has concealed
or will conceal from any interested party any transfers contemplated by the Related Documents;

 

(d)          The Purchaser
will not have its own employees, and, as indicated, the Purchaser’s business relating to the CEF Assets may be conducted
through agents. However, any allocations of direct, indirect or overhead expenses for items shared between the Purchaser, GE Capital,
VFS or NMHG that are not included as part of the Servicing Fee are and will be made among such entities to the extent practical
on the basis of actual use or value of services rendered and otherwise on a basis reasonably related to actual use or the value
of services rendered;

 

(e)          Except as provided
in paragraph (d) above regarding the allocation of certain shared overhead items, the Purchaser does and will pay its own
operating expenses and liabilities from its own funds, except GE Capital did and will pay all expenses of the Purchaser incurred
in connection with the transactions entered into pursuant to the Related Documents, including those related to the Purchaser’s
organization;

 

(f)          Each of the
Sellers and the Purchaser does and will maintain its assets and liabilities in such a manner that it is not costly or difficult
to segregate, ascertain or otherwise identify the Purchaser’s individual assets and liabilities from those of any Seller
or from those of any other Person or entity, including any other Subsidiary or Affiliate of any Seller. Except as set forth below,
the Purchaser does and will maintain its own books of account and corporate records separate from each of the Sellers or any Subsidiary
or Affiliate of any of the Sellers. Monetary transactions, including those with each other, are and will continue to be properly
reflected in their respective financial records. The Purchaser does not and will not commingle or pool its funds or other assets
or liabilities with those of any Seller or any Subsidiary or Affiliate of any Seller except as specifically provided in the Related
Documents with respect to the temporary commingling of Collections and with respect to, if applicable, any such Person’s
retention, in its capacity as agent or custodian for the Purchaser, of the books and records pertaining to the CEF Assets. However,
any such agent or custodian will not generally make the books and records relating to the CEF Assets available to any of any such
Person’s creditors or other interested persons of the Purchaser or any Seller. The Purchaser does not and will not maintain
joint bank accounts or other depository accounts to which any Seller or any Subsidiary or Affiliate of any Seller (other than in
their capacity as agent for the Purchaser, if applicable) has independent access;

 

Receivables Sale Agreement

 

    	Exh. 4.2(f)-1

    	 

    

 

(g)          The Purchaser
will strictly observe corporate or limited liability company formalities, and each of the Sellers will strictly observe corporate
formalities with respect to its dealings with the Purchaser. Specifically, no transfer of assets between any of the Sellers, on the
one hand, and the Purchaser, on the other, will be made without adherence to corporate formalities;

 

(h)          The transactions
among the Purchaser and the Sellers, including, in the case of GE Capital, the terms governing any servicer advances and the amount
and payment of the servicing fee, are on terms and conditions that are consistent with those of arm’s-length relationships.
None of the Sellers is or will be, or holds or will hold itself out to be, responsible for the debts of the Purchaser, except as
provided in the representations and warranties made by any Seller (including, if applicable, as a servicer or a sub-servicer) to
the Purchaser relating to the CEF Assets and their prior ownership and servicing thereof. The Purchaser will not guaranty the debts
of any Seller;

 

(i)          All distributions
made by the Purchaser to GE Capital as its sole member shall be in accordance with applicable law;

 

(j)          Any other transactions
between the Purchaser and any Seller permitted by (although not expressly provided for in) the Related Documents have been and
will be fair and equitable to each of the parties, have been and will be the type of transaction that would be entered into by
a prudent Person or entity, and have been and will be on terms that are at least as favorable as may be obtained from a third party
Person;

 

(k)          The Purchaser
is not named, and has not entered into any agreement to be named, directly or indirectly, as a direct or contingent beneficiary
or loss payee on any insurance policy covering the assets of any Seller; and

 

(l)          On balance,
the Purchaser has been and will be held out to the public as a separate entity apart from each Seller.

 

* * * * * *

 

Receivables Sale Agreement

 

    	Exh. 4.2(f)-2

    	 

    

 

Table
of Contents

 

	 	Page
	ARTICLE I     DEFINITIONS AND INTERPRETATION	 
	 	 	 
	Section 1.1	Definitions	1
	 	 	 
	Section 1.2	Rules of Construction	1
	 	 	 
	ARTICLE II       SALES OF CEF ASSETS	 
	 	 	 
	Section 2.1	Sale of CEF Assets	1
	 	 	 
	Section 2.2	Grant of Security Interest	2
	 	 	 
	Section 2.3	Sale Price	2
	 	 	 
	ARTICLE III       CONDITIONS PRECEDENT	 
	 	 	 
	Section 3.1	Conditions to Sale	3
	 	 	 
	ARTICLE IV       REPRESENTATIONS, WARRANTIES AND COVENANTS
	 	 	 
	Section 4.1	Representations and Warranties of the Sellers	4
	 	 	 
	Section 4.2	Affirmative Covenants of the Sellers	5
	 	 	 
	Section 4.3	Negative Covenants of the Sellers	7
	 	 	 
	ARTICLE V       INDEMNIFICATION
	 	 	 
	Section 5.1	Indemnification	7
	 	 	 
	ARTICLE VI       MISCELLANEOUS
	 	 	 
	Section 6.1	Notices	8
	 	 	 
	Section 6.2	No Waiver; Remedies	9
	 	 	 
	Section 6.3	Successors and Assigns	10
	 	 	 
	Section 6.4	Termination; Survival of Obligations	10
	 	 	 
	Section 6.5	Complete Agreement; Modification of Agreement	11
	 	 	 
	Section 6.6	Amendments and Waivers	11
	 	 	 
	Section 6.7	GOVERNING LAW; CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL	11
	 	 	 
	Section 6.8	Counterparts	12
	 	 	 
	Section 6.9	Severability	12
	 	 	 
	Section 6.10	Section Titles	12
	 	 	 
	Section 6.11	No Setoff	13
	 	 	 
	Section 6.12	Confidentiality	13
	 	 	 
	Section 6.13	Further Assurances	13
	 	 	 
	Section 6.14	Accounting Changes	13
	 	 	 
	Section 6.15	Limitation on Payments	14

 

Receivables Sale Agreement

 

    	-i-

    	 

    

 

Table
of Contents

(continued)

 

Schedule 4.1(b)UCC Information

	Schedule I	Schedule of GECC Receivables
	Schedule II	Schedule of VFS Receivables
	Schedule III	Schedule of NMHG Receivables
	Exhibit 4.2(f)	Separate Identity Provisions
	Annex A	Definitions and Interpretation

 

Receivables Sale Agreement

 

    	-ii-

    	 

    

 

ANNEX A

to

RECEIVABLES SALE AGREEMENT

dated as of

September 26, 2012

 

Annex A to

Receivables Sale Agreement

 

    	 

    	 

    

 

DEFINITIONS
AND INTERPRETATION

 

SECTION 1.Definitions
and Conventions. Capitalized terms used in the Sale Agreement shall have (unless otherwise provided elsewhere therein) the
following respective meanings:

 

“Accounting
Changes” means, with respect to any Person, an adoption of GAAP different from such principles previously used for reporting
purposes by such Person as defined in the Accounting Principles Board Opinion Number 20.

 

“Administration
Agreement” means the Administration Agreement, dated as of September 26, 2012, between the Administrator and the Issuer.

 

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

 

“Adverse Claim”
means any claim of ownership or any Lien, other than any ownership interest or Lien created under the Sale Agreement or the Purchase
and Sale Agreement, any Lien created under the Indenture or any Permitted Encumbrances.

 

“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 Stock 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.

 

“Aggregate
Receivable Value” means the sum of (i) the Loan Value of all the Loans and (ii) the Lease Value of all the
Leases.

 

“Annual
Percentage Rate” or “APR” of a Loan means, the interest rate or annual rate of finance charges
stated in or, if not explicitly stated, the implicit finance charges used by the applicable Seller to determine periodic
payments with respect to the related Loan.

 

“Appendices”
means, with respect to any Related Document, all exhibits, schedules, annexes and other attachments thereto, or expressly identified
thereto.

 

“Bankruptcy
Code” means the provisions of Title 11 of the United States Code, 11 U.S.C. §§ 101 et seq.
as amended from time to time.

 

“Book Residual
Value” means, for the Equipment related to a Receivable arising out of a Lease that is not a Defaulted Receivable, the
expected future value of that Equipment at the end of the related Lease term, as determined at the time of origination by the applicable
Seller in accordance with such Seller’s typical practices and policies.

 

Annex A to

Receivables Sale Agreement

 

    	A-1

    	 

    

 

“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 or the State of Connecticut.

 

“CEF Assets”
is defined in Section 2.1(a) of the Sale Agreement.

 

“CEF Limited
Liability Company Agreement” means the Second Amended and Restated Limited Liability Company Agreement of the Purchaser
dated as of September 25, 2003, as the same may be amended and supplemented from time to time.

 

“CEF Purchase
Price” is defined in Section 2.3(a).

 

“Class B Maturity
Date” means the Payment Date in September 2020.

 

“Closing Date”
means September 26, 2012.

 

“Collection
Period” means, for any Seller and with respect to any Payment Date, such Seller’s fiscal month preceding the
month in which the Payment Date occurs (or, if for the first Payment Date, the period from and including the day after the Cut-off
Date to and including the last day of the fiscal month preceding the fiscal month in which the first Payment Date occurs).

 

“Collections”
means, for any Payment Date the sum (without duplication) of (i) all amounts, whether in the form of cash, checks, drafts, or other
instruments, received during the related Collection Period in payment or prepayment of, or applied to, any amount owed by an Obligor
on account of any Receivable during the related Collection Period, including all amounts received on account of such Receivable
(including interest) and all other fees and charges; provided, that, with respect to a Split-Payment Stream Receivable,
only the base rent component shall be included in Collections and (ii) any Recoveries received during the related Collection Period.
Collections for any Receivable and the related Equipment for any period include all amounts received on account of such Receivable
and the related Equipment whether or not it becomes a Defaulted Receivable during the related Collection Period.

 

“Consumer
Contract” means a contract entered into by an Obligor in connection with a transaction in which the Obligor incurs the
related indebtedness primarily for personal, family, or household purposes.

 

“Contract”
means any arrangement (including any invoice) pursuant to, or under which, an Obligor shall be obligated to make payments
with respect to any Receivable.

 

“Credit and
Collection Policies” or “Credit and Collection Policy” means the policies, practices and procedures
adopted by the Issuer on the Closing Date, including the policies and procedures for determining the creditworthiness of Obligors
and the extension of credit to Obligors, or relating to the maintenance of such types of receivables and the related equipment
and collections on such types of receivables and equipment.

 

“Cut-off Date”
means August 4, 2012.

 

Annex A to

Receivables Sale Agreement 

 

    	A-2

    	 

    

 

“Defaulted
Receivable” means a Receivable, which has not been repurchased pursuant to Section 7.2 of the Purchase and Sale Agreement
and with respect to which (i) the Servicer on behalf of the Issuer has repossessed the Equipment related to such Receivable or
(ii) all or any portion of the Loan Value or the Lease Value, as applicable, is deemed uncollectible in accordance with
the Credit and Collection Policy.

 

“Dollars”
or “$” means lawful currency of the United States of America.

 

“Eligible
Receivable” means as to each Receivable as of the Cut-off Date:

 

(i)          Characteristics
of CEF Assets. Such Receivable: (A) was either originated in the United States of America by GE Capital, VFS or NMHG, as applicable,
in connection with the financing or lease of Equipment in the ordinary course of business of GE Capital, VFS or NMHG, as
applicable, or acquired by GE Capital, VFS or NMHG, as applicable, in the ordinary course of its business, and, in each case,
was fully and properly executed by the parties thereto, (B) has created a valid, subsisting and enforceable first priority
security interest (except to the extent the Equipment secures any receivable that is cross-collateralized with such Receivable)
in the Equipment in favor of GE Capital, VFS or NMHG, as applicable, that, as of the Closing Date, has been assigned by GE
Capital, VFS or NMHG, as applicable, to the Purchaser, and (C) contains customary and enforceable provisions such that
the rights and remedies of the holder thereof are adequate for realization against the collateral of the benefits of the security.

 

(ii)         Schedules
of Receivables. The information set forth on Schedule I, Schedule II and Schedule III of the Receivables
Sale Agreement is true and correct in all material respects as of the opening of business on the Cut-off Date and no selection
procedures believed by the applicable Seller to be adverse to the interests of the Purchaser were utilized in selecting the Receivables.
The computer tape regarding the Receivables made available to the Purchaser and its assigns is true and correct in all material
respects.

 

(iii)        Compliance
with Law. Such Receivable and the sale or lease of the related Equipment complied in all material respects at the time it was
originated or made and at the execution of this Agreement with all requirements of applicable Federal, State and local laws and
regulations thereunder.

 

(iv)        Binding
Obligation. Such Receivable represents the genuine, legal, valid and binding payment obligation in writing of the Obligor,
enforceable by the holder thereof in accordance with its terms.

 

(v)         No
Government Obligor. Such Receivable is not due from the United States of America or any State or from any agency, department
or instrumentality of the United States of America or any State.

 

 Annex A to

Receivables Sale Agreement

 

    	A-3

    	 

    

 

(vi)        Security
Interest in the Equipment. Immediately prior to the sale, assignment and transfer thereof, such Receivable shall be secured
by a validly perfected first priority security interest (as defined in Section 1-201(37) of the UCC) in the Equipment (except
to the extent the Equipment secures any receivable that is cross-collateralized with such Receivable) in favor of the applicable
Seller as secured party or all necessary and appropriate actions have been commenced that would result in the valid perfection
of a first priority security interest in the Equipment in favor of such Seller as secured party.

 

(vii)       Receivables
in Force. Such Receivable has not been satisfied, subordinated or rescinded, nor has the related Equipment been released from
the Lien granted to secure such Receivable in whole or in part.

 

(viii)      No
Amendment or Waiver. No provision of such Receivable has been waived, altered or modified in any respect, except pursuant to
a document, instrument or writing included in the related Receivable Files and no such amendment, waiver, alteration or modification
causes such Receivable not to be an Eligible Receivable.

 

(ix)         No
Defenses. No right of rescission, setoff, counterclaim or defense has been asserted or threatened or exists with respect to
such Receivable.

 

(x)          Lawful
Assignment. Such Receivable has not been originated in, or is subject to the laws of, any jurisdiction under which the sale,
transfer and assignment of such Receivable would be unlawful.

 

(xi)         All
Filings Made. All filings (including UCC filings) necessary in any jurisdiction to give the Purchaser a first priority perfected
ownership interest in such Receivable have been made (except to the extent the Equipment secures any receivable that is cross-collateralized
with such Receivable).

 

(xii)        One
Original. There is only one original executed copy of such Receivable.

 

(xiii)       Insurance.
The Obligor on such Receivable is required to maintain physical damage insurance covering the related Equipment in accordance with
GE Capital’s normal requirements.

 

(xiv)       No
Bankruptcies. The Obligor of such Receivable was not noted in the related Receivable File as being the subject of a
bankruptcy proceeding.

 

(xv)        No
Repossessions. The Equipment securing such Receivable is not in repossession status.

 

(xvi)      Instrument
or Chattel Paper. Such Receivable constitutes an “instrument” or “chattel paper” as defined in
the UCC of each State the law of which governs the perfection of the interest granted in it and/or the priority of such perfected
interest.

 

(xvii)     U.S.
Obligors. Such Receivable is not denominated and payable in any currency other than United States Dollars or is due from any
Person that does not have a mailing address in the United States of America.

 

Annex A to

Receivables Sale Agreement 

 

    	A-4

    	 

    

 

(xviii)    No
Delinquent Receivable. Such Receivable is not more than thirty (30) days past due.

 

(xix)       No
Consumer Contract. Such Receivable constitutes a Consumer Contract.

 

(xx)        Finance
Lease. If such Receivable is in form a finance lease rather than a true lease or a secured loan, the terms of such Receivable
provide that it is non-cancelable and that, by the end of the lease term, the lessee may elect to purchase the related Equipment
upon the exercise of a nominal purchase option that satisfies Section 1-201(37)(a)(iv) of the UCC.

 

“Equipment”
means any industrial equipment, construction equipment, transportation equipment, maritime assets, technology and telecommunications
equipment, furniture and fixtures or other equipment, together with all accessions thereto securing an Obligor’s indebtedness
under such Obligor’s Loan or that is subject to a Lease.

 

“Event of
Default” is defined in Section 5.1 of the Indenture.

 

“Federal Reserve
Board” means the Board of Governors of the Federal Reserve System.

 

“GAAP”
means generally accepted accounting principles in the United States of America as in effect on the Closing Date, modified by Accounting
Changes as GAAP is further defined in Section 2(a) of this Annex A.

 

“GE Capital”
is defined in the preamble of the Sale Agreement.

 

“Governmental
Authority” means any nation or government, any state, county, city, town, district, board, bureau, office, commission,
any other municipality or other political subdivision thereof (including any educational facility, utility or other Person operated
thereby), 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 Indenture, dated September 26, 2012, between the Issuer and the Indenture Trustee, as the same may be amended and supplemented
from time to time.

 

“Indenture
Trustee” means Deutsche Bank Trust Company Americas, not in its individual capacity but solely as Indenture Trustee under
the Indenture, or any successor Indenture Trustee under the Indenture.

 

“Intercreditor
Agreement” means the Intercreditor Agreement, dated as of September 26, 2012, among the Issuer, GE Capital, VFS and NMHG,
as may be amended or supplemented from time to time.

 

Annex A to

Receivables Sale Agreement 

 

    	A-5

    	 

    

 

“Investment
Company Act” means the provisions of the Investment Company Act of 1940, 15 U.S.C. §§ 80a et seq.,
and any regulations promulgated thereunder.

 

“Issuer”
means GE Equipment Midticket LLC, Series 2012-1, a Delaware limited liability company, until a successor replaces it and, thereafter,
means the successor and, for purposes of any provision contained in the Indenture and required by the Trust Indenture Act
of 1939, each other obligor on the Notes.

 

“Issuer Limited
Liability Company Agreement” means the Limited Liability Company Agreement of the Issuer, dated as of September 26, 2012,
among the Managing Member and the Issuer, as the same may be amended or supplemented from time to time.

 

“Lease”
means any lease included in the Schedule of Receivables and any agreement pursuant to, or under which, equipment related to such
lease is leased by an Obligor pursuant to a true lease.

 

“Lease Value”
means, for any Lease that is not a Defaulted Receivable on any day (including the Cut-off Date), the sum of (i) the future Scheduled
Payments on such lease (which, in the case of Split-Payment Stream Receivables, includes only the base rent component) discounted
monthly at the individual rate of return of such Lease as determined by the applicable Seller, plus (ii) any past due Scheduled
Payments on such lease (which, in the case of Split-Payment Stream Receivables, include only the base rent component) reflected
on the Servicer’s records, plus (iii) the present value of the Book Residual Value, discounted monthly at the implicit
rate of return of the individual related Lease, as determined by the applicable Seller. Defaulted Receivables that are Leases shall
be deemed to have a Lease Value equal to the outstanding Lease Value at the time it became a Defaulted Receivable less the amount
written-off as uncollectible in accordance with the Credit and Collection Policy.

 

“Lien”
means a security interest (as such term is defined in Section 1-201 of Article 1 of the UCC), lien, charge, pledge, equity
or encumbrance of any kind, other than tax liens, mechanics’ liens and any liens that attach to the related Receivable by
operation of law as a result of any act or omission by the related Obligor.

 

“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.

 

“Loan”
means any loan or a finance lease included in Schedules of Receivables and any agreement (including any invoice) pursuant to, or
under which, an Obligor shall be obligated to make payments with respect to any such loan or finance lease.

 

“Loan Value”
means for any Loan that is not a Defaulted Receivable on any day (including the Cut-off Date) (A) with respect to Precomputed Loans,
(i) the present value of the future Scheduled Payments discounted monthly at its APR plus (ii) any past due Scheduled
Payments reflected on the Servicer’s records plus (iii) the unamortized amounts of any purchase premiums minus (iv) the unamortized
amounts of any purchase discounts and (B) with respect to Simple Interest Loans, (i) the balance reflected on the Servicer’s
records plus (ii) the unamortized amounts of any purchase premiums minus (iii) the unamortized amounts of any purchase discounts.
Defaulted Receivables that are Loans shall be deemed to have a Loan Value equal to the outstanding Loan Value at the time it became
a Defaulted Receivable less the amount written off as uncollectible in accordance with the Credit and Collection Policy.

 

Annex A to

Receivables Sale Agreement

 

    	A-6

    	 

    

 

“Managing
Member” means CEF Equipment Holding, L.L.C., a Delaware limited liability company or any successor Managing Member under
the Issuer Limited Liability Company Agreement.

 

“Material
Adverse Effect” means, with respect to any Person, a material adverse effect on (a) the business, assets, liabilities,
operations, prospects or financial or other condition of such Person, (b) the ability of such Person to perform any of its
obligations under the Related Documents in accordance with the terms thereof, (c) the validity or enforceability of any Related
Document or the rights and remedies of such Person under any Related Document or (d) the Receivables, the Contracts therefor,
any interest related thereto or the ownership interests or Liens of such Person thereon or the priority of such interests or Liens,
in each case, which affects the Receivables, the Contracts therefor, any interest related thereto or the ownership interests or
Liens of such Person thereon or the priority of such interests or Liens, taken as a whole.

 

“NMHG”
is defined in the preamble of the Sale Agreement.

 

“Notes”
means the notes issued under the Indenture.

 

“Obligor”
means, as to each Receivable, any Person who owes payments under a Loan or a Lease.

 

“Payment Date”
means, with respect to each Collection Period, the 22nd day of the calendar month following the end of that Collection Period,
or, if such day is not a Business Day, the next Business Day, commencing on October 22, 2012.

 

“Permitted
Encumbrances” means the following encumbrances: (a) Liens for taxes or assessments or other governmental charges not
yet due and payable; (b) pledges or deposits securing obligations under workmen’s compensation, unemployment insurance,
social security or public liability laws or similar legislation; (c) pledges or deposits securing bids, tenders, contracts (other
than contracts for the payment of money) or leases to which a Seller or any Affiliate thereof is a party as lessee made in the
ordinary course of business; (d) deposits securing statutory obligations of a Seller or any Affiliate thereof; (e) inchoate
and unperfected workers’, mechanics’, suppliers’ or similar Liens arising in the ordinary course of business;
(f) carriers’, warehousemen’s or other similar possessory Liens arising in the ordinary course of business and
securing liabilities in an outstanding aggregate amount not in excess of $100,000 at any one time; (g) deposits securing,
or in lieu of, surety, appeal or customs bonds in proceedings to which a Seller or any Affiliate thereof is a party; (h) any attachment
or judgment Lien not constituting an Event of Default; (i) presently existing or hereinafter created Liens in favor of the
Purchaser, the Issuer or the Indenture Trustee; and (j) presently existing or hereinafter created Liens on personal property
or Equipment which are subordinate to or pari passu with the Liens in favor of the Purchaser, the Issuer or the Indenture
Trustee.

 

Annex A to

Receivables Sale Agreement 

 

    	A-7

    	 

    

 

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

 

“Precomputed
Loan” means any Loan under which the portion of a payment allocable to earned interest (which may be referred to in the
related Loan as an add-on finance charge) and the portion allocable to principal are determined according to the sum of periodic
balances, the sum of monthly payments or any equivalent method or are monthly actuarial loans.

 

“Purchase Amount” means, as of the close
of business on the last day of a Collection Period (a) with respect to any Loan, an amount equal to the Loan Value of the
applicable Loan, as of the first day of the immediately following Collection Period (or, with respect to any applicable Loan that
is a Defaulted Receivable, as of the day immediately prior to such Loan becoming a Defaulted Receivable) plus interest accrued
and unpaid thereon as of such last day at a rate per annum equal to the APR for such Loan and (b) with respect to any Lease
and its related Equipment, an amount equal to the Lease Value of the applicable Lease and its related Equipment, as of the first
day of the immediately following Collection Period (or, with respect to any applicable Lease that is a Defaulted Receivable, as
of the day immediately prior to such Lease becoming a Defaulted Receivable) plus interest accrued and unpaid thereon as of such
last day at a rate per annum equal to the applicable discount rate for the related business unit originating such Lease.

 

“Purchase
and Sale Agreement” means the Receivables Purchase and Sale Agreement, dated as of September 26, 2012, by and between
the Transferor and the Issuer as the same may be amended from time to time.

 

“Purchaser”
is defined in the preamble to the Sale Agreement.

 

“Purchaser
Indemnified Person” is defined in Section 5.1 of the Sale Agreement.

 

“Receivable”
means, with respect to any Loan or Lease, all indebtedness of the related Obligor (whether constituting an account, chattel paper,
document instrument or general intangible) under that Loan or Lease.

 

“Receivable
Files” is defined in Section 2.1 of the Sale Agreement.

 

“Records”
means all notes, leases, security 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 any of the applicable Seller,
the Servicer, any Sub-Servicer or the Issuer with respect to the Receivables, the Contracts, the other CEF Assets, the
Related Security and the Obligors thereunder.

 

“Recoveries”
means, with respect to any Receivable, monies collected in respect thereof, from whatever source (other than from the sale or other
disposition of the Equipment), in any Collection Period after the Lease Value or the Loan Value of such Receivable, as applicable,
became zero.

 

Annex A to

Receivables Sale Agreement 

 

    	A-8

    	 

    

 

“Redemption
Date” is defined in the Indenture.

 

“Related Documents”
means the Sale Agreement, the Purchase and Sale Agreement, the Servicing Agreement, the Intercreditor Agreement, the Issuer
Limited Liability Company Agreement, the CEF Limited Liability Company Agreement, the Administration Agreement, the Indenture,
and all other agreements, instruments, and documents and including 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 any Person, or
any employee of any Person, and delivered in connection with any of the foregoing. Any reference in the foregoing documents to
a Related Document shall include all Appendices thereto, and all amendments, restatements, supplements or other modifications thereto,
and shall refer to such Related Document as the same may be in effect at any and all times such reference becomes operative.

 

“Related Security”
means with respect to any Receivable: (a) any interest (including security interests or ownership interests), if any, in the related
Equipment and, without limiting the foregoing, the related Residual; (b) all guarantees, insurance (including residual value
insurance) or other agreements or arrangements of any kind from time to time supporting or securing payment of such Receivable
whether pursuant to a Contract related to such Receivable or otherwise (including rights (if any) to receive proceeds on insurance
policies covering the Obligors); and (c) all Records relating to such Receivable.

 

“Residual”
means, with respect to any Lease, any right of the lessor or its assigns, as owner of the underlying Equipment, to realize
value from the related Equipment after termination of the Lease, including the right of the owner of the Equipment to receive any
proceeds from the sale, re-lease, continued use or other disposition of the Equipment after the termination of the Lease.

 

“Sale Agreement”
means the Receivables Sale Agreement, dated September 26, 2012, among GE Capital, VFS, NMHG and the Purchaser, as the same may
be amended or supplemented from time to time.

 

“Scheduled
Payment” (a) on a Loan means that portion of the payment required to be made by the Obligor during any Collection Period
sufficient to amortize the loan balance under (x) in the case of a Precomputed Loan, the actuarial method or (y) in the case of
a Simple Interest Loan, the simple interest method, in each case, over the term of the Loan and to provide interest at the APR
and (b) on a Lease means any payment required to be made by the Obligor under that Lease, other than on account of Residuals. The
principal component of a Scheduled Payment on a Lease means the full required amount of the Scheduled Payment, less an imputed
yield component based on the discount rate used in determining the present value of scheduled payments payable under the Lease,
as determined by the applicable Seller for such Lease; provided, that, in the case of (a) or (b), Termination Values
shall also constitute Scheduled Payments. The Scheduled Payment for any Split-Payment Stream Receivable is only the base rent component
of the payment required to be made by the related Obligor.

 

Annex A to

Receivables Sale Agreement 

 

    	A-9

    	 

    

 

“Schedules
of Receivables” means the schedules of Receivables attached as Schedule I, Schedule II and Schedule
III to the Sale Agreement (which schedules may be in the form of microfiche floppy disk, CD-ROM or other electronic medium).

 

“Securities
Act” means the provisions of the Securities Act of 1933, 15 U.S.C. Sections 77a et seq., and any regulations
promulgated thereunder.

 

“Securities
Exchange Act” means the provisions of the Securities Exchange Act of 1934, 15 U.S.C. Sections 78a et
seq., and any regulations promulgated thereunder.

 

“Seller”
means GE Capital, VFS, and NMHG, each in its capacity as a seller hereunder, and their respective successors and assigns.

 

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

 

“Servicing
Agreement” means the Servicing Agreement dated as of September 26, 2012, by and between the Issuer and the Servicer,
as the same may be amended or supplemented from time to time.

 

“Servicing
Fee” is defined in the Servicing Agreement.

 

“Simple Interest
Loan” means any Loan under which the portion of a payment allocable to interest and the portion allocable to principal
is determined by allocating a fixed level payment between principal and interest, such that such payment is allocated first to
the accrued and unpaid interest at the Annual Percentage Rate for such Loan on the unpaid principal balance and the remainder of
such payment is allocable to principal.

 

“Solvent”
means, with respect to any Person on a particular date, that on such date (a) the fair value of the property of such Person is
greater than the total amount of liabilities, including contingent liabilities, of such Person; (b) the present fair salable value
of the assets of such Person is not less than the amount that will be required to pay the probable liability of such Person on
its debts as they become absolute and matured; (c) such Person does not intend to, and does not believe that it will, incur debts
or liabilities beyond such Person’s ability to pay as such debts and liabilities mature; and (d) such Person is not engaged
in a business or transaction, and is not about to engage in a business or transaction, for which such Person’s property would
constitute an unreasonably small capital. The amount of contingent liabilities (such as Litigation, guaranties and pension plan
liabilities) at any time shall be computed as the amount that, in light of all the facts and circumstances existing at the time,
represents the amount that can reasonably be expected to become an actual or matured liability.

 

“Split-Payment
Stream Receivable” means any Lease under which the related Obligor is required to make a base rent payment and a variable
payment that is based on that Obligor’s use of the related Equipment and the servicing and maintenance charges attributable
to such use.

 

Annex A to

Receivables Sale Agreement 

 

    	A-10

    	 

    

 

“Stock”
means all shares, options, warrants, membership interests in a limited liability company, general or limited partnership interests
or other equivalents (regardless of how designated) of or in a corporation, partnership or equivalent entity whether voting or
nonvoting, including common stock, preferred stock or any other “equity security” (as such term is defined in Rule
3a11-1 of the General Rules and Regulations promulgated by the Securities and Exchange Commission under the Securities Exchange
Act).

 

“Stockholder”
means, with respect to any Person, each holder of Stock of such Person.

 

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

 

“Sub-Servicing
Agreement” means any written contract entered into between a Servicer and any Sub-Servicer pursuant to and in accordance
with the Servicing Agreement.

 

“Subsidiary”
means, with respect to any Person, any corporation or other entity (a) of which securities or other ownership interests having
ordinary voting power to elect a majority of the board of directors or other Persons performing similar functions are at the time
directly or indirectly owned by such Person or (b) that is directly or indirectly controlled by such Person within the meaning
of control under Section 15 of the Securities Act.

 

“Successor
Servicer” is defined in Section 6.2 of the Servicing Agreement.

 

“Termination
Value” means the “Termination Value” (if any) payable by the Obligor pursuant to the applicable Receivable.

 

“Transfer
Date” is defined in the Indenture.

 

“Transferor”
means CEF Equipment Holding, L.L.C. a Delaware limited liability company, as seller under the Purchase and Sale Agreement.

 

“UCC”
means, unless the context otherwise requires, the Uniform Commercial Code as in effect in the relevant jurisdiction, as amended
from time to time.

 

“VFS”
is defined in the preamble of the Sale Agreement.

 

SECTION 2.Other
Interpretive Matters. All terms defined directly or by incorporation in the Sale Agreement shall have the defined meanings
when used in any certificate or other document delivered pursuant thereto unless otherwise defined therein. For purposes of the
Sale Agreement (including in this Annex A) and all related certificates and other documents, unless the context otherwise
requires: (a) accounting terms not otherwise defined in such Agreement, and accounting terms partly defined in such Agreement
to the extent not defined, shall have the respective meanings given to them under generally accepted accounting principles; and
unless otherwise provided, references to any month, quarter or year refer to a fiscal month, quarter or year as determined in accordance
with GE Capital’s fiscal calendar; (b) terms defined in Article 9 of the UCC and not otherwise defined in such Agreement
are used as defined in that Article; (c) references to any amount as on deposit or outstanding on any particular date means
such amount at the close of business on such day; (d) the words “hereof,” “herein” and “hereunder”
and words of similar import refer to such Agreement (or the certificate or other document in which they are used) as a whole and
not to any particular provision of such Agreement (or such certificate or document); (e) references to any Section, Schedule
or Exhibit are references to Sections, Schedules and Exhibits in or to such 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; (f) the term “including”
means “including without limitation”; (g) 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; (h) references to any agreement refer to that agreement as
from time to time amended, restated or supplemented or as the terms of such agreement are waived or modified in accordance with
its terms; (i) references to any Person include that Person’s successors and assigns; and (j) headings are for purposes of
reference only and shall not otherwise affect the meaning or interpretation of any provision hereof.

 

Annex A to

Receivables Sale Agreement

 

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