Document:

Exhibit 4.1

 

EXECUTION COPY

 

	 
	GE DEALER FLOORPLAN MASTER NOTE TRUST,
	 
	as Issuer,
	 
	and
	 
	DEUTSCHE BANK TRUST COMPANY AMERICAS,
	 
	as Indenture Trustee
	 
	SERIES 2014-2 INDENTURE SUPPLEMENT
	Dated as of October 21, 2014

 

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Table
of Contents

 

	 	 	Page
	 	 	 
	ARTICLE I	DEFINITIONS	1
	 	 	 
	SECTION 1.1.	Definitions	1
	 	 	 
	SECTION 1.2.	Incorporation of Terms	10
	 	 	 
	ARTICLE II	Creation of the Series 2014-2 Notes	10
	 	 	 
	SECTION 2.1.	Designation	10
	 	 	 
	SECTION 2.2.	Transfer Restrictions	11
	 	 	 
	ARTICLE III	REPRESENTATIONS, WARRANTIES and Covenants	13
	 	 	 
	SECTION 3.1.	Representations, Warranties and Covenants with respect to ERISA	13
	 	 	 
	ARTICLE IV	Rights of Series 2014-2 Noteholders and Allocation and Application of Collections	13
	 	 	 
	SECTION 4.1.	Determination of Interest and Principal	13
	 	 	 
	SECTION 4.2.	Establishment of Accounts	14
	 	 	 
	SECTION 4.3.	Calculations and Series Allocations	15
	 	 	 
	SECTION 4.4.	Application of Available Non-Principal Collections and Available Principal Collections	18
	 	 	 
	SECTION 4.5.	Payments	21
	 	 	 
	SECTION 4.6.	Investor Charge-Offs	22
	 	 	 
	SECTION 4.7.	Reallocated Principal Collections	22
	 	 	 
	SECTION 4.8.	Excess Non-Principal Collections	22
	 	 	 
	SECTION 4.9.	Shared Principal Collections	22
	 	 	 
	SECTION 4.10.	Reserve Account	23
	 	 	 
	SECTION 4.11.	Investment of Amounts on Deposit in Series Accounts	23
	 	 	 
	SECTION 4.12.	Controlled Accumulation Period	24
	 	 	 
	SECTION 4.13.	Determination of LIBOR	24
	 	 	 
	ARTICLE V	Delivery of Series 2014-2 Notes; Reports to Series 2014-2 Noteholders	25
	 	 	 
	SECTION 5.1.	Delivery and Payment for the Series 2014-2 Notes	25
	 	 	 
	SECTION 5.2.	Reports and Statements to Series 2014-2 Noteholders	25
	 	 	 
	ARTICLE VI	Series 2014-2 Early Amortization Events	26
	 	 	 
	SECTION 6.1.	Series 2014-2 Early Amortization Events	26

 

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Table
of Contents

(continued)

	 	 	Page
	 	 	 
	ARTICLE VII	Redemption of Series 2014-2 Notes; Final Distributions; Series Termination	28
	 	 	 
	SECTION 7.1.	Optional Redemption of Series 2014-2 Notes; Final Distributions	28
	 	 	 
	SECTION 7.2.	Series Termination	29
	 	 	 
	ARTICLE VIII	Miscellaneous Provisions	29
	 	 	 
	SECTION 8.1.	Ratification of Indenture; Amendments	29
	 	 	 
	SECTION 8.2.	Form of Delivery of the Series 2014-2 Notes	29
	 	 	 
	SECTION 8.3.	Counterparts	29
	 	 	 
	SECTION 8.4.	GOVERNING LAW	29
	 	 	 
	SECTION 8.5.	Limitation of Liability	31
	 	 	 
	SECTION 8.6.	Rights of the Indenture Trustee	31
	 	 	 
	SECTION 8.7.	No Petition	31
	 	 	 
	SECTION 8.8.	Notes to be Treated as Debt for Tax	31
	 	 	 
	SECTION 8.9.	Notice Address for Rating Agencies	31
	 	 	 
	EXHIBIT A-1	FORM OF CLASS A NOTE	 
	EXHIBIT A-2	FORM OF CLASS B NOTE	 
	EXHIBIT A-3	FORM OF CLASS C NOTE	 
	EXHIBIT B	FORM OF MONTHLY SERVICER’S CERTIFICATE	 

 

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This SERIES 2014-2
INDENTURE SUPPLEMENT, dated as of October 21, 2014 (this “Indenture Supplement”), is between GE DEALER
FLOORPLAN MASTER NOTE TRUST, a Delaware statutory trust (herein, the “Issuer” or the “Trust”),
and DEUTSCHE BANK TRUST COMPANY AMERICAS, a New York banking corporation, not in its individual capacity, but solely as indenture
trustee (herein, together with its successors thereunder as provided in the Indenture referred to below, the “Indenture
Trustee”) under the Amended and Restated Master Indenture, dated as of July 11, 2014 (as amended or supplemented, the “Indenture”),
between the Issuer and the Indenture Trustee (as successor in interest to Wilmington Trust Company).

 

The Principal Terms
of Series 2014-2 are set forth in this Indenture Supplement.

 

ARTICLE
I

DEFINITIONS

 

SECTION 1.1. Definitions.

 

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

 

(b)       Each
capitalized term defined herein relates only to Series 2014-2 and to no other Series. Whenever used in this Indenture Supplement,
the following words and phrases shall have the following meanings:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(b)  the
denominator of which shall be the greater of (i) the result of (x) the Aggregate Principal Receivables as of the opening of
business on the first day of the Monthly Period for which the Allocation Percentage is being determined minus (y) the sum
of the aggregate amount of each Dealer Overconcentration, Manufacturer Overconcentration and Product Line Overconcentration as
determined on the Determination Date falling in the Monthly Period for which the Allocation Percentage is being determined, and
(ii) the sum of the numerators used to calculate the allocation percentages for allocations with respect to Non-Principal Collections,
Principal Collections or the Default Amount, as applicable, for all outstanding Series on the day for which the Allocation Percentage
is being determined. For purposes of subclause (ii) of this clause (b), the Collateral Amount for the Series 2014-2 Notes shall
be included in the calculation beginning on the Closing Date.

 

“Available
Non-Principal Collections” means, for any Transfer Date, an amount equal to the sum of (a) the Investor Non-Principal
Collections for the preceding Monthly Period, (b) the Series 2014-2 Excess Non-Principal Collections for such Monthly Period and
(c) Investment Earnings.

 

“Available
Principal Collections” means, for any Transfer Date, an amount equal to (a) the Investor Principal Collections for
the preceding Monthly Period, minus (b) the amount of Reallocated Principal Collections with respect to such Transfer Date
which pursuant to Section 4.7 are required to be applied on the related Payment Date, plus (c) without duplication,
the sum of (i) any Shared Principal Collections with respect to other Principal Sharing Series (including any amounts on deposit
in the Excess Funding Account that are allocated to Series 2014-2 for application as Shared Principal Collections), (ii) the
aggregate amount to be treated as Available Principal Collections pursuant to Sections 4.4(a)(vi) and (vii), (iii)
during the Controlled Accumulation Period or an Early Amortization Period, the amount of Available Non-Principal Collections used
to make a deposit in the Principal Account or to pay principal on the Series 2014-2 Notes pursuant to Sections 4.4(a)(x)
and (xii) for the related Payment Date, and (iv) any distribution of amounts on deposit in the Reserve Account on the Series
2014-2 Final Maturity Date pursuant to Section 4.10.

 

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

 

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

 

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

 

“Class A Note
Initial Principal Balance” means $500,000,000.

 

“Class A Note
Interest Rate” means a per annum rate of 0.45% in excess of LIBOR as determined on the LIBOR Determination Date for the
applicable Interest Period.

 

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

 

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

 

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

 

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

 

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

 

“Class B Note
Initial Principal Balance” means $10,526,316.

 

“Class B Note
Interest Rate” means a per annum rate of 0.75% in excess of LIBOR as determined on the LIBOR Determination Date for the
applicable Interest Period.

 

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

 

“Class B Note
Transfer” is defined in Section 2.2(b).

 

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

 

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

 

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

 

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

 

“Class C Note
Initial Principal Balance” means $15,789,474.

 

“Class C Note
Interest Rate” means a per annum rate of 1.20% in excess of LIBOR as determined on the LIBOR Determination Date for the
applicable Interest Period.

 

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

 

“Class C Note
Transfer” is defined in Section 2.2(b).

 

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

 

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

 

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

 

“Closing Date”
means October 21, 2014.

 

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

 

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

 

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

 

“Controlled
Accumulation Date” means September 1, 2017, subject to adjustment pursuant to Section 4.12.

 

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

 

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

 

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

 

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

 

“Designated
Maturity” means, for any LIBOR Determination Date, one month.

 

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

 

“Early Amortization
Period” means the period commencing on the date on which a Trust Early Amortization Event or a Series 2014-2 Early Amortization
Event is deemed to occur and ending on the Series Maturity Date. Notwithstanding anything to the contrary in this Indenture Supplement,
an Early Amortization Period that commences before the Controlled Accumulation Date may terminate, and the Revolving Period may
recommence, if the Rating Agency Condition is satisfied.

 

“Expected
Principal Payment Date” means the Payment Date in October 2017.

 

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

 

“Group One”
means Series 2014-2 and each other outstanding Series specified in the related Indenture Supplement to be included in Group One.

 

“Indenture”
is defined in the preamble.

 

“Indenture
Trustee” is defined in the preamble.

 

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

 

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

 

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

 

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

 

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

 

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

 

“Investor
Non-Principal Collections” means, for any Monthly Period, an amount equal to the aggregate amount of Non-Principal Collections
retained or deposited in the Non-Principal Account for Series 2014-2 pursuant to Section 4.3(b)(i) for such Monthly Period.

 

“Investor
Principal Collections” means, for any Monthly Period, an amount equal to the aggregate amount of Principal Collections
retained or deposited in the Principal Account for Series 2014-2 pursuant to Section 4.3(b)(ii) for such Monthly Period.

 

“Issuer”
is defined in the preamble.

 

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

 

“LIBOR Determination
Date” means (i) with respect to the first Interest Period, October 17, 2014, and (ii) with respect to any Interest Period
thereafter, the second London Business Day prior to the commencement of such Interest Period.

 

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

 

“Minimum
Free Equity Percentage” means, as of any Determination Date, zero percent (0%).

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Payment Date”
means the twentieth (20th) day of each calendar month, or if such twentieth (20th) day is not a Business
Day, the next succeeding Business Day; provided, that the first Payment Date for Series 2014-2 shall be November 20, 2014.

 

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

 

“Principal
Overcollateralization Amount” means, on any date of determination, an amount equal to (a) $26,315,789 minus (b)
the aggregate amount of Principal Collections released to the Issuer in reduction of the Principal Overcollateralization Amount
pursuant to Sections 4.4(c)(ii), 4.4(e) and Section 7.1(d)(viii).

 

“Principal
Shortfall” is defined in Section 4.9.

 

“Rating Agency”
means, as of any date and with respect to any Class of the Series 2014-2 Notes, the nationally recognized statistical rating
organizations that have been requested by the Transferor to provide ratings of such class and that are rating the Series 2014-2
Notes on such date.

 

“Rating Agency
Condition” means, with respect to Series 2014-2 and any action, that each Rating Agency shall have been given 10 days’
prior written notice (or, if 10 days’ advance notice is impracticable, as much advance notice as is practicable) delivered
to each applicable rating agency as provided in Section 8.9.

 

“Reallocated
Principal Collections” is defined in Section 4.7.

 

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“Reassignment
Amount” means, for any Transfer Date, after giving effect to any deposits and payments otherwise to be made on the related
Payment Date, the sum of (i) the Note Principal Balance on such Payment Date, plus (ii) Monthly Interest for such Payment
Date and any Monthly Interest previously due but not distributed to the Series 2014-2 Noteholders, plus (iii) the Principal
Overcollateralization Amount and all required yield payments on the Principal Overcollateralization Amount, plus (iv) without
duplication, the other amounts specified in Section 7.1(d).

 

“Record Date”
means, for purposes of Series 2014-2 with respect to any Payment Date, the date falling five (5) Business Days prior to such date.

 

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

 

“Required
Reserve Account Amount” means $13,157,894.75, which is an amount equal to (a) the product of (i) the Required Reserve
Account Percentage for such Transfer Date and (ii) the Note Principal Balance as of the Closing Date; provided that, prior
to the occurrence of an Event of Default and the acceleration of the Series 2014-2 Notes, the Required Reserve Account Amount
will never exceed the Note Principal Balance (after taking into account any payments to be made on the following Payment Date),
or (b) any other amount designated by the Transferor; provided that if such designation is of a lesser amount, the Transferor shall
(i) provide the Indenture Trustee with evidence that the Rating Agency Condition shall have been satisfied and (ii) deliver to
the Indenture Trustee a certificate of an Authorized Officer to the effect that, based on the facts known to such officer at such
time, in the reasonable belief of the Transferor, such designation will not cause an Early Amortization Event to occur with respect
to Series 2014-2.

 

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

 

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

 

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

 

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

 

“Series 2014-2”
means the Series the terms of which are specified in this Indenture Supplement.

 

“Series 2014-2
Early Amortization Event” is defined in Section 6.1. The Series 2014-2 Early Amortization Events are, with
respect to Series 2014-2, the Early Amortization Events contemplated by clause (a) of the definition of Early Amortization Event
in the Indenture.

 

“Series 2014-2
Excess Non-Principal Collections” means Excess Non-Principal Collections allocated from other Series in Group One to
Series 2014-2 pursuant to Section 8.6 of the Indenture.

 

“Series 2014-2
Final Maturity Date” means the Payment Date in October 2019.

 

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“Series 2014-2
Note” means any one of the Class A Notes, Class B Notes or Class C Notes executed by the Issuer and authenticated by
or on behalf of the Indenture Trustee, substantially in the form of Exhibit A-1, A-2 or A-3, respectively.

 

“Series 2014-2
Noteholder” means the Person in whose name a Series 2014-2 Note is registered in the Note Register.

 

“Series Accounts”
is defined in Section 4.2.

 

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

 

“Series Maturity
Date” means the earliest to occur of (a) the date on which the Note Principal Balance is paid in full and the Principal
Overcollateralization Amount has been paid in full, (b) the date on which the Collateral Amount is reduced to zero and (c) the
Series 2014-2 Final Maturity Date.

 

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

 

“Servicer
Advance” is defined in the Servicing Agreement.

 

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

 

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

 

“Trust” is defined in
the preamble.

 

SECTION 1.2. Incorporation
of Terms. The terms of the Indenture are incorporated in this Indenture Supplement as if set forth in full herein. As supplemented
by this Indenture Supplement, the Indenture is in all respects ratified and confirmed and both together shall be read, taken and
construed as one and the same agreement. If the terms of this Indenture Supplement and the terms of the Indenture conflict, the
terms of this Indenture Supplement shall control with respect to Series 2014-2.

 

ARTICLE
II

Creation of the Series 2014-2 Notes

 

SECTION 2.1. Designation.

 

(a)
      There is hereby created and designated a Series of Notes to be issued pursuant to the
Indenture and this Indenture Supplement to be known as “GE Dealer Floorplan Master Note Trust, Series 2014-2”
or the “Series 2014-2 Notes.” The Series 2014-2 Notes shall be issued in three Classes, known as the “Class
A Series 2014-2 Asset Backed Notes”, the “Class B Series 2014-2 Asset Backed Notes” and the “Class
C Series 2014-2 Asset Backed Notes.”

 

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(b)
      Series 2014-2 shall be included in Group One and shall be a Principal Sharing Series.
Series 2014-2 shall be an Excess Allocation Series with respect to Group One only. Series 2014-2 shall not be subordinated to any
other Series.

 

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

 

SECTION 2.2.  Transfer
Restrictions.

 

(a)
      Neither the Class B Notes nor the Class C Notes have been registered under the Securities
Act or any state securities law. None of the Issuer, the Note Registrar or the Indenture Trustee is obligated to register the Class
B Notes or the Class C Notes under the Securities Act or any other securities or “blue sky” laws or to take any other
action not otherwise required under this Indenture Supplement or the Trust Agreement to permit the transfer of any Class B Note
or Class C Note without registration.

 

(b)
      Until such time as any such Class of Notes has been registered under the Securities
Act and any applicable state securities law, the Class B Notes and the Class C Notes may not be sold, transferred, assigned, participated,
pledged or otherwise disposed of (any such act, a “Class B Note Transfer” and a “Class C Note Transfer”,
respectively) to any Person except in accordance with the provisions of this Section 2.2, and any attempted Class B Note
Transfer or Class C Note Transfer in violation of this Section 2.2 will be null and void.

 

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

 

THIS NOTE
HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY,
MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT AS SET FORTH IN THE NEXT SENTENCE. BY ITS ACQUISITION HEREOF
OR OF A BENEFICIAL INTEREST HEREIN, THE HOLDER OF THIS NOTE:

 

		(1)	AGREES FOR THE BENEFIT OF THE ISSUER AND THE TRANSFEROR THAT THIS NOTE MAY BE SOLD, TRANSFERRED,
ASSIGNED, PARTICIPATED, PLEDGED OR OTHERWISE DISPOSED OF ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS,
AND ONLY (I) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A PERSON THAT THE HOLDER REASONABLY
BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER, WITHIN THE MEANING OF RULE l44A (A “QIB”), PURCHASING FOR ITS OWN
ACCOUNT OR FOR THE ACCOUNT OF A QIB, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER
IS BEING MADE IN RELIANCE ON RULE 144A, OR (II) TO THE TRANSFEROR OR ITS AFFILIATES, IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE
SECURITIES LAWS OF THE UNITED STATES; AND

 

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		(2)	AGREES THAT IT WILL DELIVER TO EACH PERSON TO WHOM THIS
NOTE OR AN INTEREST HEREIN IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND.

 

(d)
      By acceptance of any Class B Note or Class C Note, the Class B Noteholder and the C
Noteholder, respectively, specifically agrees with and represents to the Transferor, the Issuer and the Note Registrar, that no
Class B Note Transfer or Class C Note Transfer, as applicable, will be made unless (i) the registration requirements of the Securities
Act and any applicable state securities laws have been complied with, (ii) such Class B Note Transfer or Class C Note Transfer,
as applicable, is to the Transferor or its Affiliates, or (iii) such Class B Note Transfer or Class C Note Transfer, as applicable,
is exempt from the registration requirements under the Securities Act because such Class C Note Transfer is in compliance with
Rule 144A under the Securities Act, to a transferee who the transferor reasonably believes is a “Qualified Institutional
Buyer” (as defined in the Securities Act) that is purchasing for its own account or for the account of a Qualified Institutional
Buyer and to whom notice is given that such Class B Note Transfer or Class C Note Transfer, as applicable, is being made in reliance
upon Rule 144A under the Securities Act.

 

(e)
      The Transferor will make available to the prospective transferor and transferee of a
Class B Note or Class C Note information requested to satisfy the requirements of paragraph (d)(4) of Rule 144A.

 

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

 

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

 

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ARTICLE
III

REPRESENTATIONS, WARRANTIES and Covenants

 

SECTION 3.1. Representations,
Warranties and Covenants with respect to ERISA. By acquiring a Series 2014-2 Note, each purchaser and transferee shall be deemed
to represent and warrant that either (i) it is not, and for so long as it holds such Series 2014-2 Note will not be, is not acting
on behalf of, and for so long as it holds such Series 2014-2 Note will not be acting on behalf of, and is not investing the assets
of, a Benefit Plan or a governmental plan, church plan or non-U.S. plan that is subject to Similar Law or (ii) its acquisition,
continued holding and disposition of such Series 2014-2 Note will not result in a non-exempt prohibited transaction under Section
406 of ERISA or Section 4975 of the Code or a violation of any Similar Law.

 

ARTICLE
IV

Rights of Series 2014-2 Noteholders and Allocation and Application of Collections

 

SECTION 4.1. Determination
of Interest and Principal.

 

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

 

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

 

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

 

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(d)
      The amount of monthly principal (“Monthly Principal”) to be transferred
from the Principal Account with respect to the Series 2014-2 Notes on each Transfer Date, beginning with the Transfer Date following
the Monthly Period in which the Controlled Accumulation Period or the Early Amortization Period begins, shall be equal to the least
of (i) the Available Principal Collections for such Transfer Date; (ii) the sum of the Note Principal Balance and the Principal
Overcollateralization Amount on such Transfer Date (minus any amount already in the Principal Account on such Transfer Date); (iii)
during the Controlled Accumulation Period, the Controlled Deposit Amount; and (iv) the Collateral Amount.

 

SECTION 4.2. Establishment
of Accounts.

 

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

 

(b)
      If the depositary institution wishes to resign as depositary of any of the Series Accounts
for any reason or fails to carry out the instructions of the Issuer for any reason, then the Issuer shall promptly notify the Indenture
Trustee on behalf of the Series 2014-2 Noteholders.

 

(c)
      On or before the Closing Date, the Issuer shall enter into a depositary agreement to
govern the Series Accounts pursuant to which such accounts are continuously identified in the depositary institution’s books
and records as subject to a security interest in favor of the Indenture Trustee on behalf of the Series 2014-2 Noteholders, and,
except as may be expressly provided herein to the contrary, in order to perfect the security interest of the Indenture Trustee
on behalf of the Series 2014-2 Noteholders under the UCC, the Indenture Trustee on behalf of the Series 2014-2 Noteholders shall
have the power to direct disposition of the funds in the Series Accounts without further consent by the Issuer; provided,
however, that prior to the delivery by the Indenture Trustee on behalf of the Series 2014-2 Noteholders of notice otherwise,
the Issuer shall have the right to direct the disposition of funds in the Series Accounts; provided, further that
the Indenture Trustee on behalf of the Series 2014-2 Noteholders agrees that it will not deliver such notice or exercise its power
to direct disposition of the funds in the Series Accounts unless an Event of Default has occurred and is continuing. Upon delivery
of the foregoing notice by the Indenture Trustee on behalf of the Series 2014-2 Noteholders, the depositary institution shall comply
with the orders of the Indenture Trustee on behalf of the Series 2014-2 Noteholders without further consent by the Issuer.

 

(d)
      The Issuer shall not close any of the Series Accounts unless it shall have (i) received
the prior consent of the Indenture Trustee on behalf of the Series 2014-2 Noteholders, (ii) established a new Eligible Deposit
Account with the depositary institution holding the Series Account being closed or with a new depositary institution satisfactory
to the Indenture Trustee on behalf of the Series 2014-2 Noteholders, (iii) entered into a depositary agreement to govern such new
account(s) with such new depositary institution which agreement is satisfactory in all respects to the Indenture Trustee on behalf
of the Noteholders (whereupon such new account(s) shall become the applicable Series Account(s) for all purposes of this Indenture
Supplement), and (iv) taken all such action as the Indenture Trustee on behalf of the Series 2014-2 Noteholders shall reasonably
require to grant and perfect a first priority security interest in such account(s) in favor of the Indenture Trustee.

 

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SECTION 4.3. Calculations
and Series Allocations.

 

(a)
      Allocations.  Non-Principal Collections, Principal Collections and
Defaulted Receivables allocated to Series 2014-2 pursuant to Article VIII of the Indenture shall be allocated and paid as
set forth in this Article IV. During any period when the Issuer is permitted by Section 8.4 of the Indenture to make
a single monthly deposit to the Collection Account, amounts allocated to the Series 2014-2 Noteholders pursuant to this Section 4.3
with respect to any Monthly Period need not be deposited into the Collection Account, the Excess Funding Account, the Non-Principal
Account, the Principal Account or any other Series Account prior to the related Transfer Date. Notwithstanding anything to the
contrary in Section 8.4 of the Indenture or Section 4.3(b), amounts allocated to the Series 2014-2 Noteholders pursuant
to Section 4.3(b) (x) may be deposited net of any amounts required to be released to the Issuer or the holders of the Transferor
Interest and, if an Originator or an Affiliate of an Originator is the Master Servicer, any amounts owed to the Master Servicer,
and (y) shall be deposited into the Non-Principal Account (in the case of Non-Principal Collections) and the Principal Account
(in the case of Principal Collections (not including any Shared Principal Collections allocated to Series 2014-2 pursuant to Section 8.5
of the Indenture)), and are not required to be deposited to the Collection Account prior to being deposited in the applicable
Series Account or other Trust Account in accordance with Section 4.3(b). For the avoidance of doubt, any amounts required
to be released to the Issuer, to the holders of the Transferor Interest or to the Master Servicer (if an Originator or an Affiliate
of the Originator is the Master Servicer) need not be deposited into the Collection Account or any Series Account. During any period
when the Issuer is not permitted by Section 8.4 of the Indenture to make a single monthly deposit to the Collection Account,
to the extent any data needed to make the allocations described in Section 4.3(b) is not available on any Date of Processing,
the Issuer shall use the corresponding data as most recently determined or other reasonable estimate of such data until the required
data is available (which shall be no later than the Determination Date in the following Monthly Period), and to the extent that
the allocations made using such estimates results in a deposit into any Series Accounts in a different amount than would be required
using the actual data for the related Date of Processing, the Issuer shall make such adjustments as necessary so that the amounts
allocated to the Series 2014-2 Noteholders are deposited into the appropriate Series Accounts in accordance with Section 4.3(b)
within two Business Days of determining that any shortfall in deposits has resulted from the related estimates, and in any event
not later than the Transfer Date following the related Monthly Period.

 

(b)
      Allocations to the Series 2014-2 Noteholders.  The Issuer shall,
on each Date of Processing on or after the Closing Date, after giving effect to allocations in respect of Dealer Overconcentrations,
Manufacturer Overconcentrations and Product Line Overconcentrations pursuant to Section 8.4 of the Indenture, allocate to
the Series 2014-2 Noteholders the following amounts as set forth below:

 

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(i)
      Allocations of Non-Principal Collections.  The Issuer shall allocate
to the Series 2014-2 Noteholders an amount equal to the product of (A) the Allocation Percentage and (B) the aggregate Non-Principal
Collections processed on such Date of Processing and shall deposit such amount into the Non-Principal Account; provided,
that, with respect to each Monthly Period falling in the Revolving Period (and with respect to that portion of each Monthly
Period in the Controlled Accumulation Period falling on or after the day on which Principal Collections equal to the related Controlled
Deposit Amount have been allocated pursuant to Section 4.3(b)(ii) and deposited pursuant to Section 4.3(a)),
Non-Principal Collections shall be transferred into the Non-Principal Account only until such time as the aggregate amount so deposited
equals the sum of the amounts contemplated to be paid or deposited pursuant to Section 4.4(a) on the related Transfer Date
or Payment Date (the “Target Amount”); and any Non-Principal Collections allocated to the Series 2014-2 Noteholders
but not deposited into the Non-Principal Account due to the operation of this proviso shall be released to the holders of the Transferor
Interest; provided, further, if on any Transfer Date the Free Equity Amount (calculated on a pro forma basis after
giving effect to any payment of principal on the Notes to be made on the following Payment Date) is less than the Minimum Free
Equity Amount after giving effect to all transfers and deposits on that Transfer Date, the Issuer shall cause the holders of the
Transferor Interest, on that Transfer Date, to deposit into the Principal Account funds in an amount equal to the amounts of Available
Non-Principal Collections that are required to be treated as Available Principal Collections pursuant to Sections 4.4(a)(vi)
and (vii) but are not available from funds in the Non-Principal Account as a result of the operation of the preceding proviso.

 

With respect to any
Monthly Period when deposits of Non-Principal Collections into the Non-Principal Account are limited to deposits up to the Target
Amount in accordance with clause (i) above, notwithstanding such limitation: (1) “Reallocated Principal Collections”
for the related Transfer Date shall be calculated as if the full amount of Non-Principal Collections allocated to the Series 2014-2
Noteholders during that Monthly Period had been deposited in the Non-Principal Account and applied on such Transfer Date in accordance
with Section 4.4(a); and (2) Non-Principal Collections released to the holders of the Transferor Interest pursuant to clause (i)
above shall be deemed, for purposes of all calculations under this Indenture Supplement, to have been applied to the items specified
in Section 4.4(a) to which such amounts would have been applied (and in the priority in which they would have been applied)
had such amounts been available in the Non-Principal Account on such Transfer Date. To avoid doubt, the calculations referred to
in the preceding clause (2) include the calculations required by clause (b)(ii) of the definition of Collateral
Amount.

 

(ii)
      Allocations of Principal Collections.  The Issuer shall allocate to
the Series 2014-2 Noteholders the following amounts as set forth below:

 

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(x)
      Allocations During the Revolving Period. During the Revolving Period an amount
equal to the product of the Allocation Percentage and the aggregate amount of Principal Collections processed on such Date of Processing,
shall be allocated to the Series 2014-2 Noteholders and first, an amount equal to the Reallocated Principal Collections
for the related Transfer Date shall be made available on that Transfer Date for application in accordance with Section 4.7,
second, if any other Principal Sharing Series is outstanding and in its accumulation period or amortization period, shall
be deposited and retained in the Principal Account for application, to the extent necessary, as Shared Principal Collections to
other Principal Sharing Series on the related Payment Date, third, shall be deposited in the Excess Funding Account to the
extent necessary so that the Free Equity Amount (calculated on a pro forma basis after giving effect to any payment of principal
on the Notes to be made on the following Payment Date) is not less than the Minimum Free Equity Amount and the Note Trust Principal
Balance is not less than the Required Principal Balance (calculated on a pro forma basis after giving effect to any payment of
principal on the Notes to occur on or prior to the following Payment Date and any adjustment in the numerator used to calculate
the Allocation Percentages with respect to any Series in connection with a principal payment to be made on or prior to the following
Payment Date), and fourth, any remaining amounts shall be released to the holders of the Transferor Interest.

 

(y)
      Allocations During the Controlled Accumulation Period. During the Controlled
Accumulation Period, an amount equal to the product of the Allocation Percentage and the aggregate amount of Principal Collections
processed on such Date of Processing shall be allocated to the Series 2014-2 Noteholders and transferred to the Principal
Account until applied as provided herein; provided, that after the date on which an amount of such Principal Collections
equal to the Monthly Principal has been deposited into the Principal Account, such amounts in excess thereof shall be first,
if any other Principal Sharing Series is outstanding and in its accumulation period or amortization period, deposited and retained
in the Principal Account for application, to the extent necessary, as Shared Principal Collections to other Principal Sharing Series
on the related Payment Date, second, deposited in the Excess Funding Account to the extent necessary so that the Free Equity
Amount (calculated on a pro forma basis after giving effect to any payment of principal on the Notes to be made on the following
Payment Date) is not less than the Minimum Free Equity Amount and the Note Trust Principal Balance is not less than the Required
Principal Balance (calculated on a pro forma basis after giving effect to any payment of principal on the Notes to occur on or
prior to the following Payment Date and any adjustment in the numerator used to calculate the Allocation Percentages with respect
to any Series in connection with a principal payment to be made on or prior to the following Payment Date), and third, any
remaining amounts shall be released to the holders of the Transferor Interest.

 

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(z)
      Allocations During the Early Amortization Period. During the Early Amortization
Period, an amount equal to the product of the Allocation Percentage and the aggregate amount of Principal Collections processed
on such Date of Processing shall be allocated to the Series 2014-2 Noteholders and transferred to the Principal Account until
applied as provided herein; provided, that after the date on which an amount of such Principal Collections equal to the
Monthly Principal has been deposited into the Principal Account such amounts in excess thereof shall be first, if any other Principal
Sharing Series is outstanding and in its accumulation period or amortization period, deposited and retained in the Principal Account
for application, to the extent necessary, as Shared Principal Collections to other Principal Sharing Series on the related Payment
Date, second, deposited in the Excess Funding Account to the extent necessary so that the Free Equity Amount (calculated on a pro forma
basis after giving effect to any payment of principal on the Notes to be made on the following Payment Date) is not less than the
Minimum Free Equity Amount and the Note Trust Principal Balance is not less than the Required Principal Balance (calculated on
a pro forma basis after giving effect to any payment of principal on the Notes to occur on or prior to the following Payment Date
and any adjustment in the numerator used to calculate the Allocation Percentages with respect to any Series in connection with
a principal payment to be made on or prior to the following Payment Date), and third, any remaining amounts shall be released to
the holders of the Transferor Interest.

 

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

 

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

 

(i)on
a pari passu basis,

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(xi)
      if the Early Amortization Period has not occurred and is not continuing, the balance,
if any, will, first, be released to the Issuer to make required yield payments on the Principal Overcollateralization Amount and,
second, the remaining balance will constitute a portion of Excess Non-Principal Collections for such Payment Date and will be applied
in accordance with Section 8.6 of the Indenture; and

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

SECTION 4.5.  Payments.

 

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

 

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

 

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

 

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

 

(e)
      All payments to Noteholders hereunder shall be made by (i) check mailed to each Series
2014-2 Noteholder (at such Noteholder’s address as it appears in the Note Register), except that for any Series 2014-2 Notes
registered in the name of the nominee of a Clearing Agency, such payment shall be made by wire transfer of immediately available
funds, and (ii) except as provided in Section 2.7(b) of the Indenture, without presentation or surrender of any Series
2014-2 Note or the making of any notation thereon.

 

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

 

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

 

SECTION 4.8.  Excess
Non-Principal Collections. Series 2014-2 shall be an Excess Allocation Series with respect to Group One only. Subject to Section 8.6
of the Indenture, Excess Non-Principal Collections with respect to the Excess Allocation Series in Group One for any Transfer Date
will be allocated to Series 2014-2 in an amount equal to the product of (x) the aggregate amount of Excess Non-Principal Collections
with respect to all the Excess Allocation Series in Group One for such Transfer Date and (y) a fraction, the numerator of which
is the Non-Principal Shortfall for Series 2014-2 for such Transfer Date and the denominator of which is the aggregate amount of
Non-Principal Shortfalls for all the Excess Allocation Series in Group One for such Transfer Date. The “Non-Principal
Shortfall” for Series 2014-2 for any Transfer Date will be equal to the excess, if any, of (a) the full amount required
to be deposited or paid, without duplication, pursuant to Sections 4.4(a)(i) through (viii) on such Transfer Date
or the related Payment Date over (b) the Available Non-Principal Collections with respect to such Transfer Date (excluding
any portion thereof attributable to Excess Non-Principal Collections).

 

SECTION 4.9. Shared
Principal Collections. Subject to Section 8.5 of the Indenture, Shared Principal Collections allocable to Series
2014-2 on any Transfer Date will be equal to the product of (x) the aggregate amount of Shared Principal Collections with respect
to all Principal Sharing Series for such Transfer Date and (y) a fraction, the numerator of which is the Principal Shortfall for
Series 2014-2 for such Transfer Date and the denominator of which is the aggregate amount of Principal Shortfalls for all the Series
which are Principal Sharing Series for such Transfer Date. The “Principal Shortfall” for Series 2014-2 will
be equal to (a) for any Transfer Date with respect to the Revolving Period or any Transfer Date during the Early Amortization Period
prior to the Transfer Date relating to the earlier of (i) the Expected Principal Payment Date and (ii) the date on which all outstanding
Series are in early amortization periods, zero, (b) for any Transfer Date with respect to the Controlled Accumulation Period,
the excess, if any, of (i) the Controlled Deposit Amount over (ii) the amount of Available Principal Collections for such
Transfer Date (excluding any portion thereof attributable to Shared Principal Collections or amounts available to be treated as
Available Principal Collections pursuant to clauses (vi) and (vii) of Section 4.4(a)) and (c) for any Transfer
Date relating to any Payment Date on or after the earlier of (i) the Expected Principal Payment Date and (ii) the date on which
all outstanding Series are in early amortization periods, the sum of the Note Principal Balance and the Principal Overcollateralization
Amount with respect to such Transfer Date.

 

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SECTION 4.10. Reserve
Account.

 

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

 

(b)
      On the Series 2014-2 Final Maturity Date, and on any day following the occurrence of
an Event of Default with respect to Series 2014-2 that has resulted in the acceleration of the Series 2014-2 Notes, the Issuer
shall withdraw from the Reserve Account the Available Reserve Account Amount and deposit such amount in the Distribution Account
for payment to the Series 2014-2 Noteholders to fund any shortfalls in amounts owed to the Series 2014-2 Noteholders in the
order of priority described in Section 4.4(a).

 

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

 

(d)
      If, after giving effect to all withdrawals from and deposits to the Reserve Account
on any Transfer Date, the amount on deposit in the Reserve Account exceeds the Required Reserve Account Amount, an amount equal
to such excess shall be withdrawn from the Reserve Account and distributed to the Issuer on the related Payment Date. On the date
on which the Reserve Account has been terminated, after giving effect to any withdrawal on such date pursuant to Section 4.10(a)
or Section 4.10(b) and making any payments to the Series 2014-2 Noteholders required pursuant to this Indenture
Supplement, all amounts then remaining in the Reserve Account shall be released to the Issuer.

 

(e)
      The Reserve Account will terminate on the earliest to occur of (i) the date on which
the Note Principal Balance has been paid in full and all other amounts payable to the Series 2014-2 Noteholders have been paid
in full; (ii) the Series 2014-2 Final Maturity Date; and (iii) the termination of the Issuer.

 

(f)
      On the Closing Date, the Issuer or the Transferor will deposit or cause to be deposited
in the Reserve Account an amount equal to the Required Reserve Account Amount (determined after giving effect to the issuance of
Series 2014-2 Notes on the Closing Date).

 

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

 

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

 

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

 

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

 

SECTION 4.13. Determination
of LIBOR.

 

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

  

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(b)
      The Class A Note Interest Rate, Class B Note Interest Rate and Class C Note Interest
Rate applicable to the then current and the immediately preceding Interest Periods may be obtained by telephoning the Indenture
Trustee at 212-250-4855 or such other telephone number as shall be designated by the Indenture Trustee for such purpose by prior
written notice to each Series 2014-2 Noteholder from time to time.

 

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

 

ARTICLE
V

Delivery of Series 2014-2 Notes;

Reports to Series 2014-2 Noteholders 

 

SECTION 5.1. Delivery
and Payment for the Series 2014-2 Notes.

 

The Issuer shall execute
and issue, and the Authenticating Agent shall authenticate, the Series 2014-2 Notes in accordance with Section 2.2
of the Indenture. The Indenture Trustee shall deliver or cause to be delivered the Series 2014-2 Notes to or upon Issuer Order
when so authenticated.

 

SECTION 5.2. Reports
and Statements to Series 2014-2 Noteholders.

 

(a)
      Not later than the second Business Day preceding each Payment Date, the Issuer shall
deliver, or cause the Master Servicer to deliver to the Trustee, the Indenture Trustee (who shall deliver to or cause to be delivered
to each Series 2014-2 Noteholder) and each Rating Agency a statement substantially in the form of Exhibit B prepared by
the Master Servicer; provided, that the Issuer may amend the form of Exhibit B from time to time with the prior written
consent of the Indenture Trustee.

 

(b)
      On or before January 31 of each calendar year, beginning in the first January to occur
after the Closing Date, the Indenture Trustee, on behalf of the Issuer, shall furnish or cause to be furnished to each Person who
at any time during the preceding calendar year was a Series 2014-2 Noteholder the information for the preceding calendar year,
or the applicable portion thereof during which the Person was a Noteholder, as is required to be provided by an issuer of indebtedness
under the Code to the holders of the Issuer’s indebtedness and such other customary information as is necessary to enable
such Noteholder to prepare its federal income tax returns. Notwithstanding anything to the contrary contained in this Agreement,
the Indenture Trustee, on behalf of the Issuer, shall, to the extent required by applicable law, from time to time furnish to the
appropriate Persons, at least five (5) Business Days prior to the end of the period required by applicable law, the information
required to complete a Form 1099-INT.

 

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ARTICLE
VI

Series 2014-2 Early Amortization Events

 

SECTION 6.1.  Series
2014-2 Early Amortization Events. If any one of the following events shall occur with respect to the Series 2014-2 Notes:

 

(a)
       (i)  failure on the part of Transferor to make any payment or deposit required
to be made by it by the terms of the Second Tier Agreement on or before the date occurring five (5) Business Days after the date
such payment or deposit is required to be made therein or (ii) failure of the Transferor duly to observe or perform in any material
respect any of its covenants or agreements set forth in the Second Tier Agreement (excluding matters addressed by clause (i)
above), which failure has a material adverse effect on Series 2014-2 and which continues unremedied for a period of sixty (60)
days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Issuer
or the Transferor, as applicable, by the Indenture Trustee, or to the Issuer, the Transferor and the Indenture Trustee by any Noteholder
of the Series 2014-2 Notes;

  

(b)
      any representation or warranty made by the Transferor in the Second Tier Agreement
or by the Issuer in the Indenture and the Indenture Supplement or any information contained in an account schedule required to
be delivered by the Transferor pursuant to Section 2.1(c) or Section 2.6(c) of the Second Tier Agreement shall
prove to have been incorrect in any material respect when made or when delivered, which continues to be incorrect in any material
respect for a period of sixty (60) days after the date on which written notice of the same, requiring the same to be remedied,
shall have been given to the Issuer or Transferor, as applicable, by the Indenture Trustee, or to Transferor or the Issuer, as
applicable, and the Indenture Trustee by any Noteholder of the Series 2014-2 Notes, and as a result of which the interests of
Series 2014-2 are materially and adversely affected and continue to be materially and adversely affected for such period; provided,
that a Series 2014-2 Early Amortization Event pursuant to this Section 6.1(b) shall not be deemed to have occurred hereunder
if Transferor has accepted reassignment of the related Transferred Receivable or Transferred Receivables, if applicable, during
such period in accordance with the provisions of the Second Tier Agreement;

 

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

 

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

 

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

 

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

 

(g)
      without limiting the foregoing, the occurrence of an Event of Default with respect to
the Series 2014-2 Notes that results in the acceleration of the maturity of the Series 2014-2 Notes pursuant to Section 5.3
of the Indenture;

 

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

 

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

 

then, in the case of any event described
in subsection (a), (b) or (d), after the applicable grace period, if any, set forth in such subparagraphs,
either the Indenture Trustee or the Noteholders of Series 2014-2 Notes evidencing more than fifty percent (50%) of the aggregate
unpaid principal amount of Series 2014-2 Notes by notice then given in writing to the Issuer (and to the Indenture Trustee if given
by the Series 2014-2 Noteholders) may declare that a “Series Early Amortization Event” with respect to Series 2014-2
(a “Series 2014-2 Early Amortization Event”) has occurred as of the date of such notice, and, in the case of
any event described in subsection (c), (e), (f), (g), (h) or (i), a Series 2014-2 Early
Amortization Event shall occur without any notice or other action on the part of the Indenture Trustee or the Series 2014-2 Noteholders
immediately upon the occurrence of such event.

 

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ARTICLE
VII

Redemption of Series 2014-2 Notes; Final Distributions; Series Termination

 

SECTION 7.1. Optional
Redemption of Series 2014-2 Notes; Final Distributions.

 

(a)
      On any day occurring on or after the date on which the outstanding principal balance
of the Series 2014-2 Notes plus the Principal Overcollateralization Amount is reduced to ten percent (10%) or less of the Initial
Collateral Amount, the Transferor has the option pursuant to the Trust Agreement to reduce the Collateral Amount to zero by paying
a purchase price equal to the greater of (x) the Collateral Amount plus the Allocation Percentage of outstanding Non-Principal
Receivables, and (y) (i) if such day is a Payment Date, the Reassignment Amount for such Payment Date or (ii) if such day is not
a Payment Date, the Reassignment Amount for the Payment Date following such day. If Transferor exercises such option, the Issuer
will apply such purchase price to repay the Series 2014-2 Notes in full as specified below.

 

(b)
      In order to exercise such option, the Issuer shall give the Indenture Trustee at least
thirty (30) days’ prior written notice of the date on which Transferor intends to exercise such optional redemption. Not
later than 3:00 p.m., New York City time, on the day of such redemption, the Issuer shall deposit into the Collection Account in
immediately available funds the Reassignment Amount. Such redemption option is subject to payment in full of the Reassignment Amount.
Following such deposit into the Collection Account in accordance with the foregoing, the Collateral Amount for Series 2014-2 shall
be paid in full and the Series 2014-2 Noteholders shall have no further security interest or other interest in the Transferred
Receivables. The Reassignment Amount shall be paid as set forth in Section 7.1(d).

 

(c)
      The amount to be paid by the Issuer with respect to Series 2014-2 in connection with
a repurchase of the Series 2014-2 Notes pursuant to Section 10.1 of the Trust Agreement shall not be less than the Reassignment
Amount for the Payment Date of such repurchase.

 

(d)
      With respect to the Reassignment Amount deposited into the Collection Account pursuant
to this Section 7.1 or the net proceeds of any sale of Transferred Receivables pursuant to Section 5.3 of the
Indenture with respect to Series 2014-2, the Indenture Trustee shall, in accordance with an Issuer Order, not later than 3:00 p.m.,
New York City time, on the related Payment Date, make payments of the following amounts (in the priority set forth below and, in
each case, after giving effect to any deposits and payments otherwise to be made on such date) in immediately available funds:
(i) an amount equal to the Class A Monthly Interest due and payable on such Payment Date (or any prior Payment Date that has not
been paid) will be paid, pro rata, to the Class A Noteholders, to the extent permitted by applicable law, (ii) the Class A Note
Principal Balance on such Payment Date will be paid, pro rata, to the Class A Noteholders, (iii) an amount equal to the Class B
Monthly Interest due and payable on such Payment Date (or any prior Payment Date that has not been paid) will be paid, pro
rata, to the Class B Noteholders, to the extent permitted by applicable law, (iv) the Class B Note Principal Balance on such Payment
Date will be paid, pro rata, to the Class B Noteholders, (v) an amount equal to the Class C Monthly Interest due and payable on
such Payment Date (or any prior Payment Date that has not been paid) will be paid, pro rata, to the Class C Noteholders to the
extent permitted by applicable law, (vi) the Class C Note Principal Balance on such Payment Date will be paid, pro rata, to the
Class C Noteholders, (vii) an amount equal to any required yield payments on the Principal Overcollateralization Amount will be
released to the Issuer, (viii) the remainder shall be released to the Issuer in reduction of the Principal Overcollateralization
Amount until the Principal Overcollateralization Amount has been paid in full and (ix) any excess shall be released to the Issuer.

 

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SECTION 7.2.  Series
Termination.

 

On the Series 2014-2
Final Maturity Date, the unpaid principal amount of the Series 2014-2 Notes shall be due and payable.

 

ARTICLE
VIII

Miscellaneous Provisions

 

SECTION 8.1.  Ratification
of Indenture; Amendments. As supplemented by this Indenture Supplement, the Indenture is in all respects ratified and confirmed
and the Indenture as so supplemented by this Indenture Supplement shall be read, taken and construed as one and the same instrument.
This Indenture Supplement may be amended only in accordance with the terms of Section 9.1 or 9.2 of the Indenture.
For purposes of the application of Section 9.2 of the Indenture to any amendment of this Indenture Supplement, the Series
2014-2 Noteholders shall be the only Noteholders whose vote shall be required.

 

SECTION 8.2.  Form
of Delivery of the Series 2014-2 Notes. The Series 2014-2 Notes shall be Book-Entry Notes and shall be delivered as provided
in Section 2.1 and 2.2 of the Indenture.

 

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

 

SECTION 8.4.  GOVERNING
LAW.

 

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

 

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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 INDENTURE SUPPLEMENT OR TO ANY MATTER ARISING OUT OF OR RELATING TO THIS INDENTURE SUPPLEMENT; PROVIDED,
THAT EACH PARTY HERETO ACKNOWLEDGES THAT ANY APPEALS FROM THOSE COURTS MAY HAVE TO BE HEARD BY A COURT LOCATED OUTSIDE OF THE BOROUGH
OF MANHATTAN IN NEW YORK CITY; PROVIDED, FURTHER, THAT NOTHING IN THIS INDENTURE SUPPLEMENT SHALL BE DEEMED OR OPERATE
TO PRECLUDE THE INDENTURE TRUSTEE FROM BRINGING SUIT OR TAKING OTHER LEGAL ACTION IN ANY OTHER JURISDICTION TO REALIZE ON THE COLLATERAL
OR ANY OTHER SECURITY FOR THE Series 2014-2 NOTES, OR TO ENFORCE A JUDGMENT OR OTHER
COURT ORDER IN FAVOR OF THE INDENTURE TRUSTEE. EACH PARTY HERETO SUBMITS AND CONSENTS IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION
OR SUIT COMMENCED IN ANY SUCH COURT, AND EACH PARTY HERETO HEREBY WAIVES ANY OBJECTION THAT SUCH PARTY MAY HAVE BASED UPON LACK
OF PERSONAL JURISDICTION, IMPROPER VENUE OR FORUM NON CONVENIENS AND HEREBY CONSENTS TO THE GRANTING OF SUCH LEGAL OR EQUITABLE
RELIEF AS IS DEEMED APPROPRIATE BY SUCH COURT. EACH PARTY HERETO HEREBY WAIVES PERSONAL SERVICE OF THE SUMMONS, COMPLAINT AND OTHER
PROCESS ISSUED IN ANY SUCH ACTION OR SUIT AND AGREES THAT SERVICE OF SUCH SUMMONS, COMPLAINT AND OTHER PROCESS MAY BE MADE BY REGISTERED
OR CERTIFIED MAIL ADDRESSED TO SUCH PARTY AT ITS ADDRESS DETERMINED IN ACCORDANCE WITH SECTION 10.4 OF THE INDENTURE AND THAT SERVICE
SO MADE SHALL BE DEEMED COMPLETED UPON THE EARLIER OF SUCH PARTY’S ACTUAL RECEIPT THEREOF OR THREE DAYS AFTER DEPOSIT IN
THE UNITED STATES MAIL, PROPER POSTAGE PREPAID. NOTHING IN THIS SECTION SHALL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE LEGAL
PROCESS IN ANY OTHER MANNER PERMITTED BY LAW.

 

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

 

    	 	30	2014-2 Indenture Supplement

    	 

    

 

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

 

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

 

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

 

SECTION 8.8. Notes
to be Treated as Debt for Tax. It is the intent of the parties hereto to treat the Class A Notes, the Class B Notes and the
Class C Notes as indebtedness for all purposes, including in all tax filings, reports and returns and otherwise, and such parties
agree not to take, or participate in the taking of or permit to be taken any action that is inconsistent with the treatment of
the Class A Notes, the Class B Notes and the Class C Notes as indebtedness.

 

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

 

[SIGNATURE PAGES FOLLOW] 

 

    	 	31	2014-2 Indenture Supplement

    	 

    

 

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

 

	 	GE DEALER FLOORPLAN MASTER NOTE TRUST, as Issuer
	 	 	 
	 	By:	BNY MELLON TRUST OF DELAWARE,
	 	 	not in its individual capacity,
	 	 	but as Trustee on behalf of Issuer
	 	 	 
	 	By:	/s/ Kristine K. Gullo
	 	Name:	Kristine K. Gullo
	 	Title:	Vice President

 

    	 	S-1	2014-2 Indenture Supplement

    	 

    

 

	 	DEUTSCHE BANK TRUST COMPANY
	 	AMERICAS, as Indenture Trustee

 

	 	By:	/s/ Louis Bodi
	 	Name:	Louis Bodi
	 	Title:	Vice President
	 	 	 
	 	By:	/s/ Mark Esposito
	 	Name:	Mark Esposito
	 	Title:	Assistant Vice President

  

    	 	S-2	2014-2 Indenture Supplement

    	 

    

 

EXHIBIT A-1

 

FORM OF CLASS A SERIES 2014-2 ASSET BACKED
NOTE

 

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

 

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

 

THE HOLDER OF THIS
CLASS A NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST THEREIN, AGREE TO TREAT THE CLASS A NOTES AS
INDEBTEDNESS FOR ALL PURPOSES, INCLUDING IN ALL TAX FILINGS, REPORTS AND RETURNS AND OTHERWISE.

 

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

 

    	 	A-1-1	2014-2 Indenture Supplement

    	 

    

   

	REGISTERED	 
	No. R-1	$[_____]1
	 	 
	 	CUSIP NO. 36159L CN4

 

GE DEALER
FLOORPLAN MASTER NOTE TRUST

SERIES
2014-2

 

CLASS
A SERIES 2014-2 ASSET BACKED NOTE

 

GE Dealer Floorplan
Master Note Trust (herein referred to as the “Issuer” or the “Trust”), a Delaware statutory trust governed
by an Amended and Restated Trust Agreement dated as of August 12, 2004, for value received, hereby promises to pay to Cede &
Co., or registered assigns, subject to the following provisions, the principal sum of [______] DOLLARS ($[______]), or such
greater or lesser amount as determined in accordance with the Indenture, on the Series 2014-2 Final Maturity Date, except as otherwise
provided below or in the Indenture. The Issuer will pay interest on the unpaid principal amount of this Note at the rate and in
the manner set forth in the Indenture Supplement referred to herein. Interest on this Note will accrue for each Payment Date from
and including the most recent Payment Date on which interest has been paid to but excluding such Payment Date or, for the initial
Payment Date, from and including the Closing Date to but excluding such Payment Date. Interest will be computed on the basis of
a 360-day year and the actual number of days elapsed. Principal of this Note shall be paid in the manner specified in the Indenture
Supplement referred to herein.

 

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

 

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

 

 

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

  

    	 	A-1-2	2014-2 Indenture Supplement

    	 

    

 

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

 

	 	GE DEALER FLOORPLAN MASTER NOTE
	 	TRUST, as Issuer

 

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

 

	 	By:	 
	 	Name:	 
	 	Title:	 
	Dated: 	 	 

  

    	 	A-1-3	2014-2 Indenture Supplement

    	 

    

 

INDENTURE TRUSTEE’S CERTIFICATE OF
AUTHENTICATION

 

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

 

	 	DEUTSCHE BANK TRUST COMPANY
	 	AMERICAS, as Indenture Trustee

 

	 	By:	 
	 	Name:	 
	 	Title:	 

 

	Dated:	 

  

    	 	A-1-4	2014-2 Indenture Supplement

    	 

    

 

GE DEALER FLOORPLAN MASTER NOTE TRUST

SERIES 2014-2

 

CLASS A SERIES 2014-2 ASSET BACKED NOTE

 

This Class A Note (this
“Note”) is one of a duly authorized issue of Notes of the Issuer, designated as GE Dealer Floorplan Master Note
Trust, Series 2014-2 (the “Series 2014-2 Notes”), issued under an Amended and Restated Master Indenture dated
as of July 11, 2014 (as amended, modified or supplemented from time to time, the “Master Indenture”), between
the Issuer and Deutsche Bank Trust Company Americas (successor in interest to Wilmington Trust Company), as indenture trustee (the
“Indenture Trustee”), as supplemented by the Series 2014-2 Indenture Supplement dated as of October 21, 2014
(the “Indenture Supplement”), and representing the right to receive certain payments from the Issuer. The term
“Indenture,” unless the context otherwise requires, refers to the Master Indenture as supplemented by the Indenture
Supplement. The Notes are subject to all of the terms of the Indenture. All terms used in this Note that are defined in the Indenture
shall have the meanings assigned to them in or pursuant to the Indenture. In the event of any conflict or inconsistency between
the Indenture and this Note, the Indenture shall control.

 

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

 

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

 

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

 

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

 

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

  

    	 	A-1-5	2014-2 Indenture Supplement

    	 

    

 

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

  

    	 	A-1-6	2014-2 Indenture Supplement

    	 

    

 

ASSIGNMENT

 

Social Security or other identifying number
of assignee _________________________________

 

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

 

	Dated:	 	 	 	**
	 	 	 	Signature Guaranteed:	 

  

 

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

 

    	 	A-1-7	2014-2 Indenture Supplement

    	 

    

 

EXHIBIT A-2

 

FORM OF CLASS B SERIES 2014-2 ASSET BACKED
NOTE

 

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

 

THIS NOTE HAS NOT BEEN
REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY
NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT AS SET FORTH IN THE NEXT SENTENCE. BY ITS ACQUISITION HEREOF OR OF
A BENEFICIAL INTEREST HEREIN, THE HOLDER OF THIS NOTE:

 

(1)         AGREES
FOR THE BENEFIT OF THE ISSUER AND THE TRANSFEROR THAT THIS NOTE MAY BE SOLD, TRANSFERRED, ASSIGNED, PARTICIPATED, PLEDGED OR OTHERWISE
DISPOSED OF ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (I) PURSUANT TO RULE 144A UNDER THE
SECURITIES ACT (“RULE 144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER, WITHIN
THE MEANING OF RULE l44A (A “QIB”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QIB, WHOM THE HOLDER HAS
INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, OR (II) TO
THE TRANSFEROR OR ITS AFFILIATES, IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE UNITED STATES; AND

 

(2)         AGREES
THAT IT WILL DELIVER TO EACH PERSON TO WHOM THIS NOTE OR AN INTEREST HEREIN IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT
OF THIS LEGEND.

  

    	 	A-2-1	2014-2 Indenture Supplement

    	 

    

 

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

 

THE HOLDER OF THIS
CLASS B NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST THEREIN, AGREE TO TREAT THE CLASS B NOTES AS
INDEBTEDNESS FOR ALL PURPOSES, INCLUDING IN ALL TAX FILINGS, REPORTS AND RETURNS AND OTHERWISE.

 

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

  

    	 	A-2-2	2014-2 Indenture Supplement

    	 

    

 

	REGISTERED	 
	No. R-1	$10,526,316
	 	CUSIP NO. 36159L CP9

 

GE DEALER FLOORPLAN MASTER NOTE TRUST

SERIES 2014-2

 

CLASS B SERIES 2014-2 ASSET BACKED NOTE

 

GE Dealer Floorplan
Master Note Trust (herein referred to as the “Issuer” or the “Trust”), a Delaware statutory trust governed
by an Amended and Restated Trust Agreement dated as of August 12, 2004, for value received, hereby promises to pay to Cede &
Co., or registered assigns, subject to the following provisions, the principal sum of TEN MILLION FIVE HUNDRED TWENTY-SIX THOUSAND
THREE HUNDRED SIXTEEN DOLLARS ($10,526,316), or such greater or lesser amount as determined in accordance with the Indenture, on
the Series 2014-2 Final Maturity Date, except as otherwise provided below or in the Indenture. The Issuer will pay interest on
the unpaid principal amount of this Note at the rate and in the manner set forth in the Indenture Supplement referred to herein.
Interest on this Note will accrue for each Payment Date from and including the most recent Payment Date on which interest has been
paid to but excluding such Payment Date or, for the initial Payment Date, from and including the Closing Date to but excluding
such Payment Date. Interest will be computed on the basis of a 360-day year and the actual number of days elapsed. Principal of
this Note shall be paid in the manner specified in the Indenture Supplement referred to herein.

 

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

 

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

 

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

  

    	 	A-2-3	2014-2 Indenture Supplement

    	 

    

 

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

 

	 	GE DEALER FLOORPLAN MASTER NOTE
	 	TRUST, as Issuer

 

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

 

	 	By:	 
	 	Name:	 
	 	Title:	 

 

	Dated: 	 

  

    	 	A-2-4	2014-2 Indenture Supplement

    	 

    

 

 

INDENTURE TRUSTEE’S CERTIFICATE OF
AUTHENTICATION

 

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

 

	 	DEUTSCHE BANK TRUST COMPANY
	 	AMERICAS, as Indenture Trustee

 

	 	By:	 
	 	Name:	 
	 	Title:	 

 

	Dated:	 

  

    	 	A-2-5	2014-2 Indenture Supplement

    	 

    

 

 

GE DEALER FLOORPLAN MASTER NOTE TRUST

SERIES 2014-2

 

CLASS B SERIES 2014-2 ASSET BACKED NOTE

 

This Class B Note (this
“Note”) is one of a duly authorized issue of Notes of the Issuer, designated as GE Dealer Floorplan Master Note
Trust, Series 2014-2 (the “Series 2014-2 Notes”), issued under an Amended and Restated Master Indenture dated
as of July 11, 2014 (as amended, modified or supplemented from time to time, the “Master Indenture”), between
the Issuer and Deutsche Bank Trust Company Americas (successor in interest to Wilmington Trust Company), as indenture trustee (the
“Indenture Trustee”), as supplemented by the Series 2014-2 Indenture Supplement dated as of October 21, 2014
(the “Indenture Supplement”), and representing the right to receive certain payments from the Issuer. The term
“Indenture,” unless the context otherwise requires, refers to the Master Indenture as supplemented by the Indenture
Supplement. The Notes are subject to all of the terms of the Indenture. All terms used in this Note that are defined in the Indenture
shall have the meanings assigned to them in or pursuant to the Indenture. In the event of any conflict or inconsistency between
the Indenture and this Note, the Indenture shall control.

 

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

 

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

 

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

 

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

 

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

  

    	 	A-2-6	2014-2 Indenture Supplement

    	 

    

 

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

  

    	 	A-2-7	2014-2 Indenture Supplement

    	 

    

 

ASSIGNMENT

 

Social Security or other identifying number
of assignee _________________________________

 

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

 

	Dated:	 	 	 	**
	 	 	 	Signature Guaranteed:	 

  

 

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

 

    	 	A-2-8	2014-2 Indenture Supplement

    	 

    

 

EXHIBIT A-3

 

FORM OF CLASS C SERIES 2014-2 ASSET BACKED
NOTE

 

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

 

THIS NOTE HAS NOT BEEN
REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY
NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT AS SET FORTH IN THE NEXT SENTENCE. BY ITS ACQUISITION HEREOF OR OF
A BENEFICIAL INTEREST HEREIN, THE HOLDER OF THIS NOTE:

 

(1)         AGREES
FOR THE BENEFIT OF THE ISSUER AND THE TRANSFEROR THAT THIS NOTE MAY BE SOLD, TRANSFERRED, ASSIGNED, PARTICIPATED, PLEDGED OR OTHERWISE
DISPOSED OF ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (I) PURSUANT TO RULE 144A UNDER THE
SECURITIES ACT (“RULE 144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER, WITHIN
THE MEANING OF RULE l44A (A “QIB”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QIB, WHOM THE HOLDER HAS
INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, OR (II) TO
THE TRANSFEROR OR ITS AFFILIATES, IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE UNITED STATES; AND

 

(2)         AGREES
THAT IT WILL DELIVER TO EACH PERSON TO WHOM THIS NOTE OR AN INTEREST HEREIN IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT
OF THIS LEGEND.

  

    	 	A-3-1	2014-2 Indenture Supplement

    	 

    

 

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

 

THE HOLDER OF THIS
CLASS C NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST THEREIN, AGREE TO TREAT THE CLASS C NOTES AS
INDEBTEDNESS FOR ALL PURPOSES, INCLUDING IN ALL TAX FILINGS, REPORTS AND RETURNS AND OTHERWISE.

 

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

  

    	 	A-3-2	2014-2 Indenture Supplement

    	 

    

 

	REGISTERED	$15,789,474
	No. R-1	CUSIP NO. 36159L CQ7

 

GE DEALER FLOORPLAN MASTER NOTE TRUST

SERIES 2014-2

 

CLASS C SERIES 2014-2 ASSET BACKED NOTE

 

GE Dealer Floorplan
Master Note Trust (herein referred to as the “Issuer” or the “Trust”), a Delaware statutory trust governed
by an Amended and Restated Trust Agreement dated as of August 12, 2004, for value received, hereby promises to pay to Cede &
Co., or registered assigns, subject to the following provisions, the principal sum of FIFTEEN MILLION SEVEN HUNDRED EIGHTY-NINE
THOUSAND FOUR HUNDRED SEVENTY-FOUR DOLLARS ($15,789,474), or such greater or lesser amount as determined in accordance with the
Indenture, on the Series 2014-2 Final Maturity Date, except as otherwise provided below or in the Indenture. The Issuer will pay
interest on the unpaid principal amount of this Note at the rate and in the manner set forth in the Indenture Supplement referred
to herein. Interest on this Note will accrue for each Payment Date from and including the most recent Payment Date on which interest
has been paid to but excluding such Payment Date or, for the initial Payment Date, from and including the Closing Date to but excluding
such Payment Date. Interest will be computed on the basis of a 360-day year and the actual number of days elapsed. Principal of
this Note shall be paid in the manner specified in the Indenture Supplement referred to herein.

 

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

 

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

 

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

  

    	 	A-3-3	2014-2 Indenture Supplement

    	 

    

 

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

 

	 	GE DEALER FLOORPLAN MASTER NOTE
	 	TRUST, as Issuer

 

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

 

	 	By:	 
	 	Name:	 
	 	Title:	 

 

	Dated: 	 

  

    	 	A-3-4	2014-2 Indenture Supplement

    	 

    

 

INDENTURE TRUSTEE’S CERTIFICATE OF
AUTHENTICATION

 

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

 

	 	DEUTSCHE BANK TRUST COMPANY
	 	AMERICAS, as Indenture Trustee

 

	 	By:	 
	 	Name:	 
	 	Title:	 

 

	Dated:	 

  

    	 	A-3-5	2014-2 Indenture Supplement

    	 

    

 

GE DEALER FLOORPLAN MASTER NOTE TRUST

SERIES 2014-2

 

CLASS C SERIES 2014-2 ASSET BACKED NOTE

 

This Class C Note (this
“Note”) is one of a duly authorized issue of Notes of the Issuer, designated as GE Dealer Floorplan Master Note
Trust, Series 2014-2 (the “Series 2014-2 Notes”), issued under an Amended and Restated Master Indenture dated
as of July 11, 2014 (as amended, modified or supplemented from time to time, the “Master Indenture”), between
the Issuer and Deutsche Bank Trust Company Americas (successor in interest to Wilmington Trust Company), as indenture trustee (the
“Indenture Trustee”), as supplemented by the Series 2014-2 Indenture Supplement dated as of October 21, 2014
(the “Indenture Supplement”), and representing the right to receive certain payments from the Issuer. The term
“Indenture,” unless the context otherwise requires, refers to the Master Indenture as supplemented by the Indenture
Supplement. The Notes are subject to all of the terms of the Indenture. All terms used in this Note that are defined in the Indenture
shall have the meanings assigned to them in or pursuant to the Indenture. In the event of any conflict or inconsistency between
the Indenture and this Note, the Indenture shall control.

 

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

 

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

 

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

 

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

 

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

  

    	 	A-3-6	2014-2 Indenture Supplement

    	 

    

 

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

  

    	 	A-3-7	2014-2 Indenture Supplement

    	 

    

 

ASSIGNMENT

 

Social Security or other identifying number
of assignee _________________________________

 

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

 

	Dated: 	 	 	 	**
	 	 	 	Signature Guaranteed:	 

  

 

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

 

    	 	A-3-8	2014-2 Indenture Supplement

    	 

    

 

 

EXHIBIT B

 

Form of Monthly Servicer’s Certificate

 

GE Dealer Floorplan Master Note Trust

Series 2014-2

 

	Payment Date:	[•]
	Collection Period Ended:	[•]
	Closing Date:	October 21, 2014
	Next Payment Date:	[•]
	Expected Principal Payment Date:	October  2017 Payment Date
	Final Maturity Date:	October 2019 Payment Date

 

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

 

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

 

	 	 	Total	 	 	Overconcentrations	 	 	Net of 
Overconcentrations	 
	Principal Collections	 	 	[•]	 	 	 	[•]	 	 	 	[•]	 
	Non Principal Collections	 	 	[•]	 	 	 	[•]	 	 	 	[•]	 

 

    	 	B-1	2014-2 Indenture Supplement

    	 

    

 

	Total Collections	 	$	[•]	 	 	$	[•]	 	 	$	[•]	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Defaults
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Default Amount	 	$	[•]	 	 	$	[•]	 	 	$	[•]	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Asset Performance
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Annualized Yield	 	 	 	 	 	 	 	 	 	 	[•]	%
	Payment Rate	 	 	 	 	 	 	 	 	 	 	[•]	%
	Default Rate	 	 	 	 	 	 	 	 	 	 	[•]	%

  

	Series Allocations	 	 	 	 
	 	 	 	 	 
	Allocation Percentage for Non Principal Collections and Default Amount	 	 	[•]	%
	Allocation Percentage for Principal Collections	 	 	[•]	%
	Non Principal Collections Allocated to Series	 	$	[•]	 
	Principal Collections Allocated to Series	 	$	[•]	 
	Default Amount Allocated to Series	 	$	[•]	 
	 	 	 	 	 
	Application of Available Non Principal Collections	 	 	 	 
	  	 	 	 	 
	Non Principal Collections Allocated to Series	 	$	[•]	 
	Investment Earnings in Principal and Reserve Accounts	 	$	[•]	 
	Aggregate Excess Non Principal Collections Applied to Non Principal
 Shortfall for Series	 	$	[•]	 
	Available Non Principal Collections Allocated to Series	 	$	[•]	 
	(i)	(A)	Amount to Indenture Trustee	 	$	[•]	 
	 	(B)	Amount to Trustee	 	$	[•]	 
	 	(C)	Amount to Administrator	 	$	[•]	 
	 	(D)	Amount to Custodian	 	$	[•]	 
	(ii)	Noteholder Servicing Fee	 	$	[•]	 
	 	Unpaid Servicer Advances and interest thereon	 	$	[•]	 
	(iii)	Class A Monthly Interest	 	$	[•]	 
	(iv)	Class B Monthly Interest	 	$	[•]	 
	(v)	Class C Monthly Interest	 	$	[•]	 
	(vi)	Investor Default Amount (treated as Available Principal Collections)	 	$	[•]	 
	(vii)	Sum of Unreimbursed Investor Charge-offs and Reallocated Principal Collections	 	$	[•]	 
	(viii)	Amount Required to be Deposited to the Reserve Account	 	$	[•]	 
	(ix)	Remaining Amounts due to Indenture Trustee, Trustee, Administrator, and Custodian	 	$	[•]	 
	 	Indenture Trustee[•], Trustee [•], Administrator [•], Custodian [•]	 	$	[•]	 
	(x)	Amounts otherwise required to be Deposited to Principal Account	 	$	[•]	 
	(xi)	(If Early Amortization Period has not occurred) Release to Issuer to make required yield payments on the Principal
Overcollateralization Amount	 	$	[•]	 
	 	 	 	 	 	 
	Excess Non Principal Collections for Series 20[•]-[•]	 	$	[•]	 
	[Include rows for each outstanding series]	 	$	[•]	 
	 	 	 	 	 
	Total Excess Non Principal Collections	 	$	[•]	 
	 	 	 	 	 
	Non Principal Shortfalls for Series 20[•]-[•]	 	$	[•]	 
	[Include rows for each outstanding series]	 	$	[•]	 
	 	 	 	 	 
	Total Non Principal Shortfalls	 	$	[•]	 
	 	 	 	 	 
	Aggregate Excess Non Principal Collections Applied to Non Principal Shortfalls for Series 20[•]-[•]	 	$	[•]	 
	 	 	 	 	 
	[Include rows for each outstanding series]	 	$	[•]	 
	Total Aggregate Excess Non Principal Collections Applied to Non Principal Shortfalls	 	$	[•]	 
	 	 	 	 	 
	Released to Transferor	 	$	[•]	 

 

    	 	B-2	2014-2 Indenture Supplement

    	 

    

 

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

 

    	 	B-3	2014-2 Indenture Supplement

    	 

    

 

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

 

    	 	B-4	2014-2 Indenture Supplement

    	 

    

 

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

 

	Current Monthly Payment Rate	 	 	[•]	%	 	 		 
	Prior Monthly Payment Rate	 	 	[•]	%	 	 	 	 
	Second Prior Monthly Payment Rate	 	 	[•]	%	 	 	 	 
	3 Month Average Monthly Payment Rate	 	 	[•]	%	 	 	 	 
	 	 	 	 	 	 	 	 	 
	(7)	Has the Default Rate Trigger been met?	 	 	 	 	 	 	[Y/N]	 
	 	 	 	 	 	 	 	 	 
	Current Monthly Default Rate	 	 	[•]	%	 	 	 	 
	Prior Monthly Default Rate	 	 	[•]	%	 	 	 	 
	Second Prior Monthly Default Rate	 	 	[•]	%	 	 	 	 
	3 Month Average Monthly Default Rate	 	 	[•]	%	 	 	 	 
	 	 	 	 	 	 	 	 	 
	(8)	Is Reserve Account balance less than Reserve Account trigger?	 	 	 	 	 	 	[Y/N]	 
	 	 	 	 	 	 	 	 	 
	Reserve Account balance	 	 	[•]	%	 	 	 	 
	(A) Required Reserve Account Percentage minus 0.25%	 	 	[•]	%	 	 	 	 
	times (B) Note Principal Balance	 	 	[•]	%	 	 	 	 
	Reserve Account trigger	 	 	[•]	%	 	 	 	 
	 	 	 	 	 	 	 	 	 
	(9)	Is the sum of all investments held in trust accounts of the Issuer more than 50% of the assets of the Issuer on each of 6 or more
consecutive monthly determination dates?	 	 	 	 	 	 	[Y/N]	 
	 	 	 	 	 	 	 	 	 	 
	Current Month	 	 	[•]	%	 	 	 	 

 

	(10)	Have any new series been issued during the related monthly collection period?	 	 	[Y/N]	 
	 	 	 	 	 	 
	(11)	Have any account additions or account removals (other than Inactive Accounts) occurred during the related monthly collection period?	 	 	
         

        [Y/N]
	 
	 	 	 	 	 	 
	Number of accounts added/(removed)	 	 	[•]	 
	Outstanding balance of Principal Receivablesin such added/(removed) accounts	 	$	[•]	 

 

	Delinquency	 	 	 	 	 	 
	 	 	 	 	 	 	 
	Days Outstanding	 	Amount
 (Dollars in Millions)	 	 	Percentage of Total
 Receivables Outstanding	 
	 	 	 	 	 	 	 
	30-59	 	$	[•]	 	 	 	[•]	%
	60-89	 	$	[•]	 	 	 	[•]	%
	90-119	 	$	[•]	 	 	 	[•]	%
	120-149	 	$	[•]	 	 	 	[•]	%
	150-179	 	$	[•]	 	 	 	[•]	%
	180+	 	$	[•]	 	 	 	[•]	%
	*Total	 	$	[•]	 	 	 	[•]	%

 

*Figures may not foot due to rounding

 

    	 	B-5	2014-2 Indenture Supplement

    	 

    

 

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

 

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

 

    	 	B-6	2014-2 Indenture SupplementExhibit 10.1

 

QUALITY AGREEMENT

 

This QUALITY
AGREEMENT (this “Agreement”), is entered into as of [      ], 2014 (the “Effective Date”) between Symmetry
Medical Inc., a Delaware corporation (the “Company”), and Racecar SpinCo, Inc., a Delaware corporation (“SpinCo”).
Company and SpinCo are referred to herein collectively as the “Parties,” and each individually as a “Party”.

 

WHEREAS, the Parties
have entered into that certain Supply Agreement, dated as of [ ], 2014 (the “Supply Agreement”); and

 

WHEREAS, pursuant
to the terms of the Supply Agreement, the Parties intend to supply to each other certain Products; and

 

WHEREAS, the Parties
desire to enter into this Agreement in order to provide for the agreement of quality and regulatory issues related to the supply
of Products under the Supply Agreement;

 

NOW, THEREFORE, in
consideration of the mutual promises, covenants and agreements hereinafter set forth, and for other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledge, and intending to be legally bound hereby, the Parties hereby agree
as follows:

 

		1.0	DEFINITIONS. Capitalized
                                         terms used herein but not otherwise defined shall have the meanings set forth in the
                                         Separation Agreement.

 

		2.0	PURPOSE

 

		2.1	This Agreement addresses the
                                         quality system requirements for the Products and is intended to ensure that the Products
                                         and all other products affected by the Product, if any, will be safe and effective, will
                                         have the proper identity, quality, purity, and potency, and will be in compliance with:
                                         (i) the Federal Food, Drug, and Cosmetic Act, as amended, 21 US.C. 321-394, (the “FD&C
                                         Act”); (ii) current good manufacturing practice requirements (“cGMP”)
                                         as set forth in the Food and Drug Administration (“FDA”) quality system (“QS”)
                                         regulations, as amended, 21 CFR 820.1, et seq. (“QS Regulations”);
                                         (iii) Directive 93/42/EEC concerning General Medical Devices (MDD) and, (iv) Receiving
                                         Party’s requirements and/or specifications (if any) (hereinafter collectively referred
                                         to as the “Product Specifications”).

 

		2.2	In the event that quality issues
                                         not otherwise addressed in this Agreement arise during Product manufacture, quality evaluations,
                                         and/or performance of Supplying Party’s services, then Supplying Party agrees to
                                         implement mutually agreed upon continual improvement activities (including, without limitation,
                                         performance enhancements and corrective actions) that Receiving Party and Supplying Party
                                         mutually agree are necessary or appropriate to improve, assure, or otherwise maintain
                                         the quality of the Product, with neither Party’s agreement being unreasonably withheld,
                                         conditioned or delayed.

 

		3.0	SCOPE AND EFFECT

 

		3.1	Product Registration. Supplying
                                         Party shall be responsible for registering Supplying Party’s facilities with the
                                         appropriate Regulatory Agency or Agencies and for maintaining any such registrations
                                         and/or licenses in accordance with 21 CFR 807.20, 21 CFR 807.40 and Directive 93/42/EEC
                                         concerning General Medical Devices (MDD).

 

		3.2	Regulatory Filings. The Party
                                         that is considered the legal manufacturer is responsible for maintaining and keeping
                                         readily available all documentation, correspondence and forms related to 510K, Pre-Market
                                         Approvals (“PMA”), and CE Marking.

 

    	 

    	 

    

 

		3.3	The terms of this Agreement are intended to be consistent
                                         with and supplement the terms of any Supply Agreement. Notwithstanding the foregoing,
                                         in the event of any conflict between terms in this Agreement and any Supply Agreement
                                         or any purchase order, then the documents shall govern in this order: (i) the Supply
                                         Agreement; (ii) this Agreement; and, (iii) purchase order.

 

		3.4	Duration of Agreement.  This
                                         Agreement’s term is coterminous with the Supply Agreement in every respect (the
                                         “Term”), and shall at all times apply to the Product(s) provided by Supplying
                                         Party to Receiving Party under the Supply Agreement. Notwithstanding the foregoing, any
                                         section of this Agreement which has a predefined retention, survival or maintenance retention
                                         shall survive the termination of this Agreement for no less than five (5) years, at which
                                         time these obligations shall be reviewed in good faith for an extension of time if appropriate.

 

		3.5	Responsibilities of the Parties. Appendix I sets forth
                                         the respective rights and obligations of the Receiving Party and Supplying Party
                                         hereunder.

 

		4.0	COMMUNICATION AND DESIGNATION OF QUALITY REPRESENTATIVE
                                         

 

		4.1	Each Party shall designate the
                                         appropriate person(s) from its respective quality unit (the “Quality Representative”)
                                         to be responsible for maintaining communication about quality assurance for the Product
                                         and this Agreement, including sending and receiving any notice(s) described or required
                                         herein.

 

		4.2	Exhibit A: Specifications,
                                         Products and Materials, provides an initial and/or brief description of the Product(s).

 

		5.0	SUPPLYING PARTY QUALITY MANAGEMENT SYSTEM REQUIREMENTS
                                         

 

		5.1	The Supplying Party shall implement
                                         and maintain a quality management system in accordance with cGMP/QS requirements (21
                                         CFR 820) and ISO 13485:2008: Medical devices-Quality management systems-requirements
                                         for regulatory purposes.

 

		6.0	INTERNAL QUALITY SYSTEM AUDITS AND CORRECTIVE ACTION

 

		6.1	Each Party will establish procedures
                                         for Quality System audits and conduct such audits to ensure that the Quality System is
                                         in compliance with the established Quality System requirements and to determine the effectiveness
                                         for the Quality System as set forth in 21 CFR 820.22 (Internal Audit).

 

		6.2	Each party shall establish and
                                         maintain procedures for implementing corrective and preventive action as set forth in
                                         21 CFR 820.100 (a) and to maintain such corrective and preventive action system in accordance
                                         with ISO 13485 8.5.2 (Corrective Action) and 8.5.3 (Preventive Action).

 

		7.0	TRAINING AND EDUCATION

 

		7.1	The Supplying Party shall determine the necessary education
                                         and training requirements for all employees, including temporary employees, entrusted
                                         with any work affecting quality to ensure that all personnel are trained to adequately
                                         perform their assigned responsibilities per 21 CFR 820.25 (b)(1)(2). Supplying Party
                                         shall keep records of training in accordance with record retention requirements identified
                                         in Appendix I.

 

		8.0	DESIGN CONTROLS (see Appendix I)

		8.1	Design Controls Generally. Supplying Party acknowledges
                                         and agrees that design and development planning is necessary and established to ensure
                                         that the design process for the Product is appropriately controlled and that Product
                                         Specifications and quality objectives are met.

 

    	 

    	 

    

 

		8.2	Design Controls Developed By Receiving Party. Unless otherwise
                                         agreed to in a written document signed by the Parties and incorporated herein by reference,
                                         the Parties acknowledge and agree that Receiving Party is responsible for the design
                                         and development requirements for the Product in accordance with 21 CFR 820.30 and owns
                                         all design documents (including the design history file (DHF)) and specifications. Further,
                                         the Supplying Party shall be responsible for translating all design materials provided
                                         by Receiving Party and implement and perform the designated manufacturing activities
                                         in compliance with: (i) the procedures, drawings, requirements, and/or other design materials
                                         provided by Receiving Party; and, (ii) the requirements of the QS Regulations/cGMPs including,
                                         without limitation, the design transfer requirements set forth in 21 CFR 820.30(h).

 

		9.0	PROCESS CONTROL (see Appendix I)

 

		9.1	Production and Process Controls.
                                         Supplying Party shall develop, conduct, control, validate (where process results cannot
                                         be fully verified by inspection and testing) in accordance with 21 CFR 820.75 (Process
                                         Validation) and 820.70 (g) (Equipment Qualification) and conduct a documented risk analysis
                                         for the complete process of manufacturing (such as Process Failure Modes and Effects
                                         Analysis (“pFMEA”) or Control Plans, and monitor production processes to
                                         ensure that the Product conforms to Product Specifications.

 

		9.2.	Supplying Party shall, more specifically,
                                         assure that production equipment and quality measurement equipment, including mechanical,
                                         electronic, automated, chemical, or other equipment, are: (i) suitable for the intended
                                         use; (ii) capable of producing valid results; (iii) operated by trained personnel; and,
                                         (iv) properly calibrated to the appropriate standard

 

		9.4	Equipment Controls. All equipment
                                         used to manufacture the Product shall be appropriately designed, constructed, placed,
                                         and installed to facilitate maintenance, adjustment, cleaning and use in accordance with
                                         QS Regulations, including, without limitation, 21 CFR 820.70(g).

 

		9.4.1	Supplying Party shall establish
                                         and maintain written maintenance procedures and schedules and shall specifically document
                                         the performance of all maintenance activities.

 

		9.4.2	Supplying Party shall conduct and
                                         document completion of periodic inspections and/or audits to ensure Supplying Party’s
                                         adherence to equipment maintenance procedures and schedules.

 

	 	10.0	DOCUMENT CONTROLS AND RETENTION (see Appendix
I)

 

		10.1	Product Records.

 

		10.1.1	Supplying Party shall possess
                                         and retain detailed written records of all Supplying Party activities relating to the
                                         Product, including but not limited to documents concerning the design, development, composition,
                                         manufacture, testing, quality, validation, traceability, remanufacture, packaging, labeling,
                                         inspection, and shipping activities relating to the Product (collectively referred to
                                         as the “Product Records”).

 

		10.1.2	Product Records also include
                                         all documents required by this Agreement, the Supply Agreement and applicable QS Regulations/cGMPs,
                                         including, but not limited to, the compilation of documents comprising a design history
                                         file (“DHF”), device history record (“DHR”) and device master
                                         record (“DMR”) as those terms are defined in 21 CFR 820.3.

 

		10.2	Document Controls. Supplying
                                         Party shall establish and maintain an up-to-date written document control system for
                                         controlling the Product Records in accordance with the requirements set forth in this
                                         Agreement, the Supply Agreement, and the document control provisions in the QS Regulations,
                                         including, without limitation, 21 CFR 820.40.

 

    	 

    	 

    

 

		10.3	Document Changes. Supplying
                                         Party shall maintain records of changes to documents. Change records shall include a
                                         description of the change, identification of the affected documents, the signature of
                                         the approving individual(s), the approval date, and when the change becomes effective.

 

		10.4	Record Retention. Supplying
                                         Party shall retain all Product Records for a period of time equivalent to the design
                                         and expected life of the Product or the medical device in which the Product is intended
                                         to be included. Notwithstanding the foregoing, Supplying Party shall not alter, destroy,
                                         or otherwise dispose of any Product Records without Receiving Party Corporation’s
                                         prior written authorization.

 

		10.5	Access to Product Records. Supplying
                                         Party shall provide copies of any or all Product Records to Receiving Party within a
                                         reasonable period of time following the request.

 

		11.0	CHANGE CONTROL (see Appendix I)

 

		11.1	Significance of Change Control.
                                         Supplying Party acknowledges and agrees that changes to any process, system, or activity
                                         (including, without limitation, designs, specifications, procurement, Supplying Party’s
                                         raw materials, manufacturing, shipping, labeling, packaging, tests, testing methods,
                                         calibration standards, standard operating procedures, equipment, software, maintenance,
                                         contamination controls, quality systems, and documents containing the procedures and
                                         specifications for the Product) relating to the Product can impact the safety, identity,
                                         quality, effectiveness, purity and/or potency of the Product. Supplying Party further
                                         acknowledges and agrees that certain manufacturing changes may require regulatory filings
                                         and/or regulatory approval prior to implementing any such change.

 

		11.2	Supplying Party’s Change
                                         Control System. Supplying Party shall establish and maintain an up-to-date change control
                                         system with written policies and procedures for identifying, addressing, documenting,
                                         and implementing changes to any specification, method, process, or procedure (from design
                                         to delivery) relating to the Product. Such changes shall be verified, or where appropriate
                                         validated according to 21 CFR 820.75, before implementation and these activities shall
                                         be documented. Any such changes shall be approved by appropriate personnel and in accordance
                                         with the document change procedures set forth in 21 CFR 820.40. Such changes shall be
                                         verified, or where appropriate validated according to 21 CFR 820.75, (Validation of processes
                                         for production and service provision), before implementation and these activities shall
                                         be documented. Such changes shall be approved by appropriate personnel and in accordance
                                         with the document change procedures set forth in 21 CFR 820.40 .

 

		11.3	Notice of Proposed Changes.
                                         In the event that Supplying Party identifies or is made aware of a potential change to
                                         any process, system, or activity relating to the Product, then Supplying Party shall
                                         promptly, and in no event later than three (3) business days after becoming aware of
                                         the potential change, notify Receiving Party of the proposed change using the current
                                         change request form (“SCR”). Each SCR shall, at a minimum, set forth a narrative
                                         description of the proposed change, identification of any documents affected by the proposed
                                         change, Supplying Party’s plan for addressing and implementing the proposed change,
                                         and when the proposed change would become effective.

 

		11.4	Change Approval. Supplying
                                         Party shall not implement any changes to any process, system, or activity relating to
                                         the Product without prior written approval from an authorized member of Receiving Party’s
                                         quality assurance department. Supplying Party assumes all financial responsibility for
                                         changes made by Supplying Party without the required prior written approval from Receiving
                                         Party.

 

		12.0	SUPPLYING PARTY’S PURCHASING AND ACCEPTANCE
ACTIVITIES (see Appendix I)

 

		12.1	Supplying Party’s Purchasing Controls. Supplying Party
                                         shall establish and maintain written requirements and procedures to ensure that all services
                                         or product(s) purchased or otherwise received by Supplying Party are acceptable for their
                                         intended use and conform to all Product Specifications.

 

    	 

    	 

    

 

		13.0	MATERIAL USE, STORAGE, IDENTIFICATION AND TRACEABILITY
(see Appendix I)

 

		13.1	Storage of Materials. Supplying
                                         Party shall establish and maintain procedures for control of storage areas and stock
                                         rooms for product to prevent mix-ups, damage, deterioration, contamination, or other
                                         adverse effects pending distribution. Where Receiving Party provides raw material, Supplying
                                         Party shall maintain its traceability.

 

		13.2	Identification. Supplying Party
                                         shall establish and maintain procedures for identifying product during all stages of
                                         receipt, production, distribution, and installation to prevent mixing of materials.

 

		13.3	Traceability Controls. Supplying
                                         Party shall establish and maintain procedures to trace any material or component that
                                         relates to or is otherwise part of the Product via a unit, lot or batch control number
                                         in accordance with cGMPs/QS Regulations, including 21 CFR 820.65, and Product Specifications.
                                         Supplying Party shall document such traceability controls in order to facilitate corrective
                                         action.

 

		14.0	LABELING AND PACKAGING (see Appendix I)

 

		14.1	Labeling. The appearance and text
                                         of any labeling and packaging used in connection with the Product or any finished product
                                         containing or contained in the Product shall be identical to that utilized in the six
                                         (6) months prior to the Effective Date unless otherwise agreed to by the parties in good
                                         faith.

 

		14.2	Packaging. The Party that is
                                         considered the legal manufacturer shall ensure that Product packaging is designed, validated,
                                         and constructed to protect the Product from alteration, contamination, mix-up, or damage
                                         during all processing, storage, handling and distribution activities. Bulk Product packaging
                                         is designed based on historical experience and/or accepted industry standards, relative
                                         to protecting the Product in transit. Supplying Party shall examine packaging related
                                         to the Product to assure that such containers and packaging: (i) are in accordance with
                                         Product Specifications; and, (ii) are not damaged or misbranded. Furthermore, Product
                                         shall be packed in such a way as to prevent the inadvertent mixing of multiple lots of
                                         parts.

 

		16.0	PRODUCT RELEASE

 

		16.1	Delivery Documentation. Supplying Party shall provide the
                                         following information with each delivery to Receiving Party:

 

		·	Part
                                         Number;

		·	Receiving
                                         Party PO Number

		·	Lot
                                         Number

		·	Quantity

		·	Certificate of
                                         Analysis and/or Certificate of Conformance (see 18.1.3)

 

		16.2	Certificate of Conformance. Supplying
                                         Party shall include with each shipment a Certificate of Conformance (“Certificate
                                         of Conformance”) stating the following: 

 

		·	Supplying Party
                                         Name

		·	Receiving Party
                                         Part Name

		·	Receiving Party
                                         Part # and Revision Level

		·	Receiving Party
                                         Purchase Order #

		·	Supplying Party
                                         Lot#

		·	Quantity Shipped

		·	Date Manufactured

 

    	 

    	 

    

 

		17.0	COMPLAINT FILES

 

		17.1	Complaint. The term “Complaint”
                                         means any indication of the failure of the Product to meet customer or user expectations
                                         for quality or to meet performance specifications, including, without limitation, any
                                         written, electronic, or oral communication that alleges deficiencies related to the identity,
                                         quality, durability, reliability, safety, effectiveness, or performance of the Product
                                         after it is released for distribution.

 

		17.2	Complaint Handling System.
                                         Supplying Party must establish and maintain written procedures for receiving, reviewing,
                                         and evaluating Complaints in accordance with cGMPs/QS Regulations, including 21 CFR 820.198.

 

		17.3	Complaint Files. Supplying
                                         Party will maintain written records of Complaints in accordance with cGMPs/QS Regulations,
                                         including 21 CFR 820.198, that provide, at a minimum, written records of any investigation
                                         and the reasoning used by Supplying Party to determine whether an investigation is, or
                                         is not, necessary.

 

		17.4	Notice. Supplying Party shall
                                         immediately notify Receiving Party in writing of any Complaint or Adverse Event involving
                                         the possible failure of the Product, including labeling or packaging, to meet any Product
                                         specifications. This Section shall survive Termination of the Agreement.

 

17.5      Complaint
Investigation.

 

		17.5.1	The Party that is considered the
                                         legal manufacturer is responsible for the initial assessment and, if appropriate, initial
                                         investigation of Complaints alleging an event that could be reportable to the FDA under
                                         FDA medical device reporting regulations, 21 CFR Part 803, as amended, and/or other Regulatory
                                         Agency as required.

 

		17.5.2	Supplying Party Investigation.
                                         Notwithstanding the foregoing provision, Supplying Party will investigate Complaints
                                         if requested to do so by Receiving Party. Supplying Party will provide an investigation
                                         report to Receiving Party within ten (10) business days after Receiving Party’s
                                         request for a Supplying Party investigation. Supplying Party’s investigation shall
                                         be completed and documented in accordance with cGMPs/QS Regulations, including 21 CFR
                                         820.198.

 

		17.6	Medical Device Reporting. The
                                         Party that is considered the legal manufacturer shall be responsible for reporting to
                                         the relevant Regulatory Agency and/or FDA all Complaints and Adverse Events relating
                                         to the Product that are required to be reported under FDA medical device reporting regulations,
                                         21 CFR Part 803, as amended.

 

		18.0	QUALITY & MANUFACTURING AUDIT

 

		18.1	Quality Audit. The term “Quality
                                         Audit” and “Manufacturing Audit” means an on-site systematic, independent,
                                         and documented examination of Supplying Party’s quality and process systems to
                                         determine whether Supplying Party is in compliance with quality and process system procedures,
                                         that the procedures are implemented effectively, that adequate controls are in-place,
                                         that the procedures are suitable to achieving quality objectives and product requirements,
                                         and that the systems are in accordance with applicable cGMPs/QS Regulations.

 

		18.2	Quality Audit Procedure. Supplying
                                         Party shall provide Receiving Party with access to Supplying Party’s facilities,
                                         Product Records, and/or operations to conduct the Quality Audit during normal business
                                         hours and in a manner, as reasonably practicable under the circumstances, not to interfere
                                         with Supplying Party’s normal and ordinary operations. Receiving Party’s
                                         representative(s) or agent(s) conducting a Quality Audit will be qualified to conduct
                                         such audits, shall comply with Supplying Party’s safety and security rules, and
                                         will execute a commercially reasonable confidentiality agreement respecting the information
                                         obtained during the Manufacturing Audit. Each Party’s respective Quality Representative
                                         shall work together to coordinate and effectuate the Quality Audit; provided, however,
                                         that Supplying Party shall not in any manner unreasonably delay, condition, or otherwise
                                         interfere with Receiving Party’s right to conduct the Quality Audit.

 

    	 

    	 

    

 

		18.3	Corrective Action Plan.

 

		18.3.1	In the event that a Quality
                                         Audit finds or identifies any condition(s) that are not in compliance with this Agreement,
                                         Product Specifications, or cGMPs/QS Regulations (hereinafter a “Finding”),
                                         and are not cured within thirty (30) days of written notice from Receiving Party to Supplying
                                         Party, then: (i) Supplying Party may be placed on a no future business or restricted
                                         procurement status with Receiving Party; and, (ii) Supplying Party shall be responsible
                                         to provide Receiving Party with a written corrective action plan within thirty (30) business
                                         days thereafter.

 

The corrective action plan shall,
at a minimum, set forth a narrative description detailing Supplying Party’s steps for addressing each Finding and implementing
proposed containment, corrective and as applicable-preventive actions, and when such corrective and preventive actions would be
implemented.

 

		18.3.2	In the event that Supplying
                                         Party fails to provide an acceptable corrective and preventive action plan to Receiving
                                         Party within the requisite thirty (30) business day period, then Supplying Party shall
                                         remain on no future business or restricted procurement with Receiving Party.

 

		19.0	REGULATORY INSPECTION

 

		19.1	Regulatory Agency. The term
                                         “Regulatory Agency” means any local, state, regional, U.S. federal, or non-U.S.,
                                         governmental or regulatory agency, relevant Competent Authority including, without limitation,
                                         the FDA.

 

		19.2	Supplying Party Registration.
                                         Supplying Party shall be responsible for registering Supplying Party’s operations
                                         and/or facilities with the appropriate Regulatory Agency (ies) and for maintaining any
                                         such respective registrations and/or licenses. Supplying Party shall maintain, and keep
                                         readily available, all documentation and forms relating to such registrations and/or
                                         licenses.

 

		19.3	Regulatory Communications. Supplying Party will notify Receiving
                                         Party within five (5) business days of Supplying Party’s receipt of any warning
                                         letter, untitled letter, or any observations from a Regulatory Agency (e.g. Form FDA-483)
                                         that identify or impact the Product and/or Receiving Party.

 

		19.4	Cooperation. To the extent that any inspection or action
                                         by a Regulatory Agency directly affects the Product and/or Receiving Party, Supplying
                                         Party agrees to cooperate and confer with Receiving Party prior to Supplying Party submitting
                                         any response to a Regulatory Agency. Supplying Party further agrees to obtain Receiving
                                         Party’s consent, which will not be unreasonably withheld or delayed, before Supplying
                                         Party makes any commitment to a Regulatory Agency that would affect the Product and/or
                                         Receiving Party.

 

[SIGNATURE PAGE FOLLOWS]

 

    	 

    	 

    

 

IN WITNESS THEREOF, the Parties
enter into this Agreement and sign below to indicate their review, acceptance, and agreement to the terms and conditions set forth
herein.

 

	 	Symmetry Medical Inc.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	Racecar SpinCo, Inc.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 

    	 

    

 

Exhibit A

 

Specifications, Products and Materials

 

The Specifications of the Products (as set forth in the Supply
Agreement), including the Raw Materials (as defined in the Supply Agreement), will be materially the same as those that are currently
used or in effect as of the date of the Quality Agreement, with any future modifications or Improvements (as defined in the Supply
Agreement) to be mutually agreed upon by the Parties.

 

    	 

    	 

    

 

APPENDIX I: RESPONSIBILITY MATRIX

 

	Element	 	Receiving
 Party	 	Supplying
 Party	 	Legal
 Manufacturer
	2.3	 	Product Listing (MDL) Registration -21 CFR 807	 	X	 	X	 	X
	2.4	 	Product Regulatory Clearance (510k/PMA) Filings - 21 CFR 814	 	 	 	 	 	X
	4.0	 	Quality System in accordance with 21 CFR 820 (Compliant only)	 	X	 	X	 	X
	4.0	 	Quality System in accordance with ISO 13485 (Compliant only)	 	 X	 	X	 	X
	7.0	 	Design Controls	 	 	 	 	 	 
	7.1	 	General	 	 	 	 	 	X
	7.2	 	Design Transfer	 	 	 	 	 	X
	7.2	 	Intellectual Property	 	 	 	 	 	X
	7.3	 	Pre-release changes	 	 	 	 	 	X
	9.0	 	Process Controls	 	 	 	 	 	 
	9.1	 	Procedures / Instructions	 	 	 	X	 	 
	9.2	 	Calibration	 	 	 	X	 	 
	9.3.1	 	Process Maps / Flowcharts	 	 	 	X	 	 
	9.3.2	 	PFMEA /  Control Plans	 	 	 	X	 	 
	9.3.3	 	Master Validation Plan (MVP)	 	 	 	X	 	 
	9.3.4	 	Equipment Qualification (Incl. CSV if applicable)	 	 	 	X	 	 
	9.3.5	 	Product Qualification (OQ /PQ)	 	 	 	X	 	 
	9.3.6	 	Cleaning Validation	 	 	 	X	 	 
	9.4	 	Equipment Controls	 	 	 	X	 	 
	9.5	 	Manufacturing Materials	 	 	 	X	 	 
	10.1	 	Product Records	 	 	 	 	 	 
	10.1.3	 	DHF / DHR / DMR	 	 	 	X	 	X
	10.4	 	Documented Changes	 	 	 	X	 	X
	10.5	 	Emergency Back-up Plan - (Records)	 	 	 	X	 	X
	10.6	 	Record Retention	 	 	 	X	 	X
	11.1	 	Change Control	 	X	 	 	 	 
	11.3	 	SCR to initiate Changes	 	X	 	X	 	X
	13.0	 	Purchasing Activities	 	 	 	 	 	 
	13.2	 	Sub-Supplying Party Management	 	 	 	X	 	X
	13.2.2	 	Sub-Supplying Party Qualification	 	 	 	X	 	X
	13.2.3	 	Sub-Supplying Party Audits / evaluations	 	 	 	X	 	X
	13.2.4.1	 	Sub-Supplying Party Nonconforming Materials	 	 	 	X	 	X
	13.2.5	 	Changing Sub-Supplying Party	 	X	 	X	 	X
	13.3.1	 	Material Selection Documentation	 	 	 	X	 	X
	14.1	 	Customer Supplied Product Management	 	 	 	X	 	X
	15.1.2	 	Finished Device Labeling approval	 	X	 	 	 	X
	15.2.1	 	Finished Device Packaging / Validation	 	 X	 	 	 	X
	16.1.1	 	Testing (Testing and Conformance Inspections)	 	 	 	X	 	X
	16.2	 	Testing Methodology	 	 	 	X	 	X
	18.0	 	Complaint handling	 	 	 	 	 	 
	18.2	 	Complaint Intake	 	X	 	 	 	X
	18.5	 	Complaint Investigation	 	X	 	X	 	X
	18.6	 	Medical Device Reporting - 21 CFR 803	 	X	 	 	 	X
	19.0	 	Receiving Party On-site Inspections	 	 	 	X	 	X
	20.0	 	Regulatory Inspections	 	 	 	X	 	X

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00236-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00236-of-00352.parquet"}]]