Document:

ex101to8k07601_01292010.htm

    Exhibit 10.1

     

    
      

      TWENTY-FIRST AMENDMENT TO
LOAN AND SECURITY AGREEMENT

      

      

      This
TWENTY-FIRST AMENDMENT TO LOAN AND SECURITY AGREEMENT (this “Amendment”) is entered into as
of this 29th day of January, 2010 by and among BANK OF AMERICA, N.A., as
successor by merger to LaSalle Business Credit, LLC, as administrative agent and
collateral agent (in such agent capacities, “Agent”) for itself and all
other lenders from time to time a party hereto (“Lenders”), located at
135 South LaSalle Street, Chicago, Illinois 60603-4105, PROTECTIVE APPAREL
CORPORATION OF AMERICA, a New York corporation (“PACA”), POINT BLANK BODY ARMOR
INC., a Delaware corporation (“Point Blank”) (collectively,
the “Borrowers” and
each, individually, a “Borrower”) and POINT BLANK
SOLUTIONS, INC., a Delaware corporation (the “Parent” and a “Guarantor”).  Unless
otherwise specified herein, capitalized terms used in this Amendment shall have
the meanings ascribed to them by the Loan Agreement (as hereinafter
defined).

       

      RECITALS

       

      WHEREAS,
Borrowers, Parent, Agent and Lenders have entered into that certain Amended and
Restated Loan and Security Agreement dated as of April 3, 2007 (as amended,
supplemented, restated or otherwise modified from time to time, the “Loan Agreement”);

       

      WHEREAS,
Borrowers, Parent, Agent and Lenders have agreed to the amendments set forth
herein;

       

      NOW
THEREFORE, in consideration of the foregoing recitals, mutual agreements
contained herein and for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, Borrowers, Parent, Agent and
Lenders hereby agree as follows:

       

      SECTION
1.          Amendments.

       

      (a)           The
definition of “Eligible Inventory” set forth in Section 1 of the Loan Agreement
is hereby amended by replacing the period at the end of clause (ix) therein with
“; and” and  adding a new clause (x) at the end of such definition to
read as follows:

       

      “(x)   it is not subject
to any prepayment or progress billing arrangement as determined by
Agent.

       

      (b)           The
definition of “Sixteenth Amendment Reserve” set forth in Section 1 of the Loan
Agreement is hereby amended and restated to read as follows:

       

      “Sixteenth Amendment
Reserve” means, for the relevant period, the dollar amount of the
“Availability Block” set forth below for such period:

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      
        	
                START
      DATE

              	
                END
      DATE

              	
                AVAILABILITY
      BLOCK

              
	
                Sixteenth
      Amendment Effective Date

              	
                November  6,
      2009

              	
                $7,500,000

              
	
                November
      7, 2009

              	
                November
      13, 2009

              	
                $9,000,000

              
	
                November
      14, 2009

              	
                November
      20, 2009

              	
                $10,500,000

              
	
                November
      21, 2009

              	
                December
      4, 2009

              	
                $11,500,000

              
	
                December
      5, 2009

              	
                December
      29, 2009

              	
                $7,750,000

              
	
                December
      30, 2009

              	
                January
      6, 2010

              	
                $5,750,000
      plus 85% of 

                the
      amount of sales 

                assigned
      to Agent 

                between
      December 30, 

                2009
      and January 6, 2010

              
	
                January
      7, 2010

              	
                January
      17, 2010

              	
                $4,630,000
      plus (a) 85% 

                of
      the amount of sales 

                assigned
      to Agent 

                between
      January 7, 2010 

                and
      January 17, 2010; 

                plus
      (b) 100% of the 

                amount
      of any tax refund 

                received
      in this period

              
	
                January
      18, 2010

              	
                January
      28, 2010

              	
                $7,301,000

              
	
                January
      29, 2010

              	
                February
      9, 2010

              	
                $2,000,000

              
	
                February
      10, 2010

              	
                April
      4, 2010

              	
                $8,742,000

              

      

       
 

       

      (c)           Section
2(a)(i) of the Loan Agreement is hereby amended by reducing the advance rate
against Borrowers’ Eligible Accounts set forth therein from “eighty-five percent
(85%)” to “seventy-five percent (75%)”.

       

      (d)           Section
2(a)(ii) of the Loan Agreement is hereby amended and restated to read as
follows:

       

      “(ii)           Up
to the lesser of: (A) twenty percent (20%) of the Borrowers’ Eligible Inventory
valued at cost (in accordance with the procedures described in Schedule
2(a)(ii)); or (B) $5,000,000 (such amount then applicable, the Inventory Advance
Limit”); minus”

       

      (e)           The
definition of “Maximum Revolving Loan Limit” set forth in Section 2(a) of the
Loan Agreement is hereby amended by deleting the language reading “(B) during
the period from December 19, 2009 through January 6, 2010, Twenty Million and
No/100 Dollars ($20,000,000), (C) during the period from January 7, 2010 through
January 17, 2010, Fifteen Million and No/100 Dollars ($15,000,000), (D) during
the period from January 18, 2010 through January 22, 2010, Twenty Million and
No/100 Dollars ($20,000,000), (E) during the period from January 23, 2010
through February 12, 2010, Fifteen Million and No/100 Dollars ($15,000,000), (F)
during the period from February 13, 2010 through February 26, 2010, Ten Million
and No/100 Dollars ($10,000,000) and (G) from and after February 27, 2010, Five
Million and No/100 Dollars ($5,000,000)” and replacing it with the language
reading:

       

      “(B) during the period from December
19, 2009 through January 6, 2010, Twenty Million and No/100 Dollars
($20,000,000), (C) during the period from January 7, 2010 through January 17,
2010, Fifteen Million and No/100 Dollars ($15,000,000), (D) during the period
from January 18, 2010 through January 22, 2010, Twenty Million and No/100
Dollars ($20,000,000), (E) during the period from January 23, 2010 through
January 28, 2010,  Fifteen Million and No/100 Dollars ($15,000,000),
(F) during the period from January 29, 2010 through February 26, 2010, Ten
Million and No/100 Dollars ($10,000,000) and (G) from and after February 27,
2010, Five Million and No/100 Dollars ($5,000,000)”

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

      (f)           Section
2(a) of the Loan Agreement is hereby amended by adding two new sentences to the
end thereof to read as follows:

       

      “The Agent, Lenders and Borrowers agree
that upon the Agent’s receipt of (a) the Borrowers’ income tax refund in the
approximate amount of $6,742,000 and (b) prepaid amounts under Borrowers’
government contracts after January 15, 2010 in the approximate amount of
$4,321,000, Agent shall apply all such amounts in each case against the
outstanding balance of Revolving Loans but, in the case of clause (b), such
amounts shall not reduce the Revolving Loan Limit until such time as the
inventory relating to such prepayments is shipped and billed at which time the
applicable prepayment amount will then be applied against the account receivable
relating to such Inventory for which the prepayment was received.  The
parties hereto agree that no Revolving Loans, Letters of Credit or other
financial accommodations shall be made by Agent and Lenders or requested by
Borrowers from and after such time when the aggregate combined amount of
Revolving Loans, Letters of Credit and other financial accommodations made from
and after January 28, 2010 equal (or would exceed after giving effect to such
Revolving Loans, Letters of Credit and other financial accommodations requested
by Borrowers) the amounts received by Agent under clauses (a) and (b) of the
previous sentence (which amounts, for purposes of this limitation, shall not
exceed the approximate amounts set forth in the previous
sentence).”

       

      (g)           Section
12 of the Loan Agreement is hereby amended by adding a new subsection 12(p) to
the end thereof to read as follows:

       

      “(p)  Cash Flow
Projections.    Borrowers shall have provided Agent
with a 13 week cash flow projection on or prior to February 4, 2010 in a form
acceptable to Agent.”

       

      (h)           Section
15(b)(i) of the Loan Agreement is hereby amended by adding a reference to
“12(p)” immediately after reference to “12(o)” set forth therein.

       

      (i)           For
purposes of clarification (i) with respect to that certain Eleventh Amendment to
Loan And Security Agreement dated in May, 2009 among the parties hereto, the
reference in Section 1(c) thereto to “new subsection 2(e)” shall be deemed a
reference to “new subsection 2(f)” and (ii) with respect to that certain
Fourteenth Amendment to Loan And Security Agreement dated in August, 2009 among
the parties hereto, the reference in Section 1(b) thereto to “new subsection
2(f)” shall be deemed a reference to “new subsection 2(g)” and all references in
any subsequent amendments to the Loan Agreement referring to either “Section
2(f)” or to “subsection (f)” of Section 2 to the Loan Agreement
shall  be deemed a reference to “Section 2(g)” or “subsection (g)” of
Section 2 to the Loan Agreement, as applicable.

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

      SECTION
2.         Effectiveness.  The
effectiveness of this Amendment is subject to the satisfaction of each of the
following conditions precedent:

       

      (a)           This
Amendment shall have been duly executed and delivered by Borrowers and Parent
(collectively, “Amendment
Parties”), Agent and each Lender;

       

      (b)           No
Default or Event of Default shall have occurred and be continuing after giving
effect to this Amendment; and

       

      (c)           The
representations and warranties contained herein shall be true and correct in all
material respects.

       

      SECTION
3.         Representations
and Warranties.  In order to induce Agent and each Lender to
enter into this Amendment, each Amendment Party hereby represents and warrants
to Agent and each Lender, which representations and warranties shall survive the
execution and delivery of this Amendment, that:

       

      (a)           all
of the representations and warranties contained in the Loan Agreement and in
each of the Other Agreements are true and correct in all material respects as of
the date hereof after giving effect to this Amendment, except to the extent that
any such representations and warranties expressly relate to an earlier
date;

       

      (b)           the
execution, delivery and performance by Amendment Parties of this Amendment has
been duly authorized by all necessary corporate action required on their part
and this Amendment, the Loan Agreement and the Other Agreements are the legal,
valid and binding obligation of Amendment Parties enforceable against Amendment
Parties in accordance with their terms, except as their enforceability may be
affected by the effect of bankruptcy, insolvency, fraudulent conveyance,
reorganization, moratorium or other similar laws now or hereafter in effect
relating to or affecting the rights or remedies of creditors generally, and by
general limitations on the availability of equitable remedies;

       

      (c)           neither
the execution, delivery and performance of this Amendment by Amendment Parties,
the performance by Amendment Parties of the Loan Agreement nor the consummation
of the transactions contemplated hereby does or shall contravene, result in a
breach of, or violate (i) any provision of any Amendment Party’s certificate or
articles of incorporation or bylaws or other similar documents, or agreements,
(iii) any law or regulation, or any order or decree of any court or government
instrumentality, or (iii) any indenture, mortgage, deed of trust, lease,
agreement or other instrument to which any Amendment Party or any of its
Subsidiaries is a party or by which any Amendment Party or any of its
Subsidiaries or any of their property is bound, except in any such case to the
extent such conflict or breach has been waived or consented to herein or by a
written waiver document, a copy of which has been delivered to Agent on or
before the date hereof; and

       

      (d)           no
Default or Event of Default has occurred and is continuing after giving effect
to this Amendment.

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

       

      SECTION
4.         Reference to and Effect Upon
the Loan Agreement.

       

      (a)           Except
as specifically set forth above, the Loan Agreement and each of the Other
Agreements shall remain in full force and effect and are hereby ratified and
confirmed; and

       

      (b)           the
amendments set forth herein are effective solely for the purposes set forth
herein and shall be limited precisely as written, and shall not be deemed to (i)
be a consent to any amendment, waiver or modification of any other term or
condition of the Loan Agreement or any of the Other Agreements except as
specifically set forth herein, (ii) operate as a waiver or otherwise prejudice
any right, power or remedy that Agent or Lenders may now have or may have in the
future under or in connection with the Loan Agreement or any of the Other
Agreements except as specifically set forth herein, (iii) constitute a waiver of
any provision of the Loan Agreement or any of the Other Agreements, except as
specifically set forth herein, or (iv) constitute a waiver of any Event of
Default existing on the date hereof or arising after the date hereof except as
specifically set forth herein and Agent and Lenders hereby reserve all rights
and remedies under the Loan Agreement and the Other Agreements as a result of
such Events of Default.  Upon the effectiveness of this Amendment,
each reference in the Loan Agreement to “this Agreement”, “herein”, “hereof” and
words of like import and each reference in the Loan Agreement and the Other
Agreements to the Loan Agreement shall mean the Loan Agreement as amended
hereby.  This Amendment shall be construed in connection with and as
part of the Loan Agreement.  Each Amendment Party hereby acknowledges
and agrees that there is no defense, setoff or counterclaim of any kind, nature
or description to the Liabilities or the payment thereof when due.

       

      SECTION
5.         Costs And
Expenses.  To the extent provided in Section 4(c)(iv) of
the Loan Agreement, Borrowers agree to reimburse Agent for all fees, costs, and
expenses, including the reasonable fees, costs, and expenses of counsel or other
advisors for advice, assistance, or other representation in connection with this
Amendment.

       

      SECTION
6.         GOVERNING
LAW. THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE INTERNAL LAWS OF THE STATE OF NEW YORK.

       

      SECTION
7.         Headings.  Section
headings in this Amendment are included herein for convenience of reference only
and shall not constitute part of this Amendment for any other
purposes.

       

      SECTION
8.         Counterparts.  This
Amendment may be executed in any number of counterparts, each of which when so
executed shall be deemed an original, but all such counterparts shall constitute
one and the same instrument.

       

      [Signature
Pages Follow]

       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

       

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

       

      
        

         

        
          
            	
                    BORROWERS:

                  
	 
      
	 
      
	
                    PROTECTIVE
      APPAREL

                    CORPORATION
      OF AMERICA

                  
	 
      
	
                    By:

                  	
                    
                      /s/
      Michelle Doery

                    

                  
	
                    Name:

                  	
                    Michelle
      Doery

                  
	
                    Title:

                  	
                    Chief
      Financial Officer

                  
	 
      

          

           

          
            	
                    POINT
      BLANK BODY ARMOR INC.

                  
	 
      
	
                    By:

                  	
                    
                      /s/
      Michelle Doery

                    

                  
	
                    Name:

                  	
                    Michelle
      Doery

                  
	
                    Title:

                  	
                    Chief
      Financial Officer

                  
	 
      

          

           

          
            	 
      
	 
      
	 
      
	 
      
	
                    PARENT:

                  
	 
      
	 
      
	
                    POINT
      BLANK SOLUTIONS, INC.

                  
	 
      
	
                    By:

                  	
                    
                      /s/
      Michelle Doery

                    

                  
	
                    Name:

                  	
                    Michelle
      Doery

                  
	
                    Title:

                  	
                    Chief
      Financial Officer

                  

          

           

           

           

          
            [Signature
Page to Twenty-First Amendment to Loan and Security
Agreement]

          

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

    

     

    
      
        	
                AGENT
      AND LENDER:

              
	 
      
	
                BANK
      OF AMERICA, N.A., as successor by merger to

              
	
                LaSalle
      Business Credit, LLC

              
	 
      
	 
      
	 
      
	
                By:

              	
                
                  /s/
      Patrick M. Cornell

                

              
	
                Name:

              	
                Patrick
      M. Cornell

              
	
                Title:

              	
                Senior
      Vice President

              

      

       

       

       

       

      
        [Signature
Page to Twenty-First Amendment to Loan and Security
Agreement]Exhibit 4.2

AMENDED AND RESTATED TRUST AGREEMENT

among 

GENERAL ELECTRIC CAPITAL CORPORATION,

as Sponsor

THE BANK OF NEW YORK MELLON,
as Property Trustee

BNY MELLON TRUST OF DELAWARE,
as Delaware Trustee

and

THE ADMINISTRATIVE TRUSTEES NAMED HEREIN

	
  

 
	 

 

Dated as of March ●, 2010

	
  

 
	 

 

GE CAPITAL TRUST I

Certain Sections of this Trust Agreement
relating to Sections 310 through 318

of the Trust Indenture Act of 1939:

	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  Trust Indenture 

  Act Section

 	
  

 	
 Trust Agreement 

 Section

 
	 

 
	
  

 	
 (§)310

 	
 (a)(1)

 	
  

 	
 8.07

 
	
  

 	
  

 	
 (a)(2)

 	
  

 	
 8.07

 
	
  

 	
  

 	
 (a)(3)

 	
  

 	
 8.09

 
	
  

 	
  

 	
 (a)(4)

 	
  

 	
 2.07(a)(ii)

 
	
  

 	
  

 	
 (b)

 	
  

 	
 8.08

 
	
  

 	
 (§)311

 	
 (a)

 	
  

 	
 8.13

 
	
  

 	
  

 	
 (b)

 	
  

 	
 8.13

 
	
  

 	
 (§)312

 	
 (a)

 	
  

 	
 5.08

 
	
  

 	
  

 	
 (b)

 	
  

 	
 5.08

 
	
  

 	
  

 	
 (c)

 	
  

 	
 5.08

 
	
  

 	
 (§)313

 	
 (a)

 	
  

 	
 8.15(a)

 
	
  

 	
  

 	
 (a)(4)

 	
  

 	
 8.15(b)

 
	
  

 	
  

 	
 (b)

 	
  

 	
 8.15(b)

 
	
  

 	
  

 	
 (c)

 	
  

 	
 10.07

 
	
  

 	
  

 	
 (d)

 	
  

 	
 8.15(c)

 
	
  

 	
 (§)314

 	
  (a)

 	
  

 	
 8.16

 
	
  

 	
  

 	
 (b)

 	
  

 	
 Not Applicable

 
	
  

 	
  

 	
 (c)(1)

 	
  

 	
 8.17

 
	
  

 	
  

 	
 (c)(2)

 	
  

 	
 8.17

 
	
  

 	
  

 	
 (c)(3)

 	
  

 	
 Not
 Applicable

 
	
  

 	
  

 	
 (d)

 	
  

 	
 Not
 Applicable

 
	
  

 	
  

 	
 (e)

 	
  

 	
 1.01, 8.17

 
	
  

 	
 (§)315

 	
  (a)

 	
  

 	
 8.01(a),
 8.03(a)

 
	
  

 	
  

 	
 (b)

 	
  

 	
 8.02, 10.8

 
	
  

 	
  

 	
 (c)

 	
  

 	
 8.01(d)

 
	
  

 	
  

 	
 (d)

 	
  

 	
 8.01, 8.03

 
	
  

 	
  

 	
 (e)

 	
  

 	
 10.01

 
	
  

 	
 (§)316

 	
 (a)(1)(A)

 	
  

 	
 6.01(d)

 
	
  

 	
  

 	
 (a)(1)(B)

 	
  

 	
 6.01(d)

 
	
  

 	
  

 	
 (a)(2)

 	
  

 	
 Not
 Applicable

 
	
  

 	
  

 	
 (b)

 	
  

 	
 5.13(b) and
 (c)

 
	
  

 	
  

 	
 (c)

 	
  

 	
 Not
 Applicable

 
	
  

 	
 (§)317

 	
 (a)(1)

 	
  

 	
 Not
 Applicable

 
	
  

 	
  

 	
 (a)(2)

 	
  

 	
 Not
 Applicable

 
	
  

 	
  

 	
 (b)

 	
  

 	
 5.10

 
	
  

 	
 (§)318

 	
 (a)

 	
  

 	
 10.09

 

	
  

 
	 

 

Note: This
reconciliation and tie sheet shall not, for any purpose, be deemed to be a part
of the Trust Agreement.

i

Table of Contents

	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 Page

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 ARTICLE 1

 DEFINED TERMS

 	
  

 	
  

 
	
 Section 1.01.

 	
 Definitions

 	
  

 	
 1

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 ARTICLE 2

 CONTINUATION OF THE TRUST

 	
  

 	
  

 
	
 Section 2.01.

 	
 Name

 	
  

 	
 10

 
	
 Section 2.02.

 	
 Office of
 the Delaware Trustee; Principal Place of Business

 	
  

 	
 10

 
	
 Section 2.03.

 	
 Initial
 Contribution of Trust Property; Organizational Expenses

 	
  

 	
 11

 
	
 Section 2.04.

 	
 Issuance of
 the Common Securities

 	
  

 	
 11

 
	
 Section 2.05.

 	
 Issuance of
 the Trust Securities

 	
  

 	
 11

 
	
 Section 2.06.

 	
 Continuation
 of Trust

 	
  

 	
 11

 
	
 Section 2.07.

 	
 Authorization
 to Enter into Certain Transactions

 	
  

 	
 12

 
	
 Section 2.08.

 	
 Assets of
 Trust

 	
  

 	
 16

 
	
 Section 2.09.

 	
 Title to
 Trust Property

 	
  

 	
 16

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 ARTICLE 3

 PAYMENT ACCOUNT

 	
  

 	
  

 
	
 Section 3.01.

 	
 Payment
 Account

 	
  

 	
 16

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 ARTICLE 4

 DISTRIBUTIONS; REDEMPTION

 	
  

 	
  

 
	
 Section 4.01.

 	
 Distributions

 	
  

 	
 17

 
	
 Section 4.02.

 	
 Redemption

 	
  

 	
 18

 
	
 Section 4.03.

 	
 Subordination
 of Common Securities

 	
  

 	
 21

 
	
 Section 4.04.

 	
 Payment
 Procedures for Trust Securities

 	
  

 	
 22

 
	
 Section 4.05.

 	
 Payment
 Procedures for Common Securities

 	
  

 	
 22

 
	
 Section 4.06.

 	
 Tax Returns
 and Reports

 	
  

 	
 22

 
	
 Section 4.07.

 	
 Payment of
 Taxes, Duties, etc. of the Trust

 	
  

 	
 22

 
	
 Section 4.08.

 	
 Payments
 under Indenture

 	
  

 	
 23

 
	
 Section 4.09.

 	
 Liability of
 the Holder of Common Securities

 	
  

 	
 23

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 ARTICLE 5

 THE SECURITIES

 	
  

 	
  

 
	
 Section 5.01.

 	
 Initial
 Ownership

 	
  

 	
 24

 
	
 Section 5.02.

 	
 Execution and
 Delivery of the Securities; Authentication

 	
  

 	
 24

 
	
 Section 5.03.

 	
 The Common
 Securities

 	
  

 	
 25

 
	
 Section 5.04.

 	
 The Trust
 Securities; Book-Entry Provisions for Global Trust Securities

 	
  

 	
 25

 
	
 Section 5.05.

 	
 Registration
 of Transfer and Exchange of Securities Certificates

 	
  

 	
 26

 
	
 Section 5.06.

 	
 Mutilated,
 Destroyed, Lost or Stolen Securities Certificates

 	
  

 	
 27

 
	
 Section 5.07.

 	
 Persons
 Deemed Holders

 	
  

 	
 28

 
	
 Section 5.08.

 	
 Access to
 List of Holders’ Names and Addresses

 	
  

 	
 28

 

ii

	
  

 	
  

 	
  

 	
  

 
	
 Section 5.09.

 	
 Maintenance
 of Office or Agency

 	
  

 	
 29

 
	
 Section 5.10.

 	
 Appointment
 of Paying Agent

 	
  

 	
 29

 
	
 Section 5.11.

 	
 Ownership of
 Common Securities by GE Capital

 	
  

 	
 30

 
	
 Section 5.12.

 	
 Notices to
 Clearing Agency

 	
  

 	
 30

 
	
 Section 5.13.

 	
 Rights of
 Holders

 	
  

 	
 31

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 ARTICLE 6

 RESTRICTION ON VOTING; REQUESTS BY HOLDERS

 	
  

 	
  

 
	
 Section 6.01.

 	
 Limitations
 on Voting Rights

 	
  

 	
 31

 
	
 Section 6.02.

 	
 Waiver of
 Right to Initiate Derivative Actions

 	
  

 	
 33

 
	
 Section 6.03.

 	
 Requests by
 Holders

 	
  

 	
 34

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 ARTICLE 7

 REPRESENTATIONS AND WARRANTIES

 	
  

 	
  

 
	
 Section 7.01.

 	
 Representations
 and Warranties of the Property Trustee and the Delaware Trustee

 	
  

 	
 34

 
	
 Section 7.02.

 	
 Representations
 and Warranties of Sponsor

 	
  

 	
 35

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 ARTICLE 8

 THE TRUSTEES

 	
  

 	
  

 
	
 Section 8.01.

 	
 Certain
 Duties and Responsibilities

 	
  

 	
 36

 
	
 Section 8.02.

 	
 Certain
 Notices

 	
  

 	
 38

 
	
 Section 8.03.

 	
 Certain
 Rights of Property Trustee

 	
  

 	
 38

 
	
 Section 8.04.

 	
 Not
 Responsible for Recitals or Issuance of Securities

 	
  

 	
 41

 
	
 Section 8.05.

 	
 May Hold
 Securities

 	
  

 	
 41

 
	
 Section 8.06.

 	
 Compensation;
 Indemnity; Fees

 	
  

 	
 41

 
	
 Section 8.07.

 	
 Corporate
 Property Trustee Required; Eligibility of Trustees

 	
  

 	
 42

 
	
 Section 8.08.

 	
 Conflicting
 Interests

 	
  

 	
 43

 
	
 Section 8.09.

 	
 Co-Trustees
 and Separate Trustee

 	
  

 	
 43

 
	
 Section 8.10.

 	
 Resignation
 and Removal; Appointment of Successor

 	
  

 	
 44

 
	
 Section 8.11.

 	
 Acceptance
 of Appointment by Successor

 	
  

 	
 45

 
	
 Section 8.12.

 	
 Merger,
 Conversion, Consolidation or Succession to Business

 	
  

 	
 46

 
	
 Section 8.13.

 	
 Preferential
 Collection of Claims Against the Sponsor or the Trust

 	
  

 	
 46

 
	
 Section 8.14.

 	
 Property
 Trustee May File Proofs of Claim

 	
  

 	
 46

 
	
 Section 8.15.

 	
 Reports by
 Property Trustee

 	
  

 	
 47

 
	
 Section 8.16.

 	
 Reports to
 the Property Trustee

 	
  

 	
 47

 
	
 Section 8.17.

 	
 Evidence of
 Compliance with Conditions Precedent

 	
  

 	
 47

 
	
 Section 8.18.

 	
 Number of
 Trustees

 	
  

 	
 48

 
	
 Section 8.19.

 	
 Delegation
 of Power

 	
  

 	
 48

 
	
 Section 8.20.

 	
 Consent to Jurisdiction

 	
  

 	
 48

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 ARTICLE 9

 TERMINATION, LIQUIDATION AND MERGER

 	
  

 	
  

 
	
 Section 9.01.

 	
 Termination

 	
  

 	
 48

 
	
 Section 9.02.

 	
 Exchange
 Event

 	
  

 	
 48

 
	
 Section 9.03.

 	
 Termination
 Events

 	
  

 	
 49

 

iii

	
  

 	
  

 	
  

 	
  

 
	
 Section 9.04.

 	
 Termination
 of Obligations

 	
  

 	
 49

 
	
 Section 9.05.

 	
 Liquidation

 	
  

 	
 50

 
	
 Section 9.06.

 	
 Mergers,
 Consolidations, Amalgamations or Replacements of Trust

 	
  

 	
 51

 
	
 Section 9.07.

 	
 Optional
 Exchange

 	
  

 	
 52

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 ARTICLE 10

 MISCELLANEOUS PROVISIONS

 	
  

 	
  

 
	
 Section 10.01.

 	
 Limitation
 of Rights of Holders

 	
  

 	
 53

 
	
 Section 10.02.

 	
 Amendment

 	
  

 	
 54

 
	
 Section 10.03.

 	
 Separability

 	
  

 	
 55

 
	
 Section 10.04.

 	
 Governing
 Law

 	
  

 	
 55

 
	
 Section 10.05.

 	
 Successors

 	
  

 	
 56

 
	
 Section 10.06.

 	
 Headings

 	
  

 	
 56

 
	
 Section 10.07.

 	
 Reports, Notices
 and Demands

 	
  

 	
 56

 
	
 Section 10.08.

 	
 Agreement
 Not to Petition

 	
  

 	
 57

 
	
 Section 10.09.

 	
 Trust
 Indenture Act; Conflict with Trust Indenture Act

 	
  

 	
 57

 
	
 Section 10.10.

 	
 Acceptance
 of Terms of Trust Agreement, Guarantee Agreement and Indenture

 	
  

 	
 58

 
	
 Section
 10.11.

 	
 Intention of
 the Parties

 	
  

 	
 58

 
	
 Section 10.12.

 	
 Force Majeure

 	
  

 	
 58

 
	
 Section 10.13.

 	
 Waiver of
 Jury Trial

 	
  

 	
 58

 

	
  

 	
  

 
	
 Exhibit A

 	
 Certificate
 of Trust

 
	
 Exhibit B

 	
 Form of
 Common Securities Certificate

 
	
 Exhibit C

 	
 Form of
 Trust Securities Certificate

 
	
 Exhibit D

 	
 Form of
 Certification of U.S. Status for Execution within the U.S.

 
	
 Exhibit E

 	
 Form of
 Certification of U.S. Status for Execution outside the U.S.

 
	
 Exhibit F

 	
 Form of
 Certification of Qualified Agent for Execution within the U.S.

 
	
 Exhibit G

 	
 Form of
 Certification of Qualified Agent for Execution outside the U.S.

 

iv

AMENDED AND RESTATED TRUST AGREEMENT

          AMENDED
    AND RESTATED TRUST AGREEMENT, dated as of March ●, 2010 among GENERAL
ELECTRIC CAPITAL CORPORATION, a Delaware corporation (including any successors
or assigns, “GE Capital” or the “Sponsor”),
THE BANK OF NEW YORK MELLON, as property trustee (in such capacity, the “Property
Trustee”), BNY MELLON TRUST OF
DELAWARE, as Delaware trustee (in such capacity, the “Delaware Trustee”), ●,
an individual, ●, an individual, and ●, an individual, each of
whose address is c/o General Electric Capital Corporation, 201 High Ridge Road,
Stamford, Connecticut 06927 (each an “Administrative Trustee” and
collectively the “Administrative
Trustees”) (the Property Trustee, the Delaware Trustee and the
Administrative Trustees being referred to collectively as the “Trustees”),
and the several Holders, as hereinafter defined.

WITNESSETH

          WHEREAS,
    a statutory trust under the name “GE Capital Trust I” was established
    pursuant to the Delaware Statutory Trust Act and the Trust Agreement, dated
    as of January 26, 2010 (the “Original Trust Agreement”),
    and by the execution and filing by the Property Trustee and the Delaware
    Trustee with the Secretary of State of the State of Delaware of the Certificate
    of Trust, filed on January 26, 2010, attached as Exhibit A;

          WHEREAS,
the parties hereto desire to amend and restate the Original Trust Agreement in
its entirety as set forth herein to provide for, among other things,
(i) the issuance of five Common Securities by the Trust to the Sponsor in
exchange for $5,000 principal amount of Debentures, (ii) the issuance of
the Trust Securities by the Trust to Holders in exchange for Debentures in
accordance with the terms of the Exchange Offer and (iii) the acquisition
by the Trust of all the right, title and interest in the Trust Debentures;

          NOW
THEREFORE, in consideration of the agreements and obligations set forth herein
and for other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, each party, for the benefit of the other parties
and for the benefit of the Holders, hereby amends and restates the Original
Trust Agreement in its entirety and agrees as follows:

ARTICLE 1

DEFINED TERMS

          Section
1.01.     Definitions. 

          For all
purposes of this Trust Agreement, except as otherwise expressly provided or
unless the context otherwise requires:

          (a)          The
terms defined in this Article have the meanings assigned to them in this
Article, and include the plural as well as the singular;

          (b)          All
other terms used herein that are defined in the Trust Indenture Act, either
directly or by reference therein, have the meanings assigned to them therein;

1

          (c)          The
words “include”, “includes” and “including” are deemed to be followed by the
phrase “without limitation”;

          (d)          All
accounting terms not otherwise defined herein have the meanings assigned to
them in accordance with generally accepted accounting principles, and the term
“generally accepted accounting principles” with respect to any computation
required or permitted hereunder shall mean such accounting principles that are
generally accepted in the United States at the date or time of such
computation; provided that when two or more principles are so generally
accepted, it shall mean that set of principles consistent with those in use by
the Sponsor;

          (e)          Unless
the context otherwise requires, any reference to an “Article”, a “Section” or
an “Exhibit” refers to an Article, a Section or an Exhibit, as the case may be,
of or to this Trust Agreement; and

          (f)          The
words “hereby”, “herein”, “hereof” and “hereunder” and other words of similar
import refer to this Trust Agreement as a whole and not to any particular
Article, Section or other subdivision.

          “Additional
Interest” means, with respect to the Securities of a given
Liquidation Amount and/or a given period, the amount of Additional Interest (as
defined in the Indenture) paid by GE Capital on a Like Amount of Trust
Debentures for such period.

          “Administrative
Trustees” means each of the individuals identified as an
“Administrative Trustee” in the preamble to this Trust Agreement, solely in
such individual’s capacity as Administrative Trustee of the Trust and not in
such individual’s individual capacity, or such Administrative Trustee’s
successor in interest in such capacity, or any successor Administrative Trustee
appointed as herein provided.

          “Affiliate”
of any specified Person means any other Person directly or indirectly
controlling or controlled by or under direct or indirect common control with
such specified Person. For the purposes of this definition, “control” when used
with respect to any specified Person means the power to direct the management
and policies of such Person, directly or indirectly, whether through the
ownership of voting securities, by contract or otherwise; and the terms
“controlling” and “controlled” have meanings correlative to the foregoing.

          “Applicable
Procedures” means, with respect to any transfer or transaction
involving a book-entry interest in a Global Trust Security, the rules and
procedures of the applicable Clearing Agency to the extent applicable to such
transaction and as in effect from time to time.

          “Applicable
Regulatory Authority” means, for any date on which GE Capital is
subject to regulatory oversight, any governmental authority, or any independent
agency created under any governmental authority, that has promulgated
regulations to which GE Capital is subject under which GE Capital is required
to maintain specific levels of capital. 

          “Authorized
Officer” of any Person means any officer of such Person or any
Person authorized by or pursuant to a resolution of the Board of Directors of
such Person to act in respect of matters relating to this Trust Agreement.

2

          “Bankruptcy
Laws” has the meaning specified in Section 10.08.

          “Board of
Directors” means either the board of directors of GE Capital or any
committee of such board duly authorized to act on behalf of such board
hereunder.

          “Business Day”
means any day other than a Saturday or Sunday or any other day on which banking
institutions are generally authorized or obligated by law or regulation to
close in The City of New York or, during the Floating Rate Period, in London,
England.

          “Certificate
Depository Agreement” means the Letter of Representations between
the Trust and DTC, as the initial Clearing Agency, dated as of the Settlement
Date.

          “Change in
Law” means a change in the U.S. federal income tax laws or the
release of an administrative pronouncement that represents an official position
of a U.S. federal governmental authority, including a clarification of an
official position of such authority, in each case after the closing of the
Exchange Offer.

          “Clearing
Agency” means an organization registered as a “clearing agency”
pursuant to Section 17A of the Exchange Act. DTC will be the initial Clearing
Agency

          “Clearing
Agency Participant” means a broker, dealer, bank, other financial
institution or other Person for whom from time to time a Clearing Agency
effects book-entry transfers and pledges of securities deposited with the
Clearing Agency.

          “Commission”
means the Securities and Exchange Commission, as from time to time constituted,
created under the Exchange Act, or, if at any time after the execution of this
instrument such Commission is not existing and performing the duties now
assigned to it under the Trust Indenture Act, then the body performing such
duties at such time.

          “Common
Securities” means the common securities issued by the Trust in
accordance with this Trust Agreement and evidencing an undivided beneficial
interest in the assets of the Trust, having a Liquidation Amount of $1,000 per
Common Security and having the other rights and privileges provided therefor in
this Trust Agreement, including the right to receive Distributions and a
Liquidation Distribution to the extent provided herein. 

          “Common
Securities Subscription Agreement” means the subscription agreement
executed and delivered by GE Capital and the Trust contemporaneously with the
execution and delivery of this Trust Agreement, pursuant to which GE Capital
will agree to exchange $5,000 principal amount of Debentures for $5,000
aggregate Liquidation Amount of Common Securities.

          “Corporate
Trust Office” means (i) when used with respect to the Property
Trustee or the Indenture Trustee, the office of the Property Trustee or the
Indenture Trustee at which, at any particular time, its corporate trust
business shall be principally administered, which office at the date hereof is
located at The Bank of New York Mellon, 101 Barclay Street, 8W, New York, New
York 10286, and (ii) when used with respect to the Delaware Trustee, the
principal office of the Delaware Trustee located at BNY Mellon Trust of
Delaware, 100 White Clay Center, Suite 102, Newark, DE 19711.

3

          “Creditor”
has the meaning specified in Section 4.09.

          “Dealer
Manager Agreement” the Dealer Manager Agreement, dated February 2,
2010, among the Trust, the Sponsor and the Dealer Manager named therein.

          “Debentures”
means the 6.375% Fixed to Floating Rate
USD Subordinated Debentures due 2067 issued by GE Capital.

          “Debenture
Event of Default” has the meaning given to the term “Event of
Default” in the Indenture. 

          “Definitive
Trust Securities” means the Trust Securities in fully registered
form, registered in the names of the holders thereof, and not in global
registered form.

          “Delaware
Statutory Trust Act” means Chapter 38 of Title 12 of the Delaware
Code, 12 Del. Code § 3801 et seq., as it may be amended from time to time.

          “Delaware
Trustee” means the Person identified as the “Delaware Trustee” in
the preamble to this Trust Agreement, solely in its capacity as Delaware
Trustee of the Trust and not in its individual capacity, or its successor in
interest in such capacity, or any successor Delaware Trustee appointed as
herein provided.

          “Distribution
Payment Date” means, with respect to the Fixed Rate Period, May 15
and November 15 of each year, commencing May 15, 2010 until and including
November 15, 2017 and, with respect to the Floating Rate Period, February 15,
May 15, August 15 and November 15 of each year, commencing February 15, 2018.

          “Distribution
Period” means the period beginning on and including November 15,
2009 and ending on but excluding the first Distribution Payment Date and each
period after that beginning on and including a Distribution Payment Date and
ending on but excluding the next Distribution Payment Date.

          “Distributions”
means amounts payable in respect of the Trust Securities as provided in Section
4.01. 

          “DTC”
means The Depository Trust Company.

          “Exchange Act”
means the Securities Exchange Act of 1934 and any successor statute thereto, in
each case as amended and in effect from time to time.

          “Exchange
Agent” means Global Bondholder Services Corporation pursuant to the
Exchange Agent Agreement entered into by GE Capital, the Trust and the Exchange
Agent in connection with the Exchange Offer.

          “Exchange
Agent Agreement” means the Exchange Agent Agreement entered into
among GE Capital, the Trust and the Exchange Agent in connection with the
transactions contemplated by the Exchange Offer.

4

          “Exchange
Event” has the meaning specified in Section 9.02(a).

          “Exchange
Offer” means the Exchange Offer contemplated by the Prospectus and
the Dealer Manager Agreement.

          “Extension
Period” shall have the meaning specified in the Debentures.

          “Fixed Rate
Period” means the period commencing on and including the original
issue date of the Debentures and ending on but excluding November 15, 2017.

          “Floating
Rate Period” means the period commencing on and including November
15, 2017 and ending on but excluding November 15, 2067.

          “Global Trust
Securities” shall mean the certificates evidencing the Trust
Securities issued in book-entry form, registered in the name of and held by or
on behalf of DTC or a nominee thereof.

          “Guarantee
Agreement” means the Guarantee Agreement executed and delivered on
the date hereof by GE Capital and the Guarantee Trustee thereunder for the
benefit of the holders of the Trust Securities, as the same may be amended from
time to time.

          “Holder”
means a Person in whose name a Security or Securities are registered in the
Securities Register; any such Person shall be a beneficial owner within the
meaning of the Delaware Statutory Trust Act.

          “Indenture”
means the Indenture for Subordinated Debentures, dated as of September 1, 2006,
between GE Capital and the Indenture Trustee, as the same may be further
amended or supplemented from time to time, together with the Officers’
Certificate establishing the terms of the Debentures thereunder.

          “Indenture
Trustee” means the Person identified as the “Trustee” in the
Indenture, solely in its capacity as Trustee pursuant to the Indenture and not
in its individual capacity, or its successor in interest in such capacity, or
any successor Trustee appointed as provided in the Indenture.

          “Initial
Trust Property” has meaning specified in Section 2.03(a).

          “Investment
Company Act” means the Investment Company Act of 1940, as amended,
or any successor statute thereto, in each case as amended and in effect from
time to time. 

          “Issue
      Date”
shall mean March ●, 2010.

          “Lien”
means any lien, pledge, charge, encumbrance, mortgage, deed of trust, adverse
ownership interest, hypothecation, assignment, security interest or preference,
priority or other security agreement or preferential arrangement of any kind or
nature whatsoever.

          “Like Amount” means:

5

          (a)          with
respect to the initial issuance of the Securities, Trust Debentures deposited
with the Property Trustee as contemplated by the Exchange Offer and the Common
Securities Subscription Agreement having a principal amount equal to the
Liquidation Amount of the Securities to be issued hereunder as contemplated by
the Exchange Offer,

          (b)          with
respect to a redemption of any Securities, Securities having a Liquidation
Amount equal to the principal amount of Trust Debentures to be
contemporaneously redeemed or repaid in accordance with the Indenture, the
proceeds of which will be used to pay the Redemption Price of such Securities,

          (b)          with
respect to an automatic exchange of Securities for Trust Debentures following
the occurrence of an Exchange Event or a distribution of Trust Debentures to
Holders of Securities in connection with a dissolution or liquidation of the
Trust, Trust Debentures having a principal amount equal to the Liquidation
Amount of the Securities of the Holder with or to whom such Trust Debentures
are exchanged or distributed, and

          (c)          with
respect to any distribution of interest or Additional Interest to Holders of
Securities, Trust Debentures having a principal amount equal to the Liquidation
Amount of the Securities in respect of which such distribution is made.

          “Liquidation
Amount” means the stated amount of $1,000 per Trust Security with
respect to the Trust Securities and $1,000 per Common Security with respect to
the Common Securities.

          “Liquidation
Date” means the date of the dissolution of the Trust pursuant to
Section 9.05.

          “Liquidation
Distribution” has the meaning specified in Section 9.05(d).

          “Maturity
Date” with respect to the Debentures has the meaning specified in
the Debentures.

          “Officers’
Certificate” means, with respect to any person, a certificate signed
by any two Authorized Officers of such Person. Any Officers’ Certificate
delivered with respect to compliance with a condition or covenant provided for
in this Trust Agreement shall include:

          (a)          a
statement by each officer signing the Officers’ Certificate that such officer
has read the covenant or condition and the definitions relating thereto;

          (b)          a
brief statement of the nature and scope of the examination or investigation
undertaken by such officer in rendering the Officers’ Certificate;

          (c)          a
statement that such officer has made such examination or investigation as, in
such officer’s opinion, is necessary to enable such officer to express an
informed opinion as to whether or not such covenant or condition has been
complied with; and

          (d)          a
statement as to whether, in the opinion of such officer, such condition or
covenant has been complied with.

6

          “Opinion of
Counsel” means a written opinion of counsel, who may be counsel for
or an employee of the Holder of the Common Securities or an Affiliate of such
Holder, and who shall be reasonably acceptable to the Property Trustee.

          “Optional
Redemption Right” means the right of GE Capital under the Indenture
and the Debentures to redeem Debentures at a make-whole redemption amount at
any time prior to November 15, 2017, other than in connection with a Tax Event,
as defined in the Debentures.

          “Original
Trust Agreement” has the meaning specified in the recitals to this Trust
Agreement.

          “Outstanding”,
when used with respect to Securities, means, as of any date of determination,
all Securities theretofore executed, authenticated and delivered under this
Trust Agreement, except:

          (a)          Securities
theretofore cancelled by the Property Trustee or delivered to the Property
Trustee for cancellation;

          (b)          Securities
for whose payment or redemption money in the necessary amount has been
theretofore deposited with the Property Trustee or any Paying Agent; provided
that, if such Securities are to be redeemed, notice of such redemption has been
duly given pursuant to this Trust Agreement; and

          (c)          Securities
that have been paid or in exchange for or in lieu of which other Securities
have been executed and delivered pursuant to Sections 5.04, 5.05, 5.06 and
5.11;

provided, however, that in determining whether the Holders of the
requisite Liquidation Amount of the Outstanding Trust Securities have given any
request hereunder, Trust Securities owned by the Holder of the Common
Securities, any Trustee or any Affiliate of the Holder of the Common Securities
or of any Trustee shall be disregarded and deemed not to be Outstanding, except
that (a) in determining whether any Trustee shall be protected in relying upon
any such request, only Trust Securities that such Trustee knows to be so owned
shall be so disregarded, and (b) the foregoing shall not apply at any time when
all of the outstanding Trust Securities are owned by the Holder of the Common
Securities, one or more of the Trustees and/or any such Affiliate. Trust
Securities so owned that have been pledged in good faith may be regarded as
Outstanding if the pledgee establishes to the satisfaction of the
Administrative Trustees the pledgee’s right so to act with respect to such
Trust Securities and that the pledgee is not the Holder of the Common
Securities, any Trustee or any Affiliate of such Holder or such Trustee. Upon
the written request of the Property Trustee or the Indenture Trustee not more
frequently than once in any calendar quarter, the Sponsor shall furnish to such
trustee promptly an Officers’ Certificate listing and identifying all Trust
Securities, if any, known by the Sponsor to be owned by, held by, or for the
account of the Sponsor, any Trustee or any Affiliate of the Sponsor or of any
Trustee, and subject to the provisions of Section 8.01, the Property
Trustee shall be entitled to accept such Officers’ Certificate as conclusive
evidence of the facts therein set forth and of the fact that all Trust
Securities not listed therein are Outstanding for the purpose of any such
determination. 

          “Owner”
means each Person who is the beneficial owner of a beneficial interest in the
relevant Security, which, in the case of a Global Trust Security, is the Person
who is the

7

beneficial owner of a beneficial interest in the Global Trust Security
as reflected in the records of a Clearing Agency or, if a Clearing Agency
Participant is not the beneficial owner of a beneficial interest in such Global
Trust Security, then as reflected in the records of a Person maintaining an
account with such Clearing Agency (directly or indirectly, in accordance with
the rules of such Clearing Agency).

          “Paying Agent”
means any paying agent or co-paying agent appointed pursuant to Section 5.10
and shall initially be The Bank of New York Mellon.

          “Payment
Account” means a segregated non-interest-bearing corporate trust
account maintained by or on behalf of the Property Trustee for the benefit of
the Holders in which all amounts paid in respect of the Trust Debentures will
be held and from which the Property Trustee, through the Paying Agent, shall
make payments to the Holders in accordance with Sections 4.01 and 4.02.

          “Person”
means a legal person, including any individual, corporation, estate,
partnership, joint venture, association, joint stock company, company, limited
liability company, trust, unincorporated association, or government or any
agency or political subdivision thereof, or any other entity of whatever
nature.

          “Property
Trustee” means the Person identified as the “Property Trustee” in
the preamble to this Trust Agreement, solely in its capacity as Property
Trustee of the Trust and not in its individual capacity, or any initial or
subsequent successor in interest in such capacity appointed as herein provided.

          “Prospectus”
means the Prospectus, dated February 2, 2010, of GE Capital and the Trust
relating to the offer to exchange Trust Securities for Debentures pursuant to
the Exchange Offer.

          “Qualified
Agent” has the meaning specified in Section 6.02(b).

          “Qualified U.S. Holder” means an Owner of
Trust Securities that has provided identifying information to the Property
Trustee in the form of Exhibit D
or Exhibit E, as applicable,
pursuant to which the Owner has certified that (i) the identifying information
is true, correct and complete, and (ii) the Owner is (x) a United States
Person, (y) acting solely for its own account, and (z) not acting in connection
with any understanding or arrangement, including a reimbursement agreement,
that has a purpose to enable any other Person to provide indirect
indemnification to the Property Trustee (the Property Trustee, subject to Section
8.01 (without regard to Section 8.03(g)), being entitled to rely conclusively
on such certification without any requirement for independent investigation).

          “Redemption
Date” means, with respect to any Security to be redeemed, the date
fixed for such redemption by or pursuant to this Trust Agreement.

          “Redemption
Price” means, with respect to any Security, the amount received by
the Trust upon the redemption or repayment, whether at or prior to the Maturity
Date, of a Like Amount of Trust Debentures.

          “Relevant
Trustee” has the meaning specified in Section 8.10.

8

          “Replacement
Covenant” means the Replacement Covenant entered into by GE Capital
for the benefit of each Covered Debtholder specified therein in connection with
the original issuance of the Debentures.

          “Responsible
Officer” means, with respect to the Property Trustee, any officer of
the Property Trustee assigned to its corporate trust administration department,
or with respect to a particular corporate trust matter, any officer of the
Property Trustee to whom such matter is referred because of such officer’s
knowledge of and familiarity with the particular subject.

          “Securities”
means the Common Securities and the Trust Securities.

          “Securities
Act” means the Securities Act of 1933, and any successor statute
thereto, in each case as amended and in effect from time to time.

          “Securities
Register” and “Securities Registrar” have the respective
meanings specified in Section 5.05.

          “Settlement
Date” means the date on which the transactions contemplated by the
Prospectus and the Dealer Manager Agreement are settled.

          “Sponsor”
has the meaning specified in the recitals to this Trust Agreement.

          “Sponsor
Affiliated Owner” has the meaning specified in Section 9.07.

          “Successor
Securities” has the meaning specified in Section 9.06.

          “Termination
Event” has the meaning specified in Section 9.03. 

          “Trust”
means the Delaware statutory trust known as “GE Capital Trust I,” which was
formed on January 26, 2010 under the Delaware Statutory Trust Act pursuant to
the Original Trust Agreement and the filing of the Certificate of Trust, and
continued pursuant to this Trust Agreement.

          “Trust
Agreement” means this Amended and Restated Trust Agreement, as the
same may be modified, amended or supplemented in accordance with the applicable
provisions hereof, including (i) all exhibits, and (ii) for all purposes of
this Trust Agreement and any such modification, amendment or supplement, the
provisions of the Trust Indenture Act that are required to be a part of and
govern this Trust Agreement and any such modification, amendment or supplement,
respectively.

          “Trust
Debentures” means the Debentures deposited with the Trust as
contemplated herein and by the Dealer Manager Agreement in accordance with the
terms of the Exchange Agent Agreement and the Common Securities Subscription
Agreement.

          “Trust
Debenture
Redemption Date” means, with respect to any Trust Debentures to be
redeemed under the Indenture, the date fixed for redemption of such Trust
Debentures under the Indenture.

9

          “Trust
Event of
Default” means the occurrence of a Debenture Event of Default.

          “Trust
Indenture Act” means the Trust Indenture Act of 1939, as amended, as
in force at the date as of which this instrument was executed; provided,
however, that in the event the Trust Indenture Act of 1939 is amended after
such date, “Trust Indenture Act” means, to the extent required by any such
amendment, the Trust Indenture Act of 1939 as so amended.

          “Trust
Property” means (a) the Trust Debentures, (b) any cash on deposit
in, or owing to, the Payment Account, and (c) all proceeds and rights in
respect of the foregoing and any other property and assets for the time being
held or deemed to be held by the Property Trustee pursuant to this Trust
Agreement.

          “Trust
Securities” means the preferred securities issued by the Trust in accordance
with this Trust Agreement evidencing an undivided beneficial ownership interest
in the assets of the Trust, having a Liquidation Amount of $1,000 per Trust
Security and having the rights provided therefor in this Trust Agreement,
including the right to receive the Distributions, the Redemption Price and any
Liquidation Distribution provided for herein.

          “Trustees”
has the meaning specified in the preamble to this Trust Agreement.

          “United
States Person” means a person treated as a United States person
under Section 7701(a)(30) of the Internal Revenue Code of 1986, as amended.

ARTICLE 2

CONTINUATION OF THE TRUST

          Section
2.01.     Name.

          The trust
established under the Original Trust Agreement and continued hereby shall be
known as “GE Capital Trust I”, as such name may be modified from time to time
by the Administrative Trustees following written notice to the Holders of Trust
Securities and the other Trustees, in which name the Trustees may conduct the
business of the Trust, make and execute contracts and other instruments on
behalf of the Trust and sue and be sued.

          Section
2.02.     Office of the Delaware Trustee; Principal
Place of Business.

          The address
of the Delaware Trustee in the State of Delaware is BNY Mellon Trust of
Delaware, 100 White Clay Center, Suite 102, Newark, DE 19711 or such other
address in the State of Delaware as the Delaware Trustee may designate by
written notice to the Holders, the Property Trustee and the Administrative
Trustees. The principal executive office of the Trust is c/o General Electric
Capital Corporation, 201 High Ridge
Road, Stamford, Connecticut 06927 or such other address as the Sponsor may
designate by written notice to the Holders, the Property Trustee and the
Administrative Trustees.

10

          Section
2.03. Initial Contribution of Trust Property; Organizational Expenses. 

          (a)      GE
Capital deposited the sum of $1 in connection with the establishment of the
Trust pursuant to the Original Trust Agreement, which constituted the initial
Trust Property (the “Initial Trust Property”).

          (b)      GE
Capital agrees to pay the expenses of the Trust in accordance with the
provisions of Section 4.09(a). Upon request of any Trustee, GE Capital agrees
to promptly reimburse such Trustee for any such expenses paid by such Trustee. 

          (c)      GE
Capital shall make no claim upon the Trust Property for the payment of such
expenses. 

          Section
2.04. Issuance of the Common Securities. 

          Contemporaneously
with the execution and delivery of this Trust Agreement, GE Capital
acknowledges receipt and return of the Initial Trust Property and an
Administrative Trustee, on behalf of the Trust, shall execute in accordance
with Sections 5.02 and 5.03, and deliver to the Property Trustee for
authentication, and the Property Trustee shall authenticate and deliver to the
Sponsor, a single definitive certificate evidencing the Common Securities,
substantially in the form attached as Exhibit B, registered in the name of the
Sponsor, in an aggregate Liquidation Amount of $5,000 against receipt by the
Property Trustee from the Sponsor of $5,000 aggregate principal amount of
Debentures registered in the name of the Property Trustee on behalf of the
Trust. 

          Section
2.05. Issuance of the Trust Securities. 

          On February
2, 2010, the Sponsor, both on its own behalf and on behalf of the Trust
pursuant to the Original Trust Agreement, executed and delivered the Dealer
Manager Agreement and the Exchange Agent Agreement, which action is hereby
authorized, approved, ratified and confirmed in all respects. 

          Contemporaneously
with the execution and delivery of this Trust Agreement, an Administrative
Trustee, on behalf of the Trust, shall execute in accordance with Section 5.02
and deliver to the Property Trustee for authentication, and the Property
Trustee shall authenticate and deliver to the Exchange Agent, the Trust
Securities, substantially in the form attached as Exhibit C, registered in the name of the nominee of the
initial Clearing Agency as set forth in Section 5.04(b), evidencing an
aggregate of ● Trust Securities having an aggregate Liquidation Amount of
$● against receipt by the Property Trustee from the Exchange Agent of a
Like Amount of Debentures registered in the name of the Property Trustee on
behalf of the Trust pursuant to the Exchange Agent Agreement. 

          Section
2.06. Continuation of Trust. 

          The
exclusive purposes and functions of the Trust are (a) to issue the Securities
in exchange for the Trust Debentures, and (b) to engage in those activities
necessary or incidental thereto. 

11

          GE Capital,
as Holder of the Common Securities, hereby reaffirms the appointment of the
Delaware Trustee, the Property Trustee and the Administrative Trustees as
trustees of the Trust, to have all the rights, powers and duties to the extent
set forth herein, and the respective Trustees hereby accept such appointment. 

          The
Property Trustee hereby declares that it will hold the Trust Property in trust
upon and subject to the conditions set forth herein for the benefit of the
Trust and the Holders. The Administrative Trustees shall have all rights,
powers and duties set forth herein and in accordance with applicable law with
respect to accomplishing the purposes of the Trust. 

          The
Delaware Trustee is appointed to serve as the trustee of the Trust in the State
of Delaware for the sole purpose of satisfying the requirement of Section
3807(a) of the Statutory Trust Act that the Trust have at least one trustee
with a principal place of business in the State of Delaware. It is understood
and agreed by the parties hereto that the Delaware Trustee shall have none of
the duties or liabilities of the Administrative Trustees or the Property
Trustee. The duties of the Delaware Trustee shall be limited to (i) accepting
legal process served on the Trust in the State of Delaware and (ii) the
execution of any certificates required to be filed with the Delaware Secretary
of State which the Delaware Trustee is required to execute under Section 3811
of the Statutory Trust Act. To the extent that, at law or in equity, the
Delaware Trustee has duties (including fiduciary duties) and liabilities
relating thereto to the Trust or the Holders, it is hereby understood and
agreed by the other parties hereto that such duties and liabilities are replaced
by the duties and liabilities of the Delaware Trustee expressly set forth in
this Trust Agreement. The Delaware Trustee shall have no liability for the acts
or omissions of the Administrative Trustees or the Property Trustee. The
Delaware Trustee shall be entitled to all of the same rights, protections,
indemnities and immunities under this Trust Agreement and with respect to the
Trust as the Property Trustee. 

          Section
2.07. Authorization to Enter into Certain Transactions. 

          (a)      The
Trustees shall conduct the affairs of the Trust in accordance with the terms of
this Trust Agreement. Subject to the limitations set forth in paragraph (b) of
this Section, and in accordance with the following provisions (i) and (ii), the
Trustees shall have the authority to enter into all transactions and agreements
determined by the Trustees to be appropriate in exercising the authority,
express or implied, otherwise granted to the Trustees, as the case may be,
under this Trust Agreement, and to perform all acts in furtherance thereof,
including, without limitation, the following: 

	
  

 	
  

 	
  

 
	
  

 	
           (i)       As
 among the Trustees, each Administrative Trustee, acting singly or
 collectively, shall have the power and authority to act on behalf of the
 Trust with respect to the following matters: 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
           (A)          the
 preparation and filing by the Trust with the Commission and the execution on
 behalf of the Trust of a registration statement on the appropriate form in
 relation to the Exchange Offer and the issuance of the Trust Securities,
 including any amendments thereto and the taking of any action necessary or
 desirable to issue the Trust Securities pursuant to the Exchange Offer; 

 

12

	
  

 	
  

 	
  

 
	
  

 	
  

 	
           (B)          the
 issuance of the Securities in exchange for Trust Debentures; 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
           (C)          causing
 the Trust to enter into and perform the transactions contemplated by and its
 obligations under the Dealer Manager Agreement, the Exchange Agent Agreement,
 the Common Securities Subscription Agreement and the Certificate Depository
 Agreement and such other agreements as may be necessary or desirable in
 connection with the issuance of the Trust Securities and the purposes and
 function of the Trust; 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
           (D)          assisting
 in the registration of the Trust Securities under the Securities Act and
 under applicable state securities or blue sky laws and the qualification of
 this Trust Agreement as a trust indenture under the Trust Indenture Act; 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
           (E)          assisting
 in the sending of notices (other than notices of default) and other
 information regarding the Trust Securities and the Trust Debentures to the
 Holders in accordance with this Trust Agreement; 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
           (F)          the
 consent to the appointment of a Paying Agent, authenticating agent and
 Securities Registrar in accordance with this Trust Agreement (which consent
 shall not be unreasonably withheld); 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
           (G)          the
 execution of the Securities on behalf of the Trust in accordance with this
 Trust Agreement; 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
           (H)          the
 execution and delivery of closing certificates, if any, pursuant to the
 Dealer Manager Agreement and application for a taxpayer identification number
 for the Trust; 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
           (I)           unless
 otherwise required by the Delaware Statutory Trust Act, executing on behalf
 of the Trust (either acting alone or together with the other Administrative
 Trustees) any documents that the Administrative Trustees have the power to
 execute pursuant to this Trust Agreement and the taking of any other actions
 specifically authorized by the Trust Agreement; 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
           (J)           determining,
 and giving notice of, special record dates in accordance with Section
 4.01(c); and 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
           (K)          the
 taking of any action incidental to the foregoing as the Trustees may from
 time to time determine to be necessary or advisable to give effect to the
 terms of this Trust Agreement. 

 
	
  

 	
  

 	
  

 
	
  

 	
           (ii)     As
 among the Trustees, the Property Trustee shall have the power, duty and
 authority to act on behalf of the Trust with respect to the following
 matters: 

 
	
  

 	
  

 
	
  

 	
  

 	
           (A)          the
 establishment of the Payment Account; 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
           (B)          the
 receipt and holding of the Trust Debentures; 

 

13

	
  

 	
  

 	
  

 
	
  

 	
  

 	
           (C)          the
 collection of interest, principal and any other payments made in respect of
 the Trust Debentures and the holding of such amounts in the Payment Account; 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
           (D)          the
 distribution through the Paying Agent of amounts distributable to the Holders
 in respect of the Trust Securities; 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
           (E)          subject
 to the provisions of this Trust Agreement, the exercise of all of the rights,
 powers and privileges of a holder of the Trust Debentures; 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
           (F)          the
 sending of notices of default and other information regarding the Trust
 Securities and the Trust Debentures to the Holders in accordance with this
 Trust Agreement; 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
           (G)          the
 distribution of the Trust Property in accordance with the terms of this Trust
 Agreement; 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
           (H)          to
 the extent provided in this Trust Agreement, the winding up of the affairs of
 and liquidation of the Trust and the preparation, execution and filing of the
 certificate of cancellation with the Secretary of State of the State of
 Delaware; 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
           (I)           performing
 the duties of the Property Trustee set forth in this Trust Agreement,
 including the taking of all actions on behalf of the Trust with respect to
 the redemption of Trust Securities in accordance with the terms hereof; and 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
           (J)           after
 a Trust Event of Default, the taking of any action incidental to the
 foregoing as the Property Trustee may from time to time determine is
 necessary or advisable to give effect to the terms of this Trust Agreement
 and protect and conserve the Trust Property for the benefit of the Holders
 (without consideration of the effect of any such action on any particular
 Holder). 

 
	
  

 	
  

 	
  

 
	
  

 	
 Except as otherwise provided in this Section 2.07(a)(ii), the
 Property Trustee shall have none of the duties, liabilities, powers or the
 authority of the Administrative Trustees set forth in Section 2.07(a)(i).

 

          (b)     So
long as this Trust Agreement remains in effect, the Trust (or the Trustees
acting on behalf of the Trust) shall not undertake any business, activities or
transaction except as expressly provided herein or contemplated hereby. In
particular, the Trustees (acting on behalf of the Trust) shall not: 

	
  

 	
  

 
	
  

 	
           (i)      acquire
 any investments or engage in any activities not authorized by this Trust
 Agreement, 

 
	
  

 	
  

 
	
  

 	
           (ii)     sell,
 assign, transfer, exchange, mortgage, pledge, set off or otherwise dispose of
 any of the Trust Property or interests therein, including to Holders, except
 as expressly provided herein, 

 

14

	
  

 	
  

 
	
  

 	
           (iii)     take
 any action that would cause the Trust to be classified as other than one or
 more grantor trusts or custodial arrangements or to be classified as an
 association or partnership for U.S. federal income tax purposes, 

 
	
  

 	
  

 
	
  

 	
           (iv)     incur
 any indebtedness for borrowed money or issue any other debt, 

 
	
  

 	
  

 
	
  

 	
           (v)      take
 or consent to any action that would result in the placement of a Lien on any
 of the Trust Property, 

 
	
  

 	
  

 
	
  

 	
           (vi)     apply
 any of the Trust Property or its proceeds other than as provided herein, 

 
	
  

 	
  

 
	
  

 	
           (vii)    acquire
 any assets other than the Trust Property, 

 
	
  

 	
  

 
	
  

 	
           (viii)   possess
 any power or otherwise act in such a way as to vary the Trust Property,
 except as expressly provided herein, 

 
	
  

 	
  

 
	
  

 	
           (ix)     possess
 any power or otherwise act in such a way as to vary the terms of the
 Securities in any way whatsoever (except to the extent expressly authorized
 in this Trust Agreement or by the terms of the Securities), or 

 
	
  

 	
  

 
	
  

 	
           (x)      issue
 any securities or other evidences of beneficial ownership of, or beneficial
 interest in, the Trust other than the Trust Securities issued in exchange for
 Debentures pursuant to the Exchange Offer and the Common Securities issued to
 GE Capital pursuant to Section 2.04. 

 

The Administrative Trustees shall defend all claims and demands of all
Persons at any time claiming any Lien on any of the Trust Property adverse to
the interest of the Trust or the Holders in their capacity as Holders. 

          (c)     In
connection with the issuance of the Trust Securities pursuant to the Exchange
Offer, GE Capital, as Holder of the Common Securities, shall have the right and
responsibility to assist the Trust with respect to, or effect on behalf of the
Trust, the following (and any actions taken by GE Capital in furtherance of the
following prior to the date of this Trust Agreement are hereby ratified and
confirmed in all respects): 

	
  

 	
  

 
	
  

 	
           (i)      the
 preparation and filing by the Trust with the Commission and the execution on
 behalf of the Trust of a registration statement on the appropriate form in
 relation to the Trust Securities, including any amendments thereto and the
 taking of any action necessary or desirable to issue the Trust Securities
 pursuant to the Exchange Offer; 

 
	
  

 	
  

 
	
  

 	
           (ii)     the
 determination of the States in which to take appropriate action to qualify or
 register for issuance all or part of the Trust Securities and the taking of
 any and all such acts, other than actions that must be taken by or on behalf
 of the Trust, and advice to the Trust of actions that must be taken by or on
 behalf of the Trust, and the preparation for execution and filing of any
 documents to be executed and filed by the Trust or on behalf of the Trust, as
 the Sponsor deems necessary or advisable in order to 

 

15

	
  

 	
  

 
	
  

 	
 comply with the applicable laws of any such States in connection with
 the issuance of the Trust Securities pursuant to the Exchange Offer; 

 
	
  

 	
  

 
	
  

 	
           (iii)     the
 negotiation of the terms of, and the execution and delivery of, the Dealer
 Manager Agreement providing for the issuance of the Trust Securities in
 exchange for the Trust Debentures; and 

 
	
  

 	
  

 
	
  

 	
           (iv)     the
 taking of any other actions necessary or desirable to carry out any of the
 foregoing activities. 

 

          (d)     Notwithstanding
anything herein to the contrary, the Administrative Trustees are authorized and
directed to conduct the affairs of the Trust and to operate the Trust so that
the Trust will not be deemed to be an “investment company” required to be
registered under the Investment Company Act, and will not be classified as
other than one or more grantor trusts or custodial arrangements or classified
as an association or partnership for U.S. federal income tax purposes. In this
connection, GE Capital, as Holder of the Common Securities, and the
Administrative Trustees are authorized to take any action, not inconsistent
with applicable law, the Certificate of Trust or this Trust Agreement, that
they determine in their discretion to be necessary or desirable for such
purposes, as long as such action does not adversely affect in any material
respect the interests of the Holders of the Outstanding Trust Securities. In no
event shall GE Capital, as Holder of the Common Securities, or the Trustees be
liable to the Trust or the Holders for any failure to comply with this Section
that results from a change in law or regulation or in the interpretation
thereof. 

          Section
2.08. Assets of Trust. 

          The assets
of the Trust shall consist of the Trust Property. 

          Section
2.09. Title to Trust Property. 

          Legal title
to all Trust Property shall be vested at all times in the Property Trustee (in
its capacity as such) and shall be held and administered by the Property
Trustee in trust for the benefit of the Trust and the Holders in accordance
with this Trust Agreement. 

ARTICLE 3 

PAYMENT ACCOUNT

          Section
3.01. Payment Account. 

          (a)     On
or prior to the Settlement Date, the Property Trustee shall establish the
Payment Account with the Paying Agent. The Property Trustee and its agents shall
have exclusive control and sole right of withdrawal with respect to the Payment
Account for the purpose of making deposits in and withdrawals from the Payment
Account in accordance with this Trust Agreement. All monies and other property
deposited or held from time to time in the Payment Account shall be held by the
Property Trustee in the Payment Account for the exclusive benefit of the
Holders and for distribution as herein provided, including (and subject to) any
priority of payments provided for herein. 

16

          (b)     The
Property Trustee shall deposit (or cause to be deposited) in the Payment
Account, promptly upon receipt, all payments of principal of or interest on,
and any other payments or proceeds with respect to, the Trust Debentures.
Amounts held in the Payment Account shall be retained in the Payment Account
and shall not be invested by the Property Trustee pending distribution thereof.

ARTICLE 4

DISTRIBUTIONS; REDEMPTION

          Section
4.01. Distributions. 

          (a)     The
Securities represent undivided beneficial interests in the Trust Property, and
Distributions will be made on the Securities at the rate and on the dates that
payments of interest (including Additional Interest, if any) are made on the
Trust Debentures. Accordingly: 

	
  

 	
  

 
	
  

 	
           (i)       Distributions
 on the Securities shall be cumulative, and will accumulate whether or not
 there are funds of the Trust available for the payment of Distributions.
 Distributions shall accumulate from and including November 15, 2009 and,
 except in the event (and to the extent) that GE Capital exercises its right
 to defer the payment of interest on the Debentures pursuant to the Indenture,
 shall be payable, in respect of each Distribution Period on each Distribution
 Payment Date through and including the Maturity Date for the Debentures.
 Distributions on the Securities shall be payable on the Liquidation Amount of
 the Securities at the rate per annum equal to the then applicable rate of
 interest on the Trust Debentures. The amount of Distributions payable for any
 period during the Fixed Rate Period shall be computed on the basis of a
 360-day year consisting of twelve 30-day months. The amount of Distributions
 payable for any period during the Floating Rate Period shall be computed on
 the basis of a 360-day year and the actual number of days elapsed in the
 relevant Distribution Period. 

 
	
  

 	
  

 
	
  

 	
           (ii)      On
 each Distribution Payment Date, the Holders will be entitled to receive
 Distributions in an amount equal to the amount of interest (including
 Additional Interest, if any) accrued on a Like Amount of Trust Debentures. In
 the event (and to the extent) that GE Capital exercises its right under the
 Indenture to defer the payment of interest on the Debentures, Distributions
 on the Securities shall be deferred for so long as the period of deferral on
 the Debentures continues but shall continue to accumulate. 

 
	
  

 	
  

 
	
  

 	
           (iii)     If
 any date on which a Distribution is otherwise payable on the Securities in
 respect of interest accruing on the Trust Debentures during the Fixed Rate
 Period is not a Business Day, then the payment of such Distribution shall be
 made on the next succeeding day that is a Business Day, without any interest
 or other payment in respect of any such delay, with the same force and effect
 as if made on the date on which such payment was originally payable. If any
 date on which a Distribution is otherwise payable on the Securities in
 respect of interest accruing on the Debentures during the Floating Rate
 Period is not a Business Day (other than any such date that is also a
 Redemption Date for the Securities), then the related Distribution Payment
 Date will be the next succeeding Business Day unless such Business Day is in
 the next calendar month in which case such Distribution Payment Date shall be
 the Business Day immediately preceding such day. 

 

17

	
  

 	
  

 
	
  

 	
           (iv)     Distributions
 on the Securities shall be made by the Paying Agent on behalf of the Property
 Trustee from the Payment Account and shall be payable on each Distribution
 Payment Date only to the extent that the Trust has received payments of
 interest (including Additional Interest, if any) on the Trust Debentures and
 such funds are available in the Payment Account. 

 

          (b)     Distributions
on the Securities with respect to a Distribution Payment Date shall be payable
to the Holders thereof as they appear on the Securities Register for the
Securities at the close of business on the relevant record date, for that
Distribution Payment Date, subject
to Section 4.02(d). As long as the Trust Securities are issued in the form of
one or more Global Trust Securities, the record dates for the Trust Securities
will be one Business Day prior to the relevant Distribution Payment Date. If
the Trust Securities are not issued in the form of one or more Global Trust
Securities, the record date will be the 15th calendar day prior to the relevant
Distribution Payment Date (whether or not a Business Day). 

          (c)     Distributions
payable on any Securities that are not punctually paid on an applicable
Distribution Payment Date will cease to be payable to the Person in whose name
such Securities are registered on the relevant record date, and such defaulted
Distribution will instead be payable to the Person in whose name such
Securities are registered on the special record date or other specified date
for determining Holders entitled to such defaulted Distributions. Such special
record date shall be established by notice given by mail by or on behalf of the
Trust to the Holders of Securities not less than 15 days preceding such special
record date, such special record date to be not less than five days preceding
the date of payment of such defaulted Distribution. 

          (d)     If
Distributions on the Securities are deferred in accordance with the provisions
of Section 4.01(a)(ii), accumulated and unpaid Distributions will be paid on
the Securities when, and in the same amounts, as accrued and unpaid interest,
including Additional Interest, is paid on a Like Amount of Trust Debentures.
Deferred Distributions payable on a Distribution Payment Date at the end of the
applicable Extension Period shall be paid to Holders in whose names Outstanding
Securities are registered at the close of business on the record date
immediately prior to such Distribution Payment Date. 

          Section
4.02. Redemption. 

          (a)     On
each Trust Debenture Redemption Date and on the Maturity Date on which Trust
Debentures shall be redeemed or repaid by GE Capital in any aggregate principal
amount, the Trust will be required to redeem a Like Amount of Securities at a
redemption price per Security equal to the Redemption Price. Any redemption of
the Securities in connection with a redemption of the Trust Debentures at the
option of GE Capital prior to the Maturity Date of the Debentures will be
subject to any then required approval by any Applicable Regulatory Authority. 

          (b)     Notice
of redemption shall be given by the Property Trustee by first-class mail,
postage prepaid, mailed not less than 30 nor more than 60 days prior to the
Redemption Date to each Holder of Securities to be redeemed, at such Holder’s
address appearing in the Security Register. All notices of redemption shall
state: 

18

	
  

 	
  

 
	
  

 	
           (i)       the
 Redemption Date; 

 
	
  

 	
  

 
	
  

 	
           (ii)      the
 Redemption Price, or if the Redemption Price cannot be calculated prior to
 the time the notice is required to be sent, the method by which the
 Redemption Price shall be calculated together with a statement that the
 actual Redemption Price will be calculated no later than the third Business
 Day prior to the Redemption Date; 

 
	
  

 	
  

 
	
  

 	
           (iii)     if
 less than all the Outstanding Securities are to be redeemed, the identification
 and the aggregate Liquidation Amount of the particular Securities to be
 redeemed; 

 
	
  

 	
  

 
	
  

 	
           (iv)     that
 on the Redemption Date the Redemption Price will become due and payable upon
 each such Security to be redeemed and that Distributions thereon will cease
 to accumulate on and after said date, except as provided in Section 4.02(g)
 below; and 

 
	
  

 	
  

 
	
  

 	
           (v)      in
 the case of the Common Securities and, if the Trust Securities are not then
 issued in the form of one or more Global Trust Securities, the Trust
 Securities, the place or places where certificates evidencing Common
 Securities and, if applicable, the Trust Securities are to be surrendered for
 payment of the Redemption Price. 

 

The Trust, in issuing the Trust Securities, may use “CUSIP” or “ISIN”
numbers (if then generally in use), and, if so, the Property Trustee shall
indicate the “CUSIP” or “ISIN” numbers of the Trust Securities in notices of
redemption and related materials as a convenience to Holders; provided that any
such notice may state that no representation is made as to the correctness of
such numbers either as printed on the Trust Securities or as contained in any
notice of redemption and related materials. 

          (c)     Each
Security redeemed on any Redemption Date shall be redeemed at a redemption
price equal to the Redemption Price. Redemptions of the Securities shall be
made and the Redemption Price shall be payable on each Redemption Date only to
the extent that the Trust has cash in an amount equal to the Redemption Price
then on hand and available in the Payment Account for the payment of such
Redemption Price. 

          (d)     If
the Property Trustee gives a notice of redemption in respect of any Securities,
then, by 12:00 noon, New York City time, on the Redemption Date, subject to
Section 4.02(c), the Property Trustee will: 

	
  

 	
  

 
	
  

 	
           (i)       with
 respect to Trust Securities represented by Global Trust Securities,
 irrevocably deposit with the Clearing Agency for such Trust Securities, to
 the extent available therefor, the applicable Redemption Price and will give
 such Clearing Agency irrevocable instructions and authority to pay the
 Redemption Price to the Holders of the Trust Securities; 

 
	
  

 	
  

 
	
  

 	
           (ii)      with
 respect to Definitive Trust Securities and the Common Securities, irrevocably
 deposit with the Paying Agent, to the extent available therefor, the
 applicable Redemption Price and will give the Paying Agent irrevocable
 instructions and authority to pay the Redemption Price to the Holders of the
 Securities upon surrender of the certificates evidencing their Securities. 

 

19

In the event that the Redemption Date for any Securities shall be a
Distribution Payment Date, the related Distribution will be payable to the
Person to whom the Liquidation Amount or other amount in respect thereof is
payable. 

          (e)     If
notice of redemption shall have been given and the Redemption Price deposited
as required, then upon the date of such deposit, all rights of Holders holding
Securities so called for redemption will cease, except the right of such
Holders to receive the Redemption Price and any Distribution payable in respect
of the Securities on or prior to the Redemption Date, but without interest, and
such Securities will cease to be outstanding. 

          (f)     In
the event that any date on which any Redemption Price is payable is not a
Business Day, then payment of the Redemption Price payable on such date will be
made on the next succeeding day that is a Business Day (without any interest or
other payment in respect of any such delay), with the same force and effect as
if made on such date. 

          (g)    In
the event that payment of the Redemption Price in respect of any Securities
called for redemption is improperly withheld or refused and not paid by
the Trust because the Sponsor has not paid the corresponding
redemption amount on the Debentures, Distributions on such Securities will
continue to accumulate, as set forth in Section 4.01, from the Redemption Date
originally established by the Trust for such Securities to the date such
Redemption Price is actually paid, in which case the actual payment date will
be the date fixed for redemption for purposes of calculating the Redemption
Price. 

          (h)    Except
as set forth in Section 4.03(a), if fewer than all the Outstanding Securities
are to be redeemed on a Redemption Date, then the aggregate Liquidation Amount
of Securities to be redeemed shall be allocated pro rata to the Common
Securities and the Trust Securities based upon the relative Liquidation Amounts
of such classes. The particular Securities to be redeemed shall be selected on
a pro rata basis based upon their respective Liquidation Amounts not more than
60 days prior to the Redemption Date by the Property Trustee from the
Outstanding Securities not previously called for redemption or by any other
method (including by lot) the Property Trustee deems fair and appropriate,
provided that so long as the Trust Securities are then held in book-entry form,
such selection shall be made by the Clearing Agency in accordance with the
customary procedures for the Clearing Agency for the Trust Securities. The
Property Trustee shall promptly notify the Securities Registrar in writing of
the Securities selected for redemption and, in the case of any Securities
selected for partial redemption, the Liquidation Amount thereof to be redeemed.
For all purposes of this Trust Agreement, unless the context otherwise
requires, all provisions relating to the redemption of Securities shall relate,
in the case of any Securities redeemed or to be redeemed only in part, to the
portion of the aggregate Liquidation Amount of Securities that has been or is
to be redeemed. In the event that the Trust Securities are redeemed in part,
the unredeemed portion of the Trust Securities must remain in an authorized
denomination. 

          (i)     For
so long as the Trust Debentures are held by the Trust, GE Capital
shall not redeem any Trust Debentures pursuant to its Optional Redemption Right
at any time prior to the fifth anniversary of the date hereof. With the consent
of each Applicable Regulatory Authority then requiring such consent, 

20

this Trust Agreement may be amended by the Sponsor to delete the
undertaking specified in the preceding sentence without the consent of holders
of the Trust Securities or any other Person. 

          (j)          If
fewer than all of the outstanding Trust Debentures are to be redeemed, before
the Trust Debenture Redemption Date, GE Capital shall acquire, and shall cause
any of its Affiliates that has acquired Common Securities pursuant to Section
5.11 to acquire, subject to the provisions of the Replacement Covenant,
sufficient Trust Securities in the public market so that after the redemption,
the aggregate Liquidation Amount of Common Securities and Trust Securities held
by GE Capital or such Affiliate, as the case may be, will be equal to at least
the $5,000 minimum denomination of the Debentures. If GE Capital transfers the
Common Securities to an Affiliate as permitted by Section 5.11 after a partial
redemption of Trust Debentures, GE Capital shall cause such Affiliate to
acquire, subject to the provisions of the Replacement Covenant, sufficient
Trust Securities so that immediately after such transfer, the aggregate
Liquidation Amount of Common Securities and Trust Securities held by such
Affiliate will be equal to at least the $5,000 minimum denomination of the
Debentures. 

          Section
4.03. Subordination of Common Securities. 

          (a)          Payment
of Distributions (including the amount thereof attributable to Additional
Interest) on, the Redemption Price of, and the Liquidation Distribution in
respect of the Securities, as applicable, shall be made, subject to Section
4.02(h), pro rata among the Common Securities and the Trust Securities based on
their relative Liquidation Amounts; provided, however, that if on any
Distribution Payment Date, Redemption Date or Liquidation Date a Trust Event of
Default shall have occurred and be continuing, no payment of any Distribution
(including any amount thereof attributable to Additional Interest) on,
Redemption Price of, or Liquidation Distribution in respect of any Common
Security, and no other payment on account of the redemption, liquidation or
other acquisition of Common Securities, shall be made unless payment in full in
cash of all accumulated and unpaid Distributions (including the amount thereof
attributable to Additional Interest) on all Outstanding Trust Securities for
all Distribution periods terminating on or prior thereto, or in the case of
payment of the Redemption Price the full amount of such Redemption Price on all
Outstanding Trust Securities then called for redemption, or in the case of
payment of the Liquidation Distribution the full amount of such Liquidation
Distribution on all Outstanding Trust Securities, shall have been made or
provided for, and all funds immediately available to the Property Trustee shall
first be applied to the payment in full in cash of all Distributions (including
the amount thereof attributable to Additional Interest) on, the Redemption
Price of, or the Liquidation Distribution in respect of, the Trust Securities
then due and payable. If upon liquidation, the Trust cannot pay the full amount
due on the Trust Securities and Common Securities because it has insufficient
assets for payment, the amounts payable on the Securities will be allocated
first, proportionately, to the Trust Securities and only thereafter to the
aggregate Liquidation Amount of the Common Securities. 

          (b)          In
the case of the occurrence of a Trust Event of Default, the Property Trustee
shall not act on behalf of Holders of the Common Securities with respect to
such Trust Event of Default under this Trust Agreement until the effect of such
Trust Event of Default with respect to the Trust Securities has been cured,
waived or otherwise eliminated. Until a Trust Event of Default has been so
cured, waived or otherwise eliminated, the Property Trustee shall act solely 

21

on behalf of the Holders of the Trust Securities and not on behalf of
the Holders of the Common Securities. 

          Section
4.04. Payment Procedures for Trust Securities. 

          Payments of
Distributions (including any portion thereof attributable to Additional
Interest) in respect of the Trust Securities, subject to the next succeeding
sentence, shall be made by check mailed to the address of the Person entitled
thereto as such address shall appear on the Securities Register or, if the
Trust Securities are held by a Clearing Agency, such Distributions shall be
made to the Clearing Agency in immediately available funds. A Holder of
$1,000,000 or more in aggregate Liquidation Amount of Trust Securities may
receive payments of cash Distributions (including the amounts thereof
attributable to Additional Interest) by wire transfer of immediately available
funds to an account with a financial institution in the United States upon
written request to the Property Trustee not later than the 15th calendar day,
whether or not a Business Day, before the relevant Distribution Payment Date. 

          Section
4.05. Payment Procedures for Common Securities. 

          Payments in
respect of the Common Securities shall be made in such manner as shall be
mutually agreed between the Property Trustee and the Holder of the Common
Securities. 

          Section
4.06. Tax Returns and Reports. 

          The
Administrative Trustees shall prepare (or cause to be prepared), at GE
Capital’s expense, and file all United States Federal, state and local tax and
information returns and reports required to be filed by or in respect of the
Trust. In this regard, the Administrative Trustees shall: 

	
  

 	
  

 
	
  

 	
           (i)          prepare
 and file (or cause to be prepared and filed) all Internal Revenue Service
 forms required to be filed in respect of the Trust in each taxable year of
 the Trust, and 

 
	
  

 	
  

 
	
  

 	
           (ii)          prepare
 and furnish (or cause to be prepared and furnished) to each Holder all
 Internal Revenue Service forms required to be provided by the Trust. 

 

The Administrative Trustees shall provide GE Capital and the Property
Trustee with a copy of all such returns and reports promptly after such filing
or furnishing. The Paying Agent shall comply with United States Federal
withholding and backup withholding tax laws and information reporting
requirements with respect to any payments to Holders under the Securities. Such
withholding or backup withholding (if any) shall be deducted from any payment
and shall be considered as duly paid under the terms of this Trust Agreement
and the Securities. 

          Section
4.07. Payment of Taxes, Duties, etc. of the Trust. 

          Upon
receipt pursuant to Section 4.09(a)(vi) of amounts from the Sponsor in respect
of taxes owing by the Trust, the Property Trustee shall promptly upon receipt
of written instructions from the Sponsor, pay any taxes, duties or governmental
charges of whatsoever nature (other than U.S. withholding taxes to the extent
that GE Capital would not have been obligated to pay 

22

such withholding taxes under the Indenture with respect to the
Debentures) imposed on the Trust by the United States or any other taxing
authority, in respect of which amounts were received from the Sponsor pursuant
to Section 4.09(a)(vi). 

          Section
4.08. Payments under Indenture. 

          Any amount
payable hereunder to any Holder of Trust Securities (or any Owner with respect
thereto) shall be reduced by the amount of any corresponding payment such
Holder (or Owner) has directly received under the Indenture and the Debentures
following any action taken by the Property Trustee in respect of the same or
otherwise. 

          Section
4.09. Liability of the Holder of Common Securities. 

          (a)          As
permitted under the Delaware Statutory Trust Act, GE Capital hereby covenants
to pay: 

	
  

 	
  

 
	
  

 	
               (i)          all
 debts and obligations (other than with respect to the Trust Securities and
 the Common Securities) and all costs and expenses of the Trust, including,
 but not limited to, all costs and expenses relating to the organization of
 the Trust (without duplication of amounts paid pursuant to Section 2.03
 hereof); 

 
	
  

 	
  

 
	
  

 	
               (ii)         the
 indemnities, fees and expenses (including reasonable counsel fees and
 expenses) of the Trustees (to the extent the same are provided for herein); 

 
	
  

 	
  

 
	
  

 	
               (iii)        all
 costs and expenses relating to the issuance of the Securities pursuant to the
 Exchange Offer; 

 
	
  

 	
  

 
	
  

 	
               (iv)        all
 costs and expenses relating to the operation, maintenance and dissolution of
 the Trust (including, without limitation, costs and expenses of accountants,
 attorneys, statistical or bookkeeping services, expenses for printing and
 engraving and computing or accounting equipment, paying agent(s),
 registrar(s), transfer agent(s), duplicating, travel and telephone and other
 telecommunications expenses); 

 
	
  

 	
  

 
	
  

 	
               (v)         the
 costs and expenses incurred in connection with the acquisition, financing,
 and disposition of Trust assets and the enforcement by the Property Trustee
 of the rights of the holders of the Trust Debentures; and 

 
	
  

 	
  

 
	
  

 	
               (vi)       any
 and all taxes, duties, assessments or governmental charges of whatever nature
 (other than U.S. withholding taxes to the extent that GE Capital would not
 have been obligated to pay such withholding taxes under the Indenture with
 respect to the Debentures) imposed on the Trust by the United States, or any
 other taxing authority, with respect to the aforesaid debts, obligations,
 costs and expenses. 

 

          (b)          GE
Capital’s obligations under this Section 4.09 shall be for the benefit of, and
shall, to the extent permitted by applicable law, be enforceable by, any Person
to whom such debts, obligations and costs are owed (a “Creditor”) whether or not such Creditor has
received notice hereof. To the extent permitted by applicable law, any such
Creditor may enforce GE Capital’s obligations under this Section 4.09 directly
against GE Capital and GE Capital 

23

irrevocably waives any right or remedy to require that any such
Creditor take any action against the Trust or any other Person before
proceeding against GE Capital. GE Capital agrees to execute such additional
agreements as may be necessary in order to give full effect to the provisions
of this Section 4.09. 

ARTICLE 5

THE SECURITIES

          Section
5.01. Initial Ownership. 

          Upon the
formation of the Trust and the initial contribution of Trust Property by GE
Capital to the Trust pursuant to Section 2.03, and until the issuance of the
Trust Securities, GE Capital shall be the sole beneficial owner of the Trust. 

          Section
5.02. Execution and Delivery of the Securities; Authentication. 

          (a)          At
the Issue Date, upon the written order of GE Capital executed by an Authorized
Officer thereof and addressed to the Administrative Trustees and the Property
Trustee, one or more of the Administrative Trustees shall execute (either
manually or by facsimile) on behalf of the Trust certificates evidencing the
Securities, in the aggregate Liquidation Amounts specified in Section 2.04 and
Section 2.05 with respect to the Common Securities and the Trust Securities,
respectively, and shall deliver such certificates to the Property Trustee.
Thereupon, the Property Trustee shall, in accordance with such written order,
authenticate the Securities and shall deliver the Securities in accordance with
Sections 2.04 and 2.05. 

          (b)          Each
certificate evidencing the Securities shall be dated the date of its
authentication. The certificates evidencing the Securities shall be executed on
behalf of the Trust by manual or facsimile signature of at least one
Administrative Trustee. Certificates bearing the manual or facsimile signatures
of individuals who were, at the time when such signatures shall have been
affixed, authorized to sign on behalf of the Trust shall be validly issued and
entitled to the benefits of this Trust Agreement, notwithstanding that such
individuals or any of them shall have ceased to be so authorized prior to the
delivery of such certificates or did not hold such offices at the date of
delivery of such certificates. A transferee of a certificate evidencing the
Securities shall become a Holder, and shall be entitled to the rights and
subject to the obligations of a Holder hereunder, upon due registration of such
Securities in such transferee’s name pursuant to Section 5.05. 

          (c)          No
certificate evidencing the Securities shall be entitled to any benefit under
this Trust Agreement or be valid or obligatory for any purpose, unless there
appears thereon a certificate of authentication substantially in the respective
forms provided for in the forms attached as Exhibit
B and Exhibit C and executed by the Property Trustee by the manual
signature of one of its authorized signatories, and such certificate of
authentication upon any Securities shall be conclusive evidence, and the only
evidence, that such Securities have been duly authenticated and delivered
hereunder. 

24

          Section
5.03. The Common Securities. 

          A single
certificate evidencing $5,000 Liquidation Amount of Common Securities shall be
issued to GE Capital on the date hereof in the form of a definitive certificate
substantially in the form attached as Exhibit
B. The Common Securities shall be issued in minimum denominations of
$5,000 Liquidation Amount and integral multiples of $1,000 in excess thereof. 

          Section
5.04. The Trust Securities; Book-Entry
Provisions for Global Trust Securities.. 

          (a)          The
Trust Securities shall be issued in minimum denominations of $5,000 Liquidation
Amount and integral multiples of $1,000 in excess thereof. 

          (b)          Upon
their original issuance, the Trust Securities shall be issued in the form of
one or more Global Trust Securities registered in the name of DTC, as Clearing
Agency, or its nominee and deposited by the Exchange Agent with DTC or the
Securities Registrar as custodian for DTC for credit by DTC to the respective
accounts of the Owners thereof (or such other accounts as they may direct). 

          (c)          No
Global Trust Security may be exchanged in whole or in part for a Definitive
Trust Security registered, and no transfer of a Global Trusty Security in whole
or in part may be registered, in the name of any Person other than the Clearing
Agency for Global Trust Security or a nominee thereof unless (A) such Clearing
Agency (i) has notified the Trust that it is unwilling or unable to continue as
Clearing Agency for the Global Trust Securities and no successor Clearing
Agency has been appointed within 90 days of this notice or (ii) has ceased to
be a clearing agency registered under the Exchange Act at a time when the
Clearing Agency is required to be so registered to act as clearing agent and no
successor Clearing Agency has been appointed within 90 days after the Trust has
learned that the Clearing Agency has ceased to be so registered, or (B) the
Sponsor in its sole discretion (and subject to the procedures of the Clearing
Agency) determines that any such Global Trust Securities will be so
exchangeable or transferable. Upon the occurrence of any event specified in
clause (A) or (B) above, the Property Trustee shall notify the Clearing Agency,
and instruct the Clearing Agency to notify all Owners of beneficial interests
in the Global Trust Securities, and the Administrative Trustees of the
occurrence of such event and of the availability of the Definitive Trust
Securities to Owners of such class or classes, as applicable, requesting the
same. 

          (d)          If
any Global Trust Security is to be exchanged for Definitive Trust Securities or
an interest in such Global Trust Security is to be cancelled in part, or if
Definitive Trust Securities are to be exchanged in whole or in part for Global
Trust Securities, then either (i) such Global Trust Security shall be so
surrendered for exchange or cancellation as provided in this Article 5 or (ii)
the aggregate Liquidation Amount represented by such Global Trust Security
shall be reduced by an amount equal to the Liquidation Amount represented by
that portion of the Global Trust Security to be so exchanged or cancelled, or
increased by an amount equal to the Liquidation Amount represented by such
Definitive Trust Securities to be so exchanged for interests in the Global
Trust Security represented thereby, as the case may be, by means of an
appropriate adjustment made on the records of the Securities Registrar,
whereupon the Property Trustee, in accordance with the Applicable Procedures,
shall instruct the Clearing Agency or its authorized representative to make a
corresponding adjustment to its records. Upon surrender to 

25

the Administrative Trustees or the Securities Registrar of the Global
Trust Security or Securities by the Clearing Agency, accompanied by
registration instructions, the Administrative Trustees, or any one of them,
shall execute the Definitive Trust Securities in accordance with the
instructions of the Clearing Agency. None of the Securities Registrar, the
Trustees or the Administrative Trustees shall be liable for any delay in
delivery of such instructions and may conclusively rely on, and shall be
protected in relying on, such instructions. Upon the issuance of Definitive
Trust Securities, the Trustees shall recognize the Holders of the Definitive
Trust Securities as Holders. The Definitive Trust Securities shall be printed,
lithographed or engraved or may be produced in any other manner as is
reasonably acceptable to the Administrative Trustees, as evidenced by the
execution thereof by the Administrative Trustees or any one of them. 

          (e)          Every
certificate evidencing Trust Securities executed and delivered upon
registration of transfer of, or in exchange for or in lieu of, a Global Trust
Security or any portion thereof, whether pursuant to this Article 5 or
otherwise, shall be executed and delivered in the form of, and shall be, a
Global Trust Security, unless the certificate evidencing such Trust Securities
is registered in the name of a Person other than the Clearing Agency for such
Global Trust Securities or a nominee thereof. 

          (f)          The
Clearing Agency or its nominee, as registered owner of a Global Trust Security,
shall be the Holder of such Global Trust Security for all purposes under this
Agreement and the Global Trust Security, and Owners with respect to the
beneficial interests therein shall hold such interests pursuant to the
Applicable Procedures. The Securities Registrar and the Trustees shall be
entitled to deal with the Clearing Agency for all purposes of this Trust
Agreement relating to the Global Trust Securities as the sole Holder of the
Global Trust Security and shall have no obligations to the Owners thereof
(including, without limitation, with respect to the payment of the Liquidation
Amount of and Distributions on the book-entry interests in any Global Trust
Security and the giving of notices to, and the receipt of instructions or
directions by, Owners thereof). None of the Trustees nor the Securities
Registrar shall have any liability in respect of any transfers effected by the
Clearing Agency. 

          (g)          The
rights of the Owners of beneficial interests in a Global Trust Security shall
be exercised only through the Clearing Agency and shall be limited to those
established by law, the Applicable Procedures and agreements between such
Owners and the Clearing Agency and/or the Clearing Agency Participants.
Pursuant to the Applicable Procedures, unless and until Definitive Trust
Securities are issued pursuant to Section 5.04(c), the initial Clearing Agency
will make book-entry transfers among the Clearing Agency Participants and
receive and transmit payments on the Trust Securities to such Clearing Agency
Participants, and none of the Sponsor or the Trustees shall have any
responsibility or obligation with respect thereto. 

          Section
5.05. Registration of Transfer and Exchange of Securities Certificates. 

          (a)          The
Property Trustee shall keep or cause to be kept, at the office or agency
maintained pursuant to Section 5.09, a register or registers for the purpose of
registering Securities and transfers and exchanges of Securities (the “Securities Register”) in which the
registrar and transfer agent with respect to the Securities (the “Securities Registrar”), subject to such
reasonable regulations as it may prescribe, shall provide for the registration
of Trust 

26

Securities and Common Securities (subject to Section 5.11 in the case
of the Common Securities) and registration of transfers and exchanges of
Securities as herein provided. The Person acting as the Property Trustee shall
at all times also be the Securities Registrar. 

          (b)          Upon
surrender for registration of transfer of any Securities at the office or
agency maintained pursuant to Section 5.09, the Administrative Trustees or any
one of them shall execute and deliver to the Property Trustee, and the Property
Trustee shall authenticate and deliver, in the name of the designated
transferee or transferees, one or more new Securities of the same class in
authorized denominations of a like aggregate Liquidation Amount dated the date
of execution by such Administrative Trustee or Trustees. At the option of the
Holder, Securities may be exchanged for other Securities of the same class of
any authorized Liquidation Amount and of like aggregate Liquidation Amount upon
surrender of the Securities to be exchanged at such office or agency. Whenever
any Securities are so surrendered for exchange, the Administrative Trustees or
any one of them shall execute and deliver to the Property Trustee, and the
Property Trustee shall authenticate and deliver, the Securities that the Holder
making the exchange is entitled to receive. 

          (c)          The
Securities Registrar shall not be required, (i) to issue, register the transfer
of or exchange any Security during a period beginning at the opening of
business 15 days before the day of selection for redemption of such Securities
pursuant to Article 4 and ending at the close of business on the day of mailing
of the notice of redemption, or (ii) to register the transfer of or exchange
any Security so selected for redemption in whole or in part, except, in the
case of any such Security to be redeemed in part, any portion thereof not to be
redeemed. 

          (d)          Every
Security presented or surrendered for registration of transfer or exchange
shall be accompanied by a written instrument of transfer in form satisfactory
to an Administrative Trustee and the Securities Registrar duly executed by the
Holder or its attorney duly authorized in writing. Each Security surrendered
for registration of transfer or exchange shall be cancelled and subsequently
disposed of by the Property Trustee in accordance with its customary practice. 

          (e)          No
service charge shall be made for any registration of transfer or exchange of
Securities, but the Securities Registrar may require payment of a sum
sufficient to cover any tax or governmental charge that may be imposed in
connection with any transfer or exchange of Securities. 

          Section
5.06. Mutilated, Destroyed, Lost or Stolen Securities Certificates. 

	
  

 	
  

 
	
  

 	
 (a)          If 

 
	
  

 	
  

 
	
  

 	
               (i)          any
 mutilated certificate evidencing Securities shall be surrendered to the
 Securities Registrar, or if the Securities Registrar shall receive evidence
 to its satisfaction of the destruction, loss or theft of any such
 certificate, and 

 
	
  

 	
  

 
	
  

 	
               (ii)         there
 shall be delivered to the Securities Registrar and the Administrative
 Trustees such security or indemnity as may be required by them to save each
 of them harmless, 

 

27

then, in the absence of notice that such Securities shall have been
acquired by a protected purchaser, the Administrative Trustees, or any one of
them, on behalf of the Trust, shall execute and make available for delivery, in
exchange for or in lieu of any such mutilated, destroyed, lost or stolen
certificate evidencing Securities, a new certificate of like class, tenor and
denomination. 

          (b)          In
connection with the issuance of any new certificate evidencing Securities under
this Section 5.06, the Administrative Trustees or the Securities Registrar may
require the payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection therewith. 

          (c)          Any
duplicate certificate evidencing Securities issued pursuant to this Section
shall constitute conclusive evidence of an undivided beneficial interest in the
assets of the Trust corresponding to that evidenced by the lost, stolen or
destroyed certificate, as if originally issued, whether or not the lost, stolen
or destroyed certificate shall be found at any time. 

          (d)          In
case any such mutilated, destroyed, lost, or stolen Security has become or is
about to become due and payable, the Administrative Trustees in their
discretion may, instead of issuing a new Security, pay such Security. 

          (e)          The
provisions of this Section 5.06 are exclusive and will preclude (to the extent
lawful) all other rights and remedies with respect to the replacement or
payment of mutilated, destroyed, lost, or stolen Securities. 

          Section
5.07. Persons Deemed Holders. 

          The
Trustees and the Securities Registrar shall each treat the Person in whose name
any certificate evidencing the Securities shall be registered in the Securities
Register as the owner of such Securities for the purpose of receiving
Distributions (subject to the record date provisions hereof) and for all other
purposes whatsoever, and none of the Trustees and the Securities Registrar
shall be bound by any notice to the contrary. 

          Section
5.08. Access to List of Holders’ Names and Addresses. 

          (a)          Each
of the Sponsor and any one of the Administrative Trustees will furnish or cause
to be furnished to the Property Trustee: 

	
  

 	
  

 
	
  

 	
               (i)          on
 or before June 30 and December 31 of each year, a list, in such form as
 the Property Trustee may reasonably require, of the names and addresses of
 the Holders of Securities as of such date, and 

 
	
  

 	
  

 
	
  

 	
               (ii)         at
 such other times as the Property Trustee may request in writing, within 30
 days after the receipt by the Sponsor and the Administrative Trustees of any
 such request, a list of similar form and content as of a date not more than
 15 days prior to the time such list is furnished, excluding from any such list names and addresses received
 by the Property Trustee at any time that it is acting as Securities
 Registrar. 

 

          (b)          The
Property Trustee shall preserve, in as current a form as is reasonably
practicable, the names and addresses of Holders contained in the most recent
list furnished to the 

28

Property Trustee as provided in this Section 5.08 and the names and
addresses of Holders received by the Property Trustee at any time that it is
acting as Securities Registrar. The Property Trustee may destroy any list
furnished to it as provided in this Section 5.08 upon receipt of a new list so
furnished. 

          (c)          Each
Holder and each Owner shall be deemed to have agreed not to hold the Sponsor,
the Property Trustee, the Delaware Trustee, the Administrative Trustees or the
Securities Registrar accountable by reason of the disclosure of its name and
address, regardless of the source from which such information was derived. 

          Section
5.09. Maintenance of Office or Agency. 

          The
Property Trustee shall designate, with the consent of the Administrative
Trustees, which consent shall not be unreasonably withheld, an office or
offices or agency or agencies where Securities may be surrendered for
registration of transfer or exchange and where notices and requests to or upon
the Trustees in respect of the Securities may be served. The Administrative
Trustees initially designate the Property Trustee’s Corporate Trust Office,
Attention: Corporate Trust Department, as its office and agency for such
purposes. The Property Trustee shall give prompt written notice to GE Capital,
the Administrative Trustees and to the Holders of any change in the location of
the Securities Register or any such office or agency. 

          Section
5.10. Appointment of Paying Agent. 

          The Paying
Agent shall make Distributions to Holders from the Payment Account and shall
report the amounts of such Distributions to the Property Trustee and the
Administrative Trustees. Any Paying Agent shall have the revocable power to
withdraw funds from the Payment Account solely for the purpose of making the
Distributions referred to above. The Administrative Trustees may revoke such
power and remove the Paying Agent in their sole discretion. The Paying Agent
shall initially be The Bank of New York Mellon. Any Person acting as Paying
Agent shall be permitted to resign as Paying Agent upon 30 days’ written notice
to the Administrative Trustees and the Property Trustee. If The Bank of New
York Mellon shall no longer be the Paying Agent or a successor Paying Agent
shall resign or its authority to act be revoked, the Administrative Trustees
shall appoint a successor (which shall be a bank or trust company) to act as
Paying Agent. Such successor Paying Agent or any additional Paying Agent
appointed by the Administrative Trustees shall execute and deliver to the
Trustees an instrument in which such successor Paying Agent or additional
Paying Agent shall agree with the Trustees that as Paying Agent, such successor
Paying Agent or additional Paying Agent will hold all sums, if any, held by it
for payment to the Holders in trust for the benefit of the Holders entitled
thereto until such sums shall be paid to such Holders. Any money deposited with
any Paying Agent in trust for the payment of a Distribution on or the
Redemption Price of any Security and remaining unclaimed for two years after
such Distribution or Redemption Price has become due and payable shall be paid
to the Sponsor upon a request signed by an Authorized Officer thereof; and the
Holder of such Security shall thereafter, as an unsecured general creditor,
look only to the Sponsor for payment thereof, and all liability of the Trustees
or such Paying Agent with respect to such trust money shall thereupon cease;
provided, however, that such Paying Agent, before being required to make any
such repayment, may at the expense of the Sponsor cause to be published once,
in a newspaper published in the English language, customarily published on 

29

each Business Day and of general circulation in the Borough of
Manhattan, The City of New York, New York, notice that such money remains
unclaimed and that, after a date specified therein, which shall not be less
than 30 days from the date of such publication, any unclaimed balance of such
money then remaining will be repaid to the Sponsor. For purposes of the
preceding sentence, the term “Business Day” shall be defined without reference
to London, England. Upon removal of a Paying Agent such Paying Agent shall also
return all funds in its possession to the Property Trustee. The provisions of
Sections 8.01 (other than (c), (d), (e)(i) (except for (A) and (B)) and (e)(vi)
thereof), 8.03 (except (g) and (j) thereof) and 8.06 herein shall apply to The
Bank of New York Mellon also in its role as Paying Agent, for so long as The
Bank of New York Mellon shall act as Paying Agent and, to the extent
applicable, to any other paying agent appointed hereunder. Any reference in
this Trust Agreement to the Paying Agent shall include any co-paying agent
unless the context requires otherwise. 

          Section
5.11. Ownership of Common Securities by GE Capital. 

          At the
Settlement Date, GE Capital shall acquire, and except as permitted in this
Section 5.11, thereafter shall retain, beneficial and record ownership of the
Common Securities. GE Capital shall not transfer the Common Securities except
(i) in connection with a consolidation or merger of GE Capital into another
Person, or any sale, conveyance, transfer or disposition by GE Capital of all
or substantially all of its assets to any Person, in each case pursuant to
Article Eleven of the Indenture, or (ii) to an Affiliate of GE Capital that is
a United States Person in compliance with applicable law (including the
Securities Act and applicable state securities and blue sky laws), provided in
the case of clause (ii) that (a) GE Capital has obtained the written opinion of
nationally recognized tax counsel that such transfer will not (x) result in a
deemed exchange of the Trust Debentures for new Trust Debentures for U.S.
federal income tax purposes; or (y) cause the Trust, or cause or permit the
successor entity, if applicable, to be treated as other than a grantor trust or
custodial arrangement for U.S. federal income tax purposes, (b) such transfer
will not cause the Trust or successor entity to be required to register as an
“investment company” under the Investment Company Act, and (c) GE Capital
transfers all the Common Securities it owns at the time of such transfer to
only one of its Affiliates. To the fullest extent permitted by law, any
attempted transfer of the Common Securities other than as set forth in the
immediately preceding sentence shall be void. The Administrative Trustees shall
cause each Common Securities Certificate issued to GE Capital to contain a
legend substantially to the following effect: “THIS CERTIFICATE IS NOT
TRANSFERABLE EXCEPT IN COMPLIANCE WITH APPLICABLE LAW AND SECTION 5.11 OF THE
TRUST AGREEMENT.” 

          Section
5.12. Notices to Clearing Agency. 

          To the
extent that a notice or other communication to the Holders is required under
this Trust Agreement, for so long as the Trust Securities are issued in the
form of one or more Global Trust Securities, the Trustees shall give all such
notices and communications specified herein to be given to the Clearing Agency,
and shall have no obligations to the Owners. 

30

          Section
5.13.     Rights of Holders.

          (a)          The
legal title to the Trust Property is vested exclusively in the Property Trustee
(in its capacity as such) in accordance with Section 2.09, and the Holders
shall not have any right or title therein other than the undivided beneficial
interest in the assets of the Trust conferred by their Securities and they
shall have no right to call for any partition or division of property, profits
or rights of the Trust except as described below. The Securities shall be
personal property giving only the rights specifically set forth therein and in
this Trust Agreement. The Securities shall have no preemptive or similar rights
and when issued and delivered to Holders against delivery of the Trust Debentures
in accordance with the Exchange Offer will be fully paid and nonassessable by
the Trust. Subject to the provisions of Section 4.09, the Holders of the
Securities, in their capacities as such, shall be entitled to the same
limitation of personal liability extended to stockholders of private
corporations for profit organized under the General Corporation Law of the
State of Delaware.

          (b)          In
accordance with the provisions of Section 9.02 hereof, upon the occurrence of a
Debenture Event of Default, the Trust Securities shall automatically (and
without the consent of any Applicable Regulatory Authority or requirement that
the Trust first terminate) be exchanged for the Trust Debentures. Thereafter,
the former Holders and Owners of Trust Securities may exercise their rights in
respect of such Debenture Event of Default as holders of Debentures or
beneficial owners of interests therein.

          (c)          The
Holders of the Trust Securities shall be entitled to the benefits of the Guarantee
Agreement.

ARTICLE 6

RESTRICTION ON VOTING; REQUESTS BY HOLDERS

          Section
6.01.     Limitations on Voting Rights.

          (a)          Each
Holder and Owner of Securities shall be deemed to acknowledge that irreparable
damage would occur if any Holder or Owner of Securities should have the right
to control the administration, operation or management of the Trust. Therefore,
no Holder or Owner of Securities shall have the right to vote on any matter or
the right to consent to the taking of any action by the Trust (including with
respect to mergers, consolidations or conversions of the Trust, transfers to or
domestication in any jurisdiction by the Trust, continuance of the Trust after
its dissolution or any other matter that the Delaware Statutory Trust Act or
other Delaware law pertaining to trusts provides default voting rights to
beneficiaries of a trust) or in any manner otherwise directly control the
administration, operation and management of the Trust, which rights are hereby
waived or eliminated. The foregoing is not intended, nor shall it be construed,
to eliminate, restrict or waive the right of a Holder or Owner of Securities to
sue for breach of contract or breach of trust. Each Holder and Owner of
Securities is deemed to acknowledge reliance by the other Holders and Owners of
Securities upon the foregoing provisions of this Section 6.01(a). Without
limiting the foregoing, nothing herein set forth, or contained in the terms of
the Securities, shall be construed so as to constitute the Holders or Owners of
Securities from time to time as partners or members of an association.

31

          (b)          So
long as any Trust Debentures are held by the Property Trustee on behalf of the
Trust, solely the Property Trustee, as Holder of the Trust Debentures within
the meaning of the Indenture, may (but shall not be obligated to):

	
  

 	
  

 
	
  

 	
               (i)          direct
 the time, method and place of conducting any proceeding for any remedy
 available to the Indenture Trustee with respect to the Trust Debentures, or
 exercising any trust or power conferred on the Indenture Trustee with respect
 to the Trust Debentures, enforce the Sponsor’s obligations under the Trust
 Debentures (to the extent permitted by the Indenture) or give any notice to
 the Indenture Trustee under Section 6.05 of the Indenture,

 
	
  

 	
  

 
	
  

 	
               (ii)         waive
 any past default that may be waived under Section 6.07 of the Indenture,

 
	
  

 	
  

 
	
  

 	
               (iii)        exercise
 any right to rescind or annul a declaration that the principal of all the
 Debentures shall be due and payable, or

 
	
  

 	
  

 
	
  

 	
               (iv)        consent
 to any amendment, modification or termination of the Indenture or the Trust
 Debentures, where such consent by the holders of the Trust Debentures is
 required.

 

As Holder of the Trust Debentures within the meaning of the Indenture,
the right to execute any power conferred by the Indenture with respect to the
Trust Debentures is vested solely in the Property Trustee and no provision of
this Trust Agreement shall be construed in any manner to provide any Holder or
Owner of Securities with any such right. In taking any such action, it shall
not be necessary for the Property Trustee or any of the other Trustees to
obtain the prior approval of the Holders or Owners of any Securities. The
Holders and Owners of the Securities are hereby expressly precluded from
directing the Property Trustee or any of the other Trustees, or otherwise
taking any action to compel the Property Trustee or any of the other Trustees,
to take any action hereunder with respect to the Indenture or the Trust
Debentures. 

          For so long
as the Trust Debentures are held by the Trust, GE Capital shall not solicit a
consent to a proposed amendment to the Trust Debentures or the Indenture with
respect to the Trust Debentures, or seek a waiver of a past default under the
Trust Debentures.

          (c)          Nothing
in this Trust Agreement shall be construed to limit the ability of a Holder or
Owner of Securities to make a non-binding request of the Property Trustee to
take action, or to refrain from taking action, in respect of the Indenture and
the Trust Debentures, and the Property Trustee may in its sole discretion elect
to take or refrain from taking action pursuant to such request. In connection with
any such request, any Owner of Securities may offer to indemnify the Property
Trustee in accordance with the provisions of Section 8.03(g) hereof provided
such Owner is a Qualified U.S. Holder. 

          Prior to
taking any of the foregoing actions, the Property Trustees shall, at the
expense of GE Capital, obtain an Opinion of Counsel experienced in such matters
to the effect that such action shall not cause the Trust to be classified as
other than one or more grantor trusts or custodial arrangements or to be
classified as an association or partnership for U.S. federal income tax
purposes.

32

          (d)          Section
316(a)(1) of the Trust Indenture Act (which addresses the right of holders of
indenture securities to direct the time, method, and place for conducting any
proceeding for any remedy available to the indenture trustee, and to consent to
waivers of past defaults) is hereby expressly excluded from this Trust
Agreement.

          Section
6.02.     Waiver of Right to Initiate Derivative Actions.

          (a)          Each
Holder and Owner of Securities shall be deemed to acknowledge that irreparable
damage would occur if any Holder or Owner of Securities should have the right
to initiate a derivative or similar action in the name of the Trust or one or
more of the Trustees. Therefore, each Holder and Owner of Securities shall be
deemed to have waived any right to bring an action pursuant to Section 3816(a)
of the Delaware Statutory Trust Act (as the same may be amended or superseded)
or pursuant to any law of the State of Delaware pertaining to trusts or any
other law of the State of Delaware providing for a derivative action by a
beneficiary on behalf of a trust or trustee (or pursuant to any similar
doctrine). To the extent, if any, any Holder or Owner of Securities shall by
operation of law be entitled to bring any such action notwithstanding the
immediately preceding sentence, then, to the fullest extent permitted by law,
such Holder or Owner may do so only (i) (x) in the case of a Holder, in the
name of the Owner(s) with respect to such Holder’s interest if each such Owner
is a United States Person, and (y) in the case of an Owner, in the name of such
Owner if such Owner is a United States Person, or (ii) through a Qualified
Agent if any such Owner is not a United States Person. Without limiting the
foregoing, any such action shall be deemed to be subject to the same procedural
and substantive requirements, mutatis mutandis, as a derivative action
by a stockholder of a private for-profit corporation organized under the
General Corporation Law of the State of Delaware, and for such purposes
Delaware Court of Chancery Rule 23.1 (as the same may be amended or superseded)
(or any similar procedural rule applicable to the action) shall be deemed to
apply, and the same deference shall be accorded to any decision or action by
the Property Trustee as is accorded to any decision or action by a board of
directors (or committee thereof) under 8 Del. C. § 141 (as the same may be
amended or superseded). 

          (b)          For
purposes of this Section, a “Qualified Agent”
is a Person that has provided to the Property Trustee (i) a certificate in the
form of Exhibit
F or Exhibit G, as applicable, certifying that such Person: (A)
is a United States Person; (B) has been irrevocably appointed by one or more
Owners of Securities with full discretionary powers to act as their agent with
respect to whether to initiate, and the conduct or settlement of, the action in
question; (C) is independent of such Owners; and (D) is disinterested in the
outcome of the action; and (ii) for each such Owner, a true and complete copy
of a written opinion of independent, internationally recognized counsel to such
Owners that the appointment of such Person as described in clause (i)(B) of
this Section 6.02(b) is enforceable under the laws of the jurisdiction of such
Owner. Subject to Section 8.01 (without regard to Section 8.03(g)), the
Property Trustee shall be entitled to rely conclusively upon such
certifications and opinions without any requirement for independent
investigation. 

          (c)          If
the Property Trustee determines that it is not, or is determined by any court
of competent jurisdiction not to be, either independent or disinterested for
the purpose of making any decision or taking any action with respect to a
derivative or similar cause of action in the name of the Trust or one or more
of the Trustees, GE Capital shall appoint an additional trustee

33

deemed to be both independent and disinterested. Such additional
trustee shall, to the fullest extent permitted by law, (i) be empowered to act
solely for the purposes of making such decision(s) and taking such action(s)
and, if applicable, to initiate, conduct or settle any litigation related
thereto (including any such derivative or similar litigation previously
initiated by a Holder), and (ii) have the exclusive authority to make such
decisions and take such actions and, if applicable, the exclusive authority to
initiate, conduct or settle any litigation related thereto (including any such
derivative or similar litigation previously initiated by a Holder or Owner of
Securities). 

          (d)          Each
Holder and Owner of Securities is deemed to acknowledge reliance by all other
Holders and Owners of Securities upon the foregoing provisions of this Section
6.02.

          Section
6.03.     Requests by Holders.

          Any request
permitted by this Trust Agreement to be made by Holders or Owners of Securities
may be embodied in and evidenced by one or more instruments of substantially
similar tenor signed by such Holders or Owners in person or by an agent duly
appointed in writing. Proof of execution of any such instrument or of a writing
appointing any such agent shall be sufficient for any purpose of this Trust
Agreement and (subject to Section 8.01) conclusive in favor of the Trustees, if
made in the manner provided in this Section. The fact and date of the execution
by any Person of any such instrument or writing may be proved by the affidavit
of a witness of such execution or by a certificate of a notary public or other
officer authorized by law to take acknowledgments of deeds, certifying that the
individual signing such instrument or writing acknowledged to him the execution
thereof. Where such execution is by a signer acting in a capacity other than
his individual capacity, such certificate or affidavit shall also constitute
sufficient proof of his authority. The fact and date of the execution of any
such instrument or writing, or the authority of the Person executing the same,
may also be proved in any other manner that any Trustee receiving the same
deems sufficient. The ownership of Securities shall be proved by the Securities
Register. If any dispute shall arise among the Holders or the Trustees with
respect to the authenticity or validity of any request of such Holder under
this Article 6, then the determination of such matter by the Property Trustee
shall be conclusive with respect to such matter.

ARTICLE 7

REPRESENTATIONS AND WARRANTIES

          Section
7.01.     Representations and Warranties of the
Property Trustee and the Delaware Trustee.

          The
Property Trustee and the Delaware Trustee, each severally on behalf of and as
to itself, hereby represents and warrants for the benefit of GE Capital and the
Holders that:

          (a)          the
Property Trustee is a New York banking corporation, duly organized, validly
existing and in good standing under the laws of the jurisdiction of its
incorporation or organization;

34

          (b)          the
Property Trustee has full corporate power, authority and legal right to
execute, deliver and perform its obligations under this Trust Agreement and has
taken all necessary action to authorize the execution, delivery and performance
by it of this Trust Agreement;

          (c)          the
Delaware Trustee is a Delaware banking corporation, duly organized, validly
existing and in good standing under the laws of the jurisdiction of its
incorporation or organization;

          (d)          the
Delaware Trustee has full corporate power, authority and legal right to
execute, deliver and perform its obligations under this Trust Agreement and has
taken all necessary action to authorize the execution, delivery and performance
by it of this Trust Agreement;

          (e)          this
Trust Agreement has been duly authorized, executed and delivered by the
Property Trustee and the Delaware Trustee and constitutes the valid and legally
binding agreement of each of the Property Trustee and the Delaware Trustee
enforceable against each of them in accordance with its terms, subject to
bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and
similar laws of general applicability relating to or affecting creditors’
rights and to general equity principles;

          (f)          the
execution, delivery and performance of this Trust Agreement have been duly
authorized by all necessary corporate or other action on the part of the
Property Trustee and the Delaware Trustee and do not require any approval of
stockholders of the Property Trustee or the Delaware Trustee and such
execution, delivery and performance will not (i) violate the Articles of
Association or By-laws of the Property Trustee or the Delaware Trustee, or (ii)
violate any law, governmental rule or regulation of the United States of
America governing the banking or trust powers of the Property Trustee or the
Delaware Trustee (as appropriate in context); and

          (g)          neither
the authorization, execution or delivery by the Property Trustee or the
Delaware Trustee of this Trust Agreement nor the consummation of any of the
transactions by the Property Trustee or the Delaware Trustee (as appropriate in
context) contemplated herein requires the consent or approval of, the giving of
notice to, the registration with or the taking of any other action with respect
to any governmental authority or agency under any existing law of the United
States of America governing the banking or trust powers of the Property Trustee
or the Delaware Trustee, as the case may be.

          Section
7.02.     Representations and Warranties of Sponsor.

          GE Capital
hereby represents and warrants for the benefit of the Holders that the
Securities issued on the Settlement Date on behalf of the Trust have been duly
authorized and, upon their execution, authentication, delivery and issuance in
accordance with the terms hereof and of the Dealer Manager Agreement, the
Exchange Agent Agreement and the Common Securities Subscription Agreement, will
have been duly and validly executed, issued and delivered by the Trustees
pursuant to the terms and provisions of, and in accordance with the
requirements of, this Trust Agreement and the Holders will be, as of each such
date, entitled to the benefits of this Trust Agreement. 

35

ARTICLE 8

THE TRUSTEES

          Section
8.01.     Certain Duties and Responsibilities.

          (a)          The
duties and responsibilities of the Trustees shall be as provided by this Trust
Agreement and, in the case of the Property Trustee, by the Trust Indenture Act.
Whether or not therein expressly so provided and except as provided in Section
8.03(g), every provision of this Trust Agreement relating to the conduct or
affecting the liability of or affording protection to the Trustees shall be
subject to the provisions of this Section 8.01. Nothing in this Trust Agreement
shall be construed to release any Administrative Trustee from liability for his
or her own negligent action, his or her own negligent failure to act, or his or
her own willful misconduct. To the extent that, at law or in equity, a Trustee
has duties and liabilities relating to the Trust or to the Holders, such
Trustee shall not be liable to the Trust or to any Holder for such Trustee’s
good faith reliance on the provisions of this Trust Agreement. The provisions
of this Trust Agreement, to the extent that they restrict the duties and
liabilities of the Trustees otherwise existing at law or in equity, are agreed
by the Sponsor and the Holders, to the fullest extent permitted by applicable
law, to replace such other duties and liabilities of the Trustees.

          (b)          All
payments made by the Property Trustee or a Paying Agent in respect of the
Securities shall be made only from the revenue and proceeds from the Trust
Property and only to the extent that there shall be sufficient revenue or
proceeds from the Trust Property to enable the Property Trustee or a Paying
Agent to make payments in accordance with the terms hereof. Each Holder, by its
acceptance of a Security, agrees that it will look solely to the revenue and
proceeds from the Trust Property to the extent legally available for
distribution to it as herein provided and that the Trustees are not personally
liable to it for any amount distributable in respect of any Security or for any
other liability in respect of any Security. This Section 8.01(b) does not limit
the liability of the Trustees expressly set forth elsewhere in this Trust
Agreement or, in the case of the Property Trustee, in the Trust Indenture Act.

          (c)          If
a Trust Event of Default has occurred and is continuing, the Property Trustee
shall enforce this Trust Agreement for the benefit of the Holders. 

          Notwithstanding
the foregoing, the occurrence of an Exchange Event in connection with a
Debenture Event of Default in accordance with the provisions of Section 9.02
shall be deemed to cure the corresponding Trust Event of Default.

          (d)          The
Property Trustee, before the occurrence of a Trust Event of Default and after
the curing of all Trust Events of Default that may have occurred, shall
undertake to perform only such duties as are specifically set forth in this
Trust Agreement (including pursuant to Section 10.09), and no implied covenants
shall be read into this Trust Agreement against the Property Trustee. If a
Trust Event of Default has occurred and is continuing, the Property Trustee
shall exercise such of the rights and powers vested in it by this Trust
Agreement, and use the same degree of care and skill in its exercise thereof,
as a prudent person would exercise or use under the circumstances in the
conduct of his or her own affairs.

36

            (e)          No
provision of this Trust Agreement shall be construed to relieve the Property
Trustee or the Delaware Trustee from liability for its own negligent action,
its own negligent failure to act, or its own willful misconduct, except that:

	
  

 	
  

 	
  

 	
  

 
	
  

 	
               (i)        prior
 to the occurrence of a Trust Event of Default and after the curing or waiving
 of all such Trust Events of Default that may have occurred:

 
	
  

 	
  

 
	
  

 	
  

 	
               (A)          the
 duties and obligations of the Property Trustee shall be determined solely by
 the express provisions of this Trust Agreement (including pursuant to Section
 10.09), and the Property Trustee shall not be liable except for the
 performance of such duties and obligations as are specifically set forth in
 this Trust Agreement (including pursuant to Section 10.09); and

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
               (B)          in
 the absence of bad faith on the part of the Property Trustee, the Property
 Trustee may conclusively rely, as to the truth of the statements and the
 correctness of the opinions expressed therein, upon any certificates or
 opinions furnished to the Property Trustee and conforming to the requirements
 of this Trust Agreement; but in the case of any such certificates or opinions
 that by any provision hereof or of the Trust Indenture Act are specifically
 required to be furnished to the Property Trustee, the Property Trustee shall
 be under a duty to examine the same to determine whether or not they conform
 on their face to the requirements of this Trust Agreement;

 
	
  

 	
  

 	
  

 
	
  

 	
               (ii)       the
 Property Trustee shall not be liable for any error of judgment made in good
 faith by an Authorized Officer of the Property Trustee, unless it shall be
 proved that the Property Trustee was negligent in ascertaining the pertinent
 facts;

 
	
  

 	
  

 
	
  

 	
               (iii)      the
 Property Trustee’s sole duty with respect to the custody, safe keeping and
 physical preservation of the Trust Debentures and the Payment Account shall
 be to deal with such property in a similar manner as the Property Trustee
 deals with similar property for its own account, subject to the protections
 and limitations on liability afforded to the Property Trustee under this
 Trust Agreement and the Trust Indenture Act;

 
	
  

 	
  

 
	
  

 	
               (iv)      the
 Property Trustee shall not be liable for any interest on any money received
 by it except as it may otherwise agree with GE Capital; and money held by the
 Property Trustee need not be segregated from other funds held by it except in
 relation to the Payment Account maintained by the Property Trustee pursuant
 to Section 3.01 and except to the extent otherwise required by law;

 
	
  

 	
  

 
	
  

 	
               (v)       the
 Property Trustee shall not be responsible for monitoring the compliance by
 the Administrative Trustees, GE Capital or any other Person with their
 respective duties under this Trust Agreement, nor shall the Property Trustee
 be liable for the default or misconduct of any other Trustee, or GE Capital
 or any other Person; and

 
	
  

 	
  

 
	
  

 	
               (vi)      no
 provision of this Trust Agreement shall require the Property Trustee to
 expend or risk its own funds or otherwise incur personal financial liability
 in the performance of any of its duties or in the exercise of any of its
 rights or powers, if the Property Trustee shall have reasonable grounds for
 believing that the repayment of such 

 

37

	
  

 	
  

 
	
  

 	
 funds or liability is not reasonably assured to it under the terms of
 this Trust Agreement or adequate indemnity against such risk or liability is
 not reasonably assured to it.

 

          (f)          The
Administrative Trustees shall not be responsible for monitoring the compliance
by the other Trustees or GE Capital with their respective duties under this
Trust Agreement, nor shall any Administrative Trustee be liable for the default
or misconduct of any other Administrative Trustee, the other Trustees or GE
Capital. 

          (g)          Under
no circumstances shall the Trustees have the power to have any dispute
concerning the interpretation of the Trust or its administration resolved by
mediation, arbitration or other procedure for alternative dispute resolution. 

          Section
8.02.     Certain Notices.

          Within 30
days after the occurrence of a Trust Event of Default actually known to a
Responsible Officer of the Property Trustee, the Property Trustee shall
transmit, in the manner and to the extent provided in Section 10.07, notice of
such Trust Event of Default to the Holders, the Administrative Trustees and GE
Capital, unless such Trust Event of Default shall have been cured or waived.
Within five Business Days after the receipt of notice from GE Capital of GE
Capital’s exercise of its right to defer the payment of interest on the
Debentures pursuant to the Indenture, the Property Trustee shall transmit, in
the manner and to the extent provided in Section 10.07, notice of such exercise
to the Holders, unless such exercise shall have been revoked.

          Section
8.03.     Certain Rights of Property Trustee.

          Subject to
the provisions of Section 8.01:

          (a)          the
Property Trustee may rely and shall be protected in acting or refraining from
acting in good faith upon any resolution, Opinion of Counsel, certificate,
written representation of a Holder or transferee, certificate of auditors or
any other certificate, statement, instrument, opinion, report, notice, request,
consent, order, appraisal, bond, debenture, note, other evidence of
indebtedness or other paper or document believed by it to be genuine and to
have been signed or presented by the proper party or parties;

          (b)          if
(i) in performing its duties under this Trust Agreement the Property Trustee is
required to decide between alternative courses of action, (ii) in construing
any of the provisions of this Trust Agreement the Property Trustee finds the
same ambiguous or inconsistent with any other provisions contained herein, or
(iii) the Property Trustee is unsure of the application of any provision of
this Trust Agreement, then the Property Trustee shall deliver a notice to GE
Capital requesting GE Capital’s opinion as to the course of action to be taken,
and the Property Trustee shall be fully protected in taking such action, or
refraining from taking such action, as the Property Trustee shall be instructed
in writing to take, or to refrain from taking, by GE Capital; provided,
however, that if the Property Trustee does not receive such instructions of GE
Capital within ten Business Days after it has delivered such notice, or such
reasonably shorter period of time set forth in such notice (which to the extent
practicable shall not be less than two Business Days), it may take or refrain
from taking such action not inconsistent with this Trust Agreement as it shall
deem advisable and in the best interests of the Holders, in which event the
Property 

38

Trustee shall have no liability except for its own bad faith or willful
misconduct; provided that the provisions of this Section 8.03(b) shall not
apply at any time when there shall have occurred and be continuing a default by
GE Capital with respect to any of its covenants and other obligations under the
Indenture;

          (c)          unless
otherwise provided herein, any direction or act of GE Capital contemplated by
this Trust Agreement shall be sufficiently evidenced by an Officers’
Certificate;

          (d)          any
direction or act of an Administrative Trustee contemplated by this Trust
Agreement shall be sufficiently evidenced by a certificate executed by such
Administrative Trustee and setting forth such direction or act;

          (e)          the
Property Trustee shall have no duty to see to any recording, filing or registration
of any instrument (including any financing or continuation statement or any
filing under tax or securities laws) or any rerecording, refiling or
re-registration thereof;

          (f)          the
Property Trustee may consult with counsel (which counsel may be counsel to GE
Capital or any of its Affiliates, and may include any of its employees) and the
advice of such counsel shall be full and complete authorization and protection
in respect of any action taken, suffered or omitted by it hereunder in good
faith and in reliance thereon and in accordance with such advice; the Property
Trustee shall have the right at any time to seek instructions concerning the
administration of this Trust Agreement from any court of competent
jurisdiction;

          (g)          the
Property Trustee shall be under no obligation to exercise any of the rights or
powers vested in it by this Trust Agreement at the request of any or all of the
Holders or Owners of Securities pursuant to this Trust Agreement, and if the
Property Trustee chooses to act pursuant to any such request,

	
  

 	
  

 
	
  

 	
                (i)          the
 Property Trustee may, as a condition to the taking or the refraining from the
 taking of any action pursuant to such request, require one or more Owners of
 Securities that are Qualified U.S. Holders to offer to the Property Trustee
 security or indemnity satisfactory to it against the costs, expenses and
 liabilities that might be incurred by it in compliance with such request, and

 
	
  

 	
  

 
	
  

 	
                (ii)          it
 will incur no liability to any Person except for its bad faith or willful
 misconduct;

 

          (h)          the
Property Trustee shall be under no obligation to exercise any of the rights or
powers vested in it by this Trust Agreement at the request or direction of the
Sponsor pursuant to this Trust Agreement at any time that there shall have
occurred and be continuing a default by GE Capital with respect to any of its
covenants and other obligations under the Indenture and at all other times
unless the Sponsor shall have offered to the Property Trustee security or
indemnity reasonably satisfactory to it against the costs, expenses and
liabilities that might be incurred by it in compliance with such request or
direction and unless compliance with such request or direction does not violate
this Trust Agreement or any rule of law;

          (i)          the
Property Trustee shall not be bound to make any investigation into the facts or
matters stated in any resolution, certificate, statement, instrument, opinion,
report, notice,

39

request, consent, order, approval, bond, debenture, note or other
evidence of indebtedness or other paper or document, unless requested in
writing to do so by one or more Holders, but the Property Trustee may make such
further inquiry or investigation into such facts or matters as it may see fit;

          (j)          the
Property Trustee may execute any of the trusts or powers hereunder or perform
any duties hereunder either directly or by or through its agents or attorneys
and shall not be liable for any act or omission of such agent or attorney
selected with due care;

          (k)          whenever
in the administration of this Trust Agreement the Property Trustee shall deem
it desirable to receive a request from Holders or Owners of Securities with
respect to the enforcement of any remedy or right or taking any other action
hereunder, the Property Trustee (i) may request non-binding requests from one
or more Holders or Owners of Securities in accordance with the provisions of
Section 6.01(c), (ii) may refrain from enforcing such remedy or right or taking
such other action until such requests are received (subject to Section 6.01(b),
which provides that the Property Trustee has no obligation to exercise such
remedy or right or take such action), and (iii) shall be entitled to require
indemnity satisfactory to it from one or more Owners of Securities that are
Qualified U.S. Holders as a condition to the taking of such action, and be
protected in acting in furtherance of such request, in each case, in accordance
with the provisions of Section 8.03(g); 

          (l)          the
Property Trustee shall not be liable for any action, taken, suffered, or
omitted to be taken by it in good faith and reasonably believed by it to be
authorized or within the discretion or rights or powers conferred upon it by
this Trust Agreement; 

          (m)          except
as otherwise expressly provided by this Trust Agreement, the Property Trustee
shall not be under any obligation to take any action that is discretionary
under the provisions of this Trust Agreement; 

          (n)          in
no event shall the Property Trustee be responsible or liable for special,
indirect, or consequential loss or damage of any kind whatsoever (including,
but not limited to, loss of profit); and

          (o)          the
Property Trustee shall not be deemed to have notice of any Trust Event of
Default unless a Responsible Officer of the Property Trustee has actual
knowledge thereof or unless written notice of any event which is in fact such a
default is received by the Property Trustee at the Corporate Trust Office of
the Property Trustee, and such notice references the Securities and this Trust
Agreement.

          No
provision of this Trust Agreement shall be deemed to impose any duty or
obligation on any Trustee to perform any act or acts or exercise any right,
power, duty or obligation conferred or imposed on it, in any jurisdiction in
which it shall be illegal, or in which such Person shall be unqualified or
incompetent in accordance with applicable law, to perform any such act or acts,
or to exercise any such right, power, duty or obligation. No permissive power
or authority available to any Trustee shall be construed to be a duty. Whether
or not therein expressly so provided, every provision of this Trust Agreement
relating to the conduct or affecting the liability of or affording protection
to the Property Trustee shall extend to each of the

40

Securities Registrar, the Paying Agent and the Delaware Trustee and
shall be subject to the provisions of this Article 8. 

          Section
8.04.     Not Responsible for Recitals or Issuance
of Securities.

          The
recitals contained herein and in the certificates evidencing the Securities
shall be taken as the statements of the Trust and the Sponsor, and the Trustees
do not assume any responsibility for their correctness. The Trustees make no
representation as to the validity or sufficiency of this Trust Agreement or the
Trust Securities.

          The
Property Trustee may conclusively assume that any funds held by it hereunder
are legally available unless an officer of the Property Trustee assigned to its
Corporate Trust Office shall have received written notice from GE Capital or
any other Trustee that such funds are not legally available.

          Section
8.05.     May Hold Securities.

          Any Trustee
or any other agent of any Trustee or the Trust, in its individual or any other
capacity, may become the owner or pledgee of Securities and, subject to
Sections 8.08 and 8.13, and except as provided in the definition of the term
“Outstanding” in Article 1, may otherwise deal with the Trust with the same
rights it would have if it were not a Trustee or such other agent.

          Section
8.06.     Compensation; Indemnity; Fees.

          The Sponsor
agrees:

          (a)          to
pay to the Trustees from time to time such reasonable compensation for all
services rendered by them hereunder as may be agreed by GE Capital and the
Trustees from time to time (which compensation shall not be limited by any
provision of law in regard to the compensation of a trustee of an express
trust);

          (b)          except
as otherwise expressly provided herein, to reimburse the Trustees upon request
for all reasonable expenses, disbursements and advances incurred or made by the
Trustees in accordance with any provision of this Trust Agreement (including
the reasonable compensation and the expenses and disbursements of their agents
and counsel), except any such expense, disbursement or advance as may be
attributable to their own negligence, bad faith or willful misconduct; and

          (c)          to
the fullest extent permitted by applicable law, to indemnify and hold harmless:

	
  

 	
  

 
	
  

 	
               (i)          each
 Trustee,

 
	
  

 	
  

 
	
  

 	
               (ii)          any
 Affiliate of any Trustee, any officer, director, shareholder, employee,
 representative or agent of any Trustee, and

 
	
  

 	
  

 
	
  

 	
               (iii)          any
 employee or agent of the Trust (referred to herein as an “Indemnified Person”)

 

41

from and against any loss, damage, liability, action, suit, tax,
penalty, expense or claim of any kind or nature whatsoever incurred by such
Indemnified Person by reason of the creation, operation or termination of the
Trust or the administration of this Trust Agreement or any act or omission
performed or omitted by such Indemnified Person on behalf of the Trust, except
that no Indemnified Person shall be entitled to be indemnified in respect of
any loss, damage, action, suit or claim incurred by such Indemnified Person by
reason of negligence (solely in the case of the Property Trustee and the
Delaware Trustee), bad faith or willful misconduct with respect to such acts or
omissions.

          The
provisions of this Section 8.06 shall survive the termination of this Trust
Agreement and the removal or resignation of any Trustee and the Securities
Registrar and Paying Agent shall be entitled to the benefits of this Section
8.06. No Trustee may claim any Lien on any Trust Property as a result of any
amount due pursuant to this Section 8.06.

          Notwithstanding
any provision of law or equity, GE Capital and any Trustee may engage in or
possess an interest in other business ventures of any nature or description,
independently or with others, similar or dissimilar to the business of the
Trust, and the Trust and the Holders of Trust Securities shall have no rights
by virtue of this Trust Agreement in and to such independent ventures or the
income or profits derived therefrom, and the pursuit of any such venture, even if
competitive with the business of the Trust, shall not be deemed wrongful or
improper.

          Notwithstanding
any provision of law or equity, neither GE Capital nor any Trustee shall be
obligated to present any particular investment or other opportunity to the
Trust even if such opportunity is of a character that, if presented to the
Trust, could be taken by the Trust, and the Sponsor and any Trustee shall have
the right to take for its own account (individually or as a partner or
fiduciary) or to recommend to others any such particular investment or other
opportunity. Notwithstanding any provision of law or equity, any Trustee may
engage or be interested in any financial or other transaction with GE Capital
or any Affiliate of GE Capital, or may act as depositary for, trustee or agent
for, or act on any committee or body of holders of, securities or other
obligations of GE Capital or its Affiliates.

          Section
8.07.     Corporate Property Trustee Required;
Eligibility of Trustees. 

          (a)          There
shall at all times be a Property Trustee hereunder with respect to the
Securities. The Property Trustee shall be a Person that is a national or state
chartered bank and eligible pursuant to the Trust Indenture Act to act as such
and that has a combined capital and surplus of at least $50,000,000. If any
such Person publishes reports of condition at least annually, pursuant to law
or to the requirements of its supervising or examining authority, then for the
purposes of this Section 8.07 and to the extent permitted by the Trust
Indenture Act, the combined capital and surplus of such Person shall be deemed
to be its combined capital and surplus as set forth in its most recent report
of condition so published. If at any time the Property Trustee with respect to
the Securities shall cease to be eligible in accordance with the provisions of
this Section 8.07, it shall resign immediately in the manner and with the
effect hereinafter specified in this Article 8. At the time of appointment, the
Property Trustee must have securities rated in one of the three highest rating
categories by a nationally recognized statistical rating organization.

42

          (b)     There
shall at all times be one or more Administrative Trustees hereunder with
respect to the Securities. Each Administrative Trustee shall be either a
natural person who is at least 21 years of age or a legal entity that shall act
through one or more persons authorized to bind that entity.

          (c)     There
shall at all times be a Delaware Trustee with respect to the Securities. The
Delaware Trustee shall either be (i) a natural person who is at least 21 years
of age and a resident of the State of Delaware, or (ii) a legal entity with its
principal place of business in the State of Delaware and that otherwise meets
the requirements of applicable Delaware law and that shall act through one or
more persons authorized to bind such entity. 

          Section
8.08.     Conflicting Interests.

          (a)     If
the Property Trustee has or shall acquire a conflicting interest within the
meaning of the Trust Indenture Act, the Property Trustee shall either eliminate
such interest or resign, to the extent and in the manner provided by, and
subject to the provisions of, the Trust Indenture Act and this Trust Agreement.

          (b)     The
Guarantee Agreement and the Indenture shall be deemed to be specifically
described in this Trust Agreement for the purposes of clause (i) of the first
proviso contained in Section 310(b) of the Trust Indenture Act. 

          Section
8.09.     Co-Trustees and Separate Trustee.

          Unless and
until a Debenture Event of Default shall have occurred and be continuing, at
any time or times, for the purpose of meeting the legal requirements of the
Trust Indenture Act or of any jurisdiction in which any part of the Trust
Property may at the time be located, the Holder of the Common Securities and
the Administrative Trustees shall have the power to appoint one or more Persons
either to act as co-trustee, jointly with the Property Trustee, of all or any
part of such Trust Property, or to the extent required by law to act as
separate trustee of any such property, in either case with such powers as may
be provided in the instrument of appointment, and to vest in such Person or
Persons in the capacity aforesaid, any property, title, right or power deemed
necessary or desirable, subject to the other provisions of this Section. Any
co-trustee or separate trustee appointed pursuant to this Section shall either
be (i) a natural person who is at least 21 years of age and a resident of the
United States, or (ii) a legal entity with its principal place of business in
the United States that shall act through one or more persons authorized to bind
such entity. In case a Debenture Event of Default shall have occurred and be
continuing, the Property Trustee alone shall have the power to make such
appointment and, upon the written request of the Property Trustee, GE Capital
and the Administrative Trustees shall for such purpose join with the Property
Trustee in the execution, delivery, and performance of all instruments and
agreements necessary or proper to appoint, such co-trustee or separate trustee.
Should any written instrument from GE Capital be required by any co-trustee or
separate trustee so appointed for more fully confirming to such co-trustee or
separate trustee such property, title, right, or power, any and all such instruments
shall, on request, be executed, acknowledged and delivered by GE Capital. Every
co-trustee or separate trustee shall, to the extent permitted by law, but to
such extent only, be appointed subject to the following terms, namely:

43

          (a)     The
certificates evidencing the Securities shall be executed by one or more
Administrative Trustees, and the Securities shall be authenticated and
delivered by the Property Trustee, and all rights, powers, duties, and
obligations hereunder in respect of the custody of securities, cash and other
personal property held by, or required to be deposited or pledged with, the
Property Trustee specified hereunder shall be exercised solely by the Property
Trustee and not by such co-trustee or separate trustee.

          (b)     The
rights, powers, duties, and obligations hereby conferred or imposed upon the
Property Trustee in respect of any property covered by such appointment shall
be conferred or imposed upon and exercised or performed by the Property Trustee
or by the Property Trustee and such co-trustee or separate trustee jointly, as
shall be provided in the instrument appointing such co-trustee or separate
trustee, except to the extent that under any law of any jurisdiction in which
any particular act is to be performed, the Property Trustee shall be
incompetent or unqualified to perform such act, in which event such rights,
powers, duties and obligations shall be exercised and performed by such
co-trustee or separate trustee.

          (c)     The
Property Trustee at any time, by an instrument in writing executed by it, with
the written concurrence of GE Capital, may accept the resignation of or remove
any co-trustee or separate trustee appointed under this Section, and, in case a
Debenture Event of Default has occurred and is continuing, the Property Trustee
shall have power to accept the resignation of, or remove, any such co-trustee
or separate trustee without the concurrence of GE Capital. Upon the written
request of the Property Trustee, GE Capital shall join with the Property
Trustee in the execution, delivery and performance of all instruments and
agreements necessary or proper to effectuate such resignation or removal. A
successor to any co-trustee or separate trustee so resigning or removed may be
appointed in the manner provided in this Section.

          (d)     No
co-trustee or separate trustee hereunder shall be personally liable by reason
of any act or omission of the Property Trustee or any other trustee hereunder.

          (e)     The
Property Trustee shall not be liable by reason of any act of a co-trustee or
separate trustee.

          (f)     Any
Act of Holders delivered to the Property Trustee shall be deemed to have been
delivered to each such co-trustee and separate trustee.

          Section
8.10.     Resignation and Removal; Appointment of Successor. 

          No
resignation or removal of any Trustee (the “Relevant
Trustee”) and no appointment of a successor Trustee pursuant to this
Article 8 shall become effective until the acceptance of appointment by the
successor Trustee in accordance with the applicable requirements of Section
8.11. 

          Subject to
the immediately preceding paragraph, the Relevant Trustee may resign at any
time by giving written notice thereof to the Holders and by appointing a
successor Relevant Trustee. The Relevant Trustee shall appoint a successor by
requesting (on a form provided by the Administrative Trustees) a fee schedule
to serve as the Relevant Trustee from each of at least three Persons meeting
the applicable eligibility requirements, and selecting the Person who agrees to
the lowest expenses and charges. If the instrument of acceptance by the
successor 

44

Trustee required by Section 8.11 shall not have been delivered to the
Relevant Trustee within 60 days after the giving of such notice of resignation,
the Relevant Trustee may petition, at the expense of GE Capital, in the case of
the Property Trustee and the Delaware Trustee, any court of competent
jurisdiction for the appointment of a successor Relevant Trustee. 

          The
Property Trustee and the Administrative Trustees, or any of them, may be
removed at any time by Act of the Holder of the Common Securities delivered to
the Relevant Trustee; provided that the Holder of the Common Securities may not
so remove the Property Trustee following the occurrence of a default in the
performance by the Sponsor of any of its obligations under the Indenture that
has not been cured (regardless of whether such default would, with notice or
the passage of time or both, constitute a Debenture Event of Default under the
Indenture).

          The Holders
and Owners of Trust Securities shall have no power of removal or appointment
with respect to any of the Trustees.

          If a
resigning Property Trustee or Delaware Trustee shall fail to appoint a
successor, or if the Property Trustee or the Delaware Trustee shall be removed
or become incapable of acting as Trustee, or if a vacancy shall occur in the office
of the Property Trustee or the Delaware Trustee for any cause, the Holder of
the Common Securities by Act of such Holder delivered to the Relevant Trustee
shall appoint a successor Relevant Trustee or Trustees, and such successor
Trustee shall comply with the applicable requirements of Section 8.11. 

          The
Property Trustee shall give notice of each resignation and each removal of a
Trustee and each appointment of a successor Trustee to all Holders in the
manner provided in Section 10.07 and shall give notice to GE Capital and to the
Administrative Trustees. Each notice shall include the name of the successor
Relevant Trustee and the address of its Corporate Trust Office if it is the
Property Trustee. 

          Notwithstanding
the foregoing or any other provision of this Trust Agreement, if any Delaware Trustee
who is a natural person dies or becomes, in the opinion of the Holders of the
Common Securities, incompetent or incapacitated, the vacancy created by such
death, incompetence or incapacity may be filled by the Property Trustee following
the procedures regarding expenses and charges set forth above (with the
successor being a Person who satisfies the eligibility requirement for the
Delaware Trustee set forth in Section 8.07).

          Section
8.11.     Acceptance of Appointment by Successor.

          In case of
the appointment hereunder of a successor Relevant Trustee, the retiring
Relevant Trustee (if requested by GE Capital) and each successor Relevant
Trustee with respect to the Securities shall execute and deliver an amendment
hereto wherein each successor Relevant Trustee shall accept such appointment
and which (a) shall contain such provisions as shall be necessary or desirable
to transfer and confirm to, and to vest in, each successor Relevant Trustee all
the rights, powers, trusts and duties of the retiring Relevant Trustee with
respect to the Securities and the Trust, and (b) shall add to or change any of
the provisions of this Trust Agreement as shall be necessary to provide for or
facilitate the administration of the Trust by more than one Relevant Trustee,
it being understood that nothing herein or in such amendment 

45

shall constitute such Relevant Trustees co-trustees and upon the
execution and delivery of such amendment the resignation or removal of the
retiring Relevant Trustee shall become effective to the extent provided therein
and each such successor Relevant Trustee, without any further act, deed or
conveyance, shall become vested with all the rights, powers, trusts and duties
of the retiring Relevant Trustee, other than the filing of an amendment to the
Certificate of Trust to the extent required under the Delaware Statutory Trust
Act; but, on request of the Trust or any successor Relevant Trustee such
retiring Relevant Trustee shall duly assign, transfer and deliver to such successor
Relevant Trustee all Trust Property, all proceeds thereof and money held by
such retiring Relevant Trustee hereunder with respect to the Securities and the
Trust.

          Upon
request of any such successor Relevant Trustee, the Trust shall execute any and
all instruments for more fully and certainly vesting in and confirming to such
successor Relevant Trustee all such rights, powers and trusts referred to in
the preceding paragraph.

          No
successor Relevant Trustee shall accept its appointment unless at the time of
such acceptance such successor Relevant Trustee shall be qualified and eligible
under this Article 8.

          Section
8.12.     Merger, Conversion, Consolidation or
Succession to Business.

          Any Person
into which the Property Trustee, the Delaware Trustee or any Administrative
Trustee that is not a natural Person may be merged or converted or with which
it may be consolidated, or any Person resulting from any merger, conversion or
consolidation to which such Relevant Trustee shall be a party, or any Person,
succeeding to all or substantially all the corporate trust business of such
Relevant Trustee, shall be the successor of such Relevant Trustee hereunder,
provided that such Person shall be otherwise qualified and eligible under this
Article 8, without the execution or filing of any paper or any further act on
the part of any of the parties hereto, other than the filing of an amendment to
the Certificate of Trust to the extent required under the Delaware Statutory
Trust Act. 

          Section
8.13.     Preferential Collection of Claims Against the Sponsor or the Trust.

          If
and when the Property Trustee shall be or become a creditor of GE Capital or
the Trust (or any other obligor upon the Trust Securities), the Property
Trustee shall be subject to the provisions of the Trust Indenture Act regarding
the collection of claims against GE Capital or the Trust (or any such other obligor).

          Section
8.14.     Property Trustee May File Proofs of Claim.

          In case of
any receivership, insolvency, liquidation, bankruptcy, reorganization,
arrangement, adjustment, composition or other similar judicial proceeding
relative to the Trust or any other obligor upon the Securities or the property
of the Trust or of such other obligor or their creditors, the Property Trustee
(irrespective of whether any Distributions on the Securities shall then be due
and payable and irrespective of whether the Property Trustee shall have made
any demand on the Trust for the payment of any past due Distributions) shall be
entitled and empowered, to the fullest extent permitted by law, by intervention
in such proceeding or otherwise:

46

          (a)     to
file and prove a claim for the whole amount of any Distributions owing and
unpaid in respect of the Securities and to file such other papers or documents
as may be necessary or advisable in order to have the claims of the Property
Trustee (including any claim for the reasonable compensation, expenses,
disbursements and advances of the Property Trustee, its agents and counsel) and
of the Holders allowed in such judicial proceeding, and

          (b)     to
collect and receive any moneys or other property payable or deliverable on any
such claims and to distribute the same;

and any custodian, receiver, assignee, trustee, liquidator,
sequestrator or other similar official in any such judicial proceeding is
hereby authorized to make such payments to the Property Trustee and, in the
event the Property Trustee shall consent to the making of such payments
directly to the Holders, to pay to the Property Trustee any amount due it for
the reasonable compensation, expenses, disbursements and advances of the
Property Trustee, its agents and counsel, and any other amounts due the
Property Trustee.

          Section
8.15.     Reports by Property Trustee.

          Within
sixty (60) days after [September 30] of each year commencing with [September
30], 2010, the Property Trustee shall provide to the Holders of the Securities
such reports as are required by Section 313(a) of the Trust Indenture Act, if
any, in the form and in the manner provided by Section 313 of the Trust
Indenture Act, which reports shall be as of a date no more than sixty (60) days
prior thereto. The Property Trustee shall also comply with the requirements of
Section 313(d) of the Trust Indenture Act. GE Capital will promptly notify the
Property Trustee when any Trust Securities are listed on any stock exchange.

          Section
8.16.     Reports to the Property Trustee.

          Each of GE
Capital and the Administrative Trustees shall provide to the Property Trustee
such documents, reports and information as required by Section 314 of the Trust
Indenture Act (if any) and the compliance certificate required by Section
314(a) of the Trust Indenture Act in the form, in the manner and at the times
required by Section 314 of the Trust Indenture Act. Delivery of such documents,
reports and information to the Property Trustee is for informational purposes
only and the Property Trustee’s receipt of such shall not constitute
constructive notice of any information contained therein or determinable from
information contained therein, including GE Capital’s or the Administrative
Trustees’ compliance with any of its covenants hereunder (as to which the
Property Trustee is entitled to rely exclusively on Officers’ Certificates). GE
Capital and the Administrative Trustees shall annually file with the Property
Trustee an Officers’ Certificate specifying whether such Person is in
compliance with all of the terms and covenants applicable to such Person
hereunder no later than 120 days after the end of each calendar year.

          Section
8.17.     Evidence of Compliance with Conditions
Precedent.

          Each of GE
Capital and the Administrative Trustees shall provide to the Property Trustee
such evidence of compliance with any conditions precedent, if any, provided for
in this Trust Agreement that relate to any of the matters set forth in Section
314(c) of the Trust Indenture Act. 

47

Any certificate or opinion required to be given by an officer pursuant
to Section 314(c)(1) of the Trust Indenture Act shall be given in the form of
an Officers’ Certificate.

          Section
8.18.     Number of Trustees.

          (a)     The
number of Trustees shall be five, unless the Property Trustee and the Delaware
Trustee are the same Person, in which case the number of Trustees shall be
four.

          (b)     If
a Trustee ceases to hold office for any reason, a vacancy shall occur. The
vacancy shall be filled with a Trustee appointed in accordance with Section
8.10.

          (c)     The
death, resignation, retirement, removal, bankruptcy, incompetence or incapacity
to perform the duties of a Trustee shall not operate to annul, dissolve or terminate
the Trust.

          Section
8.19.     Delegation of Power.

          (a)     Any
Administrative Trustee may, by power of attorney consistent with applicable
law, delegate to any other natural person over the age of 21 his or her power
for the purpose of executing any documents contemplated in Section 2.07(a),
including any registration statement or amendment thereto filed with the
Commission, or making any other governmental filing; and

          (b)     The
Administrative Trustees shall have power to delegate from time to time to such
of their number or to GE Capital the doing of such things and the execution of
such instruments either in the name of the Trust or the names of the
Administrative Trustees or otherwise as the Administrative Trustees may deem
expedient, to the extent such delegation is not prohibited by applicable law or
contrary to the provisions of this Trust Agreement.

          Section
8.20.     Consent to Jurisdiction.

          Each of the
Trustees acknowledges, agrees and consents to be subject to the jurisdiction of
the courts of the State of Delaware pursuant to Sections 3804(b) and (e) of the
Delaware Statutory Trust Act.

ARTICLE 9

TERMINATION, LIQUIDATION AND MERGER

          Section
9.01.     Termination.

          The
Trust shall dissolve immediately upon the occurrence of an Exchange Event or a
Termination Event.

          Section
9.02.     Exchange Event.

          (a)     Upon
the occurrence of a Debenture Event of Default, the Trust Securities shall
automatically (and without the consent of any Applicable Regulatory Authority
or requirement that the Trust first terminate) be exchanged for the Trust
Debentures (such an event, an “Exchange Event”).

48

          (b)     If
at the time of an Exchange Event, the Trust has funds that are attributable to
the payment by GE Capital of interest on, or principal of, the Trust Debentures
that have not been distributed to holders of the Securities, such funds will
also be distributed pro rata to the Holders in connection with such
Exchange Event, subject to the provisions of Section 4.03.

          (c)     Immediately
upon the occurrence of an Exchange Event (i) the Securities will no longer be
deemed to be Outstanding, (ii) certificates representing a Like Amount of Trust
Debentures will be issued to Holders of Securities upon surrender of such
certificates to the exchange agent for exchange, (iii) any Securities not so
surrendered for exchange will be deemed to represent a Like Amount of Trust
Debentures bearing accrued and unpaid interest in an amount equal to the
accumulated and unpaid Distributions on such Securities until such certificates
are so surrendered and (iv) all rights of Holders holding Securities will
cease, except the right of such Holders to receive Trust Debentures upon
surrender of Securities (and, to the extent applicable, the right to receive
any funds in the Trust attributable to payments by GE Capital of interest on,
or principal of, the Trust Debentures that have not been distributed to the Holders).

          (d)     Following
the occurrence of an Exchange Event and the automatic exchange of the
Securities for Trust Debentures, the Trust shall dissolve and the Trust’s
affairs shall be wound up by the Property Trustee and the Administrative
Trustees in such manner as the Administrative Trustees determine, subject to
the requirements of Section 3808(e) of the Delaware Statutory Trust Act.
Thereafter the Trustees shall file a Certification of Cancellation with the
Secretary of State of the State of Delaware. 

          Section
9.03.     Termination Events.

          The
first to occur of any of the following events is a “Termination Event”, upon the occurrence of which the Trust
shall dissolve:

	
  

 	
  

 
	
  

 	
           (a)           subject
 to GE Capital having received any then required approval of any Applicable
 Regulatory Authority to terminate the Trust, upon the election of GE Capital
 to dissolve the Trust and to distribute the Debentures to Holders in exchange
 for the Securities;

 
	
  

 	
  

 
	
  

 	
           (b)           the
 redemption or repayment of all of the Securities in accordance with the
 provisions of this Trust Agreement; and

 
	
  

 	
  

 
	
  

 	
           (c)           the
 entry of an order for dissolution of the Trust by a court of competent
 jurisdiction. 

 

          Section
9.04.     Termination of Obligations.

          If an
Exchange Event or a Termination Event shall occur, the provisions of this
Section 9.04 shall apply. 

          The
respective obligations and responsibilities of the Trustees and the Trust
created and continued hereby shall terminate upon the latest to occur of the following:

49

          (a)     the
distribution by the Property Trustee to Holders of all amounts required to be
distributed hereunder upon the liquidation of the Trust pursuant to Section 9.05,
or upon the redemption of all of the Securities pursuant to Section 4.02; 

          (b)     the
automatic exchange of the Trust Debentures for the Securities upon the
occurrence of an Exchange Event and the concurrent distribution of any funds
available for distribution as specified in Section 9.02;

          (c)     the
payment of any expenses owed by the Trust; 

          (d)     the
discharge of all regular duties of the Administrative Trustees, including the
performance of any tax reporting obligations with respect to the Trust or the Holders; and

          (e)     the
filing of a Certificate of Cancellation with the Secretary of State of the
State of Delaware signed by each of the Trustees. 

          Section 9.05.     Liquidation.

          (a)     If
a Termination Event specified in clause (a) or (c) of Section 9.03 occurs, the
Trust shall be liquidated by the Trustees as expeditiously as the Trustees
determine to be possible by distributing, after satisfaction of liabilities to
creditors of the Trust as provided by applicable law, to each Holder a Like
Amount of Trust Debentures, subject to Section 9.05(d). Notice of liquidation
shall be given by the Property Trustee by first-class mail, postage prepaid
mailed not less than 30 nor more than 60 days prior to the Liquidation Date to
each Holder of Securities at such Holder’s address appearing in the Securities
Register. All such notices of liquidation shall: 

	
  

 	
  

 
	
  

 	
           (i)            state
 the CUSIP Number of the Trust Securities;

 
	
  

 	
  

 
	
  

 	
           (ii)           state
 the Liquidation Date;

 
	
  

 	
  

 
	
  

 	
           (iii)          state
 that from and after the Liquidation Date, the Securities will no longer be
 deemed to be Outstanding and any Securities not surrendered for exchange will
 be deemed to represent a Like Amount of Debentures, or if Section 9.05(d)
 applies, a right to receive a Liquidation Distribution; and

 
	
  

 	
  

 
	
  

 	
           (iv)          provide
 such information with respect to the procedures by which Holders may exchange
 Securities for Debentures, or if Section 9.05(d) applies receive a
 Liquidation Distribution, as the Administrative Trustees shall deem
 appropriate.

 

          (b)     Except
where Section 9.05(d) or Section 9.05(e) applies, in order to effect the
liquidation of the Trust and distribution of the Trust Debentures to Holders,
the Property Trustee, either itself acting as exchange agent or through the
appointment of a separate exchange agent, shall establish a record date for
such distribution (which shall be not more than 30 days prior to the
Liquidation Date), and establish such procedures as it shall deem appropriate
to effect the distribution of Debentures in exchange for the Outstanding
Securities.

          (c)     Except
where Section 9.05(d) or Section 9.05(e) applies, after the Liquidation Date,
(i) the Securities will no longer be deemed to be Outstanding, (ii) certificates
representing 

50

a Like Amount of Trust Debentures will be issued to Holders of
Securities, upon surrender of certificates evidencing such Securities to the
exchange agent for exchange, (iii) any Securities not so surrendered for
exchange will be deemed to represent a Like Amount of Debentures bearing
accrued and unpaid interest in an amount equal to the accumulated and unpaid
Distributions on such Securities until such certificates are so surrendered
(and until such certificates are so surrendered, no payments of interest or
principal will be made to Holders of Securities with respect to such
Debentures) and (iv) all rights of Holders holding Securities will cease,
except the right of such Holders to receive Trust Debentures upon surrender of
Securities.

          (d)     If,
notwithstanding the other provisions of this Section 9.05, whether because of
an order for dissolution entered by a court of competent jurisdiction or otherwise,
distribution of the Trust Debentures in the manner provided herein is
determined by the Property Trustee and the Administrative Trustees not to be
possible, the Trust Property shall be liquidated, and the Trust’s affairs shall
be wound up by the Property Trustee and the Administrative Trustees in such
manner as the Administrative Trustees determine, subject to the requirements of
the Delaware Statutory Trust Act. In such event, upon the winding-up of the
Trust, except with respect to a Termination Event specified in clause (a) of
Section 9.03, Holders will be entitled to receive out of the assets of the
Trust available for distribution to Holders, after satisfaction of liabilities
to creditors of the Trust as provided by applicable law (which liabilities GE
Capital shall pay pursuant to Section 4.09), cash in an amount equal to the
Liquidation Amount per Security plus accumulated and unpaid Distributions
thereon to the date of payment (such amount being the “Liquidation Distribution”). If, upon any
such winding up, the Liquidation Distribution can be paid only in part because
the Trust has insufficient assets available to pay in full the aggregate
Liquidation Distribution, then, subject to the next succeeding sentence, the
amounts payable by the Trust on the Securities shall be paid on a pro rata
basis (based upon Liquidation Amounts). The Holders of the Common Securities
will be entitled to receive Liquidation Distributions upon any such dissolution
pro rata (determined as aforesaid) with Holders of Trust Securities, except
that the Trust Securities shall have a priority over the Common Securities
under the circumstances provided in Section 4.03.

          (e)     If
a Termination Event specified in clause (b) of Section 9.03 occurs, the Trust
Property (if any) shall be liquidated and the Trust’s affairs shall be wound up
by the Property Trustee and the Administrative Trustees in such manner as the
Administrative Trustees determine, subject to Section 3808 of the Delaware
Statutory Trust Act. 

          Section
9.06.     Mergers, Consolidations, Amalgamations or
Replacements of Trust.

          The Trust
may not merge with or into, consolidate, amalgamate, or be replaced by, or
convey, transfer or lease its properties and assets substantially as an
entirety to any corporation or other body, except pursuant to this Section 9.06
or Sections 9.02 and 9.05. At the request of the Holders of the Common
Securities, with the consent of the Administrative Trustees and without any
requirement for the consent of any other Person, the Trust may merge with or
into, consolidate, amalgamate, or be replaced by or convey, transfer or lease
its properties and assets substantially as an entirety to a trust organized as
such under the laws of any State; provided that

          (i)     such
successor entity either (a) expressly assumes all of the obligations of the
Trust with respect to the Trust Securities, or (b) substitutes for the Trust
Securities other 

51

securities having substantially the same terms as the Trust Securities
(the “Successor Securities”) so
long as the Successor Securities have the same priority as the Trust Securities
with respect to distributions and payments upon liquidation, redemption and
otherwise;

          (ii)     the
Sponsor, as issuer of the Trust Debentures, expressly acknowledges a trustee of
the successor entity possessing the same powers and duties as the Property
Trustee as the holder of the corresponding Trust Debentures;

          (iii)     the
Trust Securities or any Successor Securities are listed, or any Successor
Securities will be listed upon notification of issuance, on each securities
exchange or other organization, if any, on which the Trust Securities are then,
or had been, listed or quoted;

          (iv)     such
merger, consolidation, amalgamation, replacement, conveyance, transfer or lease
does not cause the Trust Securities (including any Successor Securities) to be
downgraded by any nationally recognized statistical rating organization which
assigns ratings to the Trust Securities;

          (v)     such
merger, consolidation, amalgamation, replacement, conveyance, transfer or lease
does not adversely affect the rights, preferences and privileges of the Holders
of the Trust Securities (including any Successor Securities) in any material
respect;

          (vi)     such
successor entity has a purpose substantially identical to that of the Trust;

          (vii)     prior
to such merger, consolidation, amalgamation, replacement, conveyance, transfer
or lease, the Sponsor has received an Opinion of Counsel to the effect that (a)
such merger, consolidation, amalgamation, replacement, conveyance, transfer or
lease does not adversely affect the rights, preferences and privileges of the
Holders of the Trust Securities (including any Successor Securities) in any
material respect, and (b) following such merger, consolidation, amalgamation,
replacement, conveyance, transfer or lease, neither the Trust nor such
successor entity will be required to register as an “investment company” under
the Investment Company Act;

          (viii)     prior
to such merger, consolidation, amalgamation, replacement, conveyance, transfer
or lease, the Sponsor has received a written opinion of nationally recognized
tax counsel to the effect that such merger, consolidation, amalgamation, or
replacement, conveyance, transfer or lease will not (a) result in a deemed
exchange of the Trust Debentures for new Trust Debentures for U.S. federal
income tax purposes; or (b) cause the Trust, or cause or permit the successor
entity, to be treated as other than a domestic grantor trust or custodial
arrangement for U.S. federal income tax purposes; and

          (ix)     GE
Capital or its permitted successor or assignee owns all of the common
securities of such successor entity and guarantees the obligations of such
successor entity under the Successor Securities at least to the extent provided
by the Guarantee Agreement. 

          Section
9.07.     Optional Exchange.

          If at any
time the Sponsor or any of its Affiliates (in either case, a “Sponsor Affiliated Owner”) is a Holder of
any Trust Securities or an owner of beneficial interests therein, such 

52

Sponsor Affiliated Owner shall have the right to deliver to the
Property Trustee all or the portion of its Trust Securities or beneficial
interests therein as it elects and receive, in exchange therefor, Trust
Debentures in an aggregate principal amount equal to the aggregate stated Liquidation
Amount of, with an interest rate identical to the distribution rate of, and
accrued and unpaid interest equal to accumulated and unpaid Distributions on,
the Trust Securities. Such election (i) shall be exercisable by such Sponsor
Affiliated Owner delivering to the Property Trustee a written notice of such
election (A) specifying the Liquidation Amount of the Trust Securities
with respect to which such election is being made, (B) containing the broker
participant number through which such Trust Securities will be delivered to the
Property Trustee through DTC, and (C) specifying the date on which such
exchange shall occur, which may be any date other than the record date for any
Distribution or a date from such record date to and including the Distribution
Payment Date for such Distribution, and (ii) shall be conditioned upon such
Sponsor Affiliated Owner having delivered or caused to be delivered to the
Property Trustee or its designee the Trust Securities that are the subject of
such election by 10:00 a.m. New York time, on the date on which such exchange
is to occur. After the exchange, such Trust Securities shall be cancelled and
shall no longer be deemed to be Outstanding and all rights of the Sponsor
Affiliated Owner with respect to such Trust Securities shall cease, including
the right to receive accumulated but unpaid Distributions thereon. If such
Trust Securities are held in book-entry form, upon such exchange, the Property
Trustee, in its capacity as Securities Registrar, shall cause an annotation to
be made on the Global Trust Securities certificate or certificates evidencing
the beneficial interest in such Trust Securities to evidence the reduction in
the Liquidation Amount thereof resulting from such cancellation.

ARTICLE 10

MISCELLANEOUS PROVISIONS

          Section
10.01.     Limitation of Rights of Holders.

          The death,
termination, dissolution, bankruptcy or incapacity of any Person having an
interest, beneficial or otherwise, in the Securities shall not operate to
terminate this Trust Agreement, nor dissolve, terminate or annul the Trust, nor
entitle the legal representatives, successors or heirs of such Person or any
Holder for such person, to claim an accounting, take any action or bring any
proceeding in any court for a partition or winding up of the arrangements
contemplated hereby, nor otherwise affect the rights, obligations and liabilities
of the parties hereto or any of them. 

          All parties
to this Trust Agreement agree, and each Holder of any Securities by his or her
acceptance thereof shall be deemed to have agreed, that any court may in its
discretion require, in any suit against any Trustee for any action taken or
omitted by it as Trustee, the filing by any party litigant in such suit of an
undertaking to pay the costs of such suit, and that such court may in its
discretion assess reasonable costs, including reasonable attorneys’ fees,
against any party litigant in such suit, having due regard to the merits and
good faith of the claims or defenses made by such party litigant; but the
provisions of this paragraph shall not apply to any suit instituted by any
Trustee.

53

          Section 10.02. Amendment.

          (a)     This
Trust Agreement may be amended from time to time by the Administrative Trustees
and the Holders of all of the Common Securities, without the consent of any
Holder of the Trust Securities, the Property Trustee or the Delaware Trustee to
do any of the following, provided (i) such amendment will not
materially adversely affect the interests of any Holder of Trust Securities,
the Property Trustee or the Delaware Trustee, or impose any additional duty or
obligation on the Property Trustee or the Delaware Trustee; (ii) GE
Capital has received a written opinion of nationally recognized tax counsel to
the effect that the amendment or the exercise of any power granted to any
Trustee of the Trust in accordance with the amendment will not result in a deemed
exchange of Trust Debentures for new Trust Debentures for U.S. federal income
tax purposes; (iii) GE Capital has received a written opinion of nationally
recognized tax counsel to the effect that such amendment will not cause the
Trust to be classified for U.S. federal income tax purposes as other than (x) a
domestic grantor trust or custodial arrangement, or (y) a foreign trust
provided that such treatment would not have any adverse U.S. federal income tax
consequences to the Sponsor, the Trust, or Owners of the Trust Securities; and
(iv) such amendment will not cause the Trust to be required to register as an
“investment company” under the Investment Company Act:

	
  

 	
  

 
	
  

 	
           (1)     cure
 any ambiguity or correct or supplement any provisions in this Trust Agreement
 that may be inconsistent with any other provision;

 
	
  

 	
  

 
	
  

 	
           (2)     make
 any other provisions with respect to matters or questions arising under, or
 make any other modification or amendment with respect to, this Trust
 Agreement, including, without limitation, to confer additional rights upon
 Holders of the Trust Securities with respect to the Trust Securities or the
 Trust Debentures;

 
	
  

 	
  

 
	
  

 	
           (3)     modify,
 eliminate or add to any provisions of the Trust Agreement to such extent as
 shall be necessary to ensure that the Trust will be classified for U.S.
 federal income tax purposes as a grantor trust at all times that any Trust
 Securities are outstanding, to ensure that the Trust will not be required to
 register as an “investment company” under the Investment Company Act, or to
 ensure the treatment of the Trust Securities as any particular category of regulatory capital under
 prevailing rules and regulations of any Applicable Regulatory Authority; 

 
	
  

 	
  

 
	
  

 	
           (4)     modify,
 eliminate or add to any provisions of the Trust Agreement following a “Change
 in Law” to provide, to the extent possible, that the Holders of the Trust
 Securities will have the same legal rights with respect to the Trust
 Debentures as if they held those Trust Debentures directly, provided that
 such Change in Law permits such amendment without adverse U.S. federal income
 tax consequences to the Sponsor, the Trust or Owners of the Trust Securities;
 or 

 
	
  

 	
  

 
	
  

 	
           (5)     conform
 the terms of this Trust Agreement to the description thereof, the Trust
 Securities and the Trust’s Common Securities in the Prospectus (which will be
 deemed to not materially adversely affect the interests of any Holder of
 Trust Securities, the Property Trustee or the Delaware Trustee, or impose any
 additional duty or obligation on the Property Trustee or the Delaware
 Trustee).

 

54

          (b)          Except
as provided in Section 10.02(a) (or as may otherwise be provided in an amendment
in connection with a Change in Law pursuant to clause (4) of Section 10.02(a)),
no provision of this Trust Agreement may be amended whether with the consent of
Holders of the Securities or otherwise.

          (c)          In
addition to and notwithstanding any other provision in this Trust Agreement,
this Trust Agreement may not be amended to change the amount or timing of any
Distribution on the Securities or otherwise adversely affect the amount of any
Distribution required to be made in respect of the Securities as of a specified
date (subject to any amendment to the terms hereof pursuant to Section 10.02(b)
which provides that such amendment may be made with the consent of each Holder
of Trust Securities affected thereby).

          (d)          In
the event that any amendment to this Trust Agreement is made, the
Administrative Trustees shall promptly provide to GE Capital, the Property
Trustee and the Delaware Trustee a copy of such amendment.

          (e)          The
Property Trustee shall be entitled to receive an Opinion of Counsel and an
Officers’ Certificate stating that any amendment to this Trust Agreement is in
compliance with this Trust Agreement.

          (f)          Any
such amendment shall become effective when written notice thereof is given to
the Property Trustee, the Delaware Trustee and the Holders of the Trust
Securities. 

          Section
10.03. Separability.

          In case any
provision in this Trust Agreement or in the Trust Securities shall be invalid,
illegal or unenforceable, the validity, legality and enforceability of the
remaining provisions shall not in any way be affected or impaired thereby. 

          Section
10.04. Governing Law.

          The
validity and construction of this Trust Agreement and all amendments hereto
shall be governed by the laws of the State of Delaware, and the rights of all
parties hereto and the effect of every provision hereof shall be subject to and
construed according to the laws of the State of Delaware without regard to the
conflicts of law provisions thereof; provided, however, that the parties hereto
and the Holders and Owners of the Securities intend that the provisions hereof
shall control over any contrary or limiting statutory or common law of the
State of Delaware (other than the Delaware Statutory Trust Act) and that, to
the maximum extent permitted by applicable law, there shall not be applicable
to the Trust, the Trustees, the Holders and Owners of the Securities, or this
Trust Agreement any provision of the laws (statutory or common) of the State of
Delaware (other than the Delaware Statutory Trust Act) pertaining to trusts
that relate to or regulate in a manner inconsistent with the terms hereof: (a)
fees or other sums payable to trustees, officers, agents or employees of a
trust, (b) the existence of rights or interests (beneficial or otherwise) of
beneficial owners of a trust, (c) the ability of beneficial owners or other
persons to terminate or dissolve a trust, or (d) the establishment of
fiduciary or other standards or responsibilities or limitations on the acts or
powers of trustees or beneficial owners that are inconsistent with the
limitations on liability or authorities and powers of the Trustees or the 

55

Holders set forth or referenced in this Trust Agreement. Sections 3540,
3542 and 3561 of Title 12 of the Delaware Code shall not apply to the Trust. 

          Section
10.05. Successors.

          This Trust
Agreement shall be binding upon and shall inure to the benefit of any successor
to GE Capital, the Trust and any Trustee, including any successor by operation
of law. Except in connection with a consolidation, merger or sale involving GE
Capital that is permitted under Article Eleven of the Indenture and pursuant to
which the assignee agrees in writing to perform GE Capital’s obligations
hereunder, GE Capital shall not assign its obligations hereunder. 

          Section
10.06. Headings.

          The Article
and Section headings are for convenience only and shall not affect the
construction of this Trust Agreement.

          Section
10.07. Reports, Notices and Demands.

          Any report,
notice, demand or other communication that by any provision of this Trust
Agreement is required or permitted to be given or served to or upon any Holder
or the Sponsor may be given or served in writing by deposit thereof,
first-class, postage prepaid, in the United States mail, hand delivery or
facsimile transmission, in each case, addressed:

          (a)          in
the case of a Holder of Trust Securities, to such Holder as such Holder’s name
and address may appear on the Securities Register; and

          (b)          in
the case of the Holder of the Common Securities or GE Capital, to General
Electric Capital Corporation, 3135 Easton Turnpike, Fairfield, Connecticut
06828, Attention: Associate General Counsel, Corporate Treasury, or to such
other address as may be specified in a written notice by GE Capital to the
Property Trustee.

          Such
notice, demand or other communication to or upon a Holder shall be deemed to
have been sufficiently given or made, for all purposes, upon hand delivery,
mailing or transmission.

          Such
notice, demand or other communication to or upon GE Capital or the Holder of
the Common Securities shall be deemed to have been sufficiently given or made
only upon actual receipt of the writing by GE Capital or the Holder of the
Common Securities, as the case may be.

          Any notice,
demand or other communication that by any provision of this Trust Agreement is
required or permitted to be given or served to or upon the Property Trustee,
the Delaware Trustee, the Administrative Trustees or the Trust shall be given
in writing addressed to such Person as follows:

          (a)          with
respect to the Property Trustee, to The Bank of New York Mellon, 101 Barclay
Street, 8W, New York, New York 10286 or to such other address as may be
specified in a written notice by the Property Trustee to GE Capital,

56

          (b)          with
respect to the Delaware Trustee, to BNY Mellon Trust of Delaware, 100 White
Clay Center, Suite 102, Newark, DE 19711 or to such other address as may be
specified in a written notice by the Delaware Trustee to GE Capital,

          (c)          with
respect to the Administrative Trustees, to them at the address above for
notices to GE Capital, marked “Attention: Administrative Trustees of GE Capital
Trust I”; and

          (d)          with
respect to the Trust, to its principal office specified in Section 2.02, with a
copy to the Property Trustee.

Such notice, demand or other communication to or upon the Trust, the
Property Trustee, the Delaware Trustee or the Administrative Trustees shall be
deemed to have been sufficiently given or made only upon actual receipt of the
writing by the Trust, the Property Trustee or such Administrative Trustee. 

          Section
10.08. Agreement Not to Petition.

          Each of the
Trustees and GE Capital agree for the benefit of the Holders that, until at
least one year and one day after the Trust has been terminated in accordance
with Article 9, they shall not file, or join in the filing of, a petition
against the Trust under any bankruptcy, insolvency, reorganization or other
similar law (including the United States Bankruptcy Code) (collectively, “Bankruptcy Laws”) or otherwise join in the
commencement of any proceeding against the Trust under any Bankruptcy Law. If
GE Capital takes action in violation of this Section 10.08, the Property
Trustee agrees, for the benefit of Holders, that at the expense of GE Capital,
it shall file an answer with the bankruptcy court or otherwise properly contest
the filing of such petition by GE Capital against the Trust or the commencement
of such action and raise the defense that GE Capital has agreed in writing not
to take such action and should be estopped and precluded therefrom and such
other defenses, if any, as counsel for the Trustees or the Trust may assert.

          Section
10.09. Trust Indenture Act; Conflict with Trust Indenture Act.

          (a)          This
Trust Agreement is subject to the provisions of the Trust Indenture Act that
are required to be part of this Trust Agreement and shall, to the extent
applicable, be governed by such provisions. For the avoidance of doubt, the
provisions of the Trust Indenture Act that are not required to be part of this
Trust Agreement are not part of this Trust Agreement.

          (b)          The
Property Trustee shall be the only Trustee that is a trustee for the purposes
of the Trust Indenture Act.

          (c)          If
any provision hereof limits, qualifies or conflicts with the duties imposed by
Sections 310 to 317, inclusive, of the Trust Indenture Act through operation of
Section 318(c) thereof, such imposed duties shall control.

          (d)          If
any provision of this Trust Agreement modifies or excludes any provision of the
Trust Indenture Act which may be so modified or excluded, such provision of the
Trust Indenture Act shall be deemed to apply to this Trust Agreement as so
modified or shall be excluded, as the case may be.

57

          (e)          The
application of the Trust Indenture Act to this Trust Agreement shall not affect
the nature of the Securities as equity securities representing undivided
beneficial interests in the assets of the Trust.

          Section
10.10. Acceptance of Terms of Trust Agreement, Guarantee Agreement and
Indenture.

          THE RECEIPT
AND ACCEPTANCE OF A SECURITY OR ANY INTEREST THEREIN BY OR ON BEHALF OF A
HOLDER OR ANY BENEFICIAL OWNER, WITHOUT ANY SIGNATURE OR FURTHER MANIFESTATION
OF ASSENT, SHALL CONSTITUTE THE UNCONDITIONAL ACCEPTANCE BY THE HOLDER AND ALL
OTHERS HAVING A BENEFICIAL INTEREST IN SUCH SECURITY OF ALL THE TERMS AND
PROVISIONS OF THIS TRUST AGREEMENT, THE GUARANTEE AGREEMENT, THE INDENTURE, AND
AGREEMENT TO THE SUBORDINATION PROVISIONS AND OTHER TERMS OF THE GUARANTEE
AGREEMENT AND THE INDENTURE, AND SHALL CONSTITUTE THE AGREEMENT OF THE TRUST,
SUCH HOLDER AND SUCH OTHERS THAT THE TERMS AND PROVISIONS OF THIS TRUST
AGREEMENT SHALL BE BINDING, OPERATIVE AND EFFECTIVE AS BETWEEN THE TRUST AND
SUCH HOLDER AND SUCH OTHERS.

          Section
10.11. Intention of the Parties.

          It
is the intention of the parties hereto that the Trust be classified for U.S.
federal income tax purposes as a domestic grantor trust. The provisions of this
Trust Agreement shall be interpreted in a manner consistent with that classification.

          Section
10.12. Force Majeure.

          In no event
shall the Trustees be responsible or liable for any failure or delay in the
performance of their obligations hereunder arising out of or caused by,
directly or indirectly, forces beyond their control, including, without limitation,
strikes, work stoppages, accidents, acts of war or terrorism, civil or military
disturbances, nuclear or natural catastrophes or acts of God, and
interruptions, loss or malfunctions of utilities, communications or computer
(software and hardware) services; it being understood that the Trustees shall
use reasonable efforts which are consistent with accepted practices in the
banking industry to resume performance as soon as practicable under the circumstances.

          Section
10.13. Waiver of Jury Trial.

          EACH OF THE
SPONSOR AND THE TRUSTEES HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED
BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING
ARISING OUT OF OR RELATING TO THIS TRUST AGREEMENT, THE TRUST SECURITIES, THE
TRUST DEBENTURES OR THE TRANSACTIONS CONTEMPLATED HEREBY.

* * *

58

          This
instrument may be executed in any number of counterparts, each of which so
executed shall be deemed to be an original, but all such counterparts shall
together constitute but one and the same instrument.

59

          IN WITNESS
WHEREOF, the parties hereto have executed this Amended and Restated Trust
Agreement.

	
  

 	
  

 	
  

 
	
  

 	
 GENERAL ELECTRIC CAPITAL CORPORATION, 

 as Sponsor

 
	
  

 	
  

 
	
  

 	
 By:

 	
  

 
	
  

 	
  

 	 

 
	
  

 	
  

 	
 Name:

 
	
  

 	
  

 	
 Title:

 
	
  

 	
  

 	
  

 
	
  

 	
 THE BANK OF NEW YORK MELLON,

 as Property Trustee

 
	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
  

 
	
  

 	
  

 	 

 
	
  

 	
  

 	
 Name:

 
	
  

 	
  

 	
 Title:

 
	
  

 	
  

 	
  

 
	
  

 	
 BNY MELLON TRUST OF DELAWARE

 as Delaware Trustee

 
	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
  

 
	
  

 	
  

 	 

 
	
  

 	
  

 	
 Name:

 
	
  

 	
  

 	
 Title:

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	 

 
	
  

 	
  

 	
 Name:
 ●

 
	
  

 	
  

 	
 as
 Administrative Trustee

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	 

 
	
  

 	
  

 	
 Name:
 ●

 
	
  

 	
  

 	
 as
 Administrative Trustee

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	 

 
	
  

 	
  

 	
 Name:
 ●

 
	
  

 	
  

 	
 as
 Administrative Trustee

 

60

EXHIBIT A

CERTIFICATE OF TRUST

OF

GE CAPITAL TRUST I

[Insert Certificate of Trust]

A-1

EXHIBIT B

 [FORM OF COMMON SECURITIES CERTIFICATE]

THIS CERTIFICATE IS NOT TRANSFERABLE EXCEPT IN COMPLIANCE WITH
APPLICABLE LAW AND SECTION 5.11 OF THE TRUST AGREEMENT.

	
  

 	
  

 
	
 Certificate
 Number

 	
 Number of Common Securities 5     

 

Certificate Evidencing Common Securities

of

GE Capital Trust I

6.375% Fixed to Floating Rate Common
Securities

(liquidation amount $1,000 per Common
Security)

          GE
    Capital Trust I, a statutory trust created under the laws of the State of
    Delaware (the
“Trust”), hereby certifies that General Electric Capital Corporation
(the
“Holder”) is the registered owner of five (5) common securities of
the Trust representing common undivided beneficial interests in the assets of
the Trust and designated the 6.375% Fixed to Floating Rate Common Securities
(liquidation amount $1,000 per Common Security) (the “Common Securities”).
Except in accordance with Section 5.11 of the Trust Agreement (as defined below),
the Common Securities are not transferable and, to the fullest extent permitted
by law, any attempted transfer hereof other than in accordance therewith shall
be void. The designations, rights, privileges, restrictions, preferences and
other terms and provisions of the Common Securities are set forth in, and this
certificate and the Common Securities represented hereby are issued and shall
in all respects be subject to the terms and provisions of, the Amended and
Restated Trust Agreement of the Trust, dated as of March ●, 2010, as
the same may be amended from time to time (the “Trust Agreement”),
among General Electric Capital Corporation, as Sponsor, The Bank of New York
Mellon, as Property Trustee, BNY Mellon Trust of Delaware, as Delaware Trustee,
the Administrative Trustees named therein, and the Holders, from time to time,
of undivided beneficial interests in the assets of the Trust including the designation
of the terms of the Common Securities as set forth therein. The Trust will furnish
a copy of the Trust Agreement to the Holder without charge upon written request
to the Trust at its principal place of business or registered office.

          UPON
RECEIPT OF THIS CERTIFICATE, THE HOLDER IS BOUND BY THE TRUST AGREEMENT AND IS
ENTITLED TO THE BENEFITS THEREUNDER.

          Terms used
but not defined herein have the meanings set forth in the Trust Agreement.

B-1

          IN WITNESS
WHEREOF, one of the Administrative Trustees of the Trust has executed this
certificate on behalf of the Trust this ● day of ●.

	
  

 	
  

 	
  

 	
  

 
	
  

 	
 GE Capital
 Trust I

 	
  

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
  

 	
  

 
	
  

 	
  

 	 

 	
  

 
	
  

 	
 Name:

 	
  

 
	
  

 	
 Administrative Trustee

 	
  

 

B-2

PROPERTY TRUSTEE’S CERTIFICATE OF
AUTHENTICATION

          This is one
of the Common Securities referred to in the within-mentioned Trust Agreement.

	
  

 	
  

 	
  

 
	
  

 	
 THE BANK OF
 NEW YORK MELLON,

 as Property Trustee

 
	
  

 	
  

 
	
  

 	
 By:

 	
  

 
	
  

 	
  

 	 

 
	
  

 	
  

 	
 Authorized
 Signatory

 

B-3

Exhibit C

 [FORM OF TRUST SECURITIES CERTIFICATE]

THIS TRUST SECURITY IS A GLOBAL TRUST SECURITY WITHIN THE MEANING OF
THE TRUST AGREEMENT HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A
CLEARING AGENCY OR A NOMINEE OF A CLEARING AGENCY. THIS TRUST SECURITY IS
EXCHANGEABLE FOR TRUST SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN
THE CLEARING AGENCY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED
IN THE TRUST AGREEMENT AND MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE
CLEARING AGENCY TO A NOMINEE OF THE CLEARING AGENCY OR BY A NOMINEE OF THE
CLEARING AGENCY TO THE CLEARING AGENCY OR ANOTHER NOMINEE OF THE CLEARING
AGENCY, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE TRUST AGREEMENT.

UNLESS THIS TRUST SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO GE CAPITAL TRUST I
OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY TRUST
SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR 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 A PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE
& CO., HAS AN INTEREST HEREIN.

[NO TRUST SECURITIES CERTIFICATE OR ANY INTEREST THEREIN MAY BE
TRANSFERRED EXCEPT TO A TRANSFEREE THAT IS DEEMED TO REPRESENT AND WARRANT
EITHER THAT (A) IT IS NOT (AND FOR SO LONG AS IT HOLDS SUCH TRUST SECURITIES
CERTIFICATE OR ANY INTEREST THEREIN WILL NOT BE) AND IT IS NOT ACTING ON BEHALF
OF (AND FOR SO LONG AS IT HOLDS SUCH TRUST SECURITIES CERTIFICATE OR ANY
INTEREST THEREIN WILL NOT BE ACTING ON BEHALF OF) AN EMPLOYEE BENEFIT PLAN
SUBJECT TO TITLE I, PART 4 OF THE U.S. EMPLOYEE RETIREMENT INCOME SECURITY ACT
OF 1974, AS AMENDED (“ERISA”), A PLAN OR ACCOUNT TO WHICH SECTION 4975
OF THE U.S. INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”)
APPLIES, AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF
INVESTMENT IN SUCH ENTITY OR A FOREIGN, CHURCH OR GOVERNMENTAL PLAN WHICH IS
SUBJECT TO ANY APPLICABLE LAW THAT IS SUBSTANTIALLY SIMILAR TO SECTION 406 OF
ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”), OR (B) ITS
ACQUISITION, HOLDING AND DISPOSITION OF SUCH TRUST SECURITIES CERTIFICATE OR
ANY INTEREST THEREIN WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED
TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE (OR, IN THE
CASE OF A FOREIGN, CHURCH OR GOVERNMENTAL PLAN, A VIOLATION OF SIMILAR LAW).]

C-1

	
  

 	
  

 
	
 Certificate Number: R-●

 	
 Number of Trust
 Securities: ●

 
	
 CUSIP No.: ●

 	
  

 

Certificate
Evidencing Trust Securities

of

GE
Capital Trust I

6.375%
Fixed to Floating Rate Trust Securities

 (liquidation
amount $1,000 per Trust Security)

          GE
    Capital Trust I, a statutory trust created under the laws of the State of
    Delaware (the
“Trust”),
hereby certifies that Cede & Co. (the “Holder”) is the registered
owner of ●
Trust Securities of the Trust representing an undivided preferred beneficial
interest in the assets of the Trust and designated the GE Capital Trust I
6.375% Fixed to Floating Rate Trust Securities (liquidation amount $1,000 per
Trust Security) (the “Trust Securities”). The Trust Securities
are transferable on the books and records of the Trust, in person or by a duly
authorized attorney, upon surrender of this certificate duly endorsed and in
proper form for transfer as provided in Section 5.05 of the Trust Agreement (as
defined below). The designations, rights, privileges, restrictions, preferences
and other terms and provisions of the Trust Securities are set forth in, and
this certificate and the Trust Securities represented hereby are issued and shall
in all respects be subject to the terms and provisions of, the Amended and
Restated Trust Agreement of the Trust, dated as of March ●, 2010 as
the same may be amended from time to time (the “Trust Agreement”),
among General Electric Capital Corporation, as Sponsor, The Bank of New York
Mellon, as Property Trustee, BNY Mellon Trust of Delaware, as Delaware Trustee,
the Administrative Trustees named therein, and the Holders, from time to time
of undivided beneficial interests in the assets of the Trust including the
designation of the terms of the Trust Securities as set forth therein. The
Holder is entitled to the benefits of the Guarantee Agreement entered into by
General Electric Capital Corporation, a Delaware corporation, and The Bank of
New York Mellon, as guarantee trustee, dated as of March ●, 2010, as
the same may be amended from time to time (the “Guarantee Agreement”),
to the extent provided therein. The Trust will furnish a copy of the Trust Agreement
and the Guarantee Agreement to the Holder without charge upon written request
to the Trust at its principal place of business or registered office.
Capitalized terms used herein shall, unless otherwise specified, have the
respective meanings ascribed thereto in the Trust Agreement.

          UPON
RECEIPT OF THIS CERTIFICATE, THE HOLDER IS BOUND BY THE TRUST AGREEMENT AND IS
ENTITLED TO THE BENEFITS THEREUNDER.

C-2

          IN
WITNESS WHEREOF, one of the Administrative Trustees of the Trust has executed
this certificate on behalf of the Trust this ● day of ●.

	
  

 	
  

 	
  

 
	
  

 	
 GE CAPITAL
 TRUST I

 
	
  

 	
  

 	
  

 
	
  

 	
 By: 

 	
  

 
	
  

 	
  

 	 

 
	
  

 	
  

 	
 Name:

 
	
  

 	
  

 	
 Title:
 Administrative Trustee

 

C-3

PROPERTY TRUSTEE’S CERTIFICATE OF
AUTHENTICATION

          This
is one of the Trust Securities referred to in the within-mentioned Trust
Agreement.

	
  

 	
  

 	
  

 
	
  

 	
 THE BANK OF
 NEW YORK MELLON, 

 as Property Trustee

 
	
  

 	
  

 	
  

 
	
  

 	
 By: 

 	
  

 
	
  

 	
  

 	 

 
	
  

 	
  

 	
 Authorized
 Signatory

 

C-4

ASSIGNMENT

          FOR
VALUE RECEIVED, the undersigned assigns and transfers this Trust Security to:

	
  

 
	 

 
	
 (Insert assignee’s social security or tax identification number)

 
	
  

 
	 

 
	
  

 
	 

 
	
 (Insert address and zip code of assignee)

 

	
  

 	
  

 
	
 and
 irrevocably appoints

 	
  

 
	
  

 	 

 
	
  

 
	
 agent to
 transfer this Trust Security on the books of the Trust. The agent may
 substitute another to act for him or her.

 

	
  

 	
  

 	
  

 
	
 Date:

 	
  

 	
  

 
	
  

 	 

 	
  

 

	
  

 	
  

 	
  

 
	
 Signature:

 	
  

 	
  

 
	
  

 	 

 	
  

 
	
  

 	
 (Sign
 exactly as your name appears on the other side of this Trust Security)

 	
  

 

The signature(s) should be guaranteed by an eligible guarantor
institution (banks, stockbrokers, savings and loan associations and credit
unions with membership in an approved signature guarantee medallion program),
pursuant to S.E.C. Rule 17Ad-15.

C-5

Exhibit D

GE
CAPITAL TRUST I

FORM
OF CERTIFICATION OF U.S. STATUS

FOR EXECUTION IN THE UNITED STATES

	
  

 	
  

 	
  

 
	
 State of

 	
  

 	
  

 
	
  

 	 

 	
  

 
	
  

 

	
  

 	
  

 	
  

 
	
 County of

 	
  

 	
  

 
	
  

 	 

 	
  

 

          This
    certification is being made by a beneficial owner of 6.375% Fixed to Floating
    Rate Trust Securities pursuant to Section 8.03 of the Amended and Restated
    Trust Agreement of GE Capital Trust I, dated March [●], 2010.

	
  

 	
  

 	
  

 
	
 1.

 	
 The exact
 legal name of the undersigned is:

 	
  

 
	
  

 	
  

 	 

 

	
  

 	
  

 	
  

 
	
 2.

 	
 The
 undersigned’s address is:

 	
  

 
	
  

 	
  

 	 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	 

 

	
  

 	
  

 	
  

 
	
 3.

 	
 For U.S.
 federal income tax purposes, the undersigned is (check one):

 
	
  

 	
  

 	
  

 
	
  

 	
 o

 	
 a U.S.
 citizen

 
	
  

 	
  

 	
  

 
	
  

 	
 o

 	
 an
 individual who is a U.S. resident alien

 
	
  

 	
  

 	
  

 
	
  

 	
 o

 	
 a partnership, or other entity treated as a partnership for U.S.
 federal income tax purposes, created or organized in or under the laws of the
 U.S., any state thereof, or the District of Columbia

 
	
  

 	
  

 	
  

 
	
  

 	
 o

 	
 a corporation, or other entity treated as a corporation for U.S. federal
 income tax purposes, created or organized in or under the laws of the U.S.,
 any state thereof, or the District of Columbia

 
	
  

 	
  

 	
  

 
	
  

 	
 o

 	
 a trust if (a) a U.S. court can exercise primary supervision over the
 trust’s administration and one or more U.S. persons are authorized to control
 all substantial decisions of the trust, or (b) the trust has a valid election
 in effect under applicable U.S. Treasury regulations to be treated as a U.S.
 person

 
	
  

 	
  

 	
  

 
	
  

 	
 o

 	
 an estate the income of which is subject to U.S. federal income
 taxation regardless of its source

 

D-1

	
  

 	
  

 	
  

 
	
 4.

 	
 The
 undersigned’s U.S. taxpayer identification number is:

 	
  

 
	
  

 	
  

 	 

 
	
  

 	
  

 	
  

 
	
 5.

 	
 The
 undersigned is making the following request of the Property Trustee (please
 describe request and attach any schedules if necessary):

 
	
  

 	
  

 	
  

 
	
  

 	 

 	 

 
	
  

 	
  

 	
  

 
	
  

 	 

 	 

 
	
  

 	
  

 	
  

 
	
  

 	 

 	 

 
	
  

 	
  

 	
  

 
	
  

 	 

 	 

 
	
  

 	
  

 	
  

 
	
  

 	 

 	 

 
	
  

 	
  

 	
  

 
	
 6.

 	
 The undersigned has agreed to provide the following indemnification
 to the Property Trustee in connection with the request described in Item 5
 above (check all that apply):

 

	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 o

 	
 none

 	
  

 	 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 o

 	
 cash (specify amount):

 	
 $

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	 	
  

 
	
  

 	
 o

 	
 other (please describe):

 	 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	 

 

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	 

 

 

	
  

 	
  

 
	
 7.

 	
 In making the request described in Item 5 above and providing any
 indemnification described in Item 6 above, the undersigned is acting solely
 for its own account and not in connection with any understanding or
 arrangement, including a reimbursement agreement, that has a purpose to
 enable any other person to provide indirect indemnification to the Property
 Trustee.

 
	
  

 	
  

 
	
 8.

 	
 The undersigned acknowledges that this certification may be disclosed
 to the Internal Revenue Service by GE Capital Trust I or General Electric
 Capital Corporation.

 

          The
undersigned declares under penalty of perjury that the statements above and any
schedules attached to this certification are true, correct and complete.

	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Executed on 

 	
  

 	
  

 	
 By: 

 	
  

 
	
  

 	 

 	
  

 	
  

 	 

 
	
  

 	
 [Date]

 	
  

 	
  

 	
 Name:

 

Subscribed to
and sworn before me this ________ day of __________[month], _______[year],

	
  

 	
  

 	
  

 
	 

 	
  

 	
  

 
	
 (Signature
 of Notary)

 	
  

 	
 (Seal of Notary)

 

D-2

Exhibit E

GE CAPITAL TRUST I

FORM OF CERTIFICATION OF U.S. STATUS

FOR EXECUTION OUTSIDE THE UNITED STATES

          This
certification is being made by a beneficial owner of 6.375% Fixed to Floating
Rate Trust Securities pursuant to Section 8.03 of the Amended and Restated
Trust Agreement of GE Capital Trust I, dated March [●], 2010.

	
  

 	
  

 	
  

 	
  

 
	
 1.

 	
 The exact
 legal name of the undersigned is: 

 	
  

 
	
  

 	
  

 	 

 
	
  

 	
  

 	
  

 	
  

 
	
 2.

 	
 The
 undersigned’s address is:

 	
  

 
	
  

 	
  

 	 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	 

 

	
  

 	
  

 	
  

 
	
 3.

 	
 For U.S.
 federal income tax purposes, the undersigned is (check one):

 
	
  

 	
  

 	
  

 
	
  

 	
 o

 	
 a U.S. citizen

 
	
  

 	
  

 	
  

 
	
  

 	
 o

 	
 an individual who is a U.S. resident alien

 
	
  

 	
  

 	
  

 
	
  

 	
 o

 	
 a partnership, or other entity treated as a partnership for U.S.
 federal income tax purposes, created or organized in or under the laws of the
 U.S., any state thereof, or the District of Columbia 

 
	
  

 	
  

 	
  

 
	
  

 	
 o

 	
 a corporation, or other entity treated as a corporation for U.S.
 federal income tax purposes, created or organized in or under the laws of the
 U.S., any state thereof, or the District of Columbia

 
	
  

 	
  

 	
  

 
	
  

 	
 o

 	
 a trust if (a) a U.S. court can exercise primary supervision over the
 trust’s administration and one or more U.S. persons are authorized to control
 all substantial decisions of the trust, or (b) the trust has a valid election
 in effect under applicable U.S. Treasury regulations to be treated as a U.S.
 person

 
	
  

 	
  

 	
  

 
	
  

 	
 o

 	
 an estate the income of which is subject to U.S. federal income
 taxation regardless of its source

 

	
  

 	
  

 	
  

 
	
 4.

 	
 The
 undersigned’s U.S. taxpayer identification number is:

 	
  

 
	
  

 	
  

 	 

 

E-1

	
  

 	
  

 
	
 5.

 	
 The undersigned is making the following request of the Property Trustee
 (please describe request and attach any schedules if necessary):

 
	
  

 	
  

 
	
  

 	 

 
	
  

 	
  

 
	
  

 	 

 
	
  

 	
  

 
	
  

 	 

 
	
  

 	
  

 
	
  

 	 

 
	
  

 	
  

 
	
  

 	 

 
	
  

 	
  

 
	
 6.

 	
 The undersigned has agreed to provide the following indemnification
 to the Property Trustee in connection with the request described in Item 5 above
 (check all that apply):

 

	
  

 	
  

 	
  

 	
  

 
	
  

 	
 o

 	
 none

 	
  

 
	
  

 
	
  

 	
 o

 	
 cash
 (specify amount):
         $

 	
  

 
	
  

 	
  

 	
  

 	

 
	
  

 
	
  

 	
 o

 	
 other
 (please describe):

 	
  

 
	
  

 	
  

 	
  

 	 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	 

 

	
  

 	
  

 
	
 7.

 	
 In making the request described in Item 5 above and providing any
 indemnification described in Item 6 above, the undersigned is acting solely
 for its own account and not in connection with any understanding or
 arrangement, including a reimbursement agreement, that has a purpose to
 enable any other person to provide indirect indemnification to the Property
 Trustee.

 
	
  

 	
  

 
	
 8.

 	
 The undersigned acknowledges that this certification may be disclosed
 to the Internal Revenue Service by GE Capital Trust I or General Electric
 Capital Corporation.

 

          The
undersigned declares under penalty of perjury under the laws of the
United States of America that the statements above and any schedules
attached to this certification are true, correct and complete.

	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Executed on 

 	
  

 	
  

 	
 By: 

 	
  

 
	
  

 	 

 	
  

 	
  

 	 

 
	
  

 	
              [Date]

 	
  

 	
  

 	
 Name:

 

Subscribed to and sworn before me this ________ day of __________[month], _______[year],

	
  

 	
  

 	
  

 
	 

 	
  

 	
  

 
	
 (Signature
 of Notary)

 	
  

 	
 (Seal of
 Notary)

 

E-2

Exhibit F

GE CAPITAL TRUST I

FORM OF CERTIFICATION OF QUALIFIED AGENT

FOR EXECUTION IN THE UNITED STATES

State of_____________________

County of__________________

          This
certification is being made pursuant to Section 6.02 of the Amended and
Restated Trust Agreement of GE Capital Trust I (the “Trust”),
dated March [●], 2010, in connection with a derivative or similar action
in the name of the Trust or one or more trustees of the Trust (the “Derivative
Action”).

	
  

 	
  

 	
  

 	
  

 
	
 1.

 	
 The exact
 legal name of the undersigned is: 

 	
  

 
	
  

 	
  

 	 

 
	
  

 	
  

 	
  

 	
  

 
	
 2.

 	
 The
 undersigned’s address is:

 	
  

 
	
  

 	
  

 	 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	 

 

	
  

 	
  

 	
  

 
	
 3.

 	
 For U.S. federal income tax purposes, the undersigned is (check one):

 
	
  

 	
  

 
	
  

 	
 o

 	
 a U.S. citizen

 
	
  

 	
  

 	
  

 
	
  

 	
 o

 	
 an individual who is a U.S. resident alien

 
	
  

 	
  

 	
  

 
	
  

 	
 o

 	
 a partnership, or other entity treated as a partnership for U.S.
 federal income tax purposes, created or organized in or under the laws of the
 U.S., any state thereof, or the District of Columbia 

 
	
  

 	
  

 	
  

 
	
  

 	
 o

 	
 a corporation, or other entity treated as a corporation for U.S.
 federal income tax purposes, created or organized in or under the laws of the
 U.S., any state thereof, or the District of Columbia

 
	
  

 	
  

 	
  

 
	
  

 	
 o

 	
 a trust if (a) a U.S. court can exercise primary supervision over the
 trust’s administration and one or more U.S. persons are authorized to control
 all substantial decisions of the trust, or (b) the trust has a valid election
 in effect under applicable U.S. Treasury regulations to be treated as a U.S.
 person

 
	
  

 	
  

 	
  

 
	
  

 	
 o

 	
 an estate the income of which is subject to U.S. federal income
 taxation regardless of its source

 

F-1

	
  

 	
  

 	
  

 
	
 4.

 	
 The
 undersigned’s U.S. taxpayer identification number is: 

 	
  

 
	
  

 	
  

 	 

 
	
  

 
	
 5.

 	
 The undersigned has been irrevocably appointed by the following
 beneficial owner(s) of 6.375% Fixed to Floating Rate Trust Securities (the
 “Beneficial Owners”) with full discretionary powers to act as their agent to
 initiate, conduct and settle the Derivative Action (attach a schedule if
 necessary):

 

	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 Name:

 	
  

 	
  

 	
 Name:

 	
  

 
	
  

 	
  

 	 

 	
  

 	
  

 	 

 
	
  

 	
 Address:

 	
  

 	
  

 	
 Address:

 	
  

 
	
  

 	
  

 	 

 	
  

 	
  

 	 

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	 

 	
  

 	
  

 	 

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	 

 	
  

 	
  

 	 

 

	
  

 	
  

 
	
 6.

 	
 The relief or remedy sought in the Derivative Action is (please
 describe):

 
	
  

 	
  

 
	
  

 	 

 
	
  

 	
  

 
	
  

 	 

 
	
  

 	
  

 
	
  

 	 

 
	
  

 	
  

 
	
  

 	 

 
	
  

 	
  

 
	
 7.

 	
 The undersigned is independent of each of the Beneficial Owners and
 is disinterested in the outcome of the Derivative Action.

 
	
  

 	
  

 
	
 8.

 	
 Each of the Beneficial Owners has obtained a written opinion of
 independent, internationally recognized counsel that the appointment of the
 undersigned as its agent as described in Item 5 above is enforceable under
 the laws of the jurisdiction of such Beneficial Owner (an “Opinion”). A true
 and complete copy of each such Opinion is attached to this certification.

 
	
  

 	
  

 
	
 9.

 	
 The undersigned acknowledges that this certification may be disclosed
 to the Internal Revenue Service by the Trust or General Electric Capital
 Corporation.

 

          The
undersigned declares under penalty of perjury that the statements above and any
schedules attached to this certification (other than the Opinions) are true, correct
and complete.

	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Executed on 

 	
  

 	
  

 	
 By: 

 	
  

 
	
  

 	 

 	
  

 	
  

 	 

 
	
  

 	
              [Date]

 	
  

 	
  

 	
 Name:

 

Subscribed to and sworn before me this ________ day of __________[month], _______[year],

	
  

 	
  

 	
  

 
	 

 	
  

 	
  

 
	
 (Signature of Notary)

 	
  

 	
 (Seal of Notary)

 

F-2

Exhibit G

GE CAPITAL TRUST I

FORM OF CERTIFICATION OF QUALIFIED AGENT

FOR EXECUTION OUTSIDE THE UNITED STATES

          This
certification is being made pursuant to Section 6.02 of the Amended and
Restated Trust Agreement of GE Capital Trust I (the “Trust”),
dated March [●], 2010, in connection with a derivative or similar action
in the name of the Trust or one or more trustees of the Trust (the “Derivative
Action”).

	
  

 	
  

 	
  

 	
  

 
	
 1.

 	
 The exact legal name of the undersigned is:

 	
  

 
	
  

 	
  

 	 

 
	
  

 	
  

 	
  

 
	
 2.

 	
 The undersigned’s address is:

 	
  

 
	
  

 	
  

 	 

 
	
  

 	
  

 	 

 
	
  

 	
  

 	 

 
	
  

 	
  

 	
  

 
	
 3.

 	
 For U.S. federal income tax purposes, the
 undersigned is (check one):

 

	
  

 	
  

 	
  

 
	
  

 	
 o

 	
 a U.S. citizen

 
	
  

 	
  

 	
  

 
	
  

 	
 o

 	
 an individual who is a
 U.S. resident alien

 
	
  

 	
  

 	
  

 
	
  

 	
 o

 	
 a partnership, or other
 entity treated as a partnership for U.S. federal income tax purposes, created
 or organized in or under the laws of the U.S., any state thereof, or the
 District of Columbia 

 
	
  

 	
  

 	
  

 
	
  

 	
 o

 	
 a corporation, or other
 entity treated as a corporation for U.S. federal income tax purposes, created
 or organized in or under the laws of the U.S., any state thereof, or the
 District of Columbia

 
	
  

 	
  

 	
  

 
	
  

 	
 o

 	
 a trust if (a) a U.S.
 court can exercise primary supervision over the trust’s administration and
 one or more U.S. persons are authorized to control all substantial decisions
 of the trust, or (b) the trust has a valid election in effect under
 applicable U.S. Treasury regulations to be treated as a U.S. person

 
	
  

 	
  

 	
  

 
	
  

 	
 o

 	
 an estate the income of
 which is subject to U.S. federal income taxation regardless of its source

 
	
  

 	
  

 	
  

 
	
 4.

 	
 The undersigned’s U.S.
 taxpayer identification number is: ___________________________________________________________________________

 

G-1

	
  

 	
  

 	
  

 
	
 5.

 	
 The undersigned has
 been irrevocably appointed by the following beneficial owner(s) of 6.375%
 Fixed to Floating Rate Trust Securities (the “Beneficial Owners”) with full
 discretionary powers to act as their agent to initiate, conduct and settle
 the Derivative Action (attach a schedule if necessary):

 

	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 Name:

 	
  

 	
  

 	
 Name:

 	
  

 
	
  

 	
  

 	 

 	
  

 	
  

 	 

 
	
  

 	
 Address:

 	
  

 	
  

 	
 Address:

 	
  

 
	
  

 	
  

 	 

 	
  

 	
  

 	 

 
	
  

 	
  

 	 

 	
  

 	
  

 	 

 
	
  

 	
  

 	 

 	
  

 	
  

 	 

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 6.

 	
 The relief or remedy sought in the Derivative Action
 is (please describe):

 
	
  

 	
  

 
	
  

 	 

 
	
  

 	 

 
	
  

 	 

 
	
  

 	 

 
	
  

 	
  

 
	
 7.

 	
 The undersigned is
 independent of each of the Beneficial Owners and is disinterested in the
 outcome of the Derivative Action.

 
	
  

 	
  

 
	
 8.

 	
 Each of the Beneficial Owners has obtained a written
 opinion of independent, internationally recognized counsel that the appointment
 of the undersigned as its agent as described in Item 5 above is enforceable
 under the laws of the jurisdiction of such Beneficial Owner (an “Opinion”). A
 true and complete copy of each such Opinion is attached to this
 certification.

 
	
  

 	
  

 
	
 9.

 	
 The undersigned
 acknowledges that this certification may be disclosed to the
 Internal Revenue Service by the Trust or General Electric Capital
 Corporation.

 
	
  

 	
  

 
	
           The
 undersigned declares under penalty of perjury under the laws of the
 United States of America that the statements above and any schedules
 attached to this certification (other than the Opinions) are true, correct
 and complete.

 

	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Executed on 

 	
  

 	
  

 	
 By:

 	
  

 
	
  

 	 

 	
  

 	
  

 	 

 
	
  

 	
 [Date]

 	
  

 	
  

 	
 Name:

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Subscribed to and sworn before me this ________ day
 of __________[month], _______[year],

 

	
  

 	
  

 	
  

 	
  

 	
  

 
	 

 	
  

 	
  

 	
  

 
	
 (Signature of Notary)

 	
  

 	
 (Seal of Notary)

 

G-2

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