Document:

Exhibit 4.1

 

GE DEALER FLOORPLAN MASTER NOTE TRUST,

 

as Issuer,

 

and

 

DEUTSCHE BANK TRUST COMPANY AMERICAS,

 

as Indenture Trustee

 

SERIES 2013-1 INDENTURE SUPPLEMENT

Dated as of April 30, 2013

 

 

    	 	 	2013-1 Indenture Supplement

    	 

    

 

Table
of Contents

	 	 	Page
	 	 	 
	ARTICLE I	DEFINITIONS	1
	SECTION 1.1.	Definitions	1
	SECTION 1.2.	Incorporation of Terms	10
	ARTICLE II	Creation of the Series 2013-1 Notes	11
	SECTION 2.1.	Designation	11
	SECTION 2.2.	Transfer Restrictions	11
	ARTICLE III	REPRESENTATIONS, WARRANTIES and Covenants	13
	SECTION 3.1.	Representations, Warranties and Covenants with respect to ERISA	13
	ARTICLE IV	Rights of Series 2013-1 Noteholders and Allocation and Application of Collections	13
	SECTION 4.1.	Determination of Interest and Principal	13
	SECTION 4.2.	Establishment of Accounts	14
	SECTION 4.3.	Calculations and Series Allocations	15
	SECTION 4.4.	Application of Available Non-Principal Collections and Available Principal Collections	18
	SECTION 4.5.	Payments	21
	SECTION 4.6.	Investor Charge-Offs	22
	SECTION 4.7.	Reallocated Principal Collections	22
	SECTION 4.8.	Excess Non-Principal Collections	22
	SECTION 4.9.	Shared Principal Collections	23
	SECTION 4.10.	Reserve Account	23
	SECTION 4.11.	Investment of Amounts on Deposit in Series Accounts	24
	SECTION 4.12.	Controlled Accumulation Period	24
	SECTION 4.13.	Determination of LIBOR	25
	ARTICLE V	Delivery of Series 2013-1 Notes; Reports to Series 2013-1 Noteholders	25
	SECTION 5.1.	Delivery and Payment for the Series 2013-1 Notes	25
	SECTION 5.2.	Reports and Statements to Series 2013-1 Noteholders	26
	ARTICLE VI	Series 2013-1 Early Amortization Events	26
	SECTION 6.1.	Series 2013-1 Early Amortization Events	26

 

    	-i-

    	 

    

 

Table
of Contents

(continued)

 

	 	 	Page
	 	 	 
	ARTICLE VII	Redemption of Series 2013-1 Notes; Final Distributions; Series Termination	28
	SECTION 7.1.	Optional Redemption of Series 2013-1 Notes; Final Distributions	28
	SECTION 7.2.	Series Termination	29
	ARTICLE VIII	Miscellaneous Provisions	29
	SECTION 8.1.	Ratification of Indenture; Amendments	29
	SECTION 8.2.	Form of Delivery of the Series 2013-1 Notes	29
	SECTION 8.3.	Counterparts	29
	SECTION 8.4.	GOVERNING LAW	30
	SECTION 8.5.	Limitation of Liability	31
	SECTION 8.6.	Rights of the Indenture Trustee	31
	SECTION 8.7.	No Petition	31
	SECTION 8.8.	Notes to be Treated as Debt for Tax	31
	SECTION 8.9.	Notice Address for Rating Agencies	31
	EXHIBIT A-1	FORM OF CLASS A NOTE	 
	EXHIBIT A-2	FORM OF CLASS B NOTE	 
	EXHIBIT A-3	FORM OF CLASS C NOTE	 
	EXHIBIT B	FORM OF MONTHLY SERVICER’S CERTIFICATE	 

 

    	-ii-

    	 

    

  

This SERIES 2013-1
INDENTURE SUPPLEMENT, dated as of April 30, 2013 (this “Indenture Supplement”), is between GE DEALER FLOORPLAN
MASTER NOTE TRUST, a Delaware statutory trust (herein, the “Issuer” or the “Trust”), and
DEUTSCHE BANK TRUST COMPANY AMERICAS, a New York banking corporation, not in its individual capacity, but solely as indenture trustee
(herein, together with its successors thereunder as provided in the Indenture referred to below, the “Indenture Trustee”)
under the Master Indenture, dated as of August 12, 2004 (as amended or supplemented, the “Indenture”), between
the Issuer and the Indenture Trustee (as successor in interest to Wilmington Trust Company).

 

The Principal Terms
of Series 2013-1 are set forth in this Indenture Supplement.

 

ARTICLE
I

DEFINITIONS

 

SECTION 1.1. Definitions.

 

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

 

(b)        Each capitalized
term defined herein relates only to Series 2013-1 and to no other Series. Whenever used in this Indenture Supplement, the following
words and phrases shall have the following meanings:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(b)      the
denominator of which shall be the greater of (i) the result of (x) the Aggregate Principal Receivables as of the opening of
business on the first day of the Monthly Period for which the Allocation Percentage is being determined minus (y) the sum
of the aggregate amount of each Dealer Overconcentration, Manufacturer Overconcentration and Product Line Overconcentration as
determined on the Determination Date falling in the Monthly Period for which the Allocation Percentage is being determined, and
(ii) the sum of the numerators used to calculate the allocation percentages for allocations with respect to Non-Principal Collections,
Principal Collections or the Default Amount, as applicable, for all outstanding Series on the day for which the Allocation Percentage
is being determined. For purposes of subclause (ii) of this clause (b), the Collateral Amount for the Series 2013-1 Notes shall
be included in the calculation beginning on the Closing Date.

 

“Available
Non-Principal Collections” means, for any Transfer Date, beginning with the June 2013 Transfer Date, an amount equal
to the sum of (a) the Investor Non-Principal Collections for the preceding Monthly Period (or, in the case of the June 2013 Transfer
Date, for the April 2013 and May 2013 Monthly Periods), (b) the Series 2013-1 Excess Non-Principal Collections for such Monthly
Period and (c) Investment Earnings.

 

“Available
Principal Collections” means, for any Transfer Date, beginning with the June 2013 Transfer Date, an amount equal to (a) the
Investor Principal Collections for the preceding Monthly Period (or, in the case of the June 2013 Transfer Date, for the April
2013 and May 2013 Monthly Periods), minus (b) the amount of Reallocated Principal Collections with respect to such Transfer
Date which pursuant to Section 4.7 are required to be applied on the related Payment Date, plus (c) without
duplication, the sum of (i) any Shared Principal Collections with respect to other Principal Sharing Series (including any amounts
on deposit in the Excess Funding Account that are allocated to Series 2013-1 for application as Shared Principal Collections),
(ii) the aggregate amount to be treated as Available Principal Collections pursuant to Sections 4.4(a)(vi) and (vii),
(iii) during the Controlled Accumulation Period or an Early Amortization Period, the amount of Available Non-Principal Collections
used to make a deposit in the Principal Account or to pay principal on the Series 2013-1 Notes pursuant to Sections 4.4(a)(x)
and (xii) for the related Payment Date, and (iv) any distribution of amounts on deposit in the Reserve Account on the Series
2013-1 Final Maturity Date pursuant to Section 4.10.

 

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

 

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

 

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

 

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

 

“Class A Note
Interest Rate” means a per annum rate of 0.40% in excess of LIBOR as determined on the LIBOR Determination Date for the
applicable Interest Period.

 

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

 

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

 

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

 

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

 

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

 

“Class B Note
Initial Principal Balance” means $10,527,000.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Class C Note
Initial Principal Balance” means $15,790,000.

 

“Class C Note
Interest Rate” means a per annum rate of 1.75% in excess of LIBOR as determined on the LIBOR Determination Date for the
applicable Interest Period.

 

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

 

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

 

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

 

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

 

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

 

“Closing Date”
means April 30, 2013.

 

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

 

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

 

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

 

“Controlled
Accumulation Date” means March 1, 2016, subject to adjustment pursuant to Section 4.12.

 

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

 

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

 

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

 

“Default Rate”
means, for any Monthly Period, the product of (a) a fraction (expressed as a percentage), (i) the numerator of which is (x) the
Default Amount for such Monthly Period (calculated as of the end of the last day of such Monthly Period), minus (y) with respect
to any Monthly Period after the March 2013 Monthly Period, the portion of the Default Amount allocated to the Transferor pursuant
to Sections 8.4(d), (e) and (f) of the Master Indenture and (ii) the denominator of which is (x) the Combined
Outstanding Principal Balances as of the beginning of such Monthly Period, minus (y) with respect to any Monthly Period after the
March 2013 Monthly Period, the sum of the aggregate amount of each Dealer Overconcentration, Manufacturer Overconcentration and
Product Line Overconcentration as determined on the Determination Date falling in such Monthly Period times (b) 12.

 

“Designated
Maturity” means, for any LIBOR Determination Date, one month; provided that LIBOR for the initial Interest Period
will be determined by straight-line interpolation (based on the actual number of days in the initial Interest Period) between two
rates determined in accordance with Section 4.13, one of which will be determined for a Designated Maturity of one month
and the other of which will be determined for a Designated Maturity of two months.

 

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

 

“Early Amortization
Period” means the period commencing on the date on which a Trust Early Amortization Event or a Series 2013-1 Early Amortization
Event is deemed to occur and ending on the Series Maturity Date. Notwithstanding anything to the contrary in this Indenture Supplement,
an Early Amortization Period that commences before the Controlled Accumulation Date may terminate, and the Revolving Period may
recommence, if the Rating Agency Condition is satisfied.

 

“Expected
Principal Payment Date” means the Payment Date in April 2016.

 

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

 

“Group One”
means Series 2013-1 and each other outstanding Series specified in the related Indenture Supplement to be included in Group One.

 

“Indenture”
is defined in the preamble.

 

“Indenture
Trustee” is defined in the preamble.

 

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

 

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

 

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

 

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

 

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

 

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

 

“Investor
Non-Principal Collections” means, for any Monthly Period, an amount equal to the aggregate amount of Non-Principal Collections
retained or deposited in the Non-Principal Account for Series 2013-1 pursuant to Section 4.3(b)(i) for such Monthly Period.

 

“Investor
Principal Collections” means, for any Monthly Period, an amount equal to the aggregate amount of Principal Collections
retained or deposited in the Principal Account for Series 2013-1 pursuant to Section 4.3(b)(ii) for such Monthly Period.

 

“Issuer”
is defined in the preamble.

 

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

 

“LIBOR Determination
Date” means (i) with respect to the first Interest Period, April 26, 2013, and (ii) with respect to any Interest
Period thereafter, the second London Business Day prior to the commencement of such Interest Period.

 

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

 

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

 

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

 

“Monthly Payment
Rate” means, for any Monthly Period, a fraction (expressed as a percentage), (a) the numerator of which is (x) the Principal
Collections during such Monthly Period, minus (y) with respect to any Monthly Period after the March 2013 Monthly Period, the portion
of such Principal Collections allocated to the Transferor pursuant to Sections 8.4(d), (e) and (f) of the
Master Indenture, and (b) the denominator of which is (x) the Combined Outstanding Principal Balances as of the beginning of such
Monthly Period, minus (y) with respect to any Monthly Period after the March 2013 Monthly Period, the sum of the aggregate amount
of each Dealer Overconcentration, Manufacturer Overconcentration and Product Line Overconcentration determined on the Determination
Date falling in such Monthly Period.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Payment Date”
means the twentieth (20th) day of each calendar month, or if such twentieth (20th) day is not a Business
Day, the next succeeding Business Day; provided, that the first Payment Date for Series 2013-1 shall be June 20, 2013.

 

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

 

“Principal
Overcollateralization Amount” means, on any date of determination, an amount equal to (a) $26,316,000 minus (b)
the aggregate amount of Principal Collections released to the Issuer in reduction of the Principal Overcollateralization Amount
pursuant to Sections 4.4(c)(ii), 4.4(e) and Section 7.1(d)(viii).

 

“Principal
Shortfall” is defined in Section 4.9.

 

“Rating Agency”
means, as of any date and with respect to any Class of the Series 2013-1 Notes, the nationally recognized statistical rating organizations
that have been requested by the Transferor to provide ratings of such class and that are rating the Series 2013-1 Notes on such
date.

 

“Rating Agency
Condition” means, with respect to Series 2013-1 and any action, that each Rating Agency shall have been given 10 days’
prior written notice (or, if 10 days’ advance notice is impracticable, as much advance notice as is practicable) delivered
to each applicable rating agency as provided in Section 8.9.

 

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“Reallocated
Principal Collections” is defined in Section 4.7.

 

“Reassignment
Amount” means, for any Transfer Date, after giving effect to any deposits and payments otherwise to be made on the related
Payment Date, the sum of (i) the Note Principal Balance on such Payment Date, plus (ii) Monthly Interest for such Payment
Date and any Monthly Interest previously due but not distributed to the Series 2013-1 Noteholders, plus (iii) the Principal
Overcollateralization Amount and all required yield payments on the Principal Overcollateralization Amount, plus (iv) without
duplication, the other amounts specified in Section 7.1(d).

 

“Record Date”
means, for purposes of Series 2013-1 with respect to any Payment Date, the date falling five (5) Business Days prior to such date.

 

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

 

“Required
Reserve Account Amount” means, for any Transfer Date, beginning with the June 2013 Transfer Date, an amount equal to
(a) the product of (i) the Required Reserve Account Percentage for such Transfer Date and (ii) the Note Principal Balance as of
the Closing Date; provided that, prior to the occurrence of an Event of Default and the acceleration of the Series 2013-1 Notes,
the Required Reserve Account Amount will never exceed the Note Principal Balance (after taking into account any payments to be
made on the following Payment Date), or (b) any other amount designated by the Transferor; provided that if such designation is
of a lesser amount, the Transferor shall (i) provide the Indenture Trustee with evidence that the Rating Agency Condition shall
have been satisfied and (ii) deliver to the Indenture Trustee a certificate of an Authorized Officer to the effect that, based
on the facts known to such officer at such time, in the reasonable belief of the Transferor, such designation will not cause an
Early Amortization Event to occur with respect to Series 2013-1.

 

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

 

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

 

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

 

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

 

“Series 2013-1”
means the Series the terms of which are specified in this Indenture Supplement.

 

“Series 2013-1
Early Amortization Event” is defined in Section 6.1. The Series 2013-1 Early Amortization Events are, with
respect to Series 2013-1, the Early Amortization Events contemplated by clause (a) of the definition of Early Amortization Event
in the Indenture.

 

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“Series 2013-1
Excess Non-Principal Collections” means Excess Non-Principal Collections allocated from other Series in Group One to
Series 2013-1 pursuant to Section 8.6 of the Indenture.

 

“Series 2013-1
Final Maturity Date” means the Payment Date in April 2018.

 

“Series 2013-1
Note” means any one of the Class A Notes, Class B Notes or Class C Notes executed by the Issuer and authenticated by
or on behalf of the Indenture Trustee, substantially in the form of Exhibit A-1,
A-2 or A-3, respectively.

 

“Series 2013-1
Noteholder” means the Person in whose name a Series 2013-1 Note is registered in the Note Register.

 

“Series
Accounts” is defined in Section 4.2.

 

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

 

“Series Maturity
Date” means the earliest to occur of (a) the date on which the Note Principal Balance is paid in full and the Principal
Overcollateralization Amount has been paid in full, (b) the date on which the Collateral Amount is reduced to zero and (c) the
Series 2013-1 Final Maturity Date.

 

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

 

“Servicer
Advance” is defined in the Servicing Agreement.

 

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

 

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

 

“Trust” is defined in
the preamble.

 

SECTION 1.2. Incorporation
of Terms. The terms of the Indenture are incorporated in this Indenture Supplement as if set forth in full herein. As supplemented
by this Indenture Supplement, the Indenture is in all respects ratified and confirmed and both together shall be read, taken and
construed as one and the same agreement. If the terms of this Indenture Supplement and the terms of the Indenture conflict, the
terms of this Indenture Supplement shall control with respect to Series 2013-1.

 

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ARTICLE
II

Creation of the Series 2013-1 Notes

 

SECTION 2.1. Designation.

 

(a)          There is hereby
created and designated a Series of Notes to be issued pursuant to the Indenture and this Indenture Supplement to be known as “GE
Dealer Floorplan Master Note Trust, Series 2013-1” or the “Series 2013-1 Notes.” The Series 2013-1
Notes shall be issued in three Classes, known as the “Class A Series 2013-1 Asset Backed Notes”, the “Class
B Series 2013-1 Asset Backed Notes” and the “Class C Series 2013-1 Asset Backed Notes.”

 

(b)          Series 2013-1
shall be included in Group One and shall be a Principal Sharing Series. Series 2013-1 shall be an Excess Allocation Series with
respect to Group One only. Series 2013-1 shall not be subordinated to any other Series.

 

(c)          The Class A
Notes shall be issuable only in minimum denominations of at least two hundred thousand dollars ($200,000) and in integral multiples
of one thousand dollars ($1,000). The Class B Notes shall be issuable only in minimum denominations
of at least two hundred thousand dollars ($200,000) and in integral multiples of one thousand dollars ($1,000). The Class
C Notes shall be issuable only in minimum denominations of at least two hundred thousand dollars ($200,000) and in greater whole
number denominations.

 

SECTION 2.2. Transfer
Restrictions.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

ARTICLE
III

REPRESENTATIONS, WARRANTIES and Covenants

 

SECTION
3.1. Representations, Warranties and Covenants with respect to ERISA. By acquiring a Series 2013-1 Note, each purchaser
and transferee shall be deemed to represent and warrant that either (i) it is not, and for so long as it holds such Series 2013-1
Note will not be, is not acting on behalf of, and for so long as it holds such Series 2013-1 Note will not be acting on behalf
of, and is not investing the assets of, a Benefit Plan or a governmental plan, church plan or non-U.S. plan that is subject to
Similar Law or (ii) its acquisition, continued holding and disposition of such Series 2013-1 Note will not result in a non-exempt
prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or a violation of any Similar Law.

 

ARTICLE
IV

Rights of Series 2013-1 Noteholders and Allocation and 

Application of Collections

 

SECTION 4.1. Determination
of Interest and Principal.

 

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

 

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

 

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

 

(d)      The amount of
monthly principal (“Monthly Principal”) to be transferred from the Principal Account with respect to the Series
2013-1 Notes on each Transfer Date, beginning with the Transfer Date following the Monthly Period in which the Controlled Accumulation
Period or the Early Amortization Period begins, shall be equal to the least of (i) the Available Principal Collections for such
Transfer Date; (ii) the sum of the Note Principal Balance and the Principal Overcollateralization Amount on such Transfer Date
(minus any amount already in the Principal Account on such Transfer Date); (iii) during the Controlled Accumulation Period, the
Controlled Deposit Amount; and (iv) the Collateral Amount.

 

SECTION 4.2. Establishment
of Accounts.

 

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

 

(b)      If the depositary
institution wishes to resign as depositary of any of the Series Accounts for any reason or fails to carry out the instructions
of the Issuer for any reason, then the Issuer shall promptly notify the Indenture Trustee on behalf of the Series 2013-1 Noteholders.

 

(c)      On or before
the Closing Date, the Issuer shall enter into a depositary agreement to govern the Series Accounts pursuant to which such accounts
are continuously identified in the depositary institution’s books and records as subject to a security interest in favor
of the Indenture Trustee on behalf of the Series 2013-1 Noteholders, and, except as may be expressly provided herein to the contrary,
in order to perfect the security interest of the Indenture Trustee on behalf of the Series 2013-1 Noteholders under the UCC, the
Indenture Trustee on behalf of the Series 2013-1 Noteholders shall have the power to direct disposition of the funds in the Series
Accounts without further consent by the Issuer; provided, however, that prior to the delivery by the Indenture Trustee
on behalf of the Series 2013-1 Noteholders of notice otherwise, the Issuer shall have the right to direct the disposition of funds
in the Series Accounts; provided, further that the Indenture Trustee on behalf of the Series 2013-1 Noteholders agrees
that it will not deliver such notice or exercise its power to direct disposition of the funds in the Series Accounts unless an
Event of Default has occurred and is continuing. Upon delivery of the foregoing notice by the Indenture Trustee on behalf of the
Series 2013-1 Noteholders, the depositary institution shall comply with the orders of the Indenture Trustee on behalf of the Series
2013-1 Noteholders without further consent by the Issuer.

 

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(d)      The Issuer shall
not close any of the Series Accounts unless it shall have (i) received the prior consent of the Indenture Trustee on behalf
of the Series 2013-1 Noteholders, (ii) established a new Eligible Deposit Account with the depositary institution holding the Series
Account being closed or with a new depositary institution satisfactory to the Indenture Trustee on behalf of the Series 2013-1
Noteholders, (iii) entered into a depositary agreement to govern such new account(s) with such new depositary institution which
agreement is satisfactory in all respects to the Indenture Trustee on behalf of the Noteholders (whereupon such new account(s)
shall become the applicable Series Account(s) for all purposes of this Indenture Supplement), and (iv) taken all such action as
the Indenture Trustee on behalf of the Series 2013-1 Noteholders shall reasonably require to grant and perfect a first priority
security interest in such account(s) in favor of the Indenture Trustee.

 

SECTION 4.3. Calculations
and Series Allocations.

 

(a)      Allocations.
Non-Principal Collections, Principal Collections and Defaulted Receivables allocated to Series 2013-1 pursuant to Article VIII
of the Indenture shall be allocated and paid as set forth in this Article IV. During any period when the Issuer is permitted
by Section 8.4 of the Indenture to make a single monthly deposit to the Collection Account, amounts allocated to the Series
2013-1 Noteholders pursuant to this Section 4.3 with respect to any Monthly Period need not be deposited into the Collection
Account, the Excess Funding Account, the Non-Principal Account, the Principal Account or any other Series Account prior to the
related Transfer Date (beginning with the Transfer Date in June 2013). Notwithstanding anything to the contrary in Section 8.4
of the Indenture or Section 4.3(b), amounts allocated to the Series 2013-1 Noteholders pursuant to Section 4.3(b)
(x) may be deposited net of any amounts required to be released to the Issuer or the holders of the Transferor Interest and, if
an Originator or an Affiliate of an Originator is the Master Servicer, any amounts owed to the Master Servicer, and (y) shall be
deposited into the Non-Principal Account (in the case of Non-Principal Collections) and the Principal Account (in the case of Principal
Collections (not including any Shared Principal Collections allocated to Series 2013-1 pursuant to Section 8.5 of
the Indenture)), and are not required to be deposited to the Collection Account prior to being deposited in the applicable
Series Account or other Trust Account in accordance with Section 4.3(b). For the avoidance of doubt, any amounts required
to be released to the Issuer, to the holders of the Transferor Interest or to the Master Servicer (if an Originator or an Affiliate
of the Originator is the Master Servicer) need not be deposited into the Collection Account or any Series Account. During any period
when the Issuer is not permitted by Section 8.4 of the Indenture to make a single monthly deposit to the Collection Account,
to the extent any data needed to make the allocations described in Section 4.3(b) is not available on any Date of Processing,
the Issuer shall use the corresponding data as most recently determined or other reasonable estimate of such data until the required
data is available (which shall be no later than the Determination Date in the following Monthly Period), and to the extent that
the allocations made using such estimates results in a deposit into any Series Accounts in a different amount than would be required
using the actual data for the related Date of Processing, the Issuer shall make such adjustments as necessary so that the amounts
allocated to the Series 2013-1 Noteholders are deposited into the appropriate Series Accounts in accordance with Section 4.3(b)
within two Business Days of determining that any shortfall in deposits has resulted from the related estimates, and in any event
not later than the Transfer Date following the related Monthly Period.

 

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(b)      Allocations
to the Series 2013-1 Noteholders. The Issuer shall, on each Date of Processing on or after the Closing Date, after giving effect
to allocations in respect of Dealer Overconcentrations, Manufacturer Overconcentrations and Product Line Overconcentrations pursuant
to Section 8.4 of the Indenture, allocate to the Series 2013-1 Noteholders the following amounts as set forth below:

 

(i)      Allocations
of Non-Principal Collections. The Issuer shall allocate to the Series 2013-1 Noteholders an amount equal to the product of
(A) the Allocation Percentage and (B) the aggregate Non-Principal Collections processed on such Date of Processing and shall deposit
such amount into the Non-Principal Account; provided, that, with respect
to each Monthly Period falling in the Revolving Period (and with respect to that portion of each Monthly Period in the Controlled
Accumulation Period falling on or after the day on which Principal Collections equal to the related Controlled Deposit Amount have
been allocated pursuant to Section 4.3(b)(ii) and deposited pursuant to Section 4.3(a)), Non-Principal
Collections shall be transferred into the Non-Principal Account only until such time as the aggregate amount so deposited equals
the sum of the amounts contemplated to be paid or deposited pursuant to Section 4.4(a) on the related Transfer Date or Payment
Date (the “Target Amount”); and any Non-Principal Collections allocated to the Series 2013-1 Noteholders but
not deposited into the Non-Principal Account due to the operation of this proviso shall be released to the holders of the Transferor
Interest; provided, further, if on any Transfer Date the Free Equity Amount (calculated on a pro forma basis after
giving effect to any payment of principal on the Notes to be made on the following Payment Date) is less than the Minimum Free
Equity Amount after giving effect to all transfers and deposits on that Transfer Date, the Issuer shall cause the holders of the
Transferor Interest, on that Transfer Date, to deposit into the Principal Account funds in an amount equal to the amounts of Available
Non-Principal Collections that are required to be treated as Available Principal Collections pursuant to Sections 4.4(a)(vi)
and (vii) but are not available from funds in the Non-Principal Account as a result of the operation of the preceding proviso.

 

With respect to any
Monthly Period when deposits of Non-Principal Collections into the Non-Principal Account are limited to deposits up to the Target
Amount in accordance with clause (i) above, notwithstanding such limitation: (1) “Reallocated Principal Collections”
for the related Transfer Date shall be calculated as if the full amount of Non-Principal Collections allocated to the Series 2013-1
Noteholders during that Monthly Period had been deposited in the Non-Principal Account and applied on such Transfer Date in accordance
with Section 4.4(a); and (2) Non-Principal Collections released to the holders of the Transferor Interest pursuant to clause
(i) above shall be deemed, for purposes of all calculations under this Indenture Supplement, to have been applied to the items
specified in Section 4.4(a) to which such amounts would have been applied (and in the priority in which they would have
been applied) had such amounts been available in the Non-Principal Account on such Transfer Date. To avoid doubt, the calculations
referred to in the preceding clause (2) include the calculations required by clause (b)(ii) of the definition
of Collateral Amount.

 

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(ii)      Allocations
of Principal Collections. The Issuer shall allocate to the Series 2013-1 Noteholders the following amounts as set forth below:

 

(x)      Allocations
During the Revolving Period. During the Revolving Period an amount equal to the product of the Allocation Percentage and the
aggregate amount of Principal Collections processed on such Date of Processing, shall be allocated to the Series 2013-1 Noteholders
and first, an amount equal to the Reallocated Principal Collections for the related Transfer Date shall be made available
on that Transfer Date for application in accordance with Section 4.7, second, if any other Principal Sharing Series
is outstanding and in its accumulation period or amortization period, shall be deposited and retained in the Principal Account
for application, to the extent necessary, as Shared Principal Collections to other Principal Sharing Series on the related Payment
Date, third, shall be deposited in the Excess Funding Account to the extent necessary so that the Free Equity Amount (calculated
on a pro forma basis after giving effect to any payment of principal on the Notes to be made on the following Payment Date) is
not less than the Minimum Free Equity Amount and the Note Trust Principal Balance is not less than the Required Principal Balance
(calculated on a pro forma basis after giving effect to any payment of principal on the Notes to occur on or prior to the following
Payment Date and any adjustment in the numerator used to calculate the Allocation Percentages with respect to any Series in connection
with a principal payment to be made on or prior to the following Payment Date), and fourth, any remaining amounts shall
be released to the holders of the Transferor Interest.

 

(y)      Allocations
During the Controlled Accumulation Period. During the Controlled Accumulation Period, an amount equal to the product of the
Allocation Percentage and the aggregate amount of Principal Collections processed on such Date of Processing shall be allocated
to the Series 2013-1 Noteholders and transferred to the Principal Account until applied as provided herein; provided, that
after the date on which an amount of such Principal Collections equal to the Monthly Principal has been deposited into the Principal
Account, such amounts in excess thereof shall be first, if any other Principal Sharing Series is outstanding and in its
accumulation period or amortization period, deposited and retained in the Principal Account for application, to the extent necessary,
as Shared Principal Collections to other Principal Sharing Series on the related Payment Date, second, deposited in the
Excess Funding Account to the extent necessary so that the Free Equity Amount (calculated on a pro forma basis after giving effect
to any payment of principal on the Notes to be made on the following Payment Date) is not less than the Minimum Free Equity Amount
and the Note Trust Principal Balance is not less than the Required Principal Balance (calculated on a pro forma basis after giving
effect to any payment of principal on the Notes to occur on or prior to the following Payment Date and any adjustment in the numerator
used to calculate the Allocation Percentages with respect to any Series in connection with a principal payment to be made on or
prior to the following Payment Date), and third, any remaining amounts shall be released to the holders of the Transferor
Interest.

 

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(z)      Allocations
During the Early Amortization Period. During the Early Amortization Period, an amount equal to the product of the Allocation
Percentage and the aggregate amount of Principal Collections processed on such Date of Processing shall be allocated to the Series
2013-1 Noteholders and transferred to the Principal Account until applied as provided herein; provided, that after the date
on which an amount of such Principal Collections equal to the Monthly Principal has been deposited into the Principal Account such
amounts in excess thereof shall be first, if any other Principal Sharing Series is outstanding and in its accumulation period or
amortization period, deposited and retained in the Principal Account for application, to the extent necessary, as Shared Principal
Collections to other Principal Sharing Series on the related Payment Date, second, deposited in the Excess Funding Account to the
extent necessary so that the Free Equity Amount (calculated on a pro forma basis after giving effect to any payment of principal
on the Notes to be made on the following Payment Date) is not less than the Minimum Free Equity Amount and the Note Trust Principal
Balance is not less than the Required Principal Balance (calculated on a pro forma basis after giving effect to any payment of
principal on the Notes to occur on or prior to the following Payment Date and any adjustment in the numerator used to calculate
the Allocation Percentages with respect to any Series in connection with a principal payment to be made on or prior to the following
Payment Date), and third, any remaining amounts shall be released to the holders of the Transferor Interest.

 

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

 

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

 

(i)         on
a pari passu basis,

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

SECTION 4.5. Payments.

 

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

 

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

 

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

 

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

 

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(e)        All payments
to Noteholders hereunder shall be made by (i) check mailed to each Series 2013-1 Noteholder (at such Noteholder’s address
as it appears in the Note Register), except that for any Series 2013-1 Notes registered in the name of the nominee of a Clearing
Agency, such payment shall be made by wire transfer of immediately available funds, and (ii) except as provided in Section 2.7(b)
of the Indenture, without presentation or surrender of any Series 2013-1 Note or the making of any notation thereon.

 

SECTION 4.6. Investor
Charge-Offs. On each Determination Date, the Issuer shall calculate the Investor Default Amount for the preceding Monthly Period.
If, on any Transfer Date, the sum of the Investor Default Amount for the preceding Monthly Period (or, in the case of the June
2013 Determination Date, the sum of the Investor Default Amounts for the April 2013 and May 2013 Monthly Periods) exceeds the amount
of Available Non-Principal Collections allocated with respect thereto pursuant to Section 4.4(a)(vi) with respect to such
Transfer Date and the amount withdrawn from the Reserve Account on such Transfer Date and applied pursuant to Section 4.4(a)(vi),
the Collateral Amount will be reduced (but not below zero) by the amount of such excess (such reduction, an “Investor
Charge-Off”).

 

SECTION 4.7. Reallocated
Principal Collections. On each Transfer Date (beginning with the June 2013 Transfer Date), after giving effect to Section
4.10(a), the Issuer shall apply Investor Principal Collections with respect to that Transfer Date to fund any deficiency pursuant
to and in the priority set forth in Sections 4.4(a)(i) through (v) (any such Principal Collections so allocated,
“Reallocated Principal Collections”); provided, that for any Monthly Period, Reallocated Principal Collections
may not exceed the Monthly Principal Reallocation Amount for such Transfer Date. On each Transfer Date, the Collateral Amount shall
be reduced by the amount of Reallocated Principal Collections for such Transfer Date.

 

SECTION 4.8. Excess
Non-Principal Collections. Series 2013-1 shall be an Excess Allocation Series with respect to Group One only. Subject to Section 8.6
of the Indenture, Excess Non-Principal Collections with respect to the Excess Allocation Series in Group One for any Transfer Date
will be allocated to Series 2013-1 in an amount equal to the product of (x) the aggregate amount of Excess Non-Principal Collections
with respect to all the Excess Allocation Series in Group One for such Transfer Date and (y) a fraction, the numerator of which
is the Non-Principal Shortfall for Series 2013-1 for such Transfer Date and the denominator of which is the aggregate amount of
Non-Principal Shortfalls for all the Excess Allocation Series in Group One for such Transfer Date. The “Non-Principal
Shortfall” for Series 2013-1 for any Transfer Date will be equal to the excess, if any, of (a) the full amount required
to be deposited or paid, without duplication, pursuant to Sections 4.4(a)(i) through (viii) on such Transfer Date
or the related Payment Date over (b) the Available Non-Principal Collections with respect to such Transfer Date (excluding
any portion thereof attributable to Excess Non-Principal Collections).

 

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SECTION 4.9. Shared
Principal Collections. Subject to Section 8.5 of the Indenture, Shared Principal Collections allocable to Series
2013-1 on any Transfer Date will be equal to the product of (x) the aggregate amount of Shared Principal Collections with respect
to all Principal Sharing Series for such Transfer Date and (y) a fraction, the numerator of which is the Principal Shortfall for
Series 2013-1 for such Transfer Date and the denominator of which is the aggregate amount of Principal Shortfalls for all the Series
which are Principal Sharing Series for such Transfer Date. The “Principal Shortfall” for Series 2013-1 will
be equal to (a) for any Transfer Date with respect to the Revolving Period or any Transfer Date during the Early Amortization Period
prior to the Transfer Date relating to the earlier of (i) the Expected Principal Payment Date and (ii) the date on which all outstanding
Series are in early amortization periods, zero, (b) for any Transfer Date with respect to the Controlled Accumulation Period, the
excess, if any, of (i) the Controlled Deposit Amount over (ii) the amount of Available Principal Collections for such Transfer
Date (excluding any portion thereof attributable to Shared Principal Collections or amounts available to be treated as Available
Principal Collections pursuant to clauses (vi) and (vii) of Section 4.4(a)) and (c) for any Transfer Date
relating to any Payment Date on or after the earlier of (i) the Expected Principal Payment Date and (ii) the date on which all
outstanding Series are in early amortization periods, the sum of the Note Principal Balance and the Principal Overcollateralization
Amount with respect to such Transfer Date.

 

SECTION 4.10. Reserve
Account.

 

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

 

(b)      On the Series
2013-1 Final Maturity Date, and on any day following the occurrence of an Event of Default with respect to Series 2013-1 that has
resulted in the acceleration of the Series 2013-1 Notes, the Issuer shall withdraw from the Reserve Account the Available Reserve
Account Amount and deposit such amount in the Distribution Account for payment to the Series 2013-1 Noteholders to fund any shortfalls
in amounts owed to the Series 2013-1 Noteholders in the order of priority described in Section 4.4(a).

 

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

 

(d)      If, after giving
effect to all withdrawals from and deposits to the Reserve Account on any Transfer Date, the amount on deposit in the Reserve Account
exceeds the Required Reserve Account Amount, an amount equal to such excess shall be withdrawn from the Reserve Account and distributed
to the Issuer on the related Payment Date. On the date on which the Reserve Account has been terminated, after giving effect to
any withdrawal on such date pursuant to Section 4.10(a) or Section 4.10(b) and making any payments to the Series
2013-1 Noteholders required pursuant to this Indenture Supplement, all amounts
then remaining in the Reserve Account shall be released to the Issuer.

 

(e)      The Reserve
Account will terminate on the earliest to occur of (i) the date on which the Note Principal Balance has been paid in full and all
other amounts payable to the Series 2013-1 Noteholders have been paid in full; (ii) the Series 2013-1 Final Maturity Date; and
(iii) the termination of the Issuer.

 

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(f)      On the Closing
Date, the Issuer or the Transferor will deposit or cause to be deposited in the Reserve Account an amount equal to the Required
Reserve Account Amount (determined after giving effect to the issuance of Series 2013-1 Notes on the Closing Date).

 

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

 

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

 

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

 

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

 

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SECTION 4.13. Determination
of LIBOR.

 

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

 

(b)      The Class A
Note Interest Rate, Class B Note Interest Rate and Class C Note Interest Rate applicable to the then current and the immediately
preceding Interest Periods may be obtained by telephoning the Indenture Trustee at 212-250-4855 or such other telephone number
as shall be designated by the Indenture Trustee for such purpose by prior written notice to each Series 2013-1 Noteholder from
time to time.

 

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

 

ARTICLE
V

Delivery of Series 2013-1 Notes;

Reports to Series 2013-1 Noteholders

 

SECTION 5.1. Delivery
and Payment for the Series 2013-1 Notes.

 

The Issuer shall execute
and issue, and the Authenticating Agent shall authenticate, the Series 2013-1 Notes in accordance with Section 2.2
of the Indenture. The Indenture Trustee shall deliver or cause to be delivered the Series 2013-1 Notes to or upon Issuer Order
when so authenticated.

 

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SECTION 5.2. Reports
and Statements to Series 2013-1 Noteholders.

 

(a)      Not later than
the second Business Day preceding each Payment Date, the Issuer shall deliver, or cause the Master Servicer to deliver to the Trustee,
the Indenture Trustee (who shall deliver to or cause to be delivered to each Series 2013-1 Noteholder) and each Rating Agency a
statement substantially in the form of Exhibit B prepared by the Master Servicer; provided,
that the Issuer may amend the form of Exhibit B from time to time with the prior written consent of the Indenture
Trustee.

 

(b)      On or before
January 31 of each calendar year, beginning in the first January to occur after the Closing Date, the Indenture Trustee, on behalf
of the Issuer, shall furnish or cause to be furnished to each Person who at any time during the preceding calendar year was a Series
2013-1 Noteholder the information for the preceding calendar year, or the applicable portion thereof during which the Person was
a Noteholder, as is required to be provided by an issuer of indebtedness under the Code to the holders of the Issuer’s indebtedness
and such other customary information as is necessary to enable such Noteholder to prepare its federal income tax returns. Notwithstanding
anything to the contrary contained in this Agreement, the Indenture Trustee, on behalf of the Issuer, shall, to the extent required
by applicable law, from time to time furnish to the appropriate Persons, at least five (5) Business Days prior to the end of the
period required by applicable law, the information required to complete a Form 1099-INT.

 

ARTICLE
VI

Series 2013-1 Early Amortization Events

 

SECTION 6.1. Series
2013-1 Early Amortization Events. If any one of the following events shall occur with respect to the Series 2013-1 Notes:

 

(a)      (i) failure
on the part of Transferor to make any payment or deposit required to be made by it by the terms of the Second Tier Agreement on
or before the date occurring five (5) Business Days after the date such payment or deposit is required to be made therein or (ii)
failure of the Transferor duly to observe or perform in any material respect any of its covenants or agreements set forth in the
Second Tier Agreement (excluding matters addressed by clause (i) above), which failure has a material adverse effect on
Series 2013-1 and which continues unremedied for a period of sixty (60) days after the date on which written notice of such failure,
requiring the same to be remedied, shall have been given to the Issuer or the Transferor, as applicable, by the Indenture Trustee,
or to the Issuer, the Transferor and the Indenture Trustee by any Noteholder of the Series 2013-1 Notes;

 

(b)      any representation
or warranty made by the Transferor in the Second Tier Agreement or by the Issuer in the Indenture and the Indenture Supplement
or any information contained in an account schedule required to be delivered by the Transferor pursuant to Section 2.1(c)
or Section 2.6(c) of the Second Tier Agreement shall prove to have been incorrect in any material respect when made or when
delivered, which continues to be incorrect in any material respect for a period of sixty (60) days after the date on which written
notice of the same, requiring the same to be remedied, shall have been given to the Issuer or Transferor, as applicable, by the
Indenture Trustee, or to Transferor or the Issuer, as applicable, and the Indenture Trustee by any Noteholder of the Series 2013-1
Notes, and as a result of which the interests of Series 2013-1 are materially and adversely affected and continue to be materially
and adversely affected for such period; provided, that a Series 2013-1 Early
Amortization Event pursuant to this Section 6.1(b) shall not be deemed to have occurred hereunder if Transferor has accepted
reassignment of the related Transferred Receivable or Transferred Receivables, if applicable, during such period in accordance
with the provisions of the Second Tier Agreement;

 

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

 

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

 

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

 

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

 

(g)      without limiting
the foregoing, the occurrence of an Event of Default with respect to the Series 2013-1 Notes that results in the acceleration of
the maturity of the Series 2013-1 Notes pursuant to Section 5.3 of the Indenture;

 

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

 

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

 

then, in the case of any event described
in subsection (a), (b) or (d), after the applicable grace period, if any, set forth in such subparagraphs,
either the Indenture Trustee or the Noteholders of Series 2013-1 Notes evidencing more than fifty percent (50%) of the aggregate
unpaid principal amount of Series 2013-1 Notes by notice then given in writing to the Issuer (and to the Indenture Trustee if given
by the Series 2013-1 Noteholders) may declare that a “Series Early Amortization Event” with respect to Series 2013-1
(a “Series 2013-1 Early Amortization Event”) has occurred as of the date of such notice, and, in the case of
any event described in subsection (c), (e), (f), (g),
(h) or (i), a Series 2013-1 Early Amortization Event shall occur
without any notice or other action on the part of the Indenture Trustee or the Series 2013-1 Noteholders immediately upon the occurrence
of such event.

 

ARTICLE
VII

Redemption of Series 2013-1 Notes; 

Final Distributions; Series Termination

 

SECTION 7.1. Optional
Redemption of Series 2013-1 Notes; Final Distributions.

 

(a)      On any day occurring
on or after the date on which the outstanding principal balance of the Series 2013-1 Notes plus the Principal Overcollateralization
Amount is reduced to ten percent (10%) or less of the Initial Collateral Amount, the Transferor has the option pursuant to the
Trust Agreement to reduce the Collateral Amount to zero by paying a purchase price equal to the greater of (x) the Collateral Amount
plus the Allocation Percentage of outstanding Non-Principal Receivables, and (y) (i) if such day is a Payment Date, the Reassignment
Amount for such Payment Date or (ii) if such day is not a Payment Date, the Reassignment Amount for the Payment Date following
such day. If Transferor exercises such option, the Issuer will apply such purchase price to repay the Series 2013-1 Notes in full
as specified below.

 

(b)      In order to
exercise such option, the Issuer shall give the Indenture Trustee at least thirty (30) days’ prior written notice of the
date on which Transferor intends to exercise such optional redemption. Not later than 3:00 p.m., New York City time, on the day
of such redemption, the Issuer shall deposit into the Collection Account in immediately available funds the Reassignment Amount.
Such redemption option is subject to payment in full of the Reassignment Amount. Following such deposit into the Collection Account
in accordance with the foregoing, the Collateral Amount for Series 2013-1 shall be paid in full and the Series 2013-1 Noteholders
shall have no further security interest or other interest in the Transferred Receivables. The Reassignment Amount shall be paid
as set forth in Section 7.1(d).

 

(c)      The amount to
be paid by the Issuer with respect to Series 2013-1 in connection with a repurchase of the Series 2013-1 Notes pursuant to Section
10.1 of the Trust Agreement shall not be less than the Reassignment Amount for the Payment Date of such repurchase.

 

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(d)      With respect
to the Reassignment Amount deposited into the Collection Account pursuant to this Section 7.1 or the net proceeds of
any sale of Transferred Receivables pursuant to Section 5.3 of the Indenture with respect to Series 2013-1, the Indenture
Trustee shall, in accordance with an Issuer Order, not later than 3:00 p.m., New York City time, on the related Payment Date, make
payments of the following amounts (in the priority set forth below and, in each case, after giving effect to any deposits and payments
otherwise to be made on such date) in immediately available funds: (i) an amount equal to the Class A Monthly Interest due and
payable on such Payment Date (or any prior Payment Date that has not been paid) will be paid, pro rata, to the Class A Noteholders,
to the extent permitted by applicable law, (ii) the Class A Note Principal Balance on such Payment Date will be paid, pro rata,
to the Class A Noteholders, (iii) an amount equal to the Class B Monthly Interest due and payable on such Payment Date (or any
prior Payment Date that has not been paid) will be paid, pro rata, to the Class B Noteholders, to the extent permitted by applicable
law, (iv) the Class B Note Principal Balance on such Payment Date will be paid, pro rata, to the Class B Noteholders, (v) an amount
equal to the Class C Monthly Interest due and payable on such Payment Date (or any prior Payment Date that has not been paid) will
be paid, pro rata, to the Class C Noteholders to the extent permitted by applicable law, (vi) the Class C Note Principal Balance
on such Payment Date will be paid, pro rata, to the Class C Noteholders, (vii) an amount equal to any required yield payments on
the Principal Overcollateralization Amount will be released to the Issuer, (viii) the remainder shall be released to the Issuer
in reduction of the Principal Overcollateralization Amount until the Principal Overcollateralization Amount has been paid in full
and (ix) any excess shall be released to the Issuer.

 

SECTION 7.2. Series
Termination.

 

On the Series 2013-1
Final Maturity Date, the unpaid principal amount of the Series 2013-1 Notes shall be due and payable.

 

ARTICLE
VIII

Miscellaneous Provisions

 

SECTION 8.1. Ratification
of Indenture; Amendments. As supplemented by this Indenture Supplement, the Indenture is in all respects ratified and confirmed
and the Indenture as so supplemented by this Indenture Supplement shall be read, taken and construed as one and the same instrument.
This Indenture Supplement may be amended only in accordance with the terms of Section 9.1 or 9.2 of the Indenture.
For purposes of the application of Section 9.2 of the Indenture to any amendment of this Indenture Supplement, the Series
2013-1 Noteholders shall be the only Noteholders whose vote shall be required.

 

SECTION 8.2. Form
of Delivery of the Series 2013-1 Notes. The Series 2013-1 Notes shall be Book-Entry Notes and shall be delivered as provided
in Section 2.1 and 2.2 of the Indenture.

 

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

 

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SECTION 8.4. GOVERNING
LAW.

 

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

 

(b)      EACH PARTY
HERETO HEREBY CONSENTS AND AGREES THAT THE STATE OR FEDERAL COURTS LOCATED IN THE BOROUGH OF MANHATTAN IN NEW YORK CITY SHALL HAVE
EXCLUSIVE JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN THEM PERTAINING TO THIS INDENTURE SUPPLEMENT OR TO
ANY MATTER ARISING OUT OF OR RELATING TO THIS INDENTURE SUPPLEMENT; PROVIDED,
THAT EACH PARTY HERETO ACKNOWLEDGES THAT ANY APPEALS FROM THOSE COURTS MAY HAVE TO BE HEARD BY A COURT LOCATED OUTSIDE
OF THE BOROUGH OF MANHATTAN IN NEW YORK CITY; PROVIDED, FURTHER, THAT NOTHING IN THIS INDENTURE SUPPLEMENT SHALL
BE DEEMED OR OPERATE TO PRECLUDE THE INDENTURE TRUSTEE FROM BRINGING SUIT OR TAKING OTHER LEGAL ACTION IN ANY OTHER JURISDICTION
TO REALIZE ON THE COLLATERAL OR ANY OTHER SECURITY FOR THE Series 2013-1 NOTES,
OR TO ENFORCE A JUDGMENT OR OTHER COURT ORDER IN FAVOR OF THE INDENTURE TRUSTEE. EACH PARTY HERETO SUBMITS AND CONSENTS IN ADVANCE
TO SUCH JURISDICTION IN ANY ACTION OR SUIT COMMENCED IN ANY SUCH COURT, AND EACH PARTY HERETO HEREBY WAIVES ANY OBJECTION THAT
SUCH PARTY MAY HAVE BASED UPON LACK OF PERSONAL JURISDICTION, IMPROPER VENUE OR FORUM NON CONVENIENS AND HEREBY CONSENTS
TO THE GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY SUCH COURT. EACH PARTY HERETO HEREBY WAIVES PERSONAL
SERVICE OF THE SUMMONS, COMPLAINT AND OTHER PROCESS ISSUED IN ANY SUCH ACTION OR SUIT AND AGREES THAT SERVICE OF SUCH SUMMONS,
COMPLAINT AND OTHER PROCESS MAY BE MADE BY REGISTERED OR CERTIFIED MAIL ADDRESSED TO SUCH PARTY AT ITS ADDRESS DETERMINED IN ACCORDANCE
WITH SECTION 10.4 OF THE INDENTURE AND THAT SERVICE SO MADE SHALL BE DEEMED COMPLETED UPON THE EARLIER OF SUCH PARTY’S ACTUAL
RECEIPT THEREOF OR THREE DAYS AFTER DEPOSIT IN THE UNITED STATES MAIL, PROPER POSTAGE PREPAID. NOTHING IN THIS SECTION SHALL AFFECT
THE RIGHT OF ANY PARTY HERETO TO SERVE LEGAL PROCESS IN ANY OTHER MANNER PERMITTED BY LAW.

 

    	 	30	2013-1 Indenture Supplement

    	 

    

 

 

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

 

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

 

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

 

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

 

SECTION 8.8. Notes
to be Treated as Debt for Tax. It is the intent of the parties hereto that, for purposes of Federal, State and local income
and franchise tax and any other tax measured in whole or in part by income, the Class A Notes, the Class B Notes and the Class
C Notes shall be treated as debt.

 

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

 

[SIGNATURE PAGES FOLLOW]

 

    	 	31	2013-1 Indenture Supplement

    	 

    

 

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

 

	 	GE DEALER FLOORPLAN MASTER NOTE TRUST, 

as Issuer
	 	 
	 	By:	BNY MELLON TRUST OF DELAWARE, 

not in its individual capacity,
	 	 	but as Trustee on behalf of Issuer
	 	 	 
	 	By:	/s/ Kristine K. Gullo
	 	Name:	 Kristine K. Gullo
	 	Title:	Vice President

 

    	 	S-1	2013-1 Indenture Supplement

    	 

    

 

	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, 

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

 

    	 	S-2	2013-1 Indenture Supplement

    	 

    

 

EXHIBIT A-1

 

FORM OF CLASS A SERIES 2013-1 ASSET BACKED
NOTE

 

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

 

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

 

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

 

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

 

    	 	A-1-1	2013-1 Indenture Supplement

    	 

    

 

	REGISTERED

No. R-1	
        $ 500,000,000

         

        CUSIP NO. 36159L CF1

 

GE DEALER
FLOORPLAN MASTER NOTE TRUST

SERIES 2013-1

CLASS A SERIES 2013-1 ASSET BACKED NOTE

 

GE Dealer Floorplan
Master Note Trust (herein referred to as the “Issuer” or the “Trust”), a Delaware statutory trust governed
by an Amended and Restated Trust Agreement dated as of August 12, 2004, for value received, hereby promises to pay to Cede &
Co., or registered assigns, subject to the following provisions, the principal sum of FIVE
HUNDRED MILLION DOLLARS ($500,000,000), or such greater or lesser amount as determined in accordance with the Indenture,
on the Series 2013-1 Final Maturity Date, except as otherwise provided below or in the Indenture. The Issuer will pay interest
on the unpaid principal amount of this Note at the rate and in the manner set forth in the Indenture Supplement referred to herein.
Interest on this Note will accrue for each Payment Date from and including the most recent Payment Date on which interest has been
paid to but excluding such Payment Date or, for the initial Payment Date, from and including the Closing Date to but excluding
such Payment Date. Interest will be computed on the basis of a 360-day year and the actual number of days elapsed. Principal of
this Note shall be paid in the manner specified in the Indenture Supplement referred to herein.

 

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

 

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

 

    	 	A-1-2	2013-1 Indenture Supplement

    	 

    

 

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

 

	 	GE DEALER FLOORPLAN MASTER NOTE TRUST, 

as Issuer
	 	 
	 	By:	BNY MELLON TRUST OF DELAWARE, 

not in its individual capacity
	 	 	but solely as Trustee on behalf of Issuer
	 	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 
	Dated: 	 

 

    	 	A-1-3	2013-1 Indenture Supplement

    	 

    

 

INDENTURE TRUSTEE’S CERTIFICATE OF
AUTHENTICATION

 

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

 

	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, 

as Indenture Trustee
	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 
	Dated:	 

 

    	 	A-1-4	2013-1 Indenture Supplement

    	 

    

 

GE DEALER FLOORPLAN MASTER NOTE TRUST

SERIES 2013-1

 

CLASS A SERIES 2013-1 ASSET BACKED NOTE

 

This Class A Note (this
“Note”) is one of a duly authorized issue of Notes of the Issuer, designated as GE Dealer Floorplan Master Note
Trust, Series 2013-1 (the “Series 2013-1 Notes”), issued under a Master Indenture dated as of August 12, 2004
(as amended, modified or supplemented from time to time, the “Master Indenture”), between the Issuer and Deutsche
Bank Trust Company Americas (successor in interest to Wilmington Trust Company), as indenture trustee (the “Indenture
Trustee”), as supplemented by the Series 2013-1 Indenture Supplement dated as of April 30, 2013 (the “Indenture
Supplement”), and representing the right to receive certain payments from the Issuer. The term “Indenture,”
unless the context otherwise requires, refers to the Master Indenture as supplemented by the Indenture Supplement. The Notes are
subject to all of the terms of the Indenture. All terms used in this Note that are defined in the Indenture shall have the meanings
assigned to them in or pursuant to the Indenture. In the event of any conflict or inconsistency between the Indenture and this
Note, the Indenture shall control.

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	A-1-5	2013-1 Indenture Supplement

    	 

    

 

ASSIGNMENT

 

Social Security or other identifying number
of assignee _________________________________

 

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

 

	Dated:	 	 	 	**
	 	 	Signature Guaranteed:

 

 

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

 

    	 	A-1-6	2013-1 Indenture Supplement

    	 

    

 

EXHIBIT A-2

 

FORM OF CLASS B SERIES 2013-1 ASSET BACKED
NOTE

 

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

 

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

 

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

 

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

 

    	 	A-2-1	2013-1 Indenture Supplement

    	 

    

 

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

 

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

 

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

 

    	 	A-2-2	2013-1 Indenture Supplement

    	 

    

 

	REGISTERED

No. R-1	$10,527,000

CUSIP NO. 36159L CG9

 

 

GE DEALER FLOORPLAN MASTER NOTE TRUST

SERIES 2013-1

 

CLASS B SERIES 2013-1 ASSET BACKED NOTE

 

GE Dealer Floorplan
Master Note Trust (herein referred to as the “Issuer” or the “Trust”), a Delaware statutory trust governed
by an Amended and Restated Trust Agreement dated as of August 12, 2004, for value received, hereby promises to pay to Cede &
Co., or registered assigns, subject to the following provisions, the principal sum of TEN MILLION FIVE HUNDRED TWENTY-SEVEN THOUSAND
DOLLARS ($10,527,000), or such greater or lesser amount as determined in accordance with the Indenture, on the Series 2013-1 Final
Maturity Date, except as otherwise provided below or in the Indenture. The Issuer will pay interest on the unpaid principal amount
of this Note at the rate and in the manner set forth in the Indenture Supplement referred to herein. Interest on this Note will
accrue for each Payment Date from and including the most recent Payment Date on which interest has been paid to but excluding such
Payment Date or, for the initial Payment Date, from and including the Closing Date to but excluding such Payment Date. Interest
will be computed on the basis of a 360-day year and the actual number of days elapsed. Principal of this Note shall be paid in
the manner specified in the Indenture Supplement referred to herein.

 

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

 

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

 

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

 

    	 	A-2-3	2013-1 Indenture Supplement

    	 

    

 

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

 

	 	GE DEALER FLOORPLAN MASTER NOTE TRUST, 

as Issuer
	 	 
	 	By:	BNY MELLON TRUST OF DELAWARE, 

not in its individual capacity
	 	 	but solely as Trustee on behalf of Issuer
	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 
	Dated: 	 

 

    	 	A-2-4	2013-1 Indenture Supplement

    	 

    

 

INDENTURE TRUSTEE’S CERTIFICATE OF
AUTHENTICATION

 

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

 

	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, 

as Indenture Trustee
	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 
	Dated:	 

 

    	 	A-2-5	2013-1 Indenture Supplement

    	 

    

 

GE DEALER FLOORPLAN MASTER NOTE TRUST

SERIES 2013-1

 

CLASS B SERIES 2013-1 ASSET BACKED NOTE

This Class B Note (this
“Note”) is one of a duly authorized issue of Notes of the Issuer, designated as GE Dealer Floorplan Master Note
Trust, Series 2013-1 (the “Series 2013-1 Notes”), issued under a Master Indenture dated as of August 12, 2004
(as amended, modified or supplemented from time to time, the “Master Indenture”), between the Issuer and Deutsche
Bank Trust Company Americas (successor in interest to Wilmington Trust Company), as indenture trustee (the “Indenture
Trustee”), as supplemented by the Series 2013-1 Indenture Supplement dated as of April 30, 2013 (the “Indenture
Supplement”), and representing the right to receive certain payments from the Issuer. The term “Indenture,”
unless the context otherwise requires, refers to the Master Indenture as supplemented by the Indenture Supplement. The Notes are
subject to all of the terms of the Indenture. All terms used in this Note that are defined in the Indenture shall have the meanings
assigned to them in or pursuant to the Indenture. In the event of any conflict or inconsistency between the Indenture and this
Note, the Indenture shall control.

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	A-2-6	2013-1 Indenture Supplement

    	 

    

 

ASSIGNMENT

 

Social Security or other identifying number
of assignee _________________________________

 

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

 

	Dated:	 	 	 	**
	 	 	Signature Guaranteed:

 

 

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

 

    	 	A-2-7	2013-1 Indenture Supplement

    	 

    

 

EXHIBIT A-3

 

FORM OF CLASS C SERIES 2013-1 ASSET BACKED
NOTE

 

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

 

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

 

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

 

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

 

    	 	A-3-1	2013-1 Indenture Supplement

    	 

    

 

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

 

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

 

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

 

    	 	A-3-2	2013-1 Indenture Supplement

    	 

    

 

	REGISTERED

No. R-1	$15,790,000

CUSIP NO. 36159L CH7

 

 

GE DEALER FLOORPLAN MASTER NOTE TRUST

SERIES 2013-1

 

CLASS C SERIES 2013-1 ASSET BACKED NOTE

 

GE Dealer Floorplan
Master Note Trust (herein referred to as the “Issuer” or the “Trust”), a Delaware statutory trust governed
by an Amended and Restated Trust Agreement dated as of August 12, 2004, for value received, hereby promises to pay to Cede &
Co., or registered assigns, subject to the following provisions, the principal sum of FIFTEEN MILLION SEVEN HUNDRED NINETY THOUSAND
DOLLARS ($15,790,000), or such greater or lesser amount as determined in accordance with the Indenture, on the Series 2013-1 Final
Maturity Date, except as otherwise provided below or in the Indenture. The Issuer will pay interest on the unpaid principal amount
of this Note at the rate and in the manner set forth in the Indenture Supplement referred to herein. Interest on this Note will
accrue for each Payment Date from and including the most recent Payment Date on which interest has been paid to but excluding such
Payment Date or, for the initial Payment Date, from and including the Closing Date to but excluding such Payment Date. Interest
will be computed on the basis of a 360-day year and the actual number of days elapsed. Principal of this Note shall be paid in
the manner specified in the Indenture Supplement referred to herein.

 

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

 

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

 

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

 

    	 	A-3-3	2013-1 Indenture Supplement

    	 

    

 

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

 

	 	GE DEALER FLOORPLAN MASTER NOTE TRUST, 

as Issuer
	 	 
	 	By:	BNY MELLON TRUST OF DELAWARE, 

not in its individual capacity
	 	 	but solely as Trustee on behalf of Issuer
	 	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 
	Dated: 	 

 

    	 	A-3-4	2013-1 Indenture Supplement

    	 

    

 

INDENTURE TRUSTEE’S CERTIFICATE OF
AUTHENTICATION

 

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

 

	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, 

as Indenture Trustee
	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 
	Dated:	 

 

    	 	A-3-5	2013-1 Indenture Supplement

    	 

    

 

GE DEALER FLOORPLAN MASTER NOTE TRUST

SERIES 2013-1

 

CLASS C SERIES 2013-1 ASSET BACKED NOTE

 

This Class C Note (this
“Note”) is one of a duly authorized issue of Notes of the Issuer, designated as GE Dealer Floorplan Master Note
Trust, Series 2013-1 (the “Series 2013-1 Notes”), issued under a Master Indenture dated as of August 12, 2004
(as amended, modified or supplemented from time to time, the “Master Indenture”), between the Issuer and Deutsche
Bank Trust Company Americas (successor in interest to Wilmington Trust Company), as indenture trustee (the “Indenture
Trustee”), as supplemented by the Series 2013-1 Indenture Supplement dated as of April 30, 2013 (the “Indenture
Supplement”), and representing the right to receive certain payments from the Issuer. The term “Indenture,”
unless the context otherwise requires, refers to the Master Indenture as supplemented by the Indenture Supplement. The Notes are
subject to all of the terms of the Indenture. All terms used in this Note that are defined in the Indenture shall have the meanings
assigned to them in or pursuant to the Indenture. In the event of any conflict or inconsistency between the Indenture and this
Note, the Indenture shall control.

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	A-3-6	2013-1 Indenture Supplement

    	 

    

 

ASSIGNMENT

 

Social Security or other identifying number
of assignee _________________________________

 

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

 

	Dated:	 	 	 	**
	 	 	Signature Guaranteed:

 

 

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

 

    	 	A-3-7	2013-1 Indenture Supplement

    	 

    

 

EXHIBIT B

 

Form of Monthly Servicer’s Certificate

 

GE Dealer Floorplan Master Note Trust

Series 2013-1

 

	Payment Date:	[·]
	Collection Period Ended:	[·]
	Closing Date:	[·]
	Next Payment Date:	[·]
	Expected Principal Payment Date:	[·]
	Final Maturity Date:	[·]

 

	Note Payment Detail
	 
	Class	 	CUSIP	 	Interest 

Rate	 	 	Original 

Balance	 	 	Beginning 

Balance	 	 	Principal
 Payment
 Amount	 	 	Interest
 Payment
 Amount	 	 	Total Principal
 and Interest
 Amount	 	 	Ending
 Balance	 
	A	 	None	 	 	[·]	%	 	$	[·]		 	$	[·]		 	$	[·]		 	$	[·]		 	$	[·]		 	$	[·]	
	B	 	None	 	 	[·]	%	 	 	[·]	 	 	 	[·]	 	 	 	[·]	 	 	 	[·]	 	 	 	[·]	 	 	 	[·]	 
	C	 	None	 	 	[·]
	%	 	 	[·]
	 	 	 	[·]
	 	 	 	[·]
	 	 	 	[·]
	 	 	 	[·]
	 	 	 	[·]
	 
	  TOTALS	 	 	 	 	 	 	 	$	[·]
	 	 	$	[·]
	 	 	$	[·]
	 	 	$	[·]
	 	 	$	[·]
	 	 	$	[·]
	 

 

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

 

		 	Total

	 	 	Overconcentrations

	 	 	Net of
 Overconcentrations

	 
	Principal Collections	 	 	[·]	 	 	 	[·]	 	 	 	[·]	 
	Non Principal Collections	 	 	[·]	 	 	 	[·]	 	 	 	[·]	 
	Total Collections	 	$	[·]
	 	 	$	[·]
	 	 	$	[·]
	 
	Defaults	 	 	 	 	 	 	 	 	 	 	 	 
	Default Amount	 	$	[·]	 	 	$	[·]	 	 	$	[·]	 

 

    	 	B-1	2013-1 Indenture Supplement

    	 

    

  

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

 

    	 	B-2	2013-1 Indenture Supplement

    	 

    

 

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

 

    	 	B-3	2013-1 Indenture Supplement

    	 

    

 

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

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

 

    	 	B-4	2013-1 Indenture Supplement

    	 

    

 

	Current Monthly Payment Rate	 	[·]	%	 	 	 	 
	Prior Monthly Payment Rate	 	[·]	%	 	 	 	 
	Second Prior Monthly Payment Rate	
	
        [·]
	
        %
	 	 	 	 
	3 Month Average Monthly Payment Rate	 	[·]	%	 	 	 	 
	(7)          Has the Default Rate Trigger been met?	 	 	 	 	 	[Y/N]	 
	Current Monthly Default Rate	 	[·]	%	 	 	 	 
	Prior Monthly Default Rate	 	[·]	%	 	 	 	 
	Second Prior Monthly Default Rate	
	
        [·]
	
        %
	 	 	 	 
	3 Month Average Monthly Default Rate	 	[·]	%	 	 	 	 
	(8)           Is Reserve Account balance less than Reserve Account trigger?	 	 	 	 	 	[Y/N]	 
	Reserve Account balance	 	[·]	%	 	 	 	 
	  (A) Required Reserve Account Percentage minus 0.25%	 	[·]	%	 	 	 	 
	times (B) Note Principal Balance	
	
        [·]
	
        %
	 	 	 	 
	Reserve Account trigger	 	[·]	%	 	 	 	 
	(9)          Is the sum of all investments held in trust accounts of the Issuer more than 50% of the assets of the Issuer on each of 6 or more consecutive monthly determination dates?	 	 	 	 	 	[Y/N]	 
	Current Month	 	[·]	%	 	 	 	 
	(10)        Have any new series been issued during the related monthly collection period?	 	 	 	 	 	[Y/N]	 
	 	 	 	 	 	 	 	 
	(11)        Have any account additions or account removals (other than Inactive Accounts) occurred during the related monthly collection period?	 	 	 	 	 	
         

        [Y/N]
	 
	Number of accounts added/(removed)	 	 	 	 	 	[·]	 
	Outstanding balance of Principal Receivables in such added/(removed) accounts	 	 	 	 	$	 [·]	 

 

Delinquency

 

	Days Outstanding	 	Amount
 (Dollars in Millions)

	 	 	Percentage of Total
 Receivables Outstanding

	 
	31-60	 	$	[·]	 	 	 	[·]	%
	61-90	 	$	[·]	 	 	 	[·]	%
	91-120	 	$	[·]	 	 	 	[·]	%
	121-150	 	$	[·]	 	 	 	[·]	%
	151-180	 	$	[·]	 	 	 	[·]	%
	181+	 	$	[·]
	 	 	 	[·]
	%
	*Total	 	$	[·]
	 	 	 	[·]
	%

 

*Figures
may not foot due to rounding

 

    	 	B-5	2013-1 Indenture Supplement

    	 

    

 

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

 

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

 

    	 	B-6	2013-1 Indenture SupplementCOMMERCIAL LEASE AGREEMENT

(C.A.R. Form CL, Revised 11/11)	 

 

Date
(For reference only): June 10, 2011

Henway LLC
(“Landlord”) and Sealand Natural Resources Inc. (“Tenant”) agree as follows:

		1.	PROPERTY: Landlord rents to Tenant and Tenant rents from Landlord, the real property
                                                                  and improvements described as: 5026 Cass Street, San Diego CA 92109 (“Premises”), which comprise approximately
                                                                  1200 [ILLEGIBLE]% of the total square footage of rentable space in the entire property. See exhibit               
                                                                  for a further description of the Premises.

		2.	TERM: The term begins on
                                                                  (date) June 10, 2011 (“Commencement Date”), (Check
A or B):

		 ̈    A.	Lease:
and shall terminate on (date) Month/Month at 5.00 PM  ̈
AM þ PM. Any
holding over after the term of this agreement expires, with Landlord consent, shall create a month-to-month tenancy that either
party may terminate as specified in paragraph 2B. Rent shall be at a rate equal to the rent for the immediately preceding month,
payable in advance. All other terms and conditions of this agreement shall remain in full force and effect.

		þ    B.	Month-to-month:
                                                                                                                                                                                        and
                                                                                                                                                                                        continues
                                                                                                                                                                                        as
                                                                                                                                                                                        a
                                                                                                                                                                                        month-to-month
                                                                                                                                                                                        tenancy.
                                                                                                                                                                                        Either
                                                                                                                                                                                        party
                                                                                                                                                                                        may
                                                                                                                                                                                        terminate
                                                                                                                                                                                        the
                                                                                                                                                                                        tenancy
                                                                                                                                                                                        by
                                                                                                                                                                                        giving
                                                                                                                                                                                        written
                                                                                                                                                                                        notice
                                                                                                                                                                                        to
                                                                                                                                                                                        the
                                                                                                                                                                                        other
                                                                                                                                                                                        at
                                                                                                                                                                                        least
                                                                                                                                                                                        30
                                                                                                                                                                                        days
                                                                                                                                                                                        prior
                                                                                                                                                                                        to
                                                                                                                                                                                        the
                                                                                                                                                                                        intended
                                                                                                                                                                                        termination
                                                                                                                                                                                        date,
                                                                                                                                                                                        subject
                                                                                                                                                                                        to
                                                                                                                                                                                        any
                                                                                                                                                                                        applicable
                                                                                                                                                                                        laws.
                                                                                                                                                                                        Such
                                                                                                                                                                                        notice
                                                                                                                                                                                        may
                                                                                                                                                                                        be
                                                                                                                                                                                        given
                                                                                                                                                                                        on
                                                                                                                                                                                        any
                                                                                                                                                                                        date.

		 ̈    C.	RENEWAL OR EXTENSION TERMS:
See attached addendum __________.

		3.	BASE RENT:

		A.	Tenant agrees to pay Base Rent at the rate of (CHECK
ONE ONLY:)

		þ    (1)	$600
 per month, for the term of the agreement. Six hundred

		 ̈    (2)	$ _____________
                                                                                                                                                                                                                                               per month, for the first 12 months of the agreement. Commencing with the 13th month, and upon expiration of each 12 months
                                                                                                                                                                                                                                               thereafter, rent shall be adjusted according to any increase in the U.S. Consumer Price Index of the Bureau of
                                                                                                                                                                                                                                               Labor Statistics of the Department of Labor for All Urban Consumers (“CPI”) for ______________________________
                                                                                                                                                                                                                                               (the city nearest the location of the Premises), based on the following formula: Base Rent will be multiplied by the most
                                                                                                                                                                                                                                               current CPI preceding the first calendar month during which the adjustment is to take effect, and divided by the most recent
                                                                                                                                                                                                                                               CPI preceding the Commencement Date. In no event shall any adjusted Base Rent be less than the Base Rent for the month
                                                                                                                                                                                                                                               immediately preceding the adjustment. If the CPI is no longer published, then the adjustment to Base Rent shall be based on
                                                                                                                                                                                                                                               an alternate index that most closely reflects the CPI.

		 ̈    (3)	$ 3000,00  per month for the period commencing July 1,
2012 and ending 2014 and $ ____________ per month for the period commencing ____________ and ending ____________ and $
____________ per month for the period commencing ____________ and ending _______________.

		 ̈    (4)	In accordance with the attached rent schedule.

		 ̈    (5)	Other: ____________________________________________________________________.

		B.	Base Rent is payable in advance on the
1st (or þ
10th) day of each calendar month, and is delinquent
on the next day.

		C.	If the Commencement Date falls on any day other than the first day of the month, Base Rent for
the first calendar month shall be prorated based on a 30-day period. If Tenant has paid one full month’s Base Rent in advance
of Commencement Date, Base Rent for the second calendar month shall be prorated based on a 30-day period.

		4.	RENT:

		A.	Definition: (“Rent”) shall mean all monetary obligations of Tenant to Landlord under
the terms of this agreement, except security deposit.

		B.	Payment Rent shall be paid to (Name) Henway, LLC / Krisulthis LLC at (address)
                                                                       ________________________________, or at any other location specified by Landlord in writing to Tenant.

		C.	Timing: Base Rent shall be paid as specified in paragraph 3. All other Rent shall be paid within
30 days after Tenant is billed by Landlord.

		5.	EARLY POSSESSION: Tenant is entitled to possession
of the Premises on immediate.

If
Tenant is in possession prior to the Commencement Date, during this time (i)
Tenant is not obligated to pay Base Rent, and (ii) Tenant  ̈
is  ̈
is not obligated to pay Rent other than Base Rent. Whether or not Tenant is obligated to pay Rent prior to Commencement Date,
Tenant is obligated to comply with all other terms of this agreement.

		6.	SECURITY DEPOSIT:

		A.	Tenant agrees to pay Landlord $0 as a security deposit. Tenant agrees not to hold Broker responsible for its return. (IF CHECKED:)  ̈ If Base Rent increases during the term of this agreement, Tenant agrees to increase security deposit by the same proportion as the increase in Base Rent.

		B.	All or any portion of the security deposit may be used, as reasonably necessary, to: (i) cure Tenant’s default in payment of Rent, late charges, non-sufficient funds (“NSF”) fees, or other sums
due; (ii) repair damage, excluding ordinary wear and tear, caused by Tenant or
by a guest or licensee of Tenant; (iii) broom clean the Premises, if necessary,
upon termination of tenancy; and (iv) cover any other unfulfilled obligation of
Tenant. SECURITY DEPOSIT SHALL NOT BE USED BY TENANT IN LIEU OF PAYMENT OF LAST MONTH’S RENT. If all or any portion
of the security deposit is used during tenancy, Tenant agrees to reinstate the total security deposit within 5 days after written
notice is delivered to Tenant. Within 30 days after Landlord receives possession of the Premises, Landlord shall:  (i) furnish Tenant an itemized statement indicating the amount of any security deposit received and the basis for its disposition,
and  (ii) return any remaining portion of security deposit to Tenant. However, if
the Landlord’s only claim upon the security deposit is for unpaid Rent, then the remaining portion of the security deposit,
after deduction of unpaid Rent, shall be returned within 14 days after the Landlord receives possession.

		C.	No interest will be paid on security deposit, unless required by local ordinance.

 

	Landlord’s Initials ( ______________ )	 	Tenant’s Initials 
	 	 	 	 
	The
    copyright laws of the United States (Title 17 U.S. Code) forbid the unauthorized reproduction of this form, or any portion
    thereof, by photocopy machine or any other means, including facsimile or computerized formats. Copyright © 1998-2011,
    CALIFORNIA ASSOCIATION OF REALTORS®, INC. ALL RIGHTS RESERVED. 	   	 	
	 	 	 	 
	CL REVISED 11/11 (PAGE 1 of 6)	 	Reviewed by _______  Date _______	 

 

COMMERCIAL LEASE AGREEMENT
(CL PAGE 1 OF 6)

 

Prepared
using zipForm® software

 

    	 

    	 

    

 

	Premises:   5026 Cass St 	Date   6/10/11

 

7.
PAYMENTS:

 

	 	 	 	 	 	 	 	PAYMENT	 	 	 	 	 	 
	 	 	 	 	TOTAL DUE	 	RECEIVED	 	BALANCE DUE	 	DUE DATE
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	A.	 	Rent: From _______ To _______	 	$	_____________	 	$	_____________	 	$	_____________	 	 	_____________
	 	 	  Date            Date	 	 	 	 	 	 	 	 	 	 	 	 
	B.	 	Security Deposit _______________	 	$	_____________	 	$	_____________	 	$	_____________	 	 	_____________
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	C.	 	Other: _____________________	 	$	_____________	 	$	_____________	 	$	_____________	 	 	_____________
	 	 	Category	 	 	 	 	 	 	 	 	 	 	 	 
	D.	 	Other: _____________________	 	$	_____________	 	$	_____________	 	$	_____________	 	 	_____________
	 	 	Category	 	 	 	 	 	 	 	 	 	 	 	 
	E.	 	Total:
    _______________________	 	$	_____________	 	$	_____________	 	$	_____________	 	 	 

		8.	PARKING: Tenant is entitled
                                                                  to 1 unreserved and 1 reserved vehicle parking spaces. The right to parking  ̈
                                                                  is £
                                                                  is not included in the Base Rent charged pursuant to paragraph
                                                                  3. If not included in the Base Rent, the parking rental fee
                                                                  shall be an additional 0 per month. Parking space(s) are to be used for parking
                                                                  operable motor vehicles, except for trailers, boats, campers,
                                                                  buses or trucks (other than pick-up trucks). Tenant shall park
                                                                  in assigned space(s) only. Parking space(s) are to be kept clean.
                                                                  Vehicles leaking oil, gas or other motor vehicle fluids shall
                                                                  not be parked in parking spaces or on the Premises. Mechanical
                                                                  work or storage of inoperable vehicles is not allowed in parking
                                                                  space(s) or elsewhere on the Premises. No overnight parking
                                                                  is permitted.

		9.	ADDITIONAL STORAGE: Storage is
permitted as follows: ___________________________________________. The right to additional storage space  ̈
is þ is not included in the Base Rent charged pursuant to paragraph 3. If not included in Base Rent, storage space shall be an additional
$ _____________ per month. Tenant shall store only personal property that Tenant owns, and shall not store property that is claimed
by another, or in which another has any right, title, or interest. Tenant shall not store any improperly packaged food or perishable
goods, flammable materials, explosives, or other dangerous or hazardous material. Tenant shall pay for, and be responsible for,
the clean-up of any contamination caused by Tenant’s use of the storage area.

		10.	LATE CHARGE; INTEREST; NSF CHECKS: Tenant acknowledges
that either late payment of Rent or issuance of a NSF check may cause Landlord to incur costs and expenses, the exact amount
of which are extremely difficult and impractical to determine. These costs may include, but are not limited to, processing, enforcement
and accounting expenses, and late charges imposed on Landlord. If any installment of Rent due from Tenant is not received by Landlord
within 5 calendar days after date due, or if a check is returned NSF,
Tenant shall pay to Landlord, respectively, $50 as late charge, plus 10% interest per annum on the delinquent amount and
$25.00 as a NSF fee, any of which shall be deemed additional Rent. Landlord and Tenant agree that these charges represent a fair
and reasonable estimate of the costs Landlord may incur by reason of Tenant’s late or NSF payment. Any late charge, delinquent
interest, or NSF fee due shall be paid with the current installment of Rent. Landlord’s acceptance of any late charge or
NSF fee shall not constitute a waiver as to any default of Tenant. Landlord’s right to collect a Late Charge or NSF fee shall
not be deemed an extension of the date Rent is due under paragraph 4, or prevent Landlord from exercising any other rights and
remedies under this agreement, and as provided by law.

		11.	CONDITION OF PREMISES: Tenant has examined the Premises and acknowledges that Premise is
clean and in operative condition, with the following exceptions: _____________________________________________.

Items listed as
exceptions shall be dealt with in the following manner: Move Dumpster - North 20 Feet.

		12.	ZONING AND LAND USE: Tenant accepts the Premises subject to all local, state and federal
laws, regulations and ordinances (“Laws”). Landlord makes no representation or warranty that Premises are now or in
the future will be suitable for Tenant’s use. Tenant has made its own investigation regarding all applicable Laws.

		13.	TENANT OPERATING EXPENSES: Tenant agrees to pay
for all utilities and services directly billed to Tenant _____________________________________________________________________

		14.	PROPERTY OPERATING EXPENSES:

		A.	Tenant agrees to pay its proportionate share of Landlord’s estimated monthly property
                                                                       operating expenses, including but not limited to, common area maintenance, consolidated utility and service bills,
                                                                       insurance,                                                                        and real estate taxes, based on the ratio
                                                                       of the square footage of the Premises to the                                                                        total
                                                                       square                                                                                                           footage of
                                                                       the rentable space in the entire                                                                        property.
                                                                       Phone/Internet

OR
B.  ̈
(If checked) Paragraph 14
does not apply.

		15.	USE: The Premises are for the sole use as
                                                                   _______________________________________________. 

No other use is permitted without Landlord’s prior
                                                                   written consent. If any use by Tenant causes an increase in the premium on Landlord’s existing property insurance,
                                                                   Tenant shall pay for the increased cost. Tenant will comply with all Laws affecting its use of the Premises.

		16.	RULES/REGULATIONS: Tenant agrees to comply with all rules and regulations of Landlord (and,
if applicable, Owner’s Association) that are at any time posted on the Premises or delivered to Tenant. Tenant shall not,
and shall ensure that guests and licensees of Tenant do not, disturb, annoy, endanger, or interfere with other tenants of the building
or neighbors, or use the Premises for any unlawful purposes, including, but not limited to, using, manufacturing, selling, storing,
or transporting illicit drugs or other contraband, or violate any law or ordinance, or committing a waste or the Premises.

		17.	MAINTENANCE

		A.	Tenant OR
þ
(If checked, Landlord)
shall professionally maintain the Premises including heating, air conditioning, electrical, plumbing and water systems,
if any, and keep glass, windows and doors in operable and safe condition. Unless Landlord is checked, if Tenant fails to maintain
the Premises, Landlord may contract for or perform such maintenance, and charge Tenant for Landlord’s cost.

		B.	Landlord OR
 ̈
(If checked, Tenant) shall
maintain the roof, foundation, exterior walls, common areas and __________________________________________________________________________________

 

	Landlord’s Initials ( ____________ )	 	Tenant’s Initials 	 
	 	 	 	 
	Copyright
    © 1998-2011, CALIFORNIA ASSOCIATION OF REALTORS®, INC.

CL REVISED 11/11 (PAGE 2 of 6)	 	Reviewed by ______  Date ______	
	 	 	 	 

	 	COMMERCIAL LEASE AGREEMENT (CL PAGE 2 OF 6)	gdm

 

    	 

    	 

    

 

	Premises:   5026 Cass St 	Date   6/10/11

 

		18.	ALTERATIONS: Tenant shall not make any alterations in or about the Premises, including installation
of trade fixtures and signs, without Landlord’s prior written consent, which shall not be unreasonably withheld. Any alterations
to the Premises shall be done according to Law and with required permits. Tenant shall give Landlord advance notice of the commencement
date of any planned alteration, so that Landlord, at its option, may post a Notice of Non-Responsibility to prevent potential
liens against Landlord’s interest in the Premises. Landlord may also require Tenant to provide Landlord with lien releases
from any contractor performing work on the Premises.

		19.	GOVERNMENT IMPOSED ALTERATIONS: Any alterations required by Law as a result of Tenant’s
use shall be Tenant’s responsibility. Landlord shall be responsible for any other alterations required by Law.

		20.	ENTRY: Tenant shall make Premises available to Landlord or Landlord’s agent for the
purpose of entering to make inspections, necessary or agreed repairs, alterations, or improvements, or to supply necessary or agreed
services, or to show Premises to prospective or actual purchasers, tenants, mortgagees, lenders, appraisers, or contractors. Landlord
and Tenant agree that 24 hours notice (oral or written) shall be reasonable and sufficient notice. In an emergency, Landlord or
Landlord’s representative may enter Premises at any time without prior notice.

		21.	SIGNS: Tenant authorizes Landlord
to place a FOR SALE sign on the Premises at any time, and a FOR LEASE sign on the Premises within the 90 (or  ̈
____________) day period preceding the termination of the agreement.

		22.	SUBLETTING/ASSIGNMENT: Tenant shall not sublet or encumber all or any part of Premises,
or assign or transfer this agreement or any interest in it, without the prior written consent of Landlord, which shall not be unreasonably
withheld. Unless such consent is obtained, any subletting, assignment, transfer, or encumbrance of the Premises, agreement, or
tenancy, by voluntary act of Tenant, operation of law, or otherwise, shall be null and void, and, at the option of Landlord, terminate
this agreement. Any proposed sublessee, assignee, or transferee shall submit to Landlord an application and credit information
for Landlord’s approval, and, if approved, sign a separate written agreement with Landlord and Tenant. Landlord’s consent
to any one sublease, assignment, or transfer, shall not be construed as consent to any subsequent sublease, assignment, or transfer,
and does not release Tenant of Tenant’s obligation under this agreement.

		23.	POSSESSION: If Landlord is unable to deliver possession of Premises on Commencement Date,
such date shall be extended to the date on which possession is made available to Tenant. However, the expiration date shall remain
the same as specified in paragraph 2. If Landlord is unable to deliver possession within 60 (or £_______________ )
calendar days after the agreed Commencement Date, Tenant may terminate this agreement
by giving written notice to Landlord, and shall be refunded all Rent and security deposit paid.

		24.	TENANT’S OBLIGATIONS
                                                                   UPON VACATING PREMISES: Upon termination of agreement,
                                                                   Tenant shall: (i) give Landlord all copies of all keys or opening
                                                                   devices to Premises, including any common areas; (ii) vacate
                                                                   Premises and surrender it to Landlord empty of all persons
                                                                   and personal property; (iii) vacate all parking and storage
                                                                   spaces; (iv) deliver Premises to Landlord in the same
                                                                   condition as referenced in paragraph 11; (v) clean Premises;
                                                                   (vi) give written notice to Landlord of Tenant’s forwarding
                                                                   address; and (vii) ______________________________________________
                                                                   __________________________________ All improvements installed
                                                                   by Tenant, with or without Landlord’s consent, become
                                                                   the property of Landlord upon termination. Landlord may nevertheless
                                                                   require Tenant to remove any such improvement that did not
                                                                   exist at the time possession was made available to Tenant.

		25.	BREACH OF CONTRACT/EARLY TERMINATION: In event Tenant, prior to expiration of this agreement,
breaches any obligation in this agreement, abandons the premises, or gives notice of tenant’s intent to terminate this tenancy
prior to its expiration, in addition to any obligations established by paragraph 24, Tenant shall also be responsible for lost
rent, rental commissions, advertising expenses, and painting costs necessary to ready Premises for re-rental. Landlord may also
recover from Tenant: (i) the worth, at the time of award, of the unpaid Rent that had been earned at the time of termination; (ii) the worth, at the time of award, of the amount by which the unpaid Rent that would have been earned after expiration
until the time of award exceeds the amount of such rental loss the Tenant proves could have been reasonably avoided; and (iii) the worth, at the time of award, of the amount by which the unpaid Rent for the balance of the term after the time of award
exceeds the amount of such rental loss that Tenant proves could be reasonably avoided. Landlord may elect to continue the tenancy
in effect for so long as Landlord does not terminate Tenant’s right to possession, by either written notice of termination
of possession or by re letting the Premises to another who takes possession, and Landlord may enforce all Landlord’s rights
and remedies under this agreement, including the right to recover the Rent as it becomes due.

		26.	DAMAGE TO PREMISES: If,
                                                                   by no fault of Tenant, Premises are totally or partially damaged
                                                                   or destroyed by fire, earthquake, accident or other casualty,
                                                                   Landlord shall have the right to restore the Premises by repair
                                                                   or rebuilding. If Landlord elects to repair or rebuild, and
                                                                   is able to complete such restoration within 90 days from the
                                                                   date of damage, subject to the terms of this paragraph, this
                                                                   agreement shall remain in full force and effect. If Landlord
                                                                   is unable to restore the Premises within this time, or if Landlord
                                                                   elects not to restore, then either Landlord or Tenant may terminate
                                                                   this agreement by giving the other written notice. Rent shall
                                                                   be abated as of the date of damage. The abated amount shall
                                                                   be the current monthly Base Rent prorated on a 30-day basis.
                                                                   If this agreement is not terminated, and the damage is not
                                                                   repaired, then Rent shall be reduced based on the extent to
                                                                   which the damage interferes with Tenant’s reasonable
                                                                   use of Premises. If damage occurs as a result of an act of
                                                                   Tenant or Tenant’s guests, (i) only Landlord shall
                                                                   have the right, at Landlord’s sole discretion, within
                                                                   30 days after such total or partial destruction or damage to
                                                                   treat the lease as terminated by Tenant, and (ii) Landlord
                                                                   shall have the right to recover damages from Tenant.

		27.	HAZARDOUS MATERIALS: Tenant shall not use, store, generate, release or dispose of any hazardous
material on the Premises or the property of which the Premises are part. However, Tenant is permitted to make use of such materials
that are required to be used in the normal course of Tenant’s business provided that Tenant complies with all applicable
Laws related to the hazardous materials. Tenant is responsible for the cost of removal and remediation, or any clean-up of any
contamination caused by Tenant.

		28.	CONDEMNATION: If all or part of the Premises is condemned for public use, either party may
terminate this agreement as of the date possession is given to the condemner. All condemnation proceeds, exclusive of those allocated
by the condemner to Tenant’s relocation costs and trade fixtures, belong to Landlord.

		29.	INSURANCE: Tenant’s personal property, fixtures, equipment, inventory and vehicles
are not insured by Landlord against loss or damage due to fire, theft, vandalism, rain, water, criminal or negligent acts of others,
or any other cause. Tenant is to carry Tenants own property insurance to protect Tenant from any such loss. In addition, Tenant
shall carry liability insurance in an amount of not less than $2 million. Tenant’s liability insurance shall name Landlord
and Landlord’s agent as additional insured. Tenant, upon Landlord’s request, shall provide Landlord with a certificate
of insurance establishing Tenant’s compliance. Landlord shall maintain liability insurance insuring Landlord, but not Tenant,
in an amount of at least $ ______________, plus property insurance in an amount sufficient to cover the replacement cost of
the property. Tenant is advised to carry business interruption insurance in an amount at least sufficient to cover Tenant’s
complete rental obligation to Landlord. Landlord is advised to obtain a policy of rental loss insurance. Both Landlord and Tenant
release each other, and waive their respective rights to subrogation against each other, for loss or damage covered by insurance.

 

	Landlord’s Initials (
    ___________ )	 	Tenant’s Initials 	 
	 	 	 	 
	Copyright
    © 1998-2011, CALIFORNIA ASSOCIATION OF REALTORS®, INC.

CL REVISED 11/11 (PAGE 3 of 6)	 	Reviewed by ______  Date ______	

 

	 	COMMERCIAL LEASE AGREEMENT (CL PAGE 3 OF 6)	gdm

 

    	 

    	 

    

 

	Premises:   5026 Cass St.	Date   6/10/11

 

		30.	TENANCY STATEMENT (ESTOPPEL
                                                                   CERTIFICATE): Tenant shall execute and return a tenancy
                                                                   statement (estoppel certificate), delivered to Tenant by Landlord
                                                                   or Landlord’s agent, within 3 days after its receipt.
                                                                   The tenancy statement shall acknowledge that this agreement
                                                                   is unmodified and in full force, or in full force as modified,
                                                                   and state the modifications. Failure to comply with this requirement:
                                                                   (i) shall be deemed Tenant’s acknowledgment that the
                                                                   tenancy statement is true and correct, and may be relied upon
                                                                   by a prospective lender or purchaser; and (ii) may be
                                                                   treated by Landlord as a material breach of this agreement.
                                                                   Tenant shall also prepare, execute, and deliver to Landlord
                                                                   any financial statement (which will be held in confidence)
                                                                   reasonably requested by a prospective lender or buyer.

		31.	LANDLORD’S TRANSFER: Tenant agrees that the transferee of Landlord’s interest
shall be substituted as Landlord under this agreement. Landlord will be released of any further obligation to Tenant regarding
the security deposit, only if the security deposit is returned to Tenant upon such transfer, or if the security deposit is actually
transferred to the transferee. For all other obligations under this agreement, Landlord is released of any further liability to
Tenant, upon Landlord’s transfer.

		32.	SUBORDINATION: This agreement shall be subordinate to all existing liens and, at Landlord’s
option, the lien of any first deed of trust or first mortgage subsequently placed upon the real property of which the Premises
are a part, and to any advances made on the security of the Premises, and to all renewals, modifications, consolidations, replacements,
and extensions. However, as to the lien of any deed of trust or mortgage entered into after execution of this agreement, Tenant’s
right to quiet possession of the Premises shall not be disturbed if Tenant is not in default and so long as Tenant pays the Rent
and observes and performs all of the provisions of this agreement, unless this agreement is otherwise terminated pursuant to its
terms. If any mortgagee, trustee, or ground lessor elects to have this agreement placed in a security position prior to the lien
of a mortgage, deed of trust, or ground lease, and gives written notice to Tenant, this agreement shall be deemed prior to that
mortgage, deed of trust, or ground lease, or the date of recording.

		33.	TENANT REPRESENTATIONS;
                                                                   CREDIT: Tenant warrants that all statements in Tenant’s
                                                                   financial documents and rental application are accurate. Tenant
                                                                   authorizes Landlord and Broker(s) to obtain Tenant’s
                                                                   credit report at time of application and periodically during
                                                                   tenancy in connection with approval, modification, or enforcement
                                                                   of this agreement. Landlord may cancel this agreement: (i)
                                                                   before occupancy begins, upon disapproval of the credit report(s);
                                                                   or (ii) at any time, upon discovering that information in Tenant’s
                                                                   application is false. A negative credit report reflecting on
                                                                   Tenant’s record may be submitted to a credit reporting
                                                                   agency, if Tenant fails to pay Rent or comply with any other
                                                                   obligation under this agreement.

		34.	DISPUTE RESOLUTION:

		A.	MEDIATION: Tenant and Landlord agree to mediate any dispute or claim arising between them
out of this agreement, or any resulting transaction, before resorting to arbitration or court action, subject to paragraph 34B(2)
below. Paragraphs 34B(2) and (3) apply whether or not the arbitration provision is initialed. Mediation fees, if any, shall be
divided equally among the parties involved. If for any dispute or claim to which this paragraph applies, any party commences an
action without first attempting to resolve the matter through mediation, or refuses to mediate after a request has been made, then
that party shall not be entitled to recover attorney fees, even if they would otherwise be available to that party in any such
action. THIS MEDIATION PROVISION APPLIES WHETHER OR NOT THE ARBITRATION PROVISION IS INITIALED.

		B.	ARBITRATION OF DISPUTES: (1) Tenant
                                                                and Landlord agree that any dispute or claim in Law or equity
                                                                arising between them out of this agreement or any resulting transaction,
                                                                which is not settled through mediation, shall be decided by neutral,
                                                                binding arbitration, including and subject to paragraphs 34B(2)
                                                                and (3) below. The arbitrator shall be a retired judge or justice,
                                                                or an attorney with at least 5 years of real estate transactional
                                                                law experience, unless the parties mutually agree to a different
                                                                arbitrator, who shall render an award in accordance with substantive
                                                                California Law. In all other respects, the arbitration shall be
                                                                conducted in accordance with Part III, Title 9 of the California
                                                                Code of Civil Procedure. Judgment upon the award of the arbitrator(s)
                                                                may be entered in any court having jurisdiction. The parties
                                                                shall have the right to discovery in accordance with Code of Civil
                                                                Procedure §1283.05.

(2)  EXCLUSIONS
FROM MEDIATION AND ARBITRATION: The following matters are excluded from Mediation and Arbitration hereunder: (i) a
judicial or non-judicial foreclosure or other action or proceeding to enforce a deed of trust, mortgage, or installment land sale
contract as defined in Civil Code §2985; (ii) an unlawful detainer action; (iii) the filing or enforcement
of a mechanic’s lien; (iv) any matter that is within the jurisdiction of a probate, small claims, or bankruptcy court; and
(v) an action for bodily injury or wrongful death, or for latent or patent defects to which Code of Civil Procedure §337.1
or §337.15 applies. The filing of a court action to enable the recording of a notice of pending action, for order of attachment,
receivership, injunction, or other provisional remedies, shall not constitute a violation of the mediation and arbitration provisions.

(3)  BROKERS:
Tenant and Landlord agree to mediate and arbitrate disputes or claims involving either or both Brokers, provided either or
both Brokers shall have agreed to such mediation or arbitration, prior to, or within a reasonable time after the dispute or claim
is presented to Brokers. Any election by either or both Brokers to participate in mediation or arbitration shall not result in
Brokers being deemed parties to the agreement.

“NOTICE:
BY INITIALING IN THE SPACE BELOW YOU ARE AGREEING TO HAVE ANY DISPUTE ARISING OUT OF THE MATTERS INCLUDED IN THE ‘ARBITRATION
OF DISPUTES’ PROVISION DECIDED BY NEUTRAL ARBITRATION AS PROVIDED BY CALIFORNIA LAW AND YOU ARE GIVING UP ANY RIGHTS YOU
MIGHT POSSESS TO HAVE THE DISPUTE LITIGATED IN A COURT OR JURY TRIAL. BY INITIALING IN THE SPACE BELOW YOU ARE GIVING UP YOUR
JUDICIAL RIGHTS TO DISCOVERY AND APPEAL, UNLESS THOSE RIGHTS ARE SPECIFICALLY INCLUDED IN THE ‘ARBITRATION OF DISPUTES’
PROVISION. IF YOU REFUSE TO SUBMIT TO ARBITRATION AFTER AGREEING TO THIS PROVISION, YOU MAY BE COMPELLED TO ARBITRATE UNDER THE
AUTHORITY OF THE CALIFORNIA CODE OF CIVIL PROCEDURE. YOUR AGREEMENT TO THIS ARBITRATION PROVISION IS VOLUNTARY.”

“WE
HAVE READ AND UNDERSTAND THE FOREGOING AND AGREE TO SUBMIT DISPUTES ARISING OUT OF THE MATTERS INCLUDED IN THE ‘ARBITRATION
OF DISPUTES’ PROVISION TO NEUTRAL ARBITRATION.

 

	 	Landlord’s
    Initials  / _______	Tenant’s
Initials 

 

	Landlord’s Initials ( ________ ) ( ________ )	 	Tenant’s Initials ( _____ ) ( _____ )	 
	 	 	 	 
	Copyright © 1998-2011, CALIFORNIA ASSOCIATION OF

 REALTORS®, INC.
CL REVISED 11/11 (PAGE 4 of 6)	 	Reviewed by ______  Date ______	

 

	 	COMMERCIAL LEASE AGREEMENT (CL PAGE 4 OF 6)	gdm

 

    	 

    	 

    

 

	Premises:   5026 Cass St 	Date   6/10/11

 

		35.	JOINT AND INDIVIDUAL OBLIGATIONS: If there is more than one Tenant, each one shall be individually
and completely responsible for the performance of all obligations of Tenant under this agreement, jointly with every other Tenant,
and individually, whether or not in possession.

		36.	NOTICE: Notices may be served by mail, facsimile, or courier at the following address or
location, or at any other location subsequently designated:

 

	Landlord: 	 	 	Tenant: 	Sealand Natural Resources Inc.
	 	 	 	 	Gregon D. May
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

Notice is deemed effective
upon the earliest of the following: (i) personal receipt by either party or their agent; (ii) written acknowledgement
of notice; or (iii) 5 days after mailing notice to such location by first class mail, postage pre-paid.

 

		37.	WAIVER: The waiver of any breach shall not be construed as a continuing waiver of the same
breach or a waiver of any subsequent breach.

		38.	INDEMNIFICATION: Tenant shall indemnify, defend and hold Landlord harmless from all claims,
disputes, litigation, judgments and attorney fees arising out of Tenant’s use of the Premises.

	39. 	OTHER TERMS AND CONDITIONS/SUPPLEMENTS:   	 
	 	
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	The
following ATTACHED supplements/exhibits are incorporated in this agreement:  ̈
Option Agreement (C.A.R. Form OA)
	 	 
	 	 

		40.	ATTORNEY FEES: In any action or proceeding arising out of this agreement, the
                                                                   prevailing party between Landlord and Tenant shall be entitled to reasonable attorney fees and costs from the
                                                                   non-prevailing Landlord or Tenant, except as provided in paragraph 34A. ____________________________________________________________ 

		41.	ENTIRE CONTRACT: Time is of the essence. All prior agreements between Landlord and Tenant
are incorporated in this agreement, which constitutes the entire contract. It is intended as a final expression of the parties’
agreement, and may not be contradicted by evidence of any prior agreement or contemporaneous oral agreement. The parties further
intend that this agreement constitutes the complete and exclusive statement of its terms, and that no extrinsic evidence whatsoever
may be introduced in any judicial or other proceeding, if any, involving this agreement. Any provision of this agreement that is
held to be invalid shall not affect the validity or enforceability of any other provision in this agreement. This agreement shall
be binding upon, and inure to the benefit of, the heirs, assignees and successors to the parties.

		42.	BROKERAGE: Landlord and Tenant shall each pay to Broker(s) the fee agreed to, if any, in
a separate written agreement. Neither Tenant nor Landlord has utilized the services of, or for any other reason owes compensation
to, a licensed real estate broker (individual or corporate), agent, finder, or other entity, other than as named in this agreement,
in connection with any act relating to the Premises, including, but not limited to, inquiries, introductions, consultations, and
negotiations leading to this agreement. Tenant and Landlord each agree to indemnify, defend and hold harmless the other, and the
Brokers specified herein, and their agents, from and against any costs, expenses, or liability for compensation claimed inconsistent
with the warranty and representation in this paragraph 42.

		43.	AGENCY CONFIRMATION: The following agency relationships are hereby confirmed for this transaction:

Listing
Agent: ________________________________ (Print Firm Name) is the agent of (check one):

 ̈  the
Landlord exclusively; or  ̈
both the Tenant and Landlord.

Selling
Agent: _____________________________________________ (Print Firm Name) (if not same as Listing Agent) is the agent of (check
one):  ̈ the Tenant
exclusively; or  ̈
the Landlord exclusively; or  ̈
both the Tenant and Landlord.

Real
Estate Brokers are not parties to the agreement between Tenant and Landlord.

 

	Landlord’s Initials ( ________ )	 	Tenant’s Initials	 
	 	 	 	 
	Copyright ©
    1998-2011, CALIFORNIA ASSOCIATION OF REALTORS®, INC.
CL REVISED 11/11 (PAGE 5 of 6)	 	Reviewed by ______  Date ______	

 

	 	COMMERCIAL LEASE AGREEMENT (CL PAGE 5 OF 6)	gdm

 

    	 

    	 

    

 

	Premises:   5026 Cass St 	Date   6/10/11

 

	Landlord
    and Tenant acknowledge and agree that Brokers: (i) do not guarantee the condition of the Premises; (ii) cannot verify representations
    made by others; (iii) will not verify zoning and land use restrictions; (iv) cannot provide legal or tax advice; (v) will
    not provide other advice or information that exceeds the knowledge, education or experience required to obtain a real estate
    license. Furthermore, if Brokers are not also acting as Landlord in this agreement, Brokers: (vi) do not decide what rental
    rate a Tenant should pay or Landlord should accept; and (vii) do not decide upon the length or other terms of tenancy. Landlord
    and Tenant agree that they will seek legal, tax, insurance, and other desired assistance from appropriate professionals.

 

	Tenant	Sealand Natural Resources Inc / Greg May	Date	6/10/11
	Greg May	 	 	 	 
	(Print Name)	 	 	 	 
	Address	P.O.
    Box 616	City	Solara
    Beach	State	CA	Zip	92075

 

	Tenant	 	Date	 
	 	 	 	 	 
	(Print Name)	 	 	 	 
	Address	 	City	 	State	 	Zip	 

 

		þ	GUARANTEE: In consideration of
the execution of this Agreement by and between Landlord and Tenant and for valuable consideration, receipt of / which is
hereby acknowledged, the undersigned (“Guarantor”) does hereby: (i) guarantee unconditionally to Landlord and
Landlord’s agents, successors and assigns, the prompt payment of Rent or other sums that become due pursuant to this Agreement,
including any and all court costs and attorney fees included in enforcing the Agreement; (ii) consent to any changes, modifications
or alterations of any term in this Agreement agreed to by Landlord and Tenant; and (iii) waive any right to require Landlord
and/or Landlord’s agents to proceed against Tenant for any default occurring under this Agreement before seeking to enforce
this Guarantee.

 

	 	Guarantor (Print Name)  	Greg May

	 	Guarantor		 Date	6/10/12

	 	Address  		 City		 State	 	 Zip	

	 	Telephone  		 Fax	 	 E-mail 	

 

 

Landlord agrees to rent the Premises on the above terms
and conditions.

 

	Landlord: 	Henway LLC / Lawrence Holland	Date	6/10/11
	 	(owner or agent with authority to enter into this agreement)	 	 
	Address	5026 Cass St.	City	SAN DIEGO	State	CA	Zip	92109

 

	Landlord:		Date	6/10/11
	 	(owner or agent with authority to enter into this agreement)	 	 
	Address	5026 Cass St.	City	SAN DIEGO	State	CA	Zip	92109

 

Agency relationships are confirmed as above. Real estate brokers
who are not also Landlord in this agreement are not a party to the agreement between Landlord and Tenant.

 

	Real Estate Broker (Leasing Firm)	 	  DRE Lic. #	 

 

	By (Agent)	 	  DRE Lic. #	 	  Date	 

 

	Address	 	  City	 	  State	 	  Zip	 

 

	Telephone	 	  Fax	 	  E-mail	 

 

	Real Estate Broker (Listing Firm)	 	  DRE Lic. #	 

 

	By (Agent)	 	  DRE Lic #	 	  Date	 

 

	Address	 	  City	 	  State	 	  Zip	 

 

	Telephone	 	  Fax	 	  E-mail	 

 

THIS FORM
HAS BEEN APPROVED BY THE CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.). NO REPRESENTATION IS MADE AS TO THE LEGAL VALIDITY OR
ADEQUACY OF ANY PROVISION IN ANY SPECIFIC TRANSACTION. A REAL ESTATE BROKER IS THE PERSON QUALIFIED TO ADVISE ON REAL ESTATE TRANSACTIONS.
IF YOU DESIRE LEGAL OR TAX ADVICE, CONSULT AN APPROPRIATE PROFESSIONAL.

This form
is available for use by the entire real estate industry. It is not intended to identify the user as a REALTOR®. REALTOR®
is a registered collective membership mark which may be used only by members of the NATIONAL ASSOCIATION OF REALTORS® who subscribe
to its Code of Ethics.

 

		Published and Distributed by:

REAL ESTATE BUSINESS SERVICES, INC.

a subsidiary of the California Association of REALTORS®

525 South Virgil Avenue, Los Angeles, California 90020	Reviewed by ______  Date ______	

CL REVISED 11/11 (PAGE 6 of 6)

 

	 	COMMERCIAL LEASE AGREEMENT (CL
    PAGE 6  OF 6)	gdm

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