Document:

<PAGE>

                                                                    Exhibit 4.16

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                             SUB-SERVICING AGREEMENT

                              Dated as of [ ], 2004

                                 by and between

                      GENERAL ELECTRIC CAPITAL CORPORATION,

                             as the Master Servicer,

                                       and

                             [NAME OF SUB-SERVICER],

                               as the Sub-Servicer

================================================================================

                                                         Sub-Servicing Agreement

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                              PAGE
<S>                                                                                           <C>
                                           ARTICLE I
                                 DEFINITIONS AND INTERPRETATION
SECTION 1.1         Definitions                                                                1
SECTION 1.2         Other Interpretive Matters                                                 1

                                           ARTICLE II
                        APPOINTMENT OF THE SUB-SERVICER; CERTAIN DUTIES
                            AND RESPONSIBILITIES OF THE SUB-SERVICER
SECTION 2.1         Appointment of the Sub-Servicer                                            1
SECTION 2.2         Duties and Responsibilities of the Sub-Servicer                            1
SECTION 2.3         Reporting Requirements                                                     1
SECTION 2.4         Sub-Servicing Fees                                                         1

                                          ARTICLE III
                                 REPRESENTATIONS AND WARRANTIES
SECTION 3.1              Representations and Warranties of the Sub-Servicer                    2

                                           ARTICLE IV
                                         MISCELLANEOUS
SECTION 4.1         Notices                                                                    2
SECTION 4.2         GOVERNING LAW; CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL               3
SECTION 4.3         Counterparts                                                               5
SECTION 4.4         Severability                                                               5
SECTION 4.5         Section Titles                                                             5
SECTION 4.6         Termination                                                                5
SECTION 4.7         Limited Recourse                                                           5
</TABLE>

                                                         Sub-Servicing Agreement

<PAGE>

      This SUB-SERVICING AGREEMENT, dated as of [ ], 2004 (this "Agreement"), by
and between GENERAL ELECTRIC CAPITAL CORPORATION ("GE Capital"), in its capacity
as the master servicer (the "Master Servicer") and [NAME OF SUB-SERVICER] ("[
]"), in its capacity as the sub-servicer (the "Sub-Servicer").

      In consideration of the premises and the mutual covenants hereinafter
contained, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as
follows:

                                   ARTICLE I

                         DEFINITIONS AND INTERPRETATION

      SECTION 1.1 Definitions. Capitalized terms used herein and not otherwise
defined shall have the meanings ascribed to them in Section 1.1 of the Servicing
Agreement, dated as of [ ], 2004 by and between GE Dealer Floorplan Master Note
Trust ("Owner") and the Master Servicer (the "Servicing Agreement") .

      SECTION 1.2 Other Interpretive Matters. For purposes of this Agreement,
the other interpretive matters set forth in Section 1.2 of the Servicing
Agreement shall govern.

                                   ARTICLE II

               APPOINTMENT OF THE SUB-SERVICER; CERTAIN DUTIES AND
                      RESPONSIBILITIES OF THE SUB-SERVICER.

      SECTION 2.1 Appointment of the Sub-Servicer. The Master Servicer hereby
appoints the Sub-Servicer as its agent to sub-service the Transferred
Receivables originated by [name of Originator] (such assets, the "Sub-Serviced
Assets").

      SECTION 2.2 Duties and Responsibilities of the Sub-Servicer. Subject to
the provisions of this Agreement, the Sub-Servicer shall service the
Sub-Serviced Assets under the same terms as the Master Servicer is bound under
the Servicing Agreement and with the same degree of care as required by Section
2.2 thereof. Without limiting the generality of the foregoing, the Sub-Servicer
shall comply with Section 2.6 of the Servicing Agreement as if all references
therein to "Master Servicer" were references to the Sub-Servicer.

      SECTION 2.3 Reporting Requirements. The Sub-Servicer agrees that it shall
assist the Master Servicer in preparing and delivering the financial statements,
notices and other information contemplated by Section 2.7 of the Servicing
Agreement.

      SECTION 2.4 Sub-Servicing Fees. On each Payment Date, the Master Servicer
will pay to the Sub-Servicer, as compensation for the Sub-Servicer's
subservicing activities hereunder and as reimbursement for the Sub-Servicer's
reasonable expenses in connection therewith, a fee equal to one-twelfth of the
product of (a) [ ] percent ( %) and (b) the total outstanding balance of the
Sub-Serviced Assets as of the beginning of the prior Monthly Period.

                                                         Sub-Servicing Agreement

<PAGE>
                                  ARTICLE III

                         REPRESENTATIONS AND WARRANTIES

      SECTION 3.1 Representations and Warranties of the Sub-Servicer. The
Sub-Servicer represents and warrants to the Master Servicer as of the Closing
Date as follows:

            (a)   It is a corporation, duly organized, validly existing and in
      good standing under the laws of its jurisdiction of incorporation and is
      duly qualified to do business, and is in good standing, in each
      jurisdiction in which the servicing of the Sub-Serviced Assets hereunder
      requires it to be so qualified, except where the failure to comply would
      not reasonably be expected to have a [material adverse effect on the
      ability of the Sub-Servicer to service the Sub-Serviced Assets].

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

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

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

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

                                   ARTICLE IV

                                  MISCELLANEOUS

      SECTION 4.1 Notices. Except as otherwise provided herein, whenever it is
provided herein that any notice, demand, request, consent, approval, declaration
or other communication shall or may be given to or served upon any party hereto
by any other party hereto, or whenever any party hereto desires to give or serve
upon any other party hereto any communication with respect to this Agreement,
each such notice, demand, request, consent, approval, declaration or other
communication shall be in writing and shall be deemed to have been validly
served, given

                                                         Sub-Servicing Agreement

                                       2
<PAGE>

or delivered (a) upon the earlier of actual receipt and three Business Days
after deposit in the United States Mail, registered or certified mail, return
receipt requested, with proper postage prepaid, (b) upon transmission, when sent
by facsimile or other electronic transmission (with such transmission promptly
confirmed by delivery of a copy by personal delivery or United States Mail as
otherwise provided in this Section 4.1), (c) one Business Day after deposit with
a reputable overnight courier with all charges prepaid or (d) when delivered, if
hand-delivered by messenger, all of which shall be addressed to the party to be
notified and sent to the address or facsimile number indicated below or to such
other address (or facsimile number) as may be substituted by notice given as
herein provided. The giving of any notice required hereunder may be waived in
writing by the party entitled to receive such notice. Failure or delay in
delivering copies of any notice, demand, request, consent, approval, declaration
or other communication to any Person designated in any written notice provided
hereunder to receive copies shall in no way adversely affect the effectiveness
of such notice, demand, request, consent, approval, declaration or other
communication. Notwithstanding the foregoing, whenever it is provided herein
that a notice is to be given to any other party hereto by a specific time, such
notice shall only be effective if actually received by such party prior to such
time, and if such notice is received after such time or on a day other than a
Business Day, such notice shall only be effective on the immediately succeeding
Business Day.

      If to the Master Servicer:

            General Electric Capital Corporation
            1600 Summer Street, 4th Floor
            Stamford, Connecticut 06927
            Attention: Manager, Securitizations
            Telephone: (203) 357-4328
            Facsimile: (203) 961-2953

            If to Sub-Servicer:

            [       ],
                as Sub-Servicer
            [      ]
            [      ]
            Attention:        [                    ]
            Telephone:        [                    ]
            Facsimile:        [                    ]

      SECTION 4.2 GOVERNING LAW; CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL.
THIS AGREEMENT AND THE OBLIGATIONS ARISING HEREUNDER SHALL IN ALL RESPECTS,
INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, BE GOVERNED BY,
AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF
NEW YORK (INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW,
BUT WITHOUT REGARD TO ANY OTHER

                                                         Sub-Servicing Agreement

                                       3
<PAGE>

CONFLICT OF LAW PROVISIONS THEREOF) AND ANY APPLICABLE LAWS OF THE UNITED STATES
OF AMERICA.

            (a)   EACH PARTY HERETO HEREBY CONSENTS AND AGREES THAT THE STATE OR
      FEDERAL COURTS LOCATED IN THE BOROUGH OF MANHATTAN IN NEW YORK CITY SHALL
      HAVE EXCLUSIVE JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS OR DISPUTES
      BETWEEN THEM PERTAINING TO THIS AGREEMENT OR TO ANY MATTER ARISING OUT OF
      OR RELATING TO THIS AGREEMENT; PROVIDED, THAT EACH PARTY HERETO
      ACKNOWLEDGES THAT ANY APPEALS FROM THOSE COURTS MAY HAVE TO BE HEARD BY A
      COURT LOCATED OUTSIDE OF THE BOROUGH OF MANHATTAN IN NEW YORK CITY. EACH
      PARTY HERETO SUBMITS AND CONSENTS IN ADVANCE TO 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 4.1 AND THAT SERVICE SO MADE
      SHALL BE DEEMED COMPLETED UPON THE EARLIER OF SUCH PARTY'S ACTUAL RECEIPT
      THEREOF OR THREE DAYS AFTER DEPOSIT IN THE UNITED STATES MAIL, PROPER
      POSTAGE PREPAID. NOTHING IN THIS SECTION SHALL AFFECT THE RIGHT OF ANY
      PARTY HERETO TO SERVE LEGAL PROCESS IN ANY OTHER MANNER PERMITTED BY LAW.

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

                                                         Sub-Servicing Agreement

                                       4
<PAGE>

      SECTION 4.3 Counterparts. This Agreement may be executed in any number of
separate counterparts, each of which shall collectively and separately
constitute one agreement. Executed counterparts may be delivered electronically.

      SECTION 4.4 Severability. Wherever possible, each provision of this
Agreement shall be interpreted in such a manner as to be effective and valid
under applicable law, but if any provision of this Agreement shall be prohibited
by or invalid under applicable law, such provision shall be ineffective only to
the extent of such prohibition or invalidity without invalidating the remainder
of such provision or the remaining provisions of this Agreement.

      SECTION 4.5 Section Titles. The section titles and table of contents
contained in this Agreement are and shall be without substantive meaning or
content of any kind whatsoever and are not a part of the agreement between the
parties hereto.

      SECTION 4.6 Termination. This Agreement and the terms hereof shall remain
in full force and effect until the earliest of (a) the date on which the
outstanding balances of the Sub-Serviced Assets have been reduced to zero, (b)
the date that the Master Servicer gives the Sub-Servicer notice that this
Agreement is terminated and (c) 30 days (or earlier in the discretion of the
Master Servicer) after the Sub-Servicer gives the Master Servicer written notice
that it wishes to terminate this Agreement; provided, however, the provisions
set forth in Sections 4.7, 4.8 and 4.9 shall survive any termination of this
Agreement.

      SECTION 4.7 Limited Recourse.

            (a)   The obligations of the Master Servicer under this Agreement
      are solely the obligations of the Master Servicer. No recourse shall be
      had for any obligation or claim arising out of or based upon this
      Agreement against any incorporator, shareholder, officer, manager, member
      or director, past, present or future, of the Master Servicer or of any
      successor or of its constituent members or its other Affiliates, either
      directly or through the Master Servicer or any successor, whether by
      virtue of any constitution, statute or rule of law or by the enforcement
      of any assessment or penalty or otherwise, all such liability being, by
      acceptance hereof and as part of the consideration for the acceptance
      hereof, expressly waived and released. For avoidance of doubt, the
      Sub-Servicer shall have no claim against Owner or the Transferor arising
      under or in connection with this Agreement.

            (b)   The obligations of the Sub-Servicer under this Agreement are
      solely the obligations of the Sub-Servicer. No recourse shall be had for
      the payment of any amount owing hereunder or any other obligation or claim
      arising out of or based upon this Agreement, against any shareholder,
      employee, officer, manager, member or director, agent or organizer, past,
      present or future, of the Sub-Servicer or of any successor thereto, either
      directly or through the Sub-Servicer or any successor thereto, whether by
      virtue of any constitution, statute or rule of law or by the enforcement
      of any assessment or penalty or otherwise, all such liability being, by
      acceptance hereof and as part of the consideration for the acceptance
      hereof, expressly waived and released. For avoidance of doubt, the
      Sub-Servicer shall not be liable for uncollectible Sub-Serviced Assets.

                                                         Sub-Servicing Agreement

                                       5
<PAGE>

                               [Signatures Follow]

                                                         Sub-Servicing Agreement

                                       6
<PAGE>

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

                               GENERAL ELECTRIC CAPITAL CORPORATION,
                                 as Master Servicer

                               By: ____________________________________________
                                   Name:
                                   Title:

                                                         Sub-Servicing Agreement

                                       S-1
<PAGE>

                               [NAME OF SUB-SERVICER], as Sub-Servicer

                               By: ____________________________________________
                                   Name:
                                   Title:

                                                         Sub-Servicing Agreement

                                       S-2<PAGE>

                                                                    Exhibit 4.17

                            ADMINISTRATION AGREEMENT

                                      among

                     GE DEALER FLOORPLAN MASTER NOTE TRUST,
                                    as Trust,

                      GENERAL ELECTRIC CAPITAL CORPORATION,
                                as Administrator,

                                       and

                        THE BANK OF NEW YORK (DELAWARE),
              not in its individual capacity, but solely as trustee

                           Dated as of [______], 2004

                                                        Administration Agreement

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                                 PAGE
<S>                                                                                                              <C>
1.     Duties of the Administrator............................................................................    1

2.     Records................................................................................................    7

3.     Compensation...........................................................................................    7

4.     Additional Information to Be Furnished to the Trust....................................................    7

5.     Independence of the Administrator......................................................................    7

6.     No Joint Venture.......................................................................................    7

7.     Other Activities of the Administrator..................................................................    7

8.     Term of Agreement; Resignation and Removal of the Administrator........................................    8

9.     Action upon Termination, Resignation or Removal........................................................    9

10.    Notices................................................................................................    9

11.    Amendments.............................................................................................   10

12.    Successors and Assigns.................................................................................   10

13.    Governing Law..........................................................................................   10

14.    Other Interpretive Matters.............................................................................   12

15.    Headings...............................................................................................   12

16.    Counterparts...........................................................................................   12

17.    Severability...........................................................................................   12

18.    Not Applicable to General Electric Capital Corporation in Other Capacities.............................   12

19.    Limitation of Liability of the Trustee.................................................................   12

20.    Indemnification........................................................................................   13

21.    No Proceedings.........................................................................................   13
</TABLE>

                                                        Administration Agreement

                                      -i-

<PAGE>

      ADMINISTRATION AGREEMENT dated as of [______], 2004, among GE DEALER
FLOORPLAN MASTER NOTE TRUST, a Delaware statutory trust (the "Trust"), GENERAL
ELECTRIC CAPITAL CORPORATION, a Delaware corporation, as administrator (the
"Administrator") and The Bank of New York (Delaware), as Trustee ("Trustee").

                                    RECITALS

      WHEREAS, the Trust has entered into a Master Indenture, dated of even date
herewith (as amended and supplemented by any Indenture Supplement, or otherwise,
from time to time in accordance with the provisions thereof, the "Indenture"),
between the Trust and Wilmington Trust Company, as indenture trustee ("Indenture
Trustee"), to provide for the issuance of its asset backed notes (the "Notes")
from time to time pursuant to one or more indenture supplements. Capitalized
terms used herein and not otherwise defined herein are defined in the Indenture;

      WHEREAS, the Trust has entered into certain agreements in connection with
the issuance of the Notes and the issuance of the Transferor Certificate (as
defined in the Trust Agreement) and transactions related thereto, including (i)
the Second Tier Agreement, (ii) the Servicing Agreement, (iii) the Trust
Agreement, and (iv) the Indenture (collectively, the "Related Documents");

      WHEREAS, pursuant to the Related Documents, the Trust and Trustee are
required to perform certain duties in connection with: (a) the Notes and the
collateral therefor pledged pursuant to the Indenture (the "Collateral") and (b)
the Transferor Certificate;

      WHEREAS, the Trust and Trustee desire to have the Administrator perform
certain of the duties of the Trust and Trustee referred to in the preceding
clause, and to provide such additional services consistent with this Agreement
and the Related Documents as the Trust or Trustee may from time to time request;
and

      WHEREAS, the Administrator has the capacity to provide the services
required hereby and is willing to perform such services for the Trust and
Trustee on the terms set forth herein;

      NOW, THEREFORE, in consideration of the mutual terms and covenants
contained herein, and other good and valuable consideration, the receipt and
adequacy of which are hereby acknowledged, the parties agree as follows:

      1.    Duties of the Administrator.

      (a)   Duties with Respect to the Second Tier Agreement. The Administrator,
on behalf of the Trust, shall perform the administrative duties of the Trust
under the Second Tier Agreement. The Administrator, on behalf of the Trust,
shall monitor the performance of the Trust and shall advise the Trust when
action is necessary to comply with the Trust's duties under the Second Tier
Agreement. The Administrator, on behalf of the Trust, shall prepare for
execution by the Trust or shall cause the preparation by other appropriate
Persons of all such documents, reports, filings, instruments, certificates and
opinions as it shall be the duty of the Trust (or Trustee) to prepare, file or
deliver pursuant to the Second Tier Agreement. In furtherance of the foregoing,
the Administrator, on behalf of the Trust (or Trustee) shall take all
appropriate action that is the duty of the Trust to take pursuant to such
documents, including,

                                                        Administration Agreement

<PAGE>

without limitation, such of the foregoing as are required with respect to the
following matters (references in this section are to sections of the Second Tier
Agreement):

            (i)   the duty to maintain possession of the Account Schedules
      delivered pursuant to the Second Tier Agreement (Section 2.1);

            (ii)  the duty to cause the Trust[, to the extent the Trust has
      available funds,] to pay the Purchase Prices pursuant to the Second Tier
      Agreement (Section 2.4);

            (iii) (A) the preparation and the execution of any Reassignment (as
      defined in the Second Tier Agreement) or any other documents and
      instruments of transfer and (B) the duty to take such actions as requested
      by the Seller (as defined in the Second Tier Agreement) to effect the
      conveyance of the Transferred Receivables (as defined in the Second Tier
      Agreement) (Section 2.7); and

            (iv)  (A) the notification to the Seller (as defined in the Second
      Tier Agreement) of any breach in representation or warranty of the Seller
      (as defined in the Second Tier Agreement) under the Second Tier Agreement
      or (B) a reassignment of the Transferred Receivables (as defined in the
      Second Tier Agreement) if such breach is not cured as provided in Section
      6.1 of the Second Tier Agreement (Section 6.1).

      (b)   Duties with Respect to the Servicing Agreement. The Administrator,
on behalf of the Trust, shall perform the administrative duties of the Trust
under the Servicing Agreement. The Administrator, on behalf of the Trust, shall
monitor the performance of the Trust and shall advise the Trust when action is
necessary to comply with the Trust's duties under the Servicing Agreement. The
Administrator, on behalf of the Trust, shall prepare for execution by the Trust
or shall cause the preparation by other appropriate Persons of all such
documents, reports, filings, instruments, certificates and opinions as it shall
be the duty of the Trust (or Trustee) to prepare, file or deliver pursuant to
the Servicing Agreement. In furtherance of the foregoing, the Administrator, on
behalf of the Trust shall take all appropriate action that is the duty of the
Trust (or Trustee) to take pursuant to such documents, including, without
limitation, such of the foregoing as are required with respect to the following
matters (references in this section are to sections of the Servicing Agreement):

            (i)   the notification to the Master Servicer prior to any
      designation of (A) additional or removed Accounts, or (B) any additional
      Originator (Section 2.2);

            (ii)  (A) the duty to furnish the Master Servicer with powers of
      attorney and other documents necessary or appropriate to enable the Master
      Servicer to carry out its servicing duties and (B) the duty to assist the
      Master Servicer in collecting the Transferred Receivables (Section 2.4);

            (iii) (A) the notification to the Master Servicer of a breach of the
      applicable covenants under Section 2.6 of the Servicing Agreement and (B)
      the execution and the delivery of any documents or instruments of transfer
      or assignment requested by the Master Servicer to effect the conveyance of
      the Transferred Receivables to the Master Servicer (Section 2.6);

                                                        Administration Agreement

                                      -2-
<PAGE>

            (iv)  the delivery of a Servicer Termination Notice (as defined in
      the Servicing Agreement) to the Master Servicer (Section 5.1); and

            (v)   the appointment of a Successor Servicer (Section 6.2).

      (c)   Duties with Respect to the Indenture. The Administrator, on behalf
of the Trust, shall perform the administrative duties of the Trust under the
Indenture. The Administrator, on behalf of the Trust, shall monitor the
performance of the Trust and shall advise the Trust when action is necessary to
comply with the Trust's duties under the Indenture. The Administrator, on behalf
of the Trust, shall prepare for execution by the Trust or shall cause the
preparation by other appropriate Persons of all such documents, reports,
filings, instruments, certificates and opinions as it shall be the duty of the
Trust (or Trustee) to prepare, file or deliver pursuant to the Indenture. In
furtherance of the foregoing, the Administrator, on behalf of the Trust (or
Trustee) shall take all appropriate action that is the duty of the Trust to take
pursuant to such documents, including, without limitation, such of the foregoing
as are required with respect to the following matters (references in this
section are to sections of the Indenture):

            (i)   (A) the preparation of or the obtaining of the documents and
      instruments required for authentication of the Notes and (B) the delivery
      of the same to the Indenture Trustee (Sections 2.2, 2.3 and 2.5);

            (ii)  (A) the duty to cause the Note Register to be kept, (B) the
      appointment of a successor Note Registrar, (C) the notification to the
      Indenture Trustee of any appointment of a new Note Registrar or the Note
      Registrar's change in location, (D) the preparation of a new Note upon the
      surrender of a Note for transfer and (E) the appointment of a co-transfer
      agent if any Series of Notes is listed on the Luxembourg Stock Exchange
      (Section 2.4);

            (iii) the notification to the Indenture Trustee of the date on which
      the Trust expects that the final installment of principal of and interest
      on the Notes will be paid (Section 2.7);

            (iv)  (A) the notification to the Indenture Trustee and each Rating
      Agency of a New Issuance and (B) the delivery of any Indenture Supplement,
      Series Enhancement and Tax Opinion to the Indenture Trustee (Section 2.8);

            (v)   the delivery of any Notes to the Indenture Trustee for
      cancellation (Section 2.9);

            (vi)  the communication with any Clearing Agency (Section 2.10 and
      2.11);

            (vii) (A) the appointment of a successor Clearing Agency and (B) the
      notification to the Indenture Trustee that the Clearing Agency is no
      longer willing or able to discharge its responsibilities under the Note
      Depository Agreement and that the Trust is unable to locate a successor
      Clearing Agency (Section 2.12);

                                                        Administration Agreement

                                      -3-
<PAGE>

            (viii) the notification to the Indenture Trustee thirty (30) days
      prior to of any change in the location of the Trust's offices or its
      jurisdiction of organization (Section 3.2);

            (ix)  the duty to cause each Paying Agent to comply with its
      obligations under the Indenture (Section 3.3);

            (x)   the duty to cause the Trust to (A) keep in full effect its
      existence, rights and franchises as a Delaware statutory trust and (B)
      observe and comply in all material respects with (I) all laws applicable
      to the Trust (II) all requisite and appropriate organizational and other
      formalities in the management of the Trust's business and affairs and
      (III) conduct the transactions contemplated thereby (Section 3.4);

            (xi)  the duty to cause the preparation and delivery of all
      supplements and amendments to the Indenture in accordance with Section 3.5
      of the Indenture (Section 3.5);

            (xii) the delivery of an Opinion of Counsel to the Indenture Trustee
      under Section 3.6 of the Indenture (Section 3.6);

            (xiii) the duty to cause the Trust (A) to punctually perform and
      observe its obligations and agreements under the Related Documents,
      including filing or causing to be filed all UCC financing statements and
      continuation statements pursuant to the Related Documents, (B) to enforce
      the obligations of the Master Servicer under the Servicing Agreement (C)
      to perform the reasonable actions necessary to remedy any Servicer
      Default, (D) to deliver a notice to the Master Servicer of any Servicer
      Default as required under Section 3.7(d) of the Indenture, (E) to exercise
      its rights to terminate the Master Servicer, (F) to obtain the consent of
      the Noteholders upon a voluntary dismissal of the Master Servicer, (G) to
      appoint a Successor Servicer, (H) to notify the Indenture Trustee upon any
      termination of the Master Servicer's rights and powers under the Servicing
      Agreement and each appointment of a Successor Servicer, (I) to provide, or
      to cause the Master Servicer to provide, the Trustee access to any
      documents regarding the Accounts and the Transferred Receivables and (J)
      to provide notice to the Rating Agencies of a merger or consolidation of
      the Master Servicer or an Originator (Section 3.7);

            (xiv) to contest or to pay all taxes on behalf of the Trust when due
      and payable (Section 3.8);

            (xv)  the delivery of an Officer's Certificate to the Indenture
      Trustee under Section 3.9 of the Indenture (Section 3.9);

            (xvi) the delivery of an Officer's Certificate, Opinion of Counsel
      and Officer's Certificate to the Indenture Trustee under Sections 3.10,
      4.1, 9.1(b) and 10.1 of the Indenture (Sections 3.10, 4.1, 9.1(b) and
      10.1) or as may otherwise be required pursuant to the Indenture;

            (xvii) the notification to the Indenture Trustee and the Rating
      Agencies of each Early Amortization Event, Event of Default and Servicer
      Default and (B) the delivery of

                                                        Administration Agreement

                                      -4-
<PAGE>

      an Officer's Certificate to the Indenture Trustee required under Section
      3.12 of the Indenture (Section 3.12);

            (xviii) (A) the preparation of and the delivery of any further
      instruments and (B) the performance of any further acts as may be
      reasonably necessary to carry out the provisions of the Indenture (Section
      3.13);

      (xix) the duty to cause the Trust to take all such lawful actions to
      compel or secure the performance and observance by the Master Servicer or
      the Transferor of their obligations to the Trust (Section 5.15);

      (xx)  the delivery, or the duty to cause the Master Servicer to deliver,
      to each Noteholder such information as may be required to enable such
      Noteholder to prepare any income tax returns (Section 6.6);

      (xxi) (A) the removal of the Indenture Trustee and (B) the appointment of
      a successor Indenture Trustee in accordance with Section 6.8 of the
      Indenture (Section 6.8);

      (xxii) the notification to the Indenture Trustee in writing if any of the
      Notes become listed on any stock exchange or market trading system
      (Section 6.14);

      (xxiii) (A) the duty to cause the Paying Agent (other than the Indenture
      Trustee) to pay the Indenture Trustee any sums held in trust by such
      Paying Agent with respect to the Notes and (B) the appointment of each
      Paying Agent (Section 6.16);

      (xxiv) the duty to furnish to the Indenture Trustee a list of Noteholders
      as required pursuant to Section 7.1 of the Indenture (Section 7.1);

      (xxv) (A) the filing with the Indenture Trustee of copies of reports or
      documents required pursuant to the Securities Exchange Act and the
      Commission, (B) the delivery of the summaries of any information required
      to be filed with the Commission to the Indenture Trustee and (C) the
      notification to the Indenture Trustee of any change in the Trust's fiscal
      year (Section 7.3);

      (xxvi) (A) the delivery of an Officer's Certificate to the Indenture
      Trustee and (B) the preparation and the delivery any Supplemental
      Indentures (Sections 9.1 and 9.2);

      (xxvii) (A) the preparation and the delivery of any agreement entered into
      with a Noteholder pursuant to Section 10.6 of the Indenture and (B) the
      delivery of a copy of such agreement to the Indenture Trustee (Section
      10.6);

      (xxviii) the filing of all appropriate financing statements (Section
      2.15); and

      (xxix) the duties of the Trust pursuant to any Indenture Supplement.

      (d)   Duties with Respect to Sale of Notes. The Administrator, on behalf
of the Trust, shall perform the administrative duties of the Trust under any
note purchase agreement, loan

                                                        Administration Agreement

                                      -5-
<PAGE>

agreement or underwriting agreement entered into in connection with the issuance
of any Notes. The Administrator, on behalf of the Trust, shall monitor the
performance of the Trust and shall advise the Trust when action is necessary to
comply with the Trust's duties under any note purchase agreement, loan agreement
or underwriting agreement. The Administrator, on behalf of the Trust, shall
prepare for execution by the Trust or shall cause the preparation by other
appropriate Persons of all such documents, reports, filings, instruments,
certificates and opinions as it shall be the duty of the Trust (or Trustee) to
prepare, file or deliver pursuant any note purchase agreement, loan agreement or
underwriting agreement. In furtherance of the foregoing, the Administrator, on
behalf of the Trust (or Trustee) shall take all appropriate action that is the
duty of the Trust to take pursuant to such documents.

      (e)   Duties with Respect to the Trust.

            (i)   The Administrator shall perform such calculations, and shall
      prepare for execution by the Trust (or the Trustee, on behalf of the
      Trust) or shall cause the preparation by other appropriate Persons, of all
      such documents, reports, filings, instruments, certificates and opinions,
      as it shall be the duty of the Trust (or the Trustee, on behalf of the
      Trust), to perform, prepare, file or deliver pursuant to the Related
      Documents. At the request of the Trust, the Administrator shall take all
      appropriate action that it is the duty of the Trust (or the Trustee, on
      behalf of the Trust), to take pursuant to the Related Documents. Subject
      to Section 5, and in accordance with the directions of the Trust (or the
      Trustee, on behalf of the Trust), the Administrator, on behalf of the
      Trust, shall administer, perform or supervise the performance of such
      other activities permitted by the Related Documents as are not covered by
      any of the foregoing and as are expressly requested by the Trust (or the
      Trustee, on behalf of the Trust), and are reasonably within the capability
      of the Administrator.

            (ii)  The Administrator, on behalf of the Trust, shall perform the
      duties specified in Section 9.2 of the Trust Agreement required to be
      performed in connection with the resignation or removal of the Trustee,
      and any other duties expressly required to be performed by the
      Administrator under the Trust Agreement.

            (iii) In carrying out the foregoing duties or any of its other
      obligations under this Agreement or the other Related Documents, the
      Administrator may enter into transactions with or otherwise deal with any
      of its Affiliates; provided, however, that the terms of any such
      transactions or dealings shall be in accordance with any directions
      received from the Trust and shall be, in the Administrator's opinion, no
      less favorable to the Trust than would be available from unaffiliated
      parties.

            (iv)  The Administrator hereby agrees to execute on behalf of the
      Trust all such documents, reports, filings, instruments, certificates and
      opinions as it shall be the duty of the Trust to prepare, file or deliver
      pursuant to the Related Documents or otherwise by law.

      (f)   Non-Ministerial Matters.

                                                        Administration Agreement

                                      -6-
<PAGE>

            (i)   With respect to matters that in the reasonable judgment of the
      Administrator are non-ministerial, the Administrator shall not take any
      action unless within a reasonable time before the taking of such action
      the Administrator shall have notified the Trustee or the Trust, as
      applicable, of the proposed action and the Trustee or the Trust, as
      applicable, shall have consented or provided an alternative direction. For
      the purpose of the preceding sentence, "non-ministerial matters" shall
      include, without limitation:

                  (A)   the initiation of any claim or lawsuit by the Trust and
            the compromise of any action, claim or lawsuit brought by or against
            the Trust (other than in connection with the collection of the
            Transferred Receivables);

                  (B)   the amendment, change, supplement or modification of the
            Related Documents other than an Indenture Supplement; and

                  (C)   the appointment of successor Note Registrars, successor
            Paying Agents and successor Indenture Trustees pursuant to the
            Indenture or the appointment of successor Administrators or
            successor Servicers, or the consent to the assignment by the Note
            Registrar, Paying Agent or Indenture Trustee of its obligations
            under the Indenture.

            (ii)  Notwithstanding anything to the contrary in this Agreement,
      the Administrator shall not be obligated to, and shall not take any other
      action that the Trust directs the Administrator not to take on its behalf.

      (g)   Administrator Not Assuming Duties of Master Servicer. For avoidance
of doubt, the Administrator is not responsible for taking any actions that are
the duty of the Master Servicer pursuant to the Servicing Agreement.

      2.    Records. The Administrator shall maintain appropriate books of
account and records relating to services performed hereunder, which books of
account and records shall be accessible for inspection by the Trust or its
designees, at any time during normal business hours.

      3.    Compensation. As compensation for the performance of the
Administrator's obligations under this Agreement and as reimbursement for its
expenses related thereto, the Administrator shall be entitled to $[___] per
month payable in arrears on each Payment Date, which payment shall be solely an
obligation of the Trust.

      4.    Additional Information to be Furnished to the Trust. The
Administrator shall furnish to the Trust from time to time such additional
information regarding the Collateral as the Trust shall reasonably request.

      5.    Independence of the Administrator. For all purposes of this
Agreement, the Administrator shall be an independent contractor and shall not be
subject to the supervision of the Trust or Trustee with respect to the manner in
which it accomplishes the performance of its obligations hereunder. Unless
expressly authorized by the Trust, the Administrator shall have no authority to
act for or represent the Trust in any way (other than as permitted hereunder)
and shall not otherwise be deemed an agent of the Trust.

                                                        Administration Agreement

                                      -7-
<PAGE>

      6.    No Joint Venture. Nothing contained in this Agreement: (i) shall
constitute the Administrator and the Trust as members of any partnership, joint
venture, association, syndicate, unincorporated business or other separate
entity, (ii) shall be construed to impose any liability as such on any of them
or (iii) shall be deemed to confer on any of them any express, implied or
apparent authority to incur any obligation or liability on behalf of the others.

      7.    Other Activities of the Administrator. Nothing herein shall prevent
the Administrator or its Affiliates from engaging in other businesses or, in
their sole discretion, from acting in a similar capacity as an administrator for
any other Person even though such Person may engage in business activities
similar to those of the Trust.

      8.    Term of Agreement; Resignation and Removal of the Administrator.

      (a)   This Agreement shall continue in force until the dissolution of the
Trust, upon which event this Agreement shall automatically terminate.

      (b)   Subject to Section 8(g), the Administrator may resign its duties
hereunder by providing the Trust and the Master Servicer with at least sixty
(60) days' prior written notice.

      (c)   Subject to Section 8(e), the Trust may remove the Administrator
without cause by providing the Administrator and the Master Servicer with at
least sixty (60) days' prior written notice.

      (d)   Subject to Section 8(e), at the sole option of the Trust, the
Administrator may be removed immediately upon written notice of termination from
the Trust to the Administrator and the Transferor if any of the following events
shall occur:

            (i)   the Administrator shall default in the performance of any of
      its duties under this Agreement and, after notice of such default, shall
      not cure such default within ten (10) days (or, if such default cannot be
      cured in such time, shall not give within ten (10) days such assurance of
      cure as shall be reasonably satisfactory to the Trust);

            (ii)  a court having jurisdiction in the premises shall enter a
      decree or order for relief, and such decree or order shall not have been
      vacated within sixty (60) days, in respect of the Administrator in any
      involuntary case under any applicable bankruptcy, insolvency or other
      similar law now or hereafter in effect or appoint a receiver, liquidator,
      assignee, custodian, trustee, sequestrator or similar official for the
      Administrator or any substantial part of its property or order the
      winding-up or liquidation of its affairs; or

            (iii) the Administrator shall commence a voluntary case under any
      applicable bankruptcy, insolvency or other similar law now or hereafter in
      effect, shall consent to the entry of an order for relief in an
      involuntary case under any such law, or shall consent to the appointment
      of a receiver, liquidator, assignee, trustee, custodian, sequestrator or
      similar official for the Administrator or any substantial part of its
      property, shall consent to the taking of possession by any such official
      of any substantial part of its property, shall make any general assignment
      for the benefit of creditors or shall fail generally to pay its debts as
      they become due.

                                                        Administration Agreement

                                      -8-
<PAGE>

      The Administrator agrees that if any of the events specified in clauses
(ii) or (iii) of this subsection shall occur, it shall give written notice
thereof to the Trust, the Master Servicer and the Indenture Trustee within seven
(7) days after the happening of such event.

      (e)   Upon the Administrator's receipt of notice of termination, pursuant
to Section 8(c) or 8(d), or the Administrator's resignation in accordance with
this Agreement, the predecessor Administrator shall continue to perform its
functions as Administrator under this Agreement, in the case of termination,
only until the date specified in such termination notice or, if no such date is
specified in a notice of termination, until receipt of such notice and, in the
case of resignation, until the later of: (x) the date that is forty-five (45)
days from the delivery to the Trust, the Indenture Trustee and the Master
Servicer of written notice of such resignation (or written confirmation of such
notice) in accordance with this Agreement and (y) the date upon which the
predecessor Administrator shall become unable to act as Administrator, as
specified in the notice of resignation and accompanying Opinion of Counsel. In
the event of the Administrator's termination hereunder, the Trust shall appoint
a successor Administrator, and the successor Administrator shall accept its
appointment by a written assumption. No resignation or removal of the
Administrator pursuant to this Section shall be effective until: (i) a successor
Administrator shall have been appointed by the Trust and (ii) such successor
Administrator shall have agreed in writing to be bound by the terms of this
Agreement in the same manner as the Administrator is bound hereunder.

      (f)   Upon appointment, the successor Administrator shall be the successor
in all respects to the predecessor Administrator and shall be subject to all the
responsibilities, duties and liabilities arising thereafter relating thereto
placed on the predecessor Administrator and shall be entitled to the
compensation specified in Section 3 and all the rights granted to the
predecessor Administrator by the terms and provisions of this Agreement.

      (g)   The appointment of any successor Administrator shall be effective
only after satisfaction of the Rating Agency Condition with respect to the
proposed appointment.

      (h)   The Administrator or the Trust, as the case may be, shall provide to
the Indenture Trustee a copy of all notices required to be delivered under this
Section 8.

      9.    Action upon Termination, Resignation or Removal. Promptly upon the
effective date of termination of this Agreement pursuant to Section 8(a), or the
resignation or removal of the Administrator pursuant to Section 8(b) or 8(c),
respectively, the Administrator shall be entitled to be paid all fees and
reimbursable expenses accruing to it to the date of such termination,
resignation or removal. The Administrator shall forthwith upon such termination
pursuant to Section 8(a) deliver to the Trust all property and documents of or
relating to the Collateral then in the custody of the Administrator. In the
event of the resignation or removal of the Administrator pursuant to Section
8(b) or 8(c), respectively, the Administrator shall cooperate with the Trust and
the Indenture Trustee and take all reasonable steps requested to assist the
Trust and the Indenture Trustee in making an orderly transfer of the duties of
the Administrator to the successor Administrator.

      10.   Notices. Any notice, report or other communication given hereunder
shall be in writing and addressed as follows:

                                                        Administration Agreement

                                      -9-
<PAGE>

(a) if to the Trust, to:

             GE Dealer Floorplan Master Note Trust
             c/o The Bank of New York (Delaware), as Trustee
             101 Barclay Street, Floor 8 West (ABS Unit)
             New York, NY 10286
             Attn: Antonio Vayas
             Telephone: (212) 815-8322
             Telecopy: (212) 815-2493 or 3883

(b) if to the Administrator, to:

             General Electric Capital Corporation, as Administrator
             1600 Summer Street, 4th Floor
             Stamford, CT 06927
             Attn: Manager, Securitizations
             Telephone: (203) 357-4328
             Telecopy: (203) 961-2953

(c) if to the Indenture Trustee, to:

             Wilmington Trust Company
             1100 N. Market Street
             Wilmington, DE 19890
             Attn:  [________]
             Telephone:  [________]
             Telecopy:  [________]

or to such other address as any party shall have provided to the other parties
in writing. Any notice required to be in writing hereunder shall be deemed given
if such notice is mailed by certified mail, postage prepaid, or hand-delivered
to the address of such party as provided above.

      11.   Amendments. This Agreement may be amended from time to time by a
written amendment duly executed and delivered by the Trust and the
Administrator. Promptly after the execution of any such amendment, the
Administrator shall furnish written notification of the substance of such
amendment or consent to the Holder of the Transferor Certificate and each of the
Rating Agencies.

      12.   Successors and Assigns. This Agreement may not be assigned by the
Administrator unless such assignment is previously consented to in writing by
the Trust and subject to the satisfaction of the Rating Agency Condition in
respect thereof. An assignment with such consent and satisfaction, if accepted
by the assignee, shall bind the assignee hereunder in the same manner as the
Administrator is bound hereunder. Notwithstanding the foregoing, this Agreement
may be assigned by the Administrator without the consent of the Trust to a
corporation or other organization that is a successor (by merger, consolidation
or purchase of assets) to the Administrator, provided, that such successor
organization executes and delivers to the Trust, an agreement in which such
corporation or other organization agrees to be bound hereunder by the terms of
said assignment in the same manner as the Administrator is bound

                                                        Administration Agreement

                                      -10-
<PAGE>

hereunder. Subject to the foregoing, this Agreement shall bind any successors or
assigns of the parties hereto.

      13.   GOVERNING LAW; CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL.

      (a)   THIS AGREEMENT AND THE OBLIGATIONS ARISING HEREUNDER SHALL IN ALL
RESPECTS, INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, BE
GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE INTERNAL LAWS OF
THE STATE OF NEW YORK (INCLUDING SECTION 5-1401(1) OF THE GENERAL OBLIGATIONS
LAW, BUT WITHOUT REGARD TO ANY OTHER CONFLICT OF LAWS PROVISIONS THEREOF) AND
ANY APPLICABLE LAWS OF THE UNITED STATES OF AMERICA.

      (b)   EACH PARTY HERETO HEREBY CONSENTS AND AGREES THAT THE STATE OR
FEDERAL COURTS LOCATED IN THE BOROUGH OF MANHATTAN IN NEW YORK CITY SHALL HAVE
EXCLUSIVE JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN THEM
PERTAINING TO THIS AGREEMENT OR TO ANY MATTER ARISING OUT OF OR RELATING TO THIS
AGREEMENT; PROVIDED, THAT EACH PARTY HERETO ACKNOWLEDGES THAT ANY APPEALS FROM
THOSE COURTS MAY HAVE TO BE HEARD BY A COURT LOCATED OUTSIDE OF THE BOROUGH OF
MANHATTAN IN NEW YORK CITY; PROVIDED, FURTHER, THAT NOTHING IN THIS AGREEMENT
SHALL BE DEEMED OR OPERATE TO PRECLUDE THE TRUSTEE FROM BRINGING SUIT OR TAKING
OTHER LEGAL ACTION IN ANY OTHER JURISDICTION, OR TO ENFORCE A JUDGMENT OR OTHER
COURT ORDER IN FAVOR OF THE 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 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.

                                                        Administration Agreement

                                      -11-
<PAGE>

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

      14.   Other Interpretive Matters. All terms defined directly or by
incorporation in this Agreement shall have the defined meanings when used in any
document delivered pursuant hereto unless otherwise defined therein. For
purposes of this Agreement, unless the context otherwise requires: (a)
accounting terms not otherwise defined herein and accounting terms partly
defined herein to the extent not defined, shall have the respective meanings
given to them under generally accepted accounting principles; (b) unless
otherwise provided, references to any month, quarter or year refer to a calendar
month, quarter or year; (c) references to any amount as on deposit or
outstanding on any particular date means such amount at the close of business on
such day; (d) the words "hereof," "herein" and "hereunder" and words of similar
import refer to this Agreement as a whole and not to any particular provision of
this Agreement; (e) references to any section, schedule or exhibit are
references to sections, schedules and exhibits in or to this Agreement, and
references to any paragraph, subsection, clause or other subdivision within any
section or definition refer to such paragraph, subsection, clause or other
subdivision of such section or definition; (f) the term "including" means
"including without limitation"; (g) references to any law or regulation refer to
that law or regulation as amended from time to time and include any successor
law or regulation; (h) references to any agreement refer to that agreement as
from time to time amended, restated or supplemented or as the terms of such
agreement are waived or modified in accordance with its terms; and (i)
references to any Person include that Person's successors and assigns.

      15.   Headings. The section headings hereof have been inserted for
convenience of reference only and shall not be construed to affect the meaning,
construction or effect of this Agreement.

      16.   Counterparts. This Agreement may be executed in counterparts, all of
which when so executed shall together constitute but one and the same agreement.

      17.   Severability. Any provision of this Agreement that is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the
remaining provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any
other jurisdiction.

                                                        Administration Agreement

                                      -12-
<PAGE>

      18.   Not Applicable to General Electric Capital Corporation in Other
Capacities. Nothing in this Agreement shall affect any obligation General
Electric Capital Corporation may have in any other capacity.

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

      20.   Indemnification. The Administrator shall indemnify the Trust (and
its officers, directors, employees, trustees, and agents) (the "Indemnified
Parties") for, and hold them harmless against, any losses, liability or expense,
including attorneys' fees reasonably incurred by them (all of the foregoing
being collectively referred to as "Indemnified Amounts"), incurred without
negligence or willful misconduct on their part, arising out of or in connection
with: (i) actions taken by either of them pursuant to instructions given by the
Administrator pursuant to this Agreement or (ii) the failure of the
Administrator to perform its obligations hereunder. The indemnities contained in
this Section shall survive the termination of this Agreement and the resignation
or removal of the Administrator or the Trust.

      In the event any proceeding (including any governmental investigation)
shall be instituted involving any Indemnified Party pursuant to the preceding
paragraph, such Person shall promptly notify the Administrator in writing, and
the Administrator shall have the option to assume the defense thereof, including
the retention of counsel reasonably satisfactory to such Indemnified Party to
represent such Indemnified Party in such proceeding and shall pay the reasonable
fees and disbursements of such counsel related to such proceeding upon delivery
to the Administrator of demand therefor. In any such proceeding, any Indemnified
Party shall have the right to retain its own counsel, but the fees and expenses
of such counsel shall be at the expense of such Indemnified Party unless (i) the
Administrator has failed to assume the defense thereof, (ii) the Administrator
and the Indemnified Party shall have mutually agreed to the retention of such
counsel or (iii) the named parties to any such proceeding (including any
impleaded parties) include both the Administrator and the Indemnified Party and
representation of both parties by the same counsel would be inappropriate due to
actual or potential differing interests between them. It is understood that the
Administrator shall not, in connection with any proceeding or related
proceedings in the same jurisdiction, be liable for the fees and expenses of
more than one separate firm (in addition to any local counsel) for all such
Indemnified Parties. The Administrator shall not be liable for any settlement of
any proceeding effected without its written consent, but if settled with such
consent or if there be a final judgment for the plaintiff, the Administrator
agrees to indemnify the Indemnified Party from and against any loss or liability
by reason of such settlement or judgment for which the Administrator is liable
pursuant to this Section. The Administrator shall not, without the prior written
consent of the Indemnified Party, effect any settlement of any pending or
threatened proceeding in respect of which such Indemnified Party is or could
have been a party and indemnity could have been sought hereunder

                                                        Administration Agreement

                                      -13-
<PAGE>

by such Indemnified Party, unless such settlement includes an unconditional
release of such Indemnified Party from all liability on claims that are the
subject matter of such proceeding.

      21.   No Proceedings. From and after the Closing Date and until the date
one year plus one day following the date on which the Outstanding Balance of all
Transferred Receivables have been reduced to zero, the Administrator shall not,
directly or indirectly, institute or cause to be instituted against the Trust
any proceeding of the type referred to in the definition of "Insolvency Event."

                               [SIGNATURES FOLLOW]

                                                        Administration Agreement

                                      -14-
<PAGE>

      IN WITNESS WHEREOF, the parties have caused this Agreement to be duly
executed and delivered as of the day and year first above written.

                                GE DEALER FLOORPLAN MASTER NOTE TRUST

                                By: The Bank of New York (Delaware),
                                    not in its individual capacity but solely as
                                    Trustee on behalf of the Trust

                                By:_________________________________________
                                Name:_______________________________________
                                Title:______________________________________

                                GENERAL ELECTRIC CAPITAL CORPORATION,
                                    as Administrator

                                By:_________________________________________
                                Name:_______________________________________
                                Title:______________________________________

                                THE BANK OF NEW YORK (DELAWARE), not in its
                                individual capacity, but solely as trustee

                                By:_________________________________________
                                Name:_______________________________________
                                Title:______________________________________

                                                        Administration Agreement

                                      S-1

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