Document:

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                                                                    Exhibit 4(e)

                        LOAN PURCHASE AND SALE AGREEMENT

                         Dated as of September 25, 2003,

                                     between

                         CEF EQUIPMENT HOLDING, L.L.C.,
                                    as Seller

                                       and

                             GE COMMERCIAL EQUIPMENT
                          FINANCING LLC, SERIES 2003-1
                                  as Purchaser

                                                                   Loan Purchase
                                                              and Sale Agreement

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         This LOAN PURCHASE AND SALE AGREEMENT ("Agreement" or "Purchase and
Sale Agreement") is entered into as of September 25, 2003, by and among CEF
EQUIPMENT HOLDING, L.L.C. (the "Seller"), a Delaware limited liability company
and GE COMMERCIAL EQUIPMENT FINANCING LLC, SERIES 2003-1, a Delaware limited
liability company (the "Purchaser").

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

                                    ARTICLE I

                         DEFINITIONS AND INTERPRETATION

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

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

                                   ARTICLE II

                            SALES OF PURCHASER ASSETS

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

                  (i)      the Loans, including the Loan Files, and all
                           obligations of the Obligors thereunder, including the
                           right to payment of any interest or finance charges
                           and other obligations of such Obligor with respect
                           thereto due or to become due on or after the Cutoff
                           Date;

                  (ii)     all Related Security and Collections with respect
                           thereto;

                  (iii)    the Sale Agreement;

                  (iv)     the rights of the Seller to receive capital
                           contributions with respect to the CEF Variable
                           Funding Certificate;

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

                  (vi)     all Records with respect to any of the foregoing; and

                                                                   Loan Purchase
                                                              and Sale Agreement

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                  (vii)    all Proceeds of the foregoing (collectively the
                           "Purchaser Assets").

                  (b)      On or before the Closing Date, the Seller shall (i)
         indicate in its computer files that the Purchaser Assets have been sold
         to the Purchaser pursuant to this Agreement by so identifying the
         Purchaser Assets with an appropriate notation and (ii) deliver to the
         Purchaser or its designee the following documents (collectively, the
         "Loan Files"):

                  (i)      the original fully executed copy of the Loan;

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

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

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

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

         Section 2.3       Sale Price. On the Closing Date, the Purchaser shall,
upon satisfaction of the applicable conditions set forth in Article III, issue
and exchange the Notes (the "Purchaser Purchase Price") as consideration for the
Purchaser Assets sold and transferred by the Seller to the Purchaser pursuant to
Section 2.1 hereof.

         Section 2.4       Removal of Loans. (a) In the event a Loan becomes a
Delinquent Loan or the Obligor thereon is subject to a bankruptcy proceeding,
the Seller shall be granted an assignable option (a "Purchase Option") to
purchase such Delinquent Loan from the Purchaser at a price (the "Option Price")
equal to the Purchase Amount. The Seller may sell, transfer, assign or otherwise
convey its Purchase Option with respect to any such Loan to any party at any
time

                                                Loan Purchase and Sale Agreement

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after the related Loan becomes a Delinquent Loan or the Obligor thereon is
subject to a bankruptcy proceeding. The Seller shall notify the Purchaser of
such transfer and such notice shall include the transferee's name, address,
telephone number, facsimile number and appropriate contact person(s) and shall
be acknowledged in writing by the transferee. If not exercised earlier, the
Purchase Option with respect to any such Loan shall automatically terminate upon
(i) in the case of a Delinquent Loan, the related Obligor's cure of all defaults
on the Loan, (ii) the acquisition by, or on behalf of, the Issuer of the related
equipment through repossession, (iii) upon a repurchase of a Loan due to the
Seller's breach of a representation with respect to such Loan or (iv) on the
Business Day immediately preceding the last day of the calendar quarter ending
at least ten (10) days after such Loan became a Defaulted Loan. The aggregate
Outstanding Principal Balance of Loans with respect to which the Seller may
exercise its Purchase Option at any time before the Redemption Date shall not
exceed 10% of the aggregate Outstanding Principal Balance of the Loans as of the
Cutoff Date.

                  (b)      Upon a Loan becoming a Delinquent Loan or the Obligor
         thereon is subject to a bankruptcy proceeding, the Seller may exercise
         the Purchase Option by providing the Purchaser at least five days prior
         written notice thereof (the "Purchase Option Notice"), which notice
         shall specify a cash exercise price at least equal to the Option Price.
         The Purchase Option Notice shall be delivered in the manner specified
         in Section 2.4(b). The exercise of any Purchase Option pursuant to this
         clause (b) shall be irrevocable.

                  (c)      Upon exercise of a Purchase Option, the Seller shall
         be required to pay the purchase price specified in its Purchase Option
         Notice to the Purchaser within 10 Business Days of exercising its
         Purchase Option. The proceeds of any sale of such Loan, after deduction
         of the expenses of such sale incurred in connection therewith, shall be
         deposited by the Seller no later than the day before the next Payment
         Date.

                                   ARTICLE III

                              CONDITIONS PRECEDENT

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

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

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

                                                Loan Purchase and Sale Agreement

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

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

                  (e)      The Seller shall be in compliance with each of its
         covenants and other agreements set forth herein.

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

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

                                   ARTICLE IV

                    REPRESENTATIONS, WARRANTIES AND COVENANTS

         Section 4.1       Representations and Warranties of the Seller. To
induce the Purchaser to purchase the Purchaser Assets, the Seller makes the
following representations and warranties to the Purchaser, as of the Closing
Date, each and all of which shall survive the execution and delivery of this
Agreement.

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

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

                                                Loan Purchase and Sale Agreement

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

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

                  (e)      Solvency. The Seller is Solvent.

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

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

                  (h)      Loans and Other Purchaser Assets. With respect to
         each Loan and the other Purchaser Assets sold by the Seller on the
         Closing Date, the Seller represents and warrants that (i) such Loan
         satisfies the criteria for an Eligible Loan as of the Cut-Off Date; and
         (ii) immediately prior to its sale to the Purchaser, such Purchaser
         Assets were owned by the Seller free and clear of any Adverse Claim,
         and the Seller has had at all relevant times the full right, power and
         authority to sell, contribute, assign, transfer and pledge its interest
         therein as contemplated under this Agreement and, upon such sale, the
         Purchaser will acquire valid and properly perfected title to, and the
         sole record and beneficial ownership interest in, such Purchaser
         Assets, free and clear of any Adverse Claim or restrictions on
         transferability, and the Liens granted to the Purchaser by the Seller
         pursuant to Section 2.2 will at all times be fully perfected first
         priority Liens in and to such ----------- Loans and, in addition,
         following such sale, such Loan will not be subject to any Adverse Claim
         as a result of any action or inaction on the part of the Seller (or any
         predecessor in interest).

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

                                                Loan Purchase and Sale Agreement

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         Section 4.2       Affirmative Covenants of the Seller. The Seller
covenants and agrees that, unless otherwise consented to by the Purchaser, from
and after the Closing Date:

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

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

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

                  (d)      Maintenance of Existence and Conduct of Business. The
         Seller shall preserve and maintain its legal existence, rights,
         franchise and privileges in the jurisdiction of its formation.

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

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

                                                Loan Purchase and Sale Agreement

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

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

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

                  (h)      Sale Characterization. For accounting purposes, the
         Seller shall treat the sale made hereunder as a sale of the Purchaser
         Assets. The Seller shall also maintain its accounting books and records
         in a manner which clearly reflects such sale of the Purchaser Assets to
         the Purchaser.

                  (i)      Variable Funding Certificate Contributions. Upon a
         demand by the Purchaser for a capital contribution from the Seller
         under the Purchaser Variable Funding Certificate, the Seller shall
         demand contributions from the CEF Variable Funding Certificateholder
         under the CEF Variable Funding Certificate in the amounts and at the
         times sufficient to permit the Seller to meet its funding obligations
         under the Purchaser Variable Funding Certificate.

         Section 4.3       Negative Covenants of the Seller. The Seller
covenants and agrees that, without the prior written consent of the Purchaser,
from and after the Closing Date and until the later of the Redemption Date or
the Maturity Date:

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

                  (b)      Modifications of Loans. The Seller shall not extend,
         amend, forgive, discharge, compromise, cancel, waive or otherwise
         modify the terms or conditions of any Loan except (i) as permitted
         under the Servicing Agreement and, (ii) to the extent that such
         extension, amendment, forgiveness, discharge, compromise, cancellation,
         waiver or modification, does not affect the Purchaser's ownership
         interest in such Loan and does not negatively impact the ultimate
         collectibility of such Loan.

                  (c)      UCC Matters. The Seller shall not change its state of
         formation or its name, identity or limited liability company structure
         such that any financing statement filed to perfect the Purchaser's
         interests under this Agreement would become seriously misleading,
         unless the Seller shall have given the Purchaser not less than 30 days'
         prior written notice of such change.

                                                Loan Purchase and Sale Agreement

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

                  (e)      Consolidations, Mergers and Sales of Assets. The
         Seller shall not (i) consolidate or merge with or into any other Person
         unless the Seller is the entity surviving such merger or (ii) sell,
         lease or otherwise transfer all or substantially all of its assets to
         any other Person.

                  (f)      Variable Funding Certificate Contributions. The
         Seller shall not demand a capital contribution from the CEF Variable
         Funding Certificateholder except to the extent that there shall have
         been a demand made by the Purchaser for a capital contribution under
         the Purchaser Variable Funding Certificate. In addition, the Seller
         shall not reduce the Variable Funding Capital Commitment under the
         Purchaser Variable Funding Certificate.

                                    ARTICLE V

                                 INDEMNIFICATION

         Section 5.1       Indemnification. Without limiting any other rights
that the Purchaser or any of its Stockholders, officers, directors, employees,
attorneys, agents or representatives (each, a "Purchaser Indemnified Person")
may have hereunder or under applicable law, the Seller hereby agrees to,
indemnify and hold harmless each Purchaser Indemnified Person from and against
any and all Indemnified Amounts that may be claimed or asserted against or
incurred by any such Purchaser Indemnified Person to the extent arising from or
related to the failure of a Loan to be originated in compliance with all
requirements of law; provided, that the Seller shall not be liable for any
indemnification to a Purchaser Indemnified Person to the extent that any such
Indemnified Amounts result from (a) such Purchaser Indemnified Person's bad
faith, gross negligence or willful misconduct, (b) recourse for uncollectible
Loans, or (c) any income tax or franchise tax incurred by any Purchaser
Indemnified Person, except to the extent that the incurrence of any such tax
results from a breach of or default by the Seller under this Agreement.

NO PARTY TO THIS AGREEMENT SHALL BE RESPONSIBLE OR LIABLE TO ANY OTHER PARTY TO
THIS AGREEMENT, ANY SUCCESSOR, ASSIGNEE OR THIRD PARTY BENEFICIARY OF SUCH
PERSON OR ANY OTHER PERSON ASSERTING CLAIMS DERIVATIVELY THROUGH SUCH PARTY, FOR
INDIRECT, PUNITIVE, EXEMPLARY OR CONSEQUENTIAL DAMAGES THAT MAY BE ALLEGED AS A
RESULT OF ANY TRANSACTION CONTEMPLATED HEREUNDER.

                                                Loan Purchase and Sale Agreement

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                                   ARTICLE VI

                                  CLEAN-UP CALL

         Section 6.1       Clean-up Call. As of the first day of any Collection
Period immediately preceding a Payment Date as of which the Pool Balance is 10%
or less of the Pool Balance as of the Cut-off Date, the Seller shall have the
option to purchase all of the Collateral, other than the Trust Accounts. To
exercise such option, the Seller shall pay to the Servicer, on behalf of the
Issuer, and the Servicer shall deposit in the Collection Account an amount equal
to the aggregate Purchase Amount for the Loans plus the appraised value of any
such other property held by the Purchaser, such value to be determined by an
appraiser mutually agreed upon by the Seller and the Purchaser, shall succeed to
all interests in, to and under the Collateral, other than the Trust Accounts.

                                   ARTICLE VII
                                  MISCELLANEOUS

         Section 7.1       Notices. Except as otherwise provided herein,
whenever it is provided herein that any notice, demand, request, consent,
approval, declaration or other communication shall or may be given to or served
upon any of the parties by any other parties, or whenever any of the parties
desires to give or serve upon any other parties any communication with respect
to this Agreement, each such notice, demand, request, consent, approval,
declaration or other communication shall be in writing and shall be deemed to
have been validly served, given or delivered (a) upon the earlier of actual
receipt and three Business Days after deposit in the United States mail,
registered or certified mail, return receipt requested, with proper postage
prepaid, (b) upon transmission, when sent by telecopy or other similar facsimile
transmission (with such telecopy or facsimile promptly confirmed by delivery of
a copy by personal delivery or United States mail as otherwise provided in this
Section 7.1), (c) one Business Day after deposit with a reputable overnight
courier with all charges prepaid or (d) when delivered, if hand-delivered by
messenger, all of which shall be addressed to the party to be notified and sent
to the address or facsimile number set forth below or to such other address (or
facsimile number) as may be substituted by notice given as herein provided. The
giving of any notice required hereunder may be waived in writing by the party
entitled to receive such notice. Failure or delay in delivering copies of any
notice, demand, request, consent, approval, declaration or other communication
to any Person (other than Purchaser) designated in any written communication
provided hereunder to receive copies shall in no way adversely affect the
effectiveness of such notice, demand, request, consent, approval, declaration or
other communication. Notwithstanding the foregoing, whenever it is provided
herein that a notice is to be given to any other party hereto by a specific
time, such notice shall be effective only if actually received by such party
prior to such time, and if such notice is received after such time or on a day
other than a Business Day, such notice shall be effective only on the
immediately succeeding Business Day.

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         If to Seller:

                  CEF Equipment Holding, L.L.C.
                  44 Old Ridgebury Road
                  Danbury, Connecticut 06810
                  Attention: General Counsel
                  Telephone: (203) 796-5518
                  Facsimile: (203) 796-1310

         If to Purchaser:

                  GE Commercial Equipment Financing LLC,
                  Series 2003-1
                  44 Old Ridgebury Road
                  Danbury, Connecticut 06810
                  Attention: Capital Markets Operations
                  Telephone: (203) 796-5518
                  Facsimile: (203) 796-5554

         Section 7.2       No Waiver; Remedies. (a) Either party's failure, at
any time or times, to require strict performance by the other party hereto of
any provision of this Agreement shall not waive, affect or diminish any right of
such party thereafter to demand strict compliance and performance herewith. Any
suspension or waiver of any breach or default hereunder shall not suspend, waive
or affect any other breach or default whether the same is prior or subsequent
thereto and whether of the same or a different type. None of the undertakings,
agreements, warranties, covenants and representations of either party contained
in this Agreement, and no breach or default by either party hereunder, shall be
deemed to have been suspended or waived by the other party hereto unless such
waiver or suspension is by an instrument in writing signed by an officer of or
other duly authorized signatory of such party and directed to the defaulting
party specifying such suspension or waiver.

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

                  (c)      Each party's rights and remedies under this Agreement
         shall be cumulative and nonexclusive of any other rights and remedies
         that such party may have

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         under any other agreement, including the other Related Documents, by
         operation of law or otherwise.

         Section 7.3       Successors and Assigns. This Agreement shall be
binding upon and shall inure to the benefit of the Seller and the Purchaser and
their respective successors and permitted assigns, except as otherwise provided
herein. The Seller may not assign, transfer, hypothecate or otherwise convey its
rights, benefits, obligations or duties hereunder without the prior express
written consent of the Purchaser. Any such purported assignment, transfer,
hypothecation or other conveyance by the Seller without the prior express
written consent of the Purchaser shall be void. The Seller acknowledges that
under the Indenture the Purchaser will assign its rights granted hereunder to
the Indenture Trustee, and upon such assignment, Indenture Trustee shall have,
to the extent of such assignment, all rights of the Purchaser hereunder and
Indenture Trustee may in turn transfer such rights. The terms and provisions of
this Agreement are for the purpose of defining the relative rights and
obligations of the Seller and the Purchaser with respect to the transactions
contemplated hereby and no Person shall be a third-party beneficiary of any of
the terms and provisions of this Agreement.

         Section 7.4       Termination; Survival of Obligations. (a) This
Agreement shall create and constitute the continuing obligations of the parties
hereto in accordance with its terms, and shall remain in full force and effect
until the earlier of (i) the Maturity Date or (ii) the Redemption Date.

                  (b)      Except as otherwise expressly provided herein or in
         any other Related Document, no termination or cancellation (regardless
         of cause or procedure) of any commitment made by the Purchaser under
         this Agreement shall in any way affect or impair the obligations,
         duties and liabilities of the Seller or the rights of the Purchaser
         relating to any unpaid portion of any and all recourse and indemnity
         obligations of the Seller to the Purchaser, due or not due, liquidated,
         contingent or unliquidated or any transaction or event occurring prior
         to such termination, or any transaction or event, the performance of
         which is required after the Maturity Date. Except as otherwise
         expressly provided herein or in any other Related Document, all
         undertakings, agreements, covenants, warranties and representations of
         or binding upon the Seller, and all rights of the Purchaser hereunder
         shall not terminate or expire, but rather shall survive any such
         termination or cancellation and shall continue in full force and effect
         until the earlier of (i) the Maturity Date or (ii) the Redemption Date;
         provided, that the rights and remedies pursuant to Section 7.2(b), the
         indemnification and payment provisions of Article V, and the provisions
         of Sections 4.3(e), 7.3 and 7.12 shall be continuing and shall survive
         any termination of this Agreement.

         Section 7.5       Complete Agreement; Modification of Agreement. This
Agreement constitutes the complete agreement between the parties with respect to
the subject matter hereof, supersedes all prior agreements and understandings
relating to the subject matter hereof and thereof, and may not be modified,
altered or amended except as set forth in Section 7.6.

         Section 7.6       Amendments and Waivers. No amendment, modification,
termination or waiver of any provision of this Agreement, or any consent to any
departure therefrom by any party hereto, shall in any event be effective unless
the same shall be in writing and signed by

                                                Loan Purchase and Sale Agreement

                                       11
<PAGE>

each of the parties hereto. No consent or demand in any case shall, in itself,
entitle any party to any other consent or further notice or demand in similar or
other circumstances.

         Section 7.7       GOVERNING LAW; CONSENT TO JURISDICTION; WAIVER OF
JURY TRIAL. (a) THIS AGREEMENT AND THE OBLIGATIONS ARISING HEREUNDER SHALL IN
ALL RESPECTS, INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE,
BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE INTERNAL LAWS
OF THE STATE OF NEW YORK (WITHOUT REGARD TO THE CONFLICT OF LAW PROVISIONS
THEREOF EXCEPT SECTION 5-1401 OF THE GENERAL OBLIGATION LAW) 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 PURCHASER FROM BRINGING SUIT OR
         TAKING OTHER LEGAL ACTION IN ANY OTHER JURISDICTION TO REALIZE ON THE
         LOANS OR ANY SECURITY FOR THE OBLIGATIONS OF THE SELLER ARISING
         HEREUNDER OR TO ENFORCE A JUDGMENT OR OTHER COURT ORDER IN FAVOR OF THE
         PURCHASER. EACH PARTY HERETO SUBMITS AND CONSENTS IN ADVANCE TO SUCH
         JURISDICTION IN ANY ACTION OR SUIT COMMENCED IN ANY SUCH COURT, AND
         EACH PARTY HERETO HEREBY WAIVES ANY OBJECTION THAT SUCH PARTY MAY HAVE
         BASED UPON LACK OF PERSONAL JURISDICTION, IMPROPER VENUE OR FORUM NON
         CONVENIENS AND HEREBY CONSENTS TO THE GRANTING OF SUCH LEGAL OR
         EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY SUCH COURT. EACH PARTY
         HERETO HEREBY WAIVES PERSONAL SERVICE OF THE SUMMONS, COMPLAINT AND
         OTHER PROCESS ISSUED IN ANY SUCH ACTION OR SUIT AND AGREES THAT SERVICE
         OF SUCH SUMMONS, COMPLAINT AND OTHER PROCESS MAY BE MADE BY REGISTERED
         OR CERTIFIED MAIL ADDRESSED TO SUCH PARTY AT ITS ADDRESS DETERMINED IN
         ACCORDANCE WITH SECTION 6.1 AND THAT SERVICE SO MADE SHALL BE DEEMED
         COMPLETED UPON THE EARLIER OF SUCH PARTY'S ACTUAL RECEIPT THEREOF OR
         THREE 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.

                                                Loan Purchase and Sale Agreement

                                       12
<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.

         Section 7.8       Counterparts. This Agreement may be executed in any
number of separate counterparts, each of which shall collectively and separately
constitute one agreement.

         Section 7.9       Severability. Wherever possible, each provision of
this Agreement shall be interpreted in such a manner as to be effective and
valid under applicable law, but if any provision of this Agreement shall be
prohibited by or invalid under applicable law, such provision shall be
ineffective only to the extent of such prohibition or invalidity without
invalidating the remainder of such provision or the remaining provisions of this
Agreement.

         Section 7.10      Section Titles. The section titles and table of
contents contained in this Agreement are provided for ease of reference only and
shall be without substantive meaning or content of any kind whatsoever and are
not a part of the agreement between the parties hereto.

         Section 7.11      No Setoff. The Seller's obligations under this
Agreement shall not be affected by any right of setoff, counterclaim,
recoupment, defense or other right the Seller might have against the Purchaser,
all of which rights are hereby expressly waived by the Seller.

         Section 7.12      Confidentiality. Notwithstanding anything herein to
the contrary, there is no restriction (express or implied) on any disclosure or
dissemination of the structure or tax aspects of the transaction contemplated by
the Related Documents. Furthermore, each party hereto acknowledges that it has
no proprietary rights to any tax matter or tax idea contemplated hereby or to
any element of the transaction structure contemplated hereby.

         Section 7.13      Further Assurances. (a) The Seller shall, at its sole
cost and expense, upon request of the Purchaser, promptly and duly authorize,
execute and/or deliver, as applicable, any and all further instruments and
documents and take such further actions that may be necessary or desirable or
that the Purchaser may request to carry out more effectively the provisions and
purposes of this Agreement or to obtain the full benefits of this Agreement and
of the rights and powers herein granted, including authorizing and filing any
financing or continuation statements under the UCC with respect to the ownership
interests or Liens granted hereunder. The Seller hereby authorizes the Purchaser
to file any such financing or continuation

                                                Loan Purchase and Sale Agreement

                                       13
<PAGE>

statements without the signature of the Seller to the extent permitted by
applicable law. A carbon, photographic or other reproduction of this Agreement
or of any notice or financing statement covering the Purchaser Assets or any
part thereof shall be sufficient as a notice or financing statement where
permitted by law. If any amount payable under or in connection with any of the
Purchaser Assets is or shall become evidenced by any instrument, such
instrument, other than checks and notes received in the ordinary course of
business, shall be duly endorsed in a manner satisfactory to the Purchaser
immediately upon the Seller's receipt thereof and promptly delivered to or at
the direction of the Purchaser.

         (b)      If the Seller fails to perform any agreement or obligation
under this Section 7.13, the Purchaser may (but shall not be required to) itself
perform, or cause performance of, such agreement or obligation, and the
reasonable expenses of the Purchaser incurred in connection therewith shall be
payable by the Seller upon demand of the Purchaser.

         Section 7.14      Accounting Changes. If any Accounting Changes occur
and such changes result in a change in the standards or terms used herein, then
the parties hereto agree to enter into negotiations in order to amend such
provisions so as to equitably reflect such Accounting Changes with the desired
result that the criteria for evaluating the financial condition of such Persons
and their Subsidiaries shall be the same after such Accounting Changes as if
such Accounting Changes had not been made. If the parties hereto agree upon the
required amendments to this Agreement, then after appropriate amendments have
been executed and the underlying Accounting Change with respect thereto has been
implemented, any reference to GAAP contained herein shall, only to the extent of
such Accounting Change, refer to GAAP consistently applied after giving effect
to the implementation of such Accounting Change. If such parties cannot agree
upon the required amendments within 30 days following the date of implementation
of any Accounting Change, then all financial statements delivered and all
standards and terms used herein shall be prepared, delivered and used without
regard to the underlying Accounting Change.

                               [Signatures Follow]

                                                Loan Purchase and Sale Agreement

                                       14
<PAGE>

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

                                     CEF EQUIPMENT HOLDING, L.L.C.

                                     By: _______________________________________
                                         Name: _________________________________
                                         Title: ________________________________

                                     GECF EQUIPMENT FINANCING LLC,
                                          SERIES 2003-1

                                         By:  CEF Equipment Holding, L.L.C.,
                                         its Managing Member

                                         By: ___________________________________
                                             Name: _____________________________
                                             Title: ____________________________

                                                Loan Purchase and Sale Agreement

                                       15
<PAGE>

                                                                 Schedule 4.1(b)

                                 UCC INFORMATION

GE Commercial Equipment Financing LLC,
Series 2003-1

True Legal Name:                         GE Commercial Equipment Financing LLC,
                                         Series 2003-1

Jurisdiction of Organization:            Delaware

Executive Offices/Principal Place of     44 Old Ridgebury Road
Business:                                Danbury, Connecticut 06810

Collateral Locations:                    Danbury, Connecticut
                                         El Paso, Texas
                                         Mexico
                                         India

Trade Names:                             N/A

FEIN:                                    20-0192070

Organizational Identification Number:    N/A

                                                                   Loan Purchase
                                                              and Sale Agreement

<PAGE>

                                                                      Schedule I

                                Schedule of Loans

                                                                   Loan Purchase
                                                              and Sale Agreement

<PAGE>

                                                                  EXHIBIT 4.2(f)

                          SEPARATE IDENTITY PROVISIONS

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

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

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

         (c)      GECS and/or GE Capital will issue consolidated financial
statements, which financial statements will not show Purchaser Assets that have
been sold by the Seller to the Purchaser as assets of the Seller and its
consolidated subsidiaries. The Seller, GECS, GE Capital and the Purchaser will
take certain actions to disclose publicly the Purchaser's separate existence and
the transactions contemplated hereby, including through the filing of the UCC
Financing Statements. None of the Seller, GECS, GE Capital or the Purchaser has
concealed or will conceal from any interested party any transfers contemplated
by the Related Documents;

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

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

         (f)      Each of the Seller, GECS, GE Capital and the Purchaser does
and will maintain its assets and liabilities in such a manner that it is not
costly or difficult to segregate, ascertain or otherwise identify the
Purchaser's individual assets and liabilities from those of the Seller, GE
Capital or GECS or from those of any other person or entity, including any other
subsidiary or affiliate of the Seller, GE Capital or GECS. Except as set forth
below, the Purchaser does and will maintain its own books of account and
corporate records separate from the Seller, GE

                                                                   Loan Purchase
                                                              and Sale Agreement

<PAGE>

Capital and GECS or any other subsidiary or affiliate of the Seller, GE Capital
and GECS. Monetary transactions, including those with each other, are and will
continue to be properly reflected in their respective financial records. The
Purchaser does not and will not commingle or pool its funds or other assets or
liabilities with those of the Seller, GE Capital or GECS or any other subsidiary
or affiliate of the Seller, GE Capital or GECS except as specifically provided
in the Related Documents with respect to the temporary commingling of
Collections and with respect to, if applicable, any such Person's retention, in
their capacity as agent or Custodian for the Purchaser, of the books and records
pertaining to the Purchaser Assets. However, any such agent or Custodian will
not generally make the books and records relating to the Purchaser Assets
available to any of creditors or other interested persons of the Purchaser, the
Seller, GE Capital or GECS. The Purchaser does not and will not maintain joint
bank accounts or other depository accounts to which the Seller, GE Capital or
GECS or any other subsidiary or affiliate of the Seller, GE Capital or GECS
(other than in their capacity as agent for the Purchaser, if applicable) has
independent access;

         (g)      The Purchaser will strictly observe corporate formalities, and
the Seller, GE Capital and GECS will strictly observe corporate formalities with
respect to its dealings with the Purchaser. Specifically, no transfer of assets
between any of the Seller, GE Capital and GECS, on the one hand, and the
Purchaser, on the other, will be made without adherence to corporate
formalities;

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

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

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

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

                                   * * * * * *

                                                                   Loan Purchase
                                                              and Sale Agreement

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                                      PAGE
<S>                                                                                                                   <C>
ARTICLE I             DEFINITIONS AND INTERPRETATION............................................................        1

         Section 1.1           Definitions......................................................................        1
         Section 1.2           Rules of Construction............................................................        1

ARTICLE II            SALES OF PURCHASER ASSETS.................................................................        1

         Section 2.1           Sale of Loans....................................................................        1
         Section 2.2           Grant of Security Interest.......................................................        2
         Section 2.3           Sale Price.......................................................................        2
         Section 2.4           Removal of Loans.................................................................        2

ARTICLE III           CONDITIONS PRECEDENT......................................................................        3

         Section 3.1           Conditions to Sale...............................................................        3

ARTICLE IV            REPRESENTATIONS, WARRANTIES AND COVENANTS.................................................        4

         Section 4.1           Representations and Warranties of the Seller.....................................        4
         Section 4.2           Affirmative Covenants of the Seller..............................................        6
         Section 4.3           Negative Covenants of the Seller.................................................        7

ARTICLE V             INDEMNIFICATION...........................................................................        8

         Section 5.1           Indemnification..................................................................        8

ARTICLE VI            CLEAN-UP CALL.............................................................................        9

         Section 6.1           Clean-up Call....................................................................        9

ARTICLE VII           MISCELLANEOUS.............................................................................        9

         Section 7.1           Notices..........................................................................        9
         Section 7.2           No Waiver; Remedies..............................................................       10
         Section 7.3           Successors and Assigns...........................................................       11
         Section 7.4           Termination; Survival of Obligations.............................................       11
         Section 7.5           Complete Agreement; Modification of Agreement....................................       11
         Section 7.6           Amendments and Waivers...........................................................       11
         Section 7.7           GOVERNING LAW; CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL.....................       12
         Section 7.8           Counterparts.....................................................................       13
         Section 7.9           Severability.....................................................................       13
         Section 7.10          Section Titles...................................................................       13
         Section 7.11          No Setoff........................................................................       13
         Section 7.12          Confidentiality..................................................................       13
         Section 7.13          Further Assurances...............................................................       13
         Section 7.14          Accounting Changes...............................................................       14
</TABLE>

                                                                   Loan Purchase
                                                              and Sale Agreement

                                      -i-
<PAGE>

                                TABLE OF CONTENTS
                                   (Continued)

                                                                            PAGE

<TABLE>
<S>                        <C>
Schedule I                 UCC Information
Schedule 4.1(b)            UCC Information
Schedule I                 Schedule of Loans
Exhibit 4.2(f)             Separate Indemnity Provisions
</TABLE>

                                                                   Loan Purchase
                                                              and Sale Agreement

                                      -ii-
<PAGE>

                                                                  EXECUTION COPY

                                     ANNEX A

                                       to

                        LOAN PURCHASE AND SALE AGREEMENT

                                   dated as of

                               September 25, 2003

                                                                      Annex A to
                                                Loan Purchase and Sale Agreement

<PAGE>

                         DEFINITIONS AND INTERPRETATION

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

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

         "Administration Agreement" means the Administration Agreement, dated as
of September 25, 2003, between the Administrator and the Issuer.

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

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

         "Affiliate" means, with respect to any Person, (a) each Person that,
directly or indirectly, owns or controls, whether beneficially, or as a trustee,
guardian or other fiduciary, five percent (5%) or more of the stock having
ordinary voting power in the election of directors of such Person, (b) each
Person that controls, is controlled by, or is under common control with such
Person, or (c) each of such Person's officers, directors, joint venturers and
partners. For the purposes of this definition, "control" of a Person means the
possession, directly or indirectly, of the power to direct or cause the
direction of its management or policies, whether through the ownership of voting
securities, by contract or otherwise.

         "Annual Percentage Rate" or "APR" of a Loan means, the interest rate or
annual rate of finance charges stated in or, if not explicitly stated, the
implicit finance charge used by GE Capital to calculate periodic payments with
respect to the related Loan.

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

         "Bankruptcy Code" means the provisions of Title 11 of the United States
Code, 11 U.S.C. Sections 101 et seq.

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

         "CEF Limited Liability Company Agreement" means the Second Amended &
Restated Limited Liability Company Agreement of the Seller dated as of September
25, 2003, as supplemented by the Series 2003-1 LLC Supplement.

                                                                      Annex A to
                                                Loan Purchase and Sale Agreement

<PAGE>

         "CEF Variable Funding Certificate" means the Variable Funding
Certificate issued by CEF Equipment Holding, L.L.C. pursuant to the Series
2003-1 LLC Supplement.

         "CEF Variable Funding Certificateholder" means the registered holder of
the CEF Variable Funding Certificate.

         "Closing Date" means September 25, 2003.

         "Collateral" is defined in the Indenture.

         "Collection Account" is the account designated as such, established and
owned by the Issuer.

         "Collection Period" means, with respect to any Payment Date, the
calendar month preceding the month in which the Payment Date occurs (or, if for
the first Payment Date, the period from and including the day after the Cut-off
Date to and including the last day of the calendar month preceding the calendar
month in which the first Payment Date occurs).

         "Collections" means, with respect to any Payment Date all payments made
by or on behalf of the Obligors received during the related Collection Period,
any Recoveries received during the related Collection Period, any proceeds from
insurance policies covering the Equipment or related Obligor received during the
related Collection Period. Liquidation Proceeds received during the related
Collection Period, and payments made by a lessee pursuant to its obligation (if
any) to pay the Termination Value pursuant to the related Loan received during
the related Collection Period.

         "Consumer Contract" is defined in the Loan Sale Agreement.

         "Credit and Collection Policies" or "Credit and Collection Policy"
means, with respect to each type of Loan, the policies, practices and procedures
of the commercial equipment financing division of General Electric Capital
Corporation, as adopted by the Issuer for providing equipment financing,
including the policies and procedures for determining the creditworthiness of
Obligors and the extension of credit to Obligors, or relating to the maintenance
of such types of loans and collections on such types of loans, as such policies
and procedures, as applicable, may be amended from time to time.

         "Cut-off Date" means August 2, 2003.

         "Delinquent Loan" means (i) any Loan that is more than 60 days past due
and (ii) any Loan more than 30 days past due and for which the Servicer on
behalf of the Purchaser has at any time after the Cut-off Date extended the due
date for a Scheduled Payment thereon.

         "Defaulted Loan" means a Loan with respect to which (i) the Servicer on
behalf of the Purchaser has repossessed the Equipment securing such Loan and
which is not a Liquidated Loan or (ii) any portion of the Loan Value is deemed
uncollectible in accordance with the Credit and Collection Policy.

                                                                      Annex A to
                                                Loan Purchase and Sale Agreement

                                       2
<PAGE>

         "Eligible Loan" means as to each Purchaser Asset as of the Closing
Date:

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

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

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

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

                  (v) No Government Obligor. None of the Purchaser Assets is due
         from the United States of America or any State or from any agency,
         department or instrumentality of the United States of America or any
         State.

                  (vi) Security Interest in the Equipment. Immediately prior to
         the sale, assignment and transfer thereof, each Purchaser Asset shall
         be secured by a validly perfected first priority security interest in
         the Equipment (except to the extent the Equipment secures any loan that
         is cross-collateralized with such Purchaser Asset) in favor of the
         Originator as secured party or all necessary and appropriate actions
         have been commenced that would result in the valid perfection of a
         first priority security interest in the Equipment in favor of the
         Originator as secured party.

                  (vii) Purchaser Assets in Force. No Purchaser Asset has been
         satisfied, subordinated or rescinded, nor has any Equipment been
         released from the Lien granted by the related Purchaser Asset in whole
         or in part.

                  (viii) No Amendment or Waiver. No provision of a Purchaser
         Asset has been waived, altered or modified in any respect, except
         pursuant to a document, instrument or

                                                                      Annex A to
                                                Loan Purchase and Sale Agreement

                                       3
<PAGE>

         writing included in the Loan Files and no such amendment, waiver,
         alteration or modification causes such Purchaser Asset not to be an
         Eligible Loan.

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

                  (x) Lawful Assignment. No Purchaser Asset has been originated
         in, or is subject to the laws of, any jurisdiction under which the
         sale, transfer and assignment of such Purchaser Asset or any Purchaser
         Asset under this Agreement would be unlawful.

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

                  (xii) One Original. There is only one original executed copy
         of each Purchaser Asset.

                  (xiii) Insurance. The Obligor on each Purchaser Asset is
         required to maintain physical damage insurance covering the Equipment
         in accordance with the Originator's normal requirements.

                  (xiv) No Bankruptcies. No Obligor on any Purchaser Asset as of
         the Cutoff Date was noted in the related Loan File as being the subject
         of a bankruptcy proceeding.

                  (xv) No Repossessions. None of the Equipment securing any
         Purchaser Asset is in repossession status.

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

                  (xvii) U.S. Obligors. None of the Purchaser Assets is
         denominated and payable in any currency other than United States
         Dollars or is due from any Person that does not have a mailing address
         in the United States of America.

                  (xviii) No Delinquent Loan. None of the Purchaser Assets is
         more than 30 days past due.

                  (xix) No Consumer Contract. None of the Purchaser Assets
         constitutes a Consumer Contract.

                  (xx) Finance Lease. Each Purchaser Asset qualifies as a
         finance lease under the UCC and the terms of such Purchaser Asset
         provides that, by the end of the lease term, the lessee may elect to
         purchase the related Equipment upon the exercise of a nominal purchase
         option.

                                                                      Annex A to
                                                Loan Purchase and Sale Agreement

                                       4
<PAGE>

         "Equipment" means any transportation equipment, industrial equipment,
furniture and fixtures, construction equipment, technology and
telecommunications equipment, maritime assets or other equipment, together with
all accessions thereto securing an Obligor's indebtedness under the respective
Loan.

         "Event of Default" is defined in Section 5.1 of the Indenture.

         "Federal Reserve Board" means the Board of Governors of the Federal
Reserve System.

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

         "GE Capital" means General Electric Capital Corporation, a Delaware
corporation or any successors or assigns thereto.

         "GECS" means General Electric Capital Services, Inc., a Delaware
corporation or any successors or assigns thereto.

         "Governmental Authority" means any nation or government, any state,
county, city, town, district, board, bureau, office, commission, any other
municipality or other political subdivision thereof (including any educational
facility, utility or other Person operated thereby), and any agency, department
or other entity exercising executive, legislative, judicial, regulatory or
administrative functions of or pertaining to government.

         "Indemnified Amounts" means, with respect to any Person, any and all
suits, actions, proceedings, claims, damages, losses, liabilities and expenses
(including reasonable attorneys' fees and disbursements and other costs of
investigation or defense, including those incurred upon any appeal).

         "Indenture" means the Indenture, dated September 25, 2003, between the
Purchaser and the Indenture Trustee, as the same may be amended and supplemented
from time to time.

         "Indenture Trustee" means JPMorgan Chase Bank, not in its individual
capacity but solely as Indenture Trustee under the Indenture, or any successor
Indenture Trustee under the Indenture.

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

         "Issuer" means GE Commercial Equipment Financing LLC, Series 2003-1, a
Delaware limited liability company, until a successor replaces it and,
thereafter, means the successor and, for purposes of any provision contained in
the Indenture and required by the Trust Indenture Act of 1939, each other
obligor on the Notes.

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

         "Limited Liability Company Agreement" means the Limited Liability
Company Agreement of the Purchaser, dated as of September 25, 2003, among the
Managing Member and the Issuer, as the same may be amended or supplemented from
time to time.

                                                                      Annex A to
                                                Loan Purchase and Sale Agreement

                                       5
<PAGE>

         "Liquidated Loan" means any Loan (i) liquidated through the sale or
other disposition of all or a portion of the related Equipment, (ii) that has
been charged off in its entirety in accordance with the Credit and Collection
Policy without realizing upon the Equipment or (iii) the due date of any
Scheduled Payment of which has been extended, at any time after the Cut-off Date
for an aggregate period of 12 or more calendar months.

         "Liquidation Proceeds" means, with respect to any Liquidated Loan, the
amounts collected in respect thereof from whatever source (including the
proceeds of insurance policies with respect to the related Equipment or Obligor)
during the Collection Period in which it became a Liquidated Loan, net of the
sum of any amounts expended in connection with such liquidation and any amounts
required by law to be remitted to the Obligor on such Liquidated Loan or any
creditor of such Obligor to the extent required by applicable law or agreement.

         "Litigation" means, with respect to any Person, any action, claim,
lawsuit, demand, investigation or proceeding pending or threatened against such
Person before any court, board, commission, agency or instrumentality of any
federal, state, local or foreign government or of any agency or subdivision
thereof or before any arbitrator or panel of arbitrators.

         "Loan" means any Loan included in Schedule of Loans and any agreement
(including any invoice) pursuant to, or under which, an Obligor shall be
obligated to make payments with respect to any Loan.

         "Loan Sale Agreement" means the Loan Sale Agreement, dated as of
September 25, 2003, between GE Capital and the Seller, as the same may be
amended or supplemented from time to time.

         "Loan Files" is defined in Section 2.1 of the Purchase and Sale
Agreement.

         "Loan Value" means, for any Loan that is not a Liquidated Loan or
Defaulted Loan on any day (including the Cut-off Date) (A) with respect to
Precomputed Loans, (i) the present value of the future Scheduled Payments
discounted monthly at its APR plus (ii) the principal amount of any past due
payments plus (iii) the unamortized amounts of any purchase premiums minus (iv)
the unamortized amounts of any purchase discounts, and (B) with respect to
Simple Interest Loans, (i) the balance reflected on the Servicer's records plus
(ii) the unamortized amounts of any purchase premiums minus (iii) the
unamortized amounts of any purchase discounts. Liquidated Loans shall be deemed
to have a Loan Value of zero and Defaulted Loans on any day shall be deemed to
have a Loan Value equal to the outstanding Loan Value on such day computed in
accordance with clauses (A) or (B) above, as applicable, less the amount written
off as uncollectible in accordance with the Credit and Collection Policy.

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

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

         "Maturity Date" is defined in the Indenture.

                                                                      Annex A to
                                                Loan Purchase and Sale Agreement

                                       6
<PAGE>

         "Note Depository Agreement" means the agreement among the Issuer, the
Indenture Trustee and The Depository Trust Company, as the initial clearing
agency, dated as of the Closing Date.

         "Notes" means the notes issued under the Indenture.

         "Obligor" means, as to each Loan, any Person who owes payments under
the Loan.

         "Payment Date" means, with respect to each Collection Period, the 20th
day of the calendar month following the end of that Collection Period, or, if
such day is not a Business Day, the next Business Day, commencing on October 20,
2003.

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

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

         "Pool Balance" means, with respect to the beginning of any calendar
month, the sum of the aggregate Loan Values of the Loans at the opening of
business on the first day of such calendar month.

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

         "Purchase Amount" means, as of the close of business on the last day of
a Collection Period, an amount equal to the Loan Value of the applicable Loan,
as of the first day of the immediately following Collection Period (or, with
respect to any applicable Loan that is a Liquidated Loan, as of the day
immediately prior to such Loan becoming a Liquidated Loan less

                                                                      Annex A to
                                                Loan Purchase and Sale Agreement

                                       7
<PAGE>

any Liquidation Proceeds actually received by the Purchaser) plus interest
accrued and unpaid thereon as of such last day at a rate per annum equal to the
APR for such Loan.

         "Purchase and Sale Agreement" means the Loan Purchase and Sale
Agreement, dated as of September 25, 2003, between the Seller and the Purchaser,
as the same may be amended or supplemented from time to time.

         "Purchaser" is defined in the preamble to the Purchase and Sale
Agreement.

         "Purchaser Assets" is defined in Section 2.1(a) of the Purchase and
Sale Agreement.

         "Purchaser Indemnified Person" is defined in Section 5.1 of the
Purchase and Sale Agreement.

         "Purchaser Purchase Price" is defined in Section 2.3 of the Purchase
and Sale Agreement.

         "Purchaser Variable Funding Certificate" means the Variable Funding
Certificate issued by the Issuer pursuant to the Limited Liability Company
Agreement.

         "Records" means all notes, leases, security agreements and other
documents, books, records and other information (including computer programs,
tapes, disks, data processing software and related property and rights) prepared
and maintained by any of the Seller, the Servicer, any Sub-Servicer or the
Purchaser with respect to the Loans and the Obligors thereunder, and the other
Purchaser Assets.

         "Redemption Date" is defined in the Indenture.

         "Related Documents" means the Sale Agreement, the Purchase and Sale
Agreement, the Servicing Agreement, the Limited Liability Company Agreement, the
Variable Funding Certificates, the CEF Limited Liability Company Agreement, the
Administration Agreement, the Note Depository Agreement, the Swap Agreements and
all other agreements, instruments, and documents and including all other
pledges, powers of attorney, consents, assignments, contracts, notices, and all
other written matter whether heretofore, now or hereafter executed by or on
behalf of any Person, or any employee of any Person, and delivered in connection
with any of the foregoing. Any reference in the foregoing documents to a Related
Document shall include all Appendices thereto, and all amendments, restatements,
supplements or other modifications thereto, and shall refer to such Related
Document as the same may be in effect at any and all times such reference
becomes operative.

         "Related Security" means with respect to any Loan: (a) any interest
(including security interests), if any, in the related Equipment; (b) all
guarantees, insurance or other agreements or arrangements of any kind from time
to time supporting or securing payment of such Loan (including rights (if any)
to receive proceeds on insurance policies covering the Obligors); and (c) all
Records relating to such Loan.

         "Sale Agreement" means the Loan Sale Agreement, dated September 25,
2003, between Seller and General Electric Capital Corporation.

                                                                      Annex A to
                                                Loan Purchase and Sale Agreement

                                       8
<PAGE>

         "Schedule of Loans" is the schedule of Loans attached as Schedule I
(which schedule may be in the form of microfiche).

         "Scheduled Payment" on a Loan means that portion of the payment
required to be made by the Obligor during any Collection Period sufficient to
amortize the principal balance under (x) in the case of a Precomputed Loan, the
actuarial method or (y) in the case of a Simple Interest Loan, the simple
interest method, in each case, over the term of the Loan and to provide interest
at the APR, provided that Termination Values shall also constitute Scheduled
Payments.

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

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

         "Seller" is defined in the preamble to the Purchase and Sale Agreement.

         "Series 2003-1 LLC Supplement" means the Series 2003-1 LLC Supplement
to the Second Amended and Restated Limited Liability Company of CEF Equipment
Holding L.L.C., dated as of September 25, 2003.

         "Servicer" means GE Capital in its capacity as Servicer under the
Servicing Agreement, or any other Person designated as a Successor Servicer
thereunder.

         "Servicing Agreement" means the Servicing Agreement dated as of
September 25, 2003, by and between the Purchaser and the Servicer, as the same
may be amended or supplemented from time to time.

         "Servicing Fee" is defined in the Servicing Agreement.

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

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

                                                                      Annex A to
                                                Loan Purchase and Sale Agreement

                                       9
<PAGE>

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

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

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

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

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

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

         "Swap Agreements" is defined in the Indenture.

         "Termination Value" means the "Termination Value" (if any) payable by
lessee pursuant to the applicable Loan.

         "Transfer Date" is defined in the Indenture.

         "Trust Account" is defined in the Indenture.

         "UCC" means, with respect to any jurisdiction, the Uniform Commercial
Code as the same may, from time to time, be enacted and in effect in such
jurisdiction.

         "Variable Funding Certificates" is defined in the Indenture.

         SECTION 2. Other Interpretive Matters. All terms defined directly or by
incorporation in the Purchase and Sale Agreement shall have the defined meanings
when used in any certificate or other document delivered pursuant thereto unless
otherwise defined therein. For purposes of the Purchase and Sale Agreement
(including in this Annex A) and all related certificates and other documents,
unless the context otherwise requires: (a) accounting terms not otherwise
defined in such Agreement, and accounting terms partly defined in such Agreement
to the extent not defined, shall have the respective meanings given to them
under generally accepted accounting principles; and unless otherwise provided,
references to any month, quarter or year refer to a fiscal month, quarter or
year as determined in accordance with the Seller fiscal calendar; (b) terms
defined in Article 9 of the UCC and not otherwise defined in such Agreement are
used as defined in that Article; (c) references to any amount as on deposit or
outstanding on

                                                                      Annex A to
                                                Loan Purchase and Sale Agreement

                                       10
<PAGE>

any particular date means such amount at the close of business on such day; (d)
the words "hereof," "herein" and "hereunder" and words of similar import refer
to such Agreement (or the certificate or other document in which they are used)
as a whole and not to any particular provision of such Agreement (or such
certificate or document); (e) references to any Section, Schedule or Exhibit are
references to Sections, Schedules and Exhibits in or to such Agreement (or the
certificate or other document in which the reference is made), and references to
any paragraph, subsection, clause or other subdivision within any Section or
definition refer to such paragraph, subsection, clause or other subdivision of
such Section or definition; (f) the term "including" means "including without
limitation"; (g) references to any law or regulation refer to that law or
regulation as amended from time to time and include any successor law or
regulation; (h) references to any agreement refer to that agreement as from time
to time amended, restated or supplemented or as the terms of such agreement are
waived or modified in accordance with its terms; (i) references to any Person
include that Person's successors and assigns; and (j) headings are for purposes
of reference only and shall not otherwise affect the meaning or interpretation
of any provision hereof.

                                                                     Annex A to
                                                Loan Purchase and Sale Agreement

                                       11<PAGE>

                                                                    Exhibit 4(f)

--------------------------------------------------------------------------------

                               SERVICING AGREEMENT

                         Dated as of September 25, 2003

                                 by and between

                     GE COMMERCIAL EQUIPMENT FINANCING LLC,
                                  SERIES 2003-1
                                  as the Issuer

                                       and

                      GENERAL ELECTRIC CAPITAL CORPORATION,

                                 as the Servicer

--------------------------------------------------------------------------------

                                                             Servicing Agreement

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                                  Page
                                                                                                                  ----
<S>                                                                                                               <C>
ARTICLE I             DEFINITIONS AND INTERPRETATION............................................................    1

         Section 1.1.          Definitions......................................................................    1
         Section 1.2.          Other Interpretive Matters.......................................................    1

ARTICLE II            APPOINTMENT OF THE SERVICER; CERTAIN DUTIES AND RESPONSIBILITIES OF THE SERVICER..........    1

         Section 2.1.          Appointment of the Servicer......................................................    1
         Section 2.2.          Duties and Responsibilities of the Servicer......................................    1
         Section 2.3.          Unrelated Amounts................................................................    2
         Section 2.4.          Authorization of the Servicer....................................................    2
         Section 2.5.          Servicing Fees and Servicing Advances............................................    3
         Section 2.6.          Covenants of the Servicer........................................................    3
         Section 2.7.          Servicer's Certificate...........................................................    3
         Section 2.8.          Annual Statement as to Compliance; Notice of Default.............................    4
         Section 2.9.          Annual Independent Certified Public Accountants' Report..........................    4
         Section 2.10.         Appointment of Subservicer.......................................................    4
         Section 2.11.         Maintenance of Security Interests in Loans.......................................    5
         Section 2.12.         Accounts.........................................................................    5
         Section 2.13.         Liquidity Account................................................................    5
         Section 2.14.         Disbursement from the Collection Account.........................................    5
         Section 2.15.         Limitation on Liability of Servicer and Others...................................    5

ARTICLE III           REPRESENTATIONS AND WARRANTIES............................................................    6

         Section 3.1.          Representations and Warranties of the Servicer...................................    6

ARTICLE IV            ADDITIONAL COVENANTS......................................................................    7

         Section 4.1.          Covenants of the Servicer Regarding the Loans....................................    7

ARTICLE V             EVENTS OF SERVICER TERMINATION............................................................    8

         Section 5.1.          Default..........................................................................    8

ARTICLE VI            SUCCESSOR SERVICER........................................................................    8

         Section 6.1.          Resignation of Servicer..........................................................    8
         Section 6.2.          Appointment of the Successor Servicer............................................    9
         Section 6.3.          Duties of Servicer...............................................................    9
         Section 6.4.          Effect of Termination or Resignation.............................................   10
</TABLE>

                                                             Servicing Agreement

                                       -i-

<PAGE>

                                TABLE OF CONTENTS
                                   (continued)

<TABLE>
<CAPTION>
                                                                                                                  Page
                                                                                                                  ----
<S>                                                                                                               <C>
ARTICLE VII           INDEMNIFICATION...........................................................................   10

         Section 7.1.          Indemnities by the Servicer......................................................   10
         Section 7.2.          Limitation of Damages; Indemnified Persons.......................................   10

ARTICLE VIII          MISCELLANEOUS.............................................................................   10

         Section 8.1.          Notices..........................................................................   10
         Section 8.2.          Binding Effect; Assignability....................................................   11
         Section 8.3.          Termination; Survival of Obligations Upon Maturity Date or Redemption Date.......   11
         Section 8.4.          No Proceedings...................................................................   12
         Section 8.5.          Complete Agreement; Modification of Agreement....................................   12
         Section 8.6.          Amendments and Waivers...........................................................   12
         Section 8.7.          No Waiver; Remedies..............................................................   12
         Section 8.8.          GOVERNING LAW; CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL.....................   12
         Section 8.9.          Counterparts.....................................................................   14
         Section 8.10.         Severability.....................................................................   14
         Section 8.11.         Section Titles...................................................................   14
         Section 8.12.         Limited Recourse.................................................................   14
         Section 8.13.         Further Assurances...............................................................   14
         Section 8.14.         Pledge of Assets.................................................................   14
         Section 8.15.         Waiver of Setoff.................................................................   15
</TABLE>

Exhibit A         Form of Servicer's Certificate

                                                             Servicing Agreement

                                      -ii-

<PAGE>

         This SERVICING AGREEMENT, dated as of September 25, 2003 (this
"Agreement" or "Servicing Agreement"), by and between GE COMMERCIAL EQUIPMENT
FINANCING LLC, SERIES 2003-1, a limited liability company organized under the
laws of the State of Delaware (the "Issuer"), and GENERAL ELECTRIC CAPITAL
CORPORATION ("GE Capital"), in its capacity as the servicer hereunder (the
"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 of
Annex A.

         Section 1.2. Other Interpretive Matters. For purposes of this
Agreement, the other interpretive matters set forth in Section 2 of Annex A
shall govern. All exhibits, schedules, and other attachments hereto, or
expressly identified hereto are incorporated herein by reference and, taken
together with this Agreement, shall constitute but a single agreement.

                                   ARTICLE II

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

         Section 2.1. Appointment of the Servicer. The Issuer hereby appoints
the Servicer as its agent to service the Loans and enforce its rights and
interests in and under the Loans and to serve in such capacity until the
termination of its responsibilities pursuant to Sections 5.1 or 6.1. In
connection therewith, the Servicer hereby accepts such appointment and agrees to
perform the duties and obligations set forth herein. The Servicer may, upon
giving prior written notice to the Issuer, delegate any duties to any Person, or
subcontract with a Sub-Servicer, for the collection, servicing or administration
of the Loans; provided, that (a) the Servicer shall remain liable for the
performance of the duties and obligations of any delegate or the Sub-Servicer
pursuant to the terms hereof and (b) any Sub-Servicing Agreement that may be
entered into and any other transactions or services relating to the Loans
involving a Sub-Servicer shall be deemed to be between the Sub-Servicer and the
Servicer alone, and the Issuer shall not be deemed party thereto and shall have
no obligations, duties or liabilities with respect to the Sub-Servicer.

         Section 2.2. Duties and Responsibilities of the Servicer. Subject to
the provisions of this Agreement, the Servicer shall conduct the servicing,
administration and collection of the Loans and shall take, or cause to be taken,
all actions that (a) may be necessary or advisable to service, administer and
collect the Loans from time to time, (b) the Servicer would take if the Loans
were owned by the Servicer, and (c) are consistent with the Credit and
Collection Policies. The Servicer shall also perform on behalf of the Issuer all
of the Issuer's obligations under the

                                                             Servicing Agreement

<PAGE>

Indenture other than any obligations to pay money and any obligations to be
performed by the Administrator under the Administration Agreement.

         Section 2.3. Unrelated Amounts. If the Servicer determines that amounts
which are not property of the Issuer (the "Unrelated Amounts") have been
deposited in the Collection Account, then the Servicer shall provide written
evidence thereof to the Issuer no later than the first Business Day following
the day on which the Servicer had actual knowledge thereof, which evidence shall
be provided in writing. Upon receipt of any such notice, the Servicer shall
withdraw the Unrelated Amounts from the Collection Account, and the same shall
not be treated as Available Amounts on Loans and shall not be subject to the
provisions of Section 2.12.

         Section 2.4. Authorization of the Servicer. The Servicer is hereby
authorized to take any and all reasonable steps necessary or desirable and
consistent with the ownership of the Loans by the Issuer and pledge of the Loans
to the Indenture Trustee under the Indenture, in the determination of the
Servicer, to (a) collect all amounts due under the Loans, including endorsing
its name on checks and other instruments representing Available Amounts on the
Loans, executing and delivering any and all instruments of satisfaction or
cancellation or of partial or full release or discharge and all other comparable
instruments with respect to the Loans, and consistent with its normal
procedures, arranging with the Obligor to extend or modify Scheduled Payments in
its discretion, and (b) after the Loans become delinquent and to the extent
permitted under and in compliance with applicable law and regulations, (i)
commence proceedings with respect to the enforcement of payment of the Loans,
(ii) adjust, settle or compromise any payments due thereunder and (iii) initiate
proceedings against any Collateral securing the obligations due under the Loans,
in each case, consistent with the Credit and Collection policies; provided,
that, with respect to clause (a) and (b) above, the Servicer shall not agree to
any modification of the APR on any Loan or of the amount of any Scheduled
Payment on a Loan if such modification has a material adverse effect on the
Noteholders; and provided, further, that in no event will such modification be
permitted to extend the final payment date beyond the Maturity Date.

         Notwithstanding the generality of clause (a) above, the Servicer agrees
         that it shall promptly give written notice to the Issuer with a copy to
         S&P if the aggregate Loan Value of all Loans with respect to which an
         extension on payment of principal thereon has been granted by the
         Servicer exceeds 10% of the aggregate Loan Value of the Loans as of the
         Cut-off Date.

         If the Servicer shall commence a legal proceeding to enforce a Loan,
the Issuer (in the case of a Loan other than a Purchased Loan) shall thereupon
be deemed to have automatically assigned, solely for the purpose of collection,
such Loan to the Servicer. If in any enforcement suit or legal proceeding it
shall be held that the Servicer may not enforce a Loan on the ground that it
shall not be a real party in interest or a holder entitled to enforce such Loan,
the Managing Member shall take steps to enforce such Loan, including bringing
suit in its name.

         The Issuer shall furnish (or cause to be furnished) the Servicer with
any powers of attorney and other documents necessary or appropriate to enable
the Servicer to carry out its servicing and administrative duties hereunder, and
the Issuer shall assist the Servicer to the fullest extent to enable the
Servicer to collect the Loans and otherwise discharge its duties

                                                             Servicing Agreement

                                      -2-

<PAGE>

hereunder. In no event shall the Servicer be entitled to make the Issuer a party
to any litigation without the Issuer's express prior written consent.

         Section 2.5. Servicing Fees and Servicing Advances. (a) As compensation
for its servicing activities and as reimbursement for its reasonable expenses in
connection therewith, the Servicer shall be entitled to receive the Servicing
Fees for each Collection Period. The Servicer shall be required to pay for all
expenses incurred by it in connection with its activities hereunder (including
any payments to accountants, counsel or any other Person) and shall not be
entitled to any payment therefor other than the Servicing Fees. The Servicer
shall also be entitled to reimbursement for any outstanding Servicer Advances
owing to the Servicer with respect to all preceding Collection Periods.

                  (b)      The Servicer may, but shall have no obligation to,
         make a Servicer Advance in the manner and to the extent provided
         herein, but only to the extent the Servicer, in its sole discretion,
         expects to be reimbursed for such advance. If the Servicer elects to
         make a Servicer Advance, prior to the close of business on each
         Determination Date, the Servicer will determine the amount of the
         advance that it has elected to make on the related Payment Date. The
         Servicer shall include information as to such determination in the
         Servicer's Certificate furnished by it in accordance with Section 2.7
         and shall be obligated to transfer to the Collection Account on or
         before 11:00 a.m. (New York City time) on the related Transfer Date in
         next day funds the amounts applicable to such determinations appearing
         in such Servicer's Certificate. All Servicer Advances shall be
         reimbursable to the Servicer, without interest, when a payment relating
         to a Loan with respect to which an advance has previously been made is
         subsequently received. Upon the determination by the Servicer that
         reimbursement from the preceding source is unlikely or nonrecoverable,
         it will be entitled to recover unreimbursed advances from Available
         Amounts on or in respect of other Loans.

         Section 2.6. Covenants of the Servicer. The Servicer covenants and
agrees that from and after the Closing Date and until the earlier of the
Maturity Date or Redemption Date, as applicable:

                  (a)      Ownership of Loans. The Servicer shall identify the
         Loans clearly and unambiguously in its Servicing Records to reflect
         that the Loans are owned by the Issuer and have been pledged to the
         Indenture Trustee under the Indenture.

                  (b)      Compliance with Credit and Collection Policies; Law.
         The Servicer shall comply in all material respects with the Credit and
         Collection Policies with respect to the Loans and in all material
         respects with applicable law with respect to the Loans, unless, in
         either case, such failure to comply would not be reasonably expected to
         cause a Material Adverse Effect.

         Section 2.7. Servicer's Certificate. On each Determination Date the
Servicer shall deliver to the Issuer, with a copy to the Indenture Trustee, the
Seller and the Rating Agencies, a Servicer's Certificate containing all
information necessary to make the distributions pursuant to Section 2.14 and the
deposits to the Collection Account pursuant to Section 2.12 for the Collection
Period preceding the date of such Servicer's Certificate. Loans to be
repurchased by

                                                             Servicing Agreement

                                      -3-

<PAGE>

the Seller shall be identified by the Servicer by account number with respect to
such Loan (as specified in the Schedule of Loans delivered on the Closing Date).

         Section 2.8. Annual Statement as to Compliance; Notice of Default.

                  (a)      The Servicer shall deliver to the Issuer, with a copy
         to the Indenture Trustee, on or before March 15 of each year, an
         Officers' Certificate, dated as of December 31 of the preceding year,
         stating that: (i) a review of the activities of the Servicer during the
         preceding 12-month period (or, in the case of the first such
         certificate, from the Cutoff Date to December 31, 2004) and of its
         performance under this Agreement has been made under such officers'
         supervision and (ii) to the best of such officers' knowledge, based on
         such review, the Servicer has fulfilled all its obligations under this
         Agreement throughout such year or, if there has been a default in the
         fulfillment of any such obligation, specifying each such default known
         to such officers and the nature and status thereof.

                  (b)      The Servicer shall deliver to the Issuer, with a copy
         to the Indenture Trustee, promptly after having obtained knowledge
         thereof, but in no event later than five Business Days thereafter,
         written notice in an Officers' Certificate of any event that, with the
         giving of notice or lapse of time, or both, would become a Servicer
         Default under Section 5.1.

         Section 2.9. Annual Independent Certified Public Accountants' Report.
The Servicer shall cause a firm of independent certified public accountants,
which may also render other services to the Servicer, the Seller or any other
Affiliate of either the Seller or Servicer, as applicable, to deliver to the
Issuer on or before March 15 of each year a report, addressed to the board of
directors of the Servicer, the Issuer and the Indenture Trustee, summarizing the
results of certain procedures with respect to certain documents and records
relating to the servicing of the Loans during the preceding calendar year (or,
in the case of the first such report, during the period from the Cutoff Date to
December 31, 2004). The procedures to be performed and reported upon by the
independent public accountants shall be those agreed to by the Servicer and the
Issuer or its designee.

         Such report will also indicate that the firm is independent of the
Servicer within the meaning of the Code of Professional Ethics of the American
Institute of Certified Public Accountants.

         Section 2.10. Appointment of Subservicer. The Servicer may at any time
appoint a subservicer to perform all or any portion of its obligations as
Servicer hereunder; provided, that the Servicer shall remain obligated and be
liable to the Issuer, for the servicing and administering of the Loans in
accordance with the provisions hereof without diminution of such obligation and
liability by virtue of the appointment of such subservicer and to the same
extent and under the same terms and conditions as if the Servicer alone were
servicing and administering the Loans. The fees and expenses of the subservicer
shall be as agreed between the Servicer and its subservicer from time to time
and the Issuer shall have no responsibility therefor.

                                                             Servicing Agreement

                                      -4-

<PAGE>

         Section 2.11. Maintenance of Security Interests in Loans. The Servicer
shall, in accordance with the Credit and Collection Policies, take such steps as
are necessary to maintain perfection of the security interest created by each
Loan in any of the Equipment. The Issuer hereby authorizes the Servicer to take
such steps as are necessary to re-perfect such security interest on behalf of
the Issuer or its assigns for any reason, including the filing of UCC financing
statements without the related debtor's signature. Without limiting the
generality of the foregoing, the Servicer shall make or maintain all required
federal lien filings or registrations in the name of the Issuer, as applicable.
Upon discovery by the Issuer or the Servicer of a breach of its obligation to
maintain perfection of the security interest in each Loan pursuant to this
Section 2.11, which breach is reasonably likely to have a Material Adverse
Effect, the party discovering the same shall give prompt written notice thereof
to the other party hereto. As liquidated damages for such breach, the Issuer
shall, on the Transfer Date relating to the Collection Period during which the
breach is discovered, request the Servicer to, and the Servicer shall pay to, or
at the direction of, the Issuer the Purchase Amount for the applicable Loans
(measured at the end of the Collection Period during which such breach is
discovered). Upon such payment, all rights, title and interest of the Issuer in
and to such Loans will be deemed to be automatically released without the
necessity of any further action by the Issuer, the Servicer or any other party
and such Loans will become the property of the Servicer.

         Section 2.12. Accounts. As of the Closing Date, the Servicer shall
establish and maintain the Collection Account and the Liquidity Account in the
name of the Issuer, each of which shall be an Eligible Deposit Account.

                  (a)      Not later than 10:00 a.m. (New York City time) on
         each Transfer Date, the Servicer shall deposit into the Collection
         Account all Available Amounts with respect to the related Collection
         Period that have not previously been deposited into the Collection
         Account (it being understood that no such deposits are required to be
         made prior to the Transfer Date unless a Daily Deposit Event has
         occurred).

                  (b)      Upon the occurrence and during the continuation of a
         Daily Deposit Event, the Servicer shall transfer to the Collection
         Account, on each Business Day in same day funds, all Available Amounts
         then held or thereafter received by it that are required to be
         deposited into the Collection Account, within two Business Days after
         receipt thereof.

         Section 2.13. Liquidity Account. The Servicer shall determine the
Specified Liquidity Account Balance and the Outstanding Unfunded Capital
Commitment for each Payment Date.

         Section 2.14. Disbursement from the Collection Account. On each
Transfer Date, the Servicer, on behalf of the Issuer, shall withdraw from the
Collection Account for payment to itself an amount equal to any accrued but
unpaid Servicing Fee and any accrued but unpaid Servicer Advances owing to the
Servicer (based on the information contained in the Servicer's Certificate
delivered on the related Determination Date pursuant to Section 2.7) in
accordance with Section 2.5.

         Section 2.15. Limitation on Liability of Servicer and Others. Neither
the Servicer nor any of the directors, officers, employees or agents of the
Servicer shall be under any liability to

                                                             Servicing Agreement

                                      -5-

<PAGE>

the Issuer or the Noteholders, except as provided under this Agreement, for any
action taken or for refraining from the taking of any action pursuant to this
Agreement or for errors in judgment; provided, however, that this provision
shall not protect the Servicer or any such Person against any liability that
would otherwise be imposed by reason of willful misfeasance, bad faith or
negligence in the performance of its duties or by reason of reckless disregard
of obligations and duties under this Agreement. The Servicer and any director,
officer, employee or agent of the Servicer may rely in good faith on the advice
of counsel or on any document of any kind prima facie properly executed and
submitted by any Person respecting any matters arising hereunder.

         Except as provided in this Agreement, the Servicer shall not be under
any obligation to appear in, prosecute or defend any legal action that shall not
be incidental to its duties to service the Loans in accordance with this
Agreement, and that in its opinion may involve it in any expense or liability;
provided, however, that the Servicer may undertake any reasonable action that it
may deem necessary or desirable in respect of this Agreement, the Related
Documents and the rights and duties of the parties to this Agreement, the other
Related Documents and the interests of the Noteholders under the Indenture.

                                   ARTICLE III

                         REPRESENTATIONS AND WARRANTIES

         Section 3.1. Representations and Warranties of the Servicer. The
Servicer represents and warrants to the Issuer 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 or organization and is duly qualified to do business, and
         is in good standing, in each jurisdiction in which the servicing of the
         Loans hereunder requires it to be so qualified, except where the
         failure to comply would not reasonably be expected to have a Material
         Adverse Effect.

                  (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 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
         of this Agreement, other than consents, notices, filings and other
         actions which have been obtained or made or where the failure to get
         such consent or take such action, individually or in the aggregate,
         would not reasonably be expected to have a Material Adverse Effect.

                                                             Servicing Agreement

                                      -6-

<PAGE>

                  (e)      There is no pending or, to its actual knowledge,
         threatened litigation of a material nature against or affecting it, 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

                              ADDITIONAL COVENANTS

         Section 4.1. Covenants of the Servicer Regarding the Loans.

                  (a)      Maintenance of Files. The Servicer shall, for not
         less than three years or for such longer period as may be required by
         law, from the date on which any Loan is paid full, maintain the Records
         with respect to each Loan, including records of all payments received,
         credits granted and property returned. The Servicer will permit
         representatives of the Issuer or its designee at any reasonable time
         during normal business hours, and at such times outside of normal
         business hours as the Issuer shall reasonably request, (i) to inspect
         and make copies of and abstracts from such records, and (ii) to visit
         the properties of the Servicer utilized in connection with the
         collection, processing or servicing of the Loans for the purpose of
         examining such Records, and (iii) to discuss matters relating to the
         Loans or the Servicer's performance under this Agreement with any
         officer, employee or accountants of the Servicer having knowledge of
         such matters. In connection therewith, the Issuer shall institute
         procedures to permit it to confirm the Loan Balance in respect of any
         Loans; provided that no one other than the Servicer, subject to any
         other arrangements made by the Issuer, will contact an Obligor unless
         Servicer Default has occurred. The Servicer agrees to render to the
         Issuer such clerical and other assistance as may be reasonably
         requested with regard to the foregoing.

                  (b)      Servicer Default. If a Servicer Default shall have
         occurred and be continuing, promptly upon request therefor, the
         Servicer shall deliver to the Issuer records reflecting activity
         through the close of business on the immediately preceding Business
         Day. Upon the occurrence and during the continuation of a Servicer
         Default, the Servicer shall (i) deliver and turn over to the Issuer or
         to its representatives, or at the option of the Issuer shall provide
         the Issuer or its representatives with access to, at any time, on
         demand of the Issuer, all of the Servicer's facilities, personnel,
         books and records pertaining to the Loans, including all Records, and
         (ii) allow the Issuer to occupy the premises of the Servicer where such
         books, records and Records are maintained, and (iii) to utilize such
         premises, the equipment thereon and any personnel of the Servicer that
         the Issuer may wish to employ to administer, service and collect the
         Loans.

                  (c)      Notice of Adverse Claim. The Servicer shall advise
         the Issuer promptly, in reasonable detail, (i) of any claim of
         ownership or Lien known to it made or asserted against any Loan, other
         than any ownership interest or Lien created under the Sale Agreement or
         the Purchase and Sale Agreement, any Lien created under the Indenture
         or any Permitted Encumbrances, and (ii) of the occurrence of any event
         known to it which would have a material adverse effect on the aggregate
         value of the Loans.

                                                             Servicing Agreement

                                      -7-

<PAGE>

                  (d)      Further Assurances. The Servicer shall furnish to the
         Issuer from time to time such statements and schedules further
         identifying and describing the Loans and such other reports in
         connection with the Loans as the Issuer may reasonably request, all in
         reasonable detail.

                                    ARTICLE V

                         EVENTS OF SERVICER TERMINATION

         Section 5.1. Default. If any of the following events shall occur
(regardless of the reason therefor) with respect to the Servicer:

                  (a)      The Servicer shall (i) fail to make or give
         instructions for any deposit, transfer or payment required to be made
         hereunder and the same shall remain unremedied for three Business Days,
         or (ii) fail or neglect to perform, keep or observe in any material
         respect any other provision of this Agreement and the same shall remain
         unremedied for fifteen days after written notice thereof shall have
         been given by the Issuer to the Servicer;

                  (b)      any representation or warranty of the Servicer herein
         or in any written statement, report, financial statement or certificate
         made or delivered by the Servicer to the Issuer hereto or thereto shall
         be untrue or incorrect in any material respect as of the date when made
         or deemed made and shall not be corrected for a period of 60 days after
         either (i) any Authorized Officer of the Servicer becomes aware thereof
         or (ii) notice thereof has been given to such Person by the Issuer; or

                  (c)      a Bankruptcy Event shall have occurred and be
         continuing with respect to the Servicer;

then, upon the occurrence of any of such events (each, a "Servicer Default"),
the Issuer may deliver a notice (a "Servicer Termination Notice") to the
Servicer, terminating the servicing responsibilities of the Servicer hereunder,
without demand, protest or further notice of any kind, all of which are hereby
waived by the Servicer. Upon the delivery of any such notice, all authority and
power of the Servicer under this Agreement shall pass to and be vested in the
Successor Servicer acting pursuant to Section 6.2, provided, that
notwithstanding anything to the contrary herein, the Servicer agrees to act as
Servicer and to continue to follow the procedures set forth in this Agreement
with respect to Available Amounts on the Loans under this Agreement until a
Successor Servicer has assumed the responsibilities and obligations of the
Servicer in accordance with Section 6.2.

                                   ARTICLE VI

                               SUCCESSOR SERVICER

         Section 6.1. Resignation of Servicer. The Servicer may resign in the
circumstances set forth in clause (a) or (b) of this Section 6.1.

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                                      -8-

<PAGE>

                  (a)      The Servicer may resign from its obligations and
         duties hereunder if it finds a replacement servicer satisfying the
         eligibility criteria set forth in Section 6.2. No such resignation
         shall become effective until the replacement servicer shall have
         obtained the Issuer's approval and appointment pursuant to Section 6.2.

                  (b)      The Servicer may resign from the obligations and
         duties hereby imposed on it upon its determination that (i) the
         performance of its duties hereunder has become impermissible under
         applicable law, and (ii) there is no reasonable action which the
         Servicer could take to make the performance of its duties hereunder
         permissible under applicable law. No such resignation shall become
         effective until a Successor Servicer shall have assumed the
         responsibilities and obligations of the Servicer in accordance with
         Section 6.2.

         Section 6.2. Appointment of the Successor Servicer. In connection with
the termination of the Servicer's responsibilities under this Agreement pursuant
to Section 5.1 or 6.1, the Issuer shall within 30 days after the giving of a
Servicer Termination Notice pursuant to Section 5.1 or as soon as practicable
after a resignation of the Servicer pursuant to Section 6.1, appoint a successor
servicer that shall have a long-term debt rating of at least ["BBB-"] by S&P and
["Baa3"] by Moody's. The successor servicer shall succeed to all rights and
assume all of the responsibilities, duties and liabilities of the Servicer under
this Agreement (such successor servicer being referred to as the "Successor
Servicer"); provided, that the Successor Servicer shall have no responsibility
for any actions of the Servicer prior to the date of its appointment as
Successor Servicer. The Successor Servicer shall accept its appointment by
executing, acknowledging and delivering to the Issuer an instrument in form and
substance acceptable to the Issuer, and by providing prior written notice of
such appointment to the Indenture Trustee. Notice shall be given to the Rating
Agencies of the appointment of any Successor Servicer.

         Section 6.3. Duties of Servicer. At any time following the appointment
of a Successor Servicer:

                  (a)      the Servicer agrees that it shall terminate its
         activities as servicer hereunder in a manner acceptable to the Issuer
         so as to facilitate the transfer of servicing to the Successor
         Servicer, including timely delivery (i) to the Issuer of any funds that
         were required to be deposited in the Collection Account and the
         Liquidity Account and (ii) to the Successor Servicer, at a place
         selected by the Successor Servicer, of all Servicing Records and other
         information with respect to the Loans. The Servicer shall account for
         all funds and shall execute and deliver such instruments and do such
         other things as may reasonably be required to more fully and definitely
         vest and confirm in the Successor Servicer all rights, powers, duties,
         responsibilities, obligations and liabilities of the Servicer; and

                  (b)      the Servicer shall terminate each Sub-Servicing
         Agreement that may have been entered into by it and the Successor
         Servicer shall not be deemed to have assumed any of the Servicer's
         interest therein or to have replaced the Servicer as a party to any
         such Sub-Servicing Agreement.

                                                             Servicing Agreement

                                      -9-

<PAGE>

         Section 6.4. Effect of Termination or Resignation. Any termination or
resignation of the Servicer under this Agreement shall not affect any claims
that the Issuer may have against the Servicer for events or actions taken or not
taken by the Servicer arising prior to any such termination or resignation.

                                   ARTICLE VII

                                 INDEMNIFICATION

         Section 7.1. Indemnities by the Servicer. Without limiting any other
rights that the Issuer or its Affiliates or any Stockholder, director, officer,
employee, or agent or incorporator thereof (each, a "Servicer Indemnified
Person") may have hereunder or under applicable law, the Servicer hereby agrees
to indemnify each Servicer Indemnified Person from and against any and all
Indemnified Amounts which may be imposed on, incurred by or asserted against a
Servicer Indemnified Person in any way arising out of or relating to any
material breach of the Servicer's obligations under this Agreement; excluding,
however, Indemnified Amounts to the extent resulting from (i) bad faith, gross
negligence or willful misconduct on the part of the Servicer Indemnified Person
or (ii) recourse for uncollectible Loans. Any Indemnified Amounts subject to the
indemnification provisions of this Section 7.1 shall be paid to the Servicer
Indemnified Person within [ten] Business Days following demand therefor.

         Section 7.2. Limitation of Damages; Indemnified Persons. NO SERVICER
PARTY TO THIS AGREEMENT SHALL BE RESPONSIBLE OR LIABLE TO ANY OTHER PARTY TO
THIS AGREEMENT, ANY SUCCESSOR, ASSIGNEE OR THIRD PARTY BENEFICIARY OF SUCH
PERSON OR ANY OTHER PERSON ASSERTING CLAIMS DERIVATIVELY THROUGH SUCH PARTY, FOR
INDIRECT, PUNITIVE, EXEMPLARY OR CONSEQUENTIAL DAMAGES THAT MAY BE ALLEGED AS A
RESULT OF ANY TRANSACTION CONTEMPLATED HEREUNDER.

                                  ARTICLE VIII

                                  MISCELLANEOUS

         Section 8.1. Notices. Except as otherwise provided herein, whenever it
is provided herein that any notice, demand, request, consent, approval,
declaration or other communication shall or may be given to or served upon any
of the parties by any other parties, or whenever any of the parties desires to
give or serve upon any other parties any communication with respect to this
Agreement, each such notice, demand, request, consent, approval, declaration or
other communication shall be in writing and shall be deemed to have been validly
served, given or delivered (a) upon the earlier of actual receipt and three
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 8.1), (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

                                                             Servicing Agreement

                                      -10-

<PAGE>

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 GE Capital, as Servicer:

                  General Electric Capital Corporation, as Servicer
                  44 Old Ridgebury Road
                  Danbury, Connecticut 06810
                  Attention: General Counsel
                  Telephone: (203) 796-1000
                  Facsimile: (203) 796-1313

         If to the Issuer:

                  GE Commercial Equipment Financing LLC, Series 2003-1
                  44 Old Ridgebury Road
                  Danbury, Connecticut 06810
                  Attention: Capital Markets Operations
                  Telephone: (203) 796-5518
                  Facsimile: (203) 796-5554

         Section 8.2. Binding Effect; Assignability. This Agreement shall be
binding upon and inure to the benefit of the Issuer and the Servicer and their
respective successors and permitted assigns. Except as set forth in Section 2.1,
or Article VI, the Servicer may not assign, transfer, hypothecate or otherwise
convey any of its rights or obligations hereunder or interests herein without
the express prior written consent of the Issuer and unless the Rating Agency
Condition shall have been satisfied with respect to any such assignment. Any
such purported assignment, transfer, hypothecation or other conveyance by the
Servicer without the prior express written consent of the Issuer shall be void.
The Issuer may, at any time, assign any of its rights and obligations under this
Agreement to any Person and any such assignee may further assign at any time its
rights and obligations under this Agreement, in each case, without the consent
of the Servicer. Each of the Issuer and the Servicer acknowledges and agrees
that, upon any such assignment, the assignee thereof may enforce directly, all
of the obligations of the Issuer or the Servicer hereunder, as applicable.

         Section 8.3. Termination; Survival of Obligations Upon Maturity Date or
Redemption Date. This Agreement shall create and constitute the continuing
obligations of the parties hereto in accordance with its terms, and shall remain
in full force and effect until the earlier of the Class

                                                             Servicing Agreement

                                      -11-

<PAGE>

B Note Maturity Date or the Redemption Date; provided, that the rights and
remedies provided for herein with respect to any breach of any representation or
warranty made by the Servicer pursuant to Article III, the indemnification and
payment provisions of Article VII and Sections 8.4, 8.5 and 8.13 shall be
continuing and shall survive the later of the Class B Note Maturity Date or the
Redemption Date, as applicable. Following the final distribution date of the
Issuer Variable Funding Certificate, the Servicer shall promptly provide written
notice to the Managing Member of a notice of termination of the Issuer's
obligations.

         Section 8.4. No Proceedings. The Servicer hereby agrees that, from and
after the Closing Date and until the date one year plus one day following the
earlier of the Class B Note Maturity Date or the Redemption Date, as applicable,
it will not, directly or indirectly, institute or cause to be instituted against
the Issuer any proceeding of the type referred to in the definition of
"Bankruptcy Event"; provided that the foregoing shall not in any way limit the
Servicer's right to pursue any other creditor rights or remedies that the
Servicer may have for claims against the Issuer.

         Section 8.5. Complete Agreement; Modification of Agreement. This
Agreement constitutes the complete agreement among the parties hereto with
respect to the subject matter hereof, supersedes all prior agreements and
understandings relating to the subject matter hereof, and may not be modified,
altered or amended except as set forth in Section 8.7.

         Section 8.6. Amendments and Waivers. No amendment, modification,
termination or waiver of any provision of this Agreement, or any consent to any
departure by any party hereto therefrom, shall in any event be effective unless
the same shall be in writing and signed by each of the parties hereto.

         Section 8.7. No Waiver; Remedies. The failure by the Issuer , at any
time or times, to require strict performance by the Servicer of any provision of
this Agreement shall not waive, affect or diminish any right of the Issuer
thereafter to demand strict compliance and performance herewith. Any suspension
or waiver of any breach or default hereunder shall not suspend, waive or affect
any other breach or default whether the same is prior or subsequent thereto and
whether the same or of a different type. None of the undertakings, agreements,
warranties, covenants and representations of the Servicer contained in this
Agreement and no breach or default by the Servicer hereunder, shall be deemed to
have been suspended or waived by the Issuer unless such waiver or suspension is
by an instrument in writing signed by an officer of or other duly authorized
signatory of the Issuer and directed to the Servicer specifying such suspension
or waiver. The rights and remedies of the Issuer under this Agreement shall be
cumulative and nonexclusive of any other rights and remedies that the Issuer may
have under any other agreement, including the other Related Documents, by
operation of law or otherwise.

         Section 8.8. 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 SECTION 5-1401(1) OF THE GENERAL OBLIGATIONS
LAW, BUT WITHOUT REGARD TO ANY OTHER CONFLICT OF LAW

                                                             Servicing Agreement

                                      -12-

<PAGE>

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 9.1 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.

                                                             Servicing Agreement

                                      -13-

<PAGE>

         Section 8.9. 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 8.10. 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 8.11. 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 8.12. Limited Recourse. (a) The obligations of the Issuer under
this Agreement are solely the obligations of the Issuer. 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 Issuer or of any successor or of its constituent
members or its other Affiliates, either directly or through the Issuer 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. Any accrued obligations owing by the
Issuer under this Agreement shall be payable by the Issuer solely to the extent
that funds are available therefor from time to time in accordance with the
provisions of Section 2.13 (provided that such accrued obligations shall not be
extinguished until paid in full).

                  (b)      The obligations of the Servicer under this Agreement
         are solely the obligations of the 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 Servicer or of any successor
         thereto, either directly or through the 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.

         Section 8.13. Further Assurances. The Servicer shall, at its sole cost
and expense, promptly and duly execute and deliver any and all further
instruments and documents, and take such further action, that may be necessary
or desirable or that the Issuer may request to enable the Issuer to exercise and
enforce its rights under this Agreement or otherwise carry out more effectively
the provisions and purposes of this Agreement.

         Section 8.14. Pledge of Assets. The Servicer hereby acknowledges that
the Issuer has granted a security interest in the Collateral to the Indenture
Trustee under the Indenture, and hereby waives any defenses it may have against
the Indenture Trustee for the enforcement of this Agreement in the event of
foreclosure by the Indenture Trustee against the Collateral. Accordingly, the
parties hereto agree that, in the event of foreclosure by the Indenture Trustee

                                                             Servicing Agreement

                                      -14-

<PAGE>

against the Collateral, the Indenture Trustee shall have the right to enforce
this Agreement and the full performance by the parties hereto of their
obligations and undertakings set forth herein. The Servicer hereby agrees to
deliver to the Indenture Trustee a copy of all notices to be delivered by the
Servicer to the Issuer hereunder.

         Section 8.15. Waiver of Setoff. The Servicer hereby waives any right of
setoff that it may have for amounts owing to it under or in connection with this
Agreement.

                               [Signatures Follow]

                                                             Servicing Agreement

                                      -15-

<PAGE>

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

                                           GECF EQUIPMENT FINANCING LLC,
                                           SERIES 2003-1

                                           BY: CEF EQUIPMENT HOLDING, L.L.C.,
                                           ITS MANAGING MEMBER

                                           By:
                                              ----------------------------------
                                              Name:
                                              Title:

                                           GENERAL ELECTRIC CAPITAL
                                           CORPORATION

                                           By:
                                              ----------------------------------
                                              Name:
                                              Title:

                                                             Servicing Agreement

<PAGE>

                                                                       EXHIBIT A
                                                          to Servicing Agreement

                         FORM OF SERVICER'S CERTIFICATE

[______________________]
[______________________]
[______________________]
Attention: [________________________]

[__________________]
[__________________]
[__________]
[__________________]
Attention: [___________________________]

[SELLER NAME]
[SELLER ADDRESS]
Attention: Secretary

Moody's Investors Service, Inc.
ABS Monitoring Department
99 Church Street
New York, New York 10007

Standard & Poor's Ratings Services,
A division of McGraw-Hill Companies, Inc.
55 Water Street
New York, New York 10041
Attention: Asset Backed Surveillance Department

                                                             Servicing Agreement

                                      B-1
<PAGE>

                                                                  EXECUTION COPY

--------------------------------------------------------------------------------

                                     ANNEX A

                                       to
                               SERVICING AGREEMENT

                                   dated as of

                               September 25, 2003

                         Definitions and Interpretation

--------------------------------------------------------------------------------

                                                                      Annex A to
                                                             Servicing Agreement

<PAGE>

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

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

          "Administration Agreement" means the Administration Agreement, dated
as of September 25, 2003, between the Administrator and the Issuer.

         "Administration Fee" is defined in Section 3 of the Administration
Agreement.

         "Administrator" means General Electric Capital Corporation, in its
capacity as Administrator under the Administration Agreement, or any other
Person designated as a successor administrator.

         "Affiliate" means, with respect to any Person, (a) each Person that,
directly or indirectly, owns or controls, whether beneficially, or as a trustee,
guardian or other fiduciary, five percent (5%) or more of the Stock having
ordinary voting power in the election of directors of such Person, (b) each
Person that controls, is controlled by, or is under common control with such
Person, or (c) each of such Person's officers, directors, joint venturers and
partners. For the purposes of this definition, "control" of a Person means the
possession, directly or indirectly, of the power to direct or cause the
direction of its management or policies, whether through the ownership of voting
securities, by contract or otherwise.

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

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

         "Authorized Officer" means, with respect to any corporation, trust or
limited liability company, as appropriate, the Chairman or Vice-Chairman of the
Board, the President, any Vice President, the Secretary, the Treasurer, any
Assistant Secretary, any Assistant Treasurer, the Managing Member, and each
other officer, employee or member of such corporation, trust or limited
liability company, as appropriate, specifically or similar governing body of
such limited liability company or trust to sign agreements, instruments or other
documents on behalf of such corporation authorized in resolutions of the board
of directors of such corporation or similar governing body of such limited
liability company or trust, as appropriate.

         "Available Amounts" means, with respect to any Payment Date all
payments made by or on behalf of the Obligors (excluding any late fees,
prepayment charges, extension fees and other administrative fees or similar
charges allowed by applicable law with respect to the Loans that constitute part
of the Servicing Fees) received during the related Collection Period, any
Recoveries received during the related Collection Period, any Swap Payments
Incoming and any

                                                                      Annex A to
                                                             Servicing Agreement

<PAGE>

Swap Termination Payments received pursuant to the Swap Agreements with respect
to such Payment Date, any proceeds from insurance policies covering the
Equipment or related Obligor received during the related Collection Period,
Liquidation Proceeds received during the related Collection Period, the Purchase
Amount of each Loan that became a Purchased Loan during the related Collection
Period (to the extent deposited into the Collection Account), Investment
Earnings for such Payment Date, servicing advances received during the related
Collection Period and payments made by a lessee pursuant to its obligation (if
any) to pay the Termination Value pursuant to the related Loan received during
the related Collection Period; provided, however, that the Available Amounts
shall not include all payments or proceeds (including Liquidation Proceeds) of
any Loans the Purchase Amount of which has been included in the Available
Amounts in a prior Collection Period.

         "Bankruptcy Code" means the provisions of title 11 of the United States
Code, 11 U.S.C. Sections 101 et seq.

         "Bankruptcy Event" means, as to any Person, any of the following
events: (a) a case or proceeding shall have been commenced against such Person
seeking a decree or order in respect of such Person (i) under the Bankruptcy
Code or any other applicable federal, state or foreign bankruptcy or other
similar law, (ii) appointing a custodian, receiver, liquidator, assignee,
trustee or sequestrator (or similar official) for any such Person or for any
substantial part of such Person's assets, or (iii) ordering the winding-up or
liquidation of the affairs of any such Person; or (b) such Person shall (i) file
a petition seeking relief under the Bankruptcy Code or any other applicable
federal, state or foreign bankruptcy or other similar law, (ii) consent or fail
to object in a timely and appropriate manner to the institution of proceedings
thereunder or to the filing of any such petition or to the appointment of or
taking possession by a custodian, receiver, liquidator, assignee, trustee or
sequestrator (or similar official) for such Person or for any substantial part
of such Person's assets, (iii) make an assignment for the benefit of creditors,
or (iv) take any corporate action in furtherance of any of the foregoing.

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

         "CEF Limited Liability Company Agreement" means the Second Amended and
Restated Limited Liability Company Agreement of CEF dated September 25, 2003.

         "CEF Variable Funding Certificate" means the Variable Funding
Certificate issued by CEF Equipment Holding, L.L.C. pursuant to the Series
2003-1 LLC Supplement.

         "Certificateholder" means a Person in whose name a Certificate is
registered.

         "Class B Note Maturity Date" means November 20, 2011 (or, if such day
is not a Business Day, the next succeeding Business Day thereafter).

         "Closing Date" means September 25, 2003.

         "Collection Account" means the account designated as such, established
and owned by the Issuer and maintained in accordance with Section 8.2 of the
Indenture.

                                                                      Annex A to
                                                             Servicing Agreement

                                      -2-

<PAGE>

         "Collection Period" means, with respect to any Payment Date, the
calendar month preceding the month in which the Payment Date occurs (or, if for
the first Payment Date, the period from and including the day after the Cut-off
Date to and including the last day of the calendar month preceding the calendar
month in which the first Payment Date occurs).

         "Collections" is defined in the Indenture.

         "Credit and Collection Policies" or "Credit and Collection Policy"
means, with respect to each type of Loan, the policies, practices and procedures
of the commercial equipment financing division of General Electric Capital
Corporation, as adopted by the Issuer for providing equipment financing,
including the policies and procedures for determining the creditworthiness of
Obligors and the extension of credit to Obligors, or relating to the maintenance
of such types of loans and collections on such types of loans, as such policies
and procedures, as applicable, may be amended from time to time.

         "Cut-off Date" is defined in the Indenture.

         "Daily Deposit Event" means (i) a reduction in the Servicer's rating
below "BBB-" by S&P or "A2" by Moody's, (ii) the reduction of General Electric
Company's long-term debt rating below "A" by S&P or (iii) the Servicer is not a
direct or indirect subsidiary of General Electric Company.

         "Defaulted Loan" is defined in the Purchase and Sale Agreement.

         "Determination Date" means with respect to any Transfer Date, the
second Business Day prior to such Transfer Date.

         "Eligible Deposit Account" means: (a) a segregated deposit account
maintained with a depository institution or trust company whose short-term
unsecured debt obligations are rated at least A-1+ by S&P and P-1 by Moody's,
(b) a segregated account which is either (i) maintained in the corporate trust
department of the Indenture Trustee or (ii) maintained with a depository
institution or trust company whose long term unsecured debt obligations are
rated at least BBB- by S&P and Baa3 by Moody's, or (c) a segregated trust
account or similar account maintained with a federally or state chartered
depository institution whose long term unsecured debt obligations are rated at
least BBB- by S&P and Baa3 by Moody's subject to regulations regarding fiduciary
funds on deposit substantially similar to 12 C.F.R. Section 9.10(b) in effect on
the Closing Date.

         "Equipment" means any transportation equipment, industrial equipment,
furniture and fixtures, construction equipment, technology and
telecommunications equipment, maritime assets or other equipment, together with
all accessions thereto securing an Obligor's indebtedness under the respective
Loan.

         "Event of Default" is defined in Section 5.1 of the Indenture.

         "Fitch" means Fitch, Inc. and its successors and assigns.

                                                                      Annex A to
                                                             Servicing Agreement

                                      -3-

<PAGE>

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

         "GE Capital" means General Electric Capital Corporation, a Delaware
corporation.

         "Indenture" means the Indenture, dated September 25, 2003, between the
Issuer and the Indenture Trustee, as the same may be amended and supplemented
from time to time.

         "Indenture Trustee" means JPMorgan Chase Bank, not in its individual
capacity but solely as Indenture Trustee under the Indenture, or any successor
Indenture Trustee under the Indenture.

         "Investment Earnings" means, with respect to any Payment Date, the
interest and other investment earnings (net of losses and investment expenses)
on amounts on deposit in the Trust Accounts to be included as part of
Collections pursuant tot Section 8.5(a) of the Indenture.

         "Issuer" means GE Commercial Equipment Financing LLC, Series 2003-1, a
Delaware limited liability company, until a successor replaces it and,
thereafter, means the successor and, for purposes of any provision contained in
the Indenture and required by the Trust Indenture Act of 1939, each other
obligor on the notes issued pursuant to the Indenture.

         "Issuer Variable Funding Certificate" means the Variable Funding
Certificate issued by the Issuer pursuant to the Limited Liability Company
Agreement of September 25, 2003.

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

         "Limited Liability Company Agreement" means the Limited Liability
Company Agreement of the Issuer, dated as of September 25, 2003, among the
Managing Member and the Issuer, as the same may be amended or supplemented from
time to time.

         "Liquidated Loan" means any Loan (i) liquidated through the sale or
other disposition of all or a portion of the related Equipment, (ii) that has
been charged off in its entirety in accordance with the Credit and Collection
Policy without realizing upon the Equipment or (iii) the due date of any
Scheduled Payment of which has been extended, at any time after the Cut-off Date
for an aggregate period of 12 or more calendar months.

         "Liquidation Proceeds" means, with respect to any Liquidated Loan, the
amounts collected in respect thereof from whatever source (including the
proceeds of insurance policies with respect to the related Equipment or Obligor)
during the Collection Period in which it became a Liquidated Loan, net of the
sum of any amounts expended in connection with such liquidation and any amounts
required by law to be remitted to the Obligor on such Liquidated Loan or any
creditor of such Obligor to the extent required by applicable law or agreement.

                                                                      Annex A to
                                                             Servicing Agreement

                                      -4-

<PAGE>

         "Liquidity Account" means the account designated as such, established
and owned by the Issuer and maintained in accordance with Section 8.2 of the
Indenture.

         "Liquidity Account Funding Event" has the meaning specified in Section
3.13 of the Indenture.

         "Loan" means any Loan included in the Schedule of Loans and any
agreement (including any invoice) pursuant to, or under which, an Obligor shall
be obligated to make payments with respect to any Loan.

         "Loan Value" is defined in the Purchase and Sale Agreement.

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

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

         "Maturity Date" is defined in the Indenture.

         "Moody's" means Moody's Investors Service, Inc. or any successor
thereto.

         "Note Balance" is defined in the Indenture.

         "Note Depository Agreement" means the agreement among the Issuer, the
Indenture Trustee and The Depository Trust Company, as the initial clearing
agency, dated as of the Closing Date.

         "Note Distribution Account" means the account designated as such,
established and owned by the Issuer and maintained in accordance with Section
8.2(a) of the Indenture.

         "Note Register" has the meaning specified in Section 2.4 of the
Indenture.

         "Noteholder" means the person in whose name a Note is registered on the
Note Register.

         "Notes" is defined in the Indenture.

         "Obligor" means, as to each Loan, any Person who owes payments under
the Loan.

         "Officer's Certificate" means, with respect to any Person, a
certificate signed by an Authorized Officer of such Person.

                                                                      Annex A to
                                                             Servicing Agreement

                                      -5-

<PAGE>

         "Outstanding Principal Balance" is defined in the Indenture.

         "Outstanding Unfunded Capital Commitment" means, with respect to each
Variable Funding Certificateholder on a Payment Date, the Variable Funding
Capital Commitment of such Person reduced by the aggregate amount of capital
contributions made by such Person prior to such Payment Date. If on any Payment
Date the Outstanding Unfunded Capital Commitment is less than the Variable
Funding Capital Commitment, the Outstanding Unfunded Capital Commitment shall be
increased on such Payment Date to the extent of Amounts Available for
Distribution (as defined in the Indenture) on such Payment Date, provided that
in no event shall the Outstanding Unfunded Capital Commitment after any such
increase exceed the Variable Funding Capital Commitment.

         "Payment Date" means, with respect to each Collection Period, the 20th
day of the calendar month following the end of that Collection Period, or, if
such day is not a Business Day, the next Business Day, commencing on October 20,
2003.

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

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

         "Purchase Amount" means, as of the close of business on the last day of
a Collection Period, an amount equal to the Loan Value of the applicable Loan,
as of the first day of the immediately following Collection Period (or, with
respect to any applicable Loan that is a Liquidated Loan, as of the day
immediately prior to such Loan becoming a Liquidated Loan less any Liquidation
Proceeds actually received by the Issuer) plus interest accrued and unpaid
thereon as of such last day at a rate per annum equal to the APR for such Loan.

         "Purchase and Sale Agreement" means that certain Loan Purchase and Sale
Agreement, dated as of September 25, 2003 by the Transferor and the Issuer, as
the same may be amended from time to time.

         "Purchased Loan" means a Loan repurchased as of the close of business
on the last day of a Collection Period by the Seller pursuant to Section 7.2 of
the Sale Agreement or repurchased as of such time by the Transferor pursuant to
Section 7.2 of the Purchase and Sale Agreement.

         "Rating Agency" means each of Fitch, Moody's and S&P. If any of such
organizations or its successor is no longer in existence, the Issuer shall
designate a nationally recognized statistical rating organization or other
comparable Person as a substitute Rating Agency, notice of which designation
shall be given to the Indenture Trustee and the Servicer.

                                                                      Annex A to
                                                             Servicing Agreement

                                      -6-

<PAGE>

         "Rating Agency Condition" means, with respect to any action, that (i)
each Rating Agency (other than Moody's) shall have been given prior notice
thereof and that each of the Rating Agencies (other than Moody's) shall have
notified the Issuer and the Indenture Trustee in writing that such action will
not result in a reduction or withdrawal of the then current rating of any Class
of the Notes and (ii) Moody's shall have been given at least 10 Business Days'
prior notice thereof and shall have not notified the Issuer that such action
will result in a reduction or withdrawal of the then current rating of any Class
of the Notes.

         "Records" means all notes, leases, security agreements and other
documents, books, records and other information (including computer programs,
tapes, disks, data processing software and related property and rights) prepared
and maintained by any of the Seller, the Servicer, any Sub-Servicer or the
Issuer with respect to the Loan and the Obligors thereunder.

         "Recoveries" means, with respect to any Liquidated Loan, monies
collected in respect thereof, from whatever source (other than from the sale or
other disposition of the Equipment), after such Loan became a Liquidated Loan.

         "Redemption Date" is defined in the Indenture.

         "Related Collection Period Loan Value" means, with respect to any
Payment Date, an amount equal to the Loan Value in the Collection Account as of
the Transfer Date which were received by the Servicer during the related
Collection Period, including all Liquidation Proceeds so received but excluding
any Purchase Amounts with respect to Purchased Loan.

         "Related Documents" means the Sale Agreement, the Purchase and Sale
Agreement, the Servicing Agreement, the Indenture, the Limited Liability
Agreement, the Variable Funding Certificates, the CEF Limited Liability Company
Agreement, the Administration Agreement, the Note Depository Agreement, the Swap
Agreements, and all other agreements, instruments, and documents and including
all other pledges, powers of attorney, consents, assignments, contracts,
notices, and all other written matter whether heretofore, now or hereafter
executed by or on behalf of any Person, or any employee of any Person, and
delivered in connection with any of the foregoing. Any reference in the
foregoing documents to a Related Document shall include all Appendices thereto,
and all amendments, restatements, supplements or other modifications thereto,
and shall refer to such Related Document as the same may be in effect at any and
all times such reference becomes operative.

         "S&P" means Standard & Poor's Ratings Services, a division of The
McGraw-Hill Companies, Inc., or any successor thereto.

         "Sale Agreement" means the Loan Sale Agreement, dated September 25,
2003, between Seller and the Transferor.

         "Schedule of Loans" is the schedule of Loans attached as Schedule I to
each of the Sale Agreement and the Purchase and Sale Agreement (which schedule
may be in the form of microfiche).

                                                                      Annex A to
                                                             Servicing Agreement

                                      -7-

<PAGE>

         "Scheduled Payment" on a Loan means that portion of the payment
required to be made by the Obligor during any Collection Period sufficient to
amortize the principal balance under (x) in the case of a Precomputed Loan, the
actuarial method or (y) in the case of a Simple Interest Loan, the simple
interest method, in each case, over the term of the Loan and to provide interest
at the APR, provided that Termination Values shall also constitute Scheduled
Payments.

         "Seller" means GE Capital, a Delaware corporation, its successors and
assigns.

         "Series 2003-1 LLC Supplement" means the Series 2003-1 LLC Supplement
to the Second Amended and Restated Limited Liability Company of CEF Equipment
Holding, L.L.C., dated as of September 25, 2003.

         "Servicer" means each of GE Capital, in its capacity as Servicer under
this Agreement, or any other Person designated as a Successor Servicer.

         "Servicer Advance" means, the amount as of the Record Date, which the
Servicer may, but is not required to, advance pursuant to Section 2.5 of the
Servicing Agreement.

         "Servicer Default" means an event specified in Section 5.1 of the
Servicing Agreement.

         "Servicer Indemnified Person" is defined in Section 7.1.

         "Servicer Termination Notice" is defined in Section 5.1 of the
Servicing Agreement.

         "Servicer's Certificate" means an Officer's Certificate of the Servicer
delivered pursuant to Section 2.7 of the Servicing Agreement, substantially in
the form of Exhibit A thereto.

         "Servicing Agreement" means the Servicing Agreement, dated as of
September 25, 2003 between the Servicer and the Issuer.

         "Servicing Fee" means, for any Collection Period, an amount equal to
the product of (a) the Servicing Fee Rate, (b) the average daily aggregate
outstanding principal amount of Loans as of the first day of such Collection
Period and (c) a fraction equal to (i) the number of days in such Collection
Period, divided by (ii) 360; plus all late fees, prepayment fees, assumption
fees, modification fees, and other miscellaneous fees and amounts received
during such Collection Period.

         "Servicing Fee Rate" means 0.35%.

         "Servicing Records" means all documents, books, Records and other
information (including computer programs, tapes, disks, data processing software
and related property and rights) prepared and maintained by the Servicer with
respect to the related Loans and the Obligors thereunder.

         "Simple Interest Loan" means any Loan under which the portion of a
payment allocable to interest and the portion allocable to principal is
determined by allocating a fixed level payment between principal and interest,
such that such payment is allocated first to the accrued and

                                                                      Annex A to
                                                             Servicing Agreement

                                      -8-

<PAGE>

unpaid interest at the Annual Percentage Rate for such Loan on the unpaid
principal balance and the remainder of such payment is allocable to principal.

         "Specified Liquidity Account Balance" as of any date on and after the
occurrence of a Liquidity Account Funding Event, means an amount equal to the
lesser of (x) $13,193,123 and (y) the Outstanding Principal Balances of the
Class A-4 and Class B Notes as of such date and, at any time prior to the
occurrence of such event, zero.

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

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

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

         "Sub-Servicing Agreement" means any written contract entered into
between the Servicer and any Sub-Servicer pursuant to and in accordance with
Section 2.12 relating to the servicing, administration or collection of the
Loans.

         "Successor Servicer" is defined in Section 6.2.

         "Termination Value" means the "Termination Value" (if any) payable by
lessee pursuant to the applicable Loan.

         "Transfer Date" means the Business Day preceding the twentieth day of
each calendar month.

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

         "UCC" means, with respect to any jurisdiction, the Uniform Commercial
Code as the same may, from time to time, be enacted and in effect in such
jurisdiction.

         "Variable Funding Capital Commitment" as of any date means an amount
equal to the lesser of (x) $13,193,123 and (y) the sum of the Outstanding
Principal Balances of the Class A-4 and Class B Notes (each as defined in the
Indenture) as of such date.

         "Variable Funding Certificateholder" is defined in the Indenture.

         "Variable Funding Certificates" is defined in the Indenture.

                                                                      Annex A to
                                                             Servicing Agreement

                                      -9-

<PAGE>

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

                                                                      Annex A to
                                                             Servicing Agreement

                                      -10-

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