Document:

LIMITED LIABILITY COMPANY AGREEMENT

 

OF

 

GE EQUIPMENT TRANSPORTATION LLC, SERIES
2012-2

 

(A DELAWARE LIMITED LIABILITY COMPANY)

 

Dated as of October 24, 2012

 

    	Issuer LLC Agreement

    	 

    

 

GE EQUIPMENT TRANSPORTATION LLC, SERIES
2012-2

 

LIMITED LIABILITY COMPANY
AGREEMENT, dated as of October 24, 2012, adopted by CEF Equipment Holding, L.L.C., as a member (the “Initial Member”).

 

Preliminary Statement

 

The Initial Member desires
to form a limited liability company (the “Company”) under the Delaware Limited Liability Company Act
(currently Chapter 18 of Title 6 of the Delaware Code), as amended from time to time (the “Act”).

 

Accordingly, the Initial
Member hereby adopts the following as the “Limited Liability Company Agreement” of the Company within the meaning
of Section 18-101(7) of the Act.

 

ARTICLE
I

 

Section
1.1 Definitions. Capitalized terms used in this Agreement and not otherwise defined herein shall have the meanings
assigned to such terms in the “Definitions Addendum” attached to this Agreement and incorporated herein, and
shall otherwise have the meanings assigned to such terms in the Act.

 

ARTICLE
II

 

Section
2.1 Formation. The Company was formed as a limited liability company pursuant to the provisions of the Act on September
17, 2012 by the filing of the Certificate of Formation with the office of the Secretary of State of Delaware. The Initial Member
hereby adopts, confirms and ratifies said Certificate of Formation and all acts taken in connection therewith. Sonia Ravin is hereby
designated as an “authorized person” within the meaning of the Act, and has executed, delivered and filed the Certificate
of Formation of the Company with the Secretary of State of the State of Delaware. Upon the filing of the Certificate of Formation
with the Secretary of State of the State of Delaware, her powers as an “authorized person” ceased, and the Member thereupon
became the designated “authorized person” and shall continue as the designated “authorized person” within
the meaning of the Act. The Member shall execute, deliver and file any other certificates (and any amendments and/or restatements
thereof) necessary for the Company to qualify to do business in any other jurisdiction in which the Company may wish to conduct
business. The existence of the Company as a separate legal entity shall continue until cancellation of the Certificate of Formation
as provided in the Act.

 

ARTICLE
III

 

Section
3.1 Name. The name of the Company is GE Equipment Transportation LLC, Series 2012-2.

 

    	Issuer LLC Agreement

    	 

    

 

ARTICLE
IV

 

Section
4.1 Purpose and Limitations on Activities. The Company shall limit its purposes and activities to (i) the issuance
and sale of Membership Interests, on the terms and conditions set forth herein; (ii) acquiring (through purchase or otherwise)
from CEF Equipment Holding, L.L.C. or any of its subsidiaries or affiliates (collectively, the “Seller”), and
holding, servicing, transferring and pledging equipment loan and lease receivables and any related rights, documents, assets, and
interests (“Assets”); (iii) entering into any agreement providing for the acquisition, sale, financing, servicing,
hedging or transfer of the Assets or interests in the Assets; (iv) retaining or reacquiring an interest in the Assets; (v) lending
or otherwise investing proceeds from Assets and any other income; and (vi) any purposes and activities necessary, convenient or
incidental to the conduct, promotion or attainment of the business purposes and activities of the Company as set forth in clauses
(i) through (v) above; provided that, in connection with the permitted activities specified above, the purpose
and activities of the Company shall be further limited as follows:

 

(vii) the servicing
of assets held by the Company shall be conducted in a manner that is consistent with the servicing agreement to which the Company
shall become a party coincident with the initial transfer of assets from the Seller (the “Servicing Agreement”);

 

(viii) the Company
may sell or assign assets only as specified in the Servicing Agreement; and

 

(ix) the Company may
enter into derivative contracts or hedges that have the following characteristics: (a) are interest rate swap arrangements, (b)
have a fair value at inception of zero, and (c) commence on a date within two (2) days of the effective date of the receipt by
the Company of Transferred Assets.

 

Section
4.2 Authority. The Company, by or through the Member, or any Manager on behalf of the Company, may enter into and
perform under the Indenture, Transaction Documents and all documents, agreements, certificates, or financing statements contemplated
thereby or related thereto, together with any amendments or supplements thereto, all without any further act, vote or approval
of any other Person notwithstanding any other provision of this Agreement. The foregoing authorization shall not be deemed a restriction
on the powers of any Member or any Manager to enter into other agreements on behalf of the Company.

 

ARTICLE
V

 

Section
5.1 Registered Office; Other Offices. The address of the registered office of the Company in the State of Delaware
is c/o The Corporation Trust Company, 1209 Orange Street, in the City of Wilmington, New Castle County, Delaware 19801. The
Manager may establish other offices of the Company at such locations within or outside the State of Delaware as the Initial Member
may determine.

 

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ARTICLE
VI

 

Section
6.1 Registered Agent. The name and address of the registered agent of the Company for service of process on the Company
in the State of Delaware is The Corporation Trust Company, 1209 Orange Street, in the City of Wilmington, New Castle County,
Delaware 19801.

 

ARTICLE
VII

 

Section
7.1 Admission of Members. (a) By execution of this Agreement, the Initial Member is hereby admitted as a Member of
the Company and shall have a Membership Interest in the Company including, without limitation, such rights in and to the profits
and losses of the Company and rights to receive distributions of the Company’s assets, and such other rights and obligations,
as provided herein.

 

(b)          Without
the consent of any Member or other Person, the Manager may cause the Company to issue additional Membership Interests and thereby
admit a new Member or new Members, as the case may be, to the Company, only if such new Member (i) has delivered to the Initial
Member its capital contribution, (ii) has agreed in writing to be bound by the terms of this Agreement by becoming a party hereto,
and (iii) has delivered such additional documentation as the Initial Member shall reasonably require to so admit such new Member
to the Company.

 

Section
7.2 Initial Member. The name and the address of the Initial Member of the Company is as follows:

 

CEF Equipment Holding, L.L.C. 

10 Riverview Drive 

Danbury, Connecticut 06810

 

ARTICLE
VIII

 

Section
8.1 Management. Subject to Section 16.1, management of the Company is initially vested in the Initial Member.
The Initial Member shall be a “manager” within the meaning of the Act (a “Manager”) until such time
as the Initial Member appoints one or more Managers to replace the Initial Member in its capacity as manager of the Company. Each
Manager shall perform duties on behalf of the Company as Manager as set forth in this Agreement and in the Act and may enter into
contracts with Persons on behalf of the Company, bind the Company and engage in activities on behalf of the Company, including
issuing, delivering and executing contracts, agreements and other documents in connection therewith, in each case in accordance
with Section 4.1.

 

Section
8.2 Managers to Provide Information to the Initial Member. It shall be the duty of each Manager to keep the Initial
Member reasonably informed as to material events relating to the Company, including, without limitation, all claims pending or
threatened against the Company and the execution by such Manager on behalf of the Company of any material agreements or instruments.

 

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Section
8.3 Accounting and Tax Reports; Tax Matters. The Manager shall: (i) maintain (or cause to be maintained) the books
of the Company on a calendar year basis on the accrual method of accounting, (ii) deliver to each Member, as may be required by
the Code and applicable Treasury Regulations, such information as may be required to enable each Member to prepare its federal,
state and local income tax returns, (iii) file such tax returns relating to the Company, and make such elections as may from time
to time be required or appropriate under any applicable state or federal statute or rule or regulation thereunder so as to prevent
the Company from being characterized as an entity treated as a corporation
under Section 301.7701-3 of the Treasury Regulations for federal income tax purposes, (iv) cause such tax returns to
be signed in the manner required by law and (v) collect or cause to be collected any withholding tax with respect to income or
distributions to Members.

 

ARTICLE
IX

 

Section
9.1 Initial Capital Contributions. The initial cash capital contribution to be made by the Initial Member promptly
after the Initial Member signs this Agreement is $10,000.

 

ARTICLE
X

 

Section
10.1 Additional Contributions. The Members shall have no obligation to make any additional capital contribution to
the Company after the date hereof, but the Initial Member may elect to do so from time to time.

 

ARTICLE
XI

 

Section
11.1 Distributions. Distributions shall be made to the Members at the times and in the aggregate amounts determined
by the Manager, subject to the limitations of the Act or other applicable laws.

 

Section
11.2 Distribution upon Withdrawal. Upon withdrawal, any withdrawing Member shall not be entitled to receive any distribution
and shall not otherwise be entitled to receive the fair market value of its Membership Interest.

 

ARTICLE
XII

 

Section
12.1 Transfers. (a) A Member other than the Initial Member may not Transfer any part of its Membership Interest without
(i) the prior written consent of the Initial Member, such consent not to be unreasonably withheld, and (ii) an opinion of a nationally
recognized tax counsel experienced in such matters to the effect that such transfer will not cause the Company to be treated as
a publicly traded partnership within the meaning of Section 7704 of the Code. Any purported Transfer of any Membership Interest
in contravention of this Section 12.1 shall, to the fullest extent permitted by law, be null and void and of no force
or effect whatsoever. No purchase or transfer of a Membership Interest shall be made by or to a Benefit Plan Investor, no purchase
or transfer of a Membership Interest by or to a Benefit Plan Investor will be effective, and neither the Company nor the Initial
Member will recognize any such purchase or transfer. In addition, no purchase or transfer will be effective if it would cause the
Company to (x) be classified as an association (or publicly traded partnership) taxable as a corporation for U.S. federal income
tax purposes or (y) be required to withhold on the transferee’s distributions or distributive shares of income under
Sections 871, 881 or 1446 of the Code, and neither the Manager nor the Company will recognize any purchase or transfer giving rise
to such classification or withholding.

 

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(b)          The
Initial Member shall admit a transferee of a Member’s Membership Interest to the Company only if such transferee (i) has
agreed in writing to be bound by the terms of this Agreement by becoming a party hereto and (ii) has delivered such additional
documentation as the Initial Member shall reasonably require to so admit such transferee to the Company. Notwithstanding anything
contained herein to the contrary, both the Company and the Initial Member shall be entitled to treat the transferor of a Membership
Interest as the absolute owner thereof in all respects, and shall incur no liability for distributions of cash or other property
made in good faith to it, until such time as a written assignment or other evidence of the consummation of a Transfer that conforms
to the requirements of this Section 12.1 and is reasonably satisfactory to the Initial Member has been received by
the Company. The effective date of any Transfer permitted under this Agreement shall be the close of business on the day of receipt
thereof by the Company.

 

Section
12.2 Restrictions on Expulsion. No Member shall be expelled as a Member under any circumstances.

 

ARTICLE
XIII

 

Section
13.1 Liability of Members. Except as required by the Act, no Member or any Manager, agent, shareholder, director,
employee or incorporator of any Member solely by reason of its capacity as such will be liable for the debts, obligations and liabilities
of the Company or any other Member, whether arising in contract, tort or otherwise, which debts, obligations and liabilities shall
be solely the debts, obligations and liabilities of the Company or such other Member, as applicable.

 

ARTICLE
XIV

 

Section
14.1 Exculpation and Indemnification of Members and Managers. (a) No Indemnified Party shall be liable to the
Company or any Member for any loss, damage or claim incurred by reason of any act performed or any act omitted by such Indemnified
Party in connection with any matter arising from, or related to, or in connection with this Agreement or the Company’s business
or affairs; provided, however, that the foregoing shall not eliminate or limit the liability of any Indemnified Party
if a judgment or other final adjudication adverse to the Indemnified Party establishes (i) that the Indemnified Party’s
acts or omissions were in bad faith or involved intentional misconduct or a knowing violation of law or (ii) that the Indemnified
Party personally gained in fact a financial profit or other advantage to which the Indemnified Party was not legally entitled.

 

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(b)          The
Company shall, to the fullest extent permitted by the Act, indemnify and hold harmless, and advance expenses to, each Indemnified
Party against any losses, claims, damages or liabilities to which the Indemnified Party may become subject in connection with any
matter arising from, related to, or in connection with this Agreement or the Company’s business or affairs; provided,
however, that no indemnification may be made to or on behalf of any Indemnified Party (and expenses advanced shall be returned)
if a judgment or other final adjudication adverse to the Indemnified Party establishes (i) that the Indemnified Party’s acts
or omissions were committed in bad faith or involved intentional misconduct as a knowing violation of law or (ii) that the
Indemnified Party personally gained in fact a financial profit or other advantage to which the Indemnified Party was not legally
entitled.

 

(c)          Notwithstanding
anything else contained in this Agreement, the indemnity obligations of the Company under paragraph (b) above shall:

 

(i)          be
in addition to any liability that the Company may otherwise have;

 

(ii)         inure
to the benefit of the successors, assigns, heirs and personal representatives of each Indemnified Party; and

 

(iii)        be
limited to the assets of the Company.

 

(d)          This
Article XIV shall survive any termination of this Agreement and the dissolution of the Company.

 

ARTICLE
XV

 

Section
15.1 Duration and Dissolution. The Company shall be dissolved and its affairs shall be wound up upon the affirmative
vote or written consent of the Initial Member or as otherwise required by the Act.

 

ARTICLE
XVI

 

Section
16.1 Bankruptcy. Except by the unanimous consent of all Members and Managers, the Company shall not file a voluntary
petition in bankruptcy or otherwise seek relief under Title 11 of the United States Code or any successor statute thereto, or under
any similar applicable state law.

 

Section
16.2 Amendments. (a) Except as is otherwise set forth in clause (b) below, this Agreement may be modified,
altered, supplemented or amended only if all the Members execute and deliver a written agreement with respect to such modification,
alteration, supplement or amendment; provided, that so long as any rated debt obligation of the Company is outstanding,
the Rating Agency Condition is satisfied.

 

(b)          This
Agreement may be modified, altered, supplemented or amended without satisfying the requirements of clause (a) above (i) to cure
any ambiguity or (ii) to convert or supplement any provision herein in a manner consistent with the intent of this Agreement and
the other Transaction Documents.

 

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Section
16.3 Headings. The titles of Sections of this Agreement are for convenience of reference only and shall not define
or limit any of the provisions of this Agreement.

 

Section
16.4 GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF
THE STATE OF DELAWARE, WITHOUT GIVING EFFECT TO CONFLICTS OF LAW PRINCIPLES THEREOF.

 

Section
16.5 Severability of Provisions. Each provision of this Agreement shall be considered severable and if for any reason
any provision or provisions herein are determined to be invalid, unenforceable or illegal under any existing or future law, such
invalidity, unenforceability or illegality shall not impair the operation of or affect those portions of this Agreement which are
valid, enforceable and legal.

 

Section
16.6 Further Assurances. The Initial Member shall execute and deliver such further instruments and do such further
acts and things as may be required to carry out the intent and purposes of this Agreement.

 

Section
16.7 Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed an
original of this Agreement. Executed counterparts may be delivered electronically.

 

Section
16.8 Assignment; Third Party Beneficiaries. The parties hereto acknowledge and agree that the rights of the Company
under this Agreement may be pledged from time to time by the Company to creditors of the Company to secure the Company’s
obligations to such creditors. Nothing in this Agreement, whether express or implied, shall be construed to give to any other Person
(other than a party hereto or an Indemnified Party) any legal or equitable right, remedy or claim under or in respect of this Agreement
or any covenants, conditions or provisions contained herein.

 

Section
16.9 Effectiveness. Pursuant to Section 18-201(d) of the Act, this Agreement shall be effective as of the date hereof.

 

[Signature Follows]

 

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IN WITNESS WHEREOF, the
undersigned, intending to be legally bound hereby, has duly executed this Agreement as of the date first above written.

 

	 	CEF EQUIPMENT HOLDING, L.L.C., 
	 	as Member
	 	 	 
	 	By:	 
	 	Name:
	 	Title:

 

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DEFINITIONS ADDENDUM

TO THE

LIMITED LIABILITY COMPANY AGREEMENT

 

“Act”
is defined in the Preliminary Statement.

 

“Affiliate”
means, with respect to any Person, any Person or group of Persons acting in concert in respect of the Person in question that,
directly or indirectly, controls or is controlled by or is under common control with such Person. For the purposes of this definition,
“control” (including, with correlative meaning, the terms “controlled by” and “under common control
with”) as used with respect to any Person or group of Persons, shall mean the power to direct or cause the direction of the
management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise.

 

“Agreement”
means this Limited Liability Company Agreement, as amended from time to time.

 

“Assets”
is defined in Section 4.1.

 

“Benefit Plan
Investor” means an “employee benefit plan” within the meaning of Section 3(3) of ERISA (which is subject
to Title I of ERISA), a “plan” described in Section 4975(e)(1) of the Code (which is subject to Section 4975 of
the Code), or any entity deemed to hold “plan assets” of any of the foregoing by reason of investment by an “employee
benefit plan” or “plan” in the entity.

 

“Business Day”
means any day that is not a Saturday, 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.

 

“Certificate
of Formation” means the Certificate of Formation of the Company, as filed with the Secretary of State of the State of
Delaware on September 17, 2012 or as amended, restated and supplemented from time to time.

 

“Code”
means the Internal Revenue Code of 1986, as amended from time to time, and Treasury Regulations promulgated thereunder.

 

“Company”
means GE Equipment Transportation LLC, Series 2012-2, a Delaware limited liability company.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended from time to time, and any regulations promulgated thereunder.

 

“Indemnified
Party” means a Member, Manager, employee, organizer or agent of the Company or any officer, agent, shareholder, director,
employee or incorporator of the Initial Member.

 

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“Indenture”
means the Indenture, dated as of October 24, 2012, between the Company and the Indenture Trustee, as the same may be amended, restated
or supplemented from time to time.

 

“Indenture Trustee”
means Citibank, N.A., not in its individual capacity but solely as indenture trustee under the Indenture, or any successor indenture
trustee under the Indenture.

 

“Initial Member”
has the meaning assigned in the preamble.

 

“Manager”
is defined in Section 8.1.

 

“Member”
means the Initial Member and any other Person that is admitted as a member of the Company, in each case for so long as such Person
continues to be a member of the Company, in such Person’s capacity as a member of the Company.

 

“Membership
Interest” means the entire limited liability company interest of a Member in the Company at any particular time, including
the right of a Member to any and all benefits to which a Member may be entitled as provided in this Agreement, together with the
obligations of such Member to comply with all the terms and provisions of this Agreement. A Membership Interest may be represented
by a certificate.

 

“Person”
means an individual, partnership, corporation, trust (including a business trust), limited liability company, joint stock company,
association, joint venture, government or any agency or political subdivision thereof or any other entity of whatever nature.

 

“Rating Agency
Condition” means, for so long as such entity is rating any class of notes issued by the Company, with respect to any
action, that (i) Moody’s Investors Service, Inc. shall have been given at least ten (10) Business Days’ prior notice
thereof and shall have not notified the Company and the Indenture Trustee that such action will result in a reduction or withdrawal
of the then current rating of any class of the notes issued by the Company, and (ii) Fitch, Inc. shall have been given at least
ten (10) Business Days’ prior notice thereof.

 

“Seller”
is defined in Section 4.1.

 

“Servicing Agreement”
means the Servicing Agreement, dated as of October 24, 2012, between the Company and General Electric Capital Corporation, as servicer.

 

“Transaction
Documents” means this Agreement, the Related Documents as defined in the Indenture and all documents and certificates
contemplated thereby or delivered in connection therewith.

 

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“Transfer”
means, (i) as a noun, any transfer, sale, assignment, exchange, charge, pledge, gift, hypothecation, conveyance, encumbrance
or other disposition, whether direct or indirect, voluntary or involuntary, by operation of law or otherwise and, (ii) as
a verb, directly or indirectly, voluntarily or involuntarily, by operation of law or otherwise, to transfer, sell, assign, exchange,
charge, pledge, give, hypothecate, convey, encumber or otherwise dispose of.

 

“Treasury Regulations”
means regulations, including proposed or temporary regulations, promulgated under the Code.

 

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EXHIBIT A

 

CERTIFICATE OF FORMATION

 

OF

 

GE
Equipment Transportation LLC, Series 2012-2

 

This Certificate of
Formation of GE Equipment Transportation LLC, Series 2012-2, dated as of September 17, 2012, has been duly executed and is
being filed by Sonia Ravin, as an authorized person, to form a limited liability company under the Delaware Limited Liability Company
Act (6 Del.C. §18-101, et seq.).

 

1.           The
name of the limited liability company (the “LLC”) is:

 

GE Equipment
Transportation LLC, Series 2012-2

 

2.           The
address of the registered office of the LLC in the State of Delaware is: Corporation Trust Center, 1209 Orange Street, in the City
of Wilmington, County of New Castle, Delaware 19801. The name of the registered agent of the LLC at such address is The Corporation
Trust Company.

 

3.           This
Certificate of Formation shall be effective as of its filing.

 

IN WITNESS WHEREOF,
the undersigned has executed this Certificate of Formation of the LLC this 17th day of September, 2012.

 

	 	 
	 	Sonia Ravin
	 	Authorized Person
	 	 

 

    	 	A-1	Issuer LLC AgreementEXECUTION VERSION

 

LOAN SALE AGREEMENT

 

October 24, 2012,

 

between

 

GENERAL ELECTRIC CAPITAL CORPORATION,

as Seller

 

and

 

CEF EQUIPMENT HOLDING, L.L.C.,

as Purchaser

 

    	 	 	Loan Sale Agreement

    	 

    

 

This LOAN SALE AGREEMENT
(“Agreement” or “Sale Agreement”) is entered into as of October 24, 2012 by and between GENERAL
ELECTRIC CAPITAL CORPORATION, a Delaware corporation (the “Seller”) and CEF EQUIPMENT HOLDING, L.L.C.,
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
to this Agreement.

 

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 CEF ASSETS

 

Section 2.1           Sale
of CEF Assets. (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 of the Seller’s right, title and interest
of in (without duplication):

 

		(i)	the Loans and all obligations of the Obligors thereunder, excluding amounts received thereunder
prior to or on the Cut-off Date;

 

		(ii)	all Related Security and any Collections and additional monies received under the Loans, unless
related to amounts due in respect of the Loans on or prior to the Cut-off Date;

 

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

 

		(iv)	all Loan Files and Records with respect to any of the foregoing; and

 

		(v)	all proceeds of the foregoing (all such assets, collectively, the “CEF Assets”).

 

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(b)          On
or before the Closing Date, the Seller shall (i) indicate in its records that the CEF Assets have been sold to the Purchaser
pursuant to this Agreement by so identifying such CEF 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, if obtained, 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 material 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 CEF Assets sold and transferred by the Seller on the Closing Date. 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 or delivery to the secured party” for purposes of perfecting the security interest pursuant to the UCC
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. (a) As consideration for the sale of the CEF Assets pursuant to Section 2.1 hereof, the Purchaser shall pay the
Seller on the Closing Date, upon satisfaction of the applicable conditions set forth in Article III, an amount acknowledged by
the Seller and the Purchaser to be the fair market value of the CEF Assets that the Seller sold and transferred to the Purchaser
under this Agreement (together the “CEF Purchase Price”).

 

(b)          The
CEF Purchase Price shall be payable by the Purchaser to the Seller in the form of (i) cash and (ii) an increase in the Seller’s
equity interest in the Purchaser.

 

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ARTICLE
III

 

CONDITIONS
PRECEDENT

 

Section 3.1           Conditions
to Sale. Each 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.

 

(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)          At
the time of such sale, the Purchaser shall have sufficient funds on hand to pay the cash portion of the CEF Purchase Price.

 

(f)          The
Seller shall be in compliance, in all material respects, with each of its covenants and other agreements set forth herein.

 

(g)          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 CEF 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), (f) and (g) of this Section 3.1 have been satisfied.

 

    	 	3	Loan Sale Agreement

    	 

    

  

ARTICLE
IV

 

REPRESENTATIONS,
WARRANTIES AND COVENANTS

 

Section 4.1           Representations
and Warranties of the Seller. To induce the Purchaser to purchase the CEF 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)          Corporate
Existence; Power and Authority. The Seller (i) is a corporation duly organized, validly existing and in good standing
under the laws of its jurisdiction of organization; and (ii)  has all requisite power and authority and licenses 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 twelve (12) months with respect to the Seller. During the prior five (5) years, except as set forth in Schedule 4.1(b),
the Seller has not been known as or used any corporate, 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.

 

(c)          Authorization,
Compliance with Law. 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 corporate action, and (ii) do not violate any provision of any law or regulation of any Governmental Authority, or contractual
or corporate 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.

 

    	 	4	Loan Sale Agreement

    	 

    

 

(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 CEF Assets. With respect to each Loan and the other CEF 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; (ii) immediately
prior to sale to the Purchaser, such CEF 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 CEF 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); and (iii) if such Loan is cross-collateralized
with a receivable that is not a CEF Asset conveyed hereunder, as of the Closing Date, either (x) the repossession or exercise of
other rights with respect to the related Equipment by the holder of such receivable that is not a CEF Asset would not materially
impair the security intended to be afforded for such Loan and result in a material adverse effect on the holders of the Notes or
(y) the holder of such receivable and the Purchaser or its assigns as holder of the Loan have entered into an intercreditor arrangement
under which each holder has agreed to subordinate its respective lien and rights of enforcement against the Equipment financed
by the other holder or its predecessor in interest.

 

The representations and warranties described
in this Section 4.1 shall survive the sale of the CEF Assets to the Purchaser, any subsequent assignment or sale of
the CEF 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 CEF Assets.

 

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 and until the earlier of the Redemption Date or the Class C Maturity 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.

 

    	 	5	Loan Sale Agreement

    	 

    

 

(b)          Access.
At any reasonable time, and from time to time at the Purchaser’s reasonable request, and upon at least seven (7) 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 CEF 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 CEF
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 CEF 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 corporate existence, rights, franchise and
privileges in the jurisdiction of its incorporation; provided, that (i) the Seller may change its jurisdiction of organization
upon thirty (30) days’ notice to the Purchaser, and upon taking all actions necessary to maintain the perfected ownership
interest of the Purchaser in the Purchased Assets and (ii) the Seller may merge or consolidate with, or convey substantially all
of its assets to, any Person, so long as such Person assumes the Seller’s obligations under this Agreement, either contractually
or by operation of law.

 

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

 

		(ii)	the commencement of a case or proceeding by or against the Seller seeking a decree or order in
respect to it (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 the Seller’s assets, or (C) ordering the winding-up or liquidation of the affairs of
the Seller.

 

    	 	6	Loan Sale Agreement

    	 

    

 

(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 (2nd) Business Day after receipt thereof, all Collections it may
receive in respect of CEF Assets.

 

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 earlier of the Redemption Date or the Class C 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 CEF 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 collectability of such Loan.

 

(c)          UCC
Matters. The Seller shall not change its state of organization or incorporation or its name, identity or corporate 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 thirty (30) days’ prior written notice of such
change.

 

(d)          No
Proceedings. From the Closing Date and until the date one (1) year plus one (1) day following the date on which all amounts
due with respect to the Notes have been paid in full in cash, the 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.

 

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 or assigns (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 sold and transferred by the Seller 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.

 

    	 	7	Loan Sale 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.

 

ARTICLE
VI

 

MISCELLANEOUS

 

Section 6.1           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 (3) 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 6.1), (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 the 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.

 

    	 	8	Loan Sale Agreement

    	 

    

 

If to Seller:

 

General Electric Capital Corporation

201 Merritt 7

Norwalk, Connecticut 06851

Attention: General Counsel

Telephone: (203) 229-5000

Facsimile: (203) 956-4296

 

If to Purchaser:

 

CEF Equipment Holding, L.L.C.

10 Riverview Drive

Danbury, CT 06810

Attention: Capital Markets Operations

Telephone: (203) 749-2101

Facsimile: (203) 749-4054

 

Section 6.2           No
Waiver; Remedies. (a) Any party’s failure, at any time or times, to require strict performance by any 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 any party contained in this Agreement, and no breach
or default by any party hereunder, shall be deemed to have been suspended or waived by any 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 made by such party
and described in Sections 4.1, 4.2 or 4.3, which breach is reasonably likely to have a Material Adverse
Effect on the applicable CEF Assets, the party discovering the same shall give prompt written notice thereof to the other parties
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 CEF 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 CEF 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 CEF 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 under any other agreement, including the other Related Documents, by operation of law or otherwise.

 

    	 	9	Loan Sale Agreement

    	 

    

 

Section 6.3           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 Purchase and Sale Agreement the Purchaser will assign its
rights granted hereunder to the Issuer, and upon such assignment, the Issuer shall have, to the extent of such assignment, all
rights of the Purchaser hereunder and the Issuer 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 6.4           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 Class C 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 earlier to occur
of the Redemption Date or the Class C 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 Class C Maturity Date or (ii) the Redemption Date; provided, that the rights
and remedies pursuant to Section 6.2(b), the indemnification and payment provisions of Article V, and
the provisions of Sections 4.3(c), 6.3, 6.4(b), 6.12 and 6.15 shall be continuing
and shall survive any termination of this Agreement.

 

Section 6.5           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 6.6.

 

Section 6.6           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 each of the parties
hereto and their respective permitted successors and assigns. 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.

 

    	 	10	Loan Sale Agreement

    	 

    

 

Section 6.7           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 LAWS PROVISIONS THEREOF EXCEPT SECTIONS 5-1401 AND 5-1402 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 CEF ASSETS 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.

 

    	 	11	Loan Sale Agreement

    	 

    

 

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

 

Section 6.9           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 6.10         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 6.11         No
Setoff. None of the Seller’s obligations under this Agreement shall 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 6.12         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 6.13         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 the filing
of 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 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 CEF 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 CEF 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.

 

    	 	12	Loan Sale Agreement

    	 

    

 

(b)          If
the Seller fails to perform any agreement or obligation under this Section 6.13, 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 6.14         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 thirty (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.

 

Section 6.15         Limitation
on Payments. Notwithstanding any provision contained herein to the contrary, if the Purchaser has not received funds which
may be used to make payments hereunder as contemplated by the Related Documents, the Purchaser shall not be obligated to make any
payments hereunder and any amounts which the Purchaser does not so pay hereunder shall not constitute a claim (as defined in Section
101 of the Bankruptcy Code) against, or limited liability company obligation of the Purchaser for, any such amounts not paid,
in each case, unless and until the Purchaser has received funds to make such payments as contemplated by the Related Documents.

 

[Signatures Follow]

 

    	 	13	Loan Sale Agreement

    	 

    

 

IN WITNESS WHEREOF,
the parties have caused this LOAN 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:
	 	 	 
	 	GENERAL ELECTRIC CAPITAL 

CORPORATION, as Seller
	 	 	 
	 	By:	 
	 	Name:
	 	Title:

 

    	 	S-1	Loan Sale Agreement

    	 

    

 

Schedule 4.1(b)

 

UCC INFORMATION

 

	General Electric Capital Corporation	 
	 	 
	True Legal Name:	General Electric Capital Corporation
	 	 
	Jurisdiction of Organization:	Delaware
	 	 
	
        Executive Offices/Principal Place of

        Business:
	
        201 Merritt 7

        Norwalk, Connecticut 06851

	 	 
	Collateral Locations:	
        Danbury, Connecticut

        El Paso, Texas

        Billings, Montana

        Mexico

	 	 
	Trade Names:	GE Capital
	 	 
	FEIN:	13-1500700
	 	 
	Organizational Identification Number:	3174543

 

    	 	Sch. 4.1(b) - 1	Loan Sale Agreement

    	 

    

 

Schedule I

 

Schedule of Loans

 

On file with Mayer Brown LLP

 

    	 	 	Loan Sale Agreement

    	 

    

 

Exhibit 4.2(f)

 

SEPARATE IDENTITY PROVISIONS

 

The Purchaser 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 or any other Subsidiary or Affiliate of the Seller. 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), 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;

 

(c)          The
Seller 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. Neither the Seller nor 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 CEF Assets may be
conducted through agents. However, any allocations of direct, indirect or overhead expenses for items shared between the Purchaser
and GE Capital 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 GE Capital 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 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
or from those of any other Person or entity, including any other Subsidiary or Affiliate of the Seller. Except as set forth below,
the Purchaser does and will maintain its own books of account and corporate records separate from the Seller or any other Subsidiary
or Affiliate of the Seller. 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 or any other Subsidiary or Affiliate of the Seller 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 CEF Assets. However, any
such agent or custodian will not generally make the books and records relating to the CEF Assets available to any of creditors
or other interested persons of the Purchaser or the Seller. The Purchaser does not and will not maintain joint bank accounts or
other depository accounts to which the Seller or any other Subsidiary or Affiliate of the Seller (other than in their capacity
as agent for the Purchaser, if applicable) has independent access;

 

    	 	Exhibit 4.2(f) - 1	Loan Sale Agreement

    	 

    

 

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

 

(h)          The
transactions between the Purchaser and the Seller, 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. The Seller
is not, nor will be, nor holds or will hold itself out to be, responsible for the debts of the Purchaser, except as provided in
the representations and warranties made by the Seller (including, if applicable, as a servicer or a sub-servicer) to the Purchaser
relating to the CEF Assets and their prior ownership and servicing thereof. The Purchaser will not guaranty the debts of the Seller;

 

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

 

(j)          Any
other transactions between the Purchaser and the Seller 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;

 

(k)          The
Purchaser is not named, and has not 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; and

 

(l)          On
balance, the Purchaser has been and will be held out to the public as a separate entity apart from the Seller.

 

* * * * * *

 

    	 	Exhibit 4.2(f) - 2	Loan Sale Agreement

    	 

    

  

ANNEX A

 

to

 

LOAN SALE AGREEMENT

 

dated as of

 

October 24, 2012

 

    	 	 	Annex A to
Loan Sale Agreement

    	 

    

 

DEFINITIONS
AND INTERPRETATION

 

SECTION 1.          Definitions
and Conventions. Capitalized terms used in the 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 October 24, 2012, 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 charges used by the Seller to determine 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. §§ 101 et seq. as may be
amended from time to time.

 

“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 Assets”
is defined in Section 2.1(a) of the Sale Agreement.

 

“CEF Purchase
Price” means, with respect to the sale of CEF Assets sold and transferred by the Seller on the Closing Date, the portion
of the sale price therefor determined by the Seller and the Purchaser pursuant to Section 2.3.

 

    	 	 	Annex A to
Loan Sale Agreement

    	 

    

 

“CEF Limited
Liability Company Agreement” means the Second Amended and Restated Limited Liability Company Agreement of the Purchaser
dated as of September 25, 2003, as the same may be amended and supplemented from time to time.

 

“Class C Maturity
Date” means the Payment Date in September 2020.

 

“Closing Date”
means October 24, 2012.

 

“Collection
Period” means, for the Seller and with respect to any Payment Date, the Seller’s fiscal 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 fiscal month preceding the fiscal month in which the first Payment Date occurs).

 

“Collections”
means, with respect to any Payment Date, the sum (without duplication) of (A) all amounts, whether in the form of cash, checks,
drafts, or other instruments, received in payment or prepayment of, or applied to, any amount owed by an Obligor on account of
any Loan during the related Collection Period, including all amounts received on account of such Loan (including interest) and
all other fees and charges and (B) any Recoveries received during the related Collection Period. Collections for any Loan for any
period include all amounts received on account of such Loan whether or not it becomes a Defaulted Loan during the related Collection
Period.

 

“Consumer
Contract” means a contract entered into by an Obligor in connection with a transaction in which the Obligor incurs the
related indebtedness primarily for personal, family, or household purposes.

 

“Credit and
Collection Policies” or “Credit and Collection Policy” means the policies, practices and procedures
adopted by the Issuer on the Closing Date, including the policies and procedures for determining the creditworthiness of Obligors
and the extension of credit to Obligors, or relating to the maintenance of those types of loans secured by equipment and collections
on such types of loans.

 

“Cut-off Date”
means September 1, 2012.

 

“Defaulted
Loan” means a Loan with respect to which (i) the Servicer on behalf of the Issuer has repossessed the Equipment securing
such Loan or (ii) all or any portion of the Loan Value is deemed uncollectible in accordance with the Credit and Collection Policy.

 

“Dollars”
or “$” means lawful currency of the United States of America.

 

“Eligible
Loan” means as to each Loan as of the Cut-off Date:

 

(i) Characteristics
of Loans. Each Loan: (A) was originated in the United States of America by GE Capital in connection with the financing of Equipment
in the ordinary course of business of GE Capital and 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 receivable that
is cross-collateralized with such Loan) in the Equipment in favor of GE Capital that, as of the Closing Date, has been assigned
by GE Capital to the 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.

 

    	 	2	Annex A to
Loan Sale Agreement

    	 

    

 

 

(ii) Schedule
of Loans. 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 Cut-off Date and no selection procedures believed by the Seller to be adverse to the interests
of the Purchaser were utilized in selecting the Loans. The computer tape regarding the Loans made available to the Purchaser and
its assigns is true and correct in all material respects.

 

(iii) Compliance
with Law. Such Loan and the sale 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. Such Loan 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. Such Loan is not 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 Loan shall be secured by a
validly perfected first priority security interest (as defined in Section 1-201(37) of the UCC) in the Equipment (except to the
extent the Equipment secures any receivable that is cross-collateralized with such Loan) in favor of the Seller 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 Seller as secured party.

 

(vii) Loans
in Force. Such Loan has not, as of the Cut-off Date, has been satisfied, subordinated or rescinded, nor has the related Equipment
been released from the Lien granted to secure such Loan in whole or in part.

 

(viii) No
Amendment or Waiver. No provision of such Loan has been waived, altered or modified in any respect, except pursuant to a document,
instrument or writing included in the related Loan Files and no such amendment, waiver, alteration or modification causes such
Loan 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
such Loan.

 

(x) Lawful
Assignment. Such Loan has not been originated in, or is subject to the laws of, any jurisdiction under which the sale, transfer
and assignment of such Loan would be unlawful.

 

    	 	3	Annex A to
Loan Sale Agreement

    	 

    

 

 

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

 

(xii) One
Original. There is only one original executed copy of such Loan.

 

(xiii) Insurance.
The Obligor on such Loan is required to maintain physical damage insurance covering the related Equipment in accordance with GE
Capital’s normal requirements.

 

(xiv) No
Bankruptcies. The Obligor of such Loan was not noted in the related Loan File as being the subject of a bankruptcy proceeding.

 

(xv) No
Repossessions. The Equipment securing any such Loan is not in repossession status.

 

(xvi) Instrument
or Chattel Paper. Such Loan 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. Such Loan is not 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. Such Loan is not more than thirty (30) days past due.

 

(xix) No
Consumer Contract. Such Loan does not constitute a Consumer Contract.

 

“Equipment”
means primarily any transportation equipment, together with all accessions thereto securing an Obligor’s indebtedness under
such Obligor’s Loan.

 

“Equipment
Loan” means middle market equipment loans that consist of loans made to obligors in the United States of America primarily
secured by new or used transportation equipment and managed by the Equipment Finance reporting category of the Commercial Lending
and Leasing division of GE Capital.

 

“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”
is defined in the preamble of the Sale Agreement.

 

    	 	4	Annex A to
Loan Sale Agreement

    	 

    

 

“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 October 24, 2012, between the Issuer and the Indenture Trustee, as the same may be amended and supplemented
from time to time.

 

“Indenture
Trustee” means Citibank, N.A., not in its individual capacity but solely as Indenture Trustee under the Indenture, or
any successor Indenture Trustee under the Indenture.

 

“Intercreditor
Agreement” means the Intercreditor Agreement, dated as of October 24, 2012, between the Issuer and GE Capital, as may
be amended or supplemented from time to time.

 

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

 

“Issuer”
means GE Equipment Transportation LLC, Series 2012-2, 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.

 

“Issuer Limited
Liability Company Agreement” means the Limited Liability Company Agreement of the Issuer, dated as of October 24, 2012,
among the Managing Member and the Issuer, as the same may be amended or supplemented from time to time.

 

“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.

 

“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 Schedules 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 such Equipment Loan.

 

“Loan Files”
is defined in Section 2.1 of the Sale Agreement.

 

    	 	5	Annex A to
Loan Sale Agreement

    	 

    

 

“Loan Value”
means for any Loan that is not a 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) any past due Scheduled Payments
reflected on the Servicer’s records 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.
A Defaulted Loan shall be deemed to have a Loan Value equal to the outstanding Loan Value at the time it became a Defaulted Loan
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 Issuer 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,
in each case which affects the Loans, any interest related thereto or the ownership interests or Liens of such Person thereon or
the priority of such interests or Liens taken as a whole.

 

“Notes”
means the notes issued under the Indenture.

 

“Obligor”
means, as to each Loan, any Person who owes payments under a Loan.

 

“Payment Date”
means, with respect to each Collection Period, the 24th 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 November 26, 2012.

 

“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, the Issuer 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, the Issuer
or the Indenture Trustee.

 

    	 	6	Annex A to
Loan Sale Agreement

    	 

    

 

“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 Defaulted Loan, as of the day immediately prior to such Loan becoming a Defaulted Loan) 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 October 24, 2012, by and between the Transferor
and the Issuer as the same may be amended from time to time.

 

“Purchaser”
is defined in the preamble to the Sale Agreement.

 

“Purchaser
Indemnified Person” is defined in Section 5.1 of the Sale Agreement.

 

“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 Seller, the Servicer, any Sub-Servicer or the Issuer with respect
to the Loans, the other CEF Assets, the Related Security and the Obligors thereunder.

 

“Recoveries”
means, with respect to any Loan, monies collected in respect thereof, from whatever source (other than from the sale or other disposition
of the Equipment), in any Collection Period after the Loan Value of such Loan became zero.

 

“Redemption
Date” is defined in the Indenture.

 

“Related Documents”
means the Sale Agreement, the Purchase and Sale Agreement, the Servicing Agreement, the Intercreditor Agreement, the Issuer Limited
Liability Company Agreement, the CEF Limited Liability Company Agreement, the Administration Agreement, the Indenture, 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.

 

    	 	7	Annex A to
Loan Sale Agreement

    	 

    

 

“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 October 24, 2012, between GE Capital and the Purchaser, as the same may be amended or
supplemented from time to time.

 

“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 loan 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.

 

“Schedules
of Loans” means the schedule of Loans attached as Schedule I to the Sale Agreement (which may be in the form of
microfiche, floppy disk, CD-ROM or other electronic medium).

 

“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”
means GE Capital, in its capacity as a seller hereunder, and its successors and assigns.

 

“Servicer”
means General Electric Capital Corporation in its capacity as Servicer under the Servicing Agreement, or any other Person designated
as a Successor Servicer under such agreement.

 

“Servicing
Agreement” means the Servicing Agreement dated as of October 24, 2012, by and between the Issuer 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.

 

    	 	8	Annex A to
Loan Sale Agreement

    	 

    

 

“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.

 

“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.

 

“Transfer
Date” is defined in the Indenture.

 

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

 

“UCC”
means, unless the context otherwise requires, the Uniform Commercial Code as in effect in the relevant jurisdiction, as amended
from time to time.

 

    	 	9	Annex A to
Loan Sale Agreement

    	 

    

 

SECTION 2.          Other
Interpretive Matters. All terms defined directly or by incorporation in the 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
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 GE Capital’s 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.

 

    	 	10	Annex A to
Loan Sale Agreement

    	 

    

 

Table
of Contents

 

	 	 	 	Page
	 	 	 	 
	ARTICLE I        DEFINITIONS AND INTERPRETATION	 
	 	 	 	 
	 	Section 1.1	Definitions	1
	 	 	 	 
	 	Section 1.2	Rules of Construction	1
	 	 	 	 
	ARTICLE II       SALES OF CEF ASSETS	 
	 	 	 	 
	 	Section 2.1	Sale of CEF Assets	1
	 	 	 	 
	 	Section 2.2	Grant of Security Interest	2
	 	 	 	 
	 	Section 2.3	Sale Price	2
	 	 	 	 
	ARTICLE III      CONDITIONS PRECEDENT	 
	 	 	 	 
	 	Section 3.1	Conditions to Sale	3
	 	 	 	 
	ARTICLE IV      REPRESENTATIONS, WARRANTIES AND COVENANTS	 
	 	 	 	 
	 	Section 4.1	Representations and Warranties of the Seller	4
	 	 	 	 
	 	Section 4.2	Affirmative Covenants of the Seller	5
	 	 	 	 
	 	Section 4.3	Negative Covenants of the Seller	7
	 	 	 	 
	ARTICLE V       INDEMNIFICATION	 
	 	 	 	 
	 	Section 5.1	Indemnification	7
	 	 	 	 
	ARTICLE VI      MISCELLANEOUS	 
	 	 	 	 
	 	Section 6.1	Notices	8
	 	 	 	 
	 	Section 6.2	No Waiver; Remedies	9
	 	 	 	 
	 	Section 6.3	Successors and Assigns	10
	 	 	 	 
	 	Section 6.4	Termination; Survival of Obligations	10
	 	 	 	 
	 	Section 6.5	Complete Agreement; Modification of Agreement	10
	 	 	 	 
	 	Section 6.6	Amendments and Waivers	10
	 	 	 	 
	 	Section 6.7	Governing Law; Consent to Jurisdiction; Waiver of Jury Trial	11
	 	 	 	 
	 	Section 6.8	Counterparts	12
	 	 	 	 
	 	Section 6.9	Severability	12
	 	 	 	 
	 	Section 6.10	Section Titles	12
	 	 	 	 
	 	Section 6.11	No Setoff	12
	 	 	 	 
	 	Section 6.12	Confidentiality	12
	 	 	 	 
	 	Section 6.13	Further Assurances	12
	 	 	 	 
	 	Section 6.14	Accounting Changes	13
	 	 	 	 
	 	Section 6.15	Limitation on Payments	13

 

    	 	-i-	Loan Sale Agreement

    	 

    

 

Table
of Contents

(continued)

 

	 	 	Page
	 	 	 
	Schedule 4.1(b)	UCC Information	 
	Schedule I	Schedule of GECC Loans	 
	Exhibit 4.2(f)	Separate Identity Provisions	 
	Annex A:	Definitions and Interpretation	 

 

    	 	-ii-	Loan Sale Agreement

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