Document:

EX-4.H

 

Exhibit 4(h)

SCHEDULE

to the

2002

Master Agreement

dated as of June 16, 2005

between GENERAL ELECTRIC CAPITAL SERVICES, INC. (“Party A”)

and

CEF EQUIPMENT HOLDING, L.L.C. (“Party B”)

Part 1

Termination Provisions

In this Agreement —

	(a)	 	“Specified Entity” means in relation to Party A and Party B for the purpose of
Sections 5(a)(v), (vi), (vii) and Section 5(b)(v): Not applicable.
	 
	(b)	 	“Specified Transaction” will have the meaning specified in Section 14 of this
Agreement.
	 
	(c)	 	The “Failure to Pay or Deliver” provision of Section 5(a)(i) is hereby amended by
replacing the word “first” with the word “third” in the third line thereof.
	 
	(d)	 	The “Breach of Agreement” provision of Section 5(a)(ii) will not apply to Party A and
will not apply to Party B.
	 
	(e)	 	The “Misrepresentation” provision of Section 5(a)(iv) will not apply to Party A and
will not apply to Party B.
	 
	(f)	 	The “Cross Default” provisions of Section 5(a)(vi) will not apply to Party A and will
not apply to Party B.
	 
	(g)	 	The “Credit Support Default” provision of Section 5(a)(vi) will apply to Party A and
will not apply to Party B.
	 
	(h)	 	The “Bankruptcy” provision of Section 5(a)(vii) is hereby amended by replacing “15”
with “30” in the 16th and 23rd lines thereof.
	 
	(i)	 	The “Force Majeure Event” provision of Section 5(b)(ii) will not apply to Party
A and will not apply to Party B.

1

 

	(j)	 	The “Credit Event Upon Merger” provisions of Section 5(b)(v) will not apply to
Party A and will not apply to Party B.
	 
	(k)	 	The “Automatic Early Termination” provisions of Section 6(a) will not apply to Party
A and will not apply to Party B.
	 
	(l)	 	“Termination Currency” means United States Dollars.
	 
	(m)	 	Additional Termination Event will apply. The following shall constitute an
Additional Termination Event:

(i) Credit Downgrade – Party A. If at any time (i) the unsecured debt or
shelf rating (or counterparty rating) of Party A is withdrawn or reduced below “A+” (long
term) or, if a short term rating is in effect for Party A, “A-1” (short term) by Standard &
Poor’s Rating Services (“S&P”); or (ii) (a) Party A has both long and short term
unsecured debt or shelf ratings (or counterparty ratings) from Moody’s Investors Service,
Inc. (“Moody’s”), and any such rating is withdrawn, reduced below (or put on watch
for downgrade at) “A1” (long term) or 

“P-1” (short term) or (b) Party A has only a long-term
unsecured debt or shelf rating (or counterparty rating) from Moody’s and such rating is
withdrawn, reduced below (or put on watch for downgrade at) “Aa3” (any of the above
referenced withdrawals or reductions in credit status being herein referred to as a
“Downgrade”); then Party A shall promptly notify Party B by telephone (promptly
confirmed in writing), and Party B then shall notify the Rating Agencies. Party A shall
then, at its own expense, (in consultation with Party B), within 30 days of the date of the
Downgrade, enter into a “Qualifying Substitute Arrangement” (as defined below) to assure
performance by Party A of its obligations under the Transactions. If Party A fails to enter
into a Qualifying Substitute Arrangement pursuant to this provision, it shall be an
Additional Termination Event in which Party A is the sole Affected Party.

     “Qualifying Substitute Arrangement” shall mean one of the following
arrangements: (i) providing an unconditional guaranty or letter of credit to Party B
covering all of the obligations under this Agreement and all Transactions hereunder in which
the guarantor or provider of the applicable letter of credit satisfies the Counterparty
Ratings Requirement or (ii) procuring a Replacement Transaction which replaces all
Transactions outstanding under this Agreement with Transactions on identical terms, in
either (i) or (ii) in satisfaction of the Rating Agency Conditions.

     “Counterparty Ratings Requirement” means with respect to any entity, that
either such entity or its Credit Support Provider, has (i) (a) a Moody’s long-term unsecured
debt or shelf rating or counterparty rating of at least “Aa3” where the entity or
its Credit Support Provider has only a long-term unsecured debt rating (b) a
Moody’s long-term and short-term unsecured debt rating, shelf rating or counterparty rating
of at least “Aa3” and “P-1”, respectively, where the entity or its Credit Support Provider
has both a long-term and a short-term debt, shelf rating or counterparty rating, and (ii)
(a) an S&P long-term unsecured debt rating, shelf rating or
counterparty rating of at least “AA” where the entity or its Credit Support Provider
has only a long-term unsecured debt rating, shelf rating or counterparty rating or (b) an
S&P long-term and short-term unsecured debt rating, shelf rating or counterparty rating of
at least “AA” and “A-1” where the entity or its Credit Support Provider has both a long-term
and a short-term debt rating, shelf rating or counterparty rating, and (iii) notwithstanding
the foregoing, if such entity or its Credit Support Provider has a Fitch short-term
unsecured debt rating, such rating shall be at least

2

 

“F1” and if such entity or its Credit
Support Provider has a Fitch long-term unsecured debt rating, such rating shall be at least
“A”.

     “Replacement Transaction” means a transaction, with terms satisfactory to
Party B, with a replacement counterparty meeting the Counterparty Rating Requirement who
shall assume, at no cost to Party B, Party A’s position under this Agreement and all
Transactions hereunder.

	(n)	 	Discontinued Agency. If one of the foregoing credit rating agencies ceases to be in the
business of rating Debt Securities and such business is not continued by a successor or assign
of such agency (the “Discontinued Agency”), Party A and Party B shall jointly (i) select a
nationally-recognized credit rating agency in substitution thereof and (ii) agree on the
rating level issued by such substitute agency that is equivalent to the ratings specified
herein of the Discontinued Agency, whereupon such substitute agency and equivalent rating
shall replace the Discontinued Agency and the rating level thereof for the purposes of this
Agreement. If at any time all of the agencies specified herein with respect to a party have
become Discontinued Agencies and Party A and Party B have not previously agreed in good faith
on at least one agency and equivalent rating in substitution for each Discontinued Agency and
the applicable rating thereof, the Downgrade provisions of Part 1(m)(i) shall cease to apply
to the parties.

Part 2

Tax Representations

	(a)	 	Payer Tax Representation. For the purpose of Section 3(e) of this Agreement, Party A
and Party B make the following representation:

Not applicable.

	(b)	 	Payee Tax Representations. For the purpose of Section 3(f) of this Agreement, Party
A and Party B make the representations specified below, if any:

Not applicable.

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Part 3

Agreement to Deliver Documents

For the purpose of Sections 4(a)(i) and (ii) of this Agreement, each Party agrees to deliver the
following documents, as applicable:

	(a)	 	Tax forms, documents or certificates to be delivered are: None.
	 
	(b)	 	Other documents to be delivered are:

	 	 	 	 	 	 	 
	Party	 	 	 	 	 	 
	Required	 	 	 	Date by	 	Covered by
	to Deliver	 	Form/Document/	 	which to be	 	§(3)(d)
	Documents	 	Certificate	 	delivered	 	Representation
	Party A

	 	A copy of the most
recent annual
report of such
party or its Credit
Support Provider,
as applicable,
containing audited
consolidated
financial
statements for such
fiscal year
certified by
independent
certified public
accountants and
prepared in
accordance with
generally accepted
accounting
principles (“GAAP”)
in the party’s
country of
organization, or,
in lieu thereof, a
copy of such
party’s most recent
Form 10-K as filed
with the Securities
and Exchange
Commission.
	 	Upon request of the
other party.
	 	Yes
	 
	 	 	 	 	 	 
	Party A & B

	 	Evidence,
reasonably
satisfactory in
form and substance
to the receiving
party, concerning
the due execution
and delivery of
this Agreement or
any Confirmation,
including, without
limitation, signing
authority and
specimen signatures
for each signatory.
	 	At or promptly
following the
execution and
delivery of this
Agreement and the
execution and
delivery of any
Confirmation (if
such Confirmation
so requires).
	 	Yes
	 
	 	 	 	 	 	 
	Party B

	 	Legal opinion in a
form satisfactory
to the other party.
	 	Upon execution of
the Agreement.
	 	No

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Part 4

Miscellaneous

	(a)	 	Addresses for Notices. For the purpose of Section 12(a) of this Agreement:
Address for notices or communications to Party A:

	 	 	 	 	 
	 

	 	Address:
	 	General Electric Capital Services, Inc.

201 High Ridge Road

Stamford, CT
	 
	 	 	 	 
	 

	 	Attention:
	 	Senior Vice President – Corporate Treasury and Global Funding Operations
	 

	 	Telephone:
	 	203-357-4000
	 

	 	Facsimile:
	 	203-357-4975
	 
	 	 	 	 
	 	 	Address for notices or communications to Party B:
	 
	 	 	 	 
	 	 	CEF Equipment Holding, L.L.C.
	 
	 	 	 	 
	 

	 	Address:
	 	c/o General Electric Capital Corporation, as Servicer
	 

	 	 	 	201 High Ridge Road
	 

	 	 	 	Stamford, CT 06927
	 
	 	 	 	 
	 

	 	Attention:
	 	Senior Vice President — Corporate Treasury
and Global Funding Operation
	 
	 	 	 	 
	 

	 	Telephone:
	 	203-357-4000
	 

	 	Facsimile:
	 	203-357-4975

	(b)	 	Process Agent. For the purpose of Section 13(c) of this Agreement:

Party A appoints as its Process Agent: Not applicable

Party B appoints as its Process Agent: Not applicable

	(c)	 	Offices. The provisions of Section 10(a) shall apply to this Agreement; provided,
however, that the first sentence of Section 10(a) is hereby amended by deleting the words
“except that a party will not have recourse to the head or home office of the other party in
respect of any payment or delivery deferred pursuant to Section 5(d) for so long as the
payment or delivery is so deferred.”
	 
	(d)	 	Multibranch Party. For the purpose of Section 10(b), Party A is not a Multibranch
Party and Party B is not a Multibranch Party.
	 
	(e)	 	Calculation Agent. The Calculation Agent shall be Party A.
	 
	(f)	 	Credit Support Document. Details of any Credit Support Document: Not applicable.
	 
	(g)	 	Governing Law. This Agreement will be governed by and construed in accordance with
the laws of the State of New York without reference to choice of law doctrine.

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	(h)	 	Netting of Payments. “Multiple Transaction Payment Netting” will not apply for the
purpose of Section 2(c) of this Agreement to all Transactions (in each case starting from the
date of this Agreement).
	 
	(i)	 	“Affiliate” will have the meaning specified in Section 14 provided that Party A and
Party B shall not have, or be deemed to have, any Affiliates for purposes of this Agreement
	 
	(j)	 	Absence of Litigation. For the purpose of Section 3(c):

“Specified Entity” means in relation to Party A: Not applicable.

“Specified Entity” means in relation to Party B: Not applicable.

	(k)	 	No Agency. The provisions of Section 3(g) will apply to this Agreement.
	 
	(l)	 	Additional Representation will apply. For the purpose of Section 3 of this Agreement, the
following will constitute an Additional Representation:

(i) Non-Reliance. It is acting for its own account, and it has made its own
independent decisions to enter into that Transaction and as to whether that Transaction is
appropriate or proper for it based upon its own judgment and upon advice from such advisers
as it has deemed necessary. It is not relying on any communication (written or oral) or the
other party as investment advice or as a recommendation to enter into that Transaction, it
being understood that information and explanations related to the terms and conditions of a
Transaction will not be considered investment advice or a recommendation to enter into that
Transaction. No communication (written or oral) received from the other party will be
deemed to be an assurance or guarantee as to the expected results of that Transaction.

(ii) Assessment and Understanding. It is capable of assessing the merits of and
understanding (on its own behalf or through independent professional advice), and
understands and accepts, the terms, conditions and risks of that Transaction. It is also
capable of assuming, and assumes, the risks of that Transaction.

(iii) Status of Parties. The other party is not acting as a fiduciary for or an
adviser to it in respect of that Transaction.

(iv) Eligible Contract Participant. It is an “eligible contract participant” as
defined in Section la(12) of the Commodity Exchange Act, as amended.

	(m)	 	Consent to Recording. Each party (i) consents to the recording of the telephone
conversations of trading and marketing personnel of the parties in connection with this
Agreement or any potential Transaction, (ii) agrees to obtain any necessary consent of, and
give notice of such recording to, such personnel and (iii) agrees, to the extent permitted by
applicable law, that recordings may be submitted in evidence in any Proceedings.

6

 

Part 5

Other Provisions

	(a)	 	Recourse and Ranking. The obligations of Party B under this Agreement, and under any
Transaction executed hereunder, are solely the obligations of Party B. No recourse shall be
had for the payment of any amount owing in respect of any Transaction or any other obligation
or claim arising out of or based upon this Agreement against any member, employee, officer,
director or agent of Party B. Any accrued obligations owing by Party B under this Agreement
and any Transaction shall be payable by Party B solely to the extent that funds are available
therefor from time to time in accordance with the provisions of the Indenture; provided that
such accrued obligations shall not be extinguished until paid in full. Notwithstanding any
provisions contained in this Agreement to the contrary, Party B shall not be obligated to pay
any amount pursuant to this Agreement unless Party B has received funds which may be used to
make such payment in accordance with the Indenture.
	 
	(b)	 	Limitation of Defaults and Termination. Notwithstanding the terms of Sections 5 and
6 of this Agreement, Party A shall be entitled to designate an Early Termination Date pursuant
to Section 6 of this Agreement only as a result of the occurrence of an Event of Default set
forth in Section 5(a)(i) or 5(a)(vii) as amended above with respect to Party B as the
Defaulting Party or a Termination Event set forth in Sections 5(b)(i) or 5(b)(iii) of this
Agreement with respect to Party A as the Affected Party.
	 
	(c)	 	No Bankruptcy Petition Against the Company. Party A hereby covenants and agrees
that, prior to the date which is one year and one day after all the Notes (or any rated
securities) issued by Party B have been paid in full it will not institute against, or join
any other Person in instituting against, Party B any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceedings or other similar proceeding under the laws of the United
States or any state of the United States.
	 
	(d)	 	Additional Tax Provisions. The definition of “Indemnifiable Tax” in Section 14 of
this Agreement is modified by adding the following at the end thereof:

Notwithstanding the foregoing, “Indemnifiable Tax” also means any
Tax imposed in respect of a payment under this Agreement by reason
of a Change in Tax Law by a government or taxing authority of a
Relevant Jurisdiction of the party making such payment, unless the
other party is incorporated, organized, managed and controlled or
considered to have its seat in such jurisdiction, or is acting for
purposes of this Agreement through a branch or office located in
such jurisdiction.

	(e)	 	Definitions. Reference is hereby made to the 2000 ISDA Definitions (the “2000
Definitions”), as published by the International Swaps and Derivatives Association, Inc.
(“ISDA”), which are hereby incorporated by reference herein and shall be deemed to be
incorporated in each Confirmation hereunder, unless otherwise specified in a Confirmation. Any
terms used and not otherwise defined herein which are contained in the 2000 Definitions shall
have the meaning set forth therein. Capitalized terms used and not otherwise defined herein
or in the Agreement or the 2000 Definitions (hereinafter defined) shall have the meanings
assigned to them in the Indenture, dated as of June 16, 2005, among GE Commercial Equipment
Financing LLC, Series 2005-1 and

7

 

JPMorgan Chase Bank, N.A., as Indenture Trustee, as amended or supplemented from time to
time (the “Indenture”).

	(f)	 	Waiver of Contractual Right of Setoff. Notwithstanding any provision of this
Agreement or any other existing or future agreement, each party irrevocably waives any and all
contractual rights it may have to set off, recoup or otherwise withhold or suspend or
condition payment or performance of any obligation between the two parties hereunder against
any obligations between the two parties under any other agreements.
	 
	(g)	 	Waiver of Right to Trial by Jury. Each party irrevocably waives, to the fullest
extent permitted by applicable law, any right it may have to trial by jury of any claim,
demand or cause of action relating in any way to this Agreement or any Credit Support
Document, whether sounding in contract or tort or otherwise, and agrees that either party may
file a copy of this section with any court as evidence of the waiver of its jury trial rights.
	 
	(h)	 	Conditions Precedent. Section 2(a)(iii)(1) of the Agreement shall not apply to the
obligations of Party A unless an Event of Default set forth in Sections 5(a)(i) or 5(a)(vii)
as amended above with respect to Party B has occurred and is continuing.
	 
	(i)	 	Amendment. No assignments, amendment, modification or waiver in respect of this
Agreement will be effective unless (i) the Rating Agency Conditions have been satisfied prior
to such assignments, amendment, modification or waiver and (ii) any such assignment,
amendment, modification or waiver has been entered into in accordance with the terms of
Sections 7 and 9 of this Agreement.
	 
	(j)	 	Transfers. Notwithstanding Section 6 and Section 7 of the Agreement, no transfer
(other than in connection with Section 7(b)) by Party A shall be effective unless Party A
obtains Party B’s consent and the Rating Agency Condition has been satisfied prior to such
transfer.

8

 

Please confirm your agreement to the terms of the foregoing Schedule by signing below.

	 	 	 	 	 
	 	 	GENERAL ELECTRIC CAPITAL SERVICES, INC.
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Name:
	 

	 	 	 	Title:
	 
	 	 	 	 
	 	 	CEF EQUIPMENT HOLDING, L.L.C.
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Name:
	 

	 	 	 	Title:

9EX-4.I

 

Exhibit 4(i)

CONFIRMATION

	 	 	 
	Date:

	 	June 16, 2005
	 
	 	 
	To:

	 	CEF Equipment Holding, L.L.C. (“Party B”)
	 
	 	 
	Attention:

	 	Manager, Conduit Administration
	 
	 	 
	From:

	 	General Electric Capital Services, Inc. (“Party A”)
	 
	 	 
	Transaction Reference Number:

	 	19495

The purpose of this letter agreement is to set forth the terms and conditions of the Transaction
entered into between us on the Trade Date referred to below. This letter constitutes a
“Confirmation” as referred to in the Master Agreement specified below.

The definitions and provisions contained in the 2000 ISDA Definitions (as published by the
International Swap and Derivatives Association, Inc., as such definitions are modified and amended
by the Schedule to the Master Agreement) (the “Definitions”) are incorporated into this
Confirmation. In the event of any inconsistency between those definitions and provisions and this
Confirmation, this Confirmation will govern.

This Confirmation supplements, forms a part of, and is subject to, the ISDA Master Agreement dated
as of June 16, 2005, as amended or supplemented from time to time (the “Master Agreement”)
between you and us. All provisions contained in the Master Agreement shall govern this
Confirmation except as expressly modified below.

The capitalized terms used herein and not otherwise defined herein, in the Master Agreement or in
the Definitions shall have the meanings assigned to them in the Indenture, dated as of June 16,
2005, between GE Commercial Equipment Financing LLC, Series 2005-1 and JPMorgan Chase Bank, N.A.,
as Indenture Trustee (the “Indenture”) and the Servicing Agreement, dated as of June 16, 2005,
between GE Commercial Equipment Financing LLC, Series 2005-1 and General Electric Capital
Corporation, as Servicer (the “Servicing Agreement”), each as amended or supplemented from
time to time.

The terms of the particular Transaction to which this Confirmation relates are as follows:

	 	 	 
	Type of Transaction:

	 	Fixed/Floating Interest Rate Swap
	 
	 	 
	Notional Amount:

	 	With respect to any Calculation Period, the product of (i) the sum of the
aggregate Loan Value of Loans that bear interest at a fixed rate (excluding
Hybrid Loans and the outstanding Note Balance of the Class A-1, Class A-2 and
Class A-3a Notes immediately prior to such Calculation Period) and the aggregate Loan Value of Loans that bear interest based on a
five-year constant maturity index (collectively, the “Fixed/CMT Rate Loans”) as
of the beginning of the calendar month in which the Calculation 

 

 

	 	 	 
	 

	 	Period
commenced; and (ii) the lesser of (x) the quotient of (a) the Outstanding
Principal Balance of the Notes immediately after the Payment Date on which such
Calculation Period commences; divided by (b) the Pool Balance as of the
beginning of the calendar month in which the Calculation Period commenced and
(y) 1.0. The Notional Amount for the first Calculation Period is USD
108,438,076.70.
	 
	 	 
	Trade Date:

	 	June 9, 2005
	 
	 	 
	Effective Date:

	 	June 16, 2005
	 
	 	 
	Termination Date:

	 	The earlier of (i) the Payment Date occurring in
May, 2016; (ii) the Payment Date on which the
aggregate outstanding Loan Values of the
Fixed/CMT Rate Loans is zero; and (iii) the
Payment Date on which the Outstanding Principal
Balance of the Notes is reduced to zero.
	 
	 	 
	Payment Date:

	 	One Business Day prior to the last day of each
Calculation Period.
	 
	 	 
	Calculation Period:

	 	Initially, the period from and including the
Effective Date to but excluding, July 20, 2005,
and for each period thereafter, from and
including the twentieth day of each calendar
month to and excluding the twentieth day of the
next calendar month.
	 
	 	 
	Business Day Convention:

	 	Following
	 
	 	 
	Business Day:

	 	New York
	 
	 	 
	Fixed Rate Amounts:
	 	 
	 
	 	 
	   Fixed Rate Payer:

	 	Party B
	 
	 	 
	   Fixed Rate Payer
	 	 
	   Payment Date:

	 	Each Payment Date
	 
	 	 
	   Fixed Rate Payer
	 	 
	   Period End Dates:

	 	Last day of each Calculation Period, with No Adjustment to Period End Date.
	 
	 	 
	   Fixed Rate:

	 	3.8890% per annum
	 
	 	 
	   Fixed Rate Day
	 	 
	     Count Fraction:

	 	30/360

Fixed/Floating Rate Confirmation

 

 

	 	 	 	 	 
	LIBOR Floating Rate Amounts:	 	 
	 
	 	 	 	 
	 

	 	LIBOR Floating Rate Payer:
	 	Party A
	 
	 	 	 	 
	 

	 	LIBOR Floating Rate Payer

Payment Dates:
	 	Each Payment Date
	 
	 	 	 	 
	 

	 	LIBOR Floating Rate Payer

Period End Dates:
	 	
The last day of each Calculation Period, subject to adjustment in accordance
with the Following Business Date Convention.
	 
	 	 	 	 
	 

	 	Reset Date:
	 	The first day of each Interest Accrual Period, subject to adjustment in
accordance with the Following Business Date Convention.
	 
	 	 	 	 
	 

	 	LIBOR Floating Rate:
	 	USD-LIBOR-BBA
	 
	 	 	 	 
	 

	 	Designated Maturity:
	 	One month
	 
	 	 	 	 
	 

	 	Cap Rate:
	 	N/A
	 
	 	 	 	 
	 

	 	LIBOR Floating Rate Day

Count Fraction:
	 	Actual/360
	 
	 	 	 	 
	 

	 	Compounding:
	 	N/A
	 
	 	 	 	 
	 

	 	Business Days:
	 	New York
	 
	 	 	 	 
	Calculation Agent:	 	Party A
	 
	 	 	 	 
	Account Details	 	 
	 
	 	 	 	 
	Payments to Party A: To be provided in written instructions.

	 
	 	 	 	 
	Payments to Party B: To be provided in written instructions.

	 
	 	 	 	 
	 

	 	 	 	[Signature Page Follows].

Fixed/Floating Rate Confirmation

 

 

     Please confirm that the foregoing correctly sets forth the terms of our agreement by executing
the copy of this Confirmation enclosed for that purpose and returning it to us.

	 	 	 	 	 
	 	GENERAL ELECTRIC CAPITAL SERVICES, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

Fixed/Floating Rate Confirmation

 

 

Accepted and confirmed as of

the date first above written:

	 	 	 	 	 
	CEF EQUIPMENT HOLDING, L.L.C.	 	 
	 
	 	 	 	 
	By

	 	 	 	 
	 	 	 	 	 
	 

	 	Name:	 	 
	 

	 	Title:	 	 

Fixed/Floating Rate Confirmation

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