Document:

ADMINISTRATION
AGREEMENT

 

 

between

 

GE EQUIPMENT TRANSPORTATION LLC, SERIES
2014-1,

as Issuer

 

and

 

GENERAL ELECTRIC CAPITAL CORPORATION,

as Administrator

 

Dated as of June 18, 2014

 

    	Administration Agreement
(GEET 2014-1)

    	 

    

 

Table
of Contents

 

	 	 	Page
	 	 	 
	1.	Duties of the Administrator	2
	 	 	 
	2.	Records	6
	 	 	 
	3.	Compensation	6
	 	 	 
	4.	Additional Information to be Furnished to the Issuer	6
	 	 	 
	5.	Independence of the Administrator	7
	 	 	 
	6.	No Joint Venture	7
	 	 	 
	7.	Other Activities of the Administrator	7
	 	 	 
	8.	Term of Agreement; Resignation and Removal of the Administrator	7
	 	 	 
	9.	Action upon Termination, Resignation or Removal	8
	 	 	 
	10.	Notices	9
	 	 	 
	11.	Amendments	9
	 	 	 
	12.	Successors and Assigns	9
	 	 	 
	13.	Governing Law	10
	 	 	 
	14.	Other Interpretive Matters	11
	 	 	 
	15.	Headings	11
	 	 	 
	16.	Counterparts	11
	 	 	 
	17.	Severability	12
	 	 	 
	18.	Not Applicable to the Administrator in Other Capacities	12
	 	 	 
	19.	Limitation of Liability of the Managing Member	12
	 	 	 
	20.	Indemnification	12

 

    	 	-i-	Administration Agreement
(GEET 2014-1)

    	 

    

 

ADMINISTRATION AGREEMENT,
dated as of June 18, 2014, between GE Equipment Transportation LLC, Series 2014-1, a Delaware limited liability company (the “Issuer”),
and General Electric Capital Corporation, a Delaware corporation, as administrator (the “Administrator”).

 

RECITALS

 

WHEREAS,
the Issuer is issuing 0.20000% Class A-1 Notes, 0.55% Class A-2 Notes, 0.97% Class A-3 Notes, 1.48%, Class A-4 Notes (together
with the Class A-3 Notes, the Class A-2 Notes and the Class A-1 Notes, the “Class A Notes”), 1.90% Class
B Notes (the “Class B Notes”), and 2.06% Class C Notes (the “Class C Notes,” and together
with the Class A Notes and the Class B Notes, the “Notes”), pursuant to the Indenture, dated as of the date
hereof (as amended and supplemented from time to time in accordance with the provisions thereof, the “Indenture”),
between the Issuer and the Indenture Trustee (capitalized terms used herein and not otherwise defined herein are defined in the
Indenture);

 

WHEREAS,
the Issuer has entered into certain agreements in connection with the issuance of the Notes and of certain beneficial ownership
interests of the Issuer, including: (i) a Receivables Purchase and Sale Agreement, dated as of the date hereof (the “Purchase
and Sale Agreement”), between the Issuer and CEF Equipment Holding L.L.C., a Delaware limited liability company, as seller
(the “Transferor”), (ii) the Indenture, (iii) the Underwriting Agreement, dated as of June 18, 2014 among
the Issuer, General Electric Capital Corporation and Barclays Capital Inc., (iv) a Servicing Agreement, dated as of the date hereof
(the “Servicing Agreement), among the Issuer, GE TF Trust and General Electric Capital Corporation, as servicer
(in such capacity, the “Servicer”) and (v) a Limited Removal and Clean-Up Call Agreement, dated as of the date
hereof between the Issuer and the Managing Member (the “Removal and Clean-Up Call Agreement,” and together with the
Servicing Agreement, the Purchase and Sale Agreement, the Indenture and the Underwriting Agreement, being hereinafter referred
to collectively as the “Related Documents”);

 

WHEREAS,
pursuant to the Related Documents, the Issuer is required to perform certain duties in connection with: (a) the Notes and the collateral
therefor pledged pursuant to the Indenture (the “Collateral”) and (b) the ownership interests in the Issuer
(the registered holders of such interests being referred to herein as the “Owners”);

 

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

 

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

 

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

 

    	 	 	Administration Agreement
(GEET 2014-1)

    	 

    

 

1.          Duties
of the Administrator.

 

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

 

(i)          the
duty to cause the Note Register to be kept and to give the Indenture Trustee notice of any appointment of a new Note Registrar
and the location, or change in location, of the Note Register (Section 2.4);

 

(ii)         the
notification to the Indenture Trustee of the Payment Date on which the final installment of principal and interest on the Notes
will be paid (Section 2.7);

 

(iii)        the
preparation of or obtaining of the documents and instruments required for authentication of the Notes and delivery of the same
to the Indenture Trustee (Section 2.2);

 

(iv)        the
maintenance of an office at the Corporate Trust Office for registration of transfer or exchange of Notes and where notices and
demands to or upon the Issuer in respect of the Notes and the Indenture may be served (Section 3.2);

 

(v)         the
duty to cause newly appointed Paying Agents, if any, to deliver to the Indenture Trustee the instrument specified in the Indenture
regarding funds held in trust (Sections 3.3 and 6.16);

 

(vi)        the
direction to the Paying Agents to pay all sums held in trust by such Paying Agents to the Indenture Trustee for purposes of obtaining
the satisfaction and discharge of the Indenture (Sections 3.3 and 6.16);

 

(vii)       the
observance and compliance by the Issuer in all material respects with (i) all laws applicable to it and (ii) all requisite and
appropriate organizational and other formalities in the management of its business and affairs and the conduct of the transactions
contemplated by the Indenture (Section 3.4);

 

(viii)      the
preparation of all supplements, amendments and all writings, and such other actions, necessary or advisable to protect the Collateral
in accordance with Section 3.5 of the Indenture (Section 3.5);

 

    	 	-2-	Administration Agreement
(GEET 2014-1)

    	 

    

 

(ix)         the
delivery of the Opinion of Counsel on the Closing Date and the annual delivery of Opinions of Counsel, in accordance with Section
3.6 of the Indenture, as to the Collateral, and the annual delivery of the Officer’s Certificate and certain other statements,
in accordance with Section 3.9 of the Indenture, as to compliance with the Indenture (Sections 3.6 and 3.9);

 

(x)          the
monitoring and enforcement of the obligations of the Servicer under the Servicing Agreement (Section 3.7);

 

(xi)         upon
a consolidation or merger of the Issuer, the delivery to the Indenture Trustee of an Officer’s Certificate and an Opinion
of Counsel in accordance with Section 3.11 of the Indenture (Section 3.11(l));

 

(xii)        the
preparation, execution and filing of all forms and documents necessary to pay all taxes in accordance with Section 3.8 of the Indenture
(Section 3.8);

 

(xiii)       the
preparation and obtaining of documents and instruments required for the release of the Issuer from its obligations under the Indenture
(Section 3.12(b));

 

(xiv)      the
delivery of notice to the Indenture Trustee and the Rating Agencies of each Event of Default and each default by the Servicer of
its obligations under the Servicing Agreement and each default of the Transferor under the Purchase and Sale Agreement (Section
3.13);

 

(xv)       the
monitoring of the Issuer’s obligations as to the satisfaction and discharge of the Indenture and the preparation of an Officer’s
Certificate and the obtaining of an Opinion of Counsel and an Independent Certificate relating thereto (Section 4.1);

 

(xvi)      the
compliance with any written directive of the Indenture Trustee to the Issuer with respect to the sale of the Collateral in a commercially
reasonable manner if an Event of Default shall have occurred and be continuing (Section 5.2(a)(vi));

 

(xvii)     the
delivery of a written demand to the Servicer to deliver the Receivable Files to the Indenture Trustee upon receipt by the Issuer
of a written demand for the same from the Indenture Trustee (Section 5.2(a)(vii));

 

(xviii)    the
preparation and delivery of notice to Noteholders of the removal of the Indenture Trustee and the appointment of a successor Indenture
Trustee (Section 6.8);

 

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

 

(xx)        the
furnishing to the Indenture Trustee with the names and addresses of Noteholders during any period when the Indenture Trustee is
not the Note Registrar (Section 7.1);

 

    	 	-3-	Administration Agreement
(GEET 2014-1)

    	 

    

 

(xxi)       the
preparation, execution and filing with the Commission and the Indenture Trustee of the annual reports and of the information, documents
and other reports required to be filed on a periodic basis with, and summaries thereof as may be required by rules and regulations
prescribed by, the Commission or, if the Issuer is not required to file with the Commission periodic information, documents or
reports, then the preparation, execution and filing with the Commission and the Indenture Trustee of such supplementary and periodic
information, documents and reports as may be prescribed by the Commission and, in each case, the transmission of such summaries,
as necessary, to the Noteholders (Section 7.3);

 

(xxii)      the
opening of one or more accounts in the Issuer’s name, the preparation of Issuer Orders, Officer’s Certificates and
Opinions of Counsel and all other actions necessary with respect to investment and reinvestment of funds in the Trust Accounts
(Sections 8.2 and 8.6);

 

(xxiii)     the
provision of written notices to Noteholders regarding special record dates, special payment dates and the amounts to be paid to
Noteholders on such dates (Section 8.3(d));

 

(xxiv)    the
preparation of an Issuer Request and Officer’s Certificate and the obtaining of an Opinion of Counsel and Independent Certificates,
if necessary, for the release of the Collateral as defined in the Indenture (Sections 8.7 and 8.8);

 

(xxv)     the
preparation of Issuer Orders and the obtaining of Opinions of Counsel with respect to the execution of supplemental indentures
and the mailing to the Noteholders of notices with respect to such supplemental indentures (Sections 9.1, 9.2 and 9.3);

 

(xxvi)    the
execution and delivery of new Notes conforming to any supplemental indenture (Section 9.5);

 

(xxvii)   the
notification of Noteholders of redemption of the Notes (Section 10.2);

 

(xxviii)    the
preparation of all Officer’s Certificates, Opinions of Counsel and Independent Certificates with respect to any requests
by the Issuer to the Indenture Trustee to take an action under the Indenture other than any request that (a) the Indenture Trustee
authenticate the Notes or (b) the Indenture Trustee pay amounts due and payable to the Issuer under the Indenture to the Issuer’s
assignee (Section 11.1(a));

 

(xxix)      the
preparation and delivery of Officer’s Certificates and the obtaining of Independent Certificates, if necessary, for the release
of property from the lien of the Indenture (Section 11.1(b));

 

(xxx)        the
preparation and delivery to Noteholders and the Indenture Trustee of any agreements with respect to alternate payment and notice
provisions (Section 11.6);

 

(xxxi)      the
recording of the Indenture, if applicable (Section 11.13); and

 

    	 	-4-	Administration Agreement
(GEET 2014-1)

    	 

    

 

(xxxii)     the
filing with the Commission of the appropriate forms necessary to suspend reporting requirements under the Securities Exchange Act
(Section 7.4).

 

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

 

(ii)         Notwithstanding
anything in this Agreement or the Related Documents to the contrary, the Administrator shall be responsible for promptly notifying
the Issuer in the event that any withholding tax is imposed on the Issuer’s payments (or allocations of income). Any
such notice shall specify the amount of any withholding tax required to be withheld pursuant to such provision.

 

(iii)        Notwithstanding
anything in this Agreement or the Related Documents to the contrary, the Administrator shall be responsible for performance of
the duties of the Managing Member set forth in Sections 8.2 and 8.3 of the Issuer Limited Liability Company Agreement with respect
to, among other things, accounting and reports to members; provided, however, that the Managing Member shall retain responsibility
for the distribution of the information necessary to enable each member to prepare its federal, state and local income tax returns.

 

(iv)        The
Administrator shall satisfy its obligations with respect to clauses (ii) and (iii) by retaining, at the expense of
the Issuer, a firm of independent certified public accountants (the “Accountants”) acceptable to the Issuer,
which Accountants shall perform the obligations of the Administrator thereunder. In connection with clause (ii), the Accountants
will provide a letter in form and substance satisfactory to the Managing Member or the Issuer, as applicable, as to whether any
tax withholding is then required and, if required, the procedures to be followed with respect thereto to comply with the requirements
of the Code. The Accountants shall be required to update the letter in each instance that any additional tax withholding is subsequently
required or any previously required tax withholding shall no longer be required.

 

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

 

    	 	-5-	Administration Agreement
(GEET 2014-1)

    	 

    

 

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

 

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

 

(A)         the
amendment of or any supplement to the Indenture;

 

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

 

(C)         the
amendment, change or modification of the Related Documents;

 

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

 

(E)         the
removal of the Indenture Trustee.

 

(ii)         Notwithstanding
anything to the contrary in this Agreement, the Administrator shall not be obligated to, and shall not: (x) make any payments
to the Noteholders under the Related Documents or (y) take any other action that the Issuer directs the Administrator not to take
on its behalf.

 

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

 

3.          Compensation.
As compensation for the performance of the Administrator’s obligations under this Agreement and as reimbursement for its
expenses related thereto, the Administrator shall be entitled to $3,000 per annum, 1/12 of which is payable in arrears on each
Payment Date, which payment shall be solely an obligation of the Issuer.

 

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

 

    	 	-6-	Administration Agreement
(GEET 2014-1)

    	 

    

 

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

 

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

 

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

 

8.          Term
of Agreement; Resignation and Removal of the Administrator. (a) This Agreement shall continue in force until the dissolution
of the Issuer, upon which event this Agreement shall automatically terminate.

 

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

 

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

 

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

 

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

 

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

 

    	 	-7-	Administration Agreement
(GEET 2014-1)

    	 

    

 

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

 

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

 

(e)          Upon
the Administrator’s receipt of notice of termination, pursuant to Sections 8(c) or (d), or the Administrator’s
resignation in accordance with this Agreement, the predecessor Administrator shall continue to perform its functions as Administrator
under this Agreement, in the case of termination, only until the date specified in such termination notice or, if no such date
is specified in a notice of termination, until receipt of such notice and, in the case of resignation, until the later of: (x)
the date forty-five (45) days from the delivery to the Issuer, the Indenture Trustee and the Servicer of written notice of such
resignation (or written confirmation of such notice) in accordance with this Agreement and (y) the date upon which the predecessor
Administrator shall become unable to act as Administrator, as specified in the notice of resignation and accompanying Opinion of
Counsel. In the event of the Administrator’s termination hereunder, the Issuer shall appoint a successor Administrator, and
the successor Administrator shall accept its appointment by a written assumption.

 

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

 

(g)          No
resignation or removal of the Administrator pursuant to this Section shall be effective until: (i) a successor Administrator shall
have been appointed by the Issuer and (ii) such successor Administrator shall have agreed in writing to be bound by the terms of
this Agreement in the same manner as the Administrator is bound hereunder.

 

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

 

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

 

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

 

    	 	-8-	Administration Agreement
(GEET 2014-1)

    	 

    

 

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

 

(a)          if
to the Issuer, to:

 

GE Equipment Transportation LLC, Series 2014-1

c/o General Electric Capital Corporation

10 Riverview Drive

Danbury, Connecticut 06810

Attention: Capital Markets Operations

 

(b)          if
to the Administrator, to:

 

General Electric Capital Corporation,

as Administrator

201 Merritt 7

Norwalk, Connecticut 06851

Attention: General Counsel

Telephone:(203) 229-5000

Facsimile:(203) 956-4296

 

(c)          if
to the Indenture Trustee, to:

 

Citibank, N.A.

388 Greenwich Street, 14th Floor

New York, NY 10013

Attention: Agency and Trust – GE Equipment Transportation
2014-1

 

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

 

11.         Amendments.
This Agreement may be amended from time to time by a written amendment duly executed and delivered by the Issuer and the Administrator.
Promptly after the execution of any such amendment (or, in the case of a Rating Agency, ten (10) days prior thereto), the Administrator
shall furnish written notification of the substance of such amendment or consent to each Noteholder and each Rating Agency.

 

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

 

    	 	-9-	Administration Agreement
(GEET 2014-1)

    	 

    

 

13.         Governing
Law. GOVERNING LAW; CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL. (a) THIS AGREEMENT AND THE OBLIGATIONS ARISING HEREUNDER
SHALL IN ALL RESPECTS, INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, BE GOVERNED BY, AND CONSTRUED AND ENFORCED
IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING SECTIONS 5-1401(1) AND 5-1402 OF THE GENERAL OBLIGATIONS
LAWS, BUT WITHOUT REGARD TO ANY OTHER CONFLICT OF LAW PROVISIONS THEREOF) AND ANY APPLICABLE LAWS OF THE UNITED STATES OF AMERICA.

 

(b)          EACH
PARTY HERETO HEREBY CONSENTS AND AGREES THAT THE STATE OR FEDERAL COURTS LOCATED IN THE BOROUGH OF MANHATTAN IN NEW YORK CITY SHALL
HAVE EXCLUSIVE JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN THEM PERTAINING TO THIS AGREEMENT OR TO ANY MATTER
ARISING OUT OF OR RELATING TO THIS AGREEMENT; PROVIDED, THAT EACH PARTY HERETO ACKNOWLEDGES THAT ANY APPEALS FROM THOSE COURTS
MAY HAVE TO BE HEARD BY A COURT LOCATED OUTSIDE OF THE BOROUGH OF MANHATTAN IN NEW YORK CITY; PROVIDED, FURTHER, THAT NOTHING IN
THIS AGREEMENT SHALL BE DEEMED OR OPERATE TO PRECLUDE ANY OF THE PARTIES FROM BRINGING SUIT OR TAKING OTHER LEGAL ACTION IN ANY
OTHER JURISDICTION TO ENFORCE A JUDGMENT OR OTHER COURT ORDER IN FAVOR OF SUCH PARTY. EACH PARTY HERETO SUBMITS AND CONSENTS IN
ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR SUIT COMMENCED IN ANY SUCH COURT, AND EACH PARTY HERETO HEREBY WAIVES ANY OBJECTION
THAT SUCH PARTY MAY HAVE BASED UPON LACK OF PERSONAL JURISDICTION, IMPROPER VENUE OR FORUM NON CONVENIENS AND HEREBY CONSENTS TO
THE GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY SUCH COURT. EACH PARTY HERETO HEREBY WAIVES PERSONAL
SERVICE OF THE SUMMONS, COMPLAINT AND OTHER PROCESS ISSUED IN ANY SUCH ACTION OR SUIT AND AGREES THAT SERVICE OF SUCH SUMMONS,
COMPLAINT AND OTHER PROCESS MAY BE MADE BY REGISTERED OR CERTIFIED MAIL ADDRESSED TO SUCH PARTY AT ITS ADDRESS DETERMINED IN ACCORDANCE
WITH SECTION 10 AND THAT SERVICE SO MADE SHALL BE DEEMED COMPLETED UPON THE EARLIER OF SUCH PARTY’S ACTUAL RECEIPT THEREOF
OR THREE DAYS AFTER DEPOSIT IN THE UNITED STATES MAIL, PROPER POSTAGE PREPAID. NOTHING IN THIS SECTION SHALL AFFECT THE RIGHT OF
ANY PARTY HERETO TO SERVE LEGAL PROCESS IN ANY OTHER MANNER PERMITTED BY LAW.

 

    	 	-10-	Administration Agreement
(GEET 2014-1)

    	 

    

 

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

 

14.         Other
Interpretive Matters. All terms defined directly or by incorporation in this Agreement shall have the defined meanings
when used in any document delivered pursuant thereto unless otherwise defined therein. For purposes of this Agreement, unless the
context otherwise requires: (a) accounting terms not otherwise defined herein and accounting terms partly defined herein to the
extent not defined, shall have the respective meanings given to them under generally accepted accounting principles; and unless
otherwise provided, references to any month, quarter or year refer to a fiscal month, quarter or year as determined in accordance
with the GE Capital fiscal calendar; (b) references to any amount as on deposit or outstanding on any particular date means such
amount at the close of business on such day; (c) the words “hereof,” “herein”
and “hereunder” and words of similar import refer to this Agreement as a whole and not to any particular
provision of this Agreement; (d) references to any Section, Schedule or Exhibit are references to Sections, Schedules and Exhibits
in or to this Agreement, and references to any paragraph, subsection, clause or other subdivision within any Section or definition
refer to such paragraph, subsection, clause or other subdivision of such Section or definition; (e) the term “including”
means “including without limitation”; (f) 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; (g) 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; (h) references to any Person include that Person’s successors and assigns; and (i) headings are for purposes of
reference only and shall not otherwise affect the meaning or interpretation of any provision hereof.

 

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

 

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

 

    	 	-11-	Administration Agreement
(GEET 2014-1)

    	 

    

 

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

 

18.         Not
Applicable to the Administrator in Other Capacities. Nothing in this Agreement shall affect any obligation that the Administrator
may have in any other capacity.

 

19.         Limitation
of Liability of the Managing Member. Notwithstanding anything contained herein to the contrary, this instrument has been
countersigned by GE Equipment Funding, LLC, not in its individual capacity but solely in its capacity as the Managing Member of
the Issuer, and in no event shall GE Equipment Funding, LLC, in its individual capacity, or any beneficial owner of the Issuer
have any liability for the representations, warranties, covenants, agreements or other obligations of the Issuer hereunder, as
to all of which recourse shall be had solely to the assets of the Issuer.

 

20.         Indemnification.
The Administrator shall indemnify the Issuer (and its officers, directors, employees and agents) for, and hold them harmless against,
any losses, liability or expense, including attorneys’ fees reasonably incurred by them, incurred without negligence or bad
faith on their part, arising out of or in connection with: (i) actions taken by either of them pursuant to instructions given by
the Administrator pursuant to this Agreement or (ii) the failure of the Administrator to perform its obligations hereunder. The
indemnities contained in this Section shall survive the termination of this Agreement and the resignation or removal of the Administrator
or the Issuer.

 

[signature page follows]

 

    	 	-12-	Administration Agreement
(GEET 2014-1)

    	 

    

 

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

  

	 	GE EQUIPMENT TRANSPORTATION LLC,
	 	SERIES 2014-1
	 	 
	 	By: 	GE Equipment Funding, LLC,
	 	 	its Managing Member
	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 
	 	GENERAL ELECTRIC CAPITAL CORPORATION, as Administrator
	 	 
	 	By:	 
	 	Name:
	 	Title:

 

	Accepted and agreed:
	 
	GE EQUIPMENT FUNDING, LLC,
	 	not in its individual capacity but
	 	solely as Managing Member under
	 	the Issuer Limited Liability
	 	Company Agreement

 

	By:	 	 
	Name:	 	 
	Title:	 	 

 

    	 	S-1	Administration Agreement
(GEET 2014-1)LIMITED REMOVAL AND CLEAN-UP CALL AGREEMENT

 

Dated as of June 18, 2014

 

between 

GE EQUIPMENT FUNDING, LLC,

as Purchaser 

and

 

GE EQUIPMENT TRANSPORTATION LLC, SERIES
2014-1

as Issuer

 

    	 	 	Limited Removal and
Clean-Up Call Agreement

    	 

    

 

TABLE OF CONTENTS

	Section	 	Page Number
	 	 	 
	ARTICLE I              DEFINITIONS AND INTERPRETATION	1
	 	 	 
	Section 1.1	Definitions	1
	Section 1.2	Rules of Construction	1
	 	 	 
	ARTICLE II             CERTAIN REMOVAL AND PURCHASE RIGHTS	1
	 	 	 
	Section 2.1	Removal and Sale of Purchaser Assets	1
	 	 	 
	ARTICLE III            CLEAN-UP CALL	2
	 	 	 
	Section 3.1	Clean-up Call	2
	 	 	 
	ARTICLE IV            MISCELLANEOUS	3
	 	 	 
	Section 4.1	Notices	3
	Section 4.2	No Waiver; Remedies	3
	Section 4.3	Successors	4
	Section 4.4	Termination; Survival of Obligations	4
	Section 4.5	Complete Agreement; Modification of Agreement	4
	Section 4.6	Amendments and Waivers	4
	Section 4.7	GOVERNING LAW; CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL	4
	Section 4.8	Counterparts	5
	Section 4.9	Severability	6
	Section 4.10	Section Titles	6
	Section 4.11	No Setoff	6
	Section 4.12	Confidentiality	6
	Section 4.13	Release of Claims	6

 

	Annex A	Definitions and Interpretation

  

    	 	i	Limited Removal and
Clean-Up Call Agreement

    	 

    

 

This LIMITED REMOVAL
AND CLEAN-UP CALL AGREEMENT (“Agreement” or “Removal and Clean-Up Call Agreement”) is entered
into as of June 18, 2014, by and between GE EQUIPMENT FUNDING, LLC (the “Purchaser”), a Delaware limited
liability company and GE EQUIPMENT TRANSPORTATION LLC, SERIES 2014-1, a Delaware limited liability company (the “Issuer”).

 

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

CERTAIN REMOVAL AND PURCHASE RIGHTS

 

Section 2.1           Removal
and Sale of Purchaser Assets. (a)   In the event that a Receivable becomes a Delinquent Receivable or the Obligor
thereon is subject to a bankruptcy proceeding, the Purchaser may, with the prior written consent of the Issuer (a “Removal
Option”), purchase such Receivable and the other related Purchaser Assets, subject to the terms and conditions herein,
from the Issuer at a price (the “Option Price”) equal to the Purchase Amount. If not exercised earlier, the
Removal Option with respect to any such Receivable and the other related Purchaser Assets shall automatically terminate upon (i)
in the case of a Delinquent Receivable, the related Obligor’s cure of all defaults on the Receivable, (ii) the acquisition
by, or on behalf of, the Issuer of the related Equipment through repossession, or (iii) a repurchase of such Receivable and any
other related Purchaser Assets due to the Transferor’s breach of a representation with respect to such Receivable and any
other related Purchaser Assets. The Aggregate Receivable Value of Receivables and the related Equipment with respect to which the
Purchaser may exercise its Removal Option at any time before the Redemption Date shall not exceed ten percent (10%) of the Aggregate
Receivable Value as of the Cut-off Date.

 

(b)          Upon
a Receivable becoming a Delinquent Receivable or the Obligor thereon becoming subject to a bankruptcy proceeding, the Purchaser
may exercise the Removal Option by providing the Issuer at least five (5) days’ prior written notice thereof (the “Removal
Option Notice”), which notice shall specify a cash exercise price at least equal to the Option Price. The Removal Option
Notice shall be delivered in the manner specified in Section 2.1(a). The exercise of any Removal Option pursuant to this
clause (b) shall be irrevocable.

 

    	 	 	Limited Removal and
Clean-Up Call Agreement

    	 

    

 

(c)          Upon
exercise of a Removal Option, the Purchaser shall be required to pay the Option Price specified in its Removal Option Notice to
the Issuer within ten (10) Business Days of exercising its Removal Option or, with respect to any Lease, within ten (10) Business
Days of the exercising its Removal Option. The proceeds of any sale of such Receivable and other related Purchaser Assets, after
deduction of the expenses of such sale incurred in connection therewith, shall be deposited in the Collection Account by the Purchaser
no later than the day before the next Payment Date.

 

(d)          In
the event that a Receivable was originated by a business unit or equipment financing platform that the related Original Seller
or, in the case of any Lease, the Titling Trust wishes to exit, financed under a vendor program that is terminated in the ordinary
course by the related Original Seller or the Titling Trust, as applicable, or is part of an Obligor relationship that the related
Original Seller or, in the case such Receivable is a Lease, the Titling Trust elects to reduce or exit for risk exposure reasons
in accordance with its credit and collection policies, the Issuer shall be entitled to sell such Receivable and other related Purchaser
Assets or, in the case that such Receivable is a Lease, the beneficial interest in such Lease and other related Purchaser Assets
to a third-party for a cash price equal to the greater of (x) the Purchase Amount and (y) the fair market value of the Receivables.
The proceeds of any sale of such Receivable or in the case of any Lease, the sale of the beneficial interest in such Lease and
other related Purchaser Assets, after deduction of the expenses of such sale incurred in connection therewith, shall be deposited
by the Purchaser (to the extent such Purchaser Assets were sold to the Purchaser) no later than the day before the next Payment
Date.

 

ARTICLE
III

CLEAN-UP CALL

 

Section 3.1           Clean-up
Call. As of the first day of any Collection Period immediately preceding a Payment Date as of which the Aggregate Receivable
Value is 10% or less of the Aggregate Receivable Value as of the Cut-off Date, the Purchaser may purchase all of the Collateral,
other than the Trust Accounts. To exercise such option, the Purchaser shall pay to the Servicer, on behalf of the Issuer, and the
Servicer shall deposit in the Collection Account an amount equal to the aggregate Purchase Amount for the Receivables and the related
Equipment.

 

    	 	2	Limited Removal and
Clean-Up Call Agreement

    	 

    

 

ARTICLE
IV

MISCELLANEOUS

 

Section 4.1           Notices.
Except as otherwise provided herein, whenever it is provided herein that any notice, demand, request, consent, approval, declaration
or other communication shall or may be given to or served upon any 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 4.1), (c) one (1) 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 Issuer) 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.

 

If to Purchaser:

 

GE Equipment Funding, LLC

10 Riverview Drive

Danbury, Connecticut 06810

Attention: Capital Markets Operations

Telephone: (203) 749-2101

Facsimile: (203) 749-4054

 

If to Issuer:

 

GE Equipment Transportation LLC, Series 2014-1

10 Riverview Drive

Danbury, Connecticut 06810

Attention: Capital Markets Operations

Telephone: (203) 749-2101

Facsimile: (203) 749-4054

 

Section 4.2           No
Waiver; Remedies. (a) Either party’s failure, at any time or times, to require strict performance by the other party
hereto of any provision of this Agreement shall not waive, affect or diminish any right of such party thereafter to demand strict
compliance and performance herewith. Any suspension or waiver of any breach or default hereunder shall not suspend, waive or affect
any other breach or default whether the same is prior or subsequent thereto and whether of the same or a different type. None of
the undertakings or agreements of either party contained in this Agreement, and no breach or default by either party hereunder,
shall be deemed to have been suspended or waived by the other party hereto unless such waiver or suspension is by an instrument
in writing signed by an officer of or other duly authorized signatory of such party and directed to the defaulting party specifying
such suspension or waiver.

 

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Clean-Up Call Agreement

    	 

    

  

(b)          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.

 

Section 4.3           Successors.
This Agreement shall be binding upon and shall inure to the benefit of the Issuer and the Purchaser and their respective successors.
The terms and provisions of this Agreement are for the purpose of defining the relative rights and obligations of the Issuer 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 4.4           Termination;
Survival of Obligations. 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 B Maturity Date or (ii) the Redemption
Date.

 

Section 4.5           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 4.6.

 

Section 4.6           Amendments
and Waivers. No amendment, modification, termination or waiver of any provision of this Agreement, or any consent to any departure
therefrom by either 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.

 

Section 4.7           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.

 

    	 	4	Limited Removal and
Clean-Up Call Agreement

    	 

    

 

(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 ISSUER FROM BRINGING SUIT OR TAKING OTHER LEGAL ACTION
IN ANY OTHER JURISDICTION TO REALIZE ON THE PURCHASER ASSETS OR ANY SECURITY FOR THE OBLIGATIONS OF THE PURCHASER ARISING HEREUNDER
OR TO ENFORCE A JUDGMENT OR OTHER COURT ORDER IN FAVOR OF THE ISSUER. 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
7.1 AND THAT SERVICE SO MADE SHALL BE DEEMED COMPLETED UPON THE EARLIER OF SUCH PARTY’S ACTUAL RECEIPT THEREOF OR THREE
(3) 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.

 

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

 

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Section 4.9           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 4.10         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 4.11         No
Setoff. The Purchaser’s obligations under this Agreement shall not be affected by any right of setoff, counterclaim,
recoupment, defense or other right the Purchaser might have against the Purchaser, all of which rights are hereby expressly waived
by the Purchaser.

 

Section 4.12         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 4.13         Release
of Claims. Each of the Issuer and the Purchaser agrees to release and waive all claims against or with respect to any assets
owned by the Titling Trust, other than the SUBI Assets, and in the event that such release is not given effect, to fully subordinate
all claims it may be deemed to have against such released assets.

 

[Signatures Follow]

  

    	 	6	Limited Removal and
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IN WITNESS WHEREOF,
the parties have caused this Removal and Clean-Up Agreement to be executed by their respective duly authorized representatives,
as of the date first above written.

 

	 	GE EQUIPMENT FUNDING, LLC
	 	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 
	 	GE EQUIPMENT TRANSPORTATION LLC,
	 	SERIES 2014-1
	 	 	 
	 	By:	GE Equipment Funding, LLC
	 	 	its Managing Member
	 	 	 
	 	By:	 
	 	Name:
	 	Title:

  

    	 	S-1	Limited Removal and
Clean-Up Call Agreement

    	 

    

 

ANNEX A

to

REMOVAL AND CLEAN-UP CALL AGREEMENT

dated as of

June 18, 2014

 

    	 	 	Annex A to Limited Removal and
Clean-Up Call Agreement

    	 

    

 

DEFINITIONS
AND INTERPRETATION

 

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

 

“Administration
Agreement” means the Administration Agreement, dated as of June 18, 2014, by and 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.

 

“Aggregate
Receivable Value” means the sum of (i) the Loan Value of all the Loans and (ii) the Lease Value of all the
Leases.

 

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

 

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

 

“Class C Maturity
Date” is defined in the Indenture.

 

“Closing Date”
means June 18, 2014.

 

“Collateral”
is defined in the Indenture.

 

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

 

“Collection
Period” means, for any Original Seller or, with respect to the SUBI Assets, the Titling Trust, and with respect to any
Payment Date, such Original Seller’s or Titling Trust’s, as applicable, fiscal month preceding the fiscal 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).

 

“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 receivables and the related equipment and collections on those types of receivables and the
related equipment.

 

“Cut-off Date”
means May 3, 2014.

 

    	 	 	Annex A to Limited Removal and
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“Defaulted
Receivable” means a Receivable which has not been repurchased pursuant to Section 7.2 of the Purchase and Sale Agreement
and with respect to which (i) the Servicer on behalf of the Purchaser has repossessed the Equipment related to such Receivable
and or (ii) all or any portion of the Loan Value or the Lease Value, as applicable, is deemed uncollectible in accordance
with the Credit and Collection Policy.

 

“Delinquent
Receivable” means any Receivable that is more than sixty (60) days past due.

 

“Equipment”
means any transportation equipment, together with all accessions thereto securing an Obligor’s indebtedness under the related
Loan or that is subject to a Lease.

 

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

 

“Guaranteed
Payment” means, for each Lease that is a TRAC Lease included in the Series 2014-1 SUBI, the amount fixed by the related
Obligor and the Titling Trust, at the inception of such Lease to be owed by the related Obligor to the lessor at the expiration
of the term of such Lease.

 

“Implicit
Rate of Return” means, with respect to any Receivable, the interest rate or discount rate used by the applicable Original
Seller or, in the case such Receivable is a Lease, the Titling Trust to allocate periodic payments between principal and interest
on such Receivable.

 

“Indenture”
means the Indenture, dated as of June 18, 2014, between the Purchaser and the Indenture Trustee.

 

“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 Beneficiary”
means GE Capital Title Holding Corp., a Delaware Corporation.

 

“Intercreditor
Agreement” means the Intercreditor Agreement, dated as of June 18, 2014, among the Purchaser, GE Capital, the Issuer
and the Titling Trust.

 

“Issuer”
means GE Equipment Transportation LLC, Series 2014-1, a Delaware limited liability company, until a successor replaces it and,
thereafter, means the successor and, for purposes of any provision contained in the Indenture and required by the Trust Indenture
Act of 1939, each other obligor on the Notes.

 

“Issuer Limited
Liability Company Agreement” means the Limited Liability Company Agreement of the Issuer, dated as of June 18, 2014,
among the Managing Member and the Issuer.

 

“Lease”
means any agreement pursuant to, or under which, titled Equipment to be allocated to the Series 2014-1 SUBI is leased by an Obligor
pursuant to a TRAC Lease or other lease.

 

    	 	A-2	Annex A to Limited Removal and
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“Lease Value”
means, for any Lease that is not a Defaulted Receivable on any day (including the Cut-off Date), the sum of (i) the future Scheduled
Payments on such Lease discounted monthly at the applicable Implicit Rate of Return, plus (ii) any past due Scheduled Payments
on such Lease reflected on the Servicer’s records, plus (iii) the present value of the Book Residual Value (or in the case
of a TRAC Lease, Guaranteed Payment), discounted monthly at the applicable Implicit Rate of Return. Defaulted Receivables that
are Leases shall be deemed to have a Lease Value equal to the outstanding Lease Value at the time it became a Defaulted Receivable
less the amount written-off as uncollectible in accordance with the Credit and Collection Policy.

 

“Loan”
means any loan included in Schedule of Receivables.

 

“Loan Value”
means, for any Loan that is not a Defaulted Receivable 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 the applicable Implicit Rate of Return
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. Defaulted Receivables that are Loans shall be deemed to have a Loan Value equal
to the outstanding Loan Value at the time it became a Defaulted Receivable, less the amount written off as uncollectible in accordance
with the Credit and Collection Policy.

 

“Managing
Member” means GE Equipment Funding, LLC, a Delaware limited liability company or any successor member under the Issuer
Limited Liability Company Agreement.

 

“Notes”
means the notes issued under the Indenture.

 

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

 

“Option Price”
is defined in Section 2.1(a) of this Removal and Clean-Up Call Agreement.

 

“Payment Date”
means, with respect to each Collection Period, the 23rd 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 July 23, 2014.

 

“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.

 

    	 	A-3	Annex A to Limited Removal and
Clean-Up Call Agreement

    	 

    

 

“Purchase
Amount” means, as of the close of business on the last day of a Collection Period (a) with respect to any Loan,
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 Receivable, as of the day immediately prior to such Loan becoming a Defaulted
Receivable) plus interest accrued and unpaid thereon as of such last day at a rate per annum equal to the applicable Implicit Rate
of Return and (b) with respect to any Lease and its related Equipment, an amount equal to the Lease Value of the applicable
Lease and its related Equipment, as of the first day of the immediately following Collection Period (or, with respect to any applicable
Lease that is a Defaulted Receivable, as of the day immediately prior to such Lease becoming a Defaulted Receivable).

 

“Purchase
and Sale Agreement” means the Receivables Purchase and Sale Agreement, dated as of June 18, 2014, by and between the
Issuer and the Transferor.

 

“Purchaser”
means GE Equipment Funding, LLC, a Delaware limited liability company.

 

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

 

“Receivable”
means with respect to any Loan or Lease, all indebtedness of the related Obligor (whether constituting an account, chattel paper,
document, instrument or general intangible) under that Loan or Lease.

 

“Receivables
Sale Agreement” means the Receivables Sale Agreement, dated June 18, 2014, among GE Capital, GE Capital Title Holding
Corp. and the Seller.

 

“Redemption
Date” is defined in the Indenture.

 

“Related Documents”
means the Receivables Sale Agreement, the Purchase and Sale Agreement, the Removal and Clean-Up Call Agreement, the Servicing
Agreement, the Intercreditor Agreement, the Issuer Limited Liability Company Agreement, the CEF Limited Liability Company Agreement,
the Administration Agreement, the Indenture, the Titling Trust Agreement (solely to the extent it pertains to the Series 2014-1
SUBI), the Series 2014-1 SUBI Supplement, the Series 2014-1 Collateral Agency Supplement, 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 Annexes,
Exhibits and Schedules 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.

 

“Removal and
Clean-Up Call Agreement” means the Limited Removal and Clean-Up Call Agreement, dated as of June 18, 2014, by and between
the Issuer and the Purchaser.

 

“Removal Option”
is defined in Section 2.1(a) of this Removal and Clean-Up Call Agreement.

 

    	 	A-4	Annex A to Limited Removal and
Clean-Up Call Agreement

    	 

    

 

“Removal Option
Notice” is defined in Section 2.1(b) of this Removal and Clean-Up Call Agreement.

 

“Scheduled
Payment” (a) 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 applicable
Implicit Rate of Return and (b) on a Lease means any payment required to be made by the Obligor under that Lease during the related
Collection Period. The principal component of a Scheduled Payment on a Lease means the full required amount of the Scheduled Payment,
less an imputed yield component based on the discount rate used in determining the present value of scheduled payments payable
under the Lease, as determined by the applicable Original Seller for such Lease; provided, that, in the case of (a)
or (b), Termination Values shall also constitute Scheduled Payments.

 

“Seller”
means CEF Equipment Holding, L.L.C., a Delaware limited liability company.

 

“Series 2014-1
Collateral Agency Supplement” means the Series 2014-1 SUBI Supplement to the Collateral Agency Agreement.

 

“Series 2014-1
SUBI” means that special unit of beneficial interest of the Titling Trust created by the Series 2014-1 Supplement to
which Titling Trust Assets are allocated.

 

“Series 2014-1
SUBI Certificate” means the certificate of beneficial ownership, representing beneficial ownership of the Titling Trust
Assets comprising the Series 2014-1 SUBI, issued pursuant to the Series 2014-1 SUBI Supplement.

 

“Series 2014-1
SUBI Supplement” means the Series 2014-1 SUBI Supplement to the Titling Trust Agreement, dated June 18, 2014.

 

“Servicer”
means GE Capital 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 June 18, 2014, by and among the Issuer, the Servicer and the Titling
Trust.

 

“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.

 

“SUBI Assets”
means the Leases, the SUBI Equipment and any related assets allocated to the Series 2014-1 SUBI.

 

“SUBI Equipment”
means the Equipment related to the Leases.

 

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

 

    	 	A-5	Annex A to Limited Removal and
Clean-Up Call Agreement

    	 

    

 

“Termination
Value” means the “Termination Value” (if any) payable by the Obligor pursuant to the applicable Receivable.

 

“Titling Trust”
means GE TF Trust, a Delaware statutory trust.

 

“Titling Trust
Agreement” means the Amended and Restated Trust Agreement, dated as of April 30, 2012, by and between GE Capital Title
Holding Corp., a Delaware corporation, as Settlor and Initial Beneficiary and Wilmington Trust Company, a Delaware trust company,
as UTI trustee, Administrative Trustee and Delaware trustee.

 

“Titling Trust
Assets” means, at any time, all assets owned by the Titling Trust at such time.

 

“Titling Trust
Collateral Agency Agreement” means the Amended and Restated Collateral Agency Agreement, dated as of April 30, 2012 by
and among the Titling Trust, GE Title Agent, LLC, a Delaware limited liability company, as Collateral Agent and GE Capital.

 

“Titling Trust
Collateral Agent” means GE Title Agent, LLC, a Delaware limited liability company, as Collateral Agent under the Titling
Trust Collateral Agency Agreement, or any other Person designated as a Collateral Agent under that agreement.

 

“TRAC Lease”
means a Lease which contains a “terminal rental adjustment clause”.

 

“Transferor”
means CEF Equipment Holding, L.L.C., a Delaware limited liability company.

 

“Trust Account”
is defined in the Indenture.

 

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

 

“VFS”
means VFS Financing, Inc., a Delaware corporation or any successors or assigns thereto.

 

SECTION 2.          Other
Interpretive Matters. All terms defined directly or by incorporation in the Removal and Clean-Up Call 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 Removal and Clean-Up Call 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.

 

    	 	A-6	Annex A to Limited Removal and
Clean-Up Call Agreement

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