Document:

EXECUTION VERSION

 

LOAN PURCHASE AND SALE AGREEMENT

 

Dated as of October 24, 2012

 

between

 

CEF EQUIPMENT HOLDING, L.L.C.,

as Seller

 

and

 

GE EQUIPMENT

TRANSPORTATION LLC, SERIES 2012-2,

as Purchaser

  

    	 	 	Loan Purchase and Sale Agreement

    	 

    

 

This LOAN PURCHASE
AND SALE AGREEMENT (“Agreement” or “Purchase and Sale Agreement”) is entered into as
of October 24, 2012, by and between CEF EQUIPMENT HOLDING, L.L.C. (the “Seller”), a Delaware limited
liability company and GE EQUIPMENT TRANSPORTATION LLC, SERIES 2012-2, a Delaware limited liability company (the “Purchaser”).

 

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

 

ARTICLE
I

 

DEFINITIONS
AND INTERPRETATION

 

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

 

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

 

ARTICLE
II

 

SALES
OF PURCHASER ASSETS

 

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

 

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

 

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

 

		(iii)	the Sale Agreement;

 

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

 

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

 

		(vi)	all proceeds of the foregoing (all such assets, collectively, the “Purchaser Assets”).

 

    	 	 	Loan Purchase and Sale Agreement

    	 

    

 

Notwithstanding the foregoing,
the Seller delegates to the Purchaser any remaining obligations of the Seller under any Loan, and the Purchaser assumes such obligations.

 

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

 

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

 

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

 

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

 

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

 

Section 2.2           Grant
of Security Interest; Subordination. (a) The parties hereto intend that the transfer, sale and assignment pursuant to Section
2.1 hereof shall constitute a purchase and sale and not a loan. Notwithstanding anything to the contrary set forth in this
Section 2.2, if a court of competent jurisdiction determines that the sale provided for herein constitutes the
grant of security for a loan (the “Deemed Loan”) and not a purchase and sale or contribution, then:

 

		(i)	The parties hereto intend that this Agreement shall constitute a security agreement under applicable
law and that the Seller shall be deemed to have granted, and the Seller hereby grants, to the Purchaser a first priority lien and
security interest in and to all of the Seller’s right, title and interest in, to and under the Purchaser Assets, all other
Related Documents to which the Seller is a party and all proceeds thereof (collectively, the “Deemed Collateral”).
The possession by the Purchaser of notes and such other goods, money, documents, chattel paper or certificated securities shall
be deemed to be “possession by or delivery to the secured party” for purposes of perfecting the security interest pursuant
to the UCC in force in the relevant jurisdiction (including, without limitation, Section 9-313(c)(1) thereof). Notifications to
Persons holding such property, and acknowledgments, receipts or confirmations from Persons holding such property, shall be deemed
notifications to, or acknowledgments, receipts or confirmations from, bailees or agents (as applicable) of the Purchaser for the
purpose of perfecting such security interest under applicable law (except that nothing in this sentence shall cause any Person
to be deemed to be an agent of the Purchaser for any purpose other than for perfection of such security interest unless, and then
only to the extent, expressly appointed and authorized by the Purchaser in writing).

 

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		(ii)	The Purchaser acknowledges and agrees that the Deemed Loan is a non-recourse obligation of the
Seller secured solely by the Deemed Collateral and does not represent an interest in any assets (other than the Deemed Collateral)
of the Seller (including by virtue of any deficiency claim in respect of obligations not paid or otherwise satisfied from the Deemed
Collateral and proceeds thereof). In furtherance of and not in derogation of the foregoing, the Purchaser acknowledges and agrees
that:

 

		(A)	The Purchaser shall not have any right, title or interest in or to any assets (or interests therein)
(other than the Deemed Collateral) conveyed or purported to be conveyed by the Seller to any other Person or Persons (whether by
way of a sale, capital contribution or by virtue of the granting of a lien) (“Other Assets”); and

 

		(B)	the Deemed Loan constitutes a claim (as defined in Section 101 of the Bankruptcy Code) which may
be satisfied solely from the Deemed Collateral and its proceeds (whether through ordinary liquidation or the exercise of UCC remedies
and other remedies provided herein) and does not constitute a claim against the Seller to the extent that the Deemed Collateral
and such proceeds are insufficient to repay the Deemed Loan (including interest thereon, whether accrued before or after the filing
of a bankruptcy petition) in full.

 

		(iii)	To the extent that, notwithstanding the agreements and provisions contained in clause (ii)
above, the Purchaser either (A) asserts an interest or claim to, or benefit from, Other Assets, or (B) is deemed to have any such
interest, claim or benefit in or from Other Assets, whether by operation of law, legal process, pursuant to applicable provisions
of insolvency laws or otherwise (including by virtue of Section 1111(b) of the Bankruptcy Code or any successor provision
having similar effect under the Bankruptcy Code), then the Purchaser further acknowledges and agrees that any such interest, claim
or benefit in or from Other Assets is and shall be expressly subordinated to the indefeasible payment in full of all obligations
and liabilities of the Seller other than the Deemed Loan, including, the payment of post-petition interest on such other obligations
and liabilities. This subordination agreement shall be deemed a subordination agreement within the meaning of Section 510(a) of
the Bankruptcy Code. The Purchaser further acknowledges and agrees that no adequate remedy at law exists for a breach of this Section
2.2 and the terms of this Section 2.2 may be enforced by an action for specific performance.

 

(b)          The
Purchaser shall not file or join in a filing of a petition with respect to any bankruptcy reorganization, arrangement, insolvency
or liquidation proceedings, or similar proceedings under any United States Federal or State bankruptcy or similar law relating
to the Seller, or cooperate or encourage others to file such a petition.

 

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(c)          The
Seller hereby authorizes the Purchaser to file financing statements in respect of the Seller covering the Purchaser Assets and
the proceeds thereof.

 

Section 2.3           Sale
Price. On the Closing Date, the Purchaser shall, upon satisfaction of the applicable conditions set forth in Article III,
pay the purchase price in the form of (i) the issuance and exchange of the Notes and (ii) an increase in the Seller’s equity
interest in the Purchaser (together, the “Purchaser Purchase Price”) as consideration for the Purchaser Assets
sold and transferred by the Seller to the Purchaser pursuant to Section 2.1 hereof, which Purchaser Purchase Price shall
be acknowledged by the Seller and the Purchaser to be the fair market value thereof.

 

Section 2.4           Removal
and Sale of Loans. (a) In the event that a Loan becomes a Delinquent Loan or the Obligor thereon is subject to a bankruptcy
proceeding, the Seller shall be granted an assignable option (a “Purchase Option”) to purchase such Delinquent
Loan and the other related Purchaser Assets, subject to the terms and conditions herein, from the Purchaser at a price (the “Option
Price”) equal to the Purchase Amount. The Seller may sell, transfer, assign or otherwise convey its Purchase Option with
respect to any such Loan and the other related Purchaser Assets to any party at any time after the related Loan becomes a Delinquent
Loan or the Obligor thereon is subject to a bankruptcy proceeding. The Seller shall notify the Purchaser of such transfer and such
notice shall include the transferee’s name, address, telephone number, facsimile number and appropriate contact person(s)
and shall be acknowledged in writing by the transferee. If not exercised earlier, the Purchase Option with respect to any such
Loan and the other related Purchaser Assets shall automatically terminate upon (i) in the case of a Delinquent Loan, the related
Obligor’s cure of all defaults on the Loan, (ii) the acquisition by, or on behalf of, the Purchaser of the related Equipment
through repossession or (iii) a repurchase of such Loan and the other related Purchaser Assets due to the Seller’s breach
of a representation with respect to such Loan. The Pool Balance of Loans with respect to which the Seller may exercise its Purchase
Option at any time before the Redemption Date shall not exceed 10% of the aggregate Pool Balance of the Loans as of the Cut-off
Date.

 

(b)          Upon
a Loan becoming a Delinquent Loan or the Obligor thereon becoming subject to a bankruptcy proceeding, the Seller may exercise the
Purchase Option by providing the Purchaser at least five (5) days’ prior written notice thereof (the “Purchase Option
Notice”), which notice shall specify a cash exercise price at least equal to the Option Price. The Purchase Option Notice
shall be delivered in the manner specified in Section 2.4(a). The exercise of any Purchase Option pursuant to this clause (b)
shall be irrevocable.

 

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

 

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(d)          In
the event that a Loan was originated by a business unit or equipment financing platform that GE Capital wishes to exit, financed
under a vendor program that is terminated in the ordinary course by GE Capital, or is part of an Obligor relationship that GE Capital
elects to reduce or exit for risk exposure reasons in accordance with its credit and collection policies, the Purchaser shall be
entitled to sell such Loan and the other related Purchaser Assets purchased by it pursuant to this Section 2.4 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 Loan.
The proceeds of any sale of such Loan and other related Purchaser Assets, after deduction of the expenses of such sale incurred
in connection therewith, shall be deposited by the Seller no later than the day before the next Payment Date.

 

ARTICLE
III

 

CONDITIONS
PRECEDENT

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

ARTICLE
IV

 

REPRESENTATIONS,
WARRANTIES AND COVENANTS

 

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

 

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

 

(b)          UCC
Information. The true legal name of the Seller as registered in the jurisdiction of its organization, and the current location
of the Seller’s jurisdiction of organization are set forth in Schedule 4.1(b) and such location has not changed
within the past twelve (12) months. During the prior five (5) years, except as set forth in Schedule 4.1(b), the Seller
has not been known as or used any limited liability company, fictitious or trade name. In addition, Schedule 4.1(b)
lists the Seller’s (i) federal employer identification number and (ii) organizational identification number as designated
by the jurisdiction of its organization.

 

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

 

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

 

(e)          Solvency.
The Seller is Solvent.

 

    	 	6	Loan Purchase and Sale Agreement

    	 

    

 

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

 

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

 

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

 

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

 

Section 4.2           Affirmative
Covenants of the Seller. The Seller covenants and agrees that, unless otherwise consented to by the Purchaser, from and after
the Closing Date until the earlier of the Redemption Date or the Class C Maturity Date:

 

(a)          Records.
The Seller shall at its own cost and expense, for not less than three (3) years from the date on which each Loan was originated,
or for such longer period as may be required by law, maintain adequate Records with respect to such Loan, including records of
all payments received, credits granted and merchandise returned with respect thereto.

 

(b)          Access.
At any reasonable time, and from time to time at the Purchaser’s reasonable request, and upon at least seven (7) days prior
notice to the Seller, the Seller shall permit the Purchaser (or such Person as the Purchaser may designate), at the expense of
the Purchaser (or such Person as the Purchaser may designate), to conduct audits or visit and inspect any of the properties of
the Seller to examine the records, internal controls and procedures maintained by the Seller with respect to the Purchaser Assets
and take copies and extracts therefrom, and to discuss the Seller’s affairs with its officers, employees and, upon notice
to the Seller, independent accountants. The Seller shall authorize such officers, employees and independent accountants to discuss
with the Purchaser (or such Person as the Purchaser may designate) the affairs of the Seller as such affairs relate to the Purchaser
Assets. Any audit provided for herein shall be conducted in accordance with the Seller’s rules respecting safety and security
on its premises and without materially disrupting operations. If an Event of Default shall have occurred and be continuing, the
Seller shall provide such access at all times and without advance notice and shall provide the Purchaser (or such Person as the
Purchaser may designate) with access to its suppliers and customers.

 

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

 

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

 

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

 

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

 

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

 

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

 

(g)          Deposit
of Collections. The Seller shall transfer and cause its Subsidiaries to transfer to the Purchaser or the Servicer on its behalf,
promptly, and in any event no later than the second (2nd) Business Day after receipt thereof, all Collections it may
receive in respect of Purchaser Assets.

 

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

 

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

 

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

 

(c)          No
Proceedings. From the Closing Date and until the date one (1) year plus one (1) day following the date on which all amounts
due with respect to the Notes have been paid in full in cash, Seller shall not, directly or indirectly, institute or cause to be
instituted against the Purchaser any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding or other proceeding
under any federal or state bankruptcy or similar law; provided that the foregoing shall not in any way limit the Seller’s
right to pursue any other creditor rights or remedies that the Seller may have under applicable law.

 

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

 

Section 4.4           Perfection
Representations and Warranties. The parties hereto agree that the representations, warranties and covenants set forth in Schedule
4.4 shall be a part of this Agreement for all purposes.

 

ARTICLE
V

 

INDEMNIFICATION

 

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

 

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

 

ARTICLE
VI

 

CLEAN-UP CALL

 

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

 

ARTICLE
VII

 

MISCELLANEOUS

 

Section 7.1           Notices.
Except as otherwise provided herein, whenever it is provided herein that any notice, demand, request, consent, approval, declaration
or other communication shall or may be given to or served upon any of the parties by any other parties, or whenever any of the
parties desires to give or serve upon any other parties any communication with respect to this Agreement, each such notice, demand,
request, consent, approval, declaration or other communication shall be in writing and shall be deemed to have been validly served,
given or delivered (a) upon the earlier of actual receipt and three (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 7.1), (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 Purchaser) designated in any written communication provided
hereunder to receive copies shall in no way adversely affect the effectiveness of such notice, demand, request, consent, approval,
declaration or other communication. Notwithstanding the foregoing, whenever it is provided herein that a notice is to be given
to any other party hereto by a specific time, such notice shall be effective only if actually received by such party prior to such
time, and if such notice is received after such time or on a day other than a Business Day, such notice shall be effective only
on the immediately succeeding Business Day.

 

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If to Seller:

 

CEF Equipment Holding, L.L.C.

10 Riverview Drive

Danbury, Connecticut 06810

Attention: Capital Markets Operations

Telephone: (203) 749-2101

Facsimile: (203) 749-4054

 

If to Purchaser:

 

GE Equipment Transportation LLC, Series 2012-2

10 Riverview Drive

Danbury, Connecticut 06810

Attention: Capital Markets Operations

Telephone: (203) 749-2101

Facsimile: (203) 749-4054

 

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

 

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

 

    	 	11	Loan Purchase and Sale Agreement

    	 

    

 

(c)          Each
party’s rights and remedies under this Agreement shall be cumulative and nonexclusive of any other rights and remedies that
such party may have under any other agreement, including the other Related Documents, by operation of law or otherwise.

 

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

 

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

 

(b)          Except
as otherwise expressly provided herein or in any other Related Document, no termination or cancellation (regardless of cause or
procedure) of any commitment made by the Purchaser under this Agreement shall in any way affect or impair the obligations, duties
and liabilities of the Seller or the rights of the Purchaser relating to any unpaid portion of any and all recourse and indemnity
obligations of the Seller to the Purchaser, due or not due, liquidated, contingent or unliquidated or any transaction or event
occurring prior to such termination, or any transaction or event, the performance of which is required after the earlier of
the Redemption Date or the Class C Maturity Date. Except as otherwise expressly provided herein or in any other Related Document,
all undertakings, agreements, covenants, warranties and representations of or binding upon the Seller, and all rights of the
Purchaser hereunder shall not terminate or expire, but rather shall survive any such termination or cancellation and shall continue
in full force and effect until the earlier of (i) the Class C Maturity Date or (ii) the Redemption Date; provided, that
the rights and remedies pursuant to Section 7.2(b), the indemnification and payment provisions of Article V,
and the provisions of Sections 4.3(d), 7.3, 7.4(b) and
7.12 shall be continuing and shall survive any termination of this Agreement.

 

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

 

    	 	12	Loan Purchase and Sale Agreement

    	 

    

 

Section 7.6           Amendments
and Waivers. No amendment, modification, termination or waiver of any provision of this Agreement, or any consent to any departure
therefrom by any party hereto, shall in any event be effective unless the same shall be in writing and signed by each of the parties
hereto. No consent or demand in any case shall, in itself, entitle any party to any other consent or further notice or demand in
similar or other circumstances.

 

Section 7.7           Governing
Law; Consent to Jurisdiction; Waiver of Jury Trial. (a) THIS AGREEMENT
AND THE OBLIGATIONS ARISING HEREUNDER SHALL IN ALL RESPECTS, INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, BE
GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK (WITHOUT REGARD TO
THE CONFLICT OF LAWS PROVISIONS THEREOF EXCEPT SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATION LAW) AND ANY APPLICABLE LAWS
OF THE UNITED STATES OF AMERICA.

 

(b)          EACH
PARTY HERETO HEREBY CONSENTS AND AGREES THAT THE STATE OR FEDERAL COURTS LOCATED IN THE BOROUGH OF MANHATTAN IN NEW YORK CITY
SHALL HAVE EXCLUSIVE JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN THEM PERTAINING TO THIS AGREEMENT OR TO
ANY MATTER ARISING OUT OF OR RELATING TO THIS AGREEMENT; PROVIDED, THAT EACH PARTY HERETO ACKNOWLEDGES THAT ANY APPEALS
FROM THOSE COURTS MAY HAVE TO BE HEARD BY A COURT LOCATED OUTSIDE OF THE BOROUGH OF MANHATTAN IN NEW YORK CITY; PROVIDED
FURTHER, THAT NOTHING IN THIS AGREEMENT SHALL BE DEEMED OR OPERATE TO PRECLUDE THE PURCHASER FROM BRINGING SUIT OR TAKING
OTHER LEGAL ACTION IN ANY OTHER JURISDICTION TO REALIZE ON THE LOANS OR ANY SECURITY FOR THE OBLIGATIONS OF THE SELLER ARISING
HEREUNDER OR TO ENFORCE A JUDGMENT OR OTHER COURT ORDER IN FAVOR OF THE PURCHASER. EACH PARTY HERETO SUBMITS AND CONSENTS IN ADVANCE
TO SUCH JURISDICTION IN ANY ACTION OR SUIT COMMENCED IN ANY SUCH COURT, AND EACH PARTY HERETO HEREBY WAIVES ANY OBJECTION THAT
SUCH PARTY MAY HAVE BASED UPON LACK OF PERSONAL JURISDICTION, IMPROPER VENUE OR FORUM NON CONVENIENS AND HEREBY CONSENTS TO THE
GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY SUCH COURT. EACH PARTY HERETO HEREBY WAIVES PERSONAL SERVICE
OF THE SUMMONS, COMPLAINT AND OTHER PROCESS ISSUED IN ANY SUCH ACTION OR SUIT AND AGREES THAT SERVICE OF SUCH SUMMONS, COMPLAINT
AND OTHER PROCESS MAY BE MADE BY REGISTERED OR CERTIFIED MAIL ADDRESSED TO SUCH PARTY AT ITS ADDRESS DETERMINED IN ACCORDANCE WITH
SECTION 7.1 AND THAT SERVICE SO MADE SHALL BE DEEMED COMPLETED UPON THE EARLIER OF SUCH PARTY’S ACTUAL RECEIPT THEREOF
OR THREE DAYS AFTER DEPOSIT IN THE UNITED STATES MAIL, PROPER POSTAGE PREPAID. NOTHING IN THIS SECTION SHALL AFFECT THE RIGHT OF
ANY PARTY HERETO TO SERVE LEGAL PROCESS IN ANY OTHER MANNER PERMITTED BY LAW.

 

    	 	13	Loan Purchase and Sale Agreement

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	14	Loan Purchase and Sale Agreement

    	 

    

 

Section 7.13         Further
Assurances. (a) The Seller shall, at its sole cost and expense, upon request of the Purchaser, promptly and duly authorize,
execute and/or deliver, as applicable, any and all further instruments and documents and take such further actions that may
be necessary or desirable or that the Purchaser may request to carry out more effectively the provisions and purposes of this Agreement
or to obtain the full benefits of this Agreement and of the rights and powers herein granted, including authorizing the filing
of any financing or continuation statements under the UCC with respect to the ownership interests or Liens granted hereunder. The
Seller hereby authorizes the Purchaser to file any such financing or continuation statements without the signature of the Seller
to the extent permitted by applicable law. A carbon, photographic or other reproduction of this Agreement or of any notice
or financing statement covering the Purchaser Assets or any part thereof shall be sufficient as a notice or financing statement
where permitted by law. If any amount payable under or in connection with any of the Purchaser Assets is or shall become evidenced
by any instrument, such instrument, other than checks and notes received in the ordinary course of business, shall be duly endorsed
in a manner satisfactory to the Purchaser immediately upon the Seller’s receipt thereof and promptly delivered to or at the
direction of the Purchaser.

 

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

 

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

 

[Signatures Follow]

 

    	 	15	Loan Purchase and Sale Agreement

    	 

    

  

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

 

	 	CEF EQUIPMENT HOLDING, L.L.C.
	 	 	 	 
	 	By:	 	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	GE EQUIPMENT TRANSPORTATION LLC, SERIES 2012-2
	 	 	 	 
	 	By:	 	CEF Equipment Holding, L.L.C.,
	 	 	 	its Managing Member
	 	 	 	 
	 	By:	 	 
	 	Name:	 
	 	Title:	 

 

    	 	S-1	Loan Purchase and Sale Agreement

    	 

    

 

Schedule 4.1(b)

 

UCC INFORMATION

	 	 
	CEF Equipment Holding, L.L.C.	 
	 	 
	True Legal Name:	CEF Equipment Holding, L.L.C.
	 	 
	Jurisdiction of Organization:	Delaware
	 	 
	Executive Offices/Principal Place of Business:	
        10 Riverview Drive

        Danbury, Connecticut 06810

	 	 
	Collateral Locations:	
        Danbury, Connecticut

        El Paso, Texas

        Billings, Montana

        Mexico 

	 	 
	Trade Names:	N/A
	 	 
	FEIN:	20-0192070
	 	 
	Organizational Identification Number:	N/A

 

    	 	Sch. 4.1(b) - 1	Loan Purchase and Sale Agreement

    	 

    

 

Schedule 4.4

 

PERFECTION REPRESENTATIONS, WARRANTIES
AND COVENANTS

 

In addition to the
representations, warranties and covenants contained in the Purchase and Sale Agreement, to induce the Purchaser to enter into the
Purchase and Sale Agreement, the Seller hereby represents, warrants, and covenants to Purchaser as follows, on the Closing
Date:

 

General

 

1.          The
Purchase and Sale Agreement creates a valid and continuing security interest (as defined in the applicable UCC) in the Collateral
in favor of the Purchaser, which security interest is prior to all other Liens, and is enforceable as such as against creditors
of and purchasers from the Seller.

 

2.          The
Purchaser Assets constitute “accounts,” “general intangibles,” “instruments,” or “tangible
chattel paper,” within the meaning of the UCC as in effect in the State of New York.

 

3.          The
Seller has taken all steps necessary to perfect its security interest in the property securing the Loans that constitute chattel
paper in favor of the Purchaser.

 

Creation

 

4.          The
Seller owns and has good and marketable title to the Purchaser Assets free and clear of any Lien, claim or encumbrance of any Person,
excepting only liens for taxes, assessments or similar governmental charges or levies incurred in the ordinary course of business
that are not yet due and payable or as to which any applicable grace period shall not have expired, or that are being contested
in good faith by proper proceedings and for which adequate reserves have been established, but only so long as foreclosure with
respect to such a lien is not imminent and the use and value of the property to which the Lien attaches is not impaired during
the pendency of such proceeding.

 

Perfection

 

5.          The
Seller has caused or will have caused, within ten (10) days after the effective date of the Purchase and Sale Agreement, the filing
of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order
to perfect the sale of the Purchaser Assets from the Seller to the Purchaser, and the security interest in the Purchaser Assets
granted to the Purchaser hereunder and all financing statements referred to in this paragraph contain a statement that: “A
purchase of or security interest in any collateral described in this financing statement will violate the rights of the Purchaser.”.

 

6.          With
respect to Purchaser Assets that constitute an instrument or tangible chattel paper, either:

 

    	 	Sch. 4.4 - 1	Loan Purchase and Sale Agreement

    	 

    

 

(a)          Such
instruments or tangible chattel paper are in the possession of a custodian and the Purchaser has received a written acknowledgment
from the custodian that the custodian is holding such instruments or tangible chattel paper to effect the Purchaser’s security
interest therein; or

 

(b)          A
custodian received possession of such instruments or tangible chattel paper after the Purchaser received a written acknowledgment
from such custodian that such custodian is acting to effect the Purchaser’s security interest therein.

 

Priority

 

7.          Other
than the transfer of the Purchaser Assets to the Seller under the Sale Agreement, the security interest granted to the Purchaser
pursuant to the Purchase and Sale Agreement and the security interest granted to the Indenture Trustee pursuant to the Indenture,
neither the Seller nor the Purchaser has pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of
the Purchaser Assets. Neither the Seller nor the Purchaser has authorized the filing of, or is aware of any financing statements
against the Seller or the Purchaser that include a description of collateral covering any Purchaser Assets other than any financing
statement relating to the security interest granted to the Purchaser hereunder or to the Indenture Trustee under the Indenture
or that has been terminated.

 

8.          Survival
of Perfection Representations. Notwithstanding any other provision of the Purchase and Sale Agreement or any other Related
Document, the Perfection Representations contained in this Schedule 4.4 shall be continuing, and remain in full force and
effect and shall continue until the payment in full of all Purchaser Assets.

 

10.         No
Waiver. The parties to the Purchase and Sale Agreement: (i) shall not, unless the Rating Agency Condition shall have been satisfied,
waive any of the Perfection Representations; (ii) shall provide the Ratings Agencies with prompt written notice of any breach of
the Perfection Representations, and (iii) shall not, unless the Rating Agency Condition shall have been satisfied (as determined
after any adjustment or withdrawal of the ratings following notice of such breach) waive a breach of any of the Perfection Representations.

 

11.         Seller
to Maintain Perfection and Priority. The Seller covenants that, in order to evidence the interests of the Seller and the Purchaser
under the Purchase and Sale Agreement, the Seller shall execute and deliver such instruments (other than effecting a Filing (as
defined below), unless such Filing is effected in accordance with this paragraph) as may be necessary or advisable (including,
without limitation, such actions as are requested by the Purchaser) to maintain and perfect, as a first priority interest,
the Purchaser’s security interest in the Purchaser Assets. The Seller shall within the time limits established by law, prepare
and present to the Purchaser for the Purchaser to authorize (based in reliance on the Opinion of Counsel hereinafter provided for)
the Servicer to file all financing statements, amendments, continuations, initial financing statements in lieu of a continuation
statement, terminations, partial terminations, releases or partial releases, or any other filings necessary or advisable to continue,
maintain and perfect the Purchaser’s security interest in the Purchaser Assets as a first-priority interest (each a “Filing”).
The Seller shall present each such Filing to the Purchaser together with (x) an Opinion of Counsel to the effect that such Filing
is (i) consistent with grant of the security interest to the Purchaser pursuant to the Granting Clause of the Purchase and Sale
Agreement, (ii) satisfies all requirements and conditions to such Filing in the Purchase and Sale Agreement and (iii) satisfies
the requirements for a Filing of such type under the Uniform Commercial Code in the applicable jurisdiction (or if the Uniform
Commercial Code does not apply, the applicable statute governing the perfection of security interests), and (y) a form of authorization
for the Seller’s signature authorizing the Servicer to effect such Filing under the Uniform Commercial Code without the signature
of the Seller where allowed by applicable law.

 

    	 	Sch. 4.4 - 2	Loan Purchase and Sale Agreement

    	 

    

  

Schedule I

 

Schedule of CEF Loans

 

On
file with Mayer Brown LLP

 

    	 	 	Loan Purchase and Sale Agreement

    	 

    

 

Exhibit 4.2(f)

 

SEPARATE IDENTITY PROVISIONS

 

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

 

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

 

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

 

(c)          GE
Capital will issue consolidated financial statements, which include the Seller, the Purchaser and other Subsidiaries thereof. Consequently,
GE Capital’s financial statements also will show Purchaser Assets that have been sold by the Seller to the Purchaser as assets
of GE Capital and its consolidated Subsidiaries. The Seller, GE Capital and the Purchaser will take certain actions to disclose
publicly the Purchaser’s separate existence and the transactions contemplated hereby, including through the filing of the
UCC Financing Statements. None of the Seller, GE Capital or the Purchaser has concealed or will conceal from any interested party
any transfers contemplated by the Related Documents;

 

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

 

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

 

    	 	Exhibit 4.2(f) - 1	Loan Purchase and Sale Agreement

    	 

    

 

(f)          Each
of the Seller, GE Capital and the Purchaser does and will maintain its assets and liabilities in such a manner that it is not costly
or difficult to segregate, ascertain or otherwise identify the Purchaser’s individual assets and liabilities from those of
the Seller or GE Capital or from those of any other person or entity, including any other Subsidiary or Affiliate of the Seller
or GE Capital. Except as set forth below, the Purchaser does and will maintain its own books of account and corporate or limited
liability company records separate from the Seller and GE Capital or any other Subsidiary or Affiliate of the Seller and GE
Capital. Monetary transactions, including those with each other, are and will continue to be properly reflected in their respective
financial records. The Purchaser does not and will not commingle or pool its funds or other assets or liabilities with those of
the Seller or GE Capital or any other Subsidiary or Affiliate of the Seller or GE Capital except as specifically provided in the
Related Documents with respect to the temporary commingling of Collections and with respect to GE Capital’s retention, in
its capacity as Servicer of the Loans, of the books and records pertaining to the Purchaser Assets. However, GE Capital will not
generally make the books and records relating to the Purchaser Assets available to any of creditors or other interested Persons
of the Purchaser or the Seller. The Purchaser does not and will not maintain joint bank accounts or other depository accounts to
which the Seller or GE Capital or any other Subsidiary or Affiliate of the Seller or GE Capital (other than in GE Capital’s
capacity as Servicer) has independent access;

 

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

 

(h)          The
transactions among the Purchaser and the Seller or GE Capital, including the terms governing any servicer advances and the amount
and payment of the Servicing Fee, are on terms and conditions that are consistent with those of arm’s-length relationships.
Neither the Seller nor GE Capital is or will be, or holds or will hold itself out to be, responsible for the debts of the Purchaser,
except as provided in: the representations made by GE Capital (including, if applicable, as a servicer or a sub-servicer)
to the Purchaser relating to the Purchaser Assets and their prior ownership and servicing thereof, as applicable. The Purchaser
will not guaranty the debts of the Seller or GE Capital;

 

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

 

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

 

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

 

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

 

* * * * * *

 

    	 	Exhibit 4.2(f) - 2	Loan Purchase and Sale Agreement

    	 

    

 

ANNEX A

 

to

 

LOAN PURCHASE AND SALE AGREEMENT

 

dated as of

 

October 24, 2012

 

    	 	 	Annex A to
Loan Purchase and Sale 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:

 

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

 

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

 

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

 

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

 

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

 

“Annual Percentage
Rate” or “APR” of a Loan means, the interest rate or annual rate of finance charges stated in or,
if not explicitly stated, the implicit finance charges used by the Servicer to determine periodic payments with respect to the
related Loan.

 

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

 

“Bankruptcy
Code” means the provisions of Title 11 of the United States Code, 11 U.S.C. §§ 101 et seq,
as may be amended from time to time.

 

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

 

“CEF 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” means the Payment Date in September 2020.

 

    	 		Annex A to
Loan Purchase and Sale Agreement

    	 

    

 

“Closing Date”
means October 24, 2012.

 

“Collateral”
is defined in the Indenture.

 

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

 

“Collection
Period” means, with respect to any Payment Date, the Original Seller’s fiscal month preceding the month in which
the Payment Date occurs (or, if for the first Payment Date, the period from and including the day after the Cut-off Date to and
including the last day of the fiscal month preceding the fiscal month in which the first Payment Date occurs).

 

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

 

“Consumer
Contract” is defined in the Sale Agreement.

 

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

 

“Cut-off Date”
is defined in the Sale Agreement.

 

“Deemed Collateral”
is defined in Section 2.2(a)(i) of this Agreement.

 

“Deemed Loan”
is defined in Section 2.2(a) of this Agreement.

 

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

 

“Delinquent
Loan” means any Loan that is more than 60 days past due.

 

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

 

(i)
Characteristics of Loans. Such Loan: (A) was originated in the United States of America by GE Capital in connection
with the financing of Equipment in the ordinary course of business of GE Capital and was fully and properly executed by the parties
thereto, (B) has created a valid, subsisting and enforceable first priority security interest (except to the extent the Equipment
secures any receivable that is cross-collateralized with such Loan) in the Equipment in favor of GE Capital that, as of the Closing
Date, has been assigned by GE Capital to Seller, and by Seller to Purchaser and (C) contains customary and enforceable
provisions such that the rights and remedies of the holder thereof are adequate for realization against the collateral of the benefits
of the security.

 

    	 	2	Annex A to
Loan Purchase and Sale Agreement

    	 

    

 

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

 

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

 

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

 

(v)
No Government Obligor. Such Loan is not due from the United States of America or any State or from any agency, department
or instrumentality of the United States of America or any State.

 

(vi)
Security Interest in the Equipment. Immediately prior to the sale, assignment and transfer thereof, such Loan shall
be secured by a validly perfected first priority security interest (as defined in Section 1-201(37) of the UCC) in the Equipment
(except to the extent the Equipment secures any receivable that is cross-collateralized with such Loan) in favor of GE Capital
as secured party or all necessary and appropriate actions have been commenced that would result in the valid perfection of a first
priority security interest in the Equipment in favor of GE Capital as secured party.

 

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

 

(viii)
No Amendment or Waiver. No provision of such Loan has been waived, altered or modified in any respect, except pursuant
to a document, instrument or writing included in the related Loan Files and no such amendment, waiver, alteration or modification
causes such Loan not to be an Eligible Loan.

 

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

 

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

 

    	 	3	Annex A to
Loan Purchase and Sale Agreement

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

(xvii)
U.S. Obligors. Such Loan is denominated and payable in any currency other than United States Dollars or is due from
any Person that does not have a mailing address in the United States of America.

 

(xviii) No
Delinquent Loan. Such Loan is not more than thirty (30) days past due.

 

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

 

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

 

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

 

“Event of
Default” is defined in Section 5.1 of the Indenture.

 

“Federal Reserve
Board” means the Board of Governors of the Federal Reserve System.

 

“Fitch”
means Fitch, Inc. and its successors and assigns.

 

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

 

    	 	4	Annex A to
Loan Purchase and Sale Agreement

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Issuer”
means GE Equipment Transportation LLC, Series 2012-2, a Delaware limited liability company, until a successor replaces it and,
thereafter, means the successor and, for purposes of any provision contained in the Indenture and required by the Trust Indenture
Act of 1939, each other obligor on the Notes.

 

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

 

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

 

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

 

    	 	5	Annex A to
Loan Purchase and Sale Agreement

    	 

    

 

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

 

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

 

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

 

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

 

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

 

“Moody’s”
means Moody’s Investors Service, Inc. and its successors and assigns.

 

“Notes”
means the notes issued under the Indenture.

 

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

 

“Option Price”
is defined in Section 2.4(a) of the Purchase and Sale Agreement.

 

“Original
Seller” means GE Capital, in its capacity as a seller under the Sale Agreement, and its successors and assigns.

 

“Other Assets”
is defined in Section 2.2(a)(ii)(A) of the Purchase and Sale Agreement.

 

“Payment Date”
means, with respect to each Collection Period, the 24th day of the calendar month following the end of that Collection
Period, or, if such day is not a Business Day, the next Business Day, commencing on November 26, 2012.

 

    	 	6	Annex A to
Loan Purchase and Sale Agreement

    	 

    

 

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

 

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

 

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

 

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

 

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

 

“Purchase
and Sale Agreement” means the Loan Purchase and Sale Agreement, dated as of October 24, 2012, between the Seller and
the Purchaser, as the same may be amended or supplemented from time to time.

 

“Purchase
Option” is defined in Section 2.4(a) of the Purchase and Sale Agreement

 

“Purchase
Option Notice” is defined in Section 2.4(b) of the Purchase and Sale Agreement

 

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

 

    	 	7	Annex A to
Loan Purchase and Sale Agreement

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Redemption
Date” is defined in the Indenture.

 

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

 

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

 

    	 	8	Annex A to
Loan Purchase and Sale Agreement

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Servicing
Agreement” means the Servicing Agreement dated as of October 24, 2012, by and between the Purchaser and the Servicer,
as the same may be amended or supplemented from time to time.

 

“Servicing
Fee” is defined in the Servicing Agreement.

 

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

 

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

 

    	 	9	Annex A to
Loan Purchase and Sale Agreement

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

“Transfer
Date” is defined in the Indenture.

 

“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, as amended
from time to time.

 

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

 

    	 	10	Annex A to
Loan Purchase and Sale Agreement

    	 

    

 

Table
of Contents

 

	 	 	Page
	 	 	 
	ARTICLE I	DEFINITIONS AND INTERPRETATION	1
	 	 	 
	Section 1.1	Definitions	1
	Section 1.2	Rules of Construction	1
	 	 	 
	ARTICLE II	SALES OF PURCHASER ASSETS	1
	 	 	 
	Section 2.1	Sale of Loans	1
	Section 2.2	Grant of Security Interest; Subordination	2
	Section 2.3	Sale Price	4
	Section 2.4	Removal and Sale of Loans	4
	 	 	 
	ARTICLE III	CONDITIONS PRECEDENT	5
	 	 	 
	Section 3.1	Conditions to Sale	5
	 	 	 
	ARTICLE IV	REPRESENTATIONS, WARRANTIES AND COVENANTS	6
	 	 	 
	Section 4.1	Representations and Warranties of the Seller	6
	Section 4.2	Affirmative Covenants of the Seller	7
	Section 4.3	Negative Covenants of the Seller	9
	Section 4.4	Perfection Representations and Warranties	9
	 	 	 
	ARTICLE V	INDEMNIFICATION	9
	 	 	 
	Section 5.1	Indemnification	9
	 	 	 
	ARTICLE VI	CLEAN-UP CALL	10
	 	 	 
	Section 6.1	Clean-up Call	10
	 	 	 
	ARTICLE VII	MISCELLANEOUS	10
	 	 	 
	Section 7.1	Notices	10
	Section 7.2	No Waiver; Remedies	11
	Section 7.3	Successors and Assigns	12
	Section 7.4	Termination; Survival of Obligations	12
	Section 7.5	Complete Agreement; Modification of Agreement	12
	Section 7.6	Amendments and Waivers	13
	Section 7.7	Governing Law; Consent to Jurisdiction; Waiver of Jury Trial	13
	Section 7.8	Counterparts	14
	Section 7.9	Severability	14
	Section 7.10	Section Titles	14
	Section 7.11	No Setoff	14
	Section 7.12	Confidentiality	14
	Section 7.13	Further Assurances	14
	Section 7.14	Accounting Changes	15

 

    	 	-i-	Loan Purchase and Sale Agreement

    	 

    

 

Table
of Contents

(continued)

 

	 	 	Page
	 	 	 
	Schedule 4.1(b)	UCC Information	 
	 	 	 
	Schedule 4.4	Perfection Representations, Warranties and Covenants	 
	 	 	 
	Schedule I	Schedule of CEF Loans	 
	 	 	 
	Exhibit 4.2(f)	Separate Identity Provisions	 
	 	 	 
	Annex A	Definitions and Interpretation	 

 

    	 	-ii-	Loan Purchase and Sale AgreementEXECUTION VERSION

 

 

 

SERVICING AGREEMENT

 

Dated as of October 24, 2012

 

by and between

GE EQUIPMENT TRANSPORTATION LLC, SERIES 2012-2

as the Issuer

and

GENERAL ELECTRIC CAPITAL CORPORATION,

 

as the Servicer

 

 

 

    	 	 	Servicing Agreement

    	 

    

  

Table
of Contents

 

	 	 	Page
	 	 	 
	ARTICLE I	DEFINITIONS AND INTERPRETATION	 
	Section 1.1.	Definitions	1
	Section 1.2.	Other Interpretive Matters	1
	ARTICLE II	APPOINTMENT OF THE SERVICER; CERTAIN DUTIES AND RESPONSIBILITIES OF THE SERVICER	 
	Section 2.1.	Appointment of the Servicer	1
	Section 2.2.	Duties and Responsibilities of the Servicer	2
	Section 2.3.	Unrelated Amounts	2
	Section 2.4.	Authorization of the Servicer	2
	Section 2.5.	Servicing Fee and Servicing Advance	3
	Section 2.6.	Covenants of the Servicer	3
	Section 2.7.	Servicer’s Certificate	4
	Section 2.8.	Annual Statement as to Compliance; Notice of Default	4
	Section 2.9.	Annual Reports on Assessment of Compliance with Servicing Criteria	4
	Section 2.10.	Appointment of Subservicer	5
	Section 2.11.	Maintenance of Security Interests in Loans	5
	Section 2.12.	Accounts	5
	Section 2.13.	Reserve Account	6
	Section 2.14.	Disbursement from the Collection Account	6
	Section 2.15.	Limitation on Liability of the Servicer and Others	6
	ARTICLE III	REPRESENTATIONS AND WARRANTIES	 
	Section 3.1.	Representations and Warranties of the Servicer	6
	ARTICLE IV	ADDITIONAL COVENANTS	 
	Section 4.1.	Covenants of the Servicer Regarding the Loans	7
	ARTICLE V	EVENTS OF SERVICER TERMINATION	 
	Section 5.1.	Default	8
	ARTICLE VI	SUCCESSOR SERVICER	 
	Section 6.1.	Resignation of the Servicer	9
	Section 6.2.	Appointment of the Successor Servicer	9
	Section 6.3.	Duties of the Servicer	10

  

    	 	-i-	Servicing Agreement

    	 

    

 

Table
of Contents

(continued)

 

	 	 	Page
	 	 	 
	Section 6.4.	Effect of Termination or Resignation	10
	ARTICLE VII	INDEMNIFICATION	 
	Section 7.1.	Indemnities by the Servicer	10
	Section 7.2.	Limitation of Damages; Indemnified Persons	11
	ARTICLE VIII	MISCELLANEOUS	 
	Section 8.1.	Notices	11
	Section 8.2.	Binding Effect; Assignability	12
	Section 8.3.	Termination; Survival of Obligations Upon Class C Maturity Date or Redemption Date	12
	Section 8.4.	No Proceedings	13
	Section 8.5.	Complete Agreement; Modification of Agreement	13
	Section 8.6.	Amendments and Waivers	13
	Section 8.7.	No Waiver; Remedies	13
	Section 8.8.	Governing Law; Consent to Jurisdiction; Waiver of Jury Trial	13
	Section 8.9.	Counterparts	15
	Section 8.10.	Severability	15
	Section 8.11.	Section Titles	15
	Section 8.12.	Limited Recourse	15
	Section 8.13.	Further Assurances	15
	Section 8.14.	Pledge of Assets	16
	Section 8.15.	Waiver of Setoff	16

  

Annex A         Definitions and Interpretation

 

    	 	-ii-	Servicing Agreement

    	 

    

  

 

This SERVICING AGREEMENT,
dated as of October 24, 2012 (this “Agreement” or “Servicing Agreement”), by and between
GE EQUIPMENT TRANSPORTATION LLC, SERIES 2012-2, a limited liability company organized under the laws of the State of Delaware
(the “Issuer”), and GENERAL ELECTRIC CAPITAL CORPORATION (“GE Capital”), in its
capacity as the servicer hereunder (the “Servicer”).

 

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

 

ARTICLE
I

DEFINITIONS AND INTERPRETATION

 

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

 

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

 

ARTICLE
II

APPOINTMENT OF THE SERVICER; CERTAIN DUTIES

AND RESPONSIBILITIES OF THE SERVICER.

 

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

 

    	 	 	Servicing Agreement

    	 

    

  

Section 2.2. Duties
and Responsibilities of the Servicer. Subject to the provisions of this Agreement, the Servicer shall conduct the servicing,
administration and collection of the Loans and shall take, or cause to be taken, all actions that (a) may be necessary or advisable
to service, administer and collect the Loans from time to time, (b) the Servicer would take if the Loans were owned by the Servicer,
and (c) are consistent with the Credit and Collection Policies. The Servicer shall also perform on behalf of, and as directed
by, the Issuer (i) all of the Issuer’s obligations under the Indenture other than any obligations to pay money and any obligations
to be performed by the Administrator under the Administration Agreement and (ii) any action that the Issuer may request the Servicer
to take on the Issuer’s behalf under the Intercreditor Agreement..

 

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

 

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

 

Upon the request of
an Obligor, and consistent with the Credit and Collection Policies, the Servicer, on behalf of the Issuer, shall permit such Obligor
to terminate a Loan; provided, that only GE Capital, as Servicer, is permitted to allow an Obligor to prepay a Loan for an amount
less than the Loan Value of such Loan.

 

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

 

    	 	-2-	Servicing Agreement

    	 

    

  

The Issuer shall furnish
(or cause to be furnished) the Servicer with any powers of attorney and other documents necessary or appropriate to enable the
Servicer to carry out its servicing and administrative duties hereunder, and the Issuer shall assist the Servicer to the fullest
extent to enable the Servicer to collect the Loans and any other item of Collateral and otherwise discharge its duties hereunder.
In no event shall the Servicer be entitled to make the Issuer a party to any litigation without the Issuer’s express prior
written consent.

 

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

 

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

 

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

 

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

 

(b)          Compliance
with the Intercreditor Agreement. To the extent the Servicer allocates or distributes proceeds received from the liquidation
of any property in which both the Issuer and GE Capital have security interest, if any, the Servicer shall allocate or distribute,
as applicable, such proceeds in accordance with the Intercreditor Agreement.

 

    	 	-3-	Servicing Agreement

    	 

    

 

 

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

 

Section 2.7. Servicer’s
Certificate. On each Determination Date the Servicer shall deliver to the Issuer, with a copy to the Indenture Trustee, the
Seller and the Rating Agencies, a Servicer’s Certificate containing all information necessary to make the distributions
pursuant to Section 2.14 and the deposits to the Collection Account pursuant to Section 2.12 and the deposits
to, or withdrawals from, the Reserve Account pursuant to Section 2.13, for the Collection Period preceding the date of such
Servicer’s Certificate. Loans to be repurchased by the Seller shall be identified by the Servicer by account number with
respect to such Loan (as specified in the Schedule of Loans delivered on the Closing Date).

 

Section 2.8. Annual
Statement as to Compliance; Notice of Default. (a) On or before March 15 of each calendar year (beginning in 2013), the Servicer
shall deliver to the Issuer, with a copy to the Indenture Trustee, an Officers’ Certificate stating that: (i) a review of
the activities of the Servicer during the preceding twelve (12)-month period (or, in the case of the first such certificate, from
the Cut-off Date to December 31, 2012) and of its performance under this Agreement has been made under such officer’s
supervision and (ii) to the best of such officer’s knowledge, based on such review, such Servicer has fulfilled all of its
obligations under this Agreement throughout such year or, if there has been a failure to fulfill any such obligation in any material
respect, specifying each such failure known to such officer and the nature and status thereof.

 

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

 

Section 2.9. Annual
Reports on Assessment of Compliance with Servicing Criteria. On or before March 15 of each calendar year of the Issuer
(commencing with the calendar year 2013) each Reporting Servicer shall furnish, and shall cause each Servicing Function Participant
with which it has entered into a servicing relationship with respect to the Loans to furnish, to the Issuer, with a copy to the
Indenture Trustee, a report on assessment of compliance with the Servicing Criteria that contains (A) a statement by such Reporting
Servicer of its responsibility for assessing compliance with the Servicing Criteria applicable to it, (B) a statement that such
Reporting Servicer used the Servicing Criteria to assess compliance with the applicable Servicing Criteria, (C) such Reporting
Servicer’s assessment of compliance with the applicable Servicing Criteria as of and for the period ending December 31 of
the prior calendar year, including, if there has been any material instance of noncompliance with the applicable Servicing Criteria,
a discussion of each such failure and the nature and status thereof, and (D) a statement that a registered public accounting firm
has issued an attestation report on such Reporting Servicer’s assessment of compliance with the applicable Servicing Criteria
as of and for such period; such attestation shall be in accordance with Rules 1-02(a)(3) and 2-02(g) of Regulation S-X under the
Securities Act and the Securities Exchange Act and shall be provided as an exhibit to such Reporting Servicer’s report on
assessment of compliance with the Servicing Criteria.

 

    	 	-4-	Servicing Agreement

    	 

    

 

 

Section 2.10. Appointment
of Subservicer. The Servicer may at any time appoint a subservicer to perform all or any portion of its obligations as Servicer
hereunder; provided, that the Servicer shall remain obligated and be liable to the Issuer, for the servicing and
administering of the Loans in accordance with the provisions hereof, without diminution of such obligations and liabilities by
virtue of the appointment of any subservicer and to the same extent and under the same terms and conditions as if the Servicer
itself were servicing and administering the Loans. The fees and expenses of any subservicer shall be as agreed between the Servicer
and its subservicer from time to time and the Issuer shall not have any responsibility therefor.

 

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

 

Section 2.12. Accounts.
As of the Closing Date, the Servicer shall establish and maintain, on behalf of the Issuer and in accordance with the terms of
the Indenture, the Collection Account and the Reserve Account, each of which shall be an Eligible Deposit Account in the name
of the Issuer.

 

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

 

(b)          Upon
the occurrence and during the continuation of a Daily Deposit Event, the Servicer shall transfer to the Collection Account, on
each Business Day in same day funds, all Available Amounts then held or thereafter received by it that are required to be deposited
into the Collection Account, within two (2) Business Days following any such Available Amounts Date of Processing.

 

    	 	-5-	Servicing Agreement

    	 

    

 

 

Section 2.13. Reserve
Account. The Servicer shall determine the amounts for deposit into or for withdrawal from the Reserve Account on each Transfer
Date in accordance with the provisions of Section 8.4 of the Indenture.

 

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

 

Section 2.15. Limitation
on Liability of the Servicer and Others. Neither the Servicer nor any of the directors, officers, employees or agents of the
Servicer shall be under any liability to the Issuer or the Noteholders, except as provided under this Agreement, for any action
taken or for refraining from the taking of any action pursuant to this Agreement or for errors in judgment; provided, however,
that this provision shall not protect the Servicer or any such Person against any liability that would otherwise be imposed by
reason of willful misconduct, bad faith or negligence in the performance of its duties or by reason of reckless disregard of obligations
and duties under this Agreement. The Servicer and any director, officer, employee or agent of the Servicer may rely in good faith
on the advice of counsel or on any document of any kind prima facie properly executed and submitted by any Person respecting any
matters arising hereunder.

 

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

 

ARTICLE
III

REPRESENTATIONS AND WARRANTIES

 

Section 3.1. Representations
and Warranties of the Servicer. The Servicer represents and warrants to the Issuer as of the Closing Date as follows:

 

(a)          It
is a corporation, duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation or
organization and is duly qualified to do business, and is in good standing, in each jurisdiction in which the servicing of the
Loans hereunder requires it to be so qualified, except where the failure to comply would not reasonably be expected to have a Material
Adverse Effect on the Servicer.

 

    	 	-6-	Servicing Agreement

    	 

    

 

 

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

 

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

 

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

 

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

 

ARTICLE
IV

ADDITIONAL COVENANTS

 

Section 4.1. Covenants
of the Servicer Regarding the Loans. (a) Maintenance of Files. The Servicer shall, for not less than three (3) years
or for such longer period as may be required by law, from the date on which any Loan is paid in full, maintain the Records with
respect to each Loan, including records of all payments received, credits granted and property returned. The Servicer will permit
representatives of the Issuer or its designee at any reasonable time during normal business hours, and at such times outside of
normal business hours as the Issuer shall reasonably request, (i) to inspect and make copies of and abstracts from such Records,
(ii) to visit the properties of the Servicer utilized in connection with the collection, processing or servicing of the Loans
for the purpose of examining such Records, and (iii) to discuss matters relating to the Loans or the Servicer’s performance
under this Agreement with any officer, employee or accountants of the Servicer having knowledge of such matters. In connection
therewith, the Issuer shall institute procedures to permit it to confirm the Loan Value in respect of any Loan; provided
that no one other than the Servicer or any Sub-Servicer or Person to whom the Servicer has delegated duties in accordance with
the terms of this Agreement, subject to any other arrangements made by the Issuer or its designee, will contact an Obligor unless
a Servicer Default has occurred. The Servicer agrees to render to the Issuer such clerical and other assistance as may be reasonably
requested with regard to the foregoing.

 

    	 	-7-	Servicing Agreement

    	 

    

 

 

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

 

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

 

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

 

ARTICLE
V

EVENTS OF SERVICER TERMINATION

 

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

 

(a)          the
Servicer shall (i) fail to make or give instructions for any deposit, transfer or payment required to be made hereunder and
the same shall remain unremedied for three (3) Business Days, or (ii) fail or neglect to perform, keep or observe in any material
respect any other provision of this Agreement and the same shall remain unremedied for fifteen (15) days after written notice thereof
shall have been given by the Issuer to the Servicer;

 

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

 

    	 	-8-	Servicing Agreement

    	 

    

 

 

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

 

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

 

ARTICLE
VI

SUCCESSOR SERVICER

 

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

 

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

 

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

 

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

 

    	 	-9-	Servicing Agreement

    	 

    

 

 

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

 

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

 

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

 

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

 

ARTICLE
VII

INDEMNIFICATION

 

Section 7.1. Indemnities
by the Servicer. Without limiting any other rights that the Issuer or its Affiliates or any Stockholder, director, officer,
employee, or agent or incorporator thereof (each, a “Servicer Indemnified Person”) may have hereunder or under
applicable law, the Servicer hereby agrees to indemnify each Servicer Indemnified Person from and against any and all Indemnified
Amounts which may be imposed on, incurred by or asserted against a Servicer Indemnified Person to the extent arising from or relating
to any material breach of the Servicer’s obligations under this Agreement; excluding, however, Indemnified
Amounts to the extent resulting from (i) bad faith, gross negligence or willful misconduct on the part of the Servicer Indemnified
Person or (ii) recourse for uncollectible Loans. Any Indemnified Amounts subject to the indemnification provisions of this Section
7.1 shall be paid to the Servicer Indemnified Person within ten (10) Business Days following demand therefor.

 

    	 	-10-	Servicing Agreement

    	 

    

 

 

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

 

ARTICLE
VIII

MISCELLANEOUS

 

Section 8.1. Notices.
Except as otherwise provided herein, whenever it is provided herein that any notice, demand, request, consent, approval, declaration
or other communication shall or may be given to or served upon any of the parties by any other parties, or whenever any of the
parties desires to give or serve upon any other parties any communication with respect to this Agreement, each such notice, demand,
request, consent, approval, declaration or other communication shall be in writing and shall be deemed to have been validly served,
given or delivered (a) upon the earlier of actual receipt and three (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 facsimile
(with such transmission promptly confirmed by delivery of a copy by personal delivery or United States mail as otherwise provided
in this Section 8.1), (c) one (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 indicated below or to such other address (or facsimile number) as may be substituted by notice
given as herein provided. The giving of any notice required hereunder may be waived in writing by the party entitled to receive
such notice. Failure or delay in delivering copies of any notice, demand, request, consent, approval, declaration or other communication
to any Person designated in any written notice provided hereunder to receive copies shall in no way adversely affect the effectiveness
of such notice, demand, request, consent, approval, declaration or other communication. Notwithstanding the foregoing, whenever
it is provided herein that a notice is to be given to any other party hereto by a specific time, such notice shall only be effective
if actually received by such party prior to such time, and if such notice is received after such time or on a day other than a
Business Day, such notice shall only be effective on the immediately succeeding Business Day.

 

If to GE Capital, as
the Servicer:

 

General Electric Capital Corporation, as Servicer

201 Merritt 7

Norwalk, Connecticut 06851

Attention:         General Counsel

Telephone:       (203) 229-5000

Facsimile:        (203) 956-4296

 

    	 	-11-	Servicing Agreement

    	 

    

  

If to the Issuer:

 

GE Equipment Transportation LLC, Series 2012-2

10 Riverview Drive

Danbury, Connecticut 06810

Attention:          Capital Markets Operations

Telephone:        (203) 749-2101

Facsimile:          (203) 749-4054

 

If to the Rating Agencies:

 

Moody’s Investors Service, Inc.

ABS Monitoring Department

99 Church Street

New York, New York 10007

 

Fitch, Inc.

70 West Madison

Suite 1100

Chicago, IL 60602

Attn: ABS Surveillance

 

If to Indenture Trustee:

 

Citibank, N.A.

388 Greenwich Street, 14th Floor

New York, NY 10013

Attention: Agency and Trust – GE Equipment Transportation 2012-2

 

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

 

Section 8.3. Termination;
Survival of Obligations Upon Class C Maturity Date or Redemption Date. This Agreement shall create and constitute the continuing
obligations of the parties hereto in accordance with its terms, and shall remain in full force and effect until the earlier of
the Class C Maturity Date or the Redemption Date; provided, that the rights and remedies provided for herein with respect
to any breach of any representation or warranty made by the Servicer pursuant to Article III, the indemnification and payment
provisions of Article VII and Sections 8.4 and 8.12 shall be continuing and shall survive the later
of the Class C Maturity Date or the Redemption Date, as applicable.

 

    	 	-12-	Servicing Agreement

    	 

    

  

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

 

Section 8.5. Complete
Agreement; Modification of Agreement. This Agreement constitutes the complete agreement among the parties hereto with respect
to the subject matter hereof, supersedes all prior agreements and understandings relating to the subject matter hereof, and may
not be modified, altered or amended except as set forth in Section 8.6.

 

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

 

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

 

Section 8.8. Governing
Law; Consent to Jurisdiction; Waiver of Jury Trial. THIS AGREEMENT AND THE OBLIGATIONS ARISING HEREUNDER SHALL IN
ALL RESPECTS, INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE
WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING SECTIONS 5-1401(1) AND 5-1402 OF THE GENERAL OBLIGATIONS LAWS, BUT
WITHOUT REGARD TO ANY OTHER CONFLICT OF LAWS PROVISIONS THEREOF) AND ANY APPLICABLE LAWS OF THE UNITED STATES OF AMERICA.

 

    	 	-13-	Servicing Agreement

    	 

    

  

(a)          EACH
PARTY HERETO HEREBY CONSENTS AND AGREES THAT THE STATE OR FEDERAL COURTS LOCATED IN THE BOROUGH OF MANHATTAN IN NEW YORK CITY SHALL
HAVE EXCLUSIVE JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN THEM PERTAINING TO THIS AGREEMENT OR TO ANY MATTER
ARISING OUT OF OR RELATING TO THIS AGREEMENT; PROVIDED, THAT EACH PARTY HERETO ACKNOWLEDGES THAT ANY APPEALS FROM THOSE
COURTS MAY HAVE TO BE HEARD BY A COURT LOCATED OUTSIDE OF THE BOROUGH OF MANHATTAN IN NEW YORK CITY. EACH PARTY HERETO SUBMITS
AND CONSENTS IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR SUIT COMMENCED IN ANY SUCH COURT, AND EACH PARTY HERETO HEREBY WAIVES
ANY OBJECTION THAT SUCH PARTY MAY HAVE BASED UPON LACK OF PERSONAL JURISDICTION, IMPROPER VENUE OR FORUM NON CONVENIENS
AND HEREBY CONSENTS TO THE GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY SUCH COURT. EACH PARTY HERETO
HEREBY WAIVES PERSONAL SERVICE OF THE SUMMONS, COMPLAINT AND OTHER PROCESS ISSUED IN ANY SUCH ACTION OR SUIT AND AGREES THAT SERVICE
OF SUCH SUMMONS, COMPLAINT AND OTHER PROCESS MAY BE MADE BY REGISTERED OR CERTIFIED MAIL ADDRESSED TO SUCH PARTY AT ITS ADDRESS
DETERMINED IN ACCORDANCE WITH SECTION 8.1 AND THAT SERVICE SO MADE SHALL BE DEEMED COMPLETED UPON THE EARLIER OF SUCH PARTY’S
ACTUAL RECEIPT THEREOF OR THREE DAYS AFTER DEPOSIT IN THE UNITED STATES MAIL, PROPER POSTAGE PREPAID. NOTHING IN THIS SECTION SHALL
AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE LEGAL PROCESS IN ANY OTHER MANNER PERMITTED BY LAW.

 

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

 

    	 	-14-	Servicing Agreement

    	 

    

  

Section 8.9. Counterparts.
This Agreement may be executed in any number of separate counterparts, each of which shall collectively and separately constitute
one agreement. Executed counterparts may be delivered electronically.

 

Section 8.10. Severability.
Wherever possible, each provision of this Agreement shall be interpreted in such a manner as to be effective and valid under applicable
law, but if any provision of this Agreement shall be prohibited by or invalid under applicable law, such provision shall be ineffective
only to the extent of such prohibition or invalidity without invalidating the remainder of such provision or the remaining provisions
of this Agreement.

 

Section 8.11. Section
Titles. The section titles and table of contents contained in this Agreement are and shall be without substantive meaning or
content of any kind whatsoever and are not a part of the agreement between the parties hereto.

 

Section 8.12. Limited
Recourse. (a) The obligations of the Issuer under this Agreement are solely the obligations of the Issuer. No recourse shall
be had for any obligation or claim arising out of or based upon this Agreement against any incorporator or similar person, shareholder,
officer, manager, member or director, past, present or future, of the Issuer or of any successor or of its constituent members
or its other Affiliates, either directly or through the Issuer or any successor, whether by virtue of any constitution, statute
or rule of law or by the enforcement of any assessment or penalty or otherwise, all such liability being, by acceptance hereof
and as part of the consideration for the acceptance hereof, expressly waived and released. Any accrued obligations owing by the
Issuer under this Agreement shall be payable by the Issuer solely to the extent that funds are available therefor from time to
time in accordance with the provisions of Section 2.12 (provided that such accrued obligations shall not be extinguished
until paid in full), and any amounts which the Issuer does not so pay hereunder shall not constitute a claim (as defined in Section
101 of the Bankruptcy Code) against, or limited liability company obligation of, the Issuer for any such amounts not paid, in each
case, until the Issuer has received funds to make such payments as contemplated by the Related Documents.

 

(b)          The
obligations of the Servicer under this Agreement are solely the obligations of the Servicer. No recourse shall be had for the payment
of any amount owing hereunder or any other obligation or claim arising out of or based upon this Agreement, against any shareholder,
employee, officer, manager, member or director, agent or organizer, past, present or future, of the Servicer or of any successor
thereto, either directly or through the Servicer or any successor thereto, whether by virtue of any constitution, statute or rule
of law or by the enforcement of any assessment or penalty or otherwise, all such liability being, by acceptance hereof and as part
of the consideration for the acceptance hereof, expressly waived and released.

 

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

 

    	 	-15-	Servicing Agreement

    	 

    

  

Section 8.14. Pledge
of Assets. The Servicer hereby acknowledges that the Issuer has granted a security interest in the Collateral to the Indenture
Trustee under the Indenture, and hereby waives any defenses it may have against the Indenture Trustee for the enforcement of this
Agreement in the event of foreclosure by the Indenture Trustee against the Collateral. Accordingly, the parties hereto agree that,
in the event of foreclosure by the Indenture Trustee against the Collateral, the Indenture Trustee shall have the right to enforce
this Agreement and the full performance by the parties hereto of their obligations and undertakings set forth herein. The Servicer
hereby agrees to deliver to the Indenture Trustee a copy of all notices to be delivered by the Servicer to the Issuer hereunder.

 

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

 

[Signatures Follow]

 

    	 	-16-	Servicing Agreement

    	 

    

  

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

 

	GE EQUIPMENT TRANSPORTATION LLC,
	SERIES 2012-2
	 	 
	By:	CEF Equipment Holding, L.L.C.,
	 	its Managing Member
	 	 
	By:	 
	Name:
	Title:
	 
	GENERAL ELECTRIC CAPITAL CORPORATION
	 
	By:	 
	Name:
	Title:

 

    	 	S-1	Servicing Agreement

    	 

    

  

 

 

ANNEX A

 

to

SERVICING AGREEMENT

 

dated as of

 

October 24, 2012

 

Definitions and Interpretation

 

 

 

    	 	 	Annex A to Servicing Agreement

    	 

    

  

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

 

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

 

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

 

“Administration
Fee” is defined in Section 3 of the Administration Agreement.

 

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

 

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

 

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

 

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

 

“Authorized
Officer” means, with respect to any corporation, trust or limited liability company, as appropriate, the chairman or
vice-chairman of the board, the president, any vice president, the secretary, the treasurer, any assistant secretary, any assistant
treasurer, the managing member, and each other officer, employee, manager or member of such corporation, trust or limited liability
company, as appropriate, specifically or similar governing body of such limited liability company or trust to sign agreements,
instruments or other documents on behalf of such corporation authorized in resolutions of the board of directors of such corporation
or similar governing body of such limited liability company or trust, as appropriate.

 

“Available
Amounts” means, with respect to any Payment Date all payments made by or on behalf of the Obligors (excluding any late
fees, prepayment charges, assumption fees, modifications and other administrative fees or similar charges allowed by applicable
law with respect to the Loans that constitute part of the Servicing Fee) received during the related Collection Period; any Recoveries
received during the related Collection Period; any proceeds from insurance policies covering the Equipment or related Obligor received
during the related Collection Period; the Purchase Amount or other amount received by the Issuer with respect to each Loan that
became a Purchased Loan during the related Collection Period (to the extent deposited into the Collection Account); Investment
Earnings for such Payment Date; and Servicing Advance received during the related Collection Period; provided, however,
that the Available Amounts shall not include all payments or proceeds of any Loans the Purchase Amount of which has been included
in the Available Amounts in a prior Collection Period.

 

    	 	-1-	Annex A to Servicing Agreement

    	 

    

  

“Bankruptcy
Code” means the provisions of title 11 of the United States Code, 11 U.S.C. §§ 101 et seq. as may be
amended from time to time.

 

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

 

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

 

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

 

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

 

“Closing Date”
means October 24, 2012.

 

“Collateral”
is defined in the Indenture.

 

“Collection
Account” means account number 110244, ABA number 021-000-089, titled Citibank, N.A. f/b/o GE Equipment Transportation
LLC, Series 2012-2 – Collection Account, established and owned by the Issuer and maintained in accordance with Section 8.2
of the Indenture.

 

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

 

    	 	-2-	Annex A to Servicing Agreement

    	 

    

  

“Collections”
is defined in the Indenture.

 

“Commission”
means the Securities and Exchange Commission.

 

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

 

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

 

“Daily Deposit
Event” means (i) a reduction in the Servicer’s short-term rating below “P-1” by Moody’s, or (ii)
the Servicer is not a direct or indirect subsidiary of General Electric Company.

 

“Date of Processing”
means, with respect to any Available Amounts, the day on which such Available Amounts are first recorded in the Servicer’s
computer file in respect of any Loan or Lease (without regard to the effective date of recordation).

 

“Defaulted
Loan” is defined in the Indenture.

 

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

 

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

 

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

 

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

 

“Fitch”
means Fitch, Inc. and its successors and assigns.

 

    	 	-3-	Annex A to Servicing Agreement

    	 

    

  

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

 

“GE Capital”
means General Electric Capital Corporation, a Delaware corporation.

 

“Governmental
Authority” is defined in the Sale Agreement.

 

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

 

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

 

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

 

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

 

“Investment
Earnings” means, with respect to any Payment Date, the interest and other investment earnings (net of losses and investment
expenses) on amounts on deposit in the Trust Accounts to be included as part of Collections pursuant to Section 8.6(a) of the Indenture.

 

“Issuer”
means GE Equipment Transportation LLC, Series 2012-2, a Delaware limited liability
company, until a successor replaces it and, thereafter, means the successor and, for purposes of any provision contained in the
Indenture and required by the Trust Indenture Act of 1939, each other obligor on the notes issued pursuant to the Indenture.

 

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

 

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

 

“Loan”
means any loan included in the Schedule of Loans and any agreement (including any invoice) pursuant to, or under which, an Obligor
shall be obligated to make payments with respect to any Equipment Loan owned by the Issuer.

 

“Loan Value” is defined
in the Indenture.

 

    	 	-4-	Annex A to Servicing Agreement

    	 

    

  

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

 

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

 

“Moody’s”
means Moody’s Investors Service, Inc. or any successor thereto.

 

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

 

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

 

“Notes”
is defined in the Indenture.

 

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

 

“Officer’s
Certificate” means, with respect to any Person, a certificate signed by an Authorized Officer of such Person.

 

“Payment Date”
means, with respect to each Collection Period, the 24th day of the calendar month following the end of that Collection Period,
or, if such day is not a Business Day, the next Business Day, commencing on November 26, 2012.

 

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

 

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

 

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

 

    	 	-5-	Annex A to Servicing Agreement

    	 

    

  

“Purchase
and Sale Agreement” means that certain Loan Purchase and Sale Agreement, dated as of October 24, 2012 by the Transferor
and the Issuer, as the same may be amended from time to time.

 

“Purchased
Loan” means a Loan repurchased as of the close of business on the last day of a Collection Period by the Seller pursuant
to Section 6.2 of the Sale Agreement and repurchased as of such time by the Transferor pursuant to Sections 2.4 or 7.2 of the Purchase
and Sale Agreement or purchased by a third party pursuant to Section 2.4 of the Purchase and Sale Agreement.

 

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

 

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

 

“Record Date”
means, with respect to a Payment Date or Redemption Date, the close of business on the Business Day preceding such Payment Date
or Redemption Date, or, if Definitive Notes are issued, the close of business on the last day of the calendar month preceding
the month of such Payment Date, whether or not such day is a Business Day, or if Definitive Notes were not outstanding on such
date, the date of issuance of the Definitive Notes.

 

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

 

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

 

“Redemption
Date” is defined in the Indenture.

 

“Regulation
AB” means Subpart 229.1100 – Asset Backed Securities (Regulation AB), 17 C.F.R. §§229.1100-229.1123,
as such may be amended from time to time, and subject to such clarification and interpretation as have been provided by the Commission
in the adopting release (Asset-Backed Securities, Securities Act Release No. 33-8518, 70 Fed. Reg. 1,506, 1,531 (Jan. 7, 2005))
or by the staff of the Commission, or as may be provided by the Commission or its staff from time to time.

 

    	 	-6-	Annex A to Servicing Agreement

    	 

    

  

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

 

“Reporting
Servicer” means the Servicer or a Servicing Function Participant, as the case may be.

 

“Reserve Account”
means account number 110246, ABA number 021-000-089, titled Citibank, N.A. f/b/o GE Equipment Transportation LLC, Series 2012-2
– Reserve Account, established and owned by the Issuer and maintained in accordance with Section 8.2 of the Indenture.

 

“Sale Agreement”
means the Loan Sale Agreement, dated October 24, 2012, between GE Capital and the Transferor.

 

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

 

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

 

“Securities
Act” means the Securities Act of 1933 15 U.S.C. Section 77a et seq., as amended, and any regulations promulgated
thereunder.

 

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

 

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

 

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

 

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

 

“Servicer
Indemnified Person” is defined in Section 7.1 of the Servicing Agreement.

 

    	 	-7-	Annex A to Servicing Agreement

    	 

    

  

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

 

“Servicer’s
Certificate” means an Officer’s Certificate of the Servicer delivered pursuant to Section 2.7 of the
Servicing Agreement.

 

“Servicing
Advance” means, the amount as of any Payment Date, which the Servicer may, but is not required to, advance for delinquent
Scheduled Payments pursuant to Section 2.5 of the Servicing Agreement.

 

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

 

“Servicing
Criteria” means the “servicing criteria” set forth in Item 1122(d) of Regulation AB, as such may be amended
from time to time.

 

“Servicing
Fee” means, for any Collection Period, an amount equal to:

 

		(i)	one-twelfth (1/12) of the product of (a) the Servicing
Fee Rate and (b) the Pool Balance owned by the Issuer on the first day of such Collection Period; provided, however,
that for the first Collection Period, the Servicing Fee shall be an amount equal to the product of (a) the Servicing Fee Rate
and (b) the Pool Balance as of the Cut-off Date, and (c) a fraction equal to (1) the number of days in such Collection Period
beginning with the Cut-off Date divided by (2) 360; plus

 

		(ii)	miscellaneous fees and amounts received during such
Collection Period.

 

“Servicing
Fee Rate” means 0.75%.

 

“Servicing
Function Participant” means any Person, other than the Servicer, that is performing activities that address the Servicing
Criteria, unless such Person’s activities relate only to 5% or less of the Loans.

 

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

 

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

 

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

 

    	 	-8-	Annex A to Servicing Agreement

    	 

    

  

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

 

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

 

“Sub-Servicing
Agreement” means any written contract entered into between the Servicer and any Sub-Servicer pursuant to and in accordance
with Section 2.10 relating to the servicing, administration or collection of the Loans.

 

“Successor
Servicer” is defined in Section 6.2.

 

“Transfer
Date” means the Business Day preceding the Payment Date.

 

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

 

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

 

SECTION 2. Other
Interpretive Matters. All terms defined directly or by incorporation in the Agreement shall have the defined meanings when
used in any certificate or other document delivered pursuant thereto unless otherwise defined therein. For purposes of the Agreement
(including this Annex A) and all certificates and other documents, unless the context otherwise requires: (a) accounting
terms not otherwise defined in the Agreement, and accounting terms partly defined in the Agreement to the extent not defined, shall
have the respective meanings given to them under GAAP; and unless otherwise provided, references to any month, quarter or year
refer to a fiscal month, quarter or year as determined in accordance with 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, or Schedule, Annex or Exhibit are references to Sections,
Schedules, Annexes 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.

 

    	 	-9-	Annex A to Servicing Agreement

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