Document:

exv4w12

 

Exhibit 4.12

ORIGINATOR PERFORMANCE GUARANTY

dated as of August 12, 2004

by

GENERAL ELECTRIC CAPITAL CORPORATION,

as Originator Performance Guarantor

Originator Performance Guaranty

 

 

TABLE OF CONTENTS

(continued)

	 	 	 	 	 
	 	 	Page
	ARTICLE I DEFINITIONS AND INTERPRETATION
	 	 	1	 
	Section 1.1 Definitions
	 	 	1	 
	Section 1.2 Rules of Construction
	 	 	3	 
	ARTICLE II ORIGINATOR PERFORMANCE GUARANTY
	 	 	3	 
	Section 2.1 Originator Performance Guaranty
	 	 	3	 
	ARTICLE III MISCELLANEOUS
	 	 	7	 
	Section 3.1 Notices
	 	 	7	 
	Section 3.2 Binding Effect; Assignability
	 	 	7	 
	Section 3.3 Termination; Survival of Guaranteed Originator Obligations Upon Facility Termination Date
	 	 	8	 
	Section 3.4 Costs, Expenses and Taxes
	 	 	8	 
	Section 3.5 No Waiver; Remedies
	 	 	9	 
	Section 3.6 GOVERNING LAW; CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL
	 	 	9	 
	Section 3.7 Counterparts
	 	 	11	 
	Section 3.8 Severability
	 	 	11	 
	Section 3.9 Section Titles
	 	 	11	 

Originator Performance Guaranty

-i-

 

     ORIGINATOR PERFORMANCE GUARANTY, dated as of August 12, 2004 (this
“Guaranty”) by GENERAL ELECTRIC CAPITAL CORPORATION (“GE Capital”), a Delaware
corporation, in its capacity as performance guarantor hereunder (in such
capacity, together with its successors and assigns, the “Originator Performance
Guarantor”).

ARTICLE I

DEFINITIONS AND INTERPRETATION

     Section 1.1 Definitions.

     “Administration Agreement” means that certain Administration Agreement
dated as of the August 12, 2004 among the Administrator, the Issuer and the
Trustee.

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

     “Bankruptcy Code” means the provisions of Title 11 of the United States
Code, 11 U.S.C. §§ 101, et seq.

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

     “Class” means any class of Notes of any Series.

     “Closing Date” means August 12, 2004.

     “Collateral” is defined in the Indenture.

     “Event of Default” is defined in the Indenture.

     “First Tier Agreement” means the Receivables Sale Agreement dated as of
August 12, 2004 among the Originators and the Transferor.

     “GE Capital” is defined in the preamble.

     “Governmental Authority” means any nation or government, any state or
other political subdivision thereof, and any agency, department or other entity
exercising executive, legislative, judicial, regulatory or administrative
functions of or pertaining to government.

     “Guaranteed Originator Obligations” is defined in Section 2.1.

     “Guaranty” is defined in the preamble.

     “Indenture” means the Master Indenture dated as of August 12, 2004 between
the Trust and the Indenture Trustee.

Originator Performance Guaranty

 

 

     “Indenture Supplement” means, with respect to any Series, a supplement to
the Indenture, executed and delivered in connection with the original issuance
of the Notes of such Series pursuant to the Indenture.

     “Indenture Trustee” means, at any time, the Person acting as indenture
trustee under the Indenture. As of the Closing Date, the Indenture Trustee is
Wilmington Trust Company.

     “Issuer” means GE Dealer Floorplan Master Note Trust, a Delaware statutory
trust.

     “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.

     “Master Servicer” means GE Capital, in its capacity as the master servicer
under the Servicing Agreement, or any other Person designated as a successor
master servicer pursuant to the Servicing Agreement.

     “Note” is defined in the Indenture.

     “Originator” means each of the Persons from time to time party to the
First Tier Agreement as “Sellers”. As of the Closing Date, the only
Originators are GE Commercial Distribution Finance Corporation, Transamerica
Commercial Finance Corporation, and Brunswick Acceptance Company, LLC.

     “Originator Performance Guarantor” is defined in the preamble.

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

     “Related Documents” means, the First Tier Agreement, the Second Tier
Agreement, the Notes, the Trust Agreement, the Administration Agreement, the
Servicing Agreement, this Guaranty, the Indenture, any Indenture Supplement 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 or the
transactions contemplated thereby. Any reference in this Guaranty to a Related
Document shall include all Appendices thereto, and all amendments,
restatements, supplements or other modifications thereto, and shall refer to
such Related Document as the same may be in effect at any and all times such
reference becomes operative.

     “S&P Condition” is defined in the Indenture.

     “Second Tier Agreement” means that certain Receivables Purchase and
Contribution Agreement dated as of August 12, 2004, between the Transferor and
the Trust.

Originator Performance Guaranty

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     “Series” is defined in the Indenture.

     “Series Maturity Date” is defined in the Indenture.

     “Servicing Agreement” means that certain Servicing Agreement dated as of
August 12, 2004, between the Master Servicer and the Trust.

     “Transferor” means CDF Funding, Inc.

     “Transferred Receivable” is defined in the Indenture.

     “Trust” means the Issuer.

     “Trust Agreement” means that certain Amended and Restated Trust Agreement
dated as August 12, 2004 between the Transferor and the Trustee.

     “Trustee” means The Bank of New York (Delaware), not in its individual
capacity but solely as trustee pursuant to the Trust Agreement.

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

     Section 1.2 Rules of Construction. All terms defined directly or by
incorporation in this Guaranty shall have the defined meanings when used in any
certificate or other document delivered pursuant hereto unless otherwise
defined therein. For purposes of this Guaranty and all such certificates and
other documents, unless the context otherwise requires: (a) accounting terms
not otherwise defined herein, and accounting terms partly herein to the extent
not defined, shall have the respective meanings given to them under generally
accepted accounting principles; (b) references to any month, quarter or year
refer to a calendar month, quarter or year; (c) terms defined in Article 9 of
the UCC and not otherwise defined in herein are used as defined in that
Article; (d) references to any amount as on deposit or outstanding on any
particular date means such amount at the close of business on such day; (e) the
words “hereof,” “herein” and “hereunder” and words of similar import refer to
this Guaranty (or the certificate or other document in which they are used) as
a whole and not to any particular provision of this Guaranty (or such
certificate or document); (f) references to any Section, Schedule or Exhibit
are references to Sections, Schedules and Exhibits in or to this Guaranty (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; (g) the term “including” means
“including without limitation”; (h) 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; (i) references to any agreement refer to that
agreement as from time to time amended or supplemented or as the terms of such
agreement are waived or modified in accordance with its terms; (j) references
to any Person include that Person’s successors and assigns; and (k) headings
are for purposes of reference only and shall not otherwise affect the meaning
or interpretation of any provision hereof.

Originator Performance Guaranty

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ARTICLE II

ORIGINATOR PERFORMANCE GUARANTY

     Section 2.1 Originator Performance Guaranty.

     (a) Unconditional Undertaking; Enforcement. The Originator
Performance Guarantor hereby unconditionally and irrevocably undertakes
and agrees with and for the benefit of the Issuer to cause the due
performance and observance by each Originator of all of the terms,
covenants, conditions, agreements and undertakings on the part of such
Originator, to be performed or observed under the First Tier Agreement or
any document delivered in connection with the First Tier Agreement in
accordance with the terms hereof and thereof including any agreement of
such Originator to pay any money under the First Tier Agreement or any
such other document (all such terms, covenants, conditions, agreements
and undertakings on the part of any Originator to be performed or
observed by such Originator being collectively called the “Guaranteed
Originator Obligations”). In the event that any Originator shall fail in
any manner whatsoever to perform or observe any of the Guaranteed
Originator Obligations when the same shall be required to be performed or
observed under the First Tier Agreement or any such other document (after
giving effect to any cure period), then the Originator Performance
Guarantor will itself duly perform or observe, or cause to be duly
performed or observed, such Guaranteed Originator Obligation, and it
shall not be a condition to the accrual of the obligation of the
Originator Performance Guarantor hereunder to perform or observe any
Guaranteed Originator Obligation (or to cause the same to be performed or
observed) that the Issuer shall have first made any request of or demand
upon or given any notice to the Originator Performance Guarantor or to
any Originator, or have instituted any action or proceeding against the
Originator Performance Guarantor or any Originator in respect thereof.
Notwithstanding anything to the contrary contained in this Guaranty, the
obligations of the Originator Performance Guarantor hereunder in respect
of the Originators are expressly limited to the Guaranteed Originator
Obligations. The obligations of the Originator Performance Guarantor
hereunder shall rank pari passu with senior unsecured debt of the
Originator Performance Guarantor.

     (b) Enforcement. The Issuer, including the Indenture Trustee, may
proceed to enforce the obligations of the Originator Performance
Guarantor under this Guaranty without first pursuing or exhausting any
right or remedy which the Issuer or the Indenture Trustee may have
against any Originator, any other Person or any collateral.

     (c) Obligations Absolute. To the extent permitted by law, the
Originator Performance Guarantor will perform its obligations under this
Guaranty regardless of any law now or hereafter in effect in any
jurisdiction affecting any of the terms of this Guaranty or any document
delivered in connection with this Guaranty or the rights of the Issuer
with respect thereto. The obligations of the Originator Performance
Guarantor under this Guaranty shall be absolute and unconditional
irrespective of:

     (i) any lack of validity or enforceability or the discharge or
disaffirmance (by any Person, including a trustee in bankruptcy) of
the

Originator Performance Guaranty

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Guaranteed Originator Obligations, any Related Document or any
Transferred Receivable or any document or any other agreement or
instrument relating thereto;

     (ii) any exchange, release or non-perfection of any
collateral, or any release or amendment or waiver of or consent to
departure from any other guaranty, for all or any of the Guaranteed
Originator Obligations;

     (iii) the existence of any claim, setoff or other rights that
the Originator Performance Guarantor may have at any time against
any Originator in connection herewith or any unrelated transaction;

     (iv) any failure to obtain any authorization or approval from
or other action by, or to notify or file with, any Governmental
Authority or regulatory body required in connection with the
performance of such obligations by any Originator; or

     (v) any impossibility or impracticality of performance,
illegality, force majeure, any act of any Governmental Authority or
any other circumstance which might constitute a legal or equitable
defense available to, or a discharge of, any Originator or the
Originator Performance Guarantor, or any other circumstance, event
or happening whatsoever, whether foreseen or unforeseen and whether
similar or dissimilar to anything referred to above in this
Guaranty.

The Originator Performance Guarantor further agrees that its obligations under
this Guaranty shall not be limited by any valuation or estimation made in
connection with any proceedings involving any Originator or the Originator
Performance Guarantor filed under the Bankruptcy Code, whether pursuant to
Section 502 of the Bankruptcy Code or any other Section thereof. The
Originator Performance Guarantor further agrees that the Issuer shall not be
under any obligation to marshall any assets in favor of or against or in
payment of any or all of the Guaranteed Originator Obligations. The Originator
Performance Guarantor further agrees that, to the extent that a payment or
payments are made by or on behalf of any Originator, which payment or payments
or any part thereof are subsequently invalidated, declared to be fraudulent or
preferential, set aside and/or required to be repaid to such Originator, or the
estate, trustee, receiver or any other party relating to such Originator,
including the Originator Performance Guarantor, under any bankruptcy law, state
or federal law, common law or equitable cause then to the extent of such
payment or repayment, the Guaranteed Originator Obligations or part thereof
which had been paid, reduced or satisfied by such amount shall be reinstated
and continued in full force and effect as of the date such initial payments,
reduction or satisfaction occurred. The obligations of the Originator
Performance Guarantor under this Guaranty shall not be discharged except by
performance as provided herein.

     (d) Irrevocability. The Originator Performance Guarantor agrees
that its obligations under this Guaranty shall be irrevocable. In the
event that under applicable law (notwithstanding the Originator
Performance Guarantor’s agreement regarding the irrevocable nature of its
obligations hereunder) the Originator Performance Guarantor shall have
the right to revoke this Guaranty, this Guaranty shall continue in full
force and

Originator Performance Guaranty

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effect until a written revocation hereof specifically referring
hereto, signed by the Originator Performance Guarantor, is actually
received by the Issuer at the address determined in accordance with
Section 3.1. Any such revocation shall not affect the right of the
Issuer to enforce its rights under this Guaranty with respect of (i) any
Guaranteed Originator Obligation (including any Guaranteed Originator
Obligation that is contingent or unmatured) which arose on or prior to
the date the aforementioned revocation was received by the Issuer or (ii)
any Transferred Receivable which was purchased or otherwise acquired by
the Issuer on or prior to the date the aforementioned revocation was
received by the Issuer. For purposes of the preceding sentence, all
Guaranteed Originator Obligations that relate to, or arise in connection
with, any Transferred Receivable that existed on or prior to the date the
aforementioned revocation is received by the Issuer, shall be covered by
this Guaranty notwithstanding such revocation. If the Issuer acquires an
ownership interest in the Transferred Receivables or takes other action
in reliance on this Guaranty after any such revocation by the Originator
Performance Guarantor but prior to the receipt by the Issuer of said
written revocation, the rights of the Issuer with respect thereto shall
be the same as if such revocation had not occurred. Without limiting the
foregoing, this Guaranty may not be revoked at any time until the date,
following the Series Maturity Date of each Series, on which the
outstanding balance of the Transferred Receivables has been reduced to
zero.

     (e) Waiver. The Originator Performance Guarantor hereby waives
promptness, diligence, notice of acceptance and any other notice with
respect to any of the Guaranteed Originator Obligations and any Related
Document and any requirement that the Issuer exhaust any right or take
any action against any Originator, any other Person or any collateral.

     (f) Subrogation. The Originator Performance Guarantor will not
exercise or assert any rights which it may acquire by way of subrogation
under this Guaranty unless and until all of the Guaranteed Originator
Obligations shall have been paid and performed in full. If any payment
shall be made to the Originator Performance Guarantor on account of any
subrogation rights at any time when all of the Guaranteed Originator
Obligations shall not have been paid and performed in full, each and
every amount so paid will be held in trust for the benefit of the Issuer
and forthwith be paid to the Issuer, to be credited and applied to the
Guaranteed Originator Obligations to the extent then unsatisfied, in
accordance with the terms of the Second Tier Agreement or any document
delivered in connection with the Second Tier Agreement, as the case may
be. In the event (i) the Originator Performance Guarantor shall have
satisfied any of the Guaranteed Originator Obligations and (ii) all of
the Guaranteed Originator Obligations shall have been paid and performed
in full, the Issuer will at the Originator Performance Guarantor’s
request and expense, execute and deliver to the Originator Performance
Guarantor appropriate documents, without recourse and without
representation or warranty of any kind, necessary to evidence or confirm
the transfer by way of subrogation to the Originator Performance
Guarantor of the rights of the Issuer with respect to the Guaranteed
Originator Obligations to which the Originator Performance Guarantor
shall have become entitled by way of subrogation and thereafter the
Issuer shall have no responsibility to the Originator Performance
Guarantor or any other Person with respect thereof.

Originator Performance Guaranty

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ARTICLE III

MISCELLANEOUS

     Section 3.1 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
Person, or whenever any Person desires to give or serve upon any other Person
any communication with respect to this Guaranty, 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 3.1), (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 Person 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 Person entitled to receive such notice.
Whenever it is provided herein that a notice is to be given to any Person by a
specific time, such notice shall only be effective if actually received by such
Person 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 the Originator Performance Guarantor:

	 	 	 
	

	 	General Electric Capital Corporation,
	

	 	as Originator Performance Guarantor
	

	 	44 Old Ridgebury Road
	

	 	Danbury, Connecticut 06810
	

	 	Attn: Capital Market, Operations
	

	 	Telephone: (203) 796-5518
	

	 	Telecopy: (203) 796-5554

          If to the Issuer:

	 	 	 
	

	 	GE Dealer Floorplan Master Note Trust
	

	 	c/o General Electric Capital Corporation
	

	 	44 Old Ridgebury Road
	

	 	Danbury, Connecticut 06810
	

	 	Attention: Manager, Securitization
	

	 	Telephone: (203) 357-4328
	

	 	Facsimile: (203) 961-2953

     Section 3.2 Binding Effect; Assignability. This Guaranty shall be binding
upon and inure to the benefit of the Issuer and its successors and permitted
assigns. The Originator

Originator Performance Guaranty

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Performance Guarantor 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 having satisfied the S&P
Condition. Any such purported assignment, transfer, hypothecation or other
conveyance by the Originator Performance Guarantor 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 hereunder or interests herein to any
Person and any such assignee may further assign at any time its rights and
obligations hereunder or interests herein (including any rights it may have to
exercise remedies hereunder), in each case without the consent of the
Originator Performance Guarantor. If such assignment is made to anyone other
than the Indenture Trustee, the S&P Condition must be satisfied.

     Section 3.3 Termination; Survival of Guaranteed Originator Obligations
Upon Facility Termination Date. This Guaranty shall create and constitute the
continuing obligation of the Originator Performance Guarantor in accordance
with its terms, and shall remain in full force and effect until the date,
following the Series Maturity Date of each Series, on which the outstanding
balance of the Transferred Receivables has been reduced to zero.

     Section 3.4 Costs, Expenses and Taxes.

     (a) The Originator Performance Guarantor shall reimburse the Issuer
for all out-of-pocket expenses incurred in connection with the
negotiation and preparation of this Guaranty (including the reasonable
fees and expenses of all of its special counsel, advisors, consultants
and auditors retained in connection with the transactions contemplated
thereby and advice in connection therewith). The Originator Performance
Guarantor is also liable for all of its own out-of-pocket expenses
incurred in connection with the negotiation, preparation and the carrying
out of its obligations under this Guaranty (including the reasonable fees
and expenses of all of its special counsel, advisors, consultants and
auditors retained in connection with the transactions contemplated
thereby and advice in connection therewith). The Originator Performance
Guarantor shall reimburse the Issuer for all fees, costs and expenses,
including the fees, costs and expenses of counsel or other advisors for
advice, assistance, or other representation in connection with:

     (i) any amendment, modification or waiver of, consent with
respect to, or termination of this Guaranty or advice in connection
with the administration thereof or its rights hereunder or
thereunder; and

     (ii) any Litigation, contest or dispute (whether instituted by
the Originator Performance Guarantor, the Issuer or any other
Person as a party, witness, or otherwise) in any way relating to
this Guaranty or any other agreement to be executed or delivered in
connection herewith, including any Litigation, contest, dispute,
suit, case or proceeding and any appeal or review thereof, in
connection with a case commenced by or against the Originator
Performance Guarantor or any other Person that may be obligated to
the Issuer by virtue of this Guaranty, including any such
Litigation, contest, dispute, suit or proceeding arising in
connection with any work-out or restructuring of the transactions
contemplated hereby during the pendency of one or more Events of
Default;

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including all attorneys’ and other professional and service providers’ fees
arising from such services, including those in connection with any appellate
proceedings, and all expenses, costs, charges and other fees incurred by such
counsel and others in connection with or relating to any of the events or
actions described in this Section 3.4, all of which shall be payable, on
demand, by the Originator Performance Guarantor to the Issuer. Without
limiting the generality of the foregoing, such expenses, costs, charges and
fees may include: fees, costs and expenses of accountants and paralegals; court
costs and expenses; photocopying and duplication expenses; court reporter fees,
costs and expenses; long distance telephone charges; air express charges;
telegram or telecopy charges; secretarial overtime charges; and expenses for
travel, lodging and food paid or incurred in connection with the performance of
such legal or other advisory services.

     (b) In addition, the Originator Performance Guarantor shall pay on
demand any and all stamp, sales, excise and other taxes (excluding income
taxes) and fees payable or determined to be payable in connection with
the execution, delivery, filing or recording of this Guaranty, and the
Originator Performance Guarantor agrees to indemnify and save the Issuer
harmless from and against any and all liabilities with respect to or
resulting from any delay or failure to pay such taxes and fees.

      Section 3.5 No Waiver; Remedies. The failure by the Issuer, at any time
or times, to require strict performance by the Originator Performance Guarantor
of any provision of this Guaranty shall not waive, affect or diminish any right
of the Issuer thereafter to demand strict compliance and performance herewith
or therewith. Any suspension or waiver of any breach or default hereunder
shall not suspend, waive or affect any other breach or default whether the same
is prior or subsequent thereto and whether the same or of a different type.
None of the undertakings, agreements, warranties, covenants and representations
of the Originator Performance Guarantor contained in this Guaranty, and no
breach or default by the Originator Performance Guarantor 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 the Issuer and directed to
the Originator Performance Guarantor, as applicable, specifying such suspension
or waiver. The rights and remedies of the Issuer under this Guaranty 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. Recourse to the Collateral shall not be
required.

     Section  3.6 GOVERNING LAW; CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL.

     (a) THIS GUARANTY AND THE OBLIGATIONS ARISING HEREUNDER SHALL IN ALL
RESPECTS, INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND
PERFORMANCE, BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE
WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING SECTION
5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK BUT
WITHOUT REGARD TO ANY OTHER CONFLICT OF LAW PROVISIONS THEREOF) AND ANY
APPLICABLE LAWS OF THE UNITED STATES OF AMERICA.

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     (b) THE ORIGINATOR PERFORMANCE GUARANTOR 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 PERTAINING TO THIS GUARANTY OR TO ANY MATTER ARISING
OUT OF OR RELATING TO THIS GUARANTY; PROVIDED, 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 GUARANTY SHALL BE DEEMED OR OPERATE TO PRECLUDE THE ISSUER FROM
BRINGING SUIT OR TAKING OTHER LEGAL ACTION IN ANY OTHER JURISDICTION TO
ENFORCE A JUDGMENT OR OTHER COURT ORDER IN FAVOR OF THE ISSUER. THE
ORIGINATOR PERFORMANCE GUARANTOR SUBMITS AND CONSENTS IN ADVANCE TO SUCH
JURISDICTION IN ANY ACTION OR SUIT COMMENCED IN ANY SUCH COURT, AND THE
ORIGINATOR PERFORMANCE GUARANTOR HEREBY WAIVES ANY OBJECTION THAT IT 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. THE ORIGINATOR
PERFORMANCE GUARANTOR 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 3.1 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
PERSON TO SERVE LEGAL PROCESS IN ANY OTHER MANNER PERMITTED BY LAW.

     (c) BECAUSE DISPUTES ARISING IN CONNECTION WITH COMPLEX FINANCIAL
TRANSACTIONS ARE MOST QUICKLY AND ECONOMICALLY RESOLVED BY AN EXPERIENCED
AND EXPERT PERSON AND THE PARTIES WISH APPLICABLE STATE AND FEDERAL LAWS
TO APPLY (RATHER THAN ARBITRATION RULES), THE ORIGINATOR PERFORMANCE
GUARANTOR DESIRES THAT DISPUTES ARISING WITH RESPECT TO THIS GUARANTY 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 ORIGINATOR PERFORMANCE GUARANTOR WAIVES 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,

Originator Performance Guaranty

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CONNECTED WITH, RELATED TO, OR INCIDENTAL TO THIS GUARANTY OR THE
TRANSACTIONS CONTEMPLATED HEREBY.

     Section 3.7 Counterparts. This Guaranty may be executed in any number of
separate counterparts, each of which shall collectively and separately
constitute one agreement.

     Section 3.8 Severability. Wherever possible, each provision of this
Guaranty shall be interpreted in such a manner as to be effective and valid
under applicable law, but if any provision of this Guaranty 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 Guaranty.

     Section 3.9 Section Titles. The section titles and table of contents
contained in this Guaranty are and shall be without substantive meaning or
content of any kind whatsoever and are not a part of this Guaranty.

[Signatures Follow]

Originator Performance Guaranty

11

 

     IN WITNESS WHEREOF, the Originator Performance Guarantor has caused this
Originator Performance Guaranty to be executed as of the date first above
written.

	 	 	 
	

	 	GENERAL ELECTRIC CAPITAL CORPORATION,
	

	 	as Originator Performance Guarantor
	 
	 	 
	

	 	By: /s/ Mark S. Barber
	

	 	Name: Mark S. Barber
	

	 	Title: Vice President

Originator Performance Guaranty

S-1

 

Accepted as of the date first above written:

GE DEALER FLOORPLAN MASTER NOTE TRUST,

as Issuer

By: The Bank of New York (Delaware), not in its

individual capacity but solely on behalf of the Issuer

	 	 	 	 	 
	By:

	 	/s/ Kristine K. Gullo	 	 
	

	 	Name: Kristine K. Gullo	 	 
	

	 	Title: Asst. Vice President	 	 

Originator Performance Guaranty

S-2exv4w13

 

Exhibit 4.13

CUSTODY AND CONTROL AGREEMENT

     CUSTODY AND CONTROL AGREEMENT (this “Agreement”) dated as of August 12,
2004 by and among WILMINGTON TRUST COMPANY, a Delaware banking corporation (the
“Custodian”), in its capacity as Custodian, GE DEALER FLOORPLAN MASTER NOTE
TRUST, a Delaware statutory trust (the “Issuer”), and WILMINGTON TRUST COMPANY
(the “Indenture Trustee”), in its capacity as Indenture Trustee.

     WHEREAS, the Issuer is the owner of the Accounts;

     WHEREAS, the Issuer has entered into a master indenture (as amended,
restated or modified, the “Indenture”), dated the same date as this Agreement,
with the Indenture Trustee, whereby the Issuer has granted a security interest
to the Indenture Trustee in among other things, the Property in the Accounts;

     WHEREAS, the Issuer is entering into this Agreement to perfect the
security interest of the Indenture Trustee in the Accounts and in the Issuer’s
Security Entitlements in respect of the Property in the Accounts from time to
time;

     WHEREAS, the Issuer desires to appoint the Custodian as custodian on
behalf of the Issuer, and the Custodian has agreed to so act as custodian,
under the terms and conditions set forth in this Agreement.

     NOW, THEREFORE, in consideration of the mutual covenants and agreements
herein contained, the parties hereto agree as follows:

     1. Certain Definitions. As used herein the following terms shall have the
following meanings:

     “Accounts” means the Trust Accounts.

     “Agreement” means this Custody and Control Agreement.

     “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,
the State of Illinois or the State of Connecticut.

     “Certificated Security” has the meaning specified in Section 8-102(a)(4)
of the UCC.

     “Class” means any class of Notes of any Series.

     “Clearing Corporation” has the meaning specified in Section 8-102(a)(5) of
the UCC.

     “Clearstream” means Clearstream, société anonyme, a corporation organized
under the laws of the Grand Duchy of Luxembourg.

Custody and Control Agreement

-1-

 

     “Clearstream Security” means a “security” (as defined in Section
8-102(a)(15) of the UCC) that (i) is a debt or equity security and (ii) is
capable of being transferred to the account of a custodian at Clearstream
pursuant to Section 2, whether or not such transfer has occurred.

     “Closing Date” means August 12, 2004.

     “Collection Account” is defined in the Indenture.

     “Collections” has the meaning set forth in Section 2(a).

     “Custodian” has the meaning specified in the preamble hereto.

     “Default” is defined in the Indenture.

     “Deposit Account” has the meaning specified in Section 9-102(a)(29) of the
UCC.

     “Entitlement Holder” means a person identified in the records of the
Custodian as the person having a Security Entitlement against the Custodian.

     “Entitlement Order” means a notification communicated to the Custodian
directing transfer or redemption of a Financial Asset to which the Entitlement
Holder has a Security Entitlement, which prior to the receipt by the Custodian
of a Notice of Exclusive Control (as defined in Section 4) from the Indenture
Trustee shall be any Instruction with respect to the Accounts or the Property
held pursuant to this Agreement, and in any event shall include an “entitlement
order” as defined in Article 8 of the UCC.

     “Euroclear” means Euroclear Bank S.A./N.V. Brussels office, as operator of
the Euroclear system.

     “Euroclear Security” means a “security” (as defined in Section
8-102(a)(15) of the UCC) that (i) is a debt or equity security and (ii) is
capable of being transferred to the Custodian’s account at Euroclear pursuant
to Section 2, whether or not such transfer has occurred.

     “Event of Default” is defined in the Indenture.

     “Excess Funding Account” is defined in the Indenture.

     “Financial Asset” has the meaning specified in Section 8-102(a)(9) of the
UCC.

     “FRB” means a Federal Reserve Bank of the United States.

     “Government Security” means a security issued or guaranteed by the United
States of America or an agency or instrumentality thereof representing a full
faith and credit obligation of the United States of America and, with respect
to each of the foregoing, that is maintained in book-entry form on the records
of an FRB.

     “Indenture” means the Master Indenture dated as of August 12, 2004 between
the Issuer and the Indenture Trustee.

Custody and Control Agreement

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     “Indenture Supplement” is defined in the Indenture.

     “Indenture Trustee” means Wilmington Trust Company, not in its individual
capacity but solely as Indenture Trustee under the Indenture, or any successor
Indenture Trustee under the Indenture.

     “Instructions” has the meaning specified in Section 11.

     “Instruments” has the meaning specified in Section 9-102(a)(47) of the
UCC.

     “Issuer” has the meaning specified in the preamble.

     “Master Servicer” means General Electric Capital Corporation, in its
capacity as the master servicer under the Servicing Agreement, or any other
Person designated as a successor master servicer pursuant to the Servicing
Agreement.

     “Note Register” is defined in the Indenture.

     “Noteholder” means the Person in whose name a Note is registered on the
Note Register or such other Person deemed to be a “Noteholder” in any related
Indenture Supplement.

     “Notes” means the notes issued from time to time pursuant to the
Indenture.

     “Notice of Exclusive Control” has the meaning set forth in Section 4(a).

     “Permitted Investments” is defined in the Indenture.

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

     “Property” is defined in Section 2(a).

     “Rating Agency” is defined in the Indenture.

     “Remittance Date” is defined in Section 15.

     “S&P” is defined in the Indenture.

     “S&P Condition” is defined in the Indenture.

     “Securities” has the meaning set forth in Section 2(a).

     “Securities Account” has the meaning specified in Section 8-501(a) of the
UCC.

     “Securities Intermediary” has the meaning specified in Section
8-102(a)(14) of the UCC.

     “Securities System” has the meaning set forth in Section 6.

Custody and Control Agreement

-3-

 

     “Security Entitlement” has the meaning specified in Section 8-102(a)(17)
of the UCC.

     “Series” means any series of Notes, which may include within any such
Series a Class or Classes of Notes subordinate to another such Class or Classes
of Notes.

     “Series Account” means any deposit, trust, escrow or similar account
maintained for the benefit of the Noteholders of any Series or Class, as
specified in any Indenture Supplement.

     “Servicing Agreement” means the Servicing Agreement dated as of August 12,
2004, between the Master Servicer and the Issuer.

     “Trust Accounts” means any Series Account, the Collection Account or
Excess Funding Account.

     “Trust Agreement” means the Amended and Restated Trust Agreement dated as
of August 12, 2004, between CDF Funding, Inc. and the Trustee.

     “Trustee” means The Bank of New York (Delaware), not in its individual
capacity but solely in its capacity as trustee under the Trust Agreement.

     “UCC” means the Uniform Commercial Code as in effect from time to time in
the State of New York.

     “Uncertificated Security” has the meaning specified in Section
8-102(a)(18) of the UCC.

     2. Appointment of Custodian; Acknowledgement of Receipt of Property.

     (a) The Issuer hereby appoints the Custodian as custodian of the Permitted
Investments and any other investments, promissory notes, bonds, securities
agreements or other documents evidencing the Permitted Investments
(collectively, the “Securities”), any Security Entitlement with respect to the
Securities, all Permitted Investments and all cash and other property received
by the Custodian with respect to any of the foregoing (collectively,
“Collections”) pursuant to the terms and conditions set forth in this
Agreement, and the Custodian hereby accepts such appointment. All of the
foregoing property as to which the Custodian is appointed custodian pursuant to
this Agreement is herein collectively called the “Property”.

     (b) The Custodian hereby acknowledges that in order to facilitate the
perfection of the security interest granted by the Issuer to the Indenture
Trustee under the Indenture, the Custodian shall hold all Property as specified
in Section 2(c) and elsewhere herein and shall credit such Property as
Financial Assets to the relevant Accounts.

     (c) The Issuer shall cause all Property acquired by or on behalf of the
Issuer to be transferred to the Custodian for credit to the applicable Account,
and the Custodian shall credit such Property to the applicable Account, for the
benefit of the Issuer as owner and the benefit of the Indenture Trustee as
secured party or shall take or cause to be taken any and all other actions
necessary to create in favor of the Indenture Trustee a valid and perfected,
first-priority security

Custody and Control Agreement

-4-

 

interest granted to the Indenture Trustee under the Indenture in the
Accounts and all Property credited to the Accounts, as follows:

          (i) in the case of each Certificated Security or Instrument (other than a
Government Security, Euroclear Security or Clearstream Security), by (A)
causing the delivery of such Certificated Security or Instrument to the
Custodian in bearer form or registered in the name of the Custodian or its
nominee or indorsed to the Custodian or its nominee or in blank by an effective
indorsement, (B) causing the Custodian to continuously identify on its books
and records that such Certificated Security or Instrument is credited to the
applicable Account and (C) causing the Custodian to maintain continuous
possession of such Certificated Security or Instrument;

          (ii) in the case of each Uncertificated Security (other than a Government
Security, Euroclear Security or Clearstream Security), by (A) causing such
Uncertificated Security to be continuously registered on the books of the
issuer thereof to the Custodian and (B) causing the Custodian to continuously
identify on its books and records that such Uncertificated Security is credited
to the applicable Account;

          (iii) in the case of each Euroclear Security and Clearstream Security, by
(A) causing Euroclear or Clearstream, as the case may be, to credit such
security to the Custodian’s Securities Account (or to the Securities Account of
a Securities Intermediary acting in such capacity on behalf of the Custodian
and which has credited such security to a Securities Account of the Custodian
with such Securities Intermediary) at Euroclear or Clearstream, as the case may
be, (B) causing the Custodian to continuously identify on its books and records
that such Euroclear Security or Clearstream Security is credited to applicable
Account as a Financial Asset, and (C) causing such Euroclear Security or
Clearstream Security to be (1) continuously registered to Euroclear or
Clearstream, as the case may be, and (2) continuously identified on the books
and records of Euroclear or Clearstream, as the case may be, as credited to the
Securities Account of the Custodian (or to the Securities Account of a
Securities Intermediary acting in such capacity on behalf of the Custodian and
which has credited such security to a Securities Account of the Custodian with
such Securities Intermediary);

          (iv) in the case of each Government Security, by (A) causing the crediting
of such Government Security to a Securities Account of the Custodian at an FRB,
(B) causing the Custodian to continuously identify on its books and records
that such Government Security is credited to the applicable Account as a
Financial Asset, and (C) causing the continuous crediting of such Government
Security to a Securities Account of the Custodian at such FRB; and

          (v) in the case of each Financial Asset not covered by the foregoing
clauses (i) through (iv), by causing the transfer of such Financial Asset to
the Custodian in accordance with applicable law and regulation and causing the
Custodian to credit such Financial Asset to the applicable Account.

     (d) With respect to any Deposit Account as to which the Indenture Trustee
is not the bank at which such Deposit Account is maintained, by causing such
bank, the Issuer and the Indenture Trustee to enter into an agreement
containing provisions substantially similar to the provisions of this Agreement
relating to the Accounts.

Custody and Control Agreement

-5-

 

     (e) With respect to any other Property that for any reason does not create
a Security Entitlement at any time now or hereafter and which is held in or
credited to the applicable Account, the Custodian hereby acknowledges that, for
purposes of perfecting the security interest of the Indenture Trustee, it holds
and will hold possession of such property as bailee for the Indenture Trustee
in its capacity as secured party.

     3. The Accounts.

     (a) The Issuer agrees to establish and maintain the Accounts at the
Custodian according to Section 8.2 of the Indenture and the applicable
Indenture Supplement. The Custodian further agrees that (i) each Trust Account
is and shall at all times be maintained by the Custodian as a Securities
Account in the Custodian’s trust department, (ii) the Custodian is acting and
will act as a Securities Intermediary with respect to such Trust Account, and
(iii) all of the Property accredited to such Trust Account shall be treated as
Financial Assets.

     (b) The Issuer acknowledges its responsibility as a principal for all of
its obligations to the Custodian arising under or in connection with this
Agreement, warrants its authority to deposit in the Accounts any Property
received therefor by the Custodian and to give Instructions relative thereto.
The Issuer further agrees that the Custodian shall not be subject to, nor shall
its rights and obligations under this Agreement or with respect to the Accounts
be affected by, any agreement between the Issuer and any other Person, except
as otherwise provided in this Agreement or unless otherwise agreed by Issuer
and Custodian. If any Securities are held in a Securities System the Custodian
may deliver securities of the same class, issuer and amount in place of those
deposited in the applicable Account.

     (c) The Custodian shall hold and keep safe as custodian for the Accounts,
on behalf of the Issuer, all Property in each Account. The crediting of
Property to the Accounts shall result in Security Entitlements to such Property
in favor of the Issuer, subject to the security interest of the Indenture
Trustee as a secured party.

     (d) All transactions involving the Property shall be executed or settled
solely in accordance with Instructions, except that until the Custodian
receives Instructions to the contrary, the Custodian will:

          (i) collect all interest and dividends and all other income and payments,
whether paid in cash or in kind, on the Property, as the same become payable
and credit the same to the applicable Account;

          (ii) present for payment all Securities held in an Account which are
called, redeemed or retired or otherwise become payable and all coupons and
other income items which call for payment upon presentation to the extent that
the Custodian is actually aware based on notices received of such opportunities
and hold the cash received in such Account pursuant to this Agreement;

          (iii) (x) exchange Securities where the exchange is purely ministerial
(including, without limitation, the exchange of temporary securities for those
in definitive form and the exchange of warrants, or other documents of
entitlement to securities, for the Securities themselves) and (y) when
notification of a tender or exchange offer (other than ministerial

Custody and Control Agreement

-6-

 

exchanges described in (x) above) is received for such Account, use
reasonable efforts to receive Instructions, provided, that if such Instructions
are not received in time for the Custodian to take timely action, no action
shall be taken with respect thereto;

          (iv) execute on behalf of the Issuer for each Account, whenever the
Custodian deems it appropriate, such ownership and other certificates as may be
required to obtain the payment of income from the Property in the applicable
Account; and

          (v) appoint brokers and agents for any of the ministerial transactions
involving the Securities described in the foregoing clauses (i) through (iv),
including, without limitation, affiliates of the Custodian.

     (e) The Custodian hereby acknowledges the security interest granted to the
Indenture Trustee by the Issuer. The Custodian shall maintain all Property
free of any lien, charge or claim of any kind in favor of the Custodian or any
person claiming through the Custodian, and it will not assert any lien,
encumbrance, claim or right of set-off against the Property, the Accounts or
any Financial Assets carried in the Accounts or any credit balance in the
Accounts, except as otherwise expressly permitted by this Agreement or the
Indenture. The Custodian will not enter into any agreement other than this
Agreement with any Person requiring the Custodian’s compliance with
“entitlement orders” (as such term is defined in Article 8 of the UCC)
concerning the Accounts originated by such Person without the prior written
consent of the Issuer and the Indenture Trustee except as otherwise provided
herein. The Custodian represents that no such agreement relating to the
Property with any Person is now in effect.

     4. Control.

     (a) In order to perfect the security interest of the Indenture Trustee in
accordance with Sections 8-106 and 9-104 of the UCC, the Issuer expressly
authorizes the Custodian to comply with Entitlement Orders issued by the
Indenture Trustee or its authorized representatives with respect to any
Securities Account without the further consent of the Issuer or any other
Person, and to act upon the directions of the Indenture Trustee or its
authorized representatives with respect to any Deposit Account or the
disposition of any Property therein, in each case without the further consent
of the Issuer or any other Person. Until such time as the Indenture Trustee
delivers a written notice to the Custodian, substantially in the form of
Exhibit A hereto, that the Indenture Trustee is thereby exercising exclusive
control over such Account (a “Notice of Exclusive Control”), the Custodian
shall make trades of Financial Assets held in the Accounts, or otherwise
withdraw Property from the Accounts, at the direction of the Issuer or its
authorized representatives, and comply with Entitlement Orders concerning the
Accounts from the Issuer or its authorized representatives. The Indenture
Trustee agrees with the Issuer that it will not deliver a Notice of Exclusive
Control, or issue any directions with respect to any Account or the disposition
of any Property therein, until a Default or Event of Default has occurred
(including without limitation any Default or Event of Default resulting from
the Issuer’s withdrawal of Property from an Account in violation of the terms
of this Agreement or the Indenture). After the Custodian receives the Notice
of Exclusive Control, the Custodian will promptly cease complying with
Entitlement Orders or other directions concerning such Account (including any
provision hereof regarding payments to the Issuer) originated by the Issuer or
its representatives notwithstanding any contrary provision in this Agreement.

Custody and Control Agreement

-7-

 

     (b) Upon issuance by the Indenture Trustee of a Notice of Exclusive
Control described in this Section 4, the Indenture Trustee shall have exclusive
control over the Accounts and without limitation the Indenture Trustee may (i)
cause the name of the Accounts to be changed to reflect that the Indenture
Trustee is the “entitlement holder” (as such term is defined in Article 8 of
the UCC) of the Accounts as trustee on behalf of the Noteholders under the
Indenture, or (ii) instruct that all Property be transferred to new accounts
with the Custodian as to which the Indenture Trustee is the “entitlement
holder” (as such term is defined in Article 8 of the UCC) of the Accounts as
trustee on behalf of the Noteholders under the Indenture.

     5. Use of Subcustodian. Custodian shall not maintain any Property in a
custody account that has been established through another bank or trust company
acting as subcustodian unless it is authorized to do so in writing by the
Issuer and the Indenture Trustee.

     6. Securities Systems. The Issuer authorizes and instructs the Custodian
to maintain all Property directly in one of its branches or indirectly through
custody accounts which have been established by the Custodian with the
following other securities intermediaries a securities depository or clearing
agency or system in which the Custodian participates (individually, a
“Securities System”).

     7. Use of Securities System. With respect to Property in an Account which
is maintained by the Custodian through a Securities System in which it
participates pursuant to Section 6:

	 	(a)	 	The Custodian shall identify on its books such Property as
being maintained for the account of the Custodian for its customers.
	 
	 	(b)	 	The Custodian’s agreement with such Security System shall
provide that Property deposited with a Securities System will be
maintained in an account holding only assets for customers of the
Custodian unless precluded by applicable law, rule or regulation.
	 
	 	(c)	 	The Custodian shall provide to the Issuer, with a copy to the
Master Servicer, any non-confidential report obtained by the
Custodian on the Securities System’s accounting system, internal
accounting control and procedures for safeguarding securities
deposited in the Securities System.

It is understood and agreed that the Custodian’s agreement with a Securities
System will be subject to the generally applicable rules and regulations of
such Securities System, and that the Custodian shall not be liable for a breach
of such agreement by such Securities System.

     8. Records, Ownership of Property, Statements and Opinions of Independent
Certified Public Accountants.

     (a) The Property, whether maintained directly by the Custodian or
indirectly through a Securities System as authorized in this Agreement, shall
be clearly recorded on the Custodian’s books as (i) being owned by the Issuer
and not the Custodian and (ii) subject to a security interest in favor of the
Indenture Trustee. The Custodian shall keep accurate and detailed accounts of
all investments, receipts, disbursements and other transactions for the
Accounts. All accounts,

Custody and Control Agreement

-8-

 

books and records of the Custodian relating thereto shall be open to
inspection and audit at all reasonable times during normal business hours upon
reasonable prior written notice to the Custodian by any Person designated by
the Issuer. The Issuer shall reimburse the Custodian for its reasonable
out-of-pocket expenses in connection with such inspection or audit in
accordance with Section 15. All such accounts shall be maintained and
preserved in a form reasonably requested by the Issuer.

     (b) At the request of the Issuer, the Custodian shall deliver to the
Issuer, with a copy to the Master Servicer, the most recent non-confidential
written report, if any, prepared by the Custodian’s independent certified
public accountants with respect to the custodial services provided by the
Custodian to its customers.

     (c) The Issuer may elect to participate in any of the electronic on-line
service and communications systems offered by the Custodian which can provide
the Issuer, on a daily basis, with the ability to view on-line or to print a
hard copy of various reports of any Account’s activity and of the Property. To
the extent that such service shall include market values of any of the
Securities, the Issuer hereby acknowledges that the Custodian now obtains and
may in the future obtain information on such values from outside sources that
the Custodian considers to be reliable and the Issuer agrees that the Custodian
(i) does not verify nor represent or warrant either the reliability of such
service nor the accuracy or completeness of any such information furnished or
obtained by or through such service and (ii) shall be without liability in
selecting and utilizing such service or furnishing any information derived
therefrom.

     (d) The Custodian shall issue a confirmation or safekeeping receipt to the
Issuer for each Security received by the Custodian hereunder which identifies
(as applicable) with respect thereto, the issuer, the maturity date, the face
amount and the coupon rate. The Custodian shall provide to the Issuer a
custodial statement for each preceding month listing the Securities held in
each Account. Such report shall include the principal amount of each Security
or Financial Asset, as appropriate. The Issuer shall promptly review all such
reports and shall promptly advise the Custodian of any error, omission or
inaccuracy in same. In no event shall the Custodian be required to determine
or report the market value of any Security.

     9. Holding of Securities, Nominees, etc. In order to perfect the
Indenture Trustee’s security interest in the Securities credited to the
Accounts, the Securities shall at all times be held or maintained in the
Custodian’s name or in the name of the Custodian’s nominee. Securities that
are maintained through a Securities System will be maintained with the
Securities System in an account holding only assets of the Custodian’s
customers, unless prohibited by law, rule, or regulation. The Custodian may
combine certificates representing Securities held in an Account with
certificates of the same issue held by it as fiduciary or as a custodian.
Securities maintained with a Securities System shall be maintained subject to
the rules of that Securities System governing the rights and obligations among
the Securities System and its participants.

     10. Proxies, etc. If the Custodian shall receive any proxies, notices,
reports or other communications relative to any of the Securities, the
Custodian shall (within three (3) Business Days after receipt by the Custodian)
transmit to the Issuer, with a copy to the Master Servicer, or notify the
Issuer of the receipt of, such proxies, notices, reports or other
communications. Neither the Custodian nor its nominees or agents shall vote
upon or in respect of any of the

Custody and Control Agreement

-9-

 

Securities in any Account, execute any form of proxy to vote thereon, or
give any consent or take any action (except as provided in Sections 3 and 4)
with respect thereto except upon the receipt of Instructions relative thereto.

     11. Instructions.

     (a) The term “Instructions” means instructions from the Issuer in respect
of any of the Custodian’s duties hereunder which have been received by the
Custodian at its address as shall have been furnished by the Custodian to the
Issuer pursuant to the provisions hereof. All Instructions shall be
communicated: (i) in writing (including, without limitation, facsimile
transmission) signed or given by such one or more person or persons as the
Issuer shall have from time to time authorized in writing to give the
particular class of Instructions in question and whose name and (if applicable)
signature and office address have been filed with the Custodian, (ii)
electronically through an electronic on-line service and communications system
offered by the Custodian or other electronic instruction system acceptable to
the Custodian, or (iii) in such other form of instructions as the Issuer (with
the consent of the Indenture Trustee) may from time to time authorize in
writing and which the Custodian has agreed in writing to accept. The Custodian
shall not act upon any oral Instructions from the Issuer or its authorized
agents. The Custodian shall promptly provide notice to the Indenture Trustee
of any Instructions received by it from the Issuer. The Custodian has the
right to record any such oral Instructions, and the Issuer hereby consents to
such recording.

     (b) The Custodian shall have the right to assume in the absence of notice
to the contrary from the Issuer or the Indenture Trustee, as the case may be,
that any person whose name is on file with the Custodian pursuant to this
Section 11 has been authorized by the Issuer or the Indenture Trustee, as the
case may be, to give the Instructions in question and that such authorization
has not been revoked. The Custodian may act upon and conclusively rely on,
without any liability to the Issuer or any other Person or entity for any
losses resulting therefrom, any Instructions reasonably believed by it to be
furnished by the proper person or persons as provided above.

     (c) Instructions may relate to specific transactions or to types or
classes of transactions, and may be in the form of standing instructions.
Without limiting the foregoing:

          (i) The Issuer may from time to time issue Instructions, in accordance
with Section 11(a), directing the Custodian to release any Security held in
physical form to the Issuer or its designee. The Custodian is hereby
authorized, upon written receipt of any such Instructions and so long as it has
not received a Notice of Exclusive Control, to release any such Security to the
Issuer or its designee. All Securities so released to any designee of the
Issuer shall be held in trust for the benefit of the Issuer as owner and the
Indenture Trustee as secured party. The Issuer or its designee shall return
such Security to the Custodian when the Issuer’s need therefor no longer
exists, unless the Security has been sold or liquidated by the Issuer. The
Issuer shall notify the Custodian if such Security has been sold or liquidated,
and the Custodian shall no longer have any duties, responsibilities or
liability with respect to such Security.

          (ii) Upon written notification from the Issuer and the Indenture Trustee,
the Custodian shall return the Financial Assets and any other Property in the
applicable Account to

Custody and Control Agreement

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or at the direction of the Issuer. Any such delivery shall constitute a
complete discharge of the Custodian from any and all further liability for such
Financial Assets and Property hereunder.

          (iii) Prior to the delivery of a Notice of Exclusive Control, the Issuer
may give Instructions with respect to any vote to be taken upon or in respect
of any of the Securities in any Account.

     12. Standard of Care.

     (a) The Custodian shall be responsible for the performance of only such
duties as are set forth in this Agreement. The Custodian will act without
negligence with respect to the safekeeping of Property in the Accounts and,
except as otherwise expressly provided in this Agreement, in carrying out its
obligations under this Agreement. The Custodian will give the Property in the
Accounts equal care and safeguards as are afforded similar property owned by
the Custodian.

     (b) Absent negligence, the Custodian shall not be responsible for the
title, validity or genuineness of any Property or other property or evidence of
title thereto received by it or delivered by it pursuant to this Agreement and
may rely and shall be protected in acting or refraining from acting on any
written notice, request, waiver, consent or instrument believed by it to be
genuine and to have been signed or presented by the proper party or parties.
The Custodian shall have no duty to determine or inquire into the happening or
occurrence of any event or contingency. The Custodian may consult with and
obtain advice from legal counsel as to any provision hereof or its duties
hereunder and shall be fully protected in acting on advice of such counsel.
The Custodian may conclusively rely on, without liability for any loss
resulting therefrom, any notice, request, consent, certificate or other
instrument reasonably believed by it to be genuine and to be signed or
furnished by the proper party or parties, including, without limitation,
Instructions. The Issuer agrees to indemnify, defend and hold the Custodian,
its officers, directors, employees and agents harmless from and against any and
all losses, claims, damages, demands, expenses, costs, cause of action,
judgments or liabilities that may be incurred by the Custodian, its officers,
directors, employees and agents arising directly or indirectly out of or in
connection with the Custodian’s acceptance or appointment as Custodian
hereunder, including the reasonable legal costs and expenses as such expenses
are incurred (including, without limitation, the expenses of any experts,
counsel or agents) of investigating, preparing for or defending itself against
any action, claim or liability in connection with its performance hereunder.
In no event, however, shall Issuer be obligated to indemnify the Custodian and
save the Custodian harmless from any fees, expenses, charges and/or liabilities
incurred by the Custodian as a result of its own willful misconduct, bad faith
or negligence. Notwithstanding anything in this Agreement, in no event shall
the Custodian be liable for special, indirect or consequential loss or damage
of any kind whatsoever (including, but not limited to, lost of profits), even
if the Custodian has been advised of such loss or damage and regardless of the
form of action. The indemnification in favor of the Custodian in this
Agreement shall survive any resignation or removal of the Custodian (to the
extent of indemnified liabilities, costs, expenses and other indemnified
amounts arising or incurred prior to, or arising as a result of actions or
omissions occurring prior to, such resignation or removal).

Custody and Control Agreement

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     (c) With respect to a Securities System, the Custodian shall only be
responsible or liable for losses, claims, damages, demands, expenses, costs or
liabilities arising from employment of such Securities System caused by the
Custodian’s own negligent actions or failure to act. In the event of any loss,
claim, damage, demand, expense, cost or liability to the Issuer by reason of
the Custodian’s negligent action or failure to act, the Custodian shall be
liable to the Issuer to the extent of the Issuer’s actual damages at the time
such loss, claim, damage, demand, expense, cost or liability was discovered
without reference to any special conditions or circumstances.

     (d) In no event shall the Custodian be liable for any consequential or
special damages. The Custodian shall have no liability for loss arising from
any cause beyond its control, including, but not limited to, the act, failure
or neglect of any agent or correspondence selected by the Custodian for the
remittance of funds; any delay, error, omission or default of any mail,
telegraph, cable or wireless agency or operator; or the acts or edicts of any
government or governmental agency or other group or entity exercising
governmental powers.

     (e) In the event the Issuer subscribes to an electronic on-line service
and communications system offered by the Custodian, the Issuer shall be fully
responsible for the security of the Issuer’s connecting terminal, access
thereto and the proper and authorized use thereof and the initiation and
application of continuing effective safeguards with respect thereto and agrees
to defend and indemnify the Custodian and hold the Custodian harmless from and
against any and all losses, damages, costs and expenses (including the
reasonable fees and expenses of counsel) incurred by the Custodian as a result
of any improper or unauthorized use of such terminal by the Issuer or by
Issuer’s authorized agents, unless the loss, damage, cost or expense is a
result of the Custodian’s negligence or willful misconduct.

     (f) All collections of funds or other property to be paid in respect of
Property in an Account shall be made for the account of, and at the risk of,
the Issuer, and the Custodian shall not be liable to the Issuer in the event
that the obligor on any Property (other than Property issued by the Custodian)
fails to make any payment due thereunder.

     (g) Absent negligence, the Custodian shall have no liability for any loss
occasioned by delay in the actual receipt of notice by the Custodian of any
payment, redemption or other transaction regarding Property in an Account in
respect of which the Custodian has agreed to take action as provided in Section
3 hereof. The Custodian shall not be liable for any loss resulting from, or
caused by, acts of governmental authorities (whether de jure or de facto),
including, without limitation, nationalization, expropriation and the
imposition of currency restrictions; devaluations of or fluctuations in the
value of currencies; changes in laws and regulations applicable to the banking
or securities industry; market conditions that prevent the orderly execution of
securities transactions or affect the value of Property; acts of war,
terrorism, insurrection or revolution; strikes or work stoppages; the inability
of a local clearing and settlement system to settle transactions for reasons
beyond the control of the Custodian or hurricane, cyclone, earthquake, volcanic
eruption, nuclear fusion, fission or radioactivity or other acts of God.

     (h) Absent negligence, the Custodian shall have no liability in respect of
any loss, damage or expense suffered by the Issuer, insofar as such loss,
damage or expense arises from

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the performance of the Custodian’s duties hereunder by reason of the
Custodian’s reliance upon records that were maintained for the Issuer by
entities other than the Custodian prior to the Custodian’s employment under
this Agreement.

     (i) The Custodian shall have no responsibility or liability to the
Indenture Trustee for releasing any of the Property held in an Account at the
direction of the Issuer or its authorized representatives in accordance with
Section 11 hereof or, subject to Section 4 hereof, complying with Entitlement
Orders concerning an Account from the Issuer or its authorized representatives,
which are received by the Custodian before the Custodian receives a Notice of
Exclusive Control from the Indenture Trustee or its authorized representatives.
The Custodian shall have no responsibility or liability to the Issuer for
complying with a Notice of Exclusive Control or complying thereafter with
Entitlement Orders concerning an Account originated by the Indenture Trustee.
The Custodian shall have no duty to investigate or make any determination as to
whether a default or event of default exists under the Indenture, and shall
comply with a Notice of Exclusive Control without investigation even if the
Custodian receives a claim that no such default or event of default exists or
believes that no such default or event of default exists. This Agreement does
not create any obligation or duty on the part of the Custodian other than those
expressly set forth herein. Upon receipt of a Notice of Exclusive Control with
respect to an Account, the Custodian shall notify the Issuer, with a copy to
the Master Servicer, of its receipt of such Notice of Exclusive Control. The
Custodian may fully rely, and may take the actions herein set forth,
notwithstanding any notice of dispute between the Indenture Trustee and the
Issuer.

     (j) The provisions of this Section shall survive termination of this
Agreement.

     13. No Additional Duties. The parties acknowledge and agree that the
Custodian shall not have any additional duties other than those expressly
provided herein. The Custodian has not reviewed the Indenture or the Servicing
Agreement and shall have no responsibility or liability in respect thereof.
Notwithstanding any other provisions of this Agreement, the Custodian shall
have no duty, obligation or liability to ensure compliance with any regulation
or statute applicable to the Issuer.

     14. Investment Limitations and Legal or Contractual Restrictions or
Regulations. The Custodian shall not be liable to the Issuer and the Issuer
agrees to indemnify the Custodian and its nominees, for any loss, damage or
expense suffered or incurred by the Custodian or its nominees arising out of
any violation of any investment restriction or other restriction or limitation
applicable to the Issuer pursuant to any contract or any law or regulation,
unless the loss, damage or expense is a result of the Custodian’s negligence or
willful misconduct. The provisions of this Section 14 shall survive
termination of this Agreement.

     15. Fees and Expenses. The Custodian shall be entitled to receive such
compensation for its services pursuant to this Agreement as may be mutually
agreed upon by the Custodian and the Issuer in writing from time to time and
the Custodian’s reasonable out-of-pocket or incidental expenses in connection
with the performance of this Agreement, including, without limitation, legal
fees as described in this Agreement and/or deemed necessary in the judgment of
the Custodian to keep safe or protect the Property in the Accounts. The Issuer
hereby agrees to hold the Custodian harmless from any liability or loss
resulting from any taxes or other governmental

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charges, and any expense related thereto, which may be imposed, or
assessed with respect to any Property in the Accounts and also agrees to hold
the Custodian, or its nominees harmless from any liability as a record holder
of Property in the Accounts. The provisions of this Section shall survive the
termination of this Agreement.

     All fees and other amounts payable by the Issuer hereunder shall be paid
by the Issuer to the Custodian by wire transfer or check on March 20 and
September 20 of each year, beginning in March 2005, or if such day is not a
business day, the following business day (each, a “Remittance Date”). With
respect to each Remittance Date, the Custodian shall be paid the amounts shown
on any invoice furnished by the Custodian to the Issuer, with a copy to the
Master Servicer, no later than the 20th day of the month prior to the month in
which such Remittance Date occurs, which invoice shall be in reasonable detail,
separately listing any expense, liability or loss (together with reasonable
supporting documentation with respect to any expense, liability or loss).

     16. Representations and Warranties.

     (a) The Issuer hereby represents and warrants to the Custodian and the
Indenture Trustee that:

          (i) the employment of the Custodian and the allocation of fees, expenses
and other charges to the Accounts set forth in this Agreement is not prohibited
by law or any governing documents or contracts to which it is subject;

          (ii) the terms of this Agreement do not violate any obligation by which it
is bound, whether arising by contract, operation of law or otherwise;

          (iii) this Agreement has been duly authorized by appropriate action and
when executed and delivered will be binding upon it in accordance with its
terms; and

          (iv) it will deliver to the Custodian such evidence of such authorization
as the Custodian may reasonably require, whether by way of a certified
resolution or otherwise.

     (b) The Custodian hereby represents and warrants to the Issuer and the
Indenture Trustee that:

          (i) the terms of this Agreement do not violate any obligation by which it
is bound, whether arising by contract, operation of law or otherwise;

          (ii) it has all necessary power and authority to make, execute and deliver
this Agreement and to perform all of the obligations to be performed by it
hereunder, this Agreement has been duly authorized, executed and delivered by
it and constitutes the legal, valid and binding obligation of the Custodian
enforceable against the Custodian in accordance with its terms, except (i) as
may be limited by bankruptcy, fraudulent conveyance, fraudulent transfer,
insolvency, reorganization, liquidation, receivership, moratorium or other
similar laws now or hereafter in effect relating to creditors’ rights
generally, and by general equitable principles, regardless of whether
considered in a proceeding in equity or at law and (ii) that the remedy of
specific performance and injunctive and other forms of equitable relief may be
subject to

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equitable defenses and to the discretion of the court before which any
proceeding therefore may be brought;

          (iii) it will deliver to the Issuer such reasonable evidence of such
authorization as the Issuer may reasonably require, whether by way of a
certified resolution or otherwise;

          (iv) (a) it is and will remain a “securities intermediary” within the
meaning of such term in Section 8-102(a)(14) of Article 8 of the UCC, (b) it is
and will remain a “securities intermediary” within the meaning of such term in
31 C.F.R. § 357.2 (Regulations Governing Book-Entry Treasury Bonds, Notes and
Bills) and (c) it has received a copy of this Agreement signed by the Issuer
and the Indenture Trustee;

          (v) each Account will be treated as a Securities Account;

          (vi) it is a bank or trust company located within the United States having
a combined capital and surplus of at least $100,000,000 as set forth in its
most recent published annual report of condition and its long-term unsecured
debt obligations are rated at least BBB+ by S&P and Baa1 by Moody’s;

          (vii) it is not a clearing corporation (as such term is used in Section
8-102 of the UCC); and

          (viii) it does not have “notice” (as such term is used in Section 8-105 of
the UCC) of any right, title, interest or claim (including, without limitation,
any adverse claim) by any Person other than the Indenture Trustee in or to any
of the Property.

     (c) The Indenture Trustee hereby represents and warrants to the Issuer and
the Custodian that:

          (i) the terms of this Agreement do not violate any obligation by which it
is bound, whether arising by contract, operation of law or otherwise;

          (ii) it has all necessary power and authority to make, execute and deliver
this Agreement and to perform all of the obligations to be performed by it
hereunder, this Agreement has been duly authorized, executed and delivered by
it and constitutes the legal, valid and binding obligation of the Indenture
Trustee enforceable against the Indenture Trustee in accordance with its terms,
except (i) as may be limited by bankruptcy, fraudulent conveyance, fraudulent
transfer, insolvency, reorganization, liquidation, receivership, moratorium or
other similar laws now or hereafter in effect relating to creditors’ rights
generally, and by general equitable principles, regardless of whether
considered in a proceeding in equity or at law and (ii) that the remedy of
specific performance and injunctive and other forms of equitable relief may be
subject to equitable defenses and to the discretion of the court before which
any proceeding therefore may be brought;

          (iii) it will deliver to the Issuer such reasonable evidence of such
authorization as the Custodian may reasonably require, whether by way of a
certified resolution or otherwise;

Custody and Control Agreement

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          (iv) it is not a clearing corporation (as such term is defined in Section
8-105 of the UCC); and

          (v) it does not have “notice” (as such term is used in Section 8-105 of
the UCC) of any right, title, interest or claim (including, without limitation,
any adverse claim) by any Person other than the Indenture Trustee in or to any
of the Property.

     17. No Petition. The Custodian, by entering into this Agreement, hereby
covenants and agrees that it will not at any time institute against the Issuer
or join in any institution against the Issuer of, any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings, or other
proceedings under any federal or state bankruptcy or similar law in connection
with any obligations relating to this Agreement; provided, that nothing in this
Section 17 shall preclude, or be deemed to estop, the Custodian from taking any
action prior to the expiration of the applicable preference period in any
involuntary proceeding filed or commenced against the Issuer by a Person other
than the Custodian or to otherwise limit any claims that the Custodian may have
against the Issuer.

     18. Publicity. The Issuer shall furnish to the Custodian at its address
for notice as set forth in Section 19, prior to any distribution thereof,
copies of any material prepared for distribution to any persons who are not
parties hereto that refer in any way to the Custodian. The Issuer shall not
distribute or permit the distribution of such materials if the Custodian
reasonably objects in writing within ten (10) business days of receipt thereof
(or such other time as may be mutually agreed) after receipt thereof. The
provisions of this Section shall survive the termination of this Agreement.

     19. Notices. Except as otherwise specifically provided for in this
Agreement, all notices and other communications between the parties shall be
(a) in writing and shall be either hand delivered or mailed by first class
mail, postage prepaid, or sent by electronic facsimile or courier to the
address below and (b) shall be deemed effective when received.

	 	(a)	 	If to the Issuer:
	 
	 	 	 	GE Dealer Floorplan Master Note Trust

c/o General Electric Capital Corporation, as Administrator

44 Old Ridgebury Road

Danbury, CT 06810

Attention: Manager, Securitizations

Telephone: (203) 357-4328

Facsimile: (203) 961-2953
	 
	 	(b)	 	If to the Master Servicer:
	 
	 	 	 	General Electric Capital Corporation

5595 Trillium Boulevard

Hoffman Estates, IL 60192

Attention: General Counsel

Custody and Control Agreement

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	 	 	 	With a copy to:
	 
	 	 	 	General Electric Capital Corporation

44 Old Ridgebury Road

Danbury, CT 06810

Attention: Manager, Securitizations

Telephone: (203) 357-4328

Facsimile: (203) 961-2953
	 
	 	(c)	 	If to the Custodian:
	 
	 	 	 	Wilmington Trust Company

1100 North Market Street

Wilmington, DE 19890

Attention: Corporate Trust Administration/Erwin Sorianov

Telephone: (302) 636-6392

Facsimile: (302) 636-4140
	 
	 	(d)	 	If to the Indenture Trustee:
	 
	 	 	 	Wilmington Trust Company

1100 North Market Street

Wilmington, DE 19890

Attention: Corporate Trust Administration/Erwin Soriano

Telephone: (302) 636-6392

Facsimile: (302) 636-4140
	 
	 	 	 	with a copy to:
	 
	 	 	 	Deutsche Bank Trust Company Americas

60 Wall Street

MS NYC 60-2606

New York, NY 10005

          Each party may change its address for purposes hereof by giving notice to
the other parties in accordance with the provisions of this Section.

     20. Amendment, Modifications, etc. No provision of this Agreement may be
amended, modified or waived except in a writing signed by the parties hereto.
No waiver of any provision hereto shall be deemed a continuing waiver unless it
is so designated. No failure or delay on the part of any party in exercising
any power or right under this Agreement operates as a waiver, nor does any
single or partial exercise of any power or right preclude any other or further
exercise thereof or the exercise of any other power or right. The parties
hereto agree to provide notice to S&P and to satisfy the S&P Condition of any
material amendment, modification or waiver.

     21. Term; Termination.

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     (a) This Agreement may be terminated by the Issuer by an instrument in
writing delivered or mailed, postage prepaid, to the Custodian and the
Indenture Trustee, such termination to take effect on the date of such delivery
or receipt by the Custodian; provided, however, that until a successor
custodian shall have been appointed by the Issuer, and the Custodian shall have
transferred the Financial Assets and other Property as provided below, this
Agreement shall continue in full force and effect.

     (b) This Agreement may be terminated by the Custodian by an instrument in
writing delivered or mailed, postage prepaid, to the Issuer and the Indenture
Trustee (with a copy to the Rating Agencies), such termination to take effect
not sooner than (i) thirty (30) days after the date of such delivery or mailing
if Wilmington Trust Company is being replaced as Indenture Trustee under the
Indenture, or (ii) ninety (90) days after the date of such delivery or mailing;
provided, however, that until a successor custodian shall have been appointed
and the Custodian shall have transferred the Property as provided below to such
successor custodian, this Agreement shall continue in full force and effect.
If such successor custodian is not appointed by the Issuer within ninety (90)
days of the delivery by the Custodian of its notice of termination of this
Agreement, the Indenture Trustee acting alone shall designate such successor
custodian, in writing delivered to the Issuer and the Custodian, selected from
among the ten largest commercial banks (in terms of deposit) in New York City
or in accordance with the directions of a final order or judgment of a court of
competent jurisdiction. If a successor custodian shall be appointed as herein
provided upon termination of this Agreement, the Custodian shall transfer all
Property to the designated account of the successor custodian physically or in
the appropriate book-entry system, if feasible, and thereupon the Custodian
shall be discharged from any and all further responsibility hereunder.

     22. Assignments. The Custodian acknowledges that the Issuer’s rights
under this Agreement have been pledged to the Indenture Trustee in its capacity
as Indenture Trustee as security for the obligations of the Issuer described as
secured obligations in the Indenture. From and after the date on which the
Custodian receives a Notice of Exclusive Control, the Custodian agrees to
perform its duties hereunder for the benefit of the Indenture Trustee and its
successors and assigns and agrees that it will only accept instructions from
the Indenture Trustee. Except as otherwise provided in the first sentence of
this Section, this Agreement shall not be assignable by any party, except as
otherwise provided in this Agreement (in which case, the assigning party agrees
to provide notice to S&P and the S&P Condition shall have been satisfied), but
shall bind the successors in interest of the Issuer and the Custodian.

     23. Location of Custodian. Regardless of any provision in any such
agreement, the State of New York shall be deemed to be Custodian’s location for
the purposes of this Agreement and the perfection and priority of the Indenture
Trustee’s security interest in the Accounts and the Financial Assets and other
Property credited thereto.

     24. Governing Law.

     (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

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NEW YORK (INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS
LAW, BUT WITHOUT REGARD TO ANY OTHER CONFLICT OF LAW PROVISIONS THEREOF) AND
ANY APPLICABLE LAWS OF THE UNITED STATES OF AMERICA.

     (b) EACH PARTY HERETO HEREBY CONSENTS AND AGREES THAT THE STATE OR FEDERAL
COURTS LOCATED IN THE BOROUGH OF MANHATTAN IN NEW YORK CITY SHALL HAVE
EXCLUSIVE JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN
THEM PERTAINING TO THIS AGREEMENT OR TO ANY MATTER ARISING OUT OF OR RELATING
TO THIS AGREEMENT; PROVIDED, THAT EACH PARTY HERETO ACKNOWLEDGES THAT ANY
APPEALS FROM THOSE COURTS MAY HAVE TO BE HEARD BY A COURT LOCATED OUTSIDE OF
THE BOROUGH OF MANHATTAN IN NEW YORK CITY. 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 19 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.

     (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.

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

     26. Entire Agreement. This Agreement, together with all Schedules and
Exhibits attached hereto, contain the entire agreement between the parties
relating to the subject matter hereof and supersedes any oral statements and
prior writings with respect thereto.

     27. Headings. The headings of the Sections hereof are included for
convenience of reference only and do not form a part of this Agreement.

     28. Counterparts. This Agreement may be executed in any number of
counterparts, each of which when so executed shall be deemed an original, but
all such counterparts shall together constitute but one and the same
instrument.

     29. Agents. The Custodian hereby acknowledges that it has been advised
that any agent of the Issuer may act on behalf of the Issuer hereunder for
purposes of all consents, amendments, waivers and other actions permitted or
required to be taken, delivered or performed by the Issuer, and the Indenture
Trustee agrees that any such action taken by an agent on behalf of the Issuer
shall satisfy the Issuer’s obligations hereunder.

     30. Limitation of Liability. Notwithstanding any other provision herein
or elsewhere, this Agreement has been executed and delivered by The Bank of New
York (Delaware), not in its individual capacity, but solely in its capacity as
Trustee of the Issuer, in no event shall The Bank of New York (Delaware) in its
individual capacity have any liability in respect of the representations,
warranties, or obligations of the Issuer hereunder or under any other document,
as to all of which recourse shall be had solely to the assets of the Issuer,
and for all purposes of this Agreement and each other document, the Trustee (as
such or in its individual capacity) shall be subject to, and entitled to the
benefits of, the terms and provisions of the Trust Agreement.

[SIGNATURES FOLLOW]

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     IN WITNESS WHEREOF, each of the parties has caused its duly authorized
signatories to execute this Agreement as of the date first written above.

	 	 	 	 	 
	 	 	WILMINGTON TRUST COMPANY,

  as Custodian
	 
	 	 	 	 
	

	 	By:
	 	/s/ Rosemary Kennard
	

	 	 	 	Name: Rosemary Kennard
	

	 	 	 	Title: Asst. Vice President

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S-1

 

	 	 	 	 	 
	 	 	GE DEALER FLOORPLAN
MASTER NOTE 
TRUST, as
Issuer
	 
	 	 	 	 
	 	 	By: The Bank of New York (Delaware), not in
its individual capacity, but solely as
Trustee
	 
	 	 	 	 
	

	 	By:
	 	/s/ Kristine K. Gullo
	

	 	 	 	Name: Kristine K. Gullo
	

	 	 	 	Title: Asst. Vice President

Custody and Control Agreement

S-2

 

	 	 	 	 	 
	 	 	WILMINGTON TRUST COMPANY,

  as Indenture Trustee
	 
	 	 	 	 
	

	 	By:
	 	/s/ Rosemary Kennard
	

	 	 	 	Name: Rosemary Kennard
	

	 	 	 	Title: Asst. Vice President

Custody and Control Agreement

S-3

 

EXHIBIT A

INDENTURE TRUSTEE’S NOTICE OF EXCLUSIVE CONTROL

                                           , 200    

	 	 	 
	TO:

	 	Wilmington Trust Company
	

	 	1100 N. Market Street
	

	 	Wilmington, DE 19890
	

	 	Attention:                                                          
	

	 	Re:     Notice of Exclusive Control – [                   ] Account No. [                   ]

Dear Sirs:

     Pursuant to the provisions of the Custody and Control Agreement (the
“Agreement”), dated as of August 12, 2004, among the undersigned as Indenture
Trustee, GE Dealer Floorplan Master Note Trust, as Issuer, and you as
Custodian, the undersigned hereby gives notice of the exercise of exclusive
control over the [ACCOUNT/ACCOUNT NO.]. Subject to the provisions of the
Agreement, you are hereby instructed to transfer and credit on your books and
records all Property in the [ACCOUNT/ACCOUNT NO.] [to an account in the name of
the undersigned as the Entitlement Holder].

     In accordance with the Agreement, you are hereby notified to cease
complying with Entitlement Orders or other directions concerning the
[ACCOUNT/ACCOUNT NO.] or the Financial Assets [and other Property] therein
originated by the Issuer or its representatives.

Custody and Control Agreement

A-1

 

     All capitalized terms used herein without definition have the same
meanings as are ascribed to such terms in the Agreement.

	 	 	 
	

	 	Very truly yours,
	 
	 	 
	

	 	WILMINGTON TRUST COMPANY, as
	

	 	Indenture Trustee
	 
	 	 
	

	 	By:                                                          
	

	 	Name:                                                          
	

	 	Title:                                                          

Custody and Control Agreement

A-2

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