LIMITED LIABILITY COMPANY AGREEMENT
(A DELAWARE LIMITED LIABILITY COMPANY)
Dated as of [●] [●], 201[●]
LIMITED LIABILITY COMPANY
AGREEMENT dated as of [●] [●], 201[●], adopted by GECB Equipment Funding, LLC, as a member (the “Initial
The Initial Member desires
to form a limited liability company under the Delaware Limited Liability Company Act (currently Chapter 18 of Title 6 of the Delaware
Code), as amended from time to time (the “Act”).
Accordingly, the Initial
Member hereby adopts the following as the “Limited Liability Company Agreement” of the Company within the meaning
of Section 18-101(7) of the Act.
1.1 Definitions. Capitalized terms used in this Agreement and not otherwise defined herein shall have the meanings
assigned to such terms in the “Definitions Addendum” attached to this Agreement and incorporated herein and
shall otherwise have the meanings assigned to such terms in the Act.
2.1 Formation. The Company was formed as a limited liability company pursuant to the provisions of the Act on [●]
[●], 201[●] by the filing of the Certificate of Formation, substantially in the form of Exhibit A, with
the office of the Secretary of State of Delaware. The Initial Member hereby adopts, confirms and ratifies said Certificate of Formation
and all acts taken in connection therewith. [●] is hereby designated as an “authorized person” within the meaning
of the Act, and has executed, delivered and filed the Certificate of Formation of the Company with the Secretary of State of the
State of Delaware. Upon the filing of the Certificate of Formation with the Secretary of State of the State of Delaware, his powers
as an “authorized person” ceased, and the Member thereupon became the designated “authorized person” and
shall continue as the designated “authorized person” within the meaning of the Act. The Member shall execute, deliver
and file any other certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do
business in any other jurisdiction in which the Company may wish to conduct business. The existence of the Company as a separate
legal entity shall continue until cancellation of the Certificate of Formation as provided in the Act.
3.1 Name. The name of the Company is [●].
4.1 Purpose and Limitations on Activities. The Company shall limit its purposes and activities to (i) the issuance
and sale of Membership Interests, on the terms and conditions set forth herein; (ii) acquiring (through purchase or otherwise)
from GECB Equipment Funding, LLC or any of its subsidiaries or affiliates (collectively, the “Seller”), holding,
servicing, transferring and pledging equipment loan and lease receivables, the related equipment and any related rights, documents,
assets, and interests (“Assets”); (iii) entering into any agreement providing for the acquisition, sale, financing,
servicing, managing, hedging or transfer of the Assets or interests in the Assets; (iv) retaining or reacquiring an interest in
the Assets; (v) lending or otherwise investing proceeds from Assets and any other income; and (vi) any purposes and activities
necessary, convenient or incidental to the conduct, promotion or attainment of the business purposes and activities of the Company
as set forth in clauses (i) through (v) above; provided, that, in connection with the permitted activities
specified above, the purpose and activities of the Company shall be further limited as follows:
(vii) the servicing
and the managing of assets held by the Company shall be conducted in a manner that is consistent with the servicing agreement to
which the Company shall become a party coincident with the initial transfer of assets from the Seller (the “Servicing
(viii) the Company
may sell or assign assets only as specified in the Servicing Agreement; and
(ix) the Company may
enter into derivative contracts or xxxxxx that have the following characteristics: (a) are interest rate swap arrangements, (b)
have a fair value at inception of zero, and (c) commence on a date within two (2) days of the effective date of the receipt by
the Company of assets transferred to it from the Seller.
4.2 Authority. The Company, by or through the Member, or any Manager on behalf of the Company, may enter into and
perform under the Indenture, Transaction Documents and all documents, agreements, certificates, or financing statements contemplated
thereby or related thereto, together with any amendments or supplements thereto, all without any further act, vote or approval
of any other Person notwithstanding any other provision of this Agreement, the Act or applicable law, rule or regulation. The foregoing
authorization shall not be deemed a restriction on the powers of any Member or any Manager to enter into other agreements on behalf
of the Company.
5.1 Registered Office; Other Offices. The address of the registered office of the Company in the State of Delaware
is c/o [●], [●]. The Manager may establish other offices of the Company at such locations within or outside the
State of Delaware as the Initial Member may determine.
6.1 Registered Agent. The name and address of the registered agent of the Company for service of process on the Company
in the State of Delaware is [●], [●].
7.1 Admission of Members. (a) By execution of this Agreement, the Initial Member is hereby admitted as a Member of
the Company and shall have a Membership Interest in the Company including, without limitation, such rights in and to the profits
and losses of the Company and rights to receive distributions of the Company’s assets, and such other rights and obligations,
as provided herein.
(b) Without the consent
of any Member or other Person, the Manager may cause the Company to issue additional Membership Interests and thereby admit a new
Member or new Members, as the case may be, to the Company, only if such new Member (i) has delivered to the Initial Member its
capital contribution, (ii) has agreed in writing to be bound by the terms of this Agreement by becoming a party hereto and (iii)
has delivered such additional documentation as the Initial Member shall reasonably require to so admit such new Member to the Company.
7.2 Initial Member. The name and the address of the Initial Member of the Company is as follows:
GECB Equipment Funding, LLC
0000 Xxxxxxxx Xxxxx
Xxxx Xxxx Xxxx, Xxxx 00000
8.1 Management. Subject to Section 16.1, management of the Company is initially vested in the Initial Member.
The Initial Member shall be a “manager” within the meaning of the Act (a “Manager”) until such time
as the Initial Member appoints one or more Managers to replace the Initial Member in its capacity as manager of the Company. Each
Manager shall perform duties, on behalf of the Company as Manager as set forth in this Agreement and in the Act and may enter into
contracts with Persons on behalf of the Company and engage in activities on behalf of the Company, including issuing, delivering
and executing contracts, agreements and other documents in connection therewith, in each case in accordance with Section 4.1.
8.2 Managers to Provide Information to the Initial Member. It shall be the duty of each Manager, to keep the Initial
Member reasonably informed as to material events relating to the Company, including, without limitation, all claims pending or
threatened against the Company and the execution by such Manager on behalf of the Company of any material agreements or instruments.
8.3 Accounting and Tax Reports; Tax Matters. The Manager shall: (i) maintain (or cause to be maintained) the
books of the Company on a calendar year basis on the accrual method of accounting, (ii) deliver to each Member, as may be required
by the Code and applicable Treasury Regulations, such information as may be required to enable each Member to prepare its federal,
state and local income tax returns, (iii) file such tax returns relating to the Company, and make such elections as may from time
to time be required or appropriate under any applicable state or federal statute or rule or regulation thereunder so as to prevent
the Company from being characterized as an entity treated as a corporation under Section 301.7701-3 of the Treasury Regulations
for federal income tax purposes, (iv) cause such tax returns to be signed in the manner required by law and (v) collect or cause
to be collected any withholding tax with respect to income or distributions to Members.
9.1 Initial Capital Contributions. The initial cash capital contribution to be made by the Initial Member promptly
hereafter is $10,000.
10.1 Additional Contributions. The Members shall have no obligation to make any additional capital contribution to
the Company after the date hereof, but the Initial Member may elect to do so from time to time.
11.1 Distributions. Distributions shall be made to the Members at the times and in the aggregate amounts determined
by the Manager, subject to the limitations of the Act or other applicable laws.
11.2 Distribution upon Withdrawal. Upon withdrawal, any withdrawing Member shall not be entitled to receive any distribution
and shall not otherwise be entitled to receive the fair market value of its Membership Interest.
12.1 Transfers. (a) A Member other than the Initial Member may not Transfer any part of its Membership Interest without
(i) the prior written consent of the Initial Member, such consent not to be unreasonably withheld, and (ii) an opinion of
a nationally recognized tax counsel experienced in such matters to the effect that such transfer will not cause the Company to
be treated as a publicly traded partnership within the meaning of Section 7704 of the Code. Any purported Transfer of any Membership
Interest in contravention of this Section 12.1 shall, to the fullest extent permitted by law, be null and void and
of no force or effect whatsoever. No purchase or transfer of a Membership Interest shall be made by or to a Benefit Plan Investor,
no purchase or transfer of a Membership Interest by or to a Benefit Plan Investor will be effective, and neither the Company nor
the Initial Member will recognize any such purchase or transfer. In addition, no purchase or transfer will be effective if it would
cause the Company to (x) be classified as an association (or publicly traded partnership) taxable as a corporation for U.S.
federal income tax purposes or (y) be required to withhold on the transferee’s distributions or distributive shares
of income under Sections 871, 881 or 1446 of the Code, and neither the Manager nor the Company will recognize any purchase or transfer
giving rise to such classification or withholding.
(b) The Initial Member
shall admit a transferee of a Member’s Membership Interest to the Company only if such transferee (i) has agreed in writing
to be bound by the terms of this Agreement by becoming a party hereto and (ii) has delivered such additional documentation as the
Initial Member shall reasonably require to so admit such transferee to the Company. Notwithstanding anything contained herein to
the contrary, both the Company and the Initial Member shall be entitled to treat the transferee of a Membership Interest as the
absolute owner thereof in all respects, and shall incur no liability for distributions of cash or other property made in good faith
to it, until such time as a written assignment or other evidence of the consummation of a Transfer that conforms to the requirements
of this Section 12.1 and is reasonably satisfactory to the Initial Member has been received by the Company. The effective
date of any Transfer permitted under this Agreement shall be the close of business on the day of receipt thereof by the Company.
12.2 Restrictions on Expulsion. No Member shall be expelled as a Member under any circumstances.
13.1 Liability of Members. Except as required by the Act, no Member or any Manager, agent, shareholder, director,
employee or incorporator of any Member solely by reason of its capacity as such will be liable for the debts, obligations and liabilities
of the Company, whether arising in contract, tort or otherwise, which debts, obligations and liabilities shall be solely the debts,
obligations and liabilities of the Company or such other Member, as applicable.
14.1 Exculpation and Indemnification of Members and Managers. (a) No Indemnified Party shall be liable
to the Company or any Member for any loss, damage or claim incurred by reason of any act performed or any act omitted by such
Indemnified Party in connection with any matter arising from, or related to, or in connection with this Agreement or the Company’s
business or affairs; provided, however, that the foregoing shall not eliminate or limit the liability of any Indemnified
Party if a judgment or other final adjudication adverse to the Indemnified Party establishes (i) that the Indemnified Party’s
acts or omissions were in bad faith or involved intentional misconduct or a knowing violation of law or (ii) that the Indemnified
Party personally gained in fact a financial profit or other advantage to which the Indemnified Party was not legally entitled.
(b) The Company shall,
to the fullest extent permitted by the Act, indemnify and hold harmless, and advance expenses to, each Indemnified Party against
any losses, claims, damages or liabilities to which the Indemnified Party may become subject in connection with any matter arising
from, related to, or in connection with, this Agreement or the Company’s business or affairs; provided, however,
that no indemnification may be made to or on behalf of any Indemnified Party (and expenses advanced shall be returned) if a judgment
or other final adjudication adverse to the Indemnified Party establishes (i) that the Indemnified Party’s acts or omissions
were committed in bad faith or involved intentional misconduct as a knowing violation of law or (ii) that the Indemnified
Party personally gained in fact a financial profit or other advantage to which the Indemnified Party was not legally entitled.
anything else contained in this Agreement, the indemnity obligations of the Company under paragraph (b) above shall:
(i) be in
addition to any liability that the Company may otherwise have;
to the benefit of the successors, assigns, heirs and personal representatives of each Indemnified Party; and
limited to the assets of the Company.
(d) This Article
XIV shall survive any termination of this Agreement and the dissolution of the Company.
15.1 Duration and Dissolution. The Company shall be dissolved and its affairs shall be wound up upon the affirmative
vote or written consent of the Initial Member or as otherwise required by the Act.
16.1 Bankruptcy. Except by the unanimous consent of all Members, and Managers, the Company shall not file a voluntary
petition in bankruptcy or otherwise seek relief under Title 11 of the United States Code or any successor statute thereto, or under
any similar applicable state law.
16.2 Amendments. (a) Except as is otherwise set forth in clause (b) below, this Agreement may be amended
only if all the Members execute and deliver a written instrument with respect to such modification, alteration, supplement or amendment;
provided, that so long as any rated debt obligation of the Company is outstanding, the Rating Agency Condition is satisfied.
(b) This Agreement
may be modified, altered, supplemented or amended without satisfying the requirement of clause (a) above (i) to cure any ambiguity
or (ii) to convert or supplement any provision herein in a manner consistent with the intent of this Agreement and other Transaction
16.3 Headings. The titles of Sections of this Agreement are for convenience or reference only and shall not define
or limit any of the provisions of this Agreement.
16.4 GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF
THE STATE OF DELAWARE, WITHOUT GIVING EFFECT TO CONFLICTS OF LAW PRINCIPLES THEREOF.
16.5 Severability of Provisions. Each provision of this Agreement shall be considered severable and if for any reason
any provision or provisions herein are determined to be invalid, unenforceable or illegal under any existing or future law, such
invalidity, unenforceability or illegality shall not impair the operation of or affect those portions of this Agreement which are
valid, enforceable and legal.
16.6 Further Assurances. The Initial Member shall execute and deliver such further instruments and do such further
acts and things as may be required to carry out the intent and purposes of this Agreement.
16.7 Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed an
original of this Agreement. Executed counterparts may be delivered electronically.
16.8 Assignment; Third Party Beneficiaries. The parties hereto acknowledge and agree that the rights of the Company
under this Agreement may be pledged from time to time by the Company to creditors of the Company to secure the Company’s
obligations to such creditors. Nothing in this Agreement whether express or implied, shall be construed to give to any other Person
(other than a party hereto or an Indemnified Party) any legal or equitable right, remedy or claim under or in respect of this
Agreement or any covenants, conditions or provisions contained herein.
16.9 Effectiveness. Notwithstanding any other provision of this Agreement, each Member agrees that this Agreement
constitutes a legal, valid and binding agreement of such Member, and is enforceable against such Member, in accordance with its
IN WITNESS WHEREOF, the
undersigned, intending to be legally bound hereby, has duly executed this Agreement as of the date first above written.
LIMITED LIABILITY COMPANY AGREEMENT
is defined in the Preliminary Statement.
means, with respect to any Person, any Person or group of Persons acting in concert in respect of the Person in question that,
directly or indirectly, controls or is controlled by or is under common control with such Person. For the purposes of this definition,
“control” (including, with correlative meaning, the terms “controlled by” and “under common control
with”) as used with respect to any Person or group of Persons, shall mean the power to direct or cause the direction of the
management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise.
means this Limited Liability Company Agreement, as amended from time to time.
is defined in Section 4.1.
Investor” means an “employee benefit plan” within the meaning of Section 3(3) of ERISA (which is subject
to Title I of ERISA), a “plan” described in Section 4975(e)(1) of the Code (which is subject to Section 4975 of
the Code), or any entity deemed to hold “plan assets” of any of the foregoing by reason of investment by an “employee
benefit plan” or “plan” in the entity.
means any day that is not a Saturday, Sunday or a day on which banks are required or permitted to be closed in the State of New
York or the State of Connecticut.
of Formation” means the Certificate of Formation of the Company, as filed with the Secretary of State of the State
of Delaware on [●] [●], 201[●], or as amended, restated and supplemented, from time to time.
means the Internal Revenue Code of 1986, as amended from time to time, and Treasury Regulations promulgated thereunder.
means [●], a Delaware limited liability company.
Date” means the 22nd day of each calendar month, or, if such day is not a Business Day, the next Business Day, commencing
on [●] [●], 201[●].
means the Employee Retirement Income Security Act of 1974, as amended from time to time and any regulations promulgated thereunder.
Party” means a Member, Manager, employee, organizer or agent of the Company or any officer, agent, shareholder, director,
employee or incorporator of the Initial Member.
means the Indenture, dated [●] [●], 201[●], between the Company and the Indenture Trustee, as the same may be
amended and supplemented from time to time.
means [●], not in its individual capacity but solely as indenture trustee under the Indenture, or any successor indenture
trustee under the Indenture.
has the meaning assigned in the preamble.
is defined in Section 8.1.
means the Initial Member and any Person that is admitted as a member of the Company, in each case for so long as such Person continues
to be a member of the Company, in such Person’s capacity as a member of the Company.
Interest” means the entire limited liability company interest of a Member in the Company at any particular time, including
the right of a Member to any and all benefits to which a Member may be entitled as provided in this Agreement, together with the
obligations of such Member to comply with all the terms and provisions of this Agreement. A Membership Interest may be represented
by a certificate.
means an individual, partnership, corporation, trust (including a business trust), limited liability company, joint stock company,
association, joint venture, government or any agency or political subdivision thereof or any other entity of whatever nature.
Condition” means, for so long as such entity is rating any class of notes issued by the Company, with respect to any
action, that [(i) Xxxxx’x Investors Service, Inc. shall have been given at least 10 Business Days’ prior notice thereof
and shall have not notified the Company and the Indenture Trustee that such action will result in a reduction or withdrawal of
the then current rating of any class of the notes, and (ii) Fitch Inc. shall have been given at least 10 Business Days’
prior notice thereof].
is defined in Section 4.1.
means the Servicing Agreement, dated as of [●] [●], 201[●], between the Company and General Electric Capital
Corporation, as servicer.
Documents” means this Agreement, the Related Documents as defined in the Indenture and all documents and certificates
contemplated thereby or delivered in connection therewith.
means, (i) as a noun, any transfer, sale, assignment, exchange, charge, pledge, gift, hypothecation, conveyance, encumbrance
or other disposition whether direct or indirect, voluntary or involuntary, by operation of law or otherwise and, (ii) as a
verb, directly or indirectly, voluntarily or involuntarily, by operation of law or otherwise, to transfer, sell, assign, exchange,
charge, pledge, give, hypothecate, convey, encumber or otherwise dispose of.
means regulations, including proposed or temporary regulations, promulgated under the Code.
CERTIFICATE OF FORMATION
This Certificate of
Formation of [●], dated as of [●] [●], 201[●], has been duly executed and is being filed by [●],
as an authorized person, to form a limited liability company under the Delaware Limited Liability Company Act (6 Del.C.§18-101,
|1.||The name of the limited liability company [●] (the “LLC”).|
|2.||The address of the registered office of the LLC in the State of Delaware is [●]. The name
of the registered agent of the LLC at such address is [●].|
|3.||This Certificate of Formation shall be effective as of its filing.|
IN WITNESS WHEREOF,
the undersigned has executed this Certificate of Formation of the LLC this [●] day of [●], 201[●].