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General Electric Capital Corporation - page 36 / 48

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36 / 48

DESCRIPTION OF WARRANTS

General

We may issue warrants to purchase debt securities under this prospectus either alone or together with debt securities. In addition to this summary, you should refer to the detailed provisions of the speciÑc warrant agreement for complete terms of the warrants and the warrant agreement. Each warrant agreement will be between GECC and a banking institution organized under the laws of the United States or a state. A form of warrant agreement was Ñled as an exhibit to the Registration Statement.

The warrants will be evidenced by warrant certiÑcates. Unless otherwise speciÑed in the prospectus supplement, the warrant certiÑcates may be traded separately from the debt securities, if any, with which the warrant certiÑcates were issued. Warrant certiÑcates may be exchanged for new warrant certiÑcates of diÅerent denominations at the oÇce of an agent that we will appoint. Until a warrant is exercised, the holder of a warrant does not have any of the rights of a debtholder and is not entitled to any payments on any debt securities issuable upon exercise of the warrants.

We may issue warrants in one or more series. The prospectus supplement accompanying this prospectus relating to the particular series of warrants will contain terms of the warrants, including:

‚ the title and the aggregate number of warrants; ‚ the debt securities for which each warrant is exercisable; ‚ the date or dates on which such warrants will expire; ‚ the price or prices at which such warrants are exercisable; ‚ the currency or currencies in which such warrants are exercisable; ‚ the periods during which and places at which such warrants are exercisable; ‚ the terms of any mandatory or optional call provisions;

‚ the price or prices, if any, at which the warrants may be redeemed at the option of the holder or will be redeemed upon expiration;

‚ the identity of the warrant agent; and ‚ the exchanges, if any, on which such warrants may be listed.

Exercise of Warrants

You may exercise warrants by payment to our warrant agent of the exercise price, in each case in such currency or currencies as are speciÑed in the warrant, and giving your identity and the number of warrants to be exercised. Once you pay our warrant agent and deliver the properly completed and executed warrant certiÑcate to our warrant agent at the speciÑed oÇce, our warrant agent will, as soon as practicable, forward notes to you in authorized denominations. If you exercise less than all of the warrants evidenced by your warrant certiÑcate, you will be issued a new warrant certiÑcate for the remaining amount of warrants.

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