Series 2011-1 Supplement, dated December 29, 2011



 Exhibit 10.38 
 ZIPCAR VEHICLE FINANCING LLC, 
 as Issuer 

and 
 DEUTSCHE
BANK TRUST COMPANY AMERICAS, 
 as Trustee and Securities Intermediary 

 
  

SERIES 2011-1 SUPPLEMENT 
 dated as of December 29, 2011 
 to 

AMENDED AND RESTATED 
 BASE INDENTURE 
 dated as of May 11, 2011 

 
  

$50,000,000 Series 2011-1 Variable Funding Car Sharing Asset Backed Notes 







 TABLE OF CONTENT 

 

									
	 	 	 	 	 	  	Page	 
		
	Article I DEFINITIONS	  	 	1	  
		
	Article II INITIAL ISSUANCE AND INCREASES AND DECREASES OF PRINCIPAL AMOUNT OF SERIES 2011-1 NOTES	  	 	31	  
				
		 	Section 2.1.	 	Initial Issuance; Procedure for Increasing the Series 2011-1 Principal Amount	  	 	31	  
				
		 	Section 2.2.	 	Procedure for Decreasing the Series 2011-1 Principal Amount	  	 	33	  
		
	Article III SERIES 2011-1 ALLOCATIONS	  	 	35	  
				
		 	Section 3.1.	 	Series 2011-1 Series Accounts	  	 	35	  
				
		 	Section 3.2.	 	Allocations with Respect to the Series 2011-1 Notes	  	 	36	  
				
		 	Section 3.3.	 	Application of Interest Collections	  	 	40	  
				
		 	Section 3.4.	 	Payment of Note Interest	  	 	43	  
				
		 	Section 3.5.	 	Payment of Note Principal	  	 	43	  
				
		 	Section 3.6.	 	Payment by Wire Transfer	  	 	49	  
				
		 	Section 3.7.	 	The Administrator’s Failure to Instruct the Trustee to Make a Deposit or Payment	  	 	49	  
				
		 	Section 3.8.	 	Series 2011-1 Reserve Account	  	 	49	  
				
		 	Section 3.9.	 	Series 2011-1 Letters of Credit and Series 2011-1 Cash Collateral Accounts	  	 	51	  
				
		 	Section 3.10.	 	Series 2011-1 Distribution Account	  	 	55	  
				
		 	Section 3.11.	 	Trustee as Securities Intermediary	  	 	56	  
				
		 	Section 3.12.	 	Series 2011-1 Interest Rate Caps	  	 	58	  
				
		 	Section 3.13.	 	Series 2011-1 Demand Note Constitutes Additional Collateral for Series 2011-1 Notes	  	 	59	  
		
	Article IV AMORTIZATION EVENTS	  	 	60	  
		
	Article V FORM OF SERIES 2011-1 NOTES	  	 	63	  
				
		 	Section 5.1.	 	Issuance of Series 2011-1 Notes	  	 	63	  
				
		 	Section 5.2.	 	Transfer of Series 2011-1 Notes	  	 	64	  
		
	Article VI GENERAL	  	 	65	  
				
		 	Section 6.1.	 	Optional Redemption of the Series 2011-1 Notes	  	 	65	  
				
		 	Section 6.2.	 	Information	  	 	66	  
				
		 	Section 6.3.	 	Exhibits	  	 	68	  
				
		 	Section 6.4.	 	Ratification of Base Indenture	  	 	69	  


  
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 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	 	 	  	Page
				
		 	Section 6.5.	 	Third Party Beneficiary	  	69
				
		 	Section 6.6.	 	Counterparts	  	69
				
		 	Section 6.7.	 	Governing Law	  	69
				
		 	Section 6.8.	 	Amendments	  	69
				
		 	Section 6.9.	 	Covenant Regarding Affiliate Issuers	  	70
				
		 	Section 6.10.	 	Annual Security Interest Opinions	  	70
				
		 	Section 6.11.	 	Termination of Series Supplement	  	70
				
		 	Section 6.12.	 	Discharge of Indenture	  	70
				
		 	Section 6.13.	 	Replacement Notes	  	71
				
		 	Section 6.14.	 	Patriot Act	  	71
				
		 	Section 6.15.	 	Trustee Protections	  	71
				
		 	Section 6.16.	 	Waiver of Jury Trial	  	71


  
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 EXHIBITS 
  

			
	Exhibit A:	  	Form of Series 2011-1 Variable Funding Car Sharing Asset Backed Notes
	Exhibit B:	  	Form of Series 2011-1 Letter of Credit
	Exhibit C:	  	Form of Lease Payment Deficit Notice
	Exhibit D:	  	Form of Series 2011-1 Letter of Credit Reduction Notice
	Exhibit E:	  	Form of Purchaser’s Letter
	Exhibit F:	  	Form of Monthly Noteholders’ Statement
	Exhibit G-1:	  	Form of Demand Notice
	Exhibit G-2:	  	Form of Series 2011-1 Demand Note
	Exhibit H:	  	Form of Estimated Interest Adjustment Notice
	Exhibit I:	  	Form of Transferee Certificate for Transfers of Series 2011-1 Notes








 SERIES 2011-1 SUPPLEMENT dated as of December 29, 2011 (“Series
Supplement”) between ZIPCAR VEHICLE FINANCING LLC, a special purpose limited liability company established under the laws of Delaware (“ZVF”), and DEUTSCHE BANK TRUST COMPANY AMERICAS, a New York banking corporation, as
trustee (together with its successors in trust thereunder as provided in the Base Indenture referred to below, the “Trustee”), and as a bank and as securities intermediary, to the Amended and Restated Base Indenture, dated as of
May 11, 2011, between ZVF and the Trustee (as amended, modified or supplemented from time to time, exclusive of Series Supplements, the “Base Indenture”). 
 PRELIMINARY STATEMENT 
 WHEREAS, Sections 2.2 and 12.1 of the Base
Indenture provide, among other things, that ZVF and the Trustee may at any time and from time to time enter into a supplement to the Base Indenture for the purpose of authorizing the issuance of one or more Series of Notes. 

NOW, THEREFORE, the parties hereto agree as follows: 
 DESIGNATION 
 There is hereby created a Series of Notes to be issued
pursuant to the Base Indenture and this Series Supplement and such Series of Notes shall be designated as Series 2011-1 Variable Funding Car Sharing Asset Backed Notes. On the Series 2011-1 Closing Date, one class of Series 2011-1 Variable Funding
Car Sharing Asset Backed Notes shall be issued, and be referred to herein as the “Series 2011-1 Notes”. 

ARTICLE I 

DEFINITIONS 
 (a) All capitalized terms not otherwise defined herein shall have the meanings assigned thereto in the Definitions List attached to the Base Indenture as Schedule I thereto, as amended,
modified, restated or supplemented from time to time in accordance with the terms of the Base Indenture or the Series 2011-1 Note Purchase Agreement; provided, however, that to the extent any capitalized term used but not defined
herein has a meaning assigned to such term in both the Definitions List attached to the Base Indenture as Schedule I thereto and the Series 2011-1 Note Purchase Agreement, then the meaning given to such term in the Series 2011-1 Note Purchase
Agreement shall apply; provided, further, that to the extent any capitalized term defined herein also has a meaning assigned to such term in the Definitions List attached to the Base Indenture, the meaning given to such term herein
shall apply. All Article, Section or Subsection references herein shall refer to Articles, Sections or Subsections of the Base Indenture, except as otherwise provided herein. Unless otherwise stated herein, as the context otherwise requires or if
such term is otherwise defined in the Base Indenture, each capitalized term used or defined herein shall relate only to the Series 2011-1 Notes and not to any other Series of Indenture Notes issued by ZVF. All references herein to the “Series
2011-1 Supplement” shall mean the Base Indenture, as supplemented hereby. 







 (b) The following words and phrases shall have the following meanings with respect to the
Series 2011-1 Notes (whether such words and phrases are used in this Series Supplement, the Base Indenture or any other Related Document) and the definitions of such terms are applicable to the singular as well as the plural form of such terms and
to the masculine as well as the feminine and neuter genders of such terms: 
 “Additional Series 2011-1 Notes”
has the meaning specified in Section 5.1 of this Series Supplement. 
 “Adjusted Aggregate Asset
Amount” means, as of any date of determination, the sum of (a) the Aggregate Asset Amount and (b) the sum of (1) the amount of cash and Permitted Investments on deposit in the Series 2011-1 Collection Account and available
for reduction of the Series 2011-1 Principal Amount and (2) the amount of cash and Permitted Investments on deposit in the Series 2011-1 Excess Collection Account (after giving effect to any withdrawals therefrom on such date in accordance with
Section 3.2(e) of this Series Supplement), in each case, on such date. 
 “Audi Amount” means, as
of any date of determination, an amount equal to the Manufacturer Vehicle Amount with respect to Audi as of such date. 

“Back-Up Administrator” has the meaning specified in the Back-Up Administration Agreement. 

“Back-Up Disposition Agent” has the meaning specified in the Back-Up Disposition Agent Agreement. 

“BMW/Mini Amount” means, as of any date of determination, an amount equal to the sum of the Manufacturer Vehicle Amounts
with respect to BMW and Mini as of such date. 
 “Capital Stock” means any and all shares, interests,
participations or other equivalents (however designated) of capital stock of a corporation, any and all equivalent ownership interests (including membership interests) in a Person (other than a corporation) and any and all warrants or options to
purchase any of the foregoing. 
 “Capped Category 2 Manufacturer Eligible Program Vehicle Percentage” means,
as of any date of determination, the lesser of (i) the Category 2 Manufacturer Program Vehicle Percentage as of such date and (ii) 10%. 
 “Category 1 Manufacturer” means, as of any date of determination, each Eligible Manufacturer who as of such date has both (i) a long-term unsecured debt rating of at least
“Baa2” from Moody’s and (ii) a long-term unsecured debt rating of at least “BBB” from Standard & Poor’s; provided, that if (a) the rating of a Manufacturer by Moody’s or
Standard & Poor’s is withdrawn by Moody’s or Standard & Poor’s or a Manufacturer is downgraded by Moody’s or Standard & Poor’s to a rating that would


  
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require the exclusion of such Manufacturer from this definition and (b) prior to such withdrawal or downgrade, as the case may be, such Manufacturer was a Category 1 Manufacturer, then such
Manufacturer shall be deemed to be a Category 1 Manufacturer for a period of thirty (30) days following the earlier of (i) the date on which any of the Administrator, ZVF or the Servicer obtains actual knowledge of such withdrawal or
downgrade and (ii) the date on which the Administrative Agent notifies the Servicer of such withdrawal or downgrade. 

“Category 1 Manufacturer Eligible Program Vehicle Amount” means, as of any date of determination, an amount equal to the
sum of the Manufacturer Eligible Program Vehicle Amounts with respect to each Category 1 Manufacturer as of such date. 

“Category 1 Manufacturer Eligible Program Vehicle Percentage” means, as of any date of determination, the percentage
equivalent of a fraction, the numerator of which is the Category 1 Manufacturer Eligible Program Vehicle Amount as of such date and the denominator of which is the excess of (A) the Aggregate Asset Amount over (B) the amount of cash and
Permitted Investments on deposit in the Collection Account as of such date. 
 “Category 2 Manufacturer” means,
as of any date of determination, each Eligible Manufacturer who as of such date has both (i) a long-term unsecured debt rating of at least “Baa3” from Moody’s and (ii) a long-term unsecured debt rating of at least
“BBB-” from Standard & Poors, but which does not have (i) a long-term unsecured debt rating of at least “Baa2” from Moody’s and (ii) a long-term unsecured debt rating of at least “BBB” from
Standard & Poor’s; provided that if (a) the rating of a Manufacturer by Moody’s or Standard & Poor’s is withdrawn or a Manufacturer is downgraded by Moody’s or Standard & Poor’s to a
rating that would require the exclusion of such Manufacturer from this definition and (b) prior to such withdrawal or downgrade, as the case may be, such Manufacturer was a Category 2 Manufacturer, then such Manufacturer shall be deemed to be a
Category 2 Manufacturer, for a period of thirty (30) days following the earlier of (i) the date on which any of the Administrator, ZVF or the Servicer obtains actual knowledge of such withdrawal or downgrade and (ii) the date on which
the Administrative Agent notifies the Servicer of such withdrawal or downgrade; provided further that any Manufacturer deemed to be a Category 1 Manufacturer pursuant to the proviso of the definition thereof shall not be a Category 2
Manufacturer. 
 “Category 2 Manufacturer Eligible Program Vehicle Amount” means, as of any date of
determination, an amount equal to the sum of the Manufacturer Eligible Program Vehicle Amounts with respect to each Category 2 Manufacturer as of such date. 
 “Category 2 Manufacturer Eligible Program Vehicle Percentage” means, as of any date of determination, the percentage equivalent of a fraction, the numerator of which is the Category 2
Manufacturer Eligible Program Vehicle Amount as of such date and the denominator of which is the excess of (A) the Aggregate Asset Amount over (B) the amount of cash and Permitted Investments on deposit in the Collection Account as of such
date. 

  
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 “Change of Control” means the occurrence of any of the following events:
(a) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act), shall be the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act) of shares of Voting
Stock having more than 35% of the total voting power of all the Voting Stock of Zipcar (for the purposes of this clause, such person or group shall be deemed to beneficially own any Voting Stock of Zipcar held by a parent entity, if such person or
group “beneficially owns” (as defined above), directly or indirectly, more than 35% of the voting power of the Voting Stock of such parent entity); (b) the Continuing Directors shall cease to constitute a majority of the members of
the Board of Directors of Zipcar, (c) the sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the assets of Zipcar to
any “person” (as such term is used in Section 13(d) and 14(d) of the Exchange Act) or (d) Zipcar shall cease to own directly 100% of the Capital Stock (including, without limitation, the Voting Stock) of ZVF. 

“Commercial Paper” means the promissory notes of each Series 2011-1 Noteholder issued by such Series 2011-1 Noteholder
in the commercial paper market and allocated to the funding of Advances. 
 “Committed Note Purchaser” has the
meaning specified in the Series 2011-1 Note Purchase Agreement. 
 “Committed Purchaser” means a special
purpose company or any other Person, including each Committed Note Purchaser, that has committed to purchase a Series of Notes from ZVF from time to time and that may finance such purchases with, among other things, the proceeds of commercial paper
notes. 
 “Continuing Directors” means the directors of Zipcar on the Series 2011-1 Closing Date and each
other director whose election or nomination for election to the board of directors of Zipcar is recommended by at least a majority of the then Continuing Directors. 
 “Corporate Debt Facility” shall mean each credit agreement, loan agreement, indenture or other agreement evidencing an obligation for borrowed money with respect to which Zipcar is
an obligor. 
 “CP Rate” has the meaning set forth in the Series 2011-1 Note Purchase Agreement.

 “Credit Support Annex” has the meaning set forth in Section 3.12(b) of this Series Supplement.

 “Daimler/Smart Amount” means, as of any date of determination, an amount equal to the sum of the
Manufacturer Vehicle Amounts with respect to Daimler and Smart as of such date. 

  
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 “Decrease” means a Mandatory Decrease or a Voluntary Decrease, as
applicable. 
 “Demand Notice” has the meaning specified in Section 3.5(b)(iii) of this Series
Supplement. 
 “Discounted MSRP” means, with respect to any ZVF Vehicle, the product of (i) 80% and
(ii) the applicable Manufacturer’s suggested retail price for the model class and model year of such ZVF Vehicle at the time such ZVF Vehicle is purchased by ZVF from the applicable Manufacturer or dealer. 

“Eligible Interest Rate Cap Provider” means a counterparty to a Series 2011-1 Interest Rate Cap that is a bank, other
financial institution or Person which satisfies the First Trigger Required Ratings (or whose present and future obligations under its Series 2011-1 Interest Rate Cap are guaranteed pursuant to a guarantee satisfying the requirements set forth in the
related Series 2011-1 Interest Rate Cap provided by a guarantor which satisfies the First Trigger Required Ratings) that is reasonably satisfactory to the Administrative Agent. 

“Eligible Manufacturer” means (a) any “Eligible Manufacturer” as defined in the Definitions List attached
to the Base Indenture as Schedule I thereto and (b) GM. 
 “Estimated Interest” has the meaning
specified in Section 3.3(a) of this Series Supplement. 
 “Estimated Interest Adjustment Amount”
means, with respect to any Determination Date, the result (whether a positive or negative number) of (i) the actual amount of Series 2011-1 Monthly Interest that accrued during the Estimated Interest Period which commenced on the immediately
preceding Determination Date minus (ii) the Estimated Interest with respect to such Estimated Interest Period. 

“Estimated Interest Adjustment Notice” has the meaning specified in Section 3.3(a) of this Series
Supplement. 
 “Estimated Interest Period” has the meaning specified in Section 3.3(a) of this
Series Supplement. 
 “Fiat/Alfa Romeo Amount” means, as of any date of determination, an amount equal to the
sum of the Manufacturer Vehicle Amounts with respect to Fiat and Alfa Romeo as of such date. 
 “First Trigger Required
Ratings” means, with respect to any entity, rating requirements which are satisfied where (x) (i) if such entity has a short-term, unsecured and unsubordinated debt obligation rating by Moody’s, such rating is
“Prime-1” and its long-term senior unsecured debt, deposit, claims paying or credit (as the case may be) rating is “A2” or above by Moody’s or (ii) if such entity does not have a short-term, unsecured and unsubordinated
debt obligation rating by Moody’s, its long-term senior unsecured debt, deposit, claims paying or credit (as the case may be) rating is “A1” or 

  
 5 








 
above by Moody’s and (y) (i) if such entity has a short-term, unsecured and unsubordinated debt obligation rating by Standard & Poor’s, such rating is “A-1”
and its long-term senior unsecured debt, deposit, claims paying or credit (as the case may be) rating is “A” or above by Standard & Poor’s or (ii) if such entity does not have a short-term, unsecured and unsubordinated
debt obligation rating by Standard & Poor’s, its long-term senior unsecured debt, deposit, claims paying or credit (as the case may be) rating is “A+” or above by Standard & Poor’s. 

“Financial Assets” has the meaning specified in Section 3.11(b)(i) of this Series Supplement. 

“Ford Amount” means, as of any date of determination, an amount equal to the Manufacturer Vehicle Amount with respect to
Ford as of such date. 
 “GM” means General Motors Company, a Delaware corporation, and its successors.

 “GM Amount” means, as of any date of determination, an amount equal to the Manufacturer Vehicle Amount with
respect to GM as of such date. 
 “Honda/Acura Amount” means, as of any date of determination, an amount equal
to the sum of the Manufacturer Vehicle Amounts with respect to Honda and Acura as of such date. 
 ‘Hyundai/Kia
Amount” means, as of any date of determination, an amount equal to the sum of the Manufacturer Vehicle Amounts with respect to Hyundai and Kia as of such date. 
 “Increase” has the meaning specified in Section 2.1(a) of this Series Supplement. 
 “Indenture Carrying Charges” means, as of any day, any fees or other costs, fees and expenses and indemnity amounts, if any, payable by ZVF to the Trustee, the Servicer, the Back-Up
Disposition Agent, the Administrator, the Back-Up Administrator, the Administrative Agent and the Series 2011-1 Noteholders under the Series 2011-1 Note Purchase Agreement (other than any Program Fee or any Undrawn Fee), plus any other operating
expenses of ZVF then payable by ZVF. 
 “Interest Rate Cap Provider” means ZVF’s counterparty under a
Series 2011-1 Interest Rate Cap. 
 “Lease Payment Deficit Notice” has the meaning specified in
Section 3.3(b) of this Series Supplement. 
 “Legal Final Payment Date” means the date that is six
(6) months after the Series 2011-1 Expected Final Payment Date. 

  
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 “Limited Liquidation Event of Default” means, so long as such event or
condition continues, (a) any event or condition of the type specified in Section 9.1(c) of the Base Indenture or clauses (a), (c), (d), (g), (h), (i), (j), (k), (m),
(p) or (r) of Article IV of this Series Supplement that continues for thirty (30) days (without double counting the cure period, if any, provided therein), or (b) any event or condition of the type specified
in clauses (b), (e), or (q) of Article IV of this Series Supplement. 
 “Mandatory
Decrease” has the meaning specified in Section 2.2(a) of this Series Supplement. 
 “Manufacturer
Eligible Program Vehicle Amount” means, as of any date of determination, with respect to any Manufacturer, an amount equal to the sum, rounded to the nearest $100,000, of the following amounts to the extent that such amounts are included in
the definition of “Aggregate Asset Amount” for such date: (i) the Net Book Value of all Eligible Program Vehicles that are Eligible Vehicles as of such date that were manufactured by such Manufacturer or an Affiliate thereof and not
turned in to and accepted by such Manufacturer pursuant to its Manufacturer Program, not delivered and accepted for Auction pursuant to its Manufacturer Program or not otherwise sold or deemed to be sold under the Related Documents, plus
(ii) the aggregate amount of Manufacturer Receivables (other than Excluded Payments) payable to ZVF as of such date by such Manufacturer with respect to Vehicles that were Eligible Vehicles and Eligible Program Vehicles when turned in to and
accepted by such Manufacturer or delivered and accepted for Auction, plus (iii) with respect to Eligible Vehicles that were Eligible Program Vehicles manufactured by such Manufacturer or an Affiliate thereof that have been turned in to
and accepted by such Manufacturer, delivered and accepted for Auction, otherwise sold or become a Casualty, any accrued and unpaid Casualty Payments or Termination Payments with respect to such Eligible Vehicles as of such date under the ZVF Lease,
plus (iv) with respect to Eligible Vehicles that were Eligible Program Vehicles manufactured by such Manufacturer or an Affiliate thereof that have been turned in to and accepted by such Manufacturer, delivered and accepted for Auction
or otherwise sold, any accrued and unpaid Monthly Base Rent with respect to such Eligible Vehicles as of such date under the ZVF Lease plus (v) with respect to Eligible Vehicles that were Eligible Program Vehicles sold by ZVF to a third
party pursuant to Section 2.5(a) of the ZVF Lease, any non-return incentives payable to ZVF under a Manufacturer Program by such Manufacturer in respect of the sale of such Vehicles outside of the related Manufacturer Program as of such date,
plus (vi) if such date is during the period from and including a Determination Date to but excluding the next Payment Date, accrued and unpaid Monthly Base Rent payable on the next Payment Date with respect to all Eligible Vehicles that
are Eligible Program Vehicles as of such date that were manufactured by such Manufacturer or an Affiliate thereof and that have not been turned in to and accepted by such Manufacturer pursuant to its Manufacturer Program, not been delivered and
accepted for Auction pursuant to its Manufacturer Program and not otherwise been sold or deemed to be sold under the Related Documents. For the purposes of this definition, an Affiliate of a Manufacturer shall not include any Person who is included
as a Manufacturer hereunder. 

  
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 “Manufacturer Non-Program Vehicle Amount” means, as of any date of
determination, with respect to any Manufacturer, an amount equal to the sum, rounded to the nearest $100,000, of the following amounts to the extent that such amounts are included in the definition of “Aggregate Asset Amount” for such
date: (i) the Net Book Value of all Non-Program Vehicles that are Eligible Vehicles as of such date that were manufactured by such Manufacturer or an Affiliate thereof and not sold or deemed to be sold under the Related Documents, plus
(ii) the aggregate amount of Manufacturer Receivables (other than Excluded Payments) payable to ZVF as of such date by such Manufacturer with respect to Vehicles that were Eligible Vehicles and Non-Program Vehicles and were subject to a
Manufacturer Program with such Manufacturer when turned in to and accepted by such Manufacturer or delivered and accepted for Auction, plus (iii) with respect to Non-Program Vehicles that are Eligible Vehicles manufactured by such
Manufacturer or an Affiliate thereof that have been delivered and accepted for auction or otherwise sold, any accrued and unpaid Monthly Base Rent with respect to such Eligible Vehicles as of such date under the ZVF Lease, plus (iv) with
respect to Eligible Vehicles that were Non-Program Vehicles manufactured by such Manufacturer or an Affiliate thereof that have been sold or become a Casualty, any accrued and unpaid Casualty Payments with respect to such ZVF Vehicles as of such
date under the ZVF Lease plus (v) if such date is during the period from and including a Determination Date to but excluding the next Payment Date, accrued and unpaid Monthly Base Rent payable on the next Payment Date with respect to all
Non-Program Vehicles that are Eligible Vehicles as of such date manufactured by such Manufacturer or an Affiliate thereof and that have not been sold or deemed to be sold under the Related Documents. For the purposes of this definition, an Affiliate
of a Manufacturer shall not include any Person who is included as a separate Manufacturer hereunder. 
 “Manufacturer
Vehicle Amount” means, as of any date of determination with respect to any Manufacturer, the sum of the Manufacturer Eligible Program Vehicle Amount and the Manufacturer Non-Program Vehicle Amount, in each case, with respect to such
Manufacturer, as of such date. 
 “Mazda Amount” means, as of any date of determination, an amount equal to the
Manufacturer Vehicle Amount with respect to Mazda as of such date. 
 “Measurement Month” means, as of any date
of determination, each calendar month, or the smallest number of consecutive calendar months, preceding such date in which at least the lesser of the following (a) and (b) were sold to third parties, at auction or otherwise (excluding
salvage sales): (a) one-twelfth of the number of Zipcar Fleet Vehicles (other than (x) any Non-Program Vehicles that are returned to a Manufacturer pursuant to a Manufacturer Program in accordance with Section 2.5(b) of the ZVF Lease
and (y) any other Zipcar Fleet Vehicles that are returned to a Manufacturer in accordance with a Manufacturer Program) as of the last day of such calendar month or consecutive calendar months and (b) 25 Zipcar Fleet Vehicles (other than
(x) any Non-Program Vehicles that are returned to a Manufacturer pursuant to a Manufacturer Program in accordance with Section 2.5(b) of the ZVF Lease and (y) any other Zipcar Fleet Vehicles that are returned to a Manufacturer in
accordance with a Manufacturer Program); provided, however, that no calendar month included in a single Measurement Month shall be included in any other Measurement Month. 

  
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 “Measurement Month Average” means, with respect to any Measurement Month,
the lesser of (a) the percentage equivalent of a fraction, the numerator of which is the aggregate amount of Disposition Proceeds paid or payable in respect of all Zipcar Fleet Vehicles (other than (x) any Non-Program Vehicles that are
returned to a Manufacturer pursuant to a Manufacturer Program in accordance with Section 2.5(b) of the ZVF Lease and (y) any other Zipcar Fleet Vehicle which is returned to a Manufacturer in accordance with a Manufacturer Program) that are
sold to third parties, at auction or otherwise (excluding salvage sales), during such Measurement Month and the two Measurement Months preceding such Measurement Month (or, with respect to any Measurement Month that is comprised of or includes
January, February or March of any calendar year, such Measurement Month and the five Measurement Months preceding such Measurement Month) and the denominator of which is the aggregate Zipcar Fleet Vehicle Net Book Values of such Zipcar Fleet
Vehicles on the dates of their respective sales and (b) 100%. 
 “Month of Return Eligibility” means, with
respect to any Eligible Program Vehicle, the first calendar month during which such Eligible Program Vehicle may be turned back to the applicable Manufacturer or delivered for Auction, in each case, in accordance with its related Manufacturer
Program. 
 “New York UCC” has the meaning specified in Section 3.11(a)(i) of this Series
Supplement. 
 “New ZVF Vehicle” means a ZVF Vehicle that is an Eligible Vehicle and a Non-Program Vehicle and
is not older than 12 months from the date of the original manufacturer invoice therefor. 
 “New ZVF Vehicle
Amount” means, as of any date of determination, an amount equal to the sum, rounded to the nearest $100,000, of the following amounts to the extent that such amounts are included in the definition of “Aggregate Asset Amount” for
such date: (i) the Net Book Value of all New ZVF Vehicles as of such date not sold or deemed to be sold under the Related Documents, plus (ii) with respect to New ZVF Vehicles that have been delivered and accepted for auction or
otherwise sold and were New ZVF Vehicles at the time of such sale, any accrued and unpaid Monthly Base Rent with respect to such New ZVF Vehicles as of such date under the ZVF Lease, plus (iii) with respect to New ZVF Vehicles that have
been delivered and accepted for auction or otherwise sold or become a Casualty, any accrued and unpaid Casualty Payments with respect to such New ZVF Vehicles as of such date under the ZVF Lease, plus (iv) if such date is during the
period from and including a Determination Date to but excluding the next Payment Date, accrued and unpaid Monthly Base Rent payable on the next Payment Date with respect to all New ZVF Vehicles as of such date that have not been sold or deemed to be
sold under the Related Documents, minus (v) all amounts specified in clause (ii) or clause (iii) above which are past due as of such date after giving effect to any grace period provided for in the ZVF Lease for making such
payments. 

  
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 “New ZVF Vehicle Market Value Adjustment Amount” means, as of any date of
determination with respect to a New ZVF Vehicle, the excess of (x) the Net Book Value with respect to such New ZVF Vehicle as of such date over (y) the Third-Party Market Value with respect to such New ZVF Vehicle as of such date.

 “New ZVF Vehicle Percentage” means, as of any date of determination, the percentage equivalent of a
fraction, the numerator of which is the New ZVF Vehicle Amount as of such date and the denominator of which is the excess of (x) the Aggregate Asset Amount over (y) the amount of cash and Permitted Investments on deposit in the Collection
Account as of such date. 
 “Nissan/Infiniti Amount” means, as of any date of determination, an amount equal to
the sum of the Manufacturer Vehicle Amounts with respect to Nissan and Infiniti as of such date. 
 “Non-Eligible
Manufacturer Amount” means, as of any date of determination, an amount equal to the sum of the Manufacturer Vehicle Amounts with respect to each Manufacturer that is not an Eligible Manufacturer as of such date. 

“Non-Investment Grade Manufacturer Non-Program Vehicle Amount” means, as of any date of determination, an amount equal
to the sum of the Manufacturer Non-Program Vehicle Amounts with respect to each Non-Investment Grade Manufacturer as of such date. 
 “Non-Investment Grade Manufacturer Non-Program Vehicle Percentage” means, as of any date of determination, the percentage equivalent of a fraction, the numerator of which is the
Non-Investment Grade Manufacturer Non-Program Vehicle Amount as of such date and the denominator of which is the excess of (A) the Aggregate Asset Amount over (B) the amount of cash and Permitted Investment on deposit in the
Collection Account as of such date. 
 “Outstanding” means with respect to the Series 2011-1 Notes, all Series
2011-1 Notes theretofore authenticated and delivered under the Indenture, except (a) Series 2011-1 Notes theretofore cancelled or delivered to the Registrar for cancellation, (b) Series 2011-1 Notes which have not been presented for
payment but funds for the payment of which are on deposit in the Series 2011-1 Distribution Account and are available for payment of such Series 2011-1 Notes, and Series 2011-1 Notes which are considered paid pursuant to Section 8.1 of the Base
Indenture, or (c) Series 2011-1 Notes in exchange for or in lieu of other Series 2011-1 Notes which have been authenticated and delivered pursuant to the Indenture unless proof satisfactory to the Trustee is presented that any such Series
2011-1 Notes are held by a purchaser for value. 
 “Past Due Rent Payment” has the meaning specified in
Section 3.2(c) of this Series Supplement. 

  
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 “Preference Amount” means any amount previously paid by Zipcar pursuant to
the Series 2011-1 Demand Note and distributed to the Series 2011-1 Noteholders in respect of amounts owing under the Series 2011-1 Notes that is recoverable or that has been recovered as a voidable preference by the trustee in a bankruptcy
proceeding of Zipcar pursuant to the Bankruptcy Code in accordance with a final nonappealable order of a court having competent jurisdiction. 
 “Pre-MRE Eligible Program Vehicle” means an Eligible Program Vehicle prior to the Month of Return Eligibility for such Vehicle. 

“Principal Amount” means, with respect to the Series 2011-1 Notes, the Series 2011-1 Principal Amount. 

“Principal Deficit Amount” means, on any date of determination, the excess, if any, of (a) the Series 2011-1
Adjusted Principal Amount on such date (if such date is a Payment Date, after giving effect to the distribution on such Payment Date of all Principal Collections allocated to the Series 2011-1 Notes during the Related Month or related Series 2011-1
Rapid Amortization Payment Period, as applicable) over (b) the Series 2011-1 Asset Amount on such date; provided, however, that the Principal Deficit Amount on any date that is prior to the Legal Final Payment Date occurring
during the period commencing on and including the date of the filing by Zipcar of a petition for relief under Chapter 11 of the Bankruptcy Code to but excluding the date on which Zipcar shall have resumed making all payments of Monthly Variable Rent
required to be made under the ZVF Lease, shall mean the excess, if any, of (x) the Series 2011-1 Adjusted Principal Amount on such date (if such date is a Payment Date, after giving effect to the distribution on such Payment Date of all
Principal Collections allocated to the Series 2011-1 Notes during the Related Month or related Series 2011-1 Rapid Amortization Payment Period, as applicable) over (y) the sum of (1) the Series 2011-1 Asset Amount on such date and
(2) the lesser of (a) the Series 2011-1 Liquidity Amount on such date and (b) the Series 2011-1 Required Liquidity Amount on such date. 
 “Program Vehicle Depreciation Enhancement Amount” means, as of any date of determination, with respect to each Pre-MRE Eligible Program Vehicle, the excess of the Net Book Value of such
Vehicle as of such date over the projected Net Book Value of such Pre-MRE Eligible Program Vehicle as of the Determination Date occurring in the Month of Return Eligibility for such Vehicle. 

“Pro Rata Share” means, with respect to any Series 2011-1 Letter of Credit Provider, as of any date, the fraction
(expressed as a percentage) obtained by dividing (A) the available amount under such Series 2011-1 Letter of Credit Provider’s Series 2011-1 Letter of Credit as of such date by (B) an amount equal to the aggregate available amount
under all Series 2011-1 Letters of Credit as of such date; provided, that only for purposes of calculating the Pro Rata Share with respect to any Series 2011-1 Letter of Credit Provider as of any date, if such Series 2011-1 Letter of Credit
Provider has not complied with its obligation to pay the Trustee the amount of any draw under its Series 2011-1 Letter of Credit made prior to such date, the available amount under such Series 2011-1 Letter of Credit Provider’s Series 2011-1
Letter of Credit as of such date 

  
 11 









 
shall be treated as reduced (for calculation purposes only) by the amount of such unpaid demand and shall not be reinstated for purposes of such calculation unless and until the date as of which
such Series 2011-1 Letter of Credit Provider has paid such amount to the Trustee and been reimbursed by the Lessee for such amount (provided that the foregoing calculation shall not in any manner reduce a Series 2011-1 Letter of Credit
Provider’s actual liability in respect of any failure to pay any demand under its Series 2011-1 Letter of Credit). 

“Rating Agency” means any of Standard & Poor’s, Moody’s, Fitch, DBRS, Inc., or any other nationally
recognized statistical rating agency, in each case, rating the Series 2011-1 Notes at the request of ZVF. 
 “Rating
Agency Condition” means, as of any date of determination with respect to any action, if on such date any Rating Agency is rating the Series 2011-1 Notes at the request of ZVF, that each such Rating Agency has confirmed in writing that such
action will not result in a downgrade or withdrawal of the rating (in effect immediately before the taking of such action) by such Rating Agency of the Series 2011-1 Notes. 
 “Record Date” means, with respect to any Payment Date, the last day of the Related Month. 
 “Required Noteholders” means, with respect to the Series 2011-1 Notes, Series 2011-1 Noteholders holding more than 50% of the Series 2011-1 Principal Amount, excluding any Series 2011-1
Notes held by ZVF or any Affiliate of ZVF (other than an Affiliate Issuer so long as such Affiliate Issuer has assigned all voting, consent and control rights associated with such Series 2011-1 Notes to Persons that are not Affiliates of ZVF).

 “Second Trigger Required Ratings” means, with respect to any entity, rating requirements which are satisfied
where such entity’s (x) long-term senior unsecured debt, deposit, claims paying or credit (as the case may be) rating is “A3” or above by Moody’s and (y) long-term senior unsecured debt, deposit, claims paying or credit
(as the case may be) rating is “A-” or above by Standard & Poor’s. 
 “Securities
Intermediary” has the meaning specified in Section 3.11(a) of this Series Supplement. 
 “Senior
Credit Facilities” means any Corporate Debt Facility of Zipcar entered into for general corporate purposes, the proceeds of which are primarily intended for use as working capital. 

“Series 2011-1 Accrued Amounts” means, on any date of determination, the sum of (i) accrued and unpaid interest on
the Series 2011-1 Notes as of such date (including any accrued and unpaid Program Fee and Undrawn Fee), (ii) the Indenture Carrying Charges due and payable to the Series 2011-1 Noteholders or the Administrative Agent on the next succeeding
Payment Date and (iii) the product of (x) the Series 2011-1 Percentage as of such date of determination and (y) the Indenture Carrying Charges not included in clause (ii) above. 

  
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 “Series 2011-1 Accrued Interest Account” has the meaning specified in
Section 3.1(a) of this Series Supplement. 
 “Series 2011-1 Additional Investor Group” means
“Additional Investor Group” as defined in the Series 2011-1 Note Purchase Agreement. 
 “Series 2011-1
Additional Investor Group Initial Principal Amount” means “Additional Investor Group Initial Principal Amount” as defined in the Series 2011-1 Note Purchase Agreement. 

“Series 2011-1 Adjusted Enhancement Amount” means, as of any date of determination, the Series 2011-1 Enhancement Amount
as of such date, excluding from the calculation thereof the amount available to be drawn under any Series 2011-1 Letter of Credit if as of such date (A) such Series 2011-1 Letter of Credit shall not be in full force and effect, (B) an
Event of Bankruptcy shall have occurred with respect to the Series 2011-1 Letter of Credit Provider of such Series 2011-1 Letter of Credit, (C) such Series 2011-1 Letter of Credit Provider shall have repudiated such Series 2011-1 Letter of
Credit or failed to honor a draw thereon made in accordance with the terms thereof or (D) a Series 2011-1 Downgrade Event shall have occurred and be continuing for at least 30 days with respect to the Series 2011-1 Letter of Credit Provider of
such Series 2011-1 Letter of Credit. 
 “Series 2011-1 Adjusted Liquidity Amount” means, as of any date of
determination, the Series 2011-1 Liquidity Amount as of such date, excluding from the calculation thereof the amount available to be drawn under any Series 2011-1 Letter of Credit if as of such date (A) such Series 2011-1 Letter of Credit shall
not be in full force and effect, (B) an Event of Bankruptcy shall have occurred with respect to the Series 2011-1 Letter of Credit Provider of such Series 2011-1 Letter of Credit, (C) such Series 2011-1 Letter of Credit Provider shall have
repudiated such Series 2011-1 Letter of Credit or failed to honor a draw thereon made in accordance with the terms thereof or (D) a Series 2011-1 Downgrade Event shall have occurred and be continuing for at least 30 days with respect to the
Series 2011-1 Letter of Credit Provider of such Series 2011-1 Letter of Credit. 
 “Series 2011-1 Adjusted Principal
Amount” means, as of any date of determination, the excess, if any, of (A) the Series 2011-1 Principal Amount as of such date over (B) the sum of (1) the amount of cash and Permitted Investments on deposit in the Series
2011-1 Excess Collection Account (after giving effect to any withdrawals therefrom on such date in accordance with Section 3.2(e) of this Series Supplement) and (2) the amount of cash and Permitted Investments on deposit in the
Series 2011-1 Collection Account and available for reduction of the Series 2011-1 Principal Amount, in each case, as of such date. 

  
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 “Series 2011-1 Asset Amount” means, as of any date of determination, the
product of (i) the Series 2011-1 Asset Percentage as of such date and (ii) the Aggregate Asset Amount as of such date. 
 “Series 2011-1 Asset Percentage” means, as of any date of determination, the percentage equivalent of a fraction, the numerator of which shall be equal to the Series 2011-1 Required Asset
Amount, determined during the Series 2011-1 Revolving Period as of the last day of the immediately preceding Related Month (or, until the end of the initial Related Month after the Series 2011-1 Closing Date, on the Series 2011-1 Closing Date), or,
during the Series 2011-1 Rapid Amortization Period, as of the last day of the Series 2011-1 Revolving Period, and the denominator of which shall be the greater of (I) the Aggregate Asset Amount as of the end of the immediately preceding Related
Month or, until the end of the initial Related Month after the Series 2011-1 Closing Date, as of the Series 2011-1 Closing Date and (II) as of the same date as in clause (I), the Aggregate Required Asset Amount. 

“Series 2011-1 Available Cash Collateral Account Amount” means, as of any date of determination, the amount on deposit
in the Series 2011-1 Cash Collateral Account (after giving effect to any deposits thereto and withdrawals and releases therefrom on such date). 
 “Series 2011-1 Available Reserve Account Amount” means, as of any date of determination, the amount on deposit in the Series 2011-1 Reserve Account. 

“Series 2011-1 Base Rate Tranche” means that portion of the Series 2011-1 Principal Amount purchased or maintained with
Advances which bear interest by reference to the Series 2011-1 Base Rate. 
 “Series 2011-1 Cash Collateral
Account” has the meaning specified in Section 3.9(f) of this Series Supplement. 
 “Series 2011-1
Cash Collateral Account Collateral” has the meaning specified in Section 3.9(a) of this Series Supplement. 

“Series 2011-1 Cash Collateral Account Interest and Earnings” means with respect to a Series 2011-1 Cash Collateral
Account all interest and earnings (net of losses and investment expenses) paid on funds on deposit in such Series 2011-1 Cash Collateral Account. 
 “Series 2011-1 Cash Collateral Account Surplus” means, with respect to any Payment Date, the lesser of (a) the Series 2011-1 Available Cash Collateral Account Amount and (b) the
lesser of (i) the excess, if any, of the Series 2011-1 Adjusted Enhancement Amount (after giving effect to any withdrawal from the Series 2011-1 Reserve Account on such Payment Date) over the Series 2011-1 Required Enhancement Amount on such
Payment Date and (ii) the excess, if any, of the Series 2011-1 Adjusted Liquidity Amount over the Series 2011-1 Required Liquidity Amount on such Payment Date. 

  
 14 









 “Series 2011-1 Cash Collateral Percentage” means, as of any date of
determination, the percentage equivalent of a fraction, the numerator of which is the Series 2011-1 Available Cash Collateral Account Amount as of such date and the denominator of which is the Series 2011-1 Letter of Credit Liquidity Amount as of
such date. 
 “Series 2011-1 Certificate of Credit Demand” means a certificate in the form of Annex A to a
Series 2011-1 Letter of Credit. 
 “Series 2011-1 Certificate of Preference Payment Demand” means a certificate
in the form of Annex C to a Series 2011-1 Letter of Credit. 
 “Series 2011-1 Certificate of Termination
Demand” means a certificate in the form of Annex D to a Series 2011-1 Letter of Credit. 
 “Series 2011-1
Certificate of Unpaid Demand Note Demand” means a certificate in the form of Annex B to Series 2011-1 Letter of Credit. 
 “Series 2011-1 Closing Date” means December 29, 2011. 

“Series 2011-1 Collateral” means the Collateral, the Series 2011-1 Interest Rate Caps, each Series 2011-1 Letter of
Credit, the Series 2011-1 Series Account Collateral, the Series 2011-1 Cash Collateral Account Collateral, the Series 2011-1 Demand Note, the Series 2011-1 Distribution Account Collateral and the Series 2011-1 Reserve Account Collateral. 

“Series 2011-1 Collection Account” has the meaning specified in Section 3.1(a) of this Series Supplement.

 “Series 2011-1 CP Tranche” means that portion of the Series 2011-1 Principal Amount purchased or maintained
with Advances which bear interest by reference to the CP Rate. 
 “Series 2011-1 Daily Interest Amount” means,
for any day in a Series 2011-1 Interest Period, an amount equal to the result of (a) the product of (i) the Series 2011-1 Note Rate for such Series 2011-1 Interest Period and (ii) the Series 2011-1 Principal Amount as of the close of
business on such date divided by (b) 360. 
 “Series 2011-1 Deficiency Amount” has the meaning specified
in Section 3.3(e) of this Series Supplement. 
 “Series 2011-1 Demand Note” means each demand note
made by Zipcar, substantially in the form of Exhibit G-2 to this Series Supplement, as amended, modified or restated from time to time in accordance with its terms and the terms of this Series Supplement. 

“Series 2011-1 Demand Note Payment Amount” means, as of any date of determination, the excess, if any, of (a) the
aggregate amount of all proceeds of demands 

  
 15 









 
made on the Series 2011-1 Demand Note that were deposited into the Series 2011-1 Distribution Account and paid to the Series 2011-1 Noteholders during the one year period ending on such date of
determination over (b) the amount of any Preference Amount relating to such proceeds that has been repaid to ZVF (or any payee of ZVF) with the proceeds of any Series 2011-1 LOC Preference Payment Disbursement (or any withdrawal from any Series
2011-1 Cash Collateral Account); provided, however, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of 60 consecutive days) with
respect to Zipcar shall have occurred on or before such date of determination, the Series 2011-1 Demand Note Payment Amount shall equal (i) on any date of determination until the conclusion or dismissal of the proceedings giving rise to such
Event of Bankruptcy without continuing jurisdiction by the court in such proceedings (or on any earlier date upon which the statute of limitations in respect of avoidance actions in such proceedings has run or when such actions otherwise become
unavailable to the bankruptcy estate), the Series 2011-1 Demand Note Payment Amount as if it were calculated as of the date of the occurrence of such Event of Bankruptcy and (ii) on any date of determination thereafter, $0. 

“Series 2011-1 Deposit Date” has the meaning specified in Section 3.2 of this Series Supplement. 

“Series 2011-1 Designated Account” has the meaning specified in Section 3.11(a) of this Series Supplement.

 “Series 2011-1 Disbursement” shall mean any Series 2011-1 LOC Credit Disbursement, any Series 2011-1 LOC
Preference Payment Disbursement, any Series 2011-1 LOC Termination Disbursement or any Series 2011-1 LOC Unpaid Demand Note Disbursement under the Series 2011-1 Letters of Credit or any combination thereof. 

“Series 2011-1 Distribution Account” has the meaning specified in Section 3.10(a) of this Series Supplement.

 “Series 2011-1 Distribution Account Collateral” has the meaning specified in Section 3.10(d) of
this Series Supplement. 
 “Series 2011-1 Downgrade Event” has the meaning specified in
Section 3.9(c) of this Series Supplement. 
 “Series 2011-1 Eligible Letter of Credit Provider”
means a Person having, at the time of the issuance of the related Series 2011-1 Letter of Credit, (i) a long-term senior unsecured debt rating (or the equivalent thereof in the case of Moody’s or Standard & Poor’s, as
applicable) of at least “A1” from Moody’s and at least “A” from Standard & Poor’s and a short-term senior unsecured debt rating (or the equivalent thereof in the case of Moody’s or Standard &
Poor’s, as applicable) of at least “P-1” from Moody’s and at least “A-1” from Standard & Poor’s and (ii) capital, surplus and undivided profits of not less than $500,000,000 as set forth in its most
recent published annual report of condition. 

  
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 “Series 2011-1 Enhancement Amount” means, as of any date of determination,
the sum of (i) the Series 2011-1 Overcollateralization Amount as of such date, (ii) the Series 2011-1 Letter of Credit Amount as of such date and (iii) the Series 2011-1 Available Reserve Account Amount as of such date (after giving
effect to any deposits thereto and withdrawals and releases therefrom on such date). 
 “Series 2011-1 Enhancement
Deficiency” means, as of any date of determination, the amount by which the Series 2011-1 Adjusted Enhancement Amount is less than the Series 2011-1 Required Enhancement Amount, in each case as of such date. 

“Series 2011-1 Eurodollar Rate (Reserve Adjusted)” means the “Eurodollar Rate (Reserve Adjusted)” as defined
in the Series 2011-1 Note Purchase Agreement. 
 “Series 2011-1 Eurodollar Tranche” means that portion of the
Series 2011-1 Principal Amount purchased or maintained with Advances which bear interest by reference to the Series 2011-1 Eurodollar Rate (Reserve Adjusted). 
 “Series 2011-1 Excess Collection Account” has the meaning specified in Section 3.1(a) of this Series Supplement. 

“Series 2011-1 Expected Final Payment Date” means the Payment Date occurring in the twenty-fourth calendar month after
the calendar month in which the Series 2011-1 Commitment Termination Date occurs. 
 “Series 2011-1 Highest Enhancement
Percentage” means, with respect to any date of determination, 55% (or such lower percentage as may be agreed to by ZVF and each Series 2011-1 Noteholder). 
 “Series 2011-1 Highest Enhancement Vehicle Percentage” means, as of any date of determination, the Non-Investment Grade Manufacturer Non-Program Vehicle Percentage, as of such date.

 “Series 2011-1 Initial Principal Amount” means the aggregate initial principal amount of the Series 2011-1
Notes, which is $0. 
 “Series 2011-1 Interest Period” means a period commencing on and including a Payment
Date and ending on and including the day preceding the next succeeding Payment Date; provided, however, that the initial Series 2011-1 Interest Period shall commence on and include the Series 2011-1 Closing Date and end on and include
January 24, 2012. 
 “Series 2011-1 Interest Rate Cap” means any interest rate cap entered into in
accordance with the provisions of Section 3.12(a) of this Series Supplement, including, without limitation, the Series 2011-1 Interest Rate Cap Documents with respect thereto; provided that for the avoidance of doubt each Series
2011-1 Interest Rate Cap shall constitute a “Series-Specific Swap Agreement”, but shall not constitute a “Swap Agreement” for all purposes under the Base Indenture or any other Related Document. 

  
 17 









 “Series 2011-1 Interest Rate Cap Documents” means, with respect to any
Series 2011-1 Interest Rate Cap, the ISDA Master Agreement which governs such Series 2011-1 Interest Rate Cap, together with the schedule and credit support annex thereto and the applicable confirmations thereunder. 

“Series 2011-1 Intermediate Enhancement Percentage” means, with respect to any date of determination, 52% (or such lower
percentage as may be agreed to by ZVF and each Series 2011-1 Noteholder). 
 “Series 2011-1 Intermediate Enhancement
Vehicle Percentage” means, as of any date of determination, the excess of (i) 100% over (ii) the sum of (x) the Series 2011-1 Lowest Enhancement Vehicle Percentage as of such date plus (y) the Series 2011-1
Highest Enhancement Vehicle Percentage as of such date. 
 “Series 2011-1 Invested Percentage” means, on any
date of determination: 
 (a) when used with respect to Principal Collections, the percentage equivalent (which percentage
shall never exceed 100%) of a fraction, the numerator of which shall be equal to the Series 2011-1 Required Asset Amount, determined (x) during the Series 2011-1 Revolving Period, as of the last day of the immediately preceding Related Month
(or, until the end of the initial Related Month after the Series 2011-1 Closing Date, on the Series 2011-1 Closing Date), (y) following the commencement of the Series 2011-1 Rapid Amortization Period but prior to the occurrence of
an Amortization Event with respect to any other Series of Notes during such Series 2011-1 Rapid Amortization Period, as of the last day of the Series 2011-1 Revolving Period and (z) following the commencement of the Series 2011-1
Rapid Amortization Period and after the occurrence of an Amortization Event with respect to any other Series of Notes during such Series 2011-1 Rapid Amortization Period, as of the Business Day immediately preceding the day on which the last
occurring Amortization Event with respect to any other Series of Notes is deemed to have occurred, and the denominator of which shall be the greater of (I) the Aggregate Asset Amount as of the end of the immediately preceding Related Month or,
until the end of the initial Related Month after the Series 2011-1 Closing Date, as of the Series 2011-1 Closing Date and (II) the sum of the numerators used to determine the Invested Percentages with respect to Principal Collections as of such date
for all Series of Notes and all Classes of such Series of Notes; 
 (b) when used with respect to Interest Collections, the
percentage equivalent (which percentage shall never exceed 100%) of a fraction, the numerator of which shall be the Series 2011-1 Accrued Amounts on such date of determination, and the denominator of which shall be the aggregate Accrued Amounts with
respect to all Series of Notes on such date of determination. 
 “Series 2011-1 Investor Group” means an
“Investor Group” as defined in the Series 2011-1 Note Purchase Agreement. 
 “Series 2011-1 Investor Group
Principal Amount” means “Investor Group Principal Amount” as defined in the Series 2011-1 Note Purchase Agreement. 

  
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 “Series 2011-1 Lease Interest Payment Deficit” means on any Payment Date an
amount equal to the excess, if any, of (a) the aggregate amount of Interest Collections which pursuant to Section 3.2(a) or (b) of this Series Supplement would have been deposited into the Series 2011-1 Accrued Interest
Account if all payments of Monthly Variable Rent required to have been made under the ZVF Lease from but excluding the preceding Payment Date to and including such Payment Date were made in full over (b) the aggregate amount of Interest
Collections which pursuant to Section 3.2(a), or (b) of this Series Supplement have been received for deposit into the Series 2011-1 Accrued Interest Account from but excluding the preceding Payment Date to and including such
Payment Date. 
 “Series 2011-1 Lease Payment Deficit” means either a Series 2011-1 Lease Interest Payment
Deficit or a Series 2011-1 Lease Principal Payment Deficit. 
 “Series 2011-1 Lease Principal Payment Carryover
Deficit” means (a) for the initial Payment Date, zero and (b) for any other Payment Date, the excess, if any, of (x) the Series 2011-1 Lease Principal Payment Deficit, if any, on the preceding Payment Date over
(y) the amount deposited in the Series 2011-1 Distribution Account pursuant to Section 3.5(b) of this Series Supplement on such preceding Payment Date on account of such Series 2011-1 Lease Principal Payment Deficit. 

“Series 2011-1 Lease Principal Payment Deficit” means on any Payment Date the sum of (a) the Series 2011-1 Monthly
Lease Principal Payment Deficit for such Payment Date and (b) the Series 2011-1 Lease Principal Payment Carryover Deficit for such Payment Date. 
 “Series 2011-1 Letter of Credit” means an irrevocable letter of credit, substantially in the form of Exhibit B to this Series Supplement issued by a Series 2011-1 Eligible Letter
of Credit Provider in favor of the Trustee for the benefit of the Series 2011-1 Noteholders. 
 “Series 2011-1 Letter of
Credit Amount” means, as of any date of determination, the lesser of (a) the sum of (i) the aggregate amount available to be drawn on such date under the Series 2011-1 Letters of Credit, as specified therein, and (ii) if the
Series 2011-1 Cash Collateral Account has been established and funded pursuant to Section 3.9 of this Series Supplement, the Series 2011-1 Available Cash Collateral Account Amount on such date and (b) the outstanding principal
amount of the Series 2011-1 Demand Note on such date. 
 “Series 2011-1 Letter of Credit Expiration Date”
means, with respect to any Series 2011-1 Letter of Credit, the expiration date set forth in such Series 2011-1 Letter of Credit, as such date may be extended in accordance with the terms of such Series 2011-1 Letter of Credit. 

“Series 2011-1 Letter of Credit Liquidity Amount” means, as of any date of determination, the sum of (a) the
aggregate amount available to be drawn on such date under each Series 2011-1 Letter of Credit, as specified therein, and (b) if a Series 2011-1 

  
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Cash Collateral Account has been established and funded pursuant to Section 3.9(e) of this Series Supplement, the Series 2011-1 Available Cash Collateral Account Amount on such date.

 “Series 2011-1 Letter of Credit Provider” means the issuer of a Series 2011-1 Letter of Credit. 

“Series 2011-1 Letter of Credit Reimbursement Agreement” means any and each reimbursement agreement providing for the
reimbursement of a Series 2011-1 Letter of Credit Provider for draws under its Series 2011-1 Letter of Credit, as the same may be amended, modified or supplemented from time to time in accordance with its terms. 

“Series 2011-1 Liquidity Amount” means, as of any date of determination, the sum of (a) the Series 2011-1 Letter of
Credit Liquidity Amount and (b) the Series 2011-1 Available Reserve Account Amount on such date (after giving effect to any deposits thereto on such date). 
 “Series 2011-1 Liquidity Deficiency” means, as of any date of determination, the amount, if any, by which the Series 2011-1 Adjusted Liquidity Amount is less than the Series 2011-1
Required Liquidity Amount, in each case, as of such date. 
 “Series 2011-1 Liquidity Surplus” means, with
respect to any date of determination, the excess, if any, of the Series 2011-1 Adjusted Liquidity Amount over the Series 2011-1 Required Liquidity Amount, in each case, as of such date. 

“Series 2011-1 LOC Credit Disbursement” means an amount drawn under a Series 2011-1 Letter of Credit pursuant to a
Series 2011-1 Certificate of Credit Demand. 
 “Series 2011-1 LOC Preference Payment Disbursement” means an
amount drawn under a Series 2011-1 Letter of Credit pursuant to a Series 2011-1 Certificate of Preference Payment Demand. 

“Series 2011-1 LOC Termination Disbursement” means an amount drawn under a Series 2011-1 Letter of Credit pursuant to a
Series 2011-1 Certificate of Termination Demand. 
 “Series 2011-1 LOC Unpaid Demand Note Disbursement” means
an amount drawn under a Series 2011-1 Letter of Credit pursuant to a Series 2011-1 Certificate of Unpaid Demand Note Demand. 

“Series 2011-1 Lowest Enhancement Percentage” means, with respect to any date of determination, 28% (or such lower
percentage as may be agreed to by ZVF and each Series 2011-1 Noteholder). 
 “Series 2011-1 Lowest Enhancement Vehicle
Percentage” means, as of any date of determination, the sum of (a) the Category 1 Manufacturer Eligible Program Vehicle Percentage as of such date plus (b) the Capped Category 2 Manufacturer Eligible Program Vehicle
Percentage as of such date. 

  
 20 









 “Series 2011-1 Maximum Amount” means any of the Series 2011-1 Maximum Audi
Amount, Series 2011-1 Maximum BMW/Mini Amount, the Series 2011-1 Maximum Daimler/Smart Amount, the Series 2011-1 Maximum Fiat/Alfa Romeo Amount, the Series 2011-1 Maximum Ford Amount, the Series 2011-1 Maximum GM Amount, the Series 2011-1 Maximum
Honda/Acura Amount, the Series 2011-1 Maximum Hyundai/Kia Amount, the Series 2011-1 Maximum Mazda Amount, the Series 2011-1 Maximum Nissan/Infiniti Amount, the Series 2011-1 Maximum Non-Eligible Manufacturer Amount, the Series 2011-1 Maximum Subaru
Amount, the Series 2011-1 Maximum Toyota/Scion/Lexus Amount, the Series 2011-1 Maximum Volkswagen/Audi Amount and the Series 2011-1 Maximum Volvo Amount. 
 “Series 2011-1 Maximum Audi Amount” means, as of any date of determination, an amount equal to 30% of the Adjusted Aggregate Asset Amount on such date.” 

“Series 2011-1 Maximum BMW/Mini Amount” means, as of any date of determination, an amount equal to 50% of the Adjusted
Aggregate Asset Amount on such date. 
 “Series 2011-1 Maximum Daimler/Smart Amount” means, as of any date of
determination, an amount equal to 20% of the Adjusted Aggregate Asset Amount on such date. 
 “Series 2011-1 Maximum
Fiat/Alfa Romeo Amount” means, as of any date of determination, an amount equal to 5% of the Adjusted Aggregate Asset Amount on such date. 
 “Series 2011-1 Maximum Ford Amount” means, as of any date of determination, an amount equal to 20% of the Adjusted Aggregate Asset Amount on such date. 

“Series 2011-1 Maximum GM Amount” means, as of any date of determination, an amount equal to 10% of the Adjusted
Aggregate Asset Amount on such date. 
 “Series 2011-1 Maximum Honda/Acura Amount” means, as of any date of
determination, an amount equal to 50% of the Adjusted Aggregate Asset Amount on such date. 
 “Series 2011-1 Maximum
Hyundai/Kia Amount” means, as of any date of determination, an amount equal to 10% of the Adjusted Aggregate Asset Amount on such date. 

  
 21 









 “Series 2011-1 Maximum Investor Group Principal Amount” means “Maximum
Investor Group Principal Amount” as defined in the Series 2011-1 Note Purchase Agreement. 
 “Series 2011-1 Maximum
Mazda Amount” means, as of any date of determination, an amount equal to 35% of the Adjusted Aggregate Asset Amount on such date. 
 “Series 2011-1 Maximum Nissan/Infiniti Amount” means, as of any date of determination, an amount equal to 25% of the Adjusted Aggregate Asset Amount on such date. 

“Series 2011-1 Maximum Non-Eligible Manufacturer Amount” means, as of any date of determination, an amount equal to 3%
of the Adjusted Aggregate Asset Amount on such date. 
 “Series 2011-1 Maximum Principal Amount” means,
$50,000,000; provided that such amount may be (i) reduced at any time and from time to time by ZVF upon notice to each Series 2011-1 Noteholder, each Conduit Investor and each Committed Note Purchaser in accordance with the terms of the
Series 2011-1 Note Purchase Agreement and this Series Supplement, (ii) increased at any time and from time to time by ZVF upon notice to each Series 2011-1 Noteholder, each Conduit Investor and each Committed Note Purchaser with the consent of
each such party, or (iii) increased at any time and from time to time upon a Series 2011-1 Additional Investor Group becoming party to the Series 2011-1 Note Purchase Agreement in accordance with the terms thereof. 

“Series 2011-1 Maximum Subaru Amount” means, as of any date of determination, an amount equal to 10% of the Adjusted
Aggregate Asset Amount on such date. 
 “Series 2011-1 Maximum Toyota/Scion/Lexus Amount” means, as of any date
of determination, an amount equal to 50% of the Adjusted Aggregate Asset Amount on such date. 
 “Series 2011-1 Maximum
Volkswagen/Audi Amount” means, as of any date of determination, an amount equal to 40% of the Adjusted Aggregate Asset Amount on such date. 
 “Series 2011-1 Maximum Volvo Amount” means, as of any date of determination, an amount equal to 10% of the Adjusted Aggregate Asset Amount on such date. 

“Series 2011-1 Monthly Default Interest Amount” means, with respect to any Payment Date, the sum of (i) an amount
equal to the product of (x) 2.0% and (y) the result of (a) the sum of the Series 2011-1 Principal Amount for each day during the related Series 2011-1 Interest Period (after giving effect to any increases or decreases to the Series
2011-1 Principal Amount on such day) during which an Amortization Event 

  
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with respect to the Series 2011-1 Notes has occurred and is continuing divided by (b) 360 plus (ii) all previously due and unpaid amounts described in clause (i) with
respect to prior Series 2011-1 Interest Periods (together with interest on such unpaid amounts required to be paid in this clause (ii) at the rate specified in clause (i)). 

“Series 2011-1 Monthly Interest” means, with respect to any Payment Date, the sum of (i) the Series 2011-1 Daily
Interest Amount for each day in the related Series 2011-1 Interest Period, plus (ii) all previously due and unpaid amounts described in clause (i) with respect to prior Series 2011-1 Interest Periods (together with interest
on such unpaid amounts required to be paid in this clause (ii) at the Series 2011-1 Note Rate), plus (iii) the Undrawn Fee for such Payment Date, calculated in accordance with Section 3.02(b) of the Series 2011-1 Note
Purchase Agreement. 
 “Series 2011-1 Monthly Lease Principal Payment Deficit” means on any Payment Date an
amount equal to the excess, if any, of (a) the aggregate amount of Principal Collections which pursuant to Section 3.2(a), or (b) of this Series Supplement would have been deposited into the Series 2011-1 Collection
Account if all payments required to have been made under the ZVF Lease from but excluding the preceding Payment Date to and including such Payment Date were made in full over (b) the aggregate amount of Principal Collections which pursuant to
Section 3.2(a) or (b) of this Series Supplement have been received for deposit into the Series 2011-1 Collection Account (without giving effect to any amounts deposited into the Series 2011-1 Accrued Interest Account pursuant
to the proviso in Section 3.2(b)(ii) of this Series Supplement) from but excluding the preceding Payment Date to and including such Payment Date. 
 “Series 2011-1 New ZVF Vehicle Market Value Adjustment Amount” means, as of any date of determination, an amount equal to the product of (a) the Series 2011-1 Required Asset Amount
Percentage as of the immediately preceding Business Day and (b) the sum, for all New ZVF Vehicles as of such date, of the New ZVF Vehicle Market Value Adjustment Amount as of such date with respect to each such New ZVF Vehicle. 

“Series 2011-1 Noteholder” means each Person in whose name a Series 2011-1 Note is registered in the Note Register.

 “Series 2011-1 Note Purchase Agreement” means the Series 2011-1 Note Purchase Agreement, dated as of
December 29, 2011, among ZVF, the Administrator, the Servicer, the Lessee, the Funding Agents, the Conduit Investors, the Committed Note Purchasers and the Administrative Agent, pursuant to which the Series 2011-1 Investor Groups have agreed to
purchase the Series 2011-1 Notes from ZVF, subject to the terms and conditions set forth therein, as amended, modified or supplemented from time to time. 
 “Series 2011-1 Note Rate” means, for any Series 2011-1 Interest Period, the sum of (i) the weighted average of (x) the weighted average of the CP Rates applicable to the Series
2011-1 CP Tranche, (y) the weighted average of the Series 2011-1 Eurodollar Rates (Reserve Adjusted) applicable to the Series 2011-1 Eurodollar Tranche and (z) the weighted average of the Series 2011-1 Base Rates applicable to the


  
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Series 2011-1 Base Rate Tranche, in each case for the Series 2011-1 Interest Period and (ii) the weighted average of the applicable Series 2011-1 Program Fee Rates for such Series 2011-1
Interest Period; provided, however, that the Series 2011-1 Note Rate will in no event be higher than the maximum rate permitted by applicable law. 
 “Series 2011-1 Notes” means any one of the Series 2011-1 Variable Funding Car Sharing Asset Backed Notes executed by ZVF and authenticated by or on behalf of the Trustee, substantially in
the form of Exhibit A hereto. 
 “Series 2011-1 Notice of Reduction” means a notice in the form of Annex
G to a Series 2011-1 Letter of Credit. 
 “Series 2011-1 Outstanding Amount” means, as of any date of
determination, the sum of (i) the Series 2011-1 Principal Amount as of such date, (ii) all accrued and unpaid interest thereon as of such date and (iii) any other amounts due and payable to the Administrative Agent and the Series
2011-1 Noteholders pursuant to the Series 2011-1 Note Purchase Agreement as of such date. 
 “Series 2011-1 Outstanding
Principal Amount” means, when used with respect to any date, an amount equal to (a) the sum of (i) the Series 2011-1 Initial Principal Amount plus (ii), without duplication, the sum of the Series 2011-1 Additional Investor Group
Initial Principal Amounts for each Series 2011-1 Additional Investor Group as of such date minus (b) the aggregate amount of principal payments (whether pursuant to a Decrease, a redemption or otherwise) made to the Series 2011-1
Noteholders on or prior to such date plus (c) any Increases in the Series 2011-1 Principal Amount pursuant to Section 2.1(a) of this Series Supplement on or prior to such date. 

“Series 2011-1 Overcollateralization Amount” means, as of any date of determination, (i) on which no Aggregate
Asset Amount Deficiency exists, the Series 2011-1 Required Overcollateralization Amount as of such date or (ii) on which an Aggregate Asset Amount Deficiency exists, the excess, if any, of the Series 2011-1 Asset Amount over the Series 2011-1
Adjusted Principal Amount as of such date. 
 “Series 2011-1 Past Due Rent Payment” has the meaning specified
in Section 3.2(c) of this Series Supplement. 
 “Series 2011-1 Percentage” means, as of any date of
determination, a fraction, expressed as a percentage, the numerator of which is the Series 2011-1 Principal Amount as of such date and the denominator of which is the Aggregate Principal Amount as of such date. 

“Series 2011-1 Principal Amount” means when used with respect to any date, an amount equal to the Series 2011-1
Outstanding Principal Amount plus the amount of any principal payments made to Series 2011-1 Noteholders that have been rescinded or otherwise returned by the Series 2011-1 Noteholders for any reason; provided that, during the Series 2011-1
Revolving Period, for purposes of determining whether or not the Series 2011-1 Noteholders or the Required Noteholders have given any consent, waiver, direction or instruction, the Series 2011-1 Principal Amount held by


  
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such Series 2011-1 Noteholder shall be deemed to include, without double-counting, the undrawn portion of the “Series 2011-1 Maximum Investor Group Invested Amount” for such Series
2011-1 Noteholder’s Series 2011-1 Investor Group. 
 “Series 2011-1 Principal Allocation” has the meaning
specified in Section 3.2 (a)(ii) of this Series Supplement. 
 “Series 2011-1 Program Fee Rate”
means the “Program Fee Rate” as defined in the Series 2011-1 Note Purchase Agreement. 
 “Series 2011-1
Program Vehicle Depreciation Enhancement Amount” means, as of any date of determination, the sum of the Program Vehicle Depreciation Enhancement Amounts for all Pre-MRE Eligible Program Vehicles as of such date. 

“Series 2011-1 Rapid Amortization Payment Period” means, with respect to any Payment Date during the Series 2011-1 Rapid
Amortization Period, the period from but excluding the Determination Date immediately preceding the prior Payment Date (or, in the case of the first Payment Date during the Series 2011-1 Rapid Amortization Period, the period from and including the
date of the commencement of such Series 2011-1 Rapid Amortization Period) to and including the Determination Date immediately preceding such Payment Date; provided that any Monthly Base Rent paid by the Lessee under the ZVF Lease on a Payment
Date during the Series 2011-1 Rapid Amortization Period shall be deemed to have been received during the Series 2011-1 Rapid Amortization Payment Period with respect to such Payment Date. 

“Series 2011-1 Rapid Amortization Period” means the period beginning on the close of business on the Business Day
immediately preceding the day on which an Amortization Event is deemed to have occurred with respect to the Series 2011-1 Notes, and ending upon the earlier to occur of (i) the date on which (A) the Series 2011-1 Notes are fully paid and
(B) the termination of the Indenture. 
 “Series 2011-1 Repurchase Amount” has the meaning specified in
Section 6.1(a) of this Series Supplement. 
 “Series 2011-1 Required Asset Amount” means, as of any
date of determination, the sum of (i) the Series 2011-1 Adjusted Principal Amount as of such date and (ii) the Series 2011-1 Required Overcollateralization Amount as of such date. 

“Series 2011-1 Required Asset Amount Percentage” means, as of any date of determination, the percentage equivalent of a
fraction, the numerator of which is the Series 2011-1 Required Asset Amount and the denominator of which is the Aggregate Required Asset Amount as of such date. 
 “Series 2011-1 Required Enhancement Amount” means, as of any date of determination, the sum of (a) the product of (i) the Series 2011-1 Required Enhancement Percentage as of
such date and (ii) the Series 2011-1 Adjusted Principal Amount as of such date, (b) the Series 2011-1 New ZVF Vehicle Market Value Adjustment Amount as 

  
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of such date, (c) the Series 2011-1 Required Incremental Enhancement Amount as of such date and (d) the Series 2011-1 Program Vehicle Depreciation Enhancement Amount as of such date;
provided, however, that, as of any date of determination after the occurrence of a Limited Liquidation Event of Default, the Series 2011-1 Required Enhancement Amount shall equal the lesser of (x) the Series 2011-1 Adjusted
Principal Amount as of such date and (y) the sum of (a) the product of (x) the Series 2011-1 Required Enhancement Percentage as of such date and (y) the Series 2011-1 Adjusted Principal Amount as of such date, (b) the Series
2011-1 New ZVF Vehicle Market Value Adjustment Amount as of such date, (c) the Series 2011-1 Required Incremental Enhancement Amount as of such date and (d) the Series 2011-1 Program Vehicle Depreciation Enhancement Amount as of such date.

 “Series 2011-1 Required Enhancement Percentage” means, as of any date of determination, the greater of
(I) 49% and (II) the sum of (a) the sum of (i) the product of (1) the Series 2011-1 Lowest Enhancement Percentage as of such date and (2) the Series 2011-1 Lowest Enhancement Vehicle Percentage as of such date, (ii) the
product of (1) the Series 2011-1 Intermediate Enhancement Percentage as of such date and (2) the Series 2011-1 Intermediate Enhancement Vehicle Percentage as of such date and (iii) the product of (1) the Series 2011-1 Highest
Enhancement Percentage and (2) the Series 2011-1 Highest Enhancement Vehicle Percentage and (b) if positive, a percentage equal to the sum of (i) the product of (1) 100% minus the Measurement Month Average with respect to the
immediately preceding Measurement Month and (2) the New ZVF Vehicle Percentage as of such date and (ii) the product of (1) 100% minus the lower of (A) the Measurement Month Average for the immediately preceding Measurement Month
and (B) the lowest Standard ZVF Vehicle Market Value Average as of each of the three Determination Dates immediately preceding such date (or, if such date is a Determination Date, as of such date and the two Determination Dates immediately
preceding such date) and (2) the Standard ZVF Vehicle Percentage as of such date 
 “Series 2011-1 Required
Incremental Enhancement Amount” means 
 (i) as of the Series 2011-1 Closing Date, $0; and (ii) as of any date
thereafter on which the Series 2011-1 Adjusted Principal Amount is greater than zero, the product of (A) the Series 2011-1 Required Asset Amount Percentage as of the immediately preceding Business Day and (B) the sum of (1) the
excess, if any, of the Audi Amount over the Series 2011-1 Maximum Audi Amount as of such immediately preceding Business Day, (2) the excess, if any, of the BMW/Mini Amount over the Series 2011-1 Maximum BMW/Mini Amount as of such immediately
preceding Business Day, (3) the excess, if any, of the Daimler/Smart Amount over the Series 2011-1 Maximum Daimler/Smart Amount as of such immediately preceding Business Day, (4) the excess, if any, of the Fiat/Alfa Romeo Amount over the
Series 2011-1 Maximum Fiat/Alfa Romeo Amount as of such immediately preceding Business Day, (5) the excess, if any, of the Ford Amount over the Series 2011-1 Maximum Ford Amount as of such immediately preceding Business Day, (6) the
excess, if any, of the GM Amount over the Series 2011-1 Maximum GM Amount as of such immediately preceding Business Day (7) the excess, if any, of the Honda/Acura Amount over the Series 2011-1 Maximum Honda/Acura Amount as of such immediately
preceding Business Day, (8) the excess, if any, of the 

  
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Hyundai/Kia Amount over the Series 2011-1 Maximum Hyundai/Kia Amount as of such immediately preceding Business Day, (9) the excess, if any, of the Mazda Amount over the Series 2011-1 Maximum
Mazda Amount as of such immediately preceding Business Day, (10) the excess, if any, of the Nissan/Infiniti Amount over the Series 2011-1 Maximum Nissan/Infiniti Amount as of such immediately preceding Business Day, (11) the excess, if
any, of the Subaru Amount over the Series 2011-1 Maximum Subaru Amount as of such immediately preceding Business Day, (12) the excess, if any, of the Toyota/Scion/Lexus Amount over the Series 2011-1 Maximum Toyota/Scion/Lexus Amount as of such
immediately preceding Business Day, (13) the excess, if any, of the Volkswagen/Audi Amount over the Series 2011-1 Maximum Volkswagen/Audi Amount as of such immediately preceding Business Day, (14) the excess, if any, of the Volvo Amount
over the Series 2011-1 Maximum Volvo Amount as of such immediately preceding Business Day and (15) the excess, if any, of the Non-Eligible Manufacturer Amount over the Series 2011-1 Maximum Non-Eligible Manufacturer Amount as of such
immediately preceding Business Day. 
 “Series 2011-1 Required Liquidity Amount” means, as of any date of
determination, an amount equal to the product of (A) the Series 2011-1 Required Liquidity Percentage as of such date and (B) the Series 2011-1 Adjusted Principal Amount as of such date. 

“Series 2011-1 Required Liquidity Percentage” means, as of any date of determination, 8.25%. 

“Series 2011-1 Required Overcollateralization Amount” means, as of any date of determination, the excess, if any, of
(a) the Series 2011-1 Required Enhancement Amount as of such date over (b) the sum of (i) the Series 2011-1 Available Reserve Account Amount as of such date (after giving effect to any deposits thereto and withdrawals and releases
therefrom on such date) and (ii) the portion of the Series 2011-1 Letter of Credit Amount which constitutes part of the Series 2011-1 Adjusted Enhancement Amount as of such date. 

“Series 2011-1 Required Reserve Account Amount” means, with respect to any date of determination, an amount equal to the
greater of (a) the excess, if any, of the Series 2011-1 Required Liquidity Amount over the Series 2011-1 Letter of Credit Liquidity Amount, in each case, as of such date, excluding from the calculation thereof the amount available to be drawn
under any Series 2011-1 Letter of Credit if at the time of such calculation (A) such Series 2011-1 Letter of Credit shall not be in full force and effect, (B) an Event of Bankruptcy shall have occurred with respect to the Series 2011-1
Letter of Credit Provider of such Series 2011-1 Letter of Credit, (C) such Series 2011-1 Letter of Credit Provider shall have repudiated such Series 2011-1 Letter of Credit or failed to honor a draw thereon made in accordance with the terms
thereof or (D) a Series 2011-1 Downgrade Event shall have occurred and be continuing for at least 30 days with respect to the Series 2011-1 Letter of Credit Provider of such Series 2011-1 Letter of Credit and (b) the excess, if any, of the
Series 2011-1 Required Enhancement Amount over the Series 2011-1 Adjusted Enhancement Amount (excluding therefrom the Series 2011-1 Available Reserve Account Amount), in each case, as of such date. 

  
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 “Series 2011-1 Reserve Account” has the meaning specified in
Section 3.8(a) of this Series Supplement. 
 “Series 2011-1 Reserve Account Collateral” has the
meaning specified in Section 3.8(d) of this Series Supplement. 
 “Series 2011-1 Reserve Account
Surplus” means, with respect to any date of determination, the excess, if any, of the Series 2011-1 Available Reserve Account Amount (after giving effect to any deposits thereto and withdrawals and releases therefrom on such date) over the
Series 2011-1 Required Reserve Account Amount, in each case, as of such date. 
 “Series 2011-1 Revolving
Period” means the period from and including the Series 2011-1 Closing Date to the commencement of the Series 2011-1 Rapid Amortization Period. 
 “Series 2011-1 Series Account Collateral” has the meaning specified in Section 3.1(d) of this Series Supplement. 

“Series 2011-1 Series Accounts” has the meaning specified in Section 3.1(a) of this Series Supplement.

 “Series Supplement” has the meaning set forth in the preamble. 

“Servicer Event of Default” means the occurrence of an event that results in amounts outstanding under the
Servicer’s Senior Credit Facilities becoming capable of being declared immediately due and payable by the lenders thereunder and that has not been waived by the lenders thereunder. 

“Standard ZVF Vehicle” means a ZVF Vehicle that is an Eligible Vehicle and is a Non-Program Vehicle and is not a New ZVF
Vehicle. 
 “Standard ZVF Vehicle Amount” means, as of any date of determination, an amount equal to the sum,
rounded to the nearest $100,000, of the following amounts to the extent that such amounts are included in the definition of “Aggregate Asset Amount” for such date: (i) the Net Book Value of all Standard ZVF Vehicles as of such date
and not sold or deemed to be sold under the Related Documents, plus (ii) with respect to Standard ZVF Vehicles that have been delivered and accepted for auction or otherwise sold and were Standard ZVF Vehicles at the time of such sale,
any accrued and unpaid Monthly Base Rent with respect to such Standard ZVF Vehicles as of such date under the ZVF Lease, plus (iii) with respect to Standard ZVF Vehicles that have been delivered and accepted for auction or otherwise sold
or become a Casualty, any accrued and unpaid Casualty Payments with respect to such Standard ZVF Vehicles as of such date under the ZVF Lease, plus (iv) if such date is during the period from and including a Determination Date to but
excluding the next Payment Date, accrued and unpaid Monthly Base Rent payable on the next Payment Date with respect to all Standard ZVF Vehicles as of such date that have not been sold or deemed to be sold under the Related Documents, minus
(v) all amounts specified in clause (ii) or clause (iii) above which are past due as of such date after giving effect to any grace period provided for in the ZVF Lease for making such payments. 

  
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 “Standard ZVF Vehicle Fleet Market Value” means, with respect to all
Standard ZVF Vehicles as of any date of determination, the sum of the respective Third-Party Market Values of each such Standard ZVF Vehicle as of such date. 
 “Standard ZVF Vehicle Market Value Average” means, as of any date of determination on or after the initial Determination Date following the Initial Closing Date, the percentage equivalent
(not to exceed 100%) of a fraction, the numerator of which is the Standard ZVF Vehicle Fleet Market Value as of the preceding Determination Date (or as of such date, if such date is a Determination Date) and the denominator of which is the aggregate
Net Book Value of all such Standard ZVF Vehicles as of such preceding Determination Date (or as of such date, if such date is a Determination Date). 
 “Standard ZVF Vehicle Percentage” means, as of any date of determination, the percentage equivalent of a fraction, the numerator of which is the Standard ZVF Vehicle Amount as of such
date and the denominator of which is the excess of (x) the Aggregate Asset Amount over (y) the amount of cash and Permitted Investments on deposit in the Collection Account as of such date. 

“Subaru Amount” means, as of any date of determination, an amount equal to the Manufacturer Vehicle Amount with respect
to Subaru as of such date. 
 “Third-Party Market Value” means, with respect to any ZVF Vehicle as of any date
of determination: 
 (a) if such ZVF Vehicle is a New ZVF Vehicle as of such date, (x) the Net Book Value with respect to
such ZVF Vehicle as of such date minus (y) the excess of (i) the Capitalized Cost with respect to such ZVF Vehicle over (ii) the Discounted MSRP with respect to such ZVF Vehicle; and 

(b) if such ZVF Vehicle is a Standard ZVF Vehicle as of such date, the wholesale market value of such ZVF Vehicle as specified in the
Related Month’s published NADA Guide for the model class and model year of such ZVF Vehicle based on the average equipment and the average mileage of each ZVF Vehicle of such model class and model year; provided, that if the NADA Guide
was not published in the Related Month or the NADA Guide is being published but such ZVF Vehicle is not included therein, the Third-Party Market Value of such ZVF Vehicle shall be based on the wholesale market value specified in the Finance Guide
for the model class and model year of such ZVF Vehicle based on the average equipment and the average mileage of each ZVF Vehicle of such model class and model year; provided, further, that if the Finance Guide is being published but such ZVF
Vehicle is not included therein or if the Finance Guide was not published in the Related Month, the Third-Party Market Value of such ZVF Vehicle shall be based on an independent third-party data source selected by the Servicer and approved by the
Administrative Agent (such approval not to be unreasonably withheld or delayed), at the request of ZVF based on the average equipment 

  
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and average mileage of each ZVF Vehicle of such model class and model year; provided, further, that if no such third-party data source or methodology shall have been so approved or any
such third-party source or methodology is not available, the Third-Party Market Value of such ZVF Vehicle shall be equal to a reasonable estimate of the wholesale market value of such Vehicle as determined by the Servicer, based on the Net Book
Value of such Vehicle and any other factors deemed relevant by the Servicer. 
 “Toyota/Scion/Lexus Amount”
means, as of any date of determination, an amount equal to the sum of the Manufacturer Vehicle Amounts with respect to Toyota, Scion and Lexus as of such date. 
 “Undrawn Fee” means the “Undrawn Fee” as defined in the Series 2011-1 Note Purchase Agreement. 
 “Volkswagen/Audi Amount” means, as of any date of determination, an amount equal to the sum of the Manufacturer Vehicle Amounts with respect to Volkswagen and Audi as of such date.

 “Voluntary Decrease” has the meaning specified in Section 2.2(b) of this Series Supplement.

 “Volvo Amount” means, as of any date of determination, an amount equal to the Manufacturer Vehicle Amount
with respect to Volvo as of such date. 
 “Voting Stock” means, with respect to any Person, shares of Capital
Stock entitled to vote generally in the election of directors. 
 “Zipcar Fleet Vehicle Capitalized Cost”
means, with respect to each Zipcar Fleet Vehicle, an amount equal to (a) the price paid for such Zipcar Fleet Vehicle by Zipcar or any subsidiary thereof to the Manufacturer, dealer or other Person selling such Zipcar Fleet Vehicle, as
established by the invoice delivered in connection with the purchase of such Zipcar Fleet Vehicle, plus (b) any delivery charges for such Zipcar Fleet Vehicle, minus (c) the amount of any upfront incentive fees paid or
payable to Zipcar or any subsidiary thereof by the Manufacturer of such Zipcar Fleet Vehicle in respect of the purchase of such Zipcar Fleet Vehicle. 
 “Zipcar Fleet Vehicle Depreciation Charges” means, with respect to any Zipcar Fleet Vehicle for any calendar month, a monthly depreciation charge equal to the product of (x) the
Zipcar Fleet Vehicle Capitalized Cost with respect to such Zipcar Fleet Vehicle and (y) a percentage equal to the Depreciation Charge for such calendar month with respect to a ZVF Vehicle that is a Non-Program Vehicle of the same make, model
and model year as such Zipcar Fleet Vehicle. The Zipcar Fleet Vehicle Depreciation Charge with respect to any Zipcar Fleet Vehicle for the calendar month in which such Zipcar Fleet Vehicle (x) becomes a Zipcar Fleet Vehicle or (y) is sold
or otherwise ceases to be a Zipcar Fleet Vehicle, shall equal the product of (i) the Depreciation Charge for such calendar month with respect to such Zipcar Fleet Vehicle and (ii) 50%. 

  
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 “Zipcar Fleet Vehicle Net Book Value” means, as of any date of
determination, (x) with respect to any ZVF Vehicle, the Net Book Value of such ZVF Vehicle on such date and (y) with respect to each other Zipcar Fleet Vehicle, (a) the Zipcar Fleet Vehicle Capitalized Cost with respect to such Zipcar
Fleet Vehicle minus (b) the aggregate Zipcar Fleet Vehicle Depreciation Charges accrued with respect to such Zipcar Fleet Vehicle through the last day of the most recently ended calendar month. 

“Zipcar Fleet Vehicle” means any passenger automobile or light-duty truck that is owned directly or indirectly by Zipcar
for use in its car sharing business (including any ZVF Vehicle) and titled in the United States and which is not an Eligible Program Vehicle. 
 ARTICLE II 
 INITIAL ISSUANCE AND INCREASES AND DECREASES 

OF PRINCIPAL AMOUNT OF SERIES 2011-1 NOTES 
 Section 2.1. Initial Issuance; Procedure for Increasing the Series 2011-1 Principal Amount. 
 (a) Subject to satisfaction of the conditions precedent set forth in subsection (b) of this Section 2.1 (in the case of subsections (b)(i) through (b)(viii),
subsection (b)(x) and, in the case of the issuance of Additional Series 2011-1 Notes, subsection (b)(ix), of this Section 2.1, as evidenced by an Advance Request delivered to the Trustee as to which the Trustee may rely)
(i) on the Series 2011-1 Closing Date, ZVF shall issue Series 2011-1 Notes in the aggregate initial principal amount equal to the Series 2011-1 Initial Principal Amount, (ii) on any Business Day during the Series 2011-1 Revolving Period,
ZVF may issue Additional Series 2011-1 Notes in an aggregate initial principal amount equal to the Series 2011-1 Additional Investor Group Initial Principal Amount with respect to the related Series 2011-1 Additional Investor Group and (iii) on
any Business Day during the Series 2011-1 Revolving Period, ZVF may, in accordance with the Series 2011-1 Note Purchase Agreement, increase the Series 2011-1 Principal Amount (each such increase referred to as an “Increase”), by
issuing, at par, ratable amounts of additional principal amounts of the Series 2011-1 Notes. Each Increase of the Series 2011-1 Notes shall be made in accordance with the provisions of Sections 2.02 and 2.03 of the Series 2011-1 Note Purchase
Agreement and shall be ratably allocated among the Series 2011-1 Notes, based on their respective portion of the Series 2011-1 Principal Amount prior to giving effect to such Increase. Proceeds from the initial issuance of the Series 2011-1 Notes,
from any additional issuance of Additional Series 2011-1 Notes and from any Increase with respect to the Series 2011-1 Notes shall be deposited into the Collection Account and such proceeds shall be allocated in accordance with Article III
hereof. Upon each Increase, the Trustee shall, or shall cause the Registrar to, indicate in the Note Register such Increase. 

(b) The initial Series 2011-1 Notes will be issued on the Series 2011-1 Closing Date, Additional Series 2011-1 Notes will be issued on
any Business Day during 

  
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the Series 2011-1 Revolving Period that a Series 2011-1 Additional Investor Group becomes a party to the Series 2011-1 Note Purchase Agreement, and ZVF may request an Increase on any Business Day
during the Series 2011-1 Revolving Period (subject to the limitations set forth in Section 2.2(a) below), in each case, pursuant to subsection (a) above, only upon satisfaction of each of the following conditions with respect
to such initial issuance, such additional issuance of Additional Series 2011-1 Notes and each proposed Increase: 

(i) other than in the case of the initial issuance of the Series 2011-1 Notes on the Series 2011-1 Closing Date, the
amount of such issuance or Increase shall be equal to or greater than $500,000 and integral multiples of $100,000 in excess thereof; 
 (ii) after giving effect to such issuance or Increase, (A) the Series 2011-1 Investor Group Principal Amount with respect to each Series 2011-1 Investor Group shall not exceed the Series 2011-1
Maximum Investor Group Principal Amount with respect to such Series 2011-1 Investor Group and (B) the Series 2011-1 Principal Amount shall not exceed the Series 2011-1 Maximum Principal Amount; 

(iii) after giving effect to such issuance or Increase and the application of the proceeds thereof, no Series 2011-1
Enhancement Deficiency, Series 2011-1 Liquidity Deficiency or Aggregate Asset Amount Deficiency shall exist; 

(iv) after giving effect to such issuance or Increase and the application of the proceeds thereof, the amount on deposit
in the Series 2011-1 Reserve Account shall be equal to or greater than the Series 2011-1 Required Reserve Account Amount; 
 (v) no Amortization Event or Potential Amortization Event with respect to the Series 2011-1 Notes shall have occurred and be continuing and such issuance or Increase and the application of the proceeds
thereof shall not result in the occurrence of (1) an Amortization Event with respect to the Series 2011-1 Notes or a Limited Liquidation Event of Default, or (2) an event or occurrence, which, with the passing of time or the giving of
notice thereof, or both, would become an Amortization Event with respect to the Series 2011-1 Notes or a Limited Liquidation Event of Default; 
 (vi) all representations and warranties set forth in Article 7 of the Base Indenture shall be true and correct with the same effect as if made on and as of such date (except to the extent such
representations expressly relate to an earlier date); 
 (vii) with respect to such issuance or any Increase, all
conditions precedent to such issuance or the making of advances, as applicable, under the applicable Series 2011-1 Note Purchase Agreement shall have been satisfied; 

  
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 (viii) ZVF shall have acquired and shall be maintaining in force one or more
Series 2011-1 Interest Rate Caps in accordance with Section 3.12 of this Series Supplement after giving effect to such issuance or Increase; 
 (ix) with respect to the issuance of any Additional Series 2011-1 Notes, ZVF shall have received the prior written consent of each existing Series 2011-1 Noteholder; and 

(x) after giving effect to such Increase, no more than three Increases shall have occurred during such calendar week.

 Section 2.2. Procedure for Decreasing the Series 2011-1 Principal Amount. 

(a) Mandatory Decrease. 
 (i) If on any date a Series 2011-1 Enhancement Deficiency exists, then ZVF shall instruct the Trustee to withdraw from the Series 2011-1 Excess Collection Account funds in an amount equal to the least of
(x) the amount necessary, so that after giving effect to all Decreases of the Series 2011-1 Principal Amount on such date, no such Series 2011-1 Enhancement Deficiency shall exist, (y) the Series 2011-1 Principal Amount and (z) the
amount of Principal Collections on deposit in the Series 2011-1 Excess Collection Account on such date and available for distribution to effect a Mandatory Decrease pursuant to Section 3.2(e) of this Series Supplement, and distribute
such amount pro rata to the Series 2011-1 Noteholders in respect of principal on the Series 2011-1 Notes in accordance with Section 3.5(e) of this Series Supplement (in accordance with and subject to the limitations specified in
Section 2.2(c) below). 
 (ii) If on any date an Aggregate Asset Amount Deficiency exists, then ZVF
shall instruct the Trustee to withdraw from the Series 2011-1 Excess Collection Account funds in an amount equal to the least of (x) the Series 2011-1 Invested Percentage (with respect to Principal Collections) of the amount of such Aggregate
Asset Amount Deficiency, (y) the Series 2011-1 Principal Amount as of the date of application of such funds and (z) the amount of Principal Collections on deposit in the Series 2011-1 Excess Collection Account on such date and available
for distribution to effect a Mandatory Decrease pursuant to Section 3.2(e) of this Series Supplement, and distribute such amount pro rata to the Series 2011-1 Noteholders in respect of principal on the Series 2011-1 Notes in accordance
with Section 3.5(e) of this Series Supplement (in accordance with and subject to the limitations specified in Section 2.2(c) below) (each reduction of the Series 2011-1 Principal Amount pursuant to this
Section 2.2(a), a “Mandatory Decrease”). 
 (iii) With respect to any Mandatory
Decrease of the Series 2011-1 Principal Amount, ZVF shall also instruct the Trustee to withdraw from the Series 2011-1 Excess Collection Account funds in an amount equal to any associated 

  
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breakage costs (including Commercial Paper discounts and interest scheduled to accrue through the maturity of such Commercial Paper) incurred as a result of such Mandatory Decrease (paid together
with such Mandatory Decrease and calculated in accordance with the procedures outlined in Section 6.1 of this Series Supplement for optional repurchases) to pay such costs pursuant to Section 3.2(e) of this Series Supplement.

 (iv) Each Mandatory Decrease of the Series 2011-1 Principal Amount shall be ratably allocated among the Series
2011-1 Noteholders, based on their respective portion of the Series 2011-1 Principal Amount prior to giving effect to such Mandatory Decrease. Upon discovery of such a Series 2011-1 Enhancement Deficiency, Aggregate Asset Amount Deficiency, ZVF
shall promptly deliver written notice (by facsimile with original to follow by mail) of any related Mandatory Decreases to the Trustee. 
 (b) Voluntary Decrease of Series 2011-1 Notes. On any Business Day, upon at least 3 Business Day’s prior notice to each Series 2011-1 Noteholder, each Conduit Investor, each Committed Note
Purchaser and the Trustee, ZVF may decrease the Series 2011-1 Principal Amount (each such reduction of the Series 2011-1 Principal Amount pursuant to this Section 2.2(b), a “Voluntary Decrease”) by withdrawing from the
Series 2011-1 Excess Collection Account or, after the conclusion of the Series 2011-1 Revolving Period, the Series 2011-1 Collection Account, an amount (subject to the last sentence of this Section 2.2(b)) up to the sum of all Principal
Collections on deposit in such account (or, in the case of the Series 2011-1 Collection Account, up to the total amount available in such account for payment of principal of the Series 2011-1 Notes) and, in the case of the Series 2011-1 Excess
Collection Account, available for distribution to effect a Voluntary Decrease pursuant to Section 3.2(e) of this Series Supplement, and distributing pro rata to the Series 2011-1 Noteholders in respect of principal of the Series 2011-1
Notes, the amount of such withdrawal in accordance with Section 3.5(e) of this Series Supplement, together with any associated breakage costs (including Commercial Paper discounts and interest scheduled to accrue through the maturity of
such Commercial Paper) incurred as a result of such decrease (paid together with such decrease and calculated in accordance with the procedures outlined in Section 6.1 of this Series Supplement for optional repurchases); provided
that ZVF shall not effect a Voluntary Decrease pursuant to this Section 2.2(b) more than three times in any calendar week; provided further that the Trustee shall not be required to monitor the compliance of ZVF with the
limitation on the frequency of Voluntary Decreases set forth in the immediately preceding proviso. Such Voluntary Decrease shall be ratably allocated among the Series 2011-1 Noteholders, based on their respective portion of the Series 2011-1
Principal Amount. Each such Voluntary Decrease shall be, in the aggregate for all Series 2011-1 Notes, in a minimum principal amount of $500,000 and integral multiples of $100,000 in excess thereof. 

(c) Upon distribution to the Series 2011-1 Noteholders of principal of the Series 2011-1 Notes in connection with each Decrease, the
Trustee shall, or shall cause the Registrar to, indicate in the Note Register such Decrease. The amount of any Decrease shall not exceed the amount allocated to the Series 2011-1 Excess Collection


  
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Account or the Series 2011-1 Collection Account and available for distribution to Series 2011-1 Noteholders in respect of principal of the Series 2011-1 Notes on the date of such Decrease
pursuant to the terms hereof; provided that, for the avoidance of doubt, any amounts on deposit in the Series 2011-1 Collection Account and identified for payment to the Series 2011-1 Noteholders pursuant to Section 3.5(a) of this
Series Supplement shall not be considered to be available for distribution to Series 2011-1 Noteholders pursuant to the terms of this Section 2.2. 
 ARTICLE III 
 SERIES 2011-1 ALLOCATIONS 

With respect to the Series 2011-1 Notes only, the following shall apply: 

Section 3.1. Series 2011-1 Series Accounts. 
 (a) Establishment of Series 2011-1 Series Accounts. ZVF shall establish and maintain in the name of the Trustee for the benefit of the Series 2011-1 Noteholders three accounts: the Series 2011-1
Collection Account (such account, the “Series 2011-1 Collection Account”), the Series 2011-1 Accrued Interest Account (such account, the “Series 2011-1 Accrued Interest Account”) and the Series 2011-1 Excess
Collection Account (such account, the “Series 2011-1 Excess Collection Account” and, together with the Series 2011-1 Collection Account and the Series 2011-1 Accrued Interest Account, the “Series 2011-1 Series
Accounts”). Each Series 2011-1 Series Account shall bear a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 2011-1 Noteholders. Each Series 2011-1 Series Account shall be an Eligible
Deposit Account. If a Series 2011-1 Series Account is at any time no longer an Eligible Deposit Account, ZVF shall, within 10 Business Days of obtaining knowledge that such Series 2011-1 Series Account is no longer an Eligible Deposit Account,
establish a new Series 2011-1 Series Account that is an Eligible Deposit Account and shall instruct the Trustee in writing to transfer all cash and investments from the non-qualifying Series 2011-1 Series Account into the new Series 2011-1 Series
Account. Initially, each of the Series 2011-1 Series Accounts will be established with Deutsche Bank Trust Company Americas. 

(b) Administration of the Series 2011-1 Series Accounts. ZVF may instruct (by standing instructions or otherwise) the institution
maintaining each of the Series 2011-1 Series Accounts to invest funds on deposit in such Series 2011-1 Series Account from time to time in Permitted Investments; provided, however, that (x) any such investment in the Series 2011-1
Excess Collection Account shall mature not later than the Business Day following the date on which such funds were received (including funds received upon a payment in respect of a Permitted Investment made with funds on deposit in the Series 2011-1
Excess Collection Account) and (y) any such investment in the Series 2011-1 Collection Account or the Series 2011-1 Accrued Interest Account shall mature not later than the Business Day prior to the first Payment Date following the date on
which such funds were received (including funds received upon a payment in respect of a Permitted Investment made with funds on deposit in the Series 2011-1 

  
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Collection Account or Series 2011-1 Accrued Interest Account). ZVF shall not direct the Trustee to dispose of (or permit the disposal of) any Permitted Investments prior to the maturity thereof
to the extent such disposal would result in a loss of the initial purchase price of such Permitted Investment. In the absence of written investment instructions hereunder, funds on deposit in the Series 2011-1 Series Accounts shall remain
uninvested. 
 (c) Earnings from Series 2011-1 Series Accounts. All interest and earnings (net of losses and investment
expenses) paid on funds on deposit in the Series 2011-1 Series Accounts shall be deemed to be on deposit therein and available for distribution. 
 (d) Series 2011-1 Series Accounts Constitute Additional Collateral for Series 2011-1 Notes. In order to secure and provide for the repayment and payment of the Note Obligations with respect to the
Series 2011-1 Notes, ZVF hereby grants a security interest in and assigns, pledges, grants, transfers and sets over to the Trustee, for the benefit of the Series 2011-1 Noteholders, all of ZVF’s right, title and interest in and to the following
(whether now or hereafter existing or acquired): (i) the Series 2011-1 Series Accounts, including any security entitlement thereto; (ii) all funds on deposit therein from time to time; (iii) all certificates and instruments, if any,
representing or evidencing any or all of the Series 2011-1 Series Accounts or the funds on deposit therein from time to time; (iv) all investments made at any time and from time to time with monies in the Series 2011-1 Series Accounts, whether
constituting securities, instruments, general intangibles, investment property, financial assets or other property; (v) all interest, dividends, cash, instruments and other property from time to time received, receivable or otherwise
distributed in respect of or in exchange for the Series 2011-1 Series Accounts, the funds on deposit therein from time to time or the investments made with such funds; and (vi) all proceeds of any and all of the foregoing, including cash (the
items in the foregoing clauses (i) through (vi) are referred to, collectively, as the “Series 2011-1 Series Account Collateral”). 
 Section 3.2. Allocations with Respect to the Series 2011-1 Notes. 

The net proceeds from the initial sale of the Series 2011-1 Notes and any Increase with respect to the Series 2011-1 Notes shall be
deposited into the Collection Account and shall be allocated in accordance with clause (a)(ii) of this Section 3.2 below. All amounts payable to ZVF under the Series 2011-1 Interest Rate Caps will be deposited into the Series
2011-1 Collection Account. On each Business Day on which the proceeds of the initial sale of the Series 2011-1 Notes, any Increase or Collections are deposited into the Collection Account (each such date, a “Series 2011-1 Deposit
Date”), the Administrator will direct the Trustee in writing pursuant to the Administration Agreement to apply from all amounts deposited into the Collection Account in accordance with the provisions of this Section 3.2:

 (a) Allocations of Collections During the Series 2011-1 Revolving Period. During the Series 2011-1 Revolving Period,
the Administrator will direct the Trustee in writing pursuant to the Administration Agreement, prior to 12:00 noon (New York City time) on each Series 2011-1 Deposit Date, to apply from all amounts deposited into the Collection Account as set forth
below: 

  
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 (i) allocate to and deposit in the Series 2011-1 Collection Account an
amount equal to the sum of (A) the Series 2011-1 Invested Percentage (as of such day) of the aggregate amount of Interest Collections on such day and (B) any amounts received by the Trustee in respect of the Series 2011-1 Interest Rate
Caps. All such amounts deposited into the Series 2011-1 Collection Account shall thereafter be deposited into the Series 2011-1 Accrued Interest Account; and 
 (ii) allocate to and deposit in the Series 2011-1 Excess Collection Account (A) an amount equal to the Series 2011-1 Invested Percentage (as of such day) of the aggregate amount of Principal
Collections on such day, (B) on the Series 2011-1 Closing Date, the net proceeds from the issuance of the Series 2011-1 Notes and (C) on the date of any Increase, the proceeds of such Increase (for any such day, the “Series 2011-1
Principal Allocation”). 
 (b) Allocations of Collections During the Series 2011-1 Rapid Amortization Period.
During the Series 2011-1 Rapid Amortization Period, the Administrator will direct the Trustee in writing pursuant to the Administration Agreement, prior to 12:00 noon (New York City time) on any Series 2011-1 Deposit Date, to apply from all amounts
deposited into the Collection Account as set forth below following payment in full of all fees, costs and expenses owed to the Trustee and the Collateral Agent hereunder or under any Related Document: 

(i) allocate to and deposit in the Series 2011-1 Collection Account an amount determined as set forth in
Section 3.2(a)(i) above for such day, which amount shall be thereafter allocated to and deposited in the Series 2011-1 Accrued Interest Account; and 
 (ii) allocate to and deposit in the Series 2011-1 Collection Account an amount equal to the Series 2011-1 Principal Allocation for such day, which amount shall be used pursuant to Section 3.5
of this Series Supplement to make principal payments on a pro rata basis in respect of the Series 2011-1 Notes until the Series 2011-1 Notes have been paid in full; provided that (a) if on any Determination Date
(A) the Administrator determines that the amount anticipated to be available from Interest Collections allocable to the Series 2011-1 Notes (less any amounts used to pay fees, costs and expenses owed to the Trustee or the Collateral Agent), any
amounts payable to the Trustee in respect of any Series 2011-1 Interest Rate Caps and other amounts available pursuant to Section 3.3 of this Series Supplement to pay Series 2011-1 Monthly Interest on the next succeeding Payment Date
will be less than the Series 2011-1 Monthly Interest for such Payment Date and (B) the Series 2011-1 Enhancement Amount is greater than zero, then the Administrator shall direct the Trustee in writing to withdraw from the Series 2011-1
Collection Account a portion of such Principal Collections allocated to the Series 2011-1 Notes during the related Series 2011-1 Rapid Amortization Payment Period equal to the lesser of such insufficiency and the


  
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Series 2011-1 Enhancement Amount and deposit such amount into the Series 2011-1 Accrued Interest Account to be treated as Interest Collections on such Payment Date. 

(c) Past Due Rental Payments. Notwithstanding the foregoing, if, after the occurrence of a Series 2011-1 Lease Payment Deficit,
the Lessee shall make a payment of Rent or other amount payable by the Lessee under the ZVF Lease on or prior to the fifth Business Day after the occurrence of such Series 2011-1 Lease Payment Deficit (a “Past Due Rent Payment”),
the Administrator shall direct the Trustee in writing pursuant to the Administration Agreement to allocate to and deposit in the Series 2011-1 Collection Account an amount equal to the Series 2011-1 Invested Percentage as of the date of the
occurrence of such Series 2011-1 Lease Payment Deficit of the Collections attributable to such Past Due Rent Payment (the “Series 2011-1 Past Due Rent Payment”). The Administrator shall instruct the Trustee in writing pursuant to
the Administration Agreement to withdraw from the Series 2011-1 Collection Account and apply the Series 2011-1 Past Due Rent Payment in the following order: 
 (i) if the occurrence of the related Series 2011-1 Lease Payment Deficit resulted in one or more Series 2011-1 LOC Credit Disbursements being made under the Series 2011-1 Letters of Credit, pay to each
Series 2011-1 Letter of Credit Provider who made such a Series 2011-1 LOC Credit Disbursement for application in accordance with the provisions of the applicable Series 2011-1 Letter of Credit Reimbursement Agreement an amount equal to the lesser of
(x) the unreimbursed amount of such Series 2011-1 Letter of Credit Provider’s Series 2011-1 LOC Credit Disbursement and (y) such Series 2011-1 Letter of Credit Provider’s pro rata share, calculated on the basis of the
unreimbursed amount of each such Series 2011-1 Letter of Credit Provider’s Series 2011-1 LOC Credit Disbursement, of the amount of the Series 2011-1 Past Due Rent Payment; 

(ii) if the occurrence of such Series 2011-1 Lease Payment Deficit resulted in a withdrawal being made from the Series
2011-1 Cash Collateral Account, deposit in the Series 2011-1 Cash Collateral Account an amount equal to the lesser of (x) the amount of the Series 2011-1 Past Due Rent Payment remaining after any payments pursuant to clause
(i) above and (y) the amount withdrawn from the Series 2011-1 Cash Collateral Account on account of such Series 2011-1 Lease Payment Deficit; 
 (iii) if the occurrence of such Series 2011-1 Lease Payment Deficit resulted in a withdrawal being made from the Series 2011-1 Reserve Account pursuant to Section 3.3(c) of this Series
Supplement, deposit in the Series 2011-1 Reserve Account an amount equal to the lesser of (x) the amount of the Series 2011-1 Past Due Rent Payment remaining after any payments pursuant to clauses (i) and (ii) above and
(y) the excess, if any, of the Series 2011-1 Required Reserve Account Amount over the Series 2011-1 Available Reserve Account Amount on such day; 

  
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 (iv) deposit into the Series 2011-1 Accrued Interest Account the amount, if
any, by which the Series 2011-1 Lease Interest Payment Deficit, if any, relating to such Series 2011-1 Lease Payment Deficit exceeds the amount of the Series 2011-1 Past Due Rent Payment applied pursuant to clauses (i) through
(iii) above; and 
 (v) deposit into the Series 2011-1 Excess Collection Account and treat as
Principal Collections the remaining amount of the Series 2011-1 Past Due Rent Payment. 
 (d) Amounts Allocated from Other
Series. Amounts allocated to other Series of Notes that have been reallocated by ZVF to the Series 2011-1 Notes (i) during the Series 2011-1 Revolving Period shall be deposited into the Series 2011-1 Excess Collection Account and applied in
accordance with Section 3.2(e) of this Series Supplement and (ii) during the Series 2011-1 Rapid Amortization Period shall be deposited into the Series 2011-1 Collection Account and applied in accordance with
Section 3.2(b) of this Series Supplement to make principal payments in respect of the Series 2011-1 Notes. 
 (e)
Series 2011-1 Excess Collection Account. Amounts deposited into the Series 2011-1 Excess Collection Account on any Series 2011-1 Deposit Date will be (i) first, withdrawn and deposited in the Series 2011-1 Reserve Account in an
amount up to the excess, if any, of the Series 2011-1 Required Reserve Account Amount for such date over the Series 2011-1 Available Reserve Account Amount for such date, (ii) second, used (x) to make a Mandatory Decrease, if
applicable, in accordance with Sections 2.2(a) and 3.5(e) of this Series Supplement and (y) to pay any associated costs pursuant to Section 2.2(a)(iii), (iii) third, used to pay the principal amount of
other Series of Notes that are then required to be paid or, at the option of ZVF, to pay the principal amount of other Series of Notes that may be paid under the Indenture, (iv) fourth, at the option of ZVF to make a Voluntary Decrease
in accordance with Sections 2.2(b) and 3.5(e) of this Series Supplement, and (v) fifth, any remaining funds may be released to ZVF, in the case of clauses (iii) through (v), only to the extent that no
Series 2011-1 Enhancement Deficiency or other Amortization Event with respect to the Series 2011-1 Notes would result therefrom or exist immediately thereafter. Notwithstanding the foregoing, on the first day of the Series 2011-1 Rapid Amortization
Period, all funds on deposit in the Series 2011-1 Excess Collection Account (including amounts allocated thereto pursuant to Section 3.2(a)(ii) or (c)(v) of this Series Supplement and any amounts allocated thereto pursuant to
Section 3.2(d) of this Series Supplement) will be withdrawn from the Series 2011-1 Excess Collection Account and deposited into the Series 2011-1 Collection Account and applied in accordance with Section 3.2(b)(ii) of this
Series Supplement. For the avoidance of doubt, the proceeds of any capital contribution to ZVF may, at ZVF’s discretion, be allocated to, and deposited in, the Series 2011-1 Excess Collection Account and may be used for the purposes set forth
in this Section 3.2(e). 

  
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 Section 3.3. Application of Interest Collections. 

(a) Note Interest with respect to the Series 2011-1 Notes. On the fourth Business Day prior to each Payment Date, the
Administrator shall instruct the Trustee in writing pursuant to the Administration Agreement as to the amount to be withdrawn from the Series 2011-1 Accrued Interest Account to the extent funds are anticipated to be available from Interest
Collections allocable to the Series 2011-1 Notes processed from but not including the preceding Payment Date through the succeeding Payment Date and any amounts payable to ZVF under any Series 2011-1 Interest Rate Cap during that period in respect
of (i) first, an amount equal to the sum of (A) the Series 2011-1 Monthly Interest (excluding amounts referenced in clause (ii) of the definition thereof to the extent duplicative of Series 2011-1 Deficiency Amounts
payable under clause (iii) below) for such Payment Date (the portion of such amount of Series 2011-1 Monthly Interest that will accrue for the period (each an, “Estimated Interest Period”) from and including the
Determination Date immediately preceding such Payment Date to but excluding such Payment Date (such portion of the Series 2011-1 Monthly Interest with respect to any such Estimated Interest Period, the “Estimated Interest”) shall be
estimated by the Administrator on such Determination Date) and (B) the Estimated Interest Adjustment Amount with respect to such Determination Date, (ii) second, an amount equal to any Indenture Carrying Charges due to the Series
2011-1 Noteholders and unpaid as of such Payment Date which are not included in the definition of Series 2011-1 Monthly Interest, (iii) third, an amount equal to the sum of the unpaid Series 2011-1 Deficiency Amounts, if any, as of the
preceding Payment Date (together with any accrued interest on such Series 2011-1 Deficiency Amounts), and (iv) fourth, an amount equal to the Series 2011-1 Monthly Default Interest Amount, if any, for such Payment Date. On or before
10:00 a.m. (New York City time) on the following Payment Date, the Trustee shall withdraw the amounts described in the first sentence of this Section 3.3(a), from the Series 2011-1 Accrued Interest Account and deposit such amounts into
the Series 2011-1 Distribution Account. 
 On or before 4:00 p.m. (New York City time) on the Business Day immediately preceding
each Determination Date, the Administrator shall notify the Trustee of any Estimated Interest Adjustment Amount with respect to such Determination Date, such notification to be in the form of Exhibit H to this Series Supplement (each an
“Estimated Interest Adjustment Notice”). 
 (b) Lease Payment Deficit Notice. On or before 10:00 a.m.
(New York City time) on each Payment Date, the Administrator shall notify the Trustee of the amount of any Series 2011-1 Lease Payment Deficit, such notification to be in the form of Exhibit C to this Series Supplement (each a “Lease
Payment Deficit Notice”). 
 (c) Withdrawals from the Series 2011-1 Reserve Account. If the Administrator
determines on any Payment Date that the amounts available from the Series 2011-1 Accrued Interest Account are insufficient to pay the sum of the amounts described in clauses (i) through (iii) of Section 3.3(a) of
this Series Supplement on such Payment Date, the Administrator shall instruct the Trustee by 11:00 a.m. (New York City time) in writing to withdraw from the Series 2011-1 Reserve Account and deposit in the Series 2011-1 Distribution Account on such
Payment Date an amount equal to the lesser of the Series 2011-1 Available Reserve Account Amount and such insufficiency. The Trustee shall withdraw such amount from the Series 2011-1 Reserve Account and deposit such amount in the Series 2011-1
Distribution Account. 

  
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 (d) Draws on Series 2011-1 Letters of Credit. If the Administrator determines on any
Payment Date that there exists a Series 2011-1 Lease Interest Payment Deficit, the Administrator shall instruct the Trustee in writing to draw on the Series 2011-1 Letters of Credit, if any, and, upon receipt of such notice by the Trustee on or
prior to 10:30 a.m. (New York City time) on such Payment Date, the Trustee shall, by 12:00 p.m. (New York City time) on such Payment Date draw on the Series 2011-1 Letters of Credit an amount, as set forth in such notice, equal to the least of
(i) such Series 2011-1 Lease Interest Payment Deficit, (ii) the excess, if any, of (x) the sum of the amounts described in clauses (i) through (iii) of Section 3.3(a) of this Series Supplement on
such Payment Date over (y) the amounts available from the Series 2011-1 Accrued Interest Account plus the amount to be withdrawn from the Series 2011-1 Reserve Account pursuant to Section 3.3(c) of this Series Supplement on such
Payment Date and (iii) the Series 2011-1 Letter of Credit Liquidity Amount on such Payment Date by presenting to each Series 2011-1 Letter of Credit Provider a draft accompanied by a Series 2011-1 Certificate of Credit Demand and shall cause
the Series 2011-1 LOC Credit Disbursements to be deposited in the Series 2011-1 Distribution Account on such Payment Date; provided, however, that if the Series 2011-1 Cash Collateral Account has been established and funded, the
Trustee shall withdraw from the Series 2011-1 Cash Collateral Account and deposit in the Series 2011-1 Distribution Account an amount equal to the lesser of (x) the Series 2011-1 Cash Collateral Percentage on such Payment Date of the least of
the amounts described in clauses (i), (ii) or (iii) above and (y) the Series 2011-1 Available Cash Collateral Account Amount on such Payment Date and draw an amount equal to the remainder of such amount on the
Series 2011-1 Letters of Credit. 
 (e) Deficiency Amounts. If the amounts described in Sections 3.3(a),
(c) and (d) of this Series Supplement and available to pay Series 2011-1 Monthly Interest, as applicable, are insufficient to pay the Series 2011-1 Monthly Interest for any Payment Date, payments of interest to the Series
2011-1 Noteholders will be reduced on a pro rata basis by the amount of such deficiency. The aggregate amount, if any, of such deficiency on any Payment Date allocable to the Series 2011-1 Notes shall be referred to as a
“Series 2011-1 Deficiency Amount”. Interest shall accrue on any Series 2011-1 Deficiency Amount at the Series 2011-1 Note Rate. 
 (f) Balance. On the fourth Business Day prior to each Payment Date, the Administrator shall instruct the Trustee in writing pursuant to the Administration Agreement to pay, on such Payment Date,
the balance (after making the payments required in Section 3.4 of this Series Supplement), if any, of the amounts available from the Series 2011-1 Accrued Interest Account as follows: 

(i) first, to the Administrator, in an amount equal to the Series 2011-1 Percentage as of the beginning of the
Series 2011-1 Interest Period ending on the day preceding such Payment Date of the Monthly Administration Fee for such Series 2011-1 Interest Period; 

  
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 (ii) second, to the Trustee, in an amount equal to the Series 2011-1
Percentage as of the beginning of the Series 2011-1 Interest Period ending on the day preceding such Payment Date of any Trustee’s fees for such Series 2011-1 Interest Period that remain unpaid on such Payment Date; 

(iii) third, on a pro rata basis, to the Back-Up Disposition Agent and the Back-Up Administrator, in
an amount equal to the Series 2011-1 Percentage as of the beginning of the Series 2011-1 Interest Period ending on the day preceding such Payment Date of the Back-Up Disposition Agent’s and the Back-Up Administrator’s fees for such Series
2011-1 Interest Period; 
 (iv) fourth, on a pro rata basis, to pay any Indenture Carrying
Charges (other than Indenture Carrying Charges provided for above) that remain unpaid on such Payment Date to the Persons to whom such amounts are owed, in an amount equal to the Series 2011-1 Percentage as of the beginning of the Series 2011-1
Interest Period ending on the day preceding such Payment Date of such Indenture Carrying Charges for such Series 2011-1 Interest Period; and 
 (v) fifth, the balance, if any, shall be withdrawn from the Series 2011-1 Accrued Interest Account by the Trustee and (A) during the Series 2011-1 Revolving Period, deposited into the Series
2011-1 Excess Collection Account or (B) during the Series 2011-1 Rapid Amortization Period, deposited into the Series 2011-1 Collection Account and treated as Principal Collections. 

(g) Trustee Fees. If, on any Payment Date after the occurrence and during the continuance of a Liquidation Event of Default or a
Limited Liquidation Event of Default, (x) the funds available to pay the Trustee fees pursuant to Section 3.3(f)(ii) of this Series Supplement on such Payment Date are less than the amount payable to the Trustee thereunder on such
Payment Date or (y) the funds available to pay the portion of the Indenture Carrying Charges payable to the Trustee pursuant to Section 3.3(f)(iv) of this Series Supplement on such Payment Date are less than the amount payable to
the Trustee thereunder on such Payment Date, the Administrator shall instruct the Trustee in writing to withdraw from the Series 2011-1 Reserve Account and pay to itself on such Payment Date an amount equal to the least of (A) the Series 2011-1
Available Reserve Account Amount on such Payment Date (after giving effect to any deposits thereto and withdrawals and releases therefrom on such date), (B) an amount equal to the excess, if any, of (i) 0.70% of the Series 2011-1 Required
Asset Amount as of the date of the occurrence of such Liquidation Event of Default or Limited Liquidation Event of Default over (ii) the aggregate of all amounts previously withdrawn from the Series 2011-1 Reserve Account pursuant to this
Section 3.3(g) in respect of fees and other amounts due and owing to the Trustee and (C) such insufficiency. The Trustee shall withdraw such amounts from the Series 2011-1 Reserve Account and pay or reimburse itself. 

(h) Back-Up Servicing Fees. If, on any Payment Date after the occurrence and during the continuance of a Liquidation Event of
Default or a Limited Liquidation Event of Default, (x) the funds available to pay the Back-Up Disposition Agent fees and the Back-Up Administrator fees pursuant to Section 3.3(f)(iii) of this


  
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Series Supplement on such Payment Date are less than the amount payable to the Back-Up Disposition Agent and the Back-Up Administrator thereunder on such Payment Date or (y) the funds
available to pay the portion of the Indenture Carrying Charges payable to the Back-Up Disposition Agent and the Back-Up Administrator pursuant to Section 3.3(f)(iv) of this Series Supplement on such Payment Date are less than the amount
payable to the Back-Up Disposition Agent and the Back-Up Administrator thereunder on such Payment Date, the Administrator shall instruct the Trustee in writing to withdraw from the Series 2011-1 Reserve Account (after giving effect to any
withdrawals therefrom in accordance with Section 3.3(g) of this Series Supplement) and pay to the Back-Up Disposition Agent and the Back-Up Administrator, on a pro rata basis on such Payment Date an amount equal to the
least of (A) the Series 2011-1 Available Reserve Account Amount on such Payment Date (after giving effect to any deposits thereto and withdrawals and releases therefrom on such date), (B) an amount equal to the excess, if any, of
(i) 0.70% of the Series 2011-1 Required Asset Amount as of the date of the occurrence of such Liquidation Event of Default or Limited Liquidation Event of Default over (ii) the aggregate of the amounts previously withdrawn from the Series
2011-1 Reserve Account under this Section 3.3(h) in respect of fees and other amounts due and owing to the Back-Up Administrator and Back-Up Disposition Agent and (C) such insufficiency. The Trustee shall withdraw such amounts from
the Series 2011-1 Reserve Account and pay or reimburse the Back-Up Disposition Agent and the Back-Up Administrator. 

Section 3.4. Payment of Note Interest. 
 On each Payment Date, the Trustee shall, in accordance with Section 6.1 of the Base Indenture, pay to the Series 2011-1 Noteholders from the Series 2011-1 Distribution Account the amount deposited in
the Series 2011-1 Distribution Account pursuant to Section 3.3 of this Series Supplement in the order of priority set forth in Section 3.3(a) of this Series Supplement. 

Section 3.5. Payment of Note Principal. 
 (a) Monthly Payments During Series 2011-1 Rapid Amortization Period. Commencing on the first Determination Date after the commencement of the Series 2011-1 Rapid Amortization Period and on each
Determination Date thereafter, the Administrator shall instruct the Trustee in writing pursuant to the Administration Agreement with respect to the related Payment Date as to (w) the amount allocated to the Series 2011-1 Notes pursuant to
Section 3.2(b)(ii) of this Series Supplement and any amounts allocated from the Series 2011-1 Excess Collection Account to the Series 2011-1 Collection Account pursuant to Section 3.2(e) of this Series Supplement and/or
allocated to the Series 2011-1 Collection Account pursuant to Section 3.2(d) or Section 3.3(f) of this Series Supplement, in each case, prior to such date and not previously deposited into the Series 2011-1 Distribution
Account for payment to the Series 2011-1 Noteholders, as the case may be, (x) any amounts to be withdrawn from the Series 2011-1 Reserve Account and deposited into the Series 2011-1 Distribution Account pursuant to this
Section 3.5, (y) any amounts to be drawn on the Series 2011-1 Letters of Credit (and/or withdrawn from the Series 2011-1 Cash Collateral Account) pursuant to this 

  
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Section 3.5 and (z) the amount of any demand to be made under the Series 2011-1 Demand Note. On the Payment Date following each such Determination Date during the Series
2011-1 Rapid Amortization Period, the Trustee shall withdraw such amounts allocated to pay principal of the Series 2011-1 Notes from the Series 2011-1 Collection Account and deposit such amount together with the proceeds of any demand made on the
Series 2011-1 Demand Note received during the period from but excluding the immediately preceding Payment Date to and including such Payment Date into the Series 2011-1 Distribution Account along with any other amounts deposited in the Series 2011-1
Distribution Account for the payment of principal of such Series 2011-1 Notes pursuant to Section 3.5(b) of this Series Supplement and any amounts deposited in the Series 2011-1 Distribution Account pursuant to Section 3.5(c)
of this Series Supplement, in each case during the related Series 2011-1 Rapid Amortization Payment Period, which amount shall be paid pursuant to Section 3.5(d) of this Series Supplement. 

(b) Principal Deficit Amount. If the Principal Deficit Amount is greater than zero on any date or the Administrator determines
that there exists a Series 2011-1 Lease Principal Payment Deficit, the Administrator shall promptly provide written notice thereof to the Administrative Agent and the Trustee. On each Payment Date on which the Principal Deficit Amount is greater
than zero or a Series 2011-1 Lease Principal Payment Deficit exists, amounts shall be transferred to the Series 2011-1 Distribution Account as follows: 
 (i) Series 2011-1 Reserve Account Withdrawal. On each Payment Date on which the Principal Deficit Amount is greater than zero, the Administrator shall instruct the Trustee in writing prior to 11:00
a.m. (New York City time) on such Payment Date, in the case of a Principal Deficit Amount resulting from a Series 2011-1 Lease Payment Deficit, or prior to 11:00 a.m. (New York City time) on the second Business Day prior to such Payment Date, in the
case of any other Principal Deficit Amount, to withdraw from the Series 2011-1 Reserve Account, an amount equal to the lesser of (x) such Principal Deficit Amount and (y) the Series 2011-1 Available Reserve Account Amount on such Payment
Date (after giving effect to any withdrawals from the Series 2011-1 Reserve Account on such Payment Date pursuant to Section 3.3(c) of this Series Supplement), and deposit such withdrawal in the Series 2011-1 Distribution Account on such
Payment Date. 
 (ii) Principal Draws on Series 2011-1 Letters of Credit. If the Administrator determines
on any Payment Date that there exists a Series 2011-1 Lease Principal Payment Deficit that exceeds the amount, if any, withdrawn from the Series 2011-1 Reserve Account in accordance with clause (i) of this Section 3.5(b),
then the Administrator shall instruct the Trustee in writing to draw on the Series 2011-1 Letters of Credit, if any, in an amount equal to the least of (1) the excess of the Series 2011-1 Lease Principal Payment Deficit over the amount, if
any, withdrawn from the Series 2011-1 Reserve Account in accordance with clause (i) of this Section 3.5(b), (2) the Series 2011-1 Letter of Credit Liquidity Amount (after giving effect to any drawings on the Series
2011-1 Letters of Credit on such Payment Date pursuant to Section 3.3(d) of this Series 

  
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Supplement) and (3) on any date that is prior to the Legal Final Payment Date occurring during the period commencing on and including the date of the filing by Zipcar of a petition for
relief under Chapter 11 of the Bankruptcy Code to but excluding the date on which Zipcar shall have resumed making all payments of Monthly Variable Rent required to be made under the ZVF Lease, the excess, if any, of the Principal Deficit Amount
over the amount, if any, withdrawn from the Series 2011-1 Reserve Account in accordance with clause (i) of this Section 3.5(b). Upon receipt of a notice by the Trustee from the Administrator in respect of a Series 2011-1
Lease Principal Payment Deficit on or prior to 10:30 a.m. (New York City time) on a Payment Date, the Trustee shall, by 12:00 p.m. (New York City time) on such Payment Date draw an amount as set forth in such notice equal to the applicable amount
set forth above on the Series 2011-1 Letters of Credit by presenting to each Series 2011-1 Letter of Credit Provider a draft accompanied by a Series 2011-1 Certificate of Credit Demand and shall cause the Series 2011-1 LOC Credit Disbursements to be
deposited in the Series 2011-1 Distribution Account on such Payment Date; provided, however, that if the Series 2011-1 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 2011-1 Cash
Collateral Account and deposit in the Series 2011-1 Distribution Account an amount equal to the lesser of (x) the Series 2011-1 Cash Collateral Percentage on such Payment Date of the amount set forth in the notice provided to the Trustee by the
Administrator and (y) the Series 2011-1 Available Cash Collateral Account Amount on such Payment Date and draw an amount equal to the remainder of such amount on the Series 2011-1 Letters of Credit. 

(iii) Demand Note Draw. If on any Determination Date, the Administrator determines that the Principal Deficit
Amount on the next succeeding Payment Date (after giving effect to the withdrawal from the Series 2011-1 Reserve Account on such Payment Date pursuant to clause (i) of this Section 3.5(b) of this Series Supplement and any
drawings on the Series 2011-1 Letters of Credit on such Payment Date pursuant to clause (ii) of this Section 3.5(b)) will be greater than zero, then, prior to 10:00 a.m. (New York City time) on the second Business Day prior
to such Payment Date, the Administrator shall instruct the Trustee in writing (and provide the requisite information to the Trustee) to deliver a demand notice substantially in the form of Exhibit G-1 to this Series Supplement (each a
“Demand Notice”) on Zipcar for payment under the Series 2011-1 Demand Note in an amount equal to the lesser of (i) the Principal Deficit Amount less the amount to be deposited in the Series 2011-1 Distribution Account in
accordance with clauses (i) and/or (ii) of this Section 3.5(b) of this Series Supplement and (ii) the principal amount of the Series 2011-1 Demand Note. The Trustee shall, prior to 12:00 noon (New York City
time) on the second Business Day preceding such Payment Date, deliver such Demand Notice to Zipcar; provided, however, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition
thereto, without the lapse of a period of 60 consecutive days) with respect to Zipcar shall have occurred and be continuing, the Trustee shall not be required to deliver such Demand Notice to Zipcar. The Trustee shall cause the proceeds of any
demand on the Series 2011-1 Demand Note to be deposited into the Series 2011-1 Distribution Account, and such proceeds shall be treated as Principal Collections. 

  
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 (iv) Letter of Credit Draw. If (1) the Trustee shall have
delivered a Demand Notice as provided in Section 3.5(b)(iii) of this Series Supplement and Zipcar shall have failed to pay to the Trustee or deposit into the Series 2011-1 Distribution Account the amount specified in such Demand Notice
in whole or in part by 12:00 noon (New York City time) on the Business Day following the making of the Demand Notice, (2) due to the occurrence of an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the
definition thereof, without the lapse of a period of 60 consecutive days) with respect to Zipcar, the Trustee shall not have delivered such Demand Notice to Zipcar or (3) there is a Preference Amount (of which the Trustee has actual knowledge
or with respect to which the Trustee has received written notice thereof), the Trustee shall draw on the Series 2011-1 Letters of Credit, if any, by 12:00 p.m. (New York City time) on such Business Day in an amount equal to the lesser of
(A) the amount that Zipcar failed to pay under the Series 2011-1 Demand Note, the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be; and (B) the Series 2011-1 Letter of Credit
Amount on such Business Day, by presenting to each Series 2011-1 Letter of Credit Provider a draft accompanied by a Series 2011-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2011-1 Certificate of
Preference Payment Demand; provided, however that if the Series 2011-1 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 2011-1 Cash Collateral Account and deposit in the Series 2011-1
Distribution Account an amount equal to the lesser of (x) the Series 2011-1 Cash Collateral Percentage on such Business Day of the lesser of the amounts set forth in clause (A) and (B) above and (y) the Series
2011-1 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such amount on the Series 2011-1 Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw
on the Series 2011-1 Letters of Credit and the proceeds of any such withdrawal from the Series 2011-1 Cash Collateral Account into the Series 2011-1 Distribution Account and such proceeds shall be treated as Principal Collections. 

(c) Legal Final Payment Dates. The Series 2011-1 Principal Amount shall be due and payable on the Legal Final Payment Date. In
connection therewith: 
 (i) Reserve Account Withdrawal. If the amount to be deposited in the Series
2011-1 Distribution Account in accordance with Section 3.5(a) of this Series Supplement with respect to the Legal Final Payment Date together with any amounts to be deposited therein in accordance with Section 3.5(b) of this
Series Supplement on the Legal Final Payment Date, in each case, to pay principal of the Series 2011-1 Notes, is less than the Series 2011-1 Principal Amount on the Legal Final Payment Date, prior to 10:30 a.m. (New York City time) on the second
Business Day prior to the Legal Final Payment Date, the Administrator shall instruct the Trustee to withdraw from the Series 2011-1 

  
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Reserve Account, an amount equal to the lesser of (i) the Series 2011-1 Available Reserve Account Amount (after giving effect to any withdrawals from the Series 2011-1 Reserve Account
pursuant to Section 3.3(c) and Section 3.5(b)(i) of this Series Supplement), and (ii) such insufficiency, and deposit such withdrawn amounts in the Series 2011-1 Distribution Account on the Legal Final Payment Date. The
Trustee shall withdraw such amounts from the Series 2011-1 Reserve Account and deposit such amounts in the Series 2011-1 Distribution Account on or prior to the Legal Final Payment Date. 

(ii) Demand Note Draw. If the amount to be deposited in the Series 2011-1 Distribution Account pursuant to
Section 3.5(a) of this Series Supplement together with any amounts to be deposited therein in accordance with Section 3.5(b) and Section 3.5(c)(i) of this Series Supplement on the Legal Final Payment Date is less
than the Series 2011-1 Principal Amount, then, prior to 10:00 a.m. (New York City time) on the second Business Day prior to the Legal Final Payment Date, the Administrator shall instruct the Trustee in writing (and provide the requisite information
to the Trustee) to deliver a Demand Notice to Zipcar for payment under the Series 2011-1 Demand Note in an amount equal to the lesser of (i) such insufficiency and (ii) the principal amount of the Series 2011-1 Demand Note. The Trustee
shall, prior to 12:00 noon (New York City time) on the second Business Day preceding the Legal Final Payment Date, deliver such Demand Notice to Zipcar; provided, however, that if an Event of Bankruptcy (or the occurrence of an event
described in clause (a) of the definition thereof, without the lapse of a period of 60 consecutive days) with respect to Zipcar shall have occurred and be continuing, the Trustee shall not be required to deliver such Demand Notice to
Zipcar. The Trustee shall cause the proceeds of any demand on the Series 2011-1 Demand Note to be deposited into the Series 2011-1 Distribution Account, and such proceeds shall be treated as Principal Collections for all purposes hereunder.

 (iii) Letter of Credit Draw. If (1) the Trustee shall have delivered a Demand Notice as provided
in Section 3.5(c)(ii) of this Series Supplement and Zipcar shall have failed to pay to the Trustee or deposit into the Series 2011-1 Distribution Account the amount specified in such Demand Notice referred to in
Section 3.5(c)(ii) of this Series Supplement in whole or in part by 12:00 noon (New York City time) on the Business Day following the making of the Demand Notice, (2) due to the occurrence of an Event of Bankruptcy (or the
occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of 60 consecutive days) with respect to Zipcar, the Trustee shall not have delivered such Demand Notice to Zipcar or (3) there
is a Preference Amount, the Trustee shall draw on the Series 2011-1 Letters of Credit, if any, by 3:00 p.m. (New York City time) on such Business Day an amount equal to the lesser of (A) the amount that Zipcar failed to pay under the Series
2011-1 Demand Note (or the amount that the Trustee failed to demand for payment thereunder) or the Preference Amount, as the case may be; and (B) the Series 2011-1 Letter of Credit Amount on such Business Day, by presenting to each Series
2011-1 Letter of Credit Provider a draft accompanied by a Series 2011-1 Certificate of Unpaid 

  
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Demand Note Demand or, in the case of a Preference Amount, a Series 2011-1 Certificate of Preference Demand; provided, however that if the Series 2011-1 Cash Collateral Account has
been established and funded, the Trustee shall withdraw from the Series 2011-1 Cash Collateral Account and deposit in the Series 2011-1 Distribution Account an amount equal to the lesser of (x) the Series 2011-1 Cash Collateral Percentage on
such Business Day of the lesser of the amounts set forth in clause (A) and (B) above and (y) the Series 2011-1 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of
such amount on the Series 2011-1 Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Series 2011-1 Letters of Credit and the proceeds of any such withdrawal from the Series 2011-1 Cash
Collateral Account into the Series 2011-1 Distribution Account and such proceeds shall be treated as Principal Collections. 

(d) Distribution. On each Payment Date occurring on or after the date a withdrawal is made pursuant to Section 3.5(a)
of this Series Supplement and any amounts are deposited in the Series 2011-1 Distribution Account for the payment of principal of such Series 2011-1 Notes pursuant to Section 3.5(b) of this Series Supplement and/or
Section 3.5(c) of this Series Supplement, the Trustee shall in accordance with instructions of the Administrator, pursuant to and in accordance with Section 6.1 of the Base Indenture, pay to the Series 2011-1 Noteholders the amount
deposited in the Series 2011-1 Distribution Account for the payment of principal of the Series 2011-1 Notes held by such Series 2011-1 Noteholders pursuant to Section 3.5(a) of this Series Supplement. After the commencement of the Series
2011-1 Rapid Amortization Period and the payment in full of the Series 2011-1 Principal Amount, any remaining Principal Collections allocated to the Series 2011-1 Notes in accordance with Section 3.2(b) of this Series Supplement shall be
withdrawn from the Series 2011-1 Collection Account and/or the Series 2011-1 Excess Collection Account and used to pay any remaining amounts payable by the Issuer pursuant to this Series Supplement or the applicable Series 2011-1 Note Purchase
Agreement in accordance with the priorities set forth in Sections 3.3(a) and (f) of this Series Supplement. 

(e) Decreases. On any Business Day on which (i) a Mandatory Decrease pursuant to Section 2.2(a) of this Series
Supplement shall be required, the Trustee shall withdraw from the Series 2011-1 Excess Collection Account in accordance with the written instructions of the Administrator an amount equal to the lesser of (x) the funds then allocated to the
Series 2011-1 Excess Collection Account and available for payment of such Mandatory Decrease pursuant to Section 3.2(e) of this Series Supplement and (y) the amount of such Mandatory Decrease, and distribute on a pro
rata basis such amount to the Series 2011-1 Noteholders as a payment of principal of the Series 2011-1 Notes, or (ii) a Voluntary Decrease pursuant to Section 2.2(b) of this Series Supplement shall be declared, the Trustee
shall distribute the amounts withdrawn from the Series 2011-1 Excess Collection Account (and available for payment of such Voluntary Decrease pursuant to Section 3.2(e) of this Series Supplement) and/or the Series 2011-1 Collection
Account (and available in such account for payment of principal of the Series 2011-1 Notes) on a pro rata basis to the Series 2011-1 Noteholders as a payment of principal of the Series 2011-1 Notes. 

  
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 Section 3.6. Payment by Wire Transfer. 

On each Payment Date, pursuant to Section 6.1 of the Base Indenture and Sections 3.4 and 3.5 hereof, the Trustee shall cause the
amounts (to the extent received by the Trustee) set forth in Section 3.4 or 3.5 of this Series Supplement to be paid by wire transfer of immediately available funds released from the Series 2011-1 Distribution Account no later
than 4:30 p.m. (New York City time) for credit to the account designated by the Series 2011-1 Noteholders. 
 Section 3.7.
The Administrator’s Failure to Instruct the Trustee to Make a Deposit or Payment. 
 If the Administrator fails to give instructions
to make any payment from or deposit into the Collection Account or any Series 2011-1 Series Account required to be given by the Administrator, at the time specified in the Administration Agreement or any other Related Document (including applicable
grace periods), the Trustee shall not be required to make such payment or deposit into or from the Collection Account or such Series 2011-1 Series Account without such instruction from the Administrator. When any payment or deposit, or any demand on
the Series 2011-1 Demand Note or any draw on the Series 2011-1 Letters of Credit is required to be made by the Trustee hereunder or under any Related Document at or prior to a specified time, the Administrator shall deliver any applicable written
instructions with respect thereto reasonably in advance of such specified time. If the Administrator fails to give instructions to draw on any Series 2011-1 Letters of Credit required to be given by the Administrator, at the time specified in this
Series Supplement, the Trustee shall draw on such Series 2011-1 Letters of Credit without such instruction from the Administrator, provided that the Administrator, upon request of the Trustee, the Administrative Agent, or any Funding Agent,
promptly provides the Trustee with all information necessary to allow the Trustee to draw on each such Series 2011-1 Letter of Credit. 
 Section 3.8. Series 2011-1 Reserve Account. 
 (a)
Establishment of Series 2011-1 Reserve Account. ZVF shall establish and maintain in the name of the Trustee for the benefit of the Series 2011-1 Noteholders an account (the “Series 2011-1 Reserve Account”), bearing a
designation clearly indicating that the funds deposited therein are held for the benefit of the Series 2011-1 Noteholders. The Series 2011-1 Reserve Account shall be an Eligible Deposit Account. If the Series 2011-1 Reserve Account is at any time no
longer an Eligible Deposit Account, ZVF shall, within 10 Business Days of obtaining knowledge that the Series 2011-1 Reserve Account is no longer an Eligible Deposit Account, establish a new Series 2011-1 Reserve Account that is an Eligible Deposit
Account and shall instruct the Trustee in writing to transfer all cash and investments from the non-qualifying Series 2011-1 Reserve Account into the new Series 2011-1 Reserve Account. Initially, the Series 2011-1 Reserve Account will be established
with the Trustee. 
 (b) Administration of the Series 2011-1 Reserve Account. ZVF may instruct (by standing instructions
or otherwise) the institution maintaining the Series 

  
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2011-1 Reserve Account to invest funds on deposit in the Series 2011-1 Reserve Account from time to time in Permitted Investments; provided, however, that any such investment shall
mature not later than the Business Day prior to the first Payment Date following the date on which such funds were received (including funds received upon a payment in respect of a Permitted Investment made with funds on deposit in the Series 2011-1
Reserve Account). ZVF shall not direct the Trustee to dispose of (or permit the disposal of) any Permitted Investments prior to the maturity thereof to the extent such disposal would result in a loss of the initial purchase price of such Permitted
Investment. In the absence of written investment instructions hereunder, funds on deposit in the Series 2011-1 Reserve Account shall remain uninvested. 
 (c) Earnings from Series 2011-1 Reserve Account. All interest and earnings (net of losses and investment expenses) paid on funds on deposit in the Series 2011-1 Reserve Account shall be deemed to
be on deposit therein and available for distribution unless previously distributed pursuant to the terms hereof. 
 (d)
Series 2011-1 Reserve Account Constitutes Additional Collateral for Series 2011-1 Notes. In order to secure and provide for the repayment and payment of the Note Obligations with respect to the Series 2011-1 Notes, ZVF hereby grants a
security interest in and assigns, pledges, grants, transfers and sets over to the Trustee, for the benefit of the Series 2011-1 Noteholders, all of ZVF’s right, title and interest in and to the following (whether now or hereafter existing or
acquired): (i) the Series 2011-1 Reserve Account, including any security entitlement thereto; (ii) all funds on deposit therein from time to time; (iii) all certificates and instruments, if any, representing or evidencing any or all
of the Series 2011-1 Reserve Account or the funds on deposit therein from time to time; (iv) all investments made at any time and from time to time with monies in the Series 2011-1 Reserve Account, whether constituting securities, instruments,
general intangibles, investment property, financial assets or other property; (v) all interest, dividends, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for the
Series 2011-1 Reserve Account, the funds on deposit therein from time to time or the investments made with such funds; and (vi) all proceeds of any and all of the foregoing, including cash (the items in the foregoing clauses
(i) through (vi) are referred to, collectively, as the “Series 2011-1 Reserve Account Collateral”). 
 (e) Series 2011-1 Reserve Account Surplus. In the event that the Series 2011-1 Reserve Account Surplus on any Payment Date is greater than zero, the Trustee, acting in accordance with the written
instructions of the Administrator (with a copy to the Administrative Agent), shall withdraw from the Series 2011-1 Reserve Account an amount equal to the Series 2011-1 Reserve Account Surplus and pay such Series 2011-1 Reserve Account Surplus to
ZVF. 
 (f) Termination of Series 2011-1 Reserve Account. On or after the first date on which there are no Series 2011-1
Notes Outstanding, the Trustee, acting in accordance with the written instructions of the Administrator, shall withdraw from the Series 2011-1 Reserve Account all remaining amounts on deposit therein for payment to ZVF. 

  
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 Section 3.9. Series 2011-1 Letters of Credit and Series 2011-1 Cash Collateral
Accounts. 
 (a) Series 2011-1 Cash Collateral Account Constitutes Additional Collateral for Series 2011-1 Notes. In
order to secure and provide for the repayment and payment of the Note Obligations with respect to the Series 2011-1 Notes, ZVF hereby grants a security interest in and assigns, pledges, grants, transfers and sets over to the Trustee, for the benefit
of the Series 2011-1 Noteholders, all of ZVF’s right, title and interest in and to the following (whether now or hereafter existing or acquired): (i) the Series 2011-1 Cash Collateral Account, including any security entitlement thereto;
(ii) all funds on deposit in the Series 2011-1 Cash Collateral Account from time to time; (iii) all certificates and instruments, if any, representing or evidencing any or all of the Series 2011-1 Cash Collateral Account or the funds on
deposit therein from time to time; (iv) all investments made at any time and from time to time with monies in the Series 2011-1 Cash Collateral Account, whether constituting securities, instruments, general intangibles, investment property,
financial assets or other property; (v) all interest, dividends, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for the Series 2011-1 Cash Collateral Account,
the funds on deposit therein from time to time or the investments made with such funds; and (vi) all proceeds of any and all of the foregoing, including cash (the items in the foregoing clauses (i) through (vi) are
referred to, collectively, as the “Series 2011-1 Cash Collateral Account Collateral”). 
 (b) Series 2011-1
Letter of Credit Expiration Date. If prior to the date which is sixteen (16) Business Days prior to the then scheduled Series 2011-1 Letter of Credit Expiration Date with respect to any Series 2011-1 Letter of Credit, excluding the amount
available to be drawn under such Series 2011-1 Letter of Credit but taking into account each substitute Series 2011-1 Letter of Credit which has been obtained from a Series 2011-1 Eligible Letter of Credit Provider and is in full force and effect on
such date, (i) the Series 2011-1 Adjusted Enhancement Amount would be equal to or greater than the Series 2011-1 Required Enhancement Amount, (ii) the Series 2011-1 Adjusted Liquidity Amount would be equal to or greater than the Series
2011-1 Required Liquidity Amount, or (iii) the Series 2011-1 Letter of Credit Liquidity Amount would be equal to or greater than the Series 2011-1 Demand Note Payment Amount, then the Administrator shall notify the Trustee and the
Administrative Agent in writing no later than fifteen (15) Business Days prior to such Series 2011-1 Letter of Credit Expiration Date of such determination. If prior to the date which is sixteen (16) Business Days prior to the then
scheduled Series 2011-1 Letter of Credit Expiration Date with respect to any Series 2011-1 Letter of Credit, excluding such Series 2011-1 Letter of Credit but taking into account any substitute Series 2011-1 Letter of Credit which has been obtained
from a Series 2011-1 Eligible Letter of Credit Provider and is in full force and effect on such date, (i) the Series 2011-1 Adjusted Enhancement Amount would be less than the Series 2011-1 Required Enhancement Amount, (ii) the Series
2011-1 Adjusted Liquidity Amount would be less than the Series 2011-1 Required Liquidity Amount, or (iii) the Series 2011-1 Letter of Credit Liquidity Amount would be less than the Series 2011-1 Demand Note Payment Amount, then the
Administrator shall notify the Trustee and the Administrative Agent in writing no later than fifteen (15) Business Days prior to such Series 2011-1 

  
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Letter of Credit Expiration Date of (x) the greatest of (A) the excess, if any, of the Series 2011-1 Required Enhancement Amount over the Series 2011-1 Adjusted Enhancement Amount,
excluding such Series 2011-1 Letter of Credit but taking into account any substitute Series 2011-1 Letter of Credit which has been obtained from a Series 2011-1 Eligible Letter of Credit Provider and is in full force and effect on such date,
(B) the excess, if any, of the Series 2011-1 Required Liquidity Amount over the Series 2011-1 Adjusted Liquidity Amount, excluding such Series 2011-1 Letter of Credit but taking into account each substitute Series 2011-1 Letter of Credit which
has been obtained from a Series 2011-1 Eligible Letter of Credit Provider and is in full force and effect on such date, and (C) the excess, if any, of the Series 2011-1 Demand Note Payment Amount over the Series 2011-1 Letter of Credit
Liquidity Amount, excluding such Series 2011-1 Letter of Credit but taking into account each substitute Series 2011-1 Letter of Credit which has been obtained from a Series 2011-1 Eligible Letter of Credit Provider and is in full force and effect on
such date, and (y) the amount available to be drawn on such expiring Series 2011-1 Letter of Credit on such date. Upon receipt of such notice by the Trustee on or prior to 10:30 a.m. (New York City time) on any Business Day, the Trustee shall,
by 12:00 p.m. (New York City time) on such Business Day (or, in the case of any notice given to the Trustee after 10:30 a.m. (New York City time), by 12:00 p.m. (New York City time) on the next following Business Day), draw the lesser of the amounts
set forth in clauses (x) and (y) above on such Series 2011-1 Letter of Credit by presenting a draft accompanied by a Series 2011-1 Certificate of Termination Demand and shall cause the Series 2011-1 LOC Termination
Disbursements to be deposited in the Series 2011-1 Cash Collateral Account. If the Trustee does not receive the notice from the Administrator described above on or prior to the date that is fifteen (15) Business Days prior to each Series 2011-1
Letter of Credit Expiration Date, the Trustee shall, by 12:00 p.m. (New York City time) on such Business Day draw the full amount of such Series 2011-1 Letter of Credit by presenting a draft accompanied by a Series 2011-1 Certificate of Termination
Demand and shall cause the Series 2011-1 LOC Termination Disbursements to be deposited in the applicable Series 2011-1 Cash Collateral Account. 
 (c) Series 2011-1 Letter of Credit Providers. The Administrator shall notify the Trustee and the Administrative Agent in writing within one Business Day of becoming aware that the short-term debt
credit rating of any Series 2011-1 Letter of Credit Provider has fallen below “P-1” as determined by Moody’s or “A-1” as determined by Standard & Poor’s or the long-term debt credit rating of any Series 2011-1
Letter of Credit Provider has fallen below “A1” as determined by Moody’s or “A” as determined by Standard & Poor’s (with respect to any Series 2011-1 Letter of Credit Provider, a “Series 2011-1
Downgrade Event”). On the thirtieth (30th) day after the occurrence of a Series 2011-1 Downgrade Event with respect to any Series 2011-1 Letter of Credit Provider, the Administrator shall notify the Trustee and the Administrative Agent
in writing on such date of (i) the greatest of (A) the excess, if any, of the Series 2011-1 Required Enhancement Amount over the Series 2011-1 Adjusted Enhancement Amount, excluding the available amount under the Series 2011-1 Letter of
Credit issued by such Series 2011-1 Letter of Credit Provider, on such date, (B) the excess, if any, of the Series 2011-1 Required Liquidity Amount over the Series 2011-1 Adjusted Liquidity Amount, excluding the available amount under such
Series 2011-1 Letter of Credit, on such date, and (C) the excess, if any, of the Series 2011-1 Demand Note Payment 

  
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Amount over the Series 2011-1 Letter of Credit Liquidity Amount, excluding the available amount under such Series 2011-1 Letter of Credit, on such date, and (ii) the amount available to be
drawn on such Series 2011-1 Letter of Credit on such date. Upon receipt of such notice by the Trustee on or prior to 10:30 a.m. (New York City time) on any Business Day, the Trustee shall, by 12:00 p.m. (New York City time) on such Business Day (or,
in the case of any notice given to the Trustee after 10:30 a.m. (New York City time), by 12:00 p.m. (New York City time) on the next following Business Day), draw on such Series 2011-1 Letter of Credit in an amount equal to the lesser of the amount
in clause (i) or clause (ii) of the immediately preceding sentence on such Business Day by presenting a draft accompanied by a Series 2011-1 Certificate of Termination Demand and shall cause the Series 2011-1 LOC Termination
Disbursement to be deposited in a Series 2011-1 Cash Collateral Account. 
 (d) Reductions in Stated Amounts of the Series
2011-1 Letters of Credit. If the Trustee receives a written notice from the Lessee, substantially in the form of Exhibit D to this Series Supplement, requesting a reduction in the stated amount of any Series 2011-1 Letter of Credit, the
Trustee shall within two Business Days of the receipt of such notice deliver to the Series 2011-1 Letter of Credit Provider who issued such Series 2011-1 Letter of Credit a Series 2011-1 Notice of Reduction requesting a reduction in the stated
amount of such Series 2011-1 Letter of Credit in the amount requested in such notice effective on the date set forth in such notice, provided that on such effective date, after giving effect to the requested reduction in the stated amount of
such Series 2011-1 Letter of Credit, (i) the Series 2011-1 Adjusted Enhancement Amount will equal or exceed the Series 2011-1 Required Enhancement Amount, (ii) the Series 2011-1 Adjusted Liquidity Amount will equal or exceed the Series
2011-1 Required Liquidity Amount, and (iii) the Series 2011-1 Letter of Credit Liquidity Amount will equal or exceed the Series 2011-1 Demand Note Payment Amount; provided, further that the Trustee shall not be required to
determine compliance with the foregoing clauses (i) through (iii). 
 (e) Draws on the Series 2011-1
Letters of Credit. If there is more than one Series 2011-1 Letter of Credit on the date of any draw on the Series 2011-1 Letters of Credit pursuant to the terms of this Series Supplement (other than pursuant to Sections 3.9(b) and
(c) of this Series Supplement), the Administrator shall instruct the Trustee, in writing, to draw on each Series 2011-1 Letter of Credit in an amount equal to the Pro Rata Share of the Series 2011-1 Letter of Credit Provider issuing such
Series 2011-1 Letter of Credit of the amount of such draw on the Series 2011-1 Letters of Credit. 
 (f) Establishment of
Series 2011-1 Cash Collateral Account. On or prior to the date of any drawing under a Series 2011-1 Letter of Credit pursuant to Section 3.9(b) or (c) of this Series Supplement, ZVF shall establish and maintain in the
name of the Trustee for the benefit of the Series 2011-1 Noteholders, an account (the “Series 2011-1 Cash Collateral Account”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of
the Series 2011-1 Noteholders. The Series 2011-1 Cash Collateral Account shall be an Eligible Deposit Account. If the Series 2011-1 Cash Collateral Account is at any time no longer an Eligible Deposit Account, ZVF shall, within 10 Business Days of
obtaining knowledge that the Series 

  
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2011-1 Cash Collateral Account is no longer an Eligible Deposit Account, establish a new Series 2011-1 Cash Collateral Account that is an Eligible Deposit Account and shall instruct the Trustee
in writing to transfer all cash and investments from the non-qualifying Series 2011-1 Cash Collateral Account into the new Series 2011-1 Cash Collateral Account 
 (g) Administration of the Series 2011-1 Cash Collateral Account. ZVF may instruct (by standing instructions or otherwise) the institution maintaining a Series 2011-1 Cash Collateral Account to
invest funds on deposit in a Series 2011-1 Cash Collateral Account from time to time in Permitted Investments. Any investment of funds on deposit in a Series 2011-1 Cash Collateral Account shall mature not later than the Business Day prior to the
first Payment Date following the date on which such funds were received (including funds received upon a payment in respect of a Permitted Investment made with funds on deposit in a Series 2011-1 Cash Collateral Account). ZVF shall not direct the
Trustee to dispose of (or permit the disposal of) any Permitted Investments prior to the maturity thereof to the extent such disposal would result in a loss of the initial purchase price of such Permitted Investment. In the absence of written
investment instructions hereunder, funds on deposit in a Series 2011-1 Cash Collateral Account shall remain uninvested. 
 (h)
Earnings from Series 2011-1 Cash Collateral Account. All Series 2011-1 Cash Collateral Account Interest and Earnings shall be deemed to be on deposit therein and available for distribution unless previously distributed pursuant to the terms
hereof. 
 (i) Series 2011-1 Cash Collateral Account Surplus. In the event that the Series 2011-1 Cash Collateral Account
Surplus on any Payment Date is greater than zero, the Administrator may direct the Trustee to, and the Trustee, acting in accordance with the written instructions of the Administrator (with a copy to the Administrative Agent), shall, subject to the
limitations set forth in this Section 3.9(i), withdraw the amount specified by the Administrator from the Series 2011-1 Cash Collateral Account specified by the Administrator and apply such amount in accordance with the terms of this
Section 3.9(i). The amount of any such withdrawal from the Series 2011-1 Cash Collateral Account shall be limited to the least of (a) the Series 2011-1 Available Cash Collateral Account Amount on such Payment Date, (b) the
Series 2011-1 Cash Collateral Account Surplus on such Payment Date and (c) the excess, if any, of the Series 2011-1 Letter of Credit Liquidity Amount on such Payment Date over the Series 2011-1 Demand Note Payment Amount on such Payment Date.
Any amounts withdrawn from the Series 2011-1 Cash Collateral Account pursuant to this Section 3.9(i) shall be paid: first, to the Series 2011-1 Letter of Credit Providers, to the extent that there are unreimbursed Series 2011-1
Disbursements due and owing to such Series 2011-1 Letter of Credit Providers in respect of the Series 2011-1 Letters of Credit, for application in accordance with the provisions of the respective Series 2011-1 Letter of Credit Reimbursement
Agreement, and second, to ZVF any remaining amounts. 
 (j) Termination of Series 2011-1 Cash Collateral Account.
Upon the termination of this Series Supplement in accordance with its terms, the Trustee, acting in 

  
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accordance with the written instructions of the Administrator, after the prior payment of all amounts due and owing to the Series 2011-1 Noteholders and payable from the Series 2011-1 Cash
Collateral Account as provided herein, shall withdraw from such Series 2011-1 Cash Collateral Account all amounts on deposit therein and shall pay such amounts, first, pro rata to the Series 2011-1 Letter of Credit Providers, to the
extent that there are unreimbursed Series 2011-1 Disbursements due and owing to such Series 2011-1 Letter of Credit Providers, for application in accordance with the provisions of the respective Series 2011-1 Letters of Credit, and second, to
ZVF any remaining amounts. 
 Section 3.10. Series 2011-1 Distribution Account. 

(a) Establishment of Series 2011-1 Distribution Account. The Trustee shall establish and maintain in the name of the Trustee for
the benefit of the Series 2011-1 Noteholders an account (the “Series 2011-1 Distribution Account”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 2011-1 Noteholders.
The Series 2011-1 Distribution Account shall be an Eligible Deposit Account. If the Series 2011-1 Distribution Account is at any time no longer an Eligible Deposit Account, ZVF shall, within 10 Business Days of obtaining knowledge that the Series
2011-1 Distribution Account is no longer an Eligible Deposit Account, establish a new Series 2011-1 Distribution Account that is an Eligible Deposit Account and shall instruct the Trustee in writing to transfer all cash and investments from the
non-qualifying Series 2011-1 Distribution Account into the new Series 2011-1 Distribution Account. Initially, the Series 2011-1 Distribution Account will be established with the Trustee. 

(b) Administration of the Series 2011-1 Distribution Account. The Administrator may instruct the institution maintaining the
Series 2011-1 Distribution Account in writing to invest funds on deposit in the Series 2011-1 Distribution Account from time to time in Permitted Investments; provided, however, that any such investment shall mature not later than the
Business Day prior to the Payment Date following the date on which such funds were received (including funds received upon a payment in respect of a Permitted Investment made with funds on deposit in the Series 2011-1 Distribution Account). All such
Permitted Investments will be credited to the Series 2011-1 Distribution Account. ZVF shall not direct the Trustee to dispose of (or permit the disposal of) any Permitted Investments prior to the maturity thereof to the extent such disposal would
result in a loss of the initial purchase price of such Permitted Investment. In the absence of written investment instructions hereunder, funds on deposit in the Series 2011-1 Distribution Account shall remain uninvested. 

(c) Earnings from Series 2011-1 Distribution Account. All interest and earnings (net of losses and investment expenses) paid on
funds on deposit in the Series 2011-1 Distribution Account shall be deemed to be on deposit and available for distribution unless previously distributed pursuant to the terms hereof. 

(d) Series 2011-1 Distribution Account Constitutes Additional Collateral for Series 2011-1 Notes. In order to secure and provide
for the repayment and payment of the Note Obligations with respect to the Series 2011-1 Notes, ZVF hereby 

  
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grants a security interest in and assigns, pledges, grants, transfers and sets over to the Trustee, for the benefit of the Series 2011-1 Noteholders, all of ZVF’s right, title and interest
in and to the following (whether now or hereafter existing or acquired): (i) the Series 2011-1 Distribution Account, including any security entitlement thereto; (ii) all funds on deposit therein from time to time; (iii) all
certificates and instruments, if any, representing or evidencing any or all of the Series 2011-1 Distribution Account or the funds on deposit therein from time to time; (iv) all investments made at any time and from time to time with monies in
the Series 2011-1 Distribution Account, whether constituting securities, instruments, general intangibles, investment property, financial assets or other property; (v) all interest, dividends, cash, instruments and other property from time to
time received, receivable or otherwise distributed in respect of or in exchange for the Series 2011-1 Distribution Account, the funds on deposit therein from time to time or the investments made with such funds; and (vi) all proceeds of any and
all of the foregoing, including cash (the items in the foregoing clauses (i) through (vi) are referred to, collectively, as the “Series 2011-1 Distribution Account Collateral”). 

Section 3.11. Trustee as Securities Intermediary. 

(a) The Trustee or other Person holding the Series 2011-1 Collection Account, the Series 2011-1 Excess Collection Account, the Series
2011-1 Accrued Interest Account, the Series 2011-1 Reserve Account, the Series 2011-1 Cash Collateral Account or the Series 2011-1 Distribution Account (each a “Series 2011-1 Designated Account”) shall be the “securities
intermediary” (as defined in Section 8-102 of the UCC in effect in the State of New York (the “New York UCC”) and a “bank” (as defined in Section 9-102 of the New York UCC), in such capacities, the
“Securities Intermediary”). As of the date hereof, the Trustee shall be the Securities Intermediary. If the Securities Intermediary in respect of any Series 2011-1 Designated Account is not the Trustee, ZVF shall obtain the express
agreement of such Person to the obligations of the Securities Intermediary set forth in this Section 3.11. 
 (b)
The Securities Intermediary agrees that: 
 (i) The Series 2011-1 Designated Accounts are accounts to which
“financial assets” within the meaning of Section 8-102(a)(9) (“Financial Assets”) of the New York UCC are or will be credited; 

(ii) All securities or other property underlying any Financial Assets credited to any Series 2011-1 Designated Account
shall be registered in the name of the Securities Intermediary, indorsed to the Securities Intermediary or in blank or credited to another securities account maintained in the name of the Securities Intermediary and in no case will any Financial
Asset credited to any Series 2011-1 Designated Account be registered in the name of ZVF, payable to the order of ZVF or specially endorsed to ZVF; 
  

	 	(iii)	All property delivered to the Securities Intermediary pursuant to this Series Supplement will be promptly credited to the appropriate Series 2011-1 Designated Account;



  
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 (iv) Each item of property (whether investment property, security,
instrument or cash) credited to a Series 2011-1 Designated Account shall be treated as a Financial Asset; 
 (v)
If at any time the Securities Intermediary shall receive any order from the Trustee directing transfer or redemption of any Financial Asset relating to the Series 2011-1 Designated Accounts or instructions from the Trustee with respect to the Series
2011-1 Designated Accounts, the Securities Intermediary shall comply with such entitlement order or instruction without further consent by ZVF or the Administrator; 

(vi) The Series 2011-1 Designated Accounts shall be governed by the laws of the State of New York, regardless of any
provision of any other agreement. For purposes of the UCC, including Section 8-110 and Section 9-304 thereof, New York shall be deemed to the Securities Intermediary’s jurisdiction and the Series 2011-1 Designated Accounts (as well as
the “securities entitlements” (as defined in Section 8-102(a)(17) of the New York UCC) related thereto) shall be governed by the laws of the State of New York; 

(vii) The Securities Intermediary has not entered into, and until termination of this Series Supplement, will not enter
into, any agreement with any other Person relating to the Series 2011-1 Designated Accounts and/or any Financial Assets credited thereto pursuant to which it has agreed to comply with entitlement orders (as defined in Section 8-102(a)(8)
of the New York UCC) or instructions of such other Person and the Securities Intermediary has not entered into, and until the termination of this Series Supplement will not enter into, any agreement with ZVF purporting to limit or condition the
obligation of the Securities Intermediary to comply with entitlement orders or instructions as set forth in Section 3.11(b)(v) of this Series Supplement; and 

(viii) Except for the claims and interest of the Trustee and ZVF in the Series 2011-1 Designated Accounts, the Securities
Intermediary knows of no claim to, or interest, in the Series 2011-1 Designated Accounts or in any Financial Asset credited thereto. If the Securities Intermediary has actual knowledge of the assertion by any other person of any lien, encumbrance,
or adverse claim (including any writ, garnishment, judgment, warrant of attachment, execution or similar process) against any Series 2011-1 Designated Account or in any Financial Asset carried therein, the Securities Intermediary will promptly
notify the Trustee, the Administrator and ZVF thereof. 
 (c) The Trustee shall possess all right, title and interest in all
funds on deposit from time to time in the Series 2011-1 Designated Accounts and in all proceeds thereof, and shall be the only person authorized to originate entitlement orders or instructions in respect of the Series 2011-1 Designated Accounts.


  
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 Section 3.12. Series 2011-1 Interest Rate Caps. 

(a) On or prior to the date of the first Increase hereunder, ZVF shall acquire one or more Series 2011-1 Interest Rate Caps from an
Eligible Interest Rate Cap Provider in an aggregate notional amount equal to the Series 2011-1 Maximum Principal Amount. The aggregate notional amount of all Series 2011-1 Interest Rate Caps may be reduced to the extent that the Series 2011-1
Maximum Principal Amount is reduced after the acquisition of the initial Series 2011-1 Interest Rate Caps but shall not at any time during the Series 2011-1 Revolving Period be less than the Series 2011-1 Maximum Principal Amount at such time. ZVF
shall acquire one or more additional Series 2011-1 Interest Rate Caps in connection with any increase of the Series 2011-1 Maximum Principal Amount such that the aggregate notional amounts of all Series 2011-1 Interest Rate Caps shall equal the
Series 2011-1 Maximum Principal Amount after giving effect to such increase. Following the end of the Series 2011-1 Revolving Period, the aggregate notional amount of the Series 2011-1 Interest Rate Caps may be reduced to an amount agreed to between
ZVF and the Administrative Agent, which amount as of any date of determination shall not be less than the Series 2011-1 Principal Amount as of such date. The strike rate of each Series 2011-1 Interest Rate Cap shall not be greater than 5.0%. Each
Series 2011-1 Interest Rate Cap shall have a term of at least until the Legal Final Payment Date. 
 (b) If, at any time, an
Interest Rate Cap Provider (and, if the present and future obligations of an Interest Rate Cap Provider under its Series 2011-1 Interest Rate Cap are guaranteed pursuant to a guarantee, the related guarantor) fails to satisfy the First Trigger
Required Ratings, then, the Interest Rate Cap Provider will be required, pursuant to the terms of the related Series 2011-1 Interest Rate Cap, at such Interest Rate Cap Provider’s expense, to post and maintain collateral pursuant to a credit
support annex entered into in connection with the Series 2011-1 Interest Rate Cap (the “Credit Support Annex”) in form and substance reasonably satisfactory to the Administrative Agent; 

(c) If, at any time, an Interest Rate Cap Provider (and, if the present and future obligations of an Interest Rate Cap Provider under its
Series 2011-1 Interest Rate Cap are guaranteed pursuant to a guarantee, the related guarantor) fails to satisfy the Second Trigger Required Ratings, then such Interest Rate Cap Provider will be required, pursuant to the terms of the related Series
2011-1 Interest Rate Cap, at such Interest Rate Cap Provider’s expense, to: 
 (i) obtain a guarantee of the
present and future obligations of such Interest Rate Cap Provider under its Series 2011-1 Interest Rate Cap from a guarantor satisfying the First Trigger Required Ratings, or 

(ii) procure (x) a replacement interest rate cap on the same terms as the Series 2011-1 Interest Rate Cap (or with
such modifications as are acceptable to the Administrative Agent) from an Eligible Interest Rate Cap Provider or (y) a transfer of the Interest Rate Cap to an Eligible Interest Rate Cap Provider. 

Simultaneously with any replacement described in clause (ii) above, ZVF shall terminate the Series 2011-1 Interest Rate Cap being replaced;
provided that no termination of the Series 2011-1 Interest Rate Cap shall occur until ZVF has entered into a replacement 

  
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Series 2011-1 Interest Rate Cap. If ZVF is unable to cause such Interest Rate Cap Provider to take any of the actions described in this Section 3.12 after making commercially
reasonable efforts, ZVF will obtain a replacement Series 2011-1 Interest Rate Cap at the expense of the replaced Interest Rate Cap Provider or, if the replaced Interest Rate Cap Provider fails to make such payment, at the expense of ZVF (in which
event, such amount will be considered Indenture Carrying Charges and paid solely from Interest Collections available pursuant to Section 3.3(f) of this Series Supplement). 

(d) Each Series 2011-1 Noteholder by its acceptance of a Series 2011-1 Note hereby acknowledges and agrees, and directs the Trustee to
acknowledge and agree, and the Trustee, at such direction, hereby acknowledges and agrees, that any collateral posted by an Interest Rate Cap Provider pursuant to clause (c) above (A) is collateral solely for the obligations of such
Interest Rate Cap Provider under its Series 2011-1 Interest Rate Cap, (B) does not constitute collateral for the Series 2011-1 Notes (provided that in order to secure and provide for the payment of the Note Obligations with respect to the
Series 2011-1 Notes, ZVF has pledged each Series 2011-1 Interest Rate Cap and its security interest in any collateral posted in connection therewith as collateral for the Series 2011-1 Notes), and (C) will in no event be available to satisfy
any obligations of ZVF hereunder or otherwise unless and until such Interest Rate Cap Provider defaults in its obligations under its Series 2011-1 Interest Rate Cap and such collateral is applied in accordance with the terms of such Series 2011-1
Interest Rate Cap to satisfy such defaulted obligations of such Interest Rate Cap Provider. 
 (e) ZVF shall require all
proceeds of each Series 2011-1 Interest Rate Cap (including amounts received in respect of the obligations of the related Interest Rate Cap Provider from a guarantor or from the application of collateral posted by such Interest Rate Cap Provider) to
be paid to the Collection Account, and the Trustee shall allocate all such proceeds to the Series 2011-1 Accrued Interest Account in accordance with Section 3.2 of this Series Supplement. 

(f) To secure payment of the Note Obligations with respect to the Series 2011-1 Notes, ZVF hereby grants a security interest in, and
assigns, pledges, grants, transfers and sets over to the Trustee, for the benefit of the Series 2011-1 Noteholders, all of ZVF’s right, title and interest, whether now or hereafter existing or acquired, in the Series 2011-1 Interest Rate Caps
and all proceeds thereof. 
 Section 3.13. Series 2011-1 Demand Note Constitutes Additional Collateral for Series
2011-1 Notes. 
 (a) In order to secure and provide for the repayment and payment of the Note Obligations with respect to
the Series 2011-1 Notes, ZVF hereby grants a security interest in and assigns, pledges, grants, transfers and sets over to the Trustee, for the benefit of the Series 2011-1 Noteholders, all of ZVF’s right, title and interest in and to the
following (whether now or hereafter existing or acquired): (i) the Series 2011-1 Demand Note; (ii) all certificates and instruments, if any, representing or evidencing the Series 2011-1 Demand Note; and (iii) all proceeds of any and
all of the foregoing, including cash. On the Series 2011-1 Closing Date, ZVF shall deliver to the Trustee, for 

  
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the benefit of the Series 2011-1 Noteholders, the Series 2011-1 Demand Note, endorsed in blank. The Trustee, for the benefit of the Series 2011-1 Noteholders, shall be the only Person authorized
to make a demand for payment on the Series 2011-1 Demand Note. 
 (b) Other than pursuant to a payment made upon a demand
thereon by the Trustee, ZVF shall not reduce the amount of the Series 2011-1 Demand Note or forgive amounts payable thereunder so that the outstanding principal amount of the Series 2011-1 Demand Note after such reduction or forgiveness is less than
the Series 2011-1 Letter of Credit Liquidity Amount. ZVF shall not agree, to any amendment of the Series 2011-1 Demand Note without first obtaining the prior written consent of the Administrative Agent. 

(c) Other than pursuant to a demand thereon pursuant to Section 3.5(b) or (c) of this Series Supplement, ZVF
shall not reduce the amount of the Series 2011-1 Demand Note or forgive amounts payable thereunder so that the outstanding principal amount of the Series 2011-1 Demand Note after such forgiveness or reduction is less than the greater of (i) the
Series 2011-1 Letter of Credit Liquidity Amount and (ii) an amount equal to 3.00% of the Series 2011-1 Principal Amount. 

ARTICLE IV 

AMORTIZATION EVENTS 
 In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, the following shall be Amortization Events with respect to the Series 2011-1 Notes and shall constitute the
Amortization Events set forth in Section 9.1(j) of the Base Indenture with respect to the Series 2011-1 Notes: 
 (a) ZVF
defaults in the payment of any interest on, or other amount payable in respect of, the Series 2011-1 Notes (other than the payments described in clauses (e) and (f) below) when the same becomes due and payable and such
default continues for a period of three (3) Business Days; 
 (b) a Change of Control shall have occurred; 

(c) a Series 2011-1 Enhancement Deficiency shall occur and continue for at least three (3) Business Days; 

(d) a Series 2011-1 Liquidity Deficiency shall occur and continue for at least three (3) Business Days; 

(e) all principal of and interest on the Series 2011-1 Notes is not paid in full on or before the Series 2011-1 Expected Final Payment
Date; 
 (f) all principal of and interest on the Series 2011-1 Notes is not paid in full on or before the Series 2011-1
Commitment Termination Date; 

  
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 (g) the Series 2011-1 Asset Amount shall be less than the Series 2011-1 Required Asset
Amount for at least three (3) Business Days; 
 (h) the Principal Deficit Amount shall be greater than zero; 

(i) the Collection Account, any Collateral Account, any Series 2011-1 Series Account, the Series 2011-1 Distribution Account shall be
subject to an injunction, estoppel or other stay or a Lien (other than a Permitted Lien) and 30 days shall have elapsed without such Lien having been released or discharged; 
 (j) (A) the Series 2011-1 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than a Permitted Lien) for at least three (3) Business Days or (B) the
Trustee shall cease to have a valid and perfected first priority security interest in the Series 2011-1 Reserve Account Collateral (or any of the Lessee, ZVF or any Affiliate of either so asserts in writing) and, in each case, either (x) a
Series 2011-1 Enhancement Deficiency would result from excluding the Series 2011-1 Available Reserve Account Amount from the Series 2011-1 Enhancement Amount or (y) the Series 2011-1 Adjusted Liquidity Amount, excluding therefrom the Series
2011-1 Available Reserve Account Amount, would be less than the Series 2011-1 Required Liquidity Amount; 
 (k) from and after
the funding of the Series 2011-1 Cash Collateral Account, (A) the Series 2011-1 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than a Permitted Lien) for at least three (3) Business Days
or (B) the Trustee shall cease to have a valid and perfected first priority security interest in the Series 2011-1 Cash Collateral Account Collateral (or any of the Lessee, ZVF or any Affiliate of either so asserts in writing) and, in each
case, either (x) a Series 2011-1 Enhancement Deficiency would result from excluding the Series 2011-1 Available Cash Collateral Account Amount from the Series 2011-1 Enhancement Amount or (y) the Series 2011-1 Adjusted Liquidity Amount,
excluding therefrom the Series 2011-1 Available Cash Collateral Account Amount, would be less than the Series 2011-1 Required Liquidity Amount; 
 (l) at any time on or after the date of the first Increase hereunder ZVF shall fail to acquire and maintain in force one or more Series 2011-1 Interest Rate Caps at the times and in the notional amounts
required by the terms of Section 3.12 of this Series Supplement or at any time any such Series 2011-1 Interest Rate Caps shall fail to be enforceable against the applicable Interest Rate Cap Provider; 

(m) the Trustee shall for any reason cease to have a valid and perfected first priority security interest in the Series 2011-1 Collateral
(other than the Series 2011-1 Reserve Account Collateral and the Series 2011-1 Cash Collateral Account Collateral) or any of the Lessee, ZVF or any Affiliate of either so asserts in writing; 

(n) ZVF fails to comply with any of its other agreements or covenants in, or provisions of, the Series 2011-1 Notes, the Indenture, this
Series Supplement or any other Related Document (other than any covenants expressly described elsewhere in this 

  
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Article IV) and the failure to so comply materially and adversely affects the interests of the Series 2011-1 Noteholders and continues to materially and adversely affect the interests of
the Series 2011-1 Noteholders for a period of thirty (30) days after the earlier of (i) the date on which ZVF obtains knowledge thereof or (ii) the date on which written notice of such failure, requiring the same to be remedied, shall
have been given to ZVF by the Trustee or to ZVF and the Trustee by the Administrative Agent or the Required Noteholders with respect to the Series 2011-1 Notes; 
 (o) any representation made by ZVF in the Indenture, this Series Supplement or any other Related Document is false and such false representation materially and adversely affects the interests of the
Series 2011-1 Noteholders and such false representation is not cured for a period of thirty (30) days after the earlier of (i) the date on which ZVF obtains knowledge thereof or (ii) the date that written notice thereof is given to
ZVF by the Trustee or to ZVF and the Trustee by the Administrative Agent or the Required Noteholders with respect to the Series 2011-1 Notes; 
 (p) the Administrator fails to comply with any of its other agreements or covenants in, or provisions of, any Related Document (other than any covenants expressly described elsewhere in this Article
IV) or any representation made by the Administrator in any Related Document is false and the failure to so comply or such false representation, as the case may be, materially and adversely affects the interests of the Series 2011-1 Noteholders
and continues to materially and adversely affect the interests of the Series 2011-1 Noteholders for a period of thirty (30) days after the earlier of (i) the date on which the Administrator obtains knowledge thereof or (ii) the date
on which written notice of such failure, requiring the same to be remedied, shall have been given to the Administrator by the Trustee or to the Administrator and the Trustee by the Administrative Agent or the Required Noteholders with respect to the
Series 2011-1 Notes; 
 (q) the Administrator or ZVF fails to comply with any covenant contained in Section 8.02 of the
Series 2011-1 Note Purchase Agreement; or 
 (r) a Servicer Event of Default shall have occurred and be continuing for a period
of at least thirty (30) days without cure or waiver. 
 In the case of 

(i) any event described in clauses (a) through (m) above, an Amortization Event with respect to
the Series 2011-1 Notes will immediately occur without any notice or other action on the part of the Trustee or any Series 2011-1 Noteholder or 
 (ii) any event described in clauses (n) through (r) above, either the Trustee may, by written notice to ZVF, or the Required Noteholders, may by written notice to ZVF and the
Trustee, declare that an Amortization Event with respect to the Series 2011-1 Notes has occurred as of the date of the notice. 

  
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 An Amortization Event with respect to the Series 2011-1 Notes described in clauses (a) through
(k), (m), (n) (with respect to any agreement, covenant or provision in the Series 2011-1 Notes, the Indenture, this Series Supplement or any other Related Document the amendment or modification of which requires the consent
of Series 2011-1 Noteholders holding more than 50% of the Series 2011-1 Principal Amount or which otherwise prohibits ZVF from taking any action without the consent of Series 2011-1 Noteholders holding more than 50% of the Series 2011-1 Principal
Amount), (p) and (q) above may be waived solely with the written consent of Series 2011-1 Noteholders holding 100% of the Series 2011-1 Principal Amount in accordance with Section 9.4 of the Base Indenture. An
Amortization Event with respect to the Series 2011-1 Notes described in clauses (l), (n) (other than with respect to any agreement, covenant or provision in the Series 2011-1 Notes, the Indenture, this Series Supplement or any
other Related Document the amendment or modification of which requires the consent of Series 2011-1 Noteholders holding more than 50% of the Series 2011-1 Principal Amount or which otherwise prohibits ZVF from taking any action without the consent
of Series 2011-1 Noteholders holding more than 50% of the Series 2011-1 Principal Amount), (o) and (r) may be waived by the Required Noteholders with respect to the Series 2011-1 Notes in accordance with Section 9.4 of
the Base Indenture. 
 Notwithstanding anything herein to the contrary, an Amortization Event with respect to the Series 2011-1 Notes described
in clause (m) above shall be curable at any time. 
 ARTICLE V 

FORM OF SERIES 2011-1 NOTES 
 Section 5.1. Issuance of Series 2011-1 Notes. 
 The Series 2011-1 Notes and any Additional
Series 2011-1 Notes will be issued in the form of definitive notes in fully registered form without interest coupons, substantially in the form set forth in Exhibit A hereto, and will be sold to the Series 2011-1 Noteholders pursuant to and in
accordance with the Series 2011-1 Note Purchase Agreement and will be duly executed by ZVF and authenticated by the Trustee in the manner set forth in Section 2.4 of the Base Indenture. Other than in accordance with this Series Supplement and
the Series 2011-1 Note Purchase Agreement, the Series 2011-1 Notes will not be permitted to be transferred, assigned, exchanged or otherwise pledged or conveyed by the Series 2011-1 Noteholders. The initial Series 2011-1 Notes issued on the Series
2011-1 Closing Date shall bear an aggregate face amount equal to up to the Series 2011-1 Maximum Principal Amount as of the Series 2011-1 Closing Date, and shall initially be issued in an aggregate principal amount equal to the Series 2011-1
Principal Amount as of such date. Additional Series 2011-1 Notes (“Additional Series 2011-1 Notes”) may be issued subsequent to the Series 2011-1 Closing Date in accordance with Section 2.1 hereof in connection with the
addition of a Series 2011-1 Additional Investor Group pursuant to Section 9.16 of the Series 2011-1 Note Purchase Agreement. Additional Series 2011-1 Notes shall bear a face amount equal to up to the Series 2011-1 Maximum Investor Group
Principal Amount with respect to the related Series 2011-1 Additional 

  
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Investor Group and shall initially be issued in a principal amount equal to the Series 2011-1 Additional Investor Group Initial Principal Amount with respect to such Series 2011-1 Additional
Investor Group. Upon the issuance of any Additional Series 2011-1 Notes, the Series 2011-1 Maximum Principal Account shall be increased by an amount equal to the Series 2011-1 Maximum Investor Group Principal Amount with respect to the related
Series 2011-1 Additional Investor Group. The Trustee shall, or shall cause the Registrar, to record any Increases, Decreases or additional issuances with respect to the Series 2011-1 Principal Amount such that the principal amount of the Series
2011-1 Notes that are outstanding accurately reflects all such Increases, Decreases and additional issuances. 
 The Series
2011-1 Notes may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may be required to comply with the rules of any securities exchange or as may, consistently herewith, be determined by
the officers executing such Series 2011-1 Notes, as evidenced by their execution of the Series 2011-1 Notes. The Series 2011-1 Notes may be produced in any manner, all as determined by the officers executing such Series 2011-1 Notes, as evidenced by
their execution of such Series 2011-1 Notes. The initial sale of the Series 2011-1 Notes is limited to Persons who have executed the Series 2011-1 Note Purchase Agreement. The sale of Additional Series 2011-1 Notes shall be limited to Persons who
become a party to the Series 2011-1 Note Purchase Agreement in accordance with Section 9.16 thereof. 

Section 5.2. Transfer of Series 2011-1 Notes. 
 (a) Subject to the terms of the Indenture and the Series 2011-1 Note Purchase Agreement, the holder of any Series 2011-1 Note may transfer the same in whole or in part, in an amount equivalent to an
authorized denomination, by surrendering such Series 2011-1 Note at the office maintained by the Registrar for such purpose pursuant to Section 2.5(a) of the Base Indenture, with the form of transfer endorsed on it duly completed and executed
by, or accompanied by a written instrument of transfer in form satisfactory to ZVF and the Registrar by, the holder thereof and accompanied by a certificate substantially in the form of Exhibit E hereto and a certificate substantially in the
form of Exhibit I; provided, that if the holder of any Series 2011-1 Note transfers, in whole or in part, its interest in any Series 2011-1 Note pursuant to (i) an Assignment and Assumption Agreement substantially in the form of Exhibit
B to the Series 2011-1 Note Purchase Agreement, or (ii) an Investor Group Supplement substantially in the form of Exhibit C to the Series 2011-1 Note Purchase Agreement, then in each case such Series 2011-1 Noteholder will not be required to
submit a certificate substantially in the form of Exhibit E hereto upon transfer of its interest in such Series 2011-1 Note. In exchange for any Series 2011-1 Note properly presented for transfer, ZVF shall execute and the Trustee shall
promptly authenticate and deliver or cause to be authenticated and delivered in compliance with applicable law, to the transferee at such office, or send by mail (at the risk of the transferee) to such address as the transferee may request, Series
2011-1 Notes for the same aggregate principal amount as was transferred. In the case of the transfer of any Series 2011-1 Note in part, ZVF shall execute and the Trustee shall promptly authenticate and deliver or cause to be authenticated and
delivered to the transferor at 

  
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such office, or send by mail (at the risk of the transferor) to such address as the transferor may request, Series 2011-1 Notes for the aggregate principal amount that was not transferred. No
transfer of any Series 2011-1 Note shall be made unless the request for such transfer is made by the Series 2011-1 Noteholder at such office. Neither ZVF nor the Trustee shall be liable for any delay in delivery of transfer instructions and each may
conclusively rely on, and shall be protected in relying on, such instructions. Upon the issuance of transferred Series 2011-1 Notes, the Trustee shall recognize the Holders of such Series 2011-1 Note as Series 2011-1 Noteholders. 

(b) Each Series 2011-1 Note shall bear the following legend: 
 THIS SERIES 2011-1 NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR WITH ANY STATE SECURITIES OR “BLUE SKY” LAWS. THE HOLDER HEREOF,
BY ITS ACCEPTANCE HEREOF, AGREES FOR THE BENEFIT OF ZIPCAR VEHICLE FINANCING LLC, A SPECIAL PURPOSE LIMITED LIABILITY COMPANY ESTABLISHED UNDER THE LAWS OF DELAWARE (THE “COMPANY”), THAT SUCH SERIES 2011-1 NOTE IS BEING ACQUIRED FOR ITS
OWN ACCOUNT AND NOT WITH A VIEW TO DISTRIBUTION AND TO OFFER, SELL OR OTHERWISE TRANSFER SUCH NOTE ONLY (A) TO THE COMPANY, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) TO AN
INSTITUTIONAL ACCREDITED INVESTOR WITHIN THE MEANING OF RULE 501(A)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT OR (D) PURSUANT TO AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND, IN EACH SUCH
CASE, IN COMPLIANCE WITH THE INDENTURE AND ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER JURISDICTION, SUBJECT TO THE RIGHT OF THE COMPANY, PRIOR TO ANY TRANSFER PURSUANT TO CLAUSE (C), TO REQUIRE THE DELIVERY TO IT
OF A PURCHASER’S LETTER IN THE FORM OF EXHIBIT E TO THE SERIES 2011-1 SUPPLEMENT CERTIFYING, AMONG OTHER THINGS, THAT SUCH PURCHASER IS AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(A)(1), (2), (3) OR
(7) UNDER THE SECURITIES ACT AND SUBJECT TO THE RIGHT OF THE COMPANY, PRIOR TO ANY TRANSFER PURSUANT TO CLAUSE (D), TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO IT. 

ARTICLE VI 

GENERAL 

Section 6.1. Optional Redemption of the Series 2011-1 Notes. 
 The Series 2011-1 Notes shall be subject to repurchase (in whole) by ZVF at its option, upon five (5) Business Days’ prior written notice to the Trustee (for forwarding promptly to the Series
2011-1 Noteholders), in accordance with Section 6.1 of the Base Indenture 

  
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at any time. The repurchase price for any Series 2011-1 Note (in each case, the “Series 2011-1 Repurchase Amount”) shall equal the sum of (a) the aggregate outstanding
principal balance of such Series 2011-1 Notes (determined after giving effect to any payments of principal and interest on the Payment Date immediately preceding the date of purchase pursuant to this Section 6.1), plus
(b) (i) with respect to the portion of such principal balance which was funded with Commercial Paper issued at a discount, all accrued and unpaid discount on such Commercial Paper from the issuance date(s) thereof to the date of purchase
under this Section 6.1 and the aggregate discount to accrue on such Commercial Paper from the date of purchase under this Section 6.1 to the maturity date of such Commercial Paper, or (ii) with respect to the portion of
such principal balance which was funded with Commercial Paper that was not issued at a discount, all accrued and unpaid interest on such Commercial Paper from the issuance date(s) thereof to the date of purchase under this Section 6.1
(and any breakage costs associated with the prepayment of such interest-bearing Commercial Paper), or (iii) with respect to the portion of such principal balance which was funded other than with Commercial Paper, all accrued and unpaid interest
on such principal balance through the date of purchase under this Section 6.1, plus (c) any other amounts then due and payable to the holders of such Series 2011-1 Notes pursuant hereto and pursuant to the Series 2011-1 Note
Purchase Agreement. 
 Section 6.2. Information. 

(a) On or before the fourth Business Day prior to each Payment Date (unless otherwise agreed to by the Trustee), ZVF shall cause the
Administrator to furnish to the Trustee a Monthly Noteholders’ Statement with respect to the Series 2011-1 Notes, in a Microsoft Excel electronic file (or similar electronic file) substantially in the form of Exhibit F hereto setting
forth, inter alia, the following information: 
 (i) the total amount available to be distributed to Series
2011-1 Noteholders on such Payment Date; 
 (ii) the amount of such distribution allocable to the payment of
principal of the Series 2011-1 Notes; 
 (iii) the amount of such distribution allocable to the payment of
interest on the Series 2011-1 Notes; 
 (iv) the Series 2011-1 Invested Percentage with respect to Interest
Collections and with respect to Principal Collections for the period from and including the second Determination Date preceding such Payment Date to but excluding the Determination Date immediately preceding such Payment Date; 

(v) the Series 2011-1 Enhancement Amount, the Series 2011-1 Adjusted Enhancement Amount, the Series 2011-1 Liquidity
Amount, the Series 2011-1 Adjusted Liquidity Amount, in each case, as of the close of business on the last day of the Related Month; 

  
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 (vi) whether, to the knowledge of the Administrator, any Lien exists on any
of the Collateral (other than Permitted Liens); 
 (vii) whether, to the knowledge of the Administrator, any
Operating Lease Event of Default has occurred; 
 (viii) whether, to the knowledge of the Administrator, any
Amortization Event or Potential Amortization Event with respect to the Series 2011-1 Notes has occurred; 
 (ix)
the Aggregate Asset Amount and the amount of the Aggregate Asset Amount Deficiency, if any, as of the close of business on the last day of the Related Month; 
 (x) the Non-Eligible Manufacturer Amount as of the close of business on the last day of the Related Month; 
 (xi) the Capped Category 2 Manufacturer Eligible Program Vehicle Percentage, the Category 1 Manufacturer Eligible Program Vehicle Amount, the Category 1 Eligible Manufacturer Eligible Program Vehicle
Percentage, the Category 2 Manufacturer Eligible Program Vehicle Amount, the Category 2 Manufacturer Eligible Program Vehicle Percentage, the Series 2011-1 New ZVF Vehicle Market Value Adjustment Amount, the Series 2011-1 Highest Enhancement
Percentage, the Series 2011-1 Highest Enhancement Vehicle Percentage, the Series 2011-1 Intermediate Enhancement Percentage, the Series 2011-1 Intermediate Enhancement Vehicle Percentage, the Series 2011-1 Lowest Enhancement Percentage, the Series
2011-1 Lowest Enhancement Vehicle Percentage, the Series 2011-1 Program Vehicle Depreciation Enhancement Amount, the Series 2011-1 Required Enhancement Amount, as of the close of business on the last day of the Related Month and the Standard ZVF
Vehicle Market Value Average, Measurement Month Average and all calculations related thereto; 
 (xii) the Audi
Amount, the BMW/Mini Amount, the Daimler/Smart Amount, the Fiat/Alfa Romeo Amount, the Ford Amount, the GM Amount, the Honda/Acura Amount, the Hyundai/Kia Amount, the Mazda Amount, the Nissan/Infiniti Amount, the Subaru Amount, the
Toyota/Scion/Lexus Amount, the Volkswagen/Audi Amount and the Volvo Amount as of the close of business on the last day of the Related Month; 
 (xiii) the Series 2011-1 Required Incremental Enhancement Amount, if any, as of the close of business on the last day of the Related Month; 

(xiv) the Series 2011-1 Required Liquidity Amount, if any, as of the close of business on the last day of the Related
Month, and whether a Series 2011-1 Liquidity Deficiency with respect to the Series 2011-1 Notes existed and the amount thereof, in each case, as of the close of business on the last day of the Related Month; 

  
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 (xv) the Series 2011-1 Required Enhancement Amount, the Series 2011-1
Required Enhancement Percentage, the Series 2011-1 Required Enhancement Amount as of the close of business on the last day of the Related Month, and whether a Series 2011-1 Enhancement Deficiency existed and the amount thereof, in each case, as of
the close of business on the last day of the Related Month; 
 (xvi) the Series 2011-1 Required Asset Amount, the
Series 2011-1 Required Asset Amount Percentage, the Series 2011-1 Required Overcollateralization Amount, the Series 2011-1 Overcollateralization Amount and the Series 2011-1 Required Asset Amount, in each case, as of the close of business on the
last day of the Related Month; 
 (xvii) the Series 2011-1 Required Reserve Account Amount and the Series 2011-1
Available Reserve Account Amount, in each case, as of the close of business on the last day of the Related Month; 
 (xviii) the Manufacturer Vehicle Amount of each Manufacturer not listed in clause (xii) above and the rating of each Manufacturer of ZVF Vehicles, with respect to each Manufacturer, as of the
close of business on the last day of the Related Month; 
 (xix) the Series 2011-1 Letter of Credit Liquidity
Amount, the Series 2011-1 Demand Note Payment Amount and the Series 2011-1 Letter of Credit Amount, in each case, as of the close of business on the last day of the Related Month; and 

(xx) the Series 2011-1 Principal Amount, the Series 2011-1 Adjusted Principal Amount and the Series 2011-1 Outstanding
Principal Amount, in each case, as of such Payment Date. 
 The Trustee shall provide to the Series 2011-1 Noteholders, or their
designated agent, and each Interest Rate Cap Provider copies of each Monthly Noteholders’ Statement, which may be transmitted by electronic mail at the option of the Trustee. 

Section 6.3. Exhibits. 

The following exhibits attached hereto supplement the exhibits included in the Indenture. 

Exhibit A:    Series 2011-1 Variable Funding Car Sharing Asset Backed Notes 

Exhibit B:    Form of Series 2011-1 Letter of Credit 

Exhibit C:    Form of Lease Payment Deficit Notice 

Exhibit D:    Form of Series 2011-1 Letter of Credit Reduction Notice 

Exhibit E:     Form of Purchaser’s Letter 

Exhibit F:     Form of Monthly Noteholders’ Statement 

  
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 Exhibit G-1:    Form of Demand Notice 

Exhibit G-2:    Form of Series 2011-1 Demand Note 

Exhibit H:       Form of Estimated Interest Adjustment Notice 

Exhibit I:         Form of Transferee Certificate for Transfers of Series 2011-1 Notes

 Section 6.4. Ratification of Base Indenture. 
 As supplemented by this Series Supplement, the Base Indenture is in all respects ratified and confirmed and the Base Indenture as so supplemented by this Series Supplement shall be read, taken, and
construed as one and the same instrument. 
 Section 6.5. Third Party Beneficiary. 

The Administrative Agent is an express third party beneficiary of (i) the Base Indenture and (ii) this Series Supplement. 

Section 6.6. Counterparts. 
 This Series Supplement may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all of such counterparts shall together constitute but one and the
same instrument. 
 Section 6.7. Governing Law. 
 This Series Supplement and all matters arising out of or relating thereto in any way whatsoever (whether in contract, tort or otherwise) shall be construed in accordance with the law of the State of New
York, and the obligations, rights and remedies of the parties hereto shall be determined in accordance with such law. 
 Section
6.8. Amendments. 
 This Series Supplement may be modified or amended from time to time in accordance with the terms of the Base
Indenture, provided that if, pursuant to the terms of the Base Indenture or this Series Supplement, the consent of the Required Noteholders is required for an amendment or modification of this Series Supplement, such requirement shall be
satisfied if such amendment or modification is consented to by the Required Noteholders with respect to the Series 2011-1 Notes; provided, further, that, any amendment or other modification to this Series Supplement or any of the Related
Documents that would extend the due date for, or reduce the amount of, any scheduled repayment or prepayment of principal of or interest on the Series 2011-1 Notes (or reduce the principal amount of or rate of interest on the Series 2011-1 Notes),
alter any provisions (including any relevant definitions) relating to the pro rata treatment of payments to the Series 2011-1 Noteholders, the Conduit Investors and the Committed Note Purchasers, amend or modify this Section 6.8 or
otherwise amend or modify any provision relating to the amendment or modification of this Series Supplement, or, pursuant to the Related Documents, would require the consent of 100% of the Series 2011-1 Noteholders or each


  
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Series 2011-1 Noteholder affected by such amendment or modification, shall require the prior written consent of each Conduit Investor and each Committed Note Purchaser or each Conduit Investor
and each Committed Note Purchaser affected thereby, as applicable. 
 Section 6.9. Covenant Regarding Affiliate Issuers.

 ZVF shall not issue or sell Notes of any Series of Notes to an Affiliate Issuer unless, in connection with such issuance or sale, such
Affiliate Issuer has assigned all voting, consent and control rights associated with such Notes to Persons that are not Affiliates of ZVF. 
 Section 6.10. Annual Security Interest Opinions. 
 On or before June 30 of each
calendar year, commencing with June 30, 2012, ZVF shall furnish to the Trustee an Opinion of Counsel either stating that, in the opinion of such counsel, such action has been taken with respect to the recording, filing, re-recording and
refiling of this Series Supplement and any other requisite documents and with respect to the execution and filing of any financing statements and continuation statements as are necessary to maintain the perfection of the lien and security interest
created by this Series Supplement in the Series 2011-1 Collateral and reciting the details of such action or stating that in the opinion of such counsel no such action is necessary to maintain the perfection of such lien and security interest. Such
Opinion of Counsel shall also describe the recording, filing, re-recording and refiling of this Series Supplement and any other requisite documents and the execution and filing of any financing statements and continuation statements that will, in
the opinion of such counsel, be required to maintain the perfection of the lien and security interest of this Series Supplement in the Series 2011-1 Collateral until June 30 in the following calendar year. 

Section 6.11. Termination of Series Supplement. 
 This Series Supplement shall cease to be of further effect when (i) all Outstanding Series 2011-1 Notes theretofore authenticated and issued have been delivered (other than destroyed, lost, or stolen
Series 2011-1 Notes which have been replaced or paid) to the Trustee for cancellation, (ii) ZVF has paid all sums payable hereunder and (iii) the Series 2011-1 Demand Note Payment Amount is equal to zero or the Series 2011-1 Letter of
Credit Liquidity Amount is equal to zero. 
 Section 6.12. Discharge of Indenture. 

Notwithstanding anything to the contrary contained in the Base Indenture, so long as this Series Supplement shall be in effect in accordance with
Section 6.10 of this Series Supplement, no discharge of the Indenture pursuant to Section 11.1(b) of the Base Indenture shall be effective as to the Series 2011-1 Notes without the consent of the Required Noteholders with respect to
the Series 2011-1 Notes. 

  
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 Section 6.13. Replacement Notes. 

Notwithstanding anything in the Base Indenture to the contrary, in the case of any destroyed, lost or stolen Series 2011-1 Note, if an indemnity required
pursuant to Section 2.10 of the Base Indenture is made by a financial institution which has both (i) a long-term unsecured debt rating of at least “Baa3” from Moody’s and (ii) a long-term unsecured debt rating of at
least “BBB-” from Standard & Poor’s, the Trustee hereby agrees that a written indemnity from such financial institution shall be sufficient for purposes of satisfying clause (ii) of the first sentence of
Section 2.10(a) of the Base Indenture. 
 Section 6.14. Patriot Act. 

The parties hereto acknowledge that in accordance with Section 326 of the USA Patriot Act Deutsche Bank Trust Company Americas, like all financial
institutions and in order to help fight the funding of terrorism and money laundering, are required to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account. The
parties to this Series Supplement agree that they will provide Deutsche Bank Trust Company Americas with such information as it may request in order for Deutsche Bank Trust Company Americas to satisfy the requirements of the USA Patriot Act.

 Section 6.15. Trustee Protections. 
 In acting under and by virtue of this Series Supplement, the Trustee shall have all of the rights, protections and immunities granted to it under the Base Indenture. 

Section 6.16. Waiver of Jury Trial. 
 EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE,
THE NOTES OR THE TRANSACTION CONTEMPLATED HEREBY. 

  
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 IN WITNESS WHEREOF, ZVF and the Trustee have caused this Series Supplement to be duly executed by their
respective officers hereunto duly authorized as of the day and year first above written. 
  

			
	ZIPCAR VEHICLE FINANCING LLC
		
	By:	 	         /s/ Edward G. Goldfinger

		 	        Name: Edward G. Goldfinger
		 	        Title: Treasurer
	
	DEUTSCHE BANK TRUST COMPANY AMERICAS,
	as Trustee,
		
	By:	 	         /s/ Irene Siegel

		 	        Name: Irene Siegel
		 	        Title: Vice President
		
	By:	 	         /s/ Maria Inoa

		 	        Name: Maria Inoa
		 	        Title: Associate



  
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