<Page>

                                                                    Exhibit 4.27

                                               [Draft: (New York) June 28, 2001]

                            AESOP FUNDING II L.L.C.,
                                    as Issuer

                                       and

                              THE BANK OF NEW YORK,
                       as Trustee and Series 2001-1 Agent

                              ---------------------

                  AMENDED AND RESTATED SERIES 2001-1 SUPPLEMENT
                            dated as of June 29, 2001

                                       to

                       AMENDED AND RESTATED BASE INDENTURE
                            dated as of July 30, 1997

                              ---------------------
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                                TABLE OF CONTENTS

                                                                            Page
                                                                            ----

Exhibit A-1:    Form of Restricted Global Series 2001-1 Note
Exhibit A-2:    Form of Temporary Global Series 2001-1 Note
Exhibit A-3:    Form of Permanent Global Series 2001-1 Note
Exhibit B:      Form of Consent
Exhibit C:      Form of Series 2001-1 Demand Note
Exhibit D:      Form of Letter of Credit
Exhibit E:      Form of Lease Payment Deficit Notice
Exhibit F:      Form of Demand Notice


                                       (i)
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            AMENDED AND RESTATED SERIES 2001-1 SUPPLEMENT, dated as of June 29,
2001 (this "Supplement"), between AESOP FUNDING II L.L.C., a special purpose
limited liability company established under the laws of Delaware ("AFC-II"), THE
BANK OF NEW YORK, a New York banking corporation, as successor in interest to
the corporate trust administration of Harris Trust and Savings Bank, as trustee
(together with its successors in trust thereunder as provided in the Base
Indenture referred to below, the "Trustee"), and THE BANK OF NEW YORK, a New
York banking corporation, as agent for the benefit of the Series 2001-1
Noteholders and the Surety Provider (the "Series 2001-1 Agent"), to the Amended
and Restated Base Indenture, dated as of July 30, 1997, between AFC-II and the
Trustee (as amended, modified or supplemented from time to time, exclusive of
Supplements creating a new Series of Notes, the "Base Indenture").

                              PRELIMINARY STATEMENT

            WHEREAS, AFC-II, the Trustee and the Series 2001-1 Agent entered
into the Series 2001-1 Supplement dated as of March 2, 2001 (the "Original
Series 2001-1 Supplement") pursuant to which the Series 2001-1 Notes were
issued;

            WHEREAS, AFC-II desires to amend and restate the Original Series
2001-1 Supplement to replace the amounts required to be on deposit in the Series
2001-1 Reserve Account with one or more demand notes and one or more letters of
credit; and

            WHEREAS, the Original Series 2001-1 Supplement may be amended
pursuant to Section 6.7 and 6.11 thereof with the consent of the Surety
Provider, and the Surety Provider has consented to the amendment of the Original
Series 2001-1 Supplement in the form of this Supplement.

            NOW, THEREFORE, the parties hereto agree as follows:

                                   DESIGNATION

            There was created a Series of Notes issued pursuant to the Base
Indenture and the Original Series 2001-1 Supplement and such Series of Notes was
designated as Floating Rate Rental Car Asset Backed Notes, Series 2001-1 (the
"Series 2001-1 Notes").

            The proceeds from the sale of the Series 2001-1 Notes were deposited
in the Collection Account and were paid to AFC-II and used to make Loans under
the Loan Agreements to the extent that the Borrowers have requested Loans
thereunder and Eligible Vehicles are available for acquisition or refinancing
thereunder on the date hereof. Any such portion of proceeds not so used to make
Loans shall be deemed to be Principal Collections.

            The Series 2001-1 Notes are a non-Segregated Series of Notes (as
more fully described in the Base Indenture). Accordingly, all references in this
Supplement to "all" Series of Notes (and all references in this Supplement to
terms defined in the Base Indenture that contain references to "all" Series of
Notes) shall refer to all Series of Notes other than Segregated Series of Notes.
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                                    ARTICLE I

                                   DEFINITIONS

            (a) All capitalized terms not otherwise defined herein are defined
in the Definitions List attached to the Base Indenture as Schedule I thereto.
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 2001-1 Notes and not to any
other Series of Notes issued by AFC-II.

            (b) The following words and phrases shall have the following
meanings with respect to the Series 2001-1 Notes 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:

            "CERTIFICATE OF LEASE DEFICIT DEMAND" means a certificate in the
form of ANNEX A to the Series 2001-1 Letters of Credit.

            "CERTIFICATE OF TERMINATION DATE DEMAND" means a certificate in the
form of ANNEX D to the Series 2001-1 Letters of Credit.

            "CERTIFICATE OF TERMINATION DEMAND" means a certificate in the form
of ANNEX C to the Series 2001-1 Letters of Credit.

            "CERTIFICATE OF UNPAID DEMAND NOTE DEMAND" means a certificate in
the form of ANNEX B to the Series 2001-1 Letters of Credit.

            "CONSENT" has the meaning set forth in Article IV of this
Supplement.

            "CONSENT PERIOD EXPIRATION DATE" has the meaning set forth in
Article IV of this Supplement.

            "DEMAND NOTE ISSUER" means each issuer of a Series 2001-1 Demand
Note.

            "DESIGNATED AMOUNTS" has the meaning set forth in Article IV of this
Supplement.

            "DISBURSEMENT" shall mean any Lease Deficit Disbursement, any Unpaid
Demand Note Disbursement, any Termination Disbursement or any Termination Date
Disbursement under a Series 2001-1 Letter of Credit, or any combination thereof,
as the context may require.

            "EXCESS COLLECTIONS" has the meaning specified in Section 2.3(g)(i)
of this Supplement.


                                      -2-
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            "INSURANCE AGREEMENT" means the Insurance Agreement, dated as of
March 2, 2001, among the Surety Provider, the Trustee and AFC-II, which shall
constitute an "Enhancement Agreement" with respect to the Series 2001-1 Notes
for all purposes under the Indenture.

            "INTEREST RATE CAP COUNTERPARTY" shall mean AFC-II's counterparty
under a Series 2001-1 Interest Rate Cap.

            "LEASE DEFICIT DISBURSEMENT" means an amount drawn under a Series
2001-1 Letter of Credit pursuant to a Certificate of Lease Deficit Demand.

            "LIBOR" means, with respect to each Series 2001-1 Interest Period, a
rate per annum to be determined by the Trustee as follows:

                  (i) On each LIBOR Determination Date, the Trustee will
      determine the London interbank offered rate for U.S. dollar deposits for
      one month that appears on Telerate Page 3750 as it relates to U.S. dollars
      as of 11:00 a.m., London time, on such LIBOR Determination Date:

                  (ii) If, on any LIBOR Determination Date, such rate does not
      appear on Telerate Page 3750, the Trustee will request that the principal
      London offices of each of four major banks in the London interbank market
      selected by the Trustee provide the Trustee with offered quotations for
      deposits in U.S. dollars for a period of one month, commencing on the
      first day of such Series 2001-1 Interest Period, to prime banks in the
      London interbank market at approximately 11:00 a.m., London time, on such
      LIBOR Determination Date and in a principal amount equal to an amount of
      not less than $250,000 that is representative of a single transaction in
      such market at such time. If at least two such quotations are provided,
      "LIBOR" for such Series 2001-1 Interest Period will be the arithmetic mean
      of such quotations; or

                  (iii) If fewer than two such quotations are provided, "LIBOR"
      for such Series 2001-1 Interest Period will be the arithmetic mean of
      rates quoted by three major banks in the City of New York selected by the
      Trustee at approximately 11:00 a.m., New York City time, on such LIBOR
      Determination Date for loans in U.S. dollars to leading European banks,
      for a period of one month, commencing on the first day of such Series
      2001-1 Interest Period, and in a principal amount equal to an amount of
      not less than $250,000 that is representative of a single transaction in
      such market at such time; PROVIDED, HOWEVER, that if the banks selected as
      aforesaid by such Trustee are not quoting rates as mentioned in this
      sentence, "LIBOR" for such Series 2001-1 Interest Period will be the same
      as "LIBOR" for the immediately preceding Series 2001-1 Interest Period.

            "LIBOR DETERMINATION DATE" means, with respect to any Series 2001-1
Interest Period, the second London Banking Day preceding the first day of such
Series 2001-1 Interest Period.

            "LONDON BANKING DAY" means any business day on which dealings in
deposits in United States dollars are transacted in the London interbank market.

            "MOODY'S" means Moody's Investors Service, Inc.


                                      -3-
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            "MOODY'S QUALIFIED INTEREST RATE CAP COUNTERPARTY" shall mean (i) at
the time of entering into the related Series 2001-1 Interest Rate Cap, a bank or
other financial institution having a short-term senior unsecured debt rating of
at least "P-1" from Moody's or having a long-term senior unsecured debt rating
of at least "A1" from Moody's and (ii) at any other time, (A) a bank or other
financial institution having a short-term unsecured senior debt rating of at
least "P-1" from Moody's or having a long-term unsecured senior debt rating of
at least "A1" from Moody's or (B) a bank or other financial institution without
either a short-term unsecured senior debt rating of at least "P-1" from Moody's
or a long-term unsecured senior debt rating of at least "A1" from Moody's who
has provided collateral for its obligations under the related Series 2001-1
Interest Rate Cap (subject to terms and with assets satisfactory to the Surety
Provider) which will be sufficient to restore the immediately prior ratings of
the Series 2001-1 Notes without giving effect to the Surety Bond; PROVIDED that
at no time shall a bank or other financial institution with a long-term
unsecured senior debt rating which has been withdrawn or is of less than "A2"
from Moody's be a Moody's Qualified Interest Rate Cap Counterparty.

            "MONTHLY TOTAL PRINCIPAL ALLOCATION" means for any Related Month the
sum of all Series 2001-1 Principal Allocations with respect to such Related
Month.

            "PERMANENT GLOBAL SERIES 2001-1 NOTE" has the meaning specified in
Section 5.2 of this Supplement.

            "PRE-PREFERENCE PERIOD DEMAND NOTE PAYMENTS" means, as of any date
of determination, the aggregate amount of all proceeds of demands made on the
Series 2001-1 Demand Notes included in the Series 2001-1 Demand Note Payment
Amount as of the Series 2001-1 Letter of Credit Termination Date that were paid
by the Demand Note Issuers more than one year before such date of determination;
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 a Demand Note Issuer occurs during such
one year period, (x) the Pre-Preference Period Demand Note Payments as of any
date during the period from and including the date of the occurrence of such
Event of Bankruptcy to and including the conclusion or dismissal of the
proceedings giving rise to such Event of Bankruptcy without continuing
jurisdiction by the court in such proceedings shall equal the Pre-Preference
Period Demand Note Payments as of the date of such occurrence for all Demand
Note Issuers and (y) the Pre-Preference Period Demand Note Payments as of any
date after the conclusion or dismissal of such proceedings shall equal the
Series 2001-1 Demand Note Payment Amount as of the date of the conclusion or
dismissal of such proceedings.

            "PRINCIPAL DEFICIT AMOUNT" means, with respect to any Distribution
Date, the excess, if any, of (a) the Series 2001-1 Invested Amount on such
Distribution Date (after giving effect to the distribution of the Monthly Total
Principal Allocation for the Related Month) over (b) the sum of the Series
2001-1 Liquidity Amount on such Distribution Date and the Series 2001-1 AESOP I
Operating Lease Loan Agreement Borrowing Base on such Distribution Date.

            "PRO RATA SHARE" means, with respect to any Series 2001-1 Letter of
Credit Provider as of any date, the fraction (expressed as a percentage)
obtained by dividing (A) the available amount under such Series 2001-1 Letter of
Credit Provider's Series 2001-1 Letter of Credit as of such date by (B) an
amount equal to the aggregate available amount under all Series


                                      -4-
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2001-1 Letters of Credit as of such date; PROVIDED, that only for purposes of
calculating the Pro Rata Share with respect to any Series 2001-1 Letter of
Credit Provider as of any date, if such Series 2001-1 Letter of Credit Provider
has not complied with its obligation to pay the Trustee the amount of any draw
under its Series 2001-1 Letter of Credit made prior to such date, the available
amount under such Series 2001-1 Letter of Credit Provider's Series 2001-1 Letter
of Credit as of such date 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
2001-1 Letter of Credit Provider has paid such amount to the Trustee and been
reimbursed by the Lessee or the applicable Demand Note Issuer, as the case may
be, for such amount (PROVIDED that the foregoing calculation shall not in any
manner reduce the undersigned's actual liability in respect of any failure to
pay any demand under its Series 2001-1 Letter of Credit).

            "QUALIFIED INTEREST RATE CAP COUNTERPARTY" shall mean a counterparty
to a Series 2001-1 Interest Rate Cap who is acceptable to the Surety Provider
and is (i) an S&P Qualified Interest Rate Cap Counterparty, (ii) a Moody's
Qualified Interest Rate Cap Counterparty and (iii) a Surety Provider Qualified
Interest Rate Cap Counterparty.

            "REQUISITE NOTEHOLDERS" means Series 2001-1 Noteholders holding more
than 50% of the Series 2001-1 Invested Amount.

            "RESTRICTED GLOBAL SERIES 2001-1 NOTE" has the meaning specified in
Section 5.1 of this Supplement.

            "S&P QUALIFIED INTEREST RATE CAP COUNTERPARTY" means a bank or other
financial institution, which has a short-term senior and unsecured debt rating
of at least "A-1" or a long-term senior and unsecured rating of at least "A+",
in each case, from Standard & Poor's or is otherwise approved by Standard &
Poor's.

            "SERIES 1997-1 NOTES" means the Series of Notes designated as the
Series 1997-1 Notes.

            "SERIES 1997-2 SUPPLEMENT" means the supplement to the Base
Indenture authorizing the issuance of the Series of Notes designated as the
Series 1997-2 Notes.

            "SERIES 1998-1 NOTES" means the Series of Notes designated as the
Series 1998-1 Notes.

            "SERIES 2000-1 NOTES" means the Series of Notes designated as the
Series 2000-1 Notes.

            "SERIES 2000-2 NOTES" means the Series of Notes designated as the
Series 2000-2 Notes.

            "SERIES 2000-3 NOTES" means the Series of Notes designated as the
Series 2000-3 Notes.


                                      -5-
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            "SERIES 2000-4 NOTES" means the Series of Notes designated as the
Series 2000-4 Notes.

            "SERIES 2001-1 ACCOUNTS" shall mean each of the Series 2001-1
Distribution Account, the Series 2001-1 Reserve Account, the Series 2001-1
Collection Account, the Series 2001-1 Excess Collection Account and the Series
2001-1 Accrued Interest Account.

            "SERIES 2001-1 ACCRUED INTEREST ACCOUNT" has the meaning specified
in Section 2.1(b) of this Supplement.

            "SERIES 2001-1 AGENT" has the meaning specified in the first
paragraph of this Supplement.

            "SERIES 2001-1 AESOP I OPERATING LEASE LOAN AGREEMENT BORROWING
BASE" means, as of any date of determination, the product of (a) the Series
2001-1 AESOP I Operating Lease Vehicle Percentage as of such date and (b) the
AESOP I Operating Lease Loan Agreement Borrowing Base as of such date.

            "SERIES 2001-1 AESOP I OPERATING LEASE VEHICLE PERCENTAGE" means, as
of any date of determination, a fraction, expressed as a percentage, the
numerator of which is the Series 2001-1 Required AESOP I Operating Lease Vehicle
Amount as of such date and the denominator of which is the sum of the Required
AESOP I Operating Lease Vehicle Amounts for all Series of Notes as of such date.

            "SERIES 2001-1 AVAILABLE CASH COLLATERAL ACCOUNT AMOUNT" means, as
of any date of determination, the amount on deposit in the Series 2001-1 Cash
Collateral Account (after giving effect to any deposits thereto and withdrawals
and releases therefrom on such date).

            "SERIES-2001-1 AVAILABLE RESERVE ACCOUNT AMOUNT" means, as of any
date of determination, the amount on deposit in the Series 2001-1 Reserve
Account (after giving effect to any deposits thereto and withdrawals and
releases therefrom on such date).

            "SERIES 2001-1 CASH COLLATERAL ACCOUNT" has the meaning specified in
SECTION 2.8(f) of this Supplement.

      "SERIES 2001-1 CASH COLLATERAL ACCOUNT COLLATERAL" has the meaning
specified in SECTION 2.8(a) of this Supplement.

      "SERIES 2001-1 CASH COLLATERAL ACCOUNT SURPLUS" means, with respect to any
Distribution Date, the lesser of (a) the Series 2001-1 Available Cash Collateral
Account Amount and (b) the lesser of (A) the excess, if any, of the Series
2001-1 Liquidity Amount over the Series 2001-1 Required Liquidity Amount on such
Distribution Date (after giving effect to any withdrawal from the Series 2001-1
Reserve Account on such Distribution Date) and (B) the excess, if any, of the
Series 2001-1 Required Enhancement Amount over the Series 2001-1 Enhancement
Amount on such Distribution Date (after giving affect to any withdrawal from the
Series 2001-1 Reserve Account on such Distribution Date); PROVIDED, HOWEVER
that, on any date after the Series 2001-1 Letter of Credit Termination Date, the
Series 2001-1 Cash Collateral Account Surplus shall mean the excess, if any, of
(x) the Series 2001-1 Available Cash Collateral Account Amount over (y)


                                      -6-
<Page>

the Series 2001-1 Demand Note Payment Amount MINUS the Pre-Preference Period
Demand Note Payments as of such date.

            "SERIES 2001-1 CASH COLLATERAL PERCENTAGE" means, as of any date of
determination, the percentage equivalent of a fraction, the numerator of which
is the Series 2001-1 Available Cash Collateral Amount as of such date and the
denominator of which is the Series 2001-1 Letter of Credit Liquidity Amount as
of such date.

            "SERIES 2001-1 CARRYOVER CONTROLLED AMORTIZATION AMOUNT" means, with
respect to any Related Month during the Series 2001-1 Controlled Amortization
Period, the amount, if any, by which the Monthly Total Principal Allocation for
the previous Related Month was less than the Series 2001-1 Controlled
Distribution Amount for the previous Related Month; PROVIDED, HOWEVER, that for
the first Related Month in the Series 2001-1 Controlled Amortization Period, the
Series 2001-1 Carryover Controlled Amortization Amount shall be zero.

            "SERIES 2001-1 CLOSING DATE" means March 2, 2001.

            "SERIES 2001-1 COLLATERAL" means the Collateral, each Series 2001-1
Letter of Credit, each Series 2001-1 Demand Note, the Series 2001-1 Distribution
Account Collateral, the Series 2001-1 Interest Rate Cap Collateral, the Series
2001-1 Cash Collateral Account Collateral and the Series 2001-1 Reserve Account
Collateral.

            "SERIES 2001-1 COLLECTION ACCOUNT" has the meaning specified in
Section 2.1(b) of this Supplement.

            "SERIES 2001-1 CONTROLLED AMORTIZATION AMOUNT" means
$125,000,000.00.

            "SERIES 2001-1 CONTROLLED AMORTIZATION PERIOD" means the period
commencing at the close of business on October 1, 2003 (or, if such day is not a
Business Day, the Business Day immediately preceding such day) and continuing to
the earliest of (i) the commencement of the Series 2001-1 Rapid Amortization
Period, (ii) the date on which the Series 2001-1 Notes are fully paid and the
Surety Provider has been paid all Surety Provider Fees and all other Surety
Provider Reimbursement Amounts then due, (iii) the Series 2001-1 Termination
Date, and (iv) the termination of the Indenture.

            "SERIES 2001-1 CONTROLLED DISTRIBUTION AMOUNT" means, with respect
to any Related Month during the Series 2001-1 Controlled Amortization Period, an
amount equal to the sum of the Series 2001-1 Controlled Amortization Amount and
any Series 2001-1 Carryover Controlled Amortization Amount for such Related
Month.

      "SERIES 2001-1 DEMAND NOTE" means each demand note made by a Demand Note
Issuer, substantially in the form of EXHIBIT C to this Supplement, as amended,
modified or restated from time to time.

            "SERIES 2001-1 DEMAND NOTE PAYMENT AMOUNT" means, as of the Series
2001-1 Letter of Credit Termination Date, the aggregate amount of all proceeds
of demands made on the Series 2001-1 Demand Notes pursuant to SECTION 2.5(b) or
(c) of this Supplement that were deposited into the Series 2001-1 Distribution
Account and paid to the Series 2001-1 Noteholders


                                      -7-
<Page>

during the one year period ending on the Series 2001-1 Letter of Credit
Termination Date; 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 a Demand
Note Issuer shall have occurred during such one year period, the Series 2001-1
Demand Note Payment Amount as of the Series 2001-1 Letter of Credit Termination
Date shall equal the Series 2001-1 Demand Note Payment Amount as if it were
calculated as of the date of such occurrence.

            "SERIES 2001-1 DEPOSIT DATE" has the meaning specified in Section
2.2 of this Supplement.

            "SERIES 2001-1 DISTRIBUTION ACCOUNT" has the meaning specified in
Section 2.9(a) of this Supplement.

            "SERIES 2001-1 DISTRIBUTION ACCOUNT COLLATERAL" has the meaning
specified in Section 2.9(d) of this Supplement.

            "SERIES 2001-1 ELIGIBLE LETTER OF CREDIT PROVIDER" means a person
satisfactory to ARAC, the Demand Note Issuers and the Surety Provider and
having, at the time of the issuance of the related Series 2001-1 Letter of
Credit, a long-term senior unsecured debt rating (or the equivalent thereof in
the case of Moody's or S&P, as applicable) of at least "A+" from S&P and at
least "Al" from Moody's and a short-term senior unsecured debt rating of at
least "P-1" from Moody's that is (a) a commercial bank having total assets in
excess of $500,000,000, (b) a finance company, insurance company or other
financial institution that in the ordinary course of business issues letters of
credit and has total assets in excess of $200,000,000 or (c) any other financial
institution; PROVIDED that if a person is not a Series 2001-1 Letter of Credit
Provider (or a letter of credit provider under the Supplement for any other
Series of Notes), then such person shall not be a Series 2001-1 Eligible Letter
of Credit Provider until AFC-II has provided 10 days' prior notice to the Rating
Agencies that such person has been proposed as a Series 2001-1 Letter of Credit
Provider.

            "SERIES 2001-1 ENHANCEMENT" means the Series 2001-1 Cash Collateral
Account Collateral, the Series 2001-1 Letters of Credit, the Series 2001-1
Overcollateralization Amount and the Series 2001-1 Reserve Account Amount.

            "SERIES 2001-1 ENHANCEMENT AMOUNT" means, as of any date of
determination, the sum of (i) the Series 2001-1 Overcollateralization Amount,
(ii) the Series 2001-1 Letter of Credit Amount and (iii) the Series 2001-1
Available Reserve Account Amount as of such date.

            "SERIES 2001-1 ENHANCEMENT DEFICIENCY" means, on any date of
determination, the amount by which the Series 2001-1 Enhancement Amount is less
than the Series 2001-1 Required Enhancement Amount as of such date.

            "SERIES 2001-1 EXCESS COLLECTION ACCOUNT" has the meaning specified
in Section 2.1(b) of this Supplement.

            "SERIES 2001-1 EXPECTED FINAL DISTRIBUTION DATE" means the April
2004 Distribution Date.


                                      -8-
<Page>

            "SERIES 2001-1 FINAL DISTRIBUTION DATE" means the April 2005
Distribution Date.

            "SERIES 2001-1 INITIAL INVESTED AMOUNT" means the aggregate initial
principal amount of the Series 2001-1 Notes, which is $750,000,000.

            "SERIES 2001-1 INTEREST PERIOD" means a period commencing on and
including a Distribution Date and ending on and including the day preceding the
next succeeding Distribution Date; PROVIDED, HOWEVER that the initial Series
2001-1 Interest Period shall commence on and include the Series 2001-1 Closing
Date and end on and include March 19, 2001.

            "SERIES 2001-1 INTEREST RATE CAP" has the meaning specified in
Section 2.10(a) of this Supplement.

            "SERIES 2001-1 INTEREST RATE CAP COLLATERAL" has the meaning
specified in Section 2.10(e) of this Supplement.

            "SERIES 2001-1 INTEREST RATE CAP PROCEEDS" means the amounts
received by the Trustee from an Interest Rate Cap Counterparty from time to time
in respect of a Series 2001-1 Interest Rate Cap (including amounts received from
a guarantor or from collateral).

            "SERIES 2001-1 INVESTED AMOUNT" means, when used with respect to any
date, an amount equal to (a) the Series 2001-1 Initial Invested Amount MINUS (b)
the amount of principal payments made to Series 2001-1 Noteholders on or prior
to such date.

            "SERIES 2001-1 INVESTED PERCENTAGE" means as of 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 sum of the Series 2001-1 Invested
      Amount and the Series 2001-1 Overcollateralization Amount, determined
      during the Series 2001-1 Revolving Period as of the end of the Related
      Month (or, until the end of the initial Related Month, on the Series
      2001-1 Closing Date), or, during the Series 2001-1 Controlled Amortization
      Period and the Series 2001-1 Rapid Amortization Period, as of the end of
      the Series 2001-1 Revolving Period, and the denominator of which shall be
      the greater of (I) the Aggregate Asset Amount as of the end of the Related
      Month or, until the end of the initial Related Month, as of the Series
      2001-1 Closing Date, and (II) as of the same date as in clause (I), the
      sum of the numerators used to determine (i) invested percentages for
      allocations with respect to Principal Collections (for all Series of Notes
      and all classes of such Series of Notes) and (ii) overcollateralization
      percentages for allocations with respect to Principal Collections (for all
      Series of Notes that provide for credit enhancement in the form of
      overcollateralization); and

            (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 Accrued Amounts with respect to the Series
      2001-1 Notes 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.


                                      -9-
<Page>

            "SERIES 2001-1 LEASE PAYMENT DEFICIT" means on any Distribution Date
an amount equal to the excess, if any, of the aggregate amount of Interest
Collections and Principal Collections which pursuant to SECTION 2.2(a), (b),
(c), or (d) of this Supplement would have been allocated to the Series 2001-1
Noteholders if all payments required under the Leases to have been made during
the period from and excluding the immediately preceding Distribution Date to and
including such Distribution Date were made in full, over the aggregate amount of
Interest Collections and Principal Collections which pursuant to SECTION 2.2(a),
(b), (c), or (d) of this Supplement have been allocated to the Series 2001-1
Noteholders during such period. For this purpose, amounts paid or determined
pursuant to SECTION 2.2(a)(ii), (b)(ii), (c)(ii), and (d)(ii) of this Supplement
shall be deemed allocated to the Series 2001-1 Noteholders.

            "SERIES 2001-1 LETTER OF CREDIT" means an irrevocable letter of
credit, if any, substantially in the form of EXHIBIT D to this Supplement issued
by a Series 2001-1 Eligible Letter of Credit Provider in favor of the Trustee
for the benefit of the Series 2001-1 Noteholders and the Surety Provider in form
and substance satisfactory (including the issuance of legal opinions addressing
enforceability and preference issues) to the Surety Provider.

            "SERIES 2001-1 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 each Series 2001-1 Letter of Credit, as specified
therein, and (ii) if the Series 2001-1 Cash Collateral Account has been
established and funded pursuant to SECTION 2.8 of this Supplement, the Series
2001-1 Available Cash Collateral Account Amount on such date and (b) the
aggregate outstanding principal amount of the Series 2001-1 Demand Notes on such
date.

            "SERIES 2001-1 LETTER OF CREDIT EXPIRATION DATE" means, with respect
to any Series 2001-1 Letter of Credit, the expiration date set forth in such
Series 2001-1 Letter of Credit, as such date may be extended in accordance with
the terms of such Series 2001-1 Letter of Credit.

            "SERIES 2001-1 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 2001-1 Letter of Credit, as specified therein,
and (b) if the Series 2001-1 Cash Collateral Account has been established and
funded pursuant to SECTION 2.8 of this Supplement, the Series 2001-1 Available
Cash Collateral Account Amount on such date.

            "SERIES 2001-1 LETTER OF CREDIT PROVIDER" means the issuer of a
Series 2001-1 Letter of Credit.

            "SERIES 2001-1 LETTER OF CREDIT TERMINATION DATE" means the first to
occur of (a) the date on which the Series 2001-1 Notes are fully paid and the
Surety Provider has been paid all Surety Provider Fees and all other Surety
Provider Reimbursement Amounts then due, (b) the Series 2001-1 Termination Date
and (c) such earlier date consented to by the Surety Provider and the Rating
Agencies which consent by the Surety Provider shall be in writing.

            "SERIES 2001-1 LIMITED LIQUIDATION EVENT OF DEFAULT" means, so long
as such event or condition continues, any event or condition of the type
specified in clauses (a) through (g) of Article III of this Supplement;
PROVIDED, HOWEVER, that any event or condition of the type


                                      -10-
<Page>

specified in clauses (a) through (e) of Article III of this Supplement shall not
constitute a Series 2001-1 Limited Liquidation Event of Default if (i) within
such thirty (30) day period, such Amortization Event shall have been cured and,
after such cure of such Amortization Event is provided for, the Trustee shall
have received the written consent of the Surety Provider waiving the occurrence
of such Series 2001-1 Limited Liquidation Event of Default or (ii) the Trustee
shall have received the written consent of the Surety Provider waiving the
occurrence of such Series 2001-1 Limited Liquidation Event of Default.

            "SERIES 2001-1 LIQUIDITY AMOUNT" means, as of any date of
determination, the sum of (a) the Series 2001-1 Letter of Credit Liquidity
Amount on such date and (b) the Series 2001-1 Available Reserve Account Amount
on such date.

            "SERIES 2001-1 MAXIMUM AGGREGATE SUBARU/HYUNDAI/SUZUKI AMOUNT"
means, as of any day, with respect to Subaru, Hyundai and Suzuki, in the
aggregate, an amount equal to 10% of the aggregate Net Book Value of all
Vehicles leased under the Leases on such day.

            "SERIES 2001-1 MAXIMUM AMOUNT" means any of the Series 2001-1
Maximum Manufacturer Amounts, the Series 2001-1 Maximum Non-Eligible
Manufacturer Amount, the Series 2001-1 Maximum Non-Program Vehicle Amount or the
Series 2001-1 Maximum Specified States Amount.

            "SERIES 2001-1 MAXIMUM INDIVIDUAL SUBARU/HYUNDAI/SUZUKI AMOUNT"
means, as of any day, with respect to Subaru, Hyundai or Suzuki, individually,
an amount equal to 5% of the aggregate Net Book Value of all Vehicles leased
under the Leases on such day.

            "SERIES 2001-1 MAXIMUM MANUFACTURER AMOUNT" means, as of any day,
any of the Series 2001-1 Maximum Mitsubishi Amount, the Series 2001-1 Maximum
Individual Subaru/Hyundai/Suzuki Amount, the Series 2001-1 Maximum Aggregate
Subaru/Hyundai/Suzuki Amount, the Series 2001-1 Maximum Mazda Amount or the
Series 2001-1 Maximum Mazda Program Vehicle Amount.

            "SERIES 2001-1 MAXIMUM MAZDA AMOUNT" means, as of any day, an amount
equal to 20% of the aggregate Net Book Value of all Vehicles leased under the
Leases on such day.

            "SERIES 2001-1 MAXIMUM MAZDA PROGRAM VEHICLE AMOUNT" means, as of
any day, an amount equal to the Series 2001-1 Maximum Mazda Program Vehicle
Percentage of the aggregate Net Book Value of all Vehicles leased under the
Leases on such day.

            "SERIES 2001-1 MAXIMUM MAZDA PROGRAM VEHICLE PERCENTAGE" means 20%
or such lesser percentage as may be agreed to in writing by AFC-II and the
Surety Provider (initially 5%) on or after the Series 2001-1 Closing Date, with
prompt written notice thereof delivered by AFC-II to the Trustee.

            "SERIES 2001-1 MAXIMUM MITSUBISHI AMOUNT" means, as of any day, an
amount equal to 10% of the aggregate Net Book Value of all Vehicles leased under
the Leases on such day.


                                      -11-
<Page>

            "SERIES 2001-1 MAXIMUM NON-ELIGIBLE MANUFACTURER AMOUNT" means, as
of any day, an amount equal to 3% of the aggregate Net Book Value of all
Vehicles leased under the Leases on such day.

            "SERIES 2001-1 MAXIMUM NON-PROGRAM VEHICLE AMOUNT" means, as of any
day, an amount equal to the Series 2001-1 Maximum Non-Program Vehicle Percentage
of the aggregate Net Book Value of all Vehicles leased under the Leases on such
day.

            "SERIES 2001-1 MAXIMUM NON-PROGRAM VEHICLE PERCENTAGE" means 25% or
such lesser percentage as may be agreed to in writing by AFC-II and the Surety
Provider (initially 25%) on or after the Series 2001-1 Closing Date, with prompt
written notice thereof delivered by AFC-II to the Trustee.

            "SERIES 2001-1 MAXIMUM SPECIFIED STATES AMOUNT" means, as of any
day, an amount equal to 7.5% of the aggregate Net Book Value of all Vehicles
leased under the Leases on such day.

            "SERIES 2001-1 MONTHLY INTEREST" means, with respect to any Series
2001-1 Interest Period, an amount equal to the product of (A) the Series 2001-1
Invested Amount on the first day of such Series 2001-1 Interest Period, after
giving effect to any principal payments made on such date, (B) the Series 2001-1
Note Rate for such Series 2001-1 Interest Period and (C) the number of days in
such Series 2001-1 Interest Period divided by 360.

            "SERIES 2001-1 NON-PROGRAM VEHICLE PERCENTAGE" means, as of any date
of determination, a fraction, expressed as a percentage, the numerator of which
is the aggregate Net Book Value of all Non-Program Vehicles leased under the
AESOP I Operating Lease as of such date and the denominator of which is the
aggregate Net Book Value of all Vehicles leased under the AESOP I Operating
Lease as of such date.

            "SERIES 2001-1 NOTE RATE" means, for any Series 2001-1 Interest
Period, the sum of 0.20% PLUS LIBOR for such Series 2001-1 Interest Period.

            "SERIES 2001-1 NOTEHOLDER" means the Person in whose name a Series
2001-1 Note is registered in the Note Register.

            "SERIES 2001-1 NOTES" means any one of the Floating Rate Rental Car
Asset Backed Notes, Series 2001-1, executed by AFC-II and authenticated by or on
behalf of the Trustee, substantially in the form of EXHIBIT A-1, EXHIBIT A-2 or
EXHIBIT A-3 hereto. Definitive Series 2001-1 Notes shall have such insertions
and deletions as are necessary to give effect to the provisions of Section 2.18
of the Base Indenture.

            "SERIES 2001-1 OVERCOLLATERALIZATION AMOUNT" means (i) as of any
date on which no AESOP I Operating Lease Vehicle Deficiency exists, the Series
2001-1 Required Overcollateralization Amount as of such date and (ii) as of any
date on which an AESOP I Operating Lease Vehicle Deficiency exists, the excess,
if any, of (x) the Series 2001-1 AESOP I Operating Lease Loan Agreement
Borrowing Base as of such date over (y) the Series 2001-1 Invested Amount as of
such date.


                                      -12-
<Page>

            "SERIES 2001-1 PERCENTAGE" means, as of any date of determination, a
fraction, expressed as a percentage, the numerator of which is the Series 2001-1
Invested Amount as of such date and the denominator of which is the sum of the
aggregate Invested Amount of each Series of Notes outstanding as of such date.

            "SERIES 2001-1 PRINCIPAL ALLOCATION" has the meaning specified in
Section 2.2(a)(ii) of this Supplement.

            "SERIES 2001-1 PROGRAM VEHICLE PERCENTAGE" means, as of any date of
determination, a fraction, expressed as a percentage, the numerator of which is
the aggregate Net Book Value of all Program Vehicles leased under the AESOP I
Operating Lease as of such date and the denominator of which is the aggregate
Net Book Value of all Vehicles leased under the AESOP I Operating Lease as of
such date.

            "SERIES 2001-1 RAPID AMORTIZATION PERIOD" means the period beginning
at 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 2001-1 Notes and ending upon the earliest to occur of (i) the date on
which the Series 2001-1 Notes are fully paid and the Surety Provider has been
paid all Surety Provider Fees and all other Surety Provider Reimbursement
Amounts then due, (ii) the Series 2001-1 Termination Date and (iii) the
termination of the Indenture.

            "SERIES 2001-1 REIMBURSEMENT AGREEMENT" means any and each agreement
providing for the reimbursement of a Series 2001-1 Letter of Credit Provider for
draws under its Series 2001-1 Letter of Credit as the same may be amended,
supplemented, restated or otherwise modified from time to time.

            "SERIES 2001-1 REPURCHASE AMOUNT" has the meaning specified in
Section 6.1 of this Supplement.

            "SERIES 2001-1 REQUIRED AESOP I OPERATING LEASE VEHICLE AMOUNT"
means, as of any date of determination, the sum of the Series 2001-1 Invested
Amount and the Series 2001-1 Required Overcollateralization Amount as of such
date.

            "SERIES 2001-1 REQUIRED ENHANCEMENT AMOUNT" means, as of any date of
determination, the sum of (i) the product of the Series 2001-1 Required
Enhancement Percentage as of such date and the Series 2001-1 Invested Amount as
of such date, (ii) the Series 2001-1 Percentage of the excess, if any, of the
Non-Program Vehicle Amount as of such date over the Series 2001-1 Maximum
Non-Program Vehicle Amount as of such date, (iii) the Series 2001-1 Percentage
of the excess, if any, of the aggregate Net Book Value of all Vehicles
manufactured by Mitsubishi and leased under the Leases as of such date over the
Series 2001-1 Maximum Mitsubishi Amount as of such date, (iv) the Series 2001-1
Percentage of the excess, if any, of the aggregate Net Book Value of all
Vehicles manufactured by Subaru, Hyundai or Suzuki, individually, and leased
under the Leases as of such date over the Series 2001-1 Maximum Individual
Subaru/Hyundai/Suzuki Amount as of such date, (v) the Series 2001-1 Percentage
of the excess, if any, of the aggregate Net Book Value of all Vehicles
manufactured by Subaru, Hyundai or Suzuki, in the aggregate, and leased under
the Leases as of such date over the Series


                                      -13-
<Page>

2001-1 Maximum Aggregate Subaru/Hyundai/Suzuki Amount as of such date, (vi) the
Series 2001-1 Percentage of the excess, if any, of the aggregate Net Book Value
of all Vehicles manufactured by Mazda and leased under the Leases as of such
date over the Series 2001-1 Maximum Mazda Amount as of such date, (vii) the
Series 2001-1 Percentage of the excess, if any, of the aggregate Net Book Value
of all Program Vehicles manufactured by Mazda and leased under the Leases as of
such date over the Series 2001-1 Maximum Mazda Program Vehicle Amount as of such
date, (viii) the Series 2001-1 Percentage of the excess, if any, of the
Specified States Amount as of such date over the Series 2001-1 Maximum Specified
States Amount as of such date and (ix) the Series 2001-1 Percentage of the
excess, if any, of the Non-Eligible Manufacturer Amount as of such date over the
Series 2001-1 Maximum Non-Eligible Manufacturer Amount as of such date.

            "SERIES 2001-1 REQUIRED ENHANCEMENT PERCENTAGE" means, as of any
date of determination, the sum of (i) the product of (A) 11% times (B) the
Series 2001-1 Program Vehicle Percentage as of such date and (ii) the product of
(A) the Series 2001-1 Required Non-Program Enhancement Percentage as of such
date times (B) the Series 2001-1 Non-Program Vehicle Percentage as of such date.

            "SERIES 2001-1 REQUIRED LIQUIDITY AMOUNT" means, with respect to any
Distribution Date, an amount equal to 4.25% of the Series 2001-1 Invested Amount
on such Distribution Date (after giving effect to any payments of principal to
be made on the Series 2001-1 Notes on such Distribution Date).

            "SERIES 2001-1 REQUIRED NON-PROGRAM ENHANCEMENT PERCENTAGE" means,
as of any date of determination, the greater of (a) 15% and (b) the sum of (i)
15% and (ii) the sum, for each calendar month within the preceding twelve
calendar months, of the greater of (x) an amount (not less than zero) equal to
100% minus the Measurement Month Average for the immediately preceding
Measurement Month and (y) an amount (not less than zero) equal to 100% minus the
Market Value Average as of the Determination Date within such calendar month
(excluding the Market Value Average for any Determination Date which has not yet
occurred).

            "SERIES 2001-1 REQUIRED OVERCOLLATERALIZATION AMOUNT" means, as of
any date of determination, the excess, if any, of the Series 2001-1 Required
Enhancement Amount over the sum of (i) the Series 2001-1 Letter of Credit Amount
as of such date and (ii) the amount of cash and Permitted Investments on deposit
in the Series 2001-1 Collection Account (not including amounts allocable to the
Series 2001-1 Accrued Interest Account) and the Series 2001-1 Excess Collection
Account on such date.

            "SERIES 2001-1 REQUIRED RESERVE ACCOUNT AMOUNT" means, with respect
to any Distribution Date, an amount equal to the excess, if any, of the Series
2001-1 Required Liquidity Amount on such Distribution Date over the Series
2001-1 Liquidity Amount (calculated as if the Series 2001-1 Available Reserve
Account Amount is zero) on such Distribution Date (after giving effect to any
payments of principal to be made on the Series 2001-1 Notes an such Distribution
Date).


                                      -14-
<Page>

            "SERIES 2001-1 RESERVE ACCOUNT" has the meaning specified in Section
2.7(a) of this Supplement.

            "SERIES 2001-1 RESERVE ACCOUNT COLLATERAL" has the meaning specified
in Section 2.7(d) of this Supplement.

            "SERIES 2001-1 RESERVE ACCOUNT SURPLUS" means, with respect to any
Distribution Date, the excess, if any, of the Series 2001-1 Available Reserve
Account Amount over the Series 2001-1 Required Reserve Account Amount on such
Distribution Date.

            "SERIES 2001-1 REVOLVING PERIOD" means the period from and including
the, Series 2001-1 Closing Date to the earlier of (i) the commencement of the
Series 2001-1 Controlled Amortization Period and (ii) the commencement of any
Series 2001-1 Rapid Amortization Period.

            "SERIES 2001-1 SHORTFALL" has the meaning specified in Section
2.3(h) of this Supplement.

            "SERIES 2001-1 TERMINATION DATE" means the April 2005 Distribution
Date.

            "SERIES 2001-1 UNPAID DEMAND AMOUNT" shall mean, with respect to any
single draw pursuant to Section 2.5(b) or (c) on the Series 2001-1 Letters of
Credit, the aggregate amount drawn by the Trustee on all Series 2001-1 Letters
of Credit.

            "SHADOW RATING" means the rating of the Series 2001-1 Notes by
Standard & Poor's or Moody's, as applicable, without giving effect to the Surety
Bond.

            "STANDARD & POOR'S" means Standard & Poor's Ratings Services, a
division of the McGraw-Hill Companies.

            "SUPPLEMENT" has the meaning set forth in the preamble.

            "SURETY BOND" means the Note Guaranty Insurance Policy No. 34467,
dated March 2, 2001, issued by the Surety Provider.

            "SURETY DEFAULT" means (i) the occurrence and continuance of any
failure by the Surety Provider to pay upon a demand for payment in accordance
with the requirements of the Surety Bond or (ii) the occurrence of an Event of
Bankruptcy with respect to the Surety Provider.

            "SURETY PROVIDER" means MBIA Insurance Corporation. The Surety
Provider shall constitute an "Enhancement Provider" with respect to the Series
2001-1 Notes for all purposes under the Indenture and the other Related
Documents.

            "SURETY PROVIDER FEE" has the meaning set forth in the Insurance
Agreement.

            "SURETY PROVIDER QUALIFIED INTEREST RATE CAP COUNTERPARTY" shall
mean (i) at the time of entering into the related Series 2001-1 Interest Rate
Cap, a bank or other financial institution having a long-term senior and
unsecured debt rating of at least "AA-" from S&P and "Aa3"


                                      -15-
<Page>

from Moody's and (ii) at any other time, (A) a bank or other financial
institution having a long-term senior and unsecured senior debt rating of at
least "A+" from S&P and "A1" from Moody's or (B) a bank or other financial
institution having a long-term unsecured senior debt rating of less than "A+"
from S&P or "A1" from Moody's who has (1) obtained a replacement interest rate
cap on the same terms as the Interest Rate Cap (or with modifications acceptable
to the Surety Provider) from a Qualified Interest Rate Cap Counterparty, (2)
obtained a guaranty in form and substance acceptable to the Surety Provider from
another person who qualifies as a Qualified Interest Rate Cap Counterparty, (3)
entered into a collateral agreement with the Interest Rate Cap Counterparty, the
Surety Provider and a third-party collateral agent, if necessary, in form and
substance acceptable to the Surety Provider or (4) entered into any other
arrangement satisfactory to S&P, Moody's and the Surety Provider; PROVIDED that
at no time shall a bank or other financial institution (a) with a long-term
unsecured senior debt rating of less than "BBB+" from S&P or "Baa1" from Moody's
or (b) whose long-term unsecured senior debt rating from S&P or Moody's has been
withdrawn be a Surety Provider Qualified Interest Rate Cap Counterparty.

            "SURETY PROVIDER REIMBURSEMENT AMOUNTS" means, as of any date of
determination, (i) an amount equal to the aggregate of any amounts due as of
such date to the Surety Provider pursuant to the Insurance Agreement in respect
of unreimbursed draws under the Surety Bond, including interest thereon
determined in accordance with the Insurance Agreement, and (ii) an amount equal
to the aggregate of any other amounts due as of such date to the Surety Provider
pursuant to the Insurance Agreement.

            "TELERATE PAGE 3750" means the display page currently so designated
on the Dow Jones Telerate Service (or such other page as may replace that page
on that service for the purpose of displaying comparable rates or prices).

            "TEMPORARY GLOBAL SERIES 2001-1 NOTE" has the meaning specified in
Section 5.2 of this Supplement.

            "TERMINATION DATE DISBURSEMENT" means an amount drawn under a Series
2001-1 Letter of Credit pursuant to a Certificate of Termination Date Demand.

            "TERMINATION DISBURSEMENT" means an amount drawn under a Series
2001-1 Letter of Credit pursuant to a Certificate of Termination Demand.

            "TRUSTEE" has the meaning specified in the first paragraph of this
Supplement.

            "UNPAID DEMAND NOTE DISBURSEMENT" means an amount drawn under a
Series 2001-1 Letter of Credit pursuant to a Certificate of Unpaid Demand Note
Demand.

            "WAIVER EVENT" means the occurrence of the delivery of a Waiver
Request and the subsequent waiver of any Series 2001-1 Maximum Amount.

            "WAIVER REQUEST" has the meaning set forth in Article IV of this
Supplement.


                                      -16-
<Page>

                                   ARTICLE II

                            SERIES 2001-1 ALLOCATIONS

            With respect to the Series 2001-1 Notes, the following shall apply:

            Section 2.1 ESTABLISHMENT OF SERIES 2001-1 COLLECTION ACCOUNT,
SERIES 2001-1 EXCESS COLLECTION ACCOUNT AND SERIES 2001-1 ACCRUED INTEREST
ACCOUNTi) All Collections allocable to the Series 2001-1 Notes shall be
allocated to the Collection Account.

            (b) The Trustee will create three administrative subaccounts within
the Collection Account for the benefit of the Series 2001-1 Noteholders and the
Surety Provider: the Series 2001-1 Collection Account (such sub-account, the
"Series 2001-1 Collection Account"), the Series 2001-1 Excess Collection Account
(such sub-account, the "Series 2001-1 Excess Collection Account") and the Series
2001-1 Accrued Interest Account (such sub-account, the "Series 2001-1 Accrued
Interest Account").

            Section 2.2 ALLOCATIONS WITH RESPECT TO THE SERIES 2001-1 NOTES. The
net proceeds from the initial sale of the Series 2001-1 Notes will be deposited
into the Collection Account. On each Business Day on which Collections are
deposited into the Collection Account (each such date, a "Series 2001-1 Deposit
Date"), the Administrator will direct the Trustee in writing pursuant to the
Administration Agreement to allocate all amounts deposited into the Collection
Account in accordance with the provisions of this Section 2.2:

            (a) ALLOCATIONS OF COLLECTIONS DURING THE SERIES 2001-1 REVOLVING
      PERIOD. During the Series 2001-1 Revolving Period, the Administrator will
      direct the Trustee in writing pursuant to the Administration Agreement to
      allocate on each day, prior to 11:00 a.m. (New York City time) on each
      Series 2001-1 Deposit Date, all amounts deposited into the Collection
      Account as set forth below:

                  (i) allocate to the Series 2001-1 Collection Account an amount
            equal to the sum of (A) the Series 2001-1 Invested Percentage (as of
            such day) of the aggregate amount of Interest Collections on such
            day and (B) any amounts received by the Trustee on such day in
            respect of the Series 2001-1 Interest Rate Cap. All such amounts
            allocated to the Series 2001-1 Collection Account shall be further
            allocated to the Series 2001-1 Accrued Interest Account; and

                  (ii) allocate to the Series 2001-1 Excess Collection Account
            an amount equal to the Series 2001-1 Invested Percentage (as of such
            day) of the aggregate amount of Principal Collections on such day
            (for any such day, the "Series 2001-1 Principal Allocation");
            PROVIDED, HOWEVER, if a Waiver Event shall have occurred, then such
            allocation shall be modified as provided in Article IV of this
            Supplement.

            (b) ALLOCATIONS OF COLLECTIONS DURING ANY SERIES 2001-1 CONTROLLED
      AMORTIZATION PERIOD. With respect to the Series 2001-1 Controlled
      Amortization Period, the Administrator will direct the Trustee in writing
      pursuant to the Administration


                                      -17-
<Page>

      Agreement to allocate, prior to 11:00 a.m. (New York City time) on any
      Series 2001-1 Deposit Date, all amounts deposited into the Collection
      Account as set forth below:

                  (i) allocate to the Series 2001-1 Collection Account an amount
            determined as set forth in Section 2.2(a)(i) above for such day,
            which amount shall be further allocated to the Series 2001-1 Accrued
            Interest Account; and

                  (ii) allocate to the Series 2001-1 Collection Account an
            amount equal to the Series 2001-1 Principal Allocation for such day,
            which amount shall be used to make principal payments in respect of
            the Series 2001-1 Notes; PROVIDED, HOWEVER, that if the Monthly
            Total Principal Allocation exceeds the Series 2001-1 Controlled
            Distribution Amount, then the amount of such excess shall be
            allocated to the Series 2001-1 Excess Collection Account; and
            PROVIDED, FURTHER, that if a Waiver Event shall have occurred, then
            such allocation shall be modified as provided in Article IV of this
            Supplement.

            (c) ALLOCATIONS OF COLLECTIONS DURING THE SERIES 2001-1 RAPID
      AMORTIZATION PERIOD. With respect to the Series 2001-1 Rapid Amortization
      Period, other than after the occurrence of an Event of Bankruptcy with
      respect to ARAC, any other Lessee or Avis Group Holdings, Inc. ("AGH"),
      the Administrator will direct the Trustee in writing pursuant to the
      Administration Agreement to allocate, prior to 11:00 a.m. (New York City
      time) on any Series 2001-1 Deposit Date, all amounts deposited into the
      Collection Account as set forth below:

                  (i) allocate to the Series 2001-1 Collection Account an amount
            determined as set forth in Section 2.2(a)(i) above for such day,
            which amount shall be further allocated to the Series 2001-1 Accrued
            Interest Account; and

                  (ii) allocate to the Series 2001-1 Collection Account an
            amount equal to the Series 2001-1 Principal Allocation for such day,
            which amount shall be used to make principal payments in respect of
            the Series 2001-1 Notes, ratably, without preference or priority of
            any kind, until the Series 2001-1 Invested Amount is paid in full.

            (d) ALLOCATIONS OF COLLECTIONS AFTER THE OCCURRENCE OF AN EVENT OF
      BANKRUPTCY. After the occurrence of an Event of Bankruptcy with respect to
      ARAC, any other Lessee or AGH, the Administrator will direct the Trustee
      in writing pursuant to the Administration Agreement to allocate, prior to
      11:00 a.m. (New York City time) on any Series 2001-1 Deposit Date, all
      amounts attributable to the AESOP I Operating Lease Loan Agreement
      deposited into the Collection Account as set forth below:

                  (i) allocate to the Series 2001-1 Collection Account an amount
            equal to the sum of (A) the Series 2001-1 AESOP I Operating Lease
            Vehicle Percentage as of the date of the occurrence of such Event of
            Bankruptcy of the aggregate amount of Interest Collections made
            under the AESOP I Operating Lease Loan Agreement for such day and
            (B) any amounts received by the Trustee in respect of the Series
            2001-1 Interest Rate Cap on such day. All such amounts allocated to


                                      -18-
<Page>

            the Series 2001-1 Collection Account shall be further allocated to
            the Series 2001-1 Accrued Interest Account;

                  (ii) allocate to the Series 2001-1 Collection Account an
            amount equal to the Series 2001-1 AESOP I Operating Lease Vehicle
            Percentage as of the date of the occurrence of such Event of
            Bankruptcy of the aggregate amount of Principal Collections made
            under the AESOP I Operating Lease Loan Agreement, which amount shall
            be used to make principal payments in respect of the Series 2001-1
            Notes, ratably, without preference or priority of any kind, until
            the Series 2001-1 Invested Amount is paid in full.

      After the occurrence of an Event of Bankruptcy with respect to ARAC, any
      other Lessee or AGH, the Administrator will direct the Trustee in writing
      pursuant to the Administration Agreement to allocate all amounts
      attributable to the AESOP I Finance Lease Loan Agreement and the AESOP II
      Loan Agreement in accordance with the provisions of the Series 1997-2
      Supplement.

            (e) SERIES 2001-1 EXCESS COLLECTION ACCOUNT. Amounts allocated to
the Series 2001-1 Excess Collection Account on any Series 2001-1 Deposit Date
will be (w) first, deposited in the Series 2001-1 Reserve Account in an amount
up to the excess, if any, of the Series 2001-1 Required Reserve Account Amount
for such date over the Series 2001-1 Available Reserve Account Amount for such
date, (x) second, used to pay the principal amount of other Series of Notes that
are then in amortization, (y) third, released to AESOP Leasing in an amount
equal to the product of (A) the Loan Agreement's Share with respect to the AESOP
I Operating Lease Loan Agreement as of such date times (B) 100% minus the Loan
Payment Allocation Percentage with respect to the AESOP I Operating Lease Loan
Agreement as of such date times (C) the amount of any remaining funds and (z)
fourth, paid to AFC-II and used to make Loans under the Loan Agreements to the
extent the Borrowers have requested Loans thereunder and Eligible Vehicles are
available for financing thereunder; provided, in the case of clauses (x), (y)
and (z), that no Amortization Event, Series 2001-1 Enhancement Deficiency or
AESOP I Operating Lease Vehicle Deficiency would result therefrom or exist
immediately thereafter. Upon the occurrence of an Amortization Event, funds on
deposit in the Series 2001-1 Excess Collection Account will be withdrawn by the
Trustee, deposited in the Series 2001-1 Collection Account and allocated as
Principal Collections to reduce the Series 2001-1 Invested Amount on the
immediately succeeding Distribution Date.

            Section 2.3 PAYMENTS TO NOTEHOLDERS. On each Determination Date, as
provided below, the Administrator shall instruct the Paying Agent in writing
pursuant to the Administration Agreement to withdraw, and on the following
Distribution Date the Paying Agent, acting in accordance with such instructions,
shall withdraw the amounts required to be withdrawn from the Collection Account
pursuant to Sections 2.3(a) and (g) below in respect of all funds available from
Series 2001-1 Interest Rate Cap Proceeds and Interest Collections processed
since the preceding Distribution Date and allocated to the holders of the Series
2001-1 Notes.

            (a) NOTE INTEREST WITH RESPECT TO THE SERIES 2001-1 NOTES. On each
      Determination Date, the Administrator shall instruct the Trustee and the
      Paying Agent in


                                      -19-
<Page>

      writing pursuant to the Administration Agreement as to the amount to be
      withdrawn and paid pursuant to Section 2.4 of this Supplement from the
      Series 2001-1 Accrued Interest Account to the extent funds are anticipated
      to be available from Interest Collections allocable to the Series 2001-1
      Notes and the Series 2001-1 Interest Rate Cap Proceeds processed from but
      not including the preceding Distribution Date through the succeeding
      Distribution Date in respect of (x) first, an amount equal to the Series
      2001-1 Monthly Interest for the Series 2001-1 Interest Period ending on
      the day preceding the related Distribution Date, (y) second, an amount
      equal to the amount of any unpaid Series 2001-1 Shortfall as of the
      preceding Distribution Date (together with any accrued interest on such
      Series 2001-1 Shortfall) and (z) third, an amount equal to the Surety
      Provider Fee for such Series 2001-1 Interest Period plus any Surety
      Provider Reimbursement Amounts then due and owing. On the following
      Distribution Date, the Trustee shall withdraw the amounts described in
      Section 2.3 from the Series 2001-1 Accrued Interest Account and deposit
      such amounts in the Series 2001-1 Distribution Account.

            (b) LEASE PAYMENT DEFICIT NOTICE. On or before 10:00 a.m. (New York
      City time) on each Distribution Date, the Administrator shall notify the
      Trustee and the Surety Provider of the amount of any Series 2001-1 Lease
      Payment Deficit, such notification to be in the form of EXHIBIT E to this
      Supplement (each a "LEASE PAYMENT DEFICIT NOTICE").

            (c) WITHDRAWALS FROM SERIES 2001-1 RESERVE ACCOUNT. If the
      Administrator determines on any Distribution Date that the amounts
      available from the Series 2001-1 Accrued Interest Account are insufficient
      to pay the sum of the amounts described in clauses (x), (y) and (z) of
      SECTION 2.3(a) above on such Distribution Date, the Administrator shall
      instruct the Trustee in writing to withdraw from the Series 2001-1 Reserve
      Account and deposit in the Series 2001-1 Distribution Account on such
      Distribution Date an amount equal to the lesser of the Series 2001-1
      Available Reserve Account Amount and such insufficiency. During the
      continuance of a Surety Default, no amounts in respect of the Surety
      Provider Fee shall be drawn from the Series 2001-1 Reserve Account. The
      Trustee shall withdraw such amount from the Series 2001-1 Reserve Account
      and deposit such amount in the Series 2001-1 Distribution Account.

            (d) DRAWS ON SERIES 2001-1 LETTER OF CREDIT PRIOR TO THE SERIES
      2001-1 RAPID AMORTIZATION PERIOD. If the Administrator determines on any
      Distribution Date prior to the commencement of the Series 2001-1 Rapid
      Amortization Period that the sum of the amounts available from the Series
      2001-1 Accrued Interest Account PLUS the amount, if any, to be withdrawn
      from the Series 2001-1 Reserve Account pursuant to SECTION 2.3(c) above is
      insufficient to pay the sum of the amounts described in clauses (x), (y)
      and (z) of SECTION 2.3(a) above on such Distribution Date, the
      Administrator shall instruct the Trustee in writing to draw on the Series
      2001-1 Letter of Credit and, upon receipt of such notice by the Trustee on
      or prior to 11:00 a.m. (New York City time) on such Distribution Date, the
      Trustee shall, by 12:00 noon (New York City time) on such Distribution
      Date draw an amount (the "SECTION 2.3(d) AMOUNT") equal to the least of
      (i) such insufficiency, (ii) the Series 2001-1 Lease Payment Deficit on
      such Distribution Date and (iii) the Series 2001-1 Letter of Credit
      Liquidity Amount, on the Series 2001-1 Letters of Credit by presenting to
      each Series 2001-1 Letter of Credit Provider (with a copy to the Surety
      Provider) a draft accompanied by a Certificate of Lease Deficit Demand and
      shall cause


                                      -20-
<Page>

      the Lease Deficit Disbursement to be deposited in the Series 2001-1
      Distribution Account on such Distribution Date; PROVIDED, HOWEVER that if
      the Series 2001-1 Cash Collateral Account has been established and funded,
      the Administrator shall instruct the Trustee in writing to withdraw from
      the Series 2001-1 Cash Collateral Account and deposit in the Series 2001-1
      Distribution Account a portion of the Section 2.3(d) Amount equal to the
      lesser of (x) the Series 2001-1 Cash Collateral Percentage on such
      Distribution Date of the lesser of such insufficiency and the Series
      2001-1 Lease Payment Deficit and (y) the Series 2001-1 Available Cash
      Collateral Account Amount on such Distribution Date and draw an amount
      equal to the remainder of the Section 2.3(d) Amount on the Series 2001-1
      Letters of Credit. During the continuance of a Surety Default, no amounts
      in respect of the Surety Provider Fee shall be drawn on the Series 2001-1
      Letters of Credit.

            (e) DRAWS ON SERIES 2001-1 LETTER OF CREDIT DURING A SERIES 2001-1
      RAPID AMORTIZATION PERIOD. If the Administrator determines on any
      Distribution Date during the Series 2001-1 Rapid Amortization Period that
      there exists a Series 2001-1 Lease Payment Deficit, the Administrator
      shall instruct the Trustee in writing to draw on the Series 2001-1 Letters
      of Credit and, upon receipt of such notice by the Trustee on or prior to
      11:00 a.m. (New York City time) on such Distribution Date, the Trustee
      shall, by 12:00 noon (New York City time) on such Distribution Date draw
      an amount (the "SECTION 2.3(e) AMOUNT") equal to the lesser of (i) such
      Series 2001-1 Lease Payment Deficit and (ii) the Series 2001-1 Letter of
      Credit Liquidity Amount, on the Series 2001-1 Letters of Credit by
      presenting to each Series 2001-1 Letter of Credit Provider (with a copy to
      the Surety Provider) a draft accompanied by a Certificate of Lease Deficit
      Demand and shall cause the Lease Deficit Disbursement to be deposited in
      the Series 2001-1 Collection Account on such Distribution Date; PROVIDED,
      HOWEVER that if the Series 2001-1 Cash Collateral Account has been
      established and funded, the Trustee shall withdraw from the Series 2001-1
      Cash Collateral Account and deposit in the Series 2001-1 Collection
      Account a portion of the Section 2.3(e) Amount equal to the lesser of (x)
      the Series 2001-1 Cash Collateral Percentage on such Distribution Date of
      the Series 2001-1 Lease Payment Deficit and (y) the Series 2001-1
      Available Cash Collateral Account Amount on such Distribution Date and
      draw an amount equal to the remainder of the Section 2.3(e) Amount on the
      Series 2001-1 Letters of Credit. During the continuance of a Surety
      Default, no amounts in respect of the Surety Provider Fee shall be drawn
      on the Series 2001-1 Letters of Credit.

            (f) SURETY BOND. If the Administrator determines on any Distribution
      Date that the sum of the amounts available from the Series 2001-1 Accrued
      Interest Account PLUS the amount, if any, to be withdrawn from the Series
      2001-1 Reserve Account pursuant to SECTION 2.3(c) above PLUS the amount,
      if any, to be drawn under the Series 2001-1 Letters of Credit (and/or
      withdrawn from the Series 2001-1 Cash Collateral Account) pursuant to
      SECTIONS 2.3(d) or (e) above is insufficient to pay the Series 2001-1
      Monthly Interest for such Distribution Date, the Administrator shall
      instruct the Trustee in writing to make a demand on the Surety Bond and,
      upon receipt of such notice by the Trustee on or prior to 11:00 a.m. (New
      York City time) on such Distribution Date, the Trustee shall, by 12:00
      noon (New York City time) on such Distribution Date, make a demand on the
      Surety Bond in an amount equal to such insufficiency in accordance with
      the terms thereof (PROVIDED that for the purposes of a draw on the Surety
      Bond, the phrase


                                      -21-
<Page>

      "amounts in the Series 2001-1 Accrued Interest Account and the Series
      2001-1 Reserve Account" in the Surety Bond shall include, without
      duplication, the Series 2001-1 Liquidity Amount) and shall cause the
      proceeds thereof to be deposited in the Series 2001-1 Distribution
      Account.

            (g) BALANCE. On or prior to the second Business Day preceding each
      Distribution Date, the Administrator shall instruct the Trustee and the
      Paying Agent in writing pursuant to the Administration Agreement to pay
      the balance (after making the payments required in Section 2.3(a) of this
      Supplement), if any, of the Series 2001-1 Interest Rate Cap Proceeds and
      Interest Collections allocated to holders of the Series 2001-1 Notes since
      the preceding Distribution Date as follows:

                  (i) on each Distribution Date during the Series 2001-1
            Revolving Period or the Series 2001-1 Controlled Amortization
            Period, (1) first, to the Surety Provider, in an amount equal to (x)
            the Surety Provider Fee for the related Series 2001-1 Interest
            Period and, without duplication, (y) any Surety Provider
            Reimbursement Amounts then due and owing, (2) second, to the
            Administrator, an amount equal to the Series 2001-1 Percentage as of
            the beginning of such Series 2001-1 Interest Period of the portion
            of the Monthly Administration Fee payable by AFC-II (as specified in
            clause (iii) of the definition thereof) for such Series 2001-1
            Interest Period, (3) third, to the Trustee, an amount equal to the
            Series 2001-1 Percentage as of the beginning of such Series 2001-1
            Interest Period of the Trustee's fees for such Series 2001-1
            Interest Period, (4) fourth, to pay any Carrying Charges (other than
            Carrying Charges provided for above) to the Persons to whom such
            amounts are owed, an amount equal to the Series 2001-1 Percentage as
            of the beginning of such Series 2001-1 Interest Period of such
            Carrying Charges (other than Carrying Charges provided for above)
            for such Series 2001-1 Interest Period and (5) fifth, the balance,
            if any ("Excess Collections"), shall be withdrawn by the Paying
            Agent from the Series 2001-1 Collection Account and deposited in the
            Series 2001-1 Excess Collection Account; and

                  (ii) on each Distribution Date during the Series 2001-1 Rapid
            Amortization Period, (1) first, to the Surety Provider, in an amount
            equal to (x) the Surety Provider Fee for the related Series 2001-1
            Interest Period and, without duplication, (y) any Surety Provider
            Reimbursement Amounts then due and owing, (2) second, to the
            Trustee, an amount equal to the Series 2001-1 Percentage as of the
            beginning of such Series 2001-1 Interest Period of the Trustee's
            fees for such Series 2001-1 Interest Period, (3) third, to the
            Administrator, an amount equal to the Series 2001-1 Percentage as of
            the beginning of such Series 2001-1 Interest Period of the portion
            of the Monthly Administration Fee (as specified in clause (iii) of
            the definition thereof) payable by AFC-II for such Series 2001-1
            Interest Period, (4) fourth, to pay any Carrying Charges (other than
            Carrying Charges provided for above) to the Persons to whom such
            amounts are owed, an amount equal to the Series 2001-1 Percentage as
            of the beginning of such Series 2001-1 Interest Period of such
            Carrying Charges (other than Carrying Charges provided for above)
            for such Series 2001-1


                                      -22-
<Page>

            Interest Period and (5) fifth, the balance, if any, shall constitute
            Excess Collections and shall be withdrawn by the Paying Agent from
            the Series 2001-1 Collection Account and deposited in the Series
            2001-1 Excess Collection Account.

            (h) SHORTFALLS. If the amounts described in Section 2.3 are
      insufficient to pay the Series 2001-1 Monthly Interest on any Distribution
      Date, payments of interest to the Series 2001-1 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 Distribution Date
      shall be referred to as the "Series 2001-1 Shortfall." Interest shall
      accrue on any Series 2001-1 Shortfall at the Series 2001-1 Note Rate.

            Section 2.4 PAYMENT OF NOTE INTEREST. On each Distribution Date,
subject to Section 9.8 of the Base Indenture, the Paying Agent shall, in
accordance with Section 6.1 of the Base Indenture, pay to the Series 2001-1
Noteholders from the Series 2001-1 Distribution Account the amount deposited in
the Series 2001-1 Distribution Account for the payment of interest pursuant to
Section 2.3(a) of this Supplement and, to the extent necessary to pay interest
on the Series 2001-1 Notes, first, amounts on deposit in the Series 2001-1
Collection Account, second, amounts on deposit in the Series 2001-1 Reserve
Account and third, proceeds of a demand on the Surety Bond made in accordance
with the terms thereof.

            Section 2.5 PAYMENT OF NOTE PRINCIPALii) MONTHLY PAYMENTS DURING
CONTROLLED AMORTIZATION PERIOD OR RAPID AMORTIZATION PERIOD. Commencing on the
second Determination Date during the Series 2001-1 Controlled Amortization
Period, or the first Determination Date after the commencement of the Series
2001-1 Rapid Amortization Period, the Administrator shall instruct the Trustee
and the Paying Agent in writing pursuant to the Administration Agreement and in
accordance with this Section 2.5 as to (i) the amount allocated to the Series
2001-1 Notes during the Related Month pursuant to Section 2.2(b)(ii), (c)(ii) or
(d)(ii), as the case may be, of this Supplement, (ii) any amounts to be
withdrawn from the Series 2001-1 Reserve Account or the Series 2001-1 Cash
Collateral Account and deposited into the Series 2001-1 Distribution Account,
(iii) any amounts to be drawn on the Series 2001-1 Letters of Credit and (iv)
the amount of any demand on the Surety Bond in accordance with the terms
thereof. On the Distribution Date following each such Determination Date, the
Trustee shall withdraw the amount allocated to the Series 2001-1 Notes during
the Related Month pursuant to Section 2.2(b)(ii), (c)(ii) or (d)(ii), as the
case may be, of this Supplement from the Series 2001-1 Collection Account and
deposit such amount in the Series 2001-1 Distribution Account, to be paid to the
holders of the Series 2001-1 Notes. The entire principal amount of all
Outstanding Series 2001-1 Notes shall be due and payable on the Series 2001-1
Final Distribution Date.

            (b) FINAL DISTRIBUTION DATE. If the amount to be deposited in the
Series 2001-1 Distribution Account in accordance with SECTION 2.5(a) of this
Supplement with respect to the Series 2001-1 Final Distribution Date is less
than the Series 2001-1 Invested Amount, then, prior to 10:00 a.m. (New York City
time) on the second Business Day prior to such Series 2001-1 Final Distribution
Date, the Administrator shall instruct the Trustee in writing to withdraw from
the Series 2001-1 Reserve Account, an amount equal to the lesser of the Series
2001-1 Available Reserve Account Amount and such insufficiency and deposit it in
the Series 2001-1 Distribution Account on the Series 2001-1 Final Distribution
Date. The Trustee shall withdraw such amount


                                      -23-
<Page>

from the Series 2001-1 Reserve Account and deposit such amount in the Series
2001-1 Distribution Account on or prior to the Series 2001-1 Final Distribution
Date. If the Series 2001-1 Available Reserve Account Amount is less than such
insufficiency and there are any Series 2001-1 Letters of Credit on such date,
then, prior to 10:00 a.m. (New York City time) on the second Business Day prior
to such Series 2001-1 Final Distribution Date, the Administrator shall instruct
the Trustee in writing (with a copy to the Surety Provider) to make a demand (a
"DEMAND NOTICE") substantially in the form attached hereto as EXHIBIT F on the
Demand Note Issuers for payment under the Series 2001-1 Demand Notes in an
amount equal to the least of (i) the aggregate outstanding principal amount of
the Series 2001-1 Demand Notes, (ii) such remaining insufficiency and (iii) the
Series 2001-1 Letter of Credit Liquidity Amount. The Trustee shall, prior to
12:00 noon (New York City time) on the second day preceding the Series 2001-1
Final Distribution Date, deliver such Demand Notice to the Demand Note Issuers;
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 a Demand Note Issuer shall have occurred
and be continuing, the Trustee shall not be required to deliver such Demand
Notice to the Demand Note Issuers. The Trustee shall cause the proceeds of any
demand on the Series 2001-1 Demand Notes to be deposited into the Series 2001-1
Distribution Account. In the event that either (x) on or prior to 10:00 a.m.
(New York City time) on the Business Day immediately preceding any Distribution
Date next succeeding any date on which a Demand Notice has been transmitted by
the Trustee to the Demand Note Issuers pursuant to this SECTION 2.5(b), the
Demand Note Issuers shall have failed to pay to the Trustee or deposit into the
Series 2001-1 Distribution Account the amount specified in such Demand Notice in
whole or in part or (y) 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 one or
more of the Demand Note Issuers, the Trustee shall not have delivered such
Demand Notice to the Demand Note Issuers on the second Business Day preceding
the Series 2001-1 Final Distribution Date, then, in the case of (x) or (y) the
Trustee shall draw on the Series 2001-1 Letters of Credit by 12:00 noon (New
York City time) on such Business Day an amount equal to the lesser of (a) the
amount that the Demand Note Issuers failed to pay under the Series 2001-1 Demand
Notes (or, the amount that the Trustee failed to demand for payment thereunder)
and (b) the Series 2001-1 Letter of Credit Amount on such Business Day by
presenting to each Series 2001-1 Letter of Credit Provider (with a copy to the
Surety Provider) a draft accompanied by a Certificate of Unpaid Demand Note
Demand; PROVIDED, HOWEVER that if the Series 2001-1 Cash Collateral Account has
been established and funded, the Trustee shall withdraw from the Series 2001-1
Cash Collateral Account and deposit in the Series 2001-1 Distribution Account an
amount equal to the lesser of (x) the Series 2001-1 Cash Collateral Percentage
on such Business Day of the amount that the Demand Note Issuers failed to pay
under the Series 2001-1 Demand Notes (or, the amount that the Trustee failed to
demand for payment thereunder) and (y) the Series 2001-1 Available Cash
Collateral Account Amount on such Business Day and draw an amount equal to the
remainder of the amount that the Demand Note Issuers failed to pay under the
Series 2001-1 Demand Notes (or, the amount that the Trustee failed to demand for
payment thereunder) on the Series 2001-1 Letters of Credit. The Trustee shall
deposit, or cause the deposit of, the proceeds of any draw on the Series 2001-1
Letters of Credit and the proceeds of any withdrawal from the Series 2001-1 Cash
Collateral Account to be deposited in the Series 2001-1 Distribution Account.
If, after giving effect to the deposit into the Series 2001-1 Distribution
Account of the amount to be


                                      -24-
<Page>

deposited in accordance with SECTION 2.5(a) of this Supplement and the amounts
described in the preceding three sentences, the amount to be deposited in the
Series 2001-1 Distribution Account with respect to the Series 2001-1 Final
Distribution Date is or will be less than the Series 2001-1 Invested Amount, as
the case may be, the Trustee shall make a demand on the Surety Bond by 12:00
p.m. (New York City time) on the second Business Day preceding such Distribution
Date in an amount equal to such insufficiency in accordance with the terms
thereof (PROVIDED that for the purposes of a draw on the Surety Bond, the phrase
"amounts in the Series 2001-1 Accrued Interest Account and the Series 2001-1
Reserve Account" in the Surety Bond shall include, without duplication, the
Series 2001-1 Liquidity Amount) and shall cause the proceeds thereof to be
deposited in the Series 2001-1 Distribution Account. The entire outstanding
principal amount of the Series 2001-1 Notes shall be due and payable on the
Series 2001-1 Final Distribution Date.

            (c) PRINCIPAL DEFICIT AMOUNT. If on any Determination Date, the
Administrator determines that the Principal Deficit Amount with respect to the
next succeeding Distribution Date will be greater than zero, prior to 10:00 a.m.
(New York City time) on the second Business Day prior to such Distribution Date,
the Administrator shall instruct the Trustee in writing to withdraw from the
Series 2001-1 Reserve Account and deposit in the Series 2001-1 Distribution
Account on the following Distribution Date an amount equal to the lesser of (i)
the Series 2001-1 Available Reserve Account Amount and (ii) the Principal
Deficit Amount. The Trustee shall withdraw such amount from the Series 2001-1
Reserve Account and deposit such amount in the Series 2001-1 Distribution
Account on or prior to such Distribution Date. If the Series 2001-1 Available
Reserve Account Amount is less than the Principal Deficit Amount and there are
any Series 2001-1 Letters of Credit on such date, prior to 10:00 a.m. (New York
City time) on the second Business Day prior to such Distribution Date, the
Administrator shall instruct the Trustee in writing (with a copy to the Surety
Provider) to deliver a Demand Notice to the Demand Note Issuers demanding
payment of an amount equal to the least of (A) the aggregate outstanding
principal amount of the Series 2001-1 Demand Notes, (B) the remaining Principal
Deficit Amount and (C) the Series 2001-1 Letter of Credit Liquidity Amount. The
Trustee shall, prior to 12:00 noon (New York City time) on the second Business
Day preceding such Distribution Date, deliver such Demand Notice to the Demand
Note Issuers; 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 a Demand
Note Issuer shall have occurred and be continuing, the Trustee shall not be
required to deliver such Demand Notice to the Demand Note Issuers. The Trustee
shall cause the proceeds of any demand on the Series 2001-1 Demand Note to be
deposited into the Series 2001-1 Distribution Account. In the event that either
(x) on or prior to 10:00 a.m. (New York City time) on the Business Day prior to
such Distribution Date, any Demand Note Issuer shall have failed to pay to the
Trustee or deposit in the Series 2001-1 Distribution Account the amount
specified in such Demand Notice in whole or in part or (y) 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 any Demand Note Issuer, the Trustee shall not have delivered
such Demand Notice to the Demand Note Issuers on the second Business Day
preceding such Distribution Date, then, in the case of (x) or (y) the Trustee
shall on such Business Day draw on the Series 2001-1 Letters of Credit an amount
equal to the lesser of (i) Series 2001-1 Letter of Credit Amount and (ii) the
aggregate amount that the Demand Note Issuers failed to pay under the Series
2001-1 Demand Notes (or, the amount that the Trustee


                                      -25-
<Page>

failed to demand for payment thereunder) by presenting to each Series 2001-1
Letter of Credit Provider (with a copy to the Surety Provider) a draft
accompanied by a Certificate of Unpaid Demand Note Demand; PROVIDED, HOWEVER
that if the Series 2001-1 Cash Collateral Account has been established and
funded, the Trustee shall withdraw from the Series 2001-1 Cash Collateral
Account and deposit in the Series 2001-1 Distribution Account an amount equal to
the lesser of (x) the Series 2001-1 Cash Collateral Percentage on such Business
Day of the aggregate amount that the Demand Note Issuers failed to pay under the
Series 2001-1 Demand Notes (or, the amount that the Trustee failed to demand for
payment thereunder) and (y) the Series 2001-1 Available Cash Collateral Account
Amount on such Business Day and draw an amount equal to the remainder of the
aggregate amount that the Demand Note Issuers failed to pay under the Series
2001-1 Demand Notes (or, the amount that the Trustee failed to demand for
payment thereunder) on the Series 2001-1 Letters of Credit. The Trustee shall
deposit into, or cause the deposit of, the proceeds of any draw on the Series
2001-1 Letters of Credit and the proceeds of any withdrawal from the Series
2001-1 Cash Collateral Account to be deposited in the Series 2001-1 Distribution
Account. If the aggregate amount of the Series 2001-1 Demand Notes or the Series
2001-1 Letter of Credit Amount is less than the remaining Principal Deficit
Amount, the Trustee shall make a demand on the Surety Bond by 12:00 noon (New
York City time) on the second Business Day preceding such Distribution Date in
an amount equal to the amount of such insufficiency and shall cause the proceeds
thereof (PROVIDED that for the purposes of a draw on the Surety Bond, the phrase
"amounts in the Series 2001-1 Accrued Interest Account and the Series 2001-1
Reserve Account" in the Surety Bond shall include, without duplication, the
Series 2001-1 Liquidity Amount) to be deposited in the Series 2001-1
Distribution Account.

            (d) DISTRIBUTION. On each Distribution Date occurring on or after
the date a withdrawal is made from the Series 2001-1 Collection Account pursuant
to Section 2.5(a) of this Supplement or amounts are deposited in the Series
2001-1 Distribution Account pursuant to Section 2.5(b) or (c) of this
Supplement, the Paying Agent shall, in accordance with Section 6.1 of the Base
Indenture, pay PRO RATA to each Series 2001-1 Noteholder from the Series 2001-1
Distribution Account the amount deposited therein pursuant to Section 2.5(a),
(b) or (c) of this Supplement, to the extent necessary to pay the Series 2001-1
Controlled Amortization Amount during the Series 2001-1 Controlled Amortization
Period, or to the extent necessary to pay the Series 2001-1 Invested Amount
during the Series 2001-1 Rapid Amortization Period.

            Section 2.6 ADMINISTRATOR'S FAILURE TO INSTRUCT THE TRUSTEE TO MAKE
A DEPOSIT OR PAYMENT. If the Administrator fails to give notice or instructions
to make any payment from or deposit into the Collection 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 make such payment or deposit into or from the Collection
Account without such notice or instruction from the Administrator, PROVIDED that
the Administrator, upon request of the Trustee, promptly provides the Trustee
with all information necessary to allow the Trustee to make such a payment or
deposit. When any payment or deposit hereunder or under any other Related
Document is required to be made by the Trustee or the Paying Agent 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.

            Section 2.7 SERIES-2001-1 RESERVE ACCOUNTiii) ESTABLISHMENT OF
SERIES 2001-1 RESERVE ACCOUNT. AFC-II shall establish and maintain in the name
of the Series 2001-1 Agent


                                      -26-
<Page>

for the benefit of the Series 2001-1 Noteholders and the Surety Provider, or
cause to be established and maintained, an account (the "Series 2001-1 Reserve
Account"), bearing a designation clearly indicating that the funds deposited
therein are held for the benefit of the Series 2001-1 Noteholders and the Surety
Provider. The Series 2001-1 Reserve Account shall be maintained (i) with a
Qualified Institution, or (ii) as a segregated trust account with the corporate
trust department of a depository institution or trust company having corporate
trust powers and acting as trustee for funds deposited in the Series 2001-1
Reserve Account; PROVIDED that, if at any time such Qualified Institution is no
longer a Qualified Institution or the credit rating of any securities issued by
such depositary institution or trust company shall be reduced to below BBB- by
S&P or Baa2 by Moody's, then AFC-II shall, within 30 days of such reduction,
establish a new Series 2001-1 Reserve Account with a new Qualified Institution.
If the Series 2001-1 Reserve Account is not maintained in accordance with the
previous sentence, AFC-II shall establish a new Series 2001-1 Reserve Account,
within ten (10) Business Days after obtaining knowledge of such fact, which
complies with such sentence, and shall instruct the Series 2001-1 Agent in
writing to transfer all cash and investments from the non-qualifying Series
2001-1 Reserve Account into the new Series 2001-1 Reserve Account. Initially,
the Series 2001-1 Reserve Account will be established with The Bank of New York.

            (b) ADMINISTRATION OF THE SERIES 2001-1 RESERVE ACCOUNT. The
Administrator may instruct the institution maintaining the Series 2001-1 Reserve
Account to invest funds on deposit in the Series 2001-1 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
Distribution Date following the date on which such funds were received, unless
any Permitted Investment held in the Series 2001-1 Reserve Account is held with
the Paying Agent, then such investment may mature on such Distribution Date and
such funds shall be available for withdrawal on or prior to such Distribution
Date. All such Permitted Investments will be credited to the Series 2001-1
Reserve Account.

            (c) EARNINGS FROM SERIES 2001-1 RESERVE ACCOUNT. All interest and
earnings (net of losses and investment expenses) paid on funds on deposit in the
Series 2001-1 Reserve Account shall be deemed to be on deposit therein and
available for distribution.

            (d) SERIES 2001-1 RESERVE ACCOUNT CONSTITUTES ADDITIONAL COLLATERAL
FOR SERIES 2001-1 NOTES. In order to secure and provide for the repayment and
payment of the AFC-II Obligations with respect to the Series 2001-1 Notes,
AFC-II hereby grants a security interest in and assigns, pledges, grants,
transfers and sets over to the Series 2001-1 Agent, for the benefit of the
Series 2001-1 Noteholders and the Surety Provider, all of AFC-II's right, title
and interest in and to the following (whether now or hereafter existing or
acquired): (i) the Series 2001-1 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 2001-1 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 2001-1 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 2001-1 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,


                                      -27-
<Page>

including, without limitation, cash (the items in the foregoing clauses (i)
through (vi) are referred to, collectively, as the "Series 2001-1 Reserve
Account Collateral"). The Series 2001-1 Agent shall possess all right, title and
interest in and to all funds on deposit from time to time in the Series 2001-1
Reserve Account and in all proceeds thereof, and shall be the only person
authorized to originate entitlement orders in respect of the Series 2001-1
Reserve Account. The Series 2001-1 Reserve Account Collateral shall be under the
sole dominion and control of the Series 2001-1 Agent for the benefit of the
Series 2001-1 Noteholders and the Surety Provider.

            (e) SERIES 2001-1 RESERVE ACCOUNT SURPLUS. In the event that the
Series 2001-1 Reserve Account Surplus on any Distribution Date, after giving
effect to all withdrawals from the Series 2001-1 Reserve Account, is greater
than zero, the Trustee, acting in accordance with the written instructions of
the Administrator (with a copy of such written instructions to be provided by
the Administrator to the Surety Provider) pursuant to the Administration
Agreement, if no Series 2001-1 Enhancement Deficiency or AESOP I Operating Lease
Vehicle Deficiency would result therefrom or exist thereafter, shall withdraw
from the Series 2001-1 Reserve Account an amount equal to the Series 2001-1
Reserve Account Surplus and shall pay such amount to AFC-II. On the date hereof,
after giving effect to the Series 2001-1 Letters of Credit, the Trustee, acting
in accordance with the written instructions of the Administrator, if no
Amortization Event, Series 2001-1 Enhancement Deficiency or AESOP I Operating
Lease Vehicle Deficiency would result therefrom or exist thereafter, shall
withdraw from the Series 2001-1 Reserve Account an amount equal to the Series
2001-1 Reserve Account Surplus and shall pay such amount to AFC-II.

            (f) TERMINATION OF SERIES 2001-1 RESERVE ACCOUNT. Upon the
termination of the Indenture pursuant to Section 11.1 of the Base Indenture, the
Trustee, acting in accordance with the written instructions of the
Administrator, after the prior payment of all amounts owing to the Series 2001-1
Noteholders and to the Surety Provider and payable from the Series 2001-1
Reserve Account as provided herein, shall withdraw from the Series 2001-1
Reserve Account all amounts on deposit therein for payment to AFC-II.

            Section 2.8 SERIES 2001-1 LETTERS OF CREDIT AND SERIES 2001-1 CASH
COLLATERAL ACCOUNT.

            (a) SERIES 2001-1 LETTERS OF CREDIT AND SERIES 2001-1 CASH
      COLLATERAL ACCOUNT CONSTITUTE ADDITIONAL COLLATERAL FOR SERIES 2001-1
      NOTES. In order to secure and provide for the repayment and payment of
      AFC-II's obligations with respect to the Series 2001-1 Notes, AFC-II
      hereby grants a security interest in and assigns, pledges, grants,
      transfers and sets over to the Trustee, for the benefit of the Series
      2001-1 Noteholders and the Surety Provider, all of AFC-II's right, title
      and interest in and to the following (whether now or hereafter existing or
      acquired): (i) each Series 2001-1 Letter of Credit; (ii) the Series 2001-1
      Cash Collateral Account, including any security entitlement thereto; (iii)
      all funds on deposit in the Series 2001-1 Cash Collateral Account from
      time to time; (iv) all certificates and instruments, if any, representing
      or evidencing any or all of the Series 2001-1 Cash Collateral Account or
      the funds on deposit therein from time to time; (v) all investments made
      at any time and from time to time with monies in the Series 2001-1 Cash
      Collateral Account, whether constituting securities, instruments, general
      intangibles, investment property, financial assets or other property; (vi)
      all interest,


                                      -28-
<Page>

      dividends, cash, instruments and other property from time to time
      received, receivable or otherwise distributed in respect of or in exchange
      for the Series 2001-1 Cash Collateral Account, the funds on deposit
      therein from time to time or the investments made with such funds; and
      (vii) all proceeds of any and all of the foregoing, including, without
      limitation, cash (the items in the foregoing clauses (ii) through (vii)
      are referred to, collectively, as the "Series 2001-1 Cash Collateral
      Account Collateral"). The Trustee shall, for the benefit of the Series
      2001-1 Noteholders and the Surety Provider, possess all right, title and
      interest in all funds on deposit from time to time in the Series 2001-1
      Cash Collateral Account and in all proceeds thereof, and shall be the only
      person authorized to originate entitlement orders in respect of the Series
      2001-1 Cash Collateral Account. The Series 2001-1 Cash Collateral Account
      shall be under the sole dominion and control of the Trustee for the
      benefit of the Series 2001-1 Noteholders and the Surety Provider.

            (b) SERIES 2001-1 LETTER OF CREDIT EXPIRATION DATE. If prior to the
      date which is ten (10) days prior to the then scheduled Series 2001-1
      Letter of Credit Expiration Date with respect to any Series 2001-1 Letter
      of Credit, excluding the amount available to be drawn under such Series
      2001-1 Letter of Credit but taking into account each substitute Series
      2001-1 Letter of Credit which has been obtained from a Series 2001-1
      Eligible Letter of Credit Provider and is in full force and effect on such
      date, the Series 2001-1 Enhancement Amount would be equal to or more than
      the Series 2001-1 Required Enhancement Amount and the Series 2001-1
      Liquidity Amount would be equal to or greater than the Series 2001-1
      Required Liquidity Amount, then the Administrator shall notify the Trustee
      and the Surety Provider (with the Surety Provider to be provided
      supporting calculations in reasonable detail) in writing no later than two
      Business Days prior to such Series 2001-1 Letter of Credit Expiration Date
      of such determination. If prior to the date which is ten (10) days prior
      to the then scheduled Series 2001-1 Letter of Credit Expiration Date with
      respect to any Series 2001-1 Letter of Credit, excluding the amount
      available to be drawn under such Series 2001-1 Letter of Credit but taking
      into account a substitute Series 2001-1 Letter of Credit which has been
      obtained from a Series 2001-1 Eligible Letter of Credit Provider and is in
      full force and effect on such date, the Series 2001-1 Enhancement Amount
      would be less than the Series 2001-1 Required Enhancement Amount or the
      Series 2001-1 Liquidity Amount would be less than the Series 2001-1
      Required Liquidity Amount, then the Administrator shall notify the Trustee
      and the Surety Provider (with the Surety Provider to be provided
      supporting calculations in reasonable detail) in writing no later than two
      Business Days prior to such Series 2001-1 Letter of Credit Expiration Date
      of (x) the greater of (A) the excess, if any, of the Series 2001-1
      Required Enhancement Amount over the Series 2001-1 Enhancement Amount,
      excluding the available amount under such expiring Series 2001-1 Letter of
      Credit, on such date, and (B) the excess, if any, of the Series 2001-1
      Required Liquidity Amount over the Series 2001-1 Liquidity Amount,
      excluding the available amount under such expiring Series 2001-1 Letter of
      Credit, on such date, and (y) the amount available to be drawn on such
      expiring Series 2001-1 Letter of Credit on such date. Upon receipt of such
      notice by the Trustee on or prior to 10:00 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 10:00 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 2001-1


                                      -29-
<Page>

      Letter of Credit by presenting a draft (with a copy to the Surety
      Provider) accompanied by a Certificate of Termination Demand and shall
      cause the Termination Disbursement to be deposited in the Series 2001-1
      Cash Collateral Account.

            If the Trustee does not receive the notice from the Administrator
      described in the first paragraph of this SECTION 2.8(b) on or prior to the
      date that is two Business Days prior to each Series 2001-1 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 2001-1
      Letter of Credit by presenting a draft accompanied by a Certificate of
      Termination Demand and shall cause the Termination Disbursement to be
      deposited in the Series 2001-1 Cash Collateral Account.

            (c) SERIES 2001-1 LETTER OF CREDIT PROVIDERS. The Administrator
      shall notify the Trustee and the Surety Provider in writing within one
      Business Day of becoming aware that (i) the long-term senior unsecured
      debt credit rating of any Series 2001-1 Letter of Credit Provider has
      fallen below "A+" as determined by Standard & Poor's or "Al" as determined
      by Moody's or (ii) the short-term senior unsecured debt credit rating of
      any Series 2001-1 Letter of Credit Provider has fallen below "P-1" as
      determined by Moody's. At such time the Administrator shall also notify
      the Trustee of (i) the greater of (A) the excess, if any, of the Series
      2001-1 Required Enhancement Amount over the Series 2001-1 Enhancement
      Amount, excluding the available amount under the Series 2001-1 Letter of
      Credit issued by such Series 2001-1 Letter of Credit Provider, on such
      date, and (B) the excess, if any, of the Series 2001-1 Required Liquidity
      Amount over the Series 2001-1 Liquidity Amount, excluding the available
      amount under such Series 2001-1 Letter of Credit, on such date, and (ii)
      the amount available to be drawn on such Series 2001-1 Letter of Credit on
      such date. Upon receipt of such notice by the Trustee on or prior to 10:00
      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 10:00 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 2001-1 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
      Certificate of Termination Demand and shall cause the Termination
      Disbursement to be deposited in the Series 2001-1 Cash Collateral Account.

            (d) TERMINATION DATE DEMANDS ON THE SERIES 2001-1 LETTERS OF CREDIT.
      Prior to 10:00 a.m. (New York City time) on the second Business Day prior
      to the Series 2001-1 Letter of Credit Termination Date, the Administrator
      shall determine the Series 2001-1 Demand Note Payment Amount, if any, as
      of the Series 2001-1 Letter of Credit Termination Date and, if the Series
      2001-1 Demand Note Payment Amount is greater than zero, instruct the
      Trustee in writing to draw on the Series 2001-1 Letters of Credit. Upon
      receipt of any such notice by the Trustee on or prior to 11:00 a.m. (New
      York City time) on a Business Day, the Trustee shall, by 12:00 noon (New
      York City time) on such Business Day draw an amount equal to the lesser of
      (i) the Series 2001-1 Demand Note Payment Amount and (ii) the Series
      2001-1 Letter of Credit Liquidity Amount on the Series 2001-1 Letters of
      Credit by presenting to each Series 2001-1 Letter of Credit Provider (with
      a copy to the Surety Provider) a draft accompanied by a Certificate of


                                      -30-
<Page>

      Termination Date Demand and shall cause the Termination Date Disbursement
      to be deposited in the Series 2001-1 Cash Collateral Account; PROVIDED,
      HOWEVER, that if the Series 2001-1 Cash Collateral Account has been
      established and funded, the Trustee shall draw an amount equal to the
      product of (a) 100% minus the Series 2001-1 Cash Collateral Percentage and
      (b) the lesser of the amounts referred to in clause (i) or (ii) on such
      Business Day on the Series 2001-1 Letters of Credit as calculated by the
      Administrator and provided in writing to the Trustee and the Surety
      Provider.

            (e) DRAWS ON THE SERIES 2001-1 LETTERS OF CREDIT. If there is more
      than one Series 2001-1 Letter of Credit on the date of any draw on the
      Series 2001-1 Letters of Credit pursuant to the terms of this Supplement,
      the Administrator shall instruct the Trustee, in writing, to draw on each
      Series 2001-1 Letter of Credit in an amount equal to the Pro Rata Share of
      the Series 2001-1 Letter of Credit Provider issuing such Series 2001-1
      Letter of Credit of the amount of such draw on the Series 2001-1 Letters
      of Credit.

            (f) ESTABLISHMENT OF SERIES 2001-1 CASH COLLATERAL ACCOUNT. On or
      prior to the date of any drawing under a Series 2001-1 Letter of Credit
      pursuant to SECTION 2.8(b), (c) or (d) above, AFC-II shall establish and
      maintain in the name of the Trustee for the benefit of the Series 2001-1
      Noteholders and the Surety Provider, or cause to be established and
      maintained, an account (the "Series 2001-1 Cash Collateral Account"),
      bearing a designation clearly indicating that the funds deposited therein
      are held for the benefit of the Series 2001-1 Noteholders and the Surety
      Provider. The Series 2001-1 Cash Collateral Account shall be maintained
      (i) with a Qualified Institution, or (ii) as a segregated trust account
      with the corporate trust department of a depository institution or trust
      company having corporate trust powers and acting as trustee for funds
      deposited in the Series 2001-1 Cash Collateral Account; PROVIDED that, if
      at any time such Qualified Institution is no longer a Qualified
      Institution or the credit rating of any securities issued by such
      depository institution or trust company shall be reduced to below BBB- by
      S&P or Baa3 by Moody's, then AFC-II shall, within 30 days of such
      reduction, establish a new Series 2001-1 Cash Collateral Account with a
      new Qualified Institution or a new segregated trust account with the
      corporate trust department of a depository institution or trust company
      having corporate trust powers and acting as trustee for funds deposited in
      the Series 2001-1 Cash Collateral Account. If a new Series 2001-1 Cash
      Collateral Account is established, AFC-II shall instruct the Trustee in
      writing to transfer all cash and investments from the non-qualifying
      Series 2001-1 Cash Collateral Account into the new Series 2001-1 Cash
      Collateral Account.

            (g) ADMINISTRATION OF THE SERIES 2001-1 CASH COLLATERAL ACCOUNT.
      AFC-II may instruct (by standing instructions or otherwise) the
      institution maintaining the Series 2001-1 Cash Collateral Account to
      invest funds on deposit in the Series 2001-1 Cash Collateral 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
      Distribution Date following the date on which such funds were received,
      unless any Permitted Investment held in the Series 2001-1 Cash Collateral
      Account is held with the Paying Agent, in which case such investment may
      mature on such Distribution Date so long as such funds shall be available
      for withdrawal on or prior to such Distribution Date. All


                                      -31-
<Page>

      such Permitted Investments will be credited to the Series 2001-1 Cash
      Collateral Account and any such Permitted Investments that constitute (i)
      physical property (and that is not either a United States security
      entitlement or a security entitlement) shall be physically delivered to
      the Trustee; (ii) United States security entitlements or security
      entitlements shall be controlled by the Trustee pending maturity or
      disposition, and (iii) uncertificated securities (and not United States
      security entitlements) shall be delivered to the Trustee by causing the
      Trustee to become the registered holder of such securities. The Trustee
      shall, at the expense of AFC-II, take such action as is required to
      maintain the Trustee's security interest in the Permitted Investments
      credited to the Series 2001-1 Cash Collateral Account. AFC-II 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 principal of such Permitted Investment. In the
      absence of written investment instructions hereunder, funds on deposit in
      the Series 2001-1 Cash Collateral Account shall remain uninvested.

            (h) EARNINGS FROM SERIES 2001-1 CASH COLLATERAL ACCOUNT. All
      interest and earnings (net of losses and investment expenses) paid on
      funds on deposit in the Series 2001-1 Cash Collateral Account shall be
      deemed to be on deposit therein and available for distribution.

            (i) SERIES 2001-1 CASH COLLATERAL ACCOUNT SURPLUS. In the event that
      the Series 2001-1 Cash Collateral Account Surplus on any Distribution Date
      (or, after the Series 2001-1 Letter of Credit Termination Date, on any
      date) is greater than zero, the Trustee, acting in accordance with the
      written instructions (a copy of which shall be provided by the
      Administrator to the Surety Provider) of the Administrator, shall withdraw
      from the Series 2001-1 Cash Collateral Account an amount equal to the
      Series 2001-1 Cash Collateral Account Surplus and shall pay such amount:
      FIRST, to the Series 2001-1 Letter of Credit Providers to the extent of
      any unreimbursed drawings under the related Series 2001-1 Reimbursement
      Agreement, for application in accordance with the provisions of the
      related Series 2001-1 Reimbursement Agreement, and, SECOND, to AFC-II any
      remaining amount.

            (j) POST-SERIES 2001-1 LETTER OF CREDIT TERMINATION DATE WITHDRAWALS
      FROM THE SERIES 2001-1 CASH COLLATERAL ACCOUNT. If the Surety Provider
      notifies the Trustee in writing that the Surety Provider shall have paid a
      Preference Amount (as defined in the Surety Bond) under the Surety Bond,
      subject to the satisfaction of the conditions set forth in the next
      succeeding sentence, the Trustee shall withdraw from the Series 2001-1
      Cash Collateral Account and pay to the Surety Provider an amount equal to
      the lesser of (i) the Series 2001-1 Available Cash Collateral Account
      Amount on such date and (ii) such Preference Amount. Prior to any
      withdrawal from the Series 2001-1 Cash Collateral Account pursuant to this
      SECTION 2.8(j), the Trustee shall have received a certified copy of the
      order requiring the return of such Preference Amount.

            (k) TERMINATION OF SERIES 2001-1 CASH COLLATERAL ACCOUNT. Upon the
      termination of this Supplement in accordance with its terms, the Trustee,
      acting in accordance with the written instructions of the Administrator,
      after the prior payment of all amounts owing to the Series 2001-1
      Noteholders and to the Surety Provider and


                                      -32-
<Page>

      payable from the Series 2001-1 Cash Collateral Account as provided herein,
      shall withdraw from the Series 2001-1 Cash Collateral Account all amounts
      on deposit therein (to the extent not withdrawn pursuant to SECTION 2.8(i)
      above) and shall pay such amounts: FIRST, to the Series 2001-1 Letter of
      Credit Providers to the extent of any unreimbursed drawings under the
      related Series 2001-1 Reimbursement Agreement, for application in
      accordance with the provisions of the related Series 2001-1 Reimbursement
      Agreement, and, SECOND, to AFC-II any remaining amount.

            Section 2.9 SERIES 2001-1 DISTRIBUTION ACCOUNTiv) ESTABLISHMENT OF
SERIES 2001-1 DISTRIBUTION ACCOUNT. The Trustee shall establish and maintain in
the name of the Series 2001-1 Agent for the benefit of the Series 2001-1
Noteholders and the Surety Provider, or cause to be established and maintained,
an account (the "Series 2001-1 Distribution Account"), bearing a designation
clearly indicating that the funds deposited therein are held for the benefit of
the Series 2001-1 Noteholders and the Surety Provider. The Series 2001-1
Distribution Account shall be maintained (i) with a Qualified Institution, or
(ii) as a segregated trust account with the corporate trust department of a
depository institution or trust company having corporate trust powers and acting
as trustee for funds deposited in the Series 2001-1 Distribution Account;
PROVIDED that, if at any time such Qualified Institution is no longer a
Qualified Institution or the credit rating of any securities issued by such
depositary institution or trust company shall be reduced to below BBB- by S&P or
Baa3 by Moody's, then AFC-II shall, within 30 days of such reduction, establish
a new Series 2001-1 Distribution Account with a new Qualified Institution. If
the Series 2001-1 Distribution Account is not maintained in accordance with the
previous sentence, AFC-II shall establish a new Series 2001-1 Distribution
Account, within ten (10) Business Days after obtaining knowledge of such fact,
which complies with such sentence, and shall instruct the Series 2001-1 Agent in
writing to transfer all cash and investments from the non-qualifying Series
2001-1 Distribution Account into the new Series 2001-1 Distribution Account.
Initially, the Series 2001-1 Distribution Account will be established with The
Bank of New York.

            (b) ADMINISTRATION OF THE SERIES 2001-1 DISTRIBUTION ACCOUNT. The
Administrator may instruct the institution maintaining the Series 2001-1
Distribution Account to invest funds on deposit in the Series 2001-1
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 Distribution Date following the date on which such funds were
received, unless any Permitted Investment held in the Series 2001-1 Distribution
Account is held with the Paying Agent, then such investment may mature on such
Distribution Date and such funds shall be available for withdrawal on or prior
to such Distribution Date. All such Permitted Investments will be credited to
the Series 2001-1 Distribution Account.

            (c) EARNINGS FROM SERIES 2001-1 DISTRIBUTION ACCOUNT. All interest
and earnings (net of losses and investment expenses) paid on funds on deposit in
the Series 2001-1 Distribution Account shall be deemed to be on deposit and
available for distribution.

            (d) SERIES 2001-1 DISTRIBUTION ACCOUNT CONSTITUTES ADDITIONAL
COLLATERAL FOR SERIES 2001-1 NOTES. In order to secure and provide for the
repayment and payment of the AFC-II Obligations with respect to the Series
2001-1 Notes, AFC-II hereby grants a security interest in and assigns, pledges,
grants, transfers and sets over to the Series 2001-1 Agent, for the benefit of


                                      -33-
<Page>

the Series 2001-1 Noteholders and the Surety Provider, all of AFC-II's right,
title and interest in and to the following (whether now or hereafter existing or
acquired): (i) the Series 2001-1 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 2001-1 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 2001-1 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 2001-1 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, without
limitation, cash (the items in the foregoing clauses (i) through (vi) are
referred to, collectively, as the "Series 2001-1 Distribution Account
Collateral"). The Series 2001-1 Agent shall possess all right, title and
interest in all funds on deposit from time to time in the Series 2001-1
Distribution Account and in and to all proceeds thereof, and shall be the only
person authorized to originate entitlement orders in respect of the Series
2001-1 Distribution Account. The Series 2001-1 Distribution Account Collateral
shall be under the sole dominion and control of the Series 2001-1 Agent for the
benefit of the Series 2001-1 Noteholders and the Surety Provider.

            Section 2.10 SERIES 2001-1 INTEREST RATE CAPS. (a) On the Series
2001-1 Closing Date, AFC-II shall acquire one or more interest rate caps
acceptable to the Surety Provider (each a "Series 2001-1 Interest Rate Cap")
from a Qualified Interest Rate Cap Counterparty. The aggregate initial notional
amount of all Series 2001-1 Interest Rate Caps shall equal the Series 2001-1
Initial Invested Amount, and the aggregate notional amount of all Series 2001-1
Interest Rate Caps may be reduced pursuant to the related Series 2001-1 Interest
Rate Cap but shall not at any time be less than the Series 2001-1 Invested
Amount. The strike rate of each Series 2001-1 Interest Rate Cap shall not be
greater than 7.5%.

            (b) If, at any time, an Interest Rate Cap Counterparty does not have
at least one of (x) a short-term unsecured debt rating of at least "A-1" or (y)
a long-term unsecured debt rating of at least "A+" or (z) a counterparty rating
of "AAA", in each case, from S&P, then AFC-II will cause the Interest Rate Cap
Counterparty within 30 days following such occurrence (unless within such period
Standard & Poor's has reaffirmed the immediately prior Shadow Rating), at the
Interest Rate Cap Counterparty's expense, to do one of the following (the choice
of such action to be determined by the Interest Rate Cap Counterparty) (i)
obtain a replacement interest rate cap on the same terms as the Series 2001-1
Interest Rate Cap from a Qualified Interest Rate Cap Counterparty and
simultaneously with such replacement AFC-II shall terminate the Series 2001-1
Interest Rate Cap being replaced, (ii) obtain a guaranty from, or contingent
agreement of, another person who qualifies as a Qualified Interest Rate Cap
Counterparty to honor the Interest Rate Cap Counterparty's obligations under the
Series 2001-1 Interest Rate Cap and written confirmation from Standard & Poor's
that the substantive terms of the guaranty agreement are sufficient to maintain
or restore the immediately prior Shadow Rating, (iii) post and maintain
collateral, which Standard & Poor's has confirmed in writing is sufficient to
maintain or restore the immediately prior Shadow Rating or (iv) enter into any
arrangement satisfactory to Standard & Poor's, Moody's and the Surety Provider,
which is sufficient to maintain or restore the immediately prior Shadow Rating;
PROVIDED that no


                                      -34-
<Page>

termination of the Series 2001-1 Interest Rate Cap shall occur until AFC-II has
entered into a replacement Interest Rate Cap. Each Series 2001-1 Interest Rate
Cap must provide that if the Interest Rate Cap Counterparty is required to take
any of the actions described in clauses (i), (ii), (iii) or (iv) of the
preceding sentence and such action is not taken within 30 days, then the
Interest Rate Cap Counterparty must, until a replacement Series 2001-1 Interest
Rate Cap is executed and in effect, collateralize its obligations under such
Series 2001-1 Interest Rate Cap in an amount equal to the greatest of (i) the
marked to market value of such Series 2001-1 Interest Rate Cap, (ii) the next
payment due from the Interest Rate Cap Counterparty and (iii) 1% of the notional
amount of such Series 2001-1 Interest Rate Cap.

            (c) If, at any time, an Interest Rate Cap Counterparty is not a
Moody's Qualified Interest Rate Cap Counterparty, then AFC-II will cause the
Interest Rate Cap Counterparty within 30 days following such occurrence (unless
Moody's has within such period reaffirmed the immediately prior Shadow Rating),
at such Interest Rate Cap Counterparty's expense and its option, to do one of
the following (the choice of such action to be determined by the Interest Rate
Cap Counterparty) (i) enter into a replacement Series 2001-1 Interest Rate Cap
with a Qualified Interest Rate Cap Counterparty on substantially similar terms
to the Series 2001-1 Interest Rate Cap being replaced, and simultaneously with
such replacement, AFC-II shall terminate the Series 2001-1 Interest Rate Cap
being replaced, (ii) obtain a guaranty from, or contingent agreement of, another
person who qualifies as a Qualified Interest Rate Cap Counterparty, (iii) post
and maintain collateral, which is sufficient to maintain or restore the
immediately prior Shadow Rating or (iv) enter into any arrangement satisfactory
to S&P, Moody's and the Surety Provider, which is sufficient to maintain or
restore the immediately prior Shadow Rating.

            (d) If, at any time, an Interest Rate Cap Counterparty fails to be a
Surety Provider Qualified Interest Rate Cap Counterparty, then AFC-II, shall, at
the Surety Provider's direction, within 30 days of such direction at such
Interest Rate Cap Counterparty's expense, either (i) enter into a replacement
Series 2001-1 Interest Rate Cap with a Qualified Interest Rate Cap Counterparty
on the same terms (or with modifications acceptable to the Surety Provider) as
the Series 2001-1 Interest Rate Cap being replaced, and simultaneously with such
replacement, AFC-II shall terminate the Series 2001-1 Interest Rate Cap being
replaced or (ii) enter into any arrangement satisfactory to S&P, Moody's and the
Surety Provider.

            (e) To secure payment of all obligations to the Series 2001-1
Noteholders and the Surety Provider, AFC-II grants a security interest in, and
assigns, pledges, grants, transfers and sets over to the Series 2001-1 Agent,
for the benefit of the Series 2001-1 Noteholders and the Surety Provider, all of
AFC-II's right, title and interest in the Series 2001-1 Interest Rate Caps and
all proceeds thereof (the "Series 2001-1 Interest Rate Cap Collateral"). AFC-II
shall require all Series 2001-1 Interest Rate Cap Proceeds to be paid to, and
the Trustee shall allocate all Series 2001-1 Interest Rate Cap Proceeds to, the
Series 2001-1 Accrued Interest Account of the Series 2001-1 Collection Account.

            Section 2.11 SERIES 2001-1 ACCOUNTS PERMITTED INVESTMENTS. AFC-II
shall not, and shall not permit, funds on deposit in the Series 2001-1 Accounts
to be invested in:


                                      -35-
<Page>

            (i) Permitted Investments that do not mature at least one Business
      Day before the next Distribution Date;

            (ii) demand deposits, time deposits or certificates of deposit with
      a maturity in excess of 360 days;

            (iii) commercial paper which is not rated at least "P-1" by Moody's;

            (iv) money market funds or eurodollar time deposits which are not
      rated at least "AAAm" by Standard & Poor's;

            (v) eurodollar deposits that are not rated at least "P-1" by Moody's
      or that are with financial institutions not organized under the laws of a
      G-7 nation; or

            (vi) any investment, instrument or security not otherwise listed in
      clause (i) through (vi) of the definition of "Permitted Investments" in
      the Base Indenture that is not approved in writing by the Surety Provider.

            Section 2.12 SERIES 2001-1 DEMAND NOTES CONSTITUTE ADDITIONAL
COLLATERAL FOR SERIES 2001-1 NOTES.

            In order to secure and provide for the repayment and payment of the
obligations with respect to the Series 2001-1 Notes, AFC-II hereby grants a
security interest in and assigns, pledges, grants, transfers and sets over to
the Trustee, for the benefit of the Series 2001-1 Noteholders and the Surety
Provider, all of AFC-II's right, title and interest in and to the following
(whether now or hereafter existing or acquired): (i) the Series 2001-1 Demand
Notes; (ii) all certificates and instruments, if any, representing or evidencing
the Series 2001-1 Demand Notes; and (iii) all proceeds of any and all of the
foregoing, including, without limitation, cash. On the date hereof, AFC-II shall
deliver to the Trustee, for the benefit of the Series 2001-1 Noteholders and the
Surety Provider, the Series 2001-1 Demand Note, endorsed in blank. The Trustee,
for the benefit of the Series 2001-1 Noteholders and the Surety Provider, shall
be the only Person authorized to make a demand for payments on the Series 2001-1
Demand Notes.

                                   ARTICLE III

                               AMORTIZATION EVENTS

            In addition to the Amortization Events set forth in Section 9.1 of
the Base Indenture, any of the following shall be an Amortization Event with
respect to the Series 2001-1 Notes and collectively shall constitute the
Amortization Events set forth in Section 9.1(n) of the Base Indenture with
respect to the Series 2001-1 Notes (without notice or other action on the part
of the Trustee or any holders of the Series 2001-1 Notes) and shall not be
subject to waiver:

            (a) a Series 2001-1 Enhancement Deficiency shall occur and continue
      for at least two (2) Business Days; PROVIDED, HOWEVER, that such event or
      condition shall not be an Amortization Event if during such two (2)
      Business Day period such Series 2001-1 Enhancement Deficiency shall have
      been cured in accordance with the terms and conditions of the Indenture
      and the Related Documents;


                                      -36-
<Page>

            (b) the Series 2001-1 Liquidity Amount shall be less than the Series
      2001-1 Required Liquidity Amount for at least two (2) Business Days;
      PROVIDED, HOWEVER, that such event or condition shall not be an
      Amortization Event if during such two (2) Business Day period such
      insufficiency shall have been cured in accordance with the terms and
      conditions of the Indenture and the Related Documents;

            (c) the Collection Account, the Series 2001-1 Collection Account,
      the Series 2001-1 Excess Collection Account or the Series 2001-1 Reserve
      Account shall be subject to an injunction, estoppel or other stay or a
      Lien (other than Liens permitted under the Related Documents);

            (d) all principal of and interest on the Series 2001-1 Notes is not
      paid in full on or before the Series 2001-1 Expected Final Distribution
      Date;

            (e) the Trustee shall make a demand for payment under the Surety
      Bond;

            (f) the occurrence of an Event of Bankruptcy with respect to the
      Surety Provider;

            (g) the Surety Provider fails to pay a demand for payment in
      accordance with the requirements of the Surety Bond;

            (h) any Series 2001-1 Letter of Credit shall not be in full force
      and effect for at least two (2) Business Days and (x) either a Series
      2001-1 Enhancement Deficiency would result from excluding such Series
      2001-1 Letter of Credit from the Series 2001-1 Enhancement Amount or (y)
      the Series 2001-1 Liquidity Amount, excluding therefrom the available
      amount under such Series 2001-1 Letter of Credit, would be less than the
      Series 2001-1 Required Liquidity Amount;

            (i) from and after the funding of the Series 2001-1 Cash Collateral
      Account, the Series 2001-1 Cash Collateral Account shall be subject to an
      injunction, estoppel or other stay or a Lien (other than Liens permitted
      under the Related Documents) for at least two (2) Business Days and either
      (x) a Series 2001-1 Enhancement Deficiency would result from excluding the
      Series 2001-1 Available Cash Collateral Account Amount from the Series
      2001-1 Enhancement Amount or (y) the Series 2001-1 Liquidity Amount,
      excluding therefrom the Series 2001-1 Available Cash Collateral Amount,
      would be less than the Series 2001-1 Required Liquidity Amount; and

            (j) an Event of Bankruptcy shall have occurred with respect to any
      Series 2001-1 Letter of Credit Provider or any Series 2001-1 Letter of
      Credit Provider repudiates its Series 2001-1 Letter of Credit or refuses
      to honor a proper draw thereon and either (x) a Series 2001-1 Enhancement
      Deficiency would result from excluding such Series 2001-1 Letter of Credit
      from the Series 2001-1 Enhancement Amount or (y) the Series 2001-1
      Liquidity Amount, excluding therefrom the available amount under such
      Series 2001-1 Letter of Credit, would be less than the Series 2001-1
      Required Liquidity Amount.


                                      -37-
<Page>

                                   ARTICLE IV

                      RIGHT TO WAIVE PURCHASE RESTRICTIONS

            Notwithstanding any provision to the contrary in the Indenture or
the Related Documents, upon the Trustee's receipt of notice from any Lessee, any
Borrower or AFC-II (i) to the effect that a Manufacturer Program is no longer an
Eligible Manufacturer Program and that, as a result, the Series 2001-1 Maximum
Non-Program Vehicle Amount is or will be exceeded or (ii) that the Lessees, the
Borrowers and AFC-II have determined to increase any Series 2001-1 Maximum
Amount, (such notice, a "Waiver Request"), each Series 2001-1 Noteholder may, at
its option, waive the Series 2001-1 Maximum Non-Program Vehicle Amount or any
other Series 2001-1 Maximum Amount if (i) no Amortization Event exists, (ii) the
Requisite Noteholders and the Surety Provider consent to such waiver and (iii)
60 days' prior written notice of such proposed waiver is provided to the Rating
Agencies by the Trustee.

            Upon receipt by the Trustee of a Waiver Request (a copy of which the
Trustee shall promptly provide to the Rating Agencies), all amounts which would
otherwise be allocated to the Series 2001-1 Excess Collection Account
(collectively, the "Designated Amounts") from the date the Trustee receives a
Waiver Request through the Consent Period Expiration Date will be held by the
Trustee in the Series 2001-1 Collection Account for ratable distribution as
described below.

            Within ten (10) Business Days after the Trustee receives a Waiver
Request, the Trustee shall furnish notice thereof to the Series 2001-1
Noteholders and the Surety Provider, which notice shall be accompanied by a form
of consent (each a "Consent") in the form of EXHIBIT B hereto by which the
Series 2001-1 Noteholders may, on or before the Consent Period Expiration Date,
consent to waiver of the applicable Series 2001-1 Maximum Amount. If the Trustee
receives the consent of the Surety Provider and Consents from the Requisite
Noteholders agreeing to waiver of the applicable Series 2001-1 Maximum Amount
within forty-five (45) days after the Trustee notifies the Series 2001-1
Noteholders of a Waiver Request (the day on which such forty-five (45) day
period expires, the "Consent Period Expiration Date"), (i) the applicable Series
2001-1 Maximum Amount shall be deemed waived by the consenting Series 2001-1
Noteholders, (ii) the Trustee will distribute the Designated Amounts as set
forth below and (iii) the Trustee shall promptly (but in any event within two
days) provide the Rating Agency with notice of such waiver. Any Series 2001-1
Noteholder from whom the Trustee has not received a Consent on or before the
Consent Period Expiration Date will be deemed not to have consented to such
waiver.

            If the Trustee receives Consents from the Requisite Noteholders on
or before the Consent Period Expiration Date, then on the immediately following
Distribution Date, the Trustee will pay the Designated Amounts as follows:

            (i) to the non-consenting Series 2001-1 Noteholders, if any, PRO
      RATA up to the amount required to pay all Series 2001-1 Notes held by such
      non-consenting Series 2001-1 Noteholders in full; and


                                      -38-
<Page>

            (ii) any remaining Designated Amounts to the Series 2001-1 Excess
      Collection Account.

            If the amount paid pursuant to clause (i) of the preceding paragraph
is not paid in full on the date specified therein, then on each day following
such Distribution Date, the Administrator will allocate to the Series 2001-1
Collection Account on a daily basis all Designated Amounts collected on such
day. On each following Distribution Date, the Trustee will withdraw a portion of
such Designated Amounts from the Series 2001-1 Collection Account and deposit
the same in the Series 2001-1 Distribution Account for distribution as follows:

            (a) to the non-consenting Series 2001-1 Noteholders, if any, PRO
      RATA an amount equal to the Designated Amounts in the Series 2001-1
      Collection Account as of the applicable Determination Date up to the
      aggregate outstanding principal balance of the Series 2001-1 Notes held by
      the non-consenting Series 2001-1 Noteholders; and

            (b) any remaining Designated Amounts to the Series 2001-1 Excess
      Collection Account.

            If the Requisite Noteholders or the Surety Provider do not timely
consent to such waiver, the Designated Amounts will be re-allocated to the
Series 2001-1 Excess Collection Account for allocation and distribution in
accordance with the terms of the Indenture and the Related Documents.

            In the event that the Series 2001-1 Rapid Amortization Period shall
commence after receipt by the Trustee of a Waiver Request, all such Designated
Amounts will thereafter be considered Principal Collections allocated to the
Series 2001-1 Noteholders.

                                    ARTICLE V

                           FORM OF SERIES 2001-1 NOTES

            Section 5.1 RESTRICTED GLOBAL SERIES 2001-1 NOTES. The Series 2001-1
Notes to be issued in the United States will be issued in book-entry form and
represented by one or more permanent global Notes in fully registered form
without interest coupons (each, a "Restricted Global Series 2001-1 Note"),
substantially in the form set forth in EXHIBIT A-1 hereto, with such legends as
may be applicable thereto as set forth in the Base Indenture, and will be sold
only in the United States (1) initially to institutional accredited investors
within the meaning of Regulation D under the Securities Act in reliance on an
exemption from the registration requirements of the Securities Act and (2)
thereafter to qualified institutional buyers within the meaning of, and in
reliance on, Rule 144A under the Securities Act and shall be deposited on behalf
of the purchasers of the Series 2001-1 Notes represented thereby, with a
custodian for DTC, and registered in the name of Cede as DTC's nominee, duly
executed by AFC-II and authenticated by the Trustee in the manner set forth in
Section 2.4 of the Base Indenture.

            Section 5.2 TEMPORARY GLOBAL SERIES 2001-1 NOTES; PERMANENT GLOBAL
SERIES 2001-1 NOTES. The Series 2001-1 Notes to be issued outside the United
States will be issued and sold in transactions outside the United States in
reliance on Regulation S under the Securities Act, as provided in the applicable
note purchase agreement, and shall initially be issued in the


                                      -39-
<Page>

form of one or more temporary notes in registered form without interest coupons
(each, a "Temporary Global Series 2001-1 Note"), substantially in the form set
forth in EXHIBIT A-2, which shall be deposited on behalf of the purchasers of
the Series 2001-1 Notes represented thereby with a custodian for, and registered
in the name of a nominee of DTC, for the accounts of Euroclear Bank S.A./N.A.,
as operator of Euroclear and for Clearstream Banking ("Clearstream"), duly
executed by AFC-II and authenticated by the Trustee in the manner set forth in
Section 2.4 of the Base Indenture. Interests in a Temporary Global Series 2001-1
Note will be exchangeable, in whole or in part, for interests in one or more
permanent global notes in registered form without interest coupons (each, a
"Permanent Global Series 2001-1 Note"), substantially in the form of EXHIBIT A-3
hereto, in accordance with the provisions of such Temporary Global Series 2001-1
Note and the Base Indenture (as modified by this Supplement). Interests in a
Permanent Global Series 2001-1 Note will be exchangeable for a definitive Series
2001-1 Note, in accordance with the provisions of such Permanent Global Series
2001-1 Note and the Base Indenture (as modified by this Supplement).

                                   ARTICLE VI

                                     GENERAL

            Section 6.1 OPTIONAL REPURCHASE. The Series 2001-1 Notes shall be
subject to repurchase by AFC-II at its option in accordance with Section 6.3 of
the Base Indenture on any Distribution Date after the Series 2001-1 Invested
Amount is reduced to an amount less than or equal to 10% of the Series 2001-1
Initial Invested Amount (the "Series 2001-1 Repurchase Amount"); PROVIDED,
HOWEVER, that as a condition precedent to any such optional repurchase, on or
prior to the Distribution Date on which any Series 2001-1 Note is repurchased by
AFC-II pursuant to this Section 6.1, AFC-II shall have paid the Surety Provider
all Surety Provider Fees and all other Surety Provider Reimbursement Amounts due
and unpaid as of such Distribution Date. The repurchase price for any Series
2001-1 Note shall equal the aggregate outstanding principal balance of such
Series 2001-1 Note (determined after giving effect to any payments of principal
and interest on such Distribution Date), plus accrued and unpaid interest on
such outstanding principal balance.

            Section 6.2 INFORMATION. The Trustee shall provide to the Series
2001-1 Noteholders, or their designated agent, and the Surety Provider copies of
all information furnished to the Trustee or AFC-II pursuant to the Related
Documents, as such information relates to the Series 2001-1 Notes or the Series
2001-1 Collateral. In connection with any Preference Amount payable under the
Surety Bond, the Trustee shall furnish to the Surety Provider its records
evidencing the distributions of principal of and interest on the Series 2001-1
Notes that have been made and subsequently recovered from Series 2001-1
Noteholders and the dates on which such payments were made.

            Section 6.3 EXHIBITS. The following exhibits attached hereto
supplement the exhibits included in the Indenture.

EXHIBIT A-1:    Form of Restricted Global Series 2001-1 Note
EXHIBIT A-2:    Form of Temporary Global Series 2001-1 Note
EXHIBIT A-3:    Form of Permanent Global Series 2001-1 Note


                                      -40-
<Page>

EXHIBIT B:      Form of Consent
EXHIBIT C:      Form of Series 2001-1 Demand Note
EXHIBIT D:      Form of Letter of Credit
EXHIBIT E:      Form of Lease Payment Deficit Notice
EXHIBIT F:      Form of Demand Notice

            Section 6.4 RATIFICATION OF BASE INDENTURE. As supplemented by this
Supplement, the Base Indenture is in all respects ratified and confirmed and the
Base Indenture as so supplemented by this Supplement shall be read, taken, and
construed as one and the same instrument.

            Section 6.5 COUNTERPARTS. This 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 6.6 GOVERNING LAW. This Supplement shall be construed in
accordance with the law of the State of New York (without giving effect to the
provisions thereof regarding conflicts of laws), and the obligations, rights and
remedies of the parties hereto shall be determined in accordance with such law.

            Section 6.7 AMENDMENTS. This Supplement may be modified or amended
from time to time with the consent of the Surety Provider and in accordance with
the terms of the Base Indenture; PROVIDED, HOWEVER, that if, pursuant to the
terms of the Base Indenture or this Supplement, the consent of the Required
Noteholders is required for an amendment or modification of this Supplement,
such requirement shall be satisfied if such amendment or modification is
consented to by the Series 2001-1 Noteholders representing more than 50% of the
aggregate outstanding principal amount of the Series 2001-1 Notes affected
thereby.

            Section 6.8 DISCHARGE OF INDENTURE. Notwithstanding anything to the
contrary contained in the Base Indenture, no discharge of the Indenture pursuant
to Section 11.1(b) of the Base Indenture will be effective as to the Series
2001-1 Notes without the consent of the Required Noteholders.

            Section 6.9 NOTICE TO SURETY PROVIDER AND RATING AGENCIES. The
Trustee shall provide to the Surety Provider and each Rating Agency a copy of
each notice, opinion of counsel, certificate or other item delivered to, or
required to be provided by, the Trustee pursuant to this Supplement or any other
Related Document. Each such opinion of counsel shall be addressed to the Surety
Provider, shall be from counsel reasonably acceptable to the Surety Provider and
shall be in form and substance reasonably acceptable to the Surety Provider. All
such notices, opinions, certificates or other items delivered to the Surety
Provider shall be forwarded to MBIA Insurance Corporation, 113 King Street,
Armonk, New York, 10504, Attention: Insured Portfolio Management - SF, telecopy:
(914) 765-3810; confirmation: (914) 765-3781.

            Section 6.10 CERTAIN RIGHTS OF SURETY PROVIDER. The Surety Provider
shall be deemed to be an Enhancement Provider entitled to receive confirmation
of the rating on the Series 2001-1 Notes (without regard to the Surety Bond)
pursuant to the definition of "Rating


                                      -41-
<Page>

Agency Confirmation Condition." In addition, the Surety Provider shall be deemed
to be an Enhancement Provider entitled to exercise the consent rights described
in clause (ii) of the definition of "Rating Agency Consent Condition."

            Section 6.11 SURETY PROVIDER DEEMED NOTEHOLDER AND SECURED PARTY.
Except for any period during which a Surety Default is continuing, the Surety
Provider shall be deemed to be the holder of 100% of the Series 2001-1 Notes for
the purposes of giving any consents, waivers, approvals, instructions,
directions, requests, declarations and/or notices pursuant to the Base Indenture
and this Supplement. Any reference in the Base Indenture or the Related
Documents (including, without limitation, in Sections 2.3, 8.14, 9.1, 9.2 or
12.1 of the Base Indenture) to materially, adversely, or detrimentally affecting
the rights or interests of the Noteholders, or words of similar meaning, shall
be deemed, for purposes of the Series 2001-1 Notes, to refer to the rights or
interests of the Surety Provider. The Surety Provider shall constitute an
"Enhancement Provider" with respect to the Series 2001-1 Notes for all purposes
under the Indenture and the other Related Documents. Furthermore, the Surety
Provider shall be deemed to be a "Secured Party" under the Base Indenture and
the Related Documents to the extent of amounts payable to the Surety Provider
pursuant to this Supplement and the Insurance Agreement shall constitute an
"Enhancement Agreement" with respect to the Series 2001-1 Notes for all purposes
under the Indenture and the Related Documents. Moreover, wherever in the Related
Documents money or other property is assigned, conveyed, granted or held for, a
filing is made for, action is taken for or agreed to be taken for, or a
representation or warranty is made for the benefit of the Noteholders, the
Surety Provider shall be deemed to be the Noteholder with respect to 100% of the
Series 2001-1 Notes for such purposes.

            Section 6.12 CAPITALIZATION OF AFC-II. (a) AFC-II agrees that on the
Series 2001-1 Closing Date it will have capitalization in an amount equal to or
greater than 3% of the sum of (x) the Series 2001-1 Invested Amount and (y) the
invested amount of the Series 1997-1 Notes, Series 1998-1 Notes, Series 2000-1
Notes, Series 2000-2 Notes, Series 2000-3 Notes and the Series 2000-4 Notes.

            (b) AFC-II represents that, on the Series 2001-1 Closing Date, it
received capital contributions from (i) AESOP Leasing in the amount of
$73,500,000.00 and (ii) Original AESOP in the amount of $1,500,000.00.

            Section 6.13 SERIES 2001-1 REQUIRED NON-PROGRAM ENHANCEMENT
PERCENTAGE. AFC-II agrees that it will not make any Loan under any Loan
Agreement to finance the acquisition of any Vehicle by AESOP Leasing, AESOP
Leasing II or ARAC, as the case may be, if, after giving effect to the making of
such Loan, the acquisition of such Vehicle and the inclusion of such Vehicle
under the relevant Lease, the Series 2001-1 Required Non-Program Enhancement
Percentage would exceed 25.0%.

            Section 6.14 THIRD PARTY BENEFICIARY. The Surety Provider is an
express third party beneficiary of (i) the Base Indenture to the extent of
provisions relating to any Enhancement Provider and (ii) this Supplement.

            Section 6.15 PRIOR NOTICE BY TRUSTEE TO SURETY PROVIDER. Subject to
Section 10.1 of the Base Indenture, the Trustee agrees that, so long as no
Amortization Event shall have oc-


                                      -42-
<Page>

curred and be continuing with respect to any Series of Notes other than the
Series 2001-1 Notes, it shall not exercise any rights or remedies available to
it as a result of the occurrence of an Amortization Event with respect to the
Series 2001-1 Notes (except those set forth in clauses (f) and (g) of Article
III of this Supplement) or a Series 2001-1 Limited Liquidation Event of Default
until after the Trustee has given prior written notice thereof to the Surety
Provider and obtained the direction of the Required Noteholders with respect to
the Series 2001-1 Notes. The Trustee agrees to notify the Surety Provider
promptly following any exercise of rights or remedies available to it as a
result of the occurrence of any Amortization Event or a Series 2001-1 Limited
Liquidation Event of Default.

            Section 6.16 EFFECT OF PAYMENTS BY THE SURETY PROVIDER. (a) Anything
herein to the contrary notwithstanding, any distribution of principal of or
interest on the Series 2001-1 Notes that is made with moneys received pursuant
to the terms of the Surety Bond shall not (except for the purpose of calculating
the Principal Deficit Amount) be considered payment of the Series 2001-1 Notes
by AFC-II. The Trustee acknowledges that, without the need for any further
action on the part of the Surety Provider, (i) to the extent the Surety Provider
makes payments, directly or indirectly, on account of principal of or interest
on the Series 2001-1 Notes to the Trustee for the benefit of the Series 2001-1
Noteholders or to the Series 2001-1 Noteholders (including any Preference
Amounts as defined in the Surety Bond), the Surety Provider will be fully
subrogated to the rights of such Series 2001-1 Noteholders to receive such
principal and interest and will be deemed to the extent of the payments so made
to be a Series 2001-1 Noteholder and (ii) the Surety Provider shall be paid
principal and interest in its capacity as a Series 2001-1 Noteholder until all
such payments by the Surety Provider have been fully reimbursed, but only from
the sources and in the manner provided herein for the distribution of such
principal and interest and in each case only after the Series 2001-1 Noteholders
have received all payments of principal and interest due to them hereunder on
the related Distribution Date.

            Section 6.17 SERIES 2001-1 DEMAND NOTES. Other than pursuant to a
demand thereon pursuant to SECTION 2.5 of this Supplement, AFC-II shall not
reduce the amount of the Series 2001-1 Demand Notes or forgive amounts payable
thereunder so that the outstanding principal amount of the Series 2001-1 Demand
Notes after such reduction or forgiveness is less than the Series 2001-1 Letter
of Credit Liquidity Amount. AFC-II shall not agree to any amendment of the
Series 2001-1 Demand Notes without first satisfying the Rating Agency
Confirmation Condition and the Rating Agency Consent Condition.

            Section 6.18 SUBROGATION. In furtherance of and not in limitation of
the Surety Provider's equitable right of subrogation, each of the Trustee and
AFC-II acknowledge that, to the extent of any payment made by the Surety
Provider under the Surety Bond with respect to interest on or principal of the
Series 2001-1 Notes, including any Preference Amount, as defined in the Surety
Bond, the Surety Provider is to be fully subrogated to the extent of such
payment and any additional interest due on any late payment, to the rights of
the Series 2001-1 Noteholders under the Indenture. Each of AFC-II and the
Trustee agree to such subrogation and, further, agree to take such actions as
the Surety Provider may reasonably request in writing to evidence such
subrogation.

            Section 6.19 TERMINATION OF SUPPLEMENT. This Supplement shall cease
to be of


                                      -43-
<Page>

further effect when all outstanding Series 2001-1 Notes theretofore
authenticated and issued have been delivered (other than destroyed, lost, or
stolen Series 2001-1 Notes which have been replaced or paid) to the Trustee for
cancellation, AFC-II has paid all sums payable hereunder, the Surety Provider
has been paid all Surety Provider Fees and all other Surety Provider
Reimbursement Amounts due under the Insurance Agreement and, if the Series
2001-1 Demand Note Payment Amount on the Series 2001-1 Letter of Credit
Termination Date was greater than zero, all amounts have been withdrawn from the
Series 2001-1 Cash Collateral Account in accordance with SECTION 2.8(i) of this
Supplement.


                                      -44-
<Page>

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

                            AESOP FUNDING II L.L.C.

                            By: /s/ Dean A. Christiansen
                                -----------------------------------------------
                                Title: President


                            THE BANK OF NEW YORK (as successor in
                              interest to the corporate trust administration of
                              Harris Trust and Savings Bank), as Trustee

                            By: /s/ Courtney A. Bartholomew
                                -----------------------------------------------
                                Title: Vice President


                            THE BANK OF NEW YORK, as Series 2001-1
                              Agent

                            By: /s/ Courtney A. Bartholomew
                                -----------------------------------------------
                                Title: Vice President
<Page>

                                                                      A-1
                                                                       to
                                                                  SERIES 2001-1
                                                                   SUPPLEMENT

                  FORM OF RESTRICTED GLOBAL SERIES 2001-1 NOTE

REGISTERED                                                       $___________(1)
No. R-_____

                       SEE REVERSE FOR CERTAIN CONDITIONS

                          CUSIP (CINS) NO. 00103R AJ 5

            THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED (THE "SECURITIES ACT") OR ANY STATE SECURITIES OR "BLUE SKY"
LAWS. THE HOLDER HEREOF, BY PURCHASING THIS SERIES 2001-1 NOTE, AGREES FOR THE
BENEFIT OF AESOP FUNDING II L.L.C. (THE "COMPANY") THAT THIS SERIES 2001-1 NOTE
IS BEING ACQUIRED FOR ITS OWN ACCOUNT AND NOT WITH A VIEW TO DISTRIBUTION AND
MAY BE RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (1) TO THE COMPANY (UPON
REDEMPTION THEREOF OR OTHERWISE), (2) TO A PERSON THE TRANSFEROR REASONABLY
BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE
SECURITIES ACT) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (3)
OUTSIDE THE UNITED STATES TO A NON-U.S. PERSON (AS SUCH TERM IS DEFINED IN
REGULATION S OF THE SECURITIES ACT) IN A TRANSACTION IN COMPLIANCE WITH
REGULATION S OF THE SECURITIES ACT, OR (4) IN A TRANSACTION COMPLYING WITH OR
EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN
ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES
OR ANY OTHER JURISDICTION. EACH SUCH TRANSFER SHALL BE IN ACCORDANCE WITH THE
BASE INDENTURE, ANY APPLICABLE SUPPLEMENT AND ALL APPLICABLE SECURITIES LAWS.
THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER
FROM IT OF THE RESALE RESTRICTIONS SET FORTH ABOVE.

----------
(1)   Denominations of $1,000,000 and integral multiples of $200,000.
<Page>
                                                                             A-1
                                                                               2


            EXCEPT AS OTHERWISE PROVIDED IN SECTION 2.9 OF THE BASE INDENTURE,
THIS SERIES 2001-1 NOTE MAY BE TRANSFERRED, IN WHOLE BUT NOT IN PART, ONLY TO
ANOTHER NOMINEE OF THE CLEARING AGENCY OR TO A SUCCESSOR CLEARING AGENCY OR TO A
NOMINEE OF SUCH SUCCESSOR CLEARING AGENCY. UNLESS THIS SERIES 2001-1 NOTE IS
PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW
YORK CORPORATION ("DTC"), TO AESOP FUNDING II L.L.C. OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SERIES 2001-1 NOTE ISSUED
IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

            THE PRINCIPAL OF THIS SERIES 2001-1 NOTE IS PAYABLE IN INSTALLMENTS
AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS
SERIES 2001-1 NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE
HEREOF.

                             AESOP FUNDING II L.L.C.

                   FLOATING RATE RENTAL CAR ASSET BACKED NOTES

            AESOP FUNDING II L.L.C., a Delaware limited liability company
(herein referred to as the "Company"), for value received, hereby promises to
pay to Cede & Co., or registered assigns, the principal sum of [ ] MILLION
DOLLARS, which amount shall be payable in the amounts and at the times set forth
in the Indenture, PROVIDED, HOWEVER, that the entire unpaid principal amount of
this Series 2001-1 Note shall be due on the Series 2001-1 Final Distribution
Date, which is the April 2005 Distribution Date. However, principal with respect
to the Series 2001-1 Notes may be paid earlier or later under certain limited
circumstances described in the Indenture. The Company will pay interest on this
Series 2001-1 Note at the Series 2001-1 Note Rate. Such interest shall be
payable on each Distribution Date until the principal of this Series 2001-1 Note
is paid or made available for payment. Interest on this Series 2001-1 Note will
accrue for each Distribution Date from the most recent Distribution Date on
which interest has been paid to but excluding such Distribution Date or, if no
interest has yet been paid, from March 2, 2001. Interest with respect to the
Series 2001-1 Notes will be calculated in the manner provided in the Indenture.
Such principal of and interest on this Series 2001-1 Note shall be paid in the
manner specified on the reverse hereof.

            The principal of and interest on this Series 2001-1 Note are payable
in such coin or currency of the United States of America as at the time of
payment is legal tender for payment of public and private debts. All payments
made by the Company with respect to this Series 2001-1 Note shall be applied
first to interest due and payable on this Series 2001-1 Note as
<Page>
                                                                             A-1
                                                                               3


provided above and then to the unpaid principal of this Series 2001-1 Note. This
Series 2001-1 Note does not represent an interest in, or an obligation of
Original AESOP, AESOP Leasing, AESOP Leasing II, AFC, AGH, ARAC or any affiliate
of Original AESOP, AESOP Leasing, AESOP Leasing II, AFC, AGH, ARAC other than
the Company.

            Interests in this Note are exchangeable or transferable in whole or
in part for interests in a Restricted Global Note if this Note is a Temporary
Global Note, or for interests in a Temporary Global Note or a Permanent Global
Note if this Note is a Restricted Global Note (each as defined in the Base
Indenture), in each case of the same Series, provided that such transfer or
exchange complies with Article 2 of the Base Indenture. Interests in this Note
may be exchangeable in whole or in part for duly executed and issued definitive
registered Notes if so provided in Article 2 of the Base Indenture, with the
applicable legends as marked therein, subject to the provisions of the Base
Indenture.

            Reference is made to the further provisions of this Series 2001-1
Note set forth on the reverse hereof, which shall have the same effect as though
fully set forth on the face of this Series 2001-1 Note. Although a summary of
certain provisions of the Indenture are set forth below and on the reverse
hereof and made a part hereof, this Series 2001-1 Note does not purport to
summarize the Indenture and reference is made to the Indenture for information
with respect to the interests, rights, benefits, obligations, proceeds and
duties evidenced hereby and the rights, duties and obligations of AESOP Leasing,
AESOP Leasing II, ARAC and the Trustee. A copy of the Indenture may be requested
from the Trustee by writing to the Trustee at: The Bank of New York, c/o BNY
Midwest Trust Company, 2 North LaSalle Street, 10th Floor, Chicago, Illinois
60602. To the extent not defined herein, the capitalized terms used herein have
the meanings ascribed to them in the Indenture.

            Unless the certificate of authentication hereon has been executed by
the Trustee whose name appears below by manual signature, this Series 2001-1
Note shall not be entitled to any benefit under the Indenture referred to on the
reverse hereof, or be valid or obligatory for any purpose.
<Page>
                                                                             A-1
                                                                               4


            IN WITNESS WHEREOF, the Company has caused this instrument to be
signed, manually or in facsimile, by its Authorized Officer.

Date:_________

                                           AESOP FUNDING II L.L.C.


                                           By___________________________________
                                             Name:
                                             Title:

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

            This is one of the Series 2001-1 Notes issued under the
within-mentioned Indenture.

                                           THE BANK OF NEW YORK, as Trustee


                                           By___________________________________
                                             Authorized Signatory
<Page>
                                                                             A-1
                                                                               5


                         [REVERSE OF SERIES 2001-1 NOTE]

            This Series 2001-1 Note is one of a duly authorized issue of Series
2001-1 Notes of the Company, designated as its Floating Rate Rental Car Asset
Backed Notes (herein called the "Series 2001-1-Notes"), all issued under (i) an
Amended and Restated Base Indenture dated as of July 30, 1997 (such Base
Indenture, as amended, supplemented or modified, is herein called the "Base
Indenture"), between the Company and The Bank of New York as successor in
interest to the corporate trust administration of Harris Trust and Savings Bank,
as trustee (the "Trustee", which term includes any successor Trustee under the
Base Indenture), and (ii) a Series 2001-1 Supplement dated as of March 2, 2001
(the "Series 2001-1 Supplement") among the Company, the Trustee and The Bank of
New York, as Series 2001-1 Agent. The Base Indenture and the Series 2001-1
Supplement are referred to herein as the "Indenture" The Series 2001-1 Notes are
subject to all terms of the Indenture. All terms used in this Series 2001-1 Note
that are defined in the Indenture, as supplemented or amended, shall have the
meanings assigned to them in or pursuant to the Indenture, as so supplemented or
amended.

            The Series 2001-1 Notes are and will be equally and ratably secured
by the Series 2001-1 Collateral pledged as security therefor as provided in the
Indenture.

            Principal of the Series 2001-1 Notes will be payable on each
Distribution Date specified in and in the amounts described in the Indenture.
"Distribution Date" means the 20th day of each month, or, if any such date is
not a Business Day, the next succeeding Business Day, commencing March 20, 2001.

            Commencing on the Distribution Date following the second
Determination Date during the Series 2001-1 Controlled Amortization Period or
the first Determination Date after the commencement of the Series 2001-1 Rapid
Amortization Period, payments with respect to principal will be made on the
Series 2001-1 Notes. As described above, the entire unpaid principal amount of
this Series 2001-1 Note shall be due and payable on the Series 2001-1 Final
Distribution Date. Notwithstanding the foregoing, if an Amortization Event,
Liquidation Event of Default, Waiver Event or Series 2001-1 Limited Liquidation
Event of Default shall have occurred and be continuing then, in certain
circumstances, principal on the Series 2001-1 Notes may be paid earlier, as
described in the Indenture. All principal payments on the Series 2001-1 Notes
shall be made PRO RATA to the Noteholders entitled thereto.

            Payments of interest on this Series 2001-1 Note due and payable on
each Distribution Date, together with the installment of principal then due, if
any, to the extent not in full payment of this Series 2001-1 Note, shall be made
by wire transfer for credit to the account designated by the Holder of record of
this Series 2001-1 Note (or one or more predecessor Series 2001-1 Notes) on the
Note Register as of the close of business on each Record Date, except that with
respect to Series 2001-1 Notes registered on the Record Date in the name of the
nominee of the Clearing Agency (initially, such nominee to be Cede & Co.),
payments will be made by wire transfer in immediately available funds to the
account designated by such nominee. Any reduction in the principal amount of
this Series 2001-1 Note (or any one or more predecessor Series 2001-1 Notes)
effected by any payments made on any Distribution Date shall be binding
<Page>
                                                                             A-1
                                                                               6


upon all future Holders of this Series 2001-1 Note and of any Series 2001-1 Note
issued upon the registration of transfer hereof or in exchange hereof or in lieu
hereof, whether or not noted thereon.

            The Company shall pay interest on overdue installments of interest
at the Series 2001-1 Note Rate to the extent lawful.

            As provided in the Indenture, the Series 2001-1 Notes may be
redeemed, in whole, but not in part, at the option of the Company on any
Distribution Date if on such Distribution Date the Series 2001-1 Invested Amount
is less than or equal to 10% of the Series 2001-1 Initial Invested Amount. The
purchase price for such repurchase of the Series 2001-1 Notes shall equal the
aggregate outstanding principal balance of such Series 2001-1 Notes (determined
after giving effect to any payment of principal and interest on such
Distribution Date), plus accrued and unpaid interest on such outstanding Series
2001-1 Invested Amount.

            As provided in the Indenture and subject to certain limitations set
forth therein, the transfer of this Series 2001-1 Note may be registered on the
Note Register upon surrender of this Series 2001-1 Note for registration of
transfer at the office or agency designated by the Company pursuant to the
Indenture, duly endorsed by, or accompanied by a written instrument of transfer
in form satisfactory to the Trustee duly executed by, the Holder hereof or his
attorney duly authorized in writing, with such signature guaranteed by an
"Eligible Guarantor Institution" (as defined in Rule 17Ad-15 under the Exchange
Act), and such other documents as the Trustee may reasonably require, and
thereupon one or more new Series 2001-1 Notes of authorized denominations in the
same aggregate principal amount will be issued to the designated transferee or
transferees. No service charge will be charged for any registration of transfer
or exchange of this Series 2001-1 Note, but the transferor may be required to
pay a sum sufficient to cover any tax or other governmental charge that may be
imposed in connection with any such registration of transfer or exchange.

            Each Noteholder or Note Owner by acceptance of a Series 2001-1 Note
or, in the case of a Note Owner, a beneficial interest in a Series 2001-1 Note,
covenants and agrees that no recourse may be taken, directly or indirectly, with
respect to the obligations of the Company, AESOP Leasing, AESOP Leasing II, ARAC
or the Trustee on the Series 2001-1 Notes or under the Indenture or any
certificate or other writing delivered in connection therewith, against (i) the
Trustee, AESOP Leasing, AESOP Leasing II or ARAC in its individual capacity,
(ii) any owner of a beneficial interest in the Company or (iii) any partner,
owner, beneficiary, agent, officer, director or employee of the Trustee, AESOP
Leasing, AESOP Leasing II or ARAC in its individual capacity, any holder of a
beneficial interest in the Company, AESOP Leasing, AESOP Leasing II, ARAC or the
Trustee or of any successor or assign of the Trustee, AESOP Leasing, AESOP
Leasing II or ARAC in its individual capacity, except (a) as any such Person may
have expressly agreed and (b) any such partner, owner or beneficiary shall be
fully liable, to the extent provided by applicable law, for any unpaid
consideration for stock, unpaid capital contribution or failure to pay any
installment or call owing to such entity; PROVIDED, HOWEVER, that nothing
contained herein shall be taken to prevent recourse to, and enforcement against,
the assets of the
<Page>
                                                                             A-1
                                                                               7


Company for any and all liabilities, obligations and undertakings contained in
the Indenture or in this Series 2001-1 Note, subject to Section 13.18 of the
Base Indenture.

            Each Noteholder or Note Owner, by acceptance of a Note or, in the
case of a Note Owner, a beneficial interest in a Note, covenants and agrees that
by accepting the benefits of the Indenture that such Noteholder will not for a
period of one year and one day following payment in full of all Notes institute
against the Company, or join in any institution against the Company of, any
bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings
under any United States Federal or state bankruptcy or similar law in connection
with any obligations relating to the Notes, the Indenture or the Related
Documents.

            Prior to the due presentment for registration of transfer of this
Series 2001-1 Note, the Company, the Trustee and any agent of the Company or the
Trustee may treat the Person in whose name this Series 2001-1 Note (as of the
day of determination or as of such other date as may be specified in the
Indenture) is registered as the owner hereof for all purposes, whether or not
this Series 2001-1 Note be overdue, and neither the Company, the Trustee nor any
such agent shall be affected by notice to the contrary.

            It is the intent of the Company, each Noteholder and each Note Owner
that, for Federal, state and local income and franchise tax purposes only, the
Series 2001-1 Notes will evidence indebtedness of the Company secured by the
Series 2001-1 Collateral. Each Noteholder and each Note Owner, by the acceptance
of this Series 2001-1 Note, agrees to treat this Series 2001-1 Note for Federal,
state and local income and franchise tax purposes as indebtedness of the
Company.

            The Indenture permits, with certain exceptions as therein provided,
the amendment thereof and the modification of the rights and obligations of the
Company and the rights of the Holders of the Series 2001-1 Notes under the
Indenture at any time by the Company with the consent of the Holders of Series
2001-1 Notes representing more than 50% in principal amount of the aggregate
outstanding amount of the Series 2001-1 Notes which are affected by such
amendment or modification. The Indenture also contains provisions permitting the
Holders of Series 2001-1 Notes representing specified percentages of the
aggregate outstanding amount of the Series 2001-1 Notes, on behalf of the
Holders of all the Series 2001-1 Notes, to waive compliance by the Company with
certain provisions of the Indenture and certain past defaults under the
Indenture and their consequences. Any such consent or waiver by the Holder of
this Series 2001-1 Note (or any one of more predecessor Series 2001-1 Notes)
shall be conclusive and binding upon such Holder and upon all future Holders of
this Series 2001-1 Note and of any Series 2001-1 Note issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof whether
or not notation of such consent or waiver is made upon this Series 2001-1 Note.
The Indenture also permits the Trustee to amend or waive certain terms and
conditions set forth in the Indenture without the consent of Holders of the
Series 2001-1 Notes issued thereunder.

            The term "Company" as used in this Series 2001-1 Note includes any
successor to the Company under the Indenture.
<Page>
                                                                             A-1
                                                                               8


            The Series 2001-1 Notes are issuable only in registered form in
denominations as provided in the Indenture, subject to certain limitations set
forth therein.

            This Series 2001-1 Note and the Indenture shall be construed in
accordance with the law of the State of New York, without reference to its
conflict of law provisions, and the obligations, rights and remedies of the
parties hereunder and thereunder shall be determined in accordance with such
law.

            No reference herein to the Indenture and no provision of this Series
2001-1 Note or of the Indenture shall alter or impair the obligation of the
Company, which is absolute and unconditional, to pay the principal of and
interest on this Series 2001-1 Note at the times, place, and rate, and in the
coin or currency herein prescribed.

            Interests in this Restricted Global Note may be exchanged for
            Definitive Notes, subject to the provisions of the Indenture.
<Page>
                                                                             A-1
                                                                               9


                                   ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee

______________________

      FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto

________________________________________________________________________________
                         (name and address of assignee)

the within Series 2001-1 Note and all rights thereunder, and hereby irrevocably
constitutes and appoints _________________________, attorney, to transfer said
Series 2001-1 Note on the books kept for registration thereof, with full power
of substitution in the premises.

Dated: ____________

                                     By_____________________________________ (2)

                                     Signature Guaranteed:

                                     ___________________________________________

                                     ___________________________________________

----------
(2)   NOTE: The signature to this assignment must correspond with the name of
      the registered owner as it appears on the face of the within Note, without
      alteration, enlargement or any change whatsoever.
<Page>

                                                                       A-2
                                                                        to
                                                                   SERIES 2001-1
                                                                    SUPPLEMENT

                   FORM OF TEMPORARY GLOBAL SERIES 2001-1 NOTE

REGISTERED                                                       $___________(3)

No. R-

                       SEE REVERSE FOR CERTAIN CONDITIONS

                                                    CUSIP (CINS) NO. 00081G AH 6
                                                           ISIN NO. USU0081GAH66

            THIS NOTE IS A TEMPORARY GLOBAL NOTE, WITHOUT COUPONS, EXCHANGEABLE
FOR A PERMANENT GLOBAL NOTE WHICH IS, UNDER CERTAIN CIRCUMSTANCES, IN TURN,
EXCHANGEABLE FOR DEFINITIVE NOTES WITHOUT COUPONS. THE RIGHTS ATTACHING TO THIS
TEMPORARY GLOBAL NOTE, AND THE CONDITIONS AND PROCEDURES GOVERNING ITS EXCHANGE,
ARE AS SPECIFIED IN THE INDENTURE (AS DEFINED HEREIN).

            THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED (THE "SECURITIES ACT") OR ANY STATE SECURITIES OR "BLUE SKY"
LAWS. THE HOLDER HEREOF, BY PURCHASING THIS SERIES 2001-1 NOTE, AGREES FOR THE
BENEFIT OF AESOP FUNDING II L.L.C. (THE "COMPANY") THAT THIS SERIES 2001-1 NOTE
IS BEING ACQUIRED FOR ITS OWN ACCOUNT AND NOT WITH A VIEW TO DISTRIBUTION AND
MAY BE RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (1) TO THE COMPANY (UPON
REDEMPTION THEREOF OR OTHERWISE), (2) TO A PERSON THE TRANSFEROR REASONABLY
BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE
SECURITIES ACT) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (3)
OUTSIDE THE UNITED STATES TO A NON-U.S. PERSON (AS SUCH TERM IS DEFINED IN
REGULATION S OF THE SECURITIES ACT) IN A TRANSACTION IN COMPLIANCE WITH
REGULATION S OF THE SECURITIES ACT, OR (4) IN A TRANSACTION COMPLYING WITH OR
EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN
ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES
OR ANY OTHER JURISDICTION. EACH SUCH TRANSFER SHALL BE IN ACCORDANCE

----------
(3)   Denominations of $1,000,000 and integral multiples of $200,000.
<Page>
                                                                             A-2
                                                                               2


WITH THE BASE INDENTURE, ANY APPLICABLE SUPPLEMENT AND ALL APPLICABLE SECURITIES
LAWS. THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY
PURCHASER FROM IT OF THE RESALE RESTRICTIONS SET FORTH ABOVE.

            EXCEPT AS OTHERWISE PROVIDED IN SECTION 2.9 OF THE BASE INDENTURE,
THIS SERIES 2001-1 NOTE MAY BE TRANSFERRED, IN WHOLE BUT NOT IN PART, ONLY TO
ANOTHER NOMINEE OF THE CLEARING AGENCY OR TO A SUCCESSOR CLEARING AGENCY OR TO A
NOMINEE OF SUCH SUCCESSOR CLEARING AGENCY. UNLESS THIS SERIES 2001-1 NOTE IS
PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW
YORK CORPORATION ("DTC"), TO AESOP FUNDING II L.L.C. OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SERIES 2001-1 NOTE ISSUED
IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

            THE PRINCIPAL OF THIS SERIES 2001-1 NOTE IS PAYABLE IN INSTALLMENTS
AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS
SERIES 2001-1 NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE
HEREOF.

            INTERESTS IN THIS TEMPORARY GLOBAL NOTE MAY ONLY BE HELD BY NON-U.S.
PERSONS AS SUCH TERM IS DEFINED IN REGULATION S OF THE SECURITIES ACT OF 1933,
AS AMENDED, AND MAY ONLY BE HELD IN BOOK-ENTRY FORM THROUGH EUROCLEAR OR
CLEARSTREAM.

                             AESOP FUNDING II L.L.C.

                   FLOATING RATE RENTAL CAR ASSET BACKED NOTES

            AESOP FUNDING II L.L.C., a Delaware limited liability company
(herein referred to as the "COMPANY"), for value received, hereby promises to
pay to Cede & Co., or registered assigns, the principal sum of [_____] MILLION
DOLLARS (or such lesser amount as shall be the outstanding principal amount of
this Temporary Global Note shown in Schedule A hereto), which amount shall be
payable in the amounts and at the times set forth in the Indenture, PROVIDED,
HOWEVER, that the entire unpaid principal amount of this Series 2001-1 Note
shall be due on the Series 2001-1 Final Distribution Date, which is the April
2005 Distribution Date. However, principal with respect to the Series 2001-1
Notes may be paid earlier or later under certain limited circumstances described
in the Indenture. The Company will pay interest on this Series 2001-1 Note at
the Series 2001-1 Note Rate. Such interest shall be payable on each
<Page>
                                                                             A-2
                                                                               3


Distribution Date until the principal of this Series 2001-1 Note is paid or made
available for payment. Interest on this Series 2001-1 Note will accrue for each
Distribution Date from the most recent Distribution Date on which interest has
been paid to but excluding such Distribution Date or, if no interest has yet
been paid, from March 2, 2001. Interest with respect to the Series 2001-1 Notes
will be calculated in the manner provided in the Indenture. Such principal of
and interest on this Series 2001-1 Note shall be paid in the manner specified on
the reverse hereof.

            The principal of and interest on this Series 2001-1 Note are payable
in such coin or currency of the United States of America as at the time of
payment is legal tender for payment of public and private debts. All payments
made by the Company with respect to this Series 2001-1 Note shall be applied
first to interest due and payable on this Series 2001-1 Note as provided above
and then to the unpaid principal of this Series 2001-1 Note. This Series 2001-1
Note does not represent an interest in, or an obligation of Original AESOP,
AESOP Leasing, AESOP Leasing II, AFC, AGH, ARAC or any affiliate of Original
AESOP, AESOP Leasing, AESOP Leasing II, AFC, AGH, ARAC other than the Company.

            Interests in this Note are exchangeable or transferable in whole or
in part for interests in a Restricted Global Note if this Note is a Temporary
Global Note, or for interests in a Temporary Global Note or a Permanent Global
Note if this Note is a Restricted Global Note (each as defined in the Base
Indenture), in each case of the same Series, provided that such transfer or
exchange complies with Article 2 of the Base Indenture. Interests in this Note
may be exchangeable in whole or in part for duly executed and issued definitive
registered Notes if so provided in Article 2 of the Base Indenture, with the
applicable legends as marked therein, subject to the provisions of the Base
Indenture.

            Reference is made to the further provisions of this Series 2001-1
Note set forth on the reverse hereof, which shall have the same effect as though
fully set forth on the face of this Series 2001-1 Note. Although a summary of
certain provisions of the Indenture are set forth below and on the reverse
hereof and made a part hereof, this Series 2001-1 Note does not purport to
summarize the Indenture and reference is made to the Indenture for information
with respect to the interests, rights, benefits, obligations, proceeds and
duties evidenced hereby and the rights, duties and obligations of AESOP Leasing,
AESOP Leasing II, ARAC and the Trustee. A copy of the Indenture may be requested
from the Trustee by writing to the Trustee at: The Bank of New York, c/o BNY
Midwest Trust Company, 2 North LaSalle Street, 10th Floor, Chicago, Illinois
60602. To the extent not defined herein, the capitalized terms used herein have
the meanings ascribed to them in the Indenture.

            Unless the certificate of authentication hereon has been executed by
the Trustee whose name appears below by manual signature, this Series 2001-1
Note shall not be entitled to any benefit under the Indenture referred to on the
reverse hereof, or be valid or obligatory for any purpose.
<Page>
                                                                             A-2
                                                                               4


            IN WITNESS WHEREOF, the Company has caused this instrument to be
signed, manually or in facsimile, by its Authorized Officer.

Date: ____________________

                                        AESOP FUNDING II L.L.C.


                                        By______________________________________
                                          Name:
                                          Title:

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

            This is one of the Series 2001-1 Notes issued under the
within-mentioned Indenture.

                                        THE BANK OF NEW YORK, as Trustee


                                        By______________________________________
                                          Authorized Signatory
<Page>
                                                                             A-2
                                                                               5


                         [REVERSE OF SERIES 2001-1 NOTE]

            This Series 2001-1 Note is one of a duly authorized issue of Series
2001-1 Notes of the Company, designated as its Floating Rate Rental Car Asset
Backed Notes, (herein called the "SERIES 2001-1 NOTES"), all issued under (i) an
Amended and Restated Base Indenture dated as of July 30, 1997 (such Base
Indenture, as amended or modified, is herein called the "BASE INDENTURE"),
between the Company and The Bank of New York as successor in interest to the
corporate trust administration of Harris Trust and Savings Bank, as trustee (the
"TRUSTEE", which term includes any successor Trustee under the Base Indenture),
and (ii) a Series 2001-1 Supplement dated as of March 2, 2001 (the "SERIES
2001-1 SUPPLEMENT") among the Company, the Trustee and The Bank of New York, as
Series 2001-1 Agent. The Base Indenture and the Series 2001-1 Supplement are
referred to herein as the "INDENTURE". The Series 2001-1 Notes are subject to
all terms of the Indenture. All terms used in this Series 2001-1 Note that are
defined in the Indenture, as supplemented or amended, shall have the meanings
assigned to them in or pursuant to the Indenture, as so supplemented or amended.

            The Series 2001-1 Notes are and will be equally and ratably secured
by the Series 2001-1 Collateral pledged as security therefor as provided in the
Indenture.

            Principal of the Series 2001-1 Notes will be payable on each
Distribution Date specified in and in the amounts described in the Indenture.
"DISTRIBUTION DATE" means the 20th day of each month, or, if any such date is
not a Business Day, the next succeeding Business Day, commencing March 20, 2001.

            Commencing on the Distribution Date following the second
Determination Date during the Series 2001-1 Controlled Amortization Period or
the first Determination Date after the commencement of the Series 2001-1 Rapid
Amortization Period, payments with respect to principal will be made on the
Series 2001-1 Notes. As described above, the entire unpaid principal amount of
this Series 2001-1 Note shall be due and payable on the Series Final
Distribution Date. Notwithstanding the foregoing, if an Amortization Event,
Liquidation Event of Default, Waiver Event or Series 2001-1 Limited Liquidation
Event of Default shall have occurred and be continuing then, in certain
circumstances, principal on the Series 2001-1 Notes may be paid earlier, as
described in the Indenture. All principal payments on the Series 2001-1 Notes
shall be made PRO RATA to the Noteholders entitled thereto.

            Payments of interest on this Series 2001-1 Note due and payable on
each Distribution Date, together with the installment of principal then due, if
any, to the extent not in full payment of this Series 2001-1 Note, shall be made
by wire transfer for credit to the account designated by the Holder of record of
this Series 2001-1 Note (or one or more predecessor Series 2001-1 Notes) on the
Note Register as of the close of business on each Record Date, except that with
respect to Series 2001-1 Notes registered on the Record Date in the name of the
nominee of the Clearing Agency (initially, such nominee to be Cede & Co.),
payments will be made by wire transfer in immediately available funds to the
account designated by such nominee. Any reduction in the principal amount of
this Series 2001-1 Note (or any one or more predecessor Series 2001-1 Notes)
effected by any payments made on any Distribution Date shall be binding
<Page>
                                                                             A-2
                                                                               6


upon all future Holders of this Series 2001-1 Note and of any Series 2001-1 Note
issued upon the registration of transfer hereof or in exchange hereof or in lieu
hereof, whether or not noted thereon.

            The Company shall pay interest on overdue installments of interest
at the Series 2001-1 Note Rate to the extent lawful.

            As provided in the Indenture, the Series 2001-1 Notes may be
redeemed, in whole, but not in part, at the option of the Company on any
Distribution Date if on such Distribution Date the Series 2001-1 Invested Amount
is less than or equal to 10% of the Series 2001-1 Initial Invested Amount. The
purchase price for such repurchase of the Series 2001-1 Notes shall equal the
aggregate outstanding principal balance of such Series 2001-1 Notes (determined
after giving effect to any payment of principal and interest on such
Distribution Date), PLUS accrued and unpaid interest on such outstanding Series
2001-1 Invested Amount.

            As provided in the Indenture and subject to certain limitations set
forth therein, the transfer of this Series 2001-1 Note may be registered on the
Note Register upon surrender of this Series 2001-1 Note for registration of
transfer at the office or agency designated by the Company pursuant to the
Indenture, duly endorsed by, or accompanied by a written instrument of transfer
in form satisfactory to the Trustee duly executed by, the Holder hereof or his
attorney duly authorized in writing, with such signature guaranteed by an
"Eligible Guarantor Institution" (as defined in Rule 17Ad-15 under the Exchange
Act), and such other documents as the Trustee may reasonably require, and
thereupon one or more new Series 2001-1 Notes of authorized denominations in the
same aggregate principal amount will be issued to the designated transferee or
transferees. No service charge will be charged for any registration of transfer
or exchange of this Series 2001-1 Note, but the transferor may be required to
pay a sum sufficient to cover any tax or other governmental charge that may be
imposed in connection with any such registration of transfer or exchange.

            Each Noteholder or Note Owner by acceptance of a Series 2001-1 Note
or, in the case of a Note Owner, a beneficial interest in a Series 2001-1 Note,
covenants and agrees that no recourse may be taken, directly or indirectly, with
respect to the obligations of the Company, AESOP Leasing, AESOP Leasing II, ARAC
or the Trustee on the Series 2001-1 Notes or under the Indenture or any
certificate or other writing delivered in connection therewith, against (i) the
Trustee, AESOP Leasing, AESOP Leasing II or ARAC in its individual capacity,
(ii) any owner of a beneficial interest in the Company or (iii) any partner,
owner, beneficiary, agent, officer, director or employee of the Trustee, AESOP
Leasing, AESOP Leasing II or ARAC in its individual capacity, any holder of a
beneficial interest in the Company, AESOP Leasing, AESOP Leasing II, ARAC or the
Trustee or of any successor or assign of the Trustee, AESOP Leasing, AESOP
Leasing II or ARAC in its individual capacity, except (a) as any such Person may
have expressly agreed and (b) any such partner, owner or beneficiary shall be
fully liable, to the extent provided by applicable law, for any unpaid
consideration for stock, unpaid capital contribution or failure to pay any
installment or call owing to such entity; PROVIDED, HOWEVER, that nothing
contained herein shall be taken to prevent recourse to, and enforcement against,
the assets of the
<Page>
                                                                             A-2
                                                                               7


Company for any and all liabilities, obligations and undertakings contained in
the Indenture or in this Series 2001-1 Note, subject to Section 13.18 of the
Base Indenture.

            Each Noteholder or Note Owner, by acceptance of a Note or, in the
case of a Note Owner, a beneficial interest in a Note, covenants and agrees that
by accepting the benefits of the Indenture that such Noteholder will not for a
period of one year and one day following payment in full of all Notes institute
against the Company, or join in any institution against the Company of, any
bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings
under any United States Federal or state bankruptcy or similar law in connection
with any obligations relating to the Notes, the Indenture or the Related
Documents.

            Prior to the due presentment for registration of transfer of this
Series 2001-1 Note, the Company, the Trustee and any agent of the Company or the
Trustee may treat the Person in whose name this Series 2001-1 Note (as of the
day of determination or as of such other date as may be specified in the
Indenture) is registered as the owner hereof for all purposes, whether or not
this Series 2001-1 Note be overdue, and neither the Company, the Trustee nor any
such agent shall be affected by notice to the contrary.

            It is the intent of the Company, each Noteholder and each Note Owner
that, for Federal, state and local income and franchise tax purposes only, the
Series 2001-1 Notes will evidence indebtedness of the Company secured by the
Series 2001-1 Collateral. Each Noteholder and each Note Owner, by the acceptance
of this Series 2001-1 Note, agrees to treat this Series 2001-1 Note for Federal,
state and local income and franchise tax purposes as indebtedness of the
Company.

            Each Holder of this Note shall provide to the Trustee at least
annually an appropriate statement (on Internal Revenue Service Form W-8 or
suitable substitute) with respect to United States federal income tax and
withholding tax, signed under penalties of perjury, certifying that the
beneficial owner of this Note is a non-U.S. person and providing the
Noteholder's name and address. If the information provided in the statement
changes, the Noteholder shall so inform the Trustee within 30 days of such
change.

            The Indenture permits, with certain exceptions as therein provided,
the amendment thereof and the modification of the rights and obligations of the
Company and the rights of the Holders of the Series 2001-1 Notes under the
Indenture at any time by the Company with the consent of the Holders of Series
2001-1 Notes representing more than 50% in principal amount of the aggregate
outstanding amount of the Series 2001-1 Notes which are affected by such
amendment or modification. The Indenture also contains provisions permitting the
Holders of Series 2001-1 Notes representing specified percentages of the
aggregate outstanding amount of the Series 2001-1 Notes, on behalf of the
Holders of all the Series 2001-1 Notes, to waive compliance by the Company with
certain provisions of the Indenture and certain past defaults under the
Indenture and their consequences. Any such consent or waiver by the Holder of
this Series 2001-1 Note (or any one of more predecessor Series 2001-1 Notes)
shall be conclusive and binding upon such Holder and upon all future Holders of
this Series 2001-1 Note and of any Series 2001-1 Note issued upon the
registration of transfer hereof or in exchange hereof or in lieu
<Page>
                                                                             A-2
                                                                               8


hereof whether or not notation of such consent or waiver is made upon this
Series 2001-1 Note. The Indenture also permits the Trustee to amend or waive
certain terms and conditions set forth in the Indenture without the consent of
Holders of the Series 2001-1 Notes issued thereunder.

            The term "Company" as used in this Series 2001-1 Note includes any
successor to the Company under the Indenture.

            The Series 2001-1 Notes are issuable only in registered form in
denominations as provided in the Indenture, subject to certain limitations set
forth therein.

            This Series 2001-1 Note and the Indenture shall be construed in
accordance with the law of the State of New York, without reference to its
conflict of law provisions, and the obligations, rights and remedies of the
parties hereunder and thereunder shall be determined in accordance with such
law.

            No reference herein to the Indenture and no provision of this Series
2001-1 Note or of the Indenture shall alter or impair the obligation of the
Company, which is absolute and unconditional, to pay the principal of and
interest on this Series 2001-1 Note at the times, place, and rate, and in the
coin or currency herein prescribed.

            Prior to the Exchange Date (as defined below), payments (if any) on
this Temporary Global Note will only be paid to the extent that there is
presented by Clearstream Banking, societe anonyme ("CLEARSTREAM") or Euroclear
Bank S.A./N.A., as operator of the Euroclear System ("EUROCLEAR") to the Trustee
at its office in London a certificate, substantially in the form set out in
EXHIBIT B to the Base Indenture, to the effect that it has received from or in
respect of a person entitled to a Note (as shown by its records) a certificate
from such person in or substantially in the form of EXHIBIT C to the Base
Indenture. After the Exchange Date the holder of this Temporary Global Note will
not be entitled to receive any payment hereon, until this Temporary Global Note
is exchanged in full for a Permanent Global Note. This Temporary Global Note
shall in all other respects be entitled to the same benefits as the Permanent
Global Notes under the Indenture.

            On or after the date (the "EXCHANGE DATE") which is the date that is
the 40th day after the completion of the distribution of the relevant Series,
interests in this Temporary Global Note may be exchanged (free of charge) for
interests in a Permanent Global Note in the form of EXHIBIT A-3 to the Series
2001-1 Supplement upon presentation of this Temporary Global Note at the office
in London of the Trustee (or at such other place outside the United States of
America, its territories and possessions as the Trustee may agree). The
Permanent Global Note shall be so issued and delivered in exchange for only that
portion of this Temporary Global Note in respect of which there shall have been
presented to the Trustee by Euroclear or Clearstream a certificate,
substantially in the form set out in EXHIBIT B to the Base Indenture, to the
effect that it has received from or in respect of a person entitled to a Note
(as shown by its records) a certificate from such person in or substantially in
the form of EXHIBIT C to the Base Indenture.
<Page>
                                                                             A-2
                                                                               9


            On an exchange of the whole of this Temporary Global Note, this
Temporary Global Note shall be surrendered to the Trustee at its office in
London. On an exchange of part only of this Temporary Global Note, details of
such exchange shall be entered by or on behalf of the Company in Schedule A
hereto and the relevant space in Schedule A hereto recording such exchange shall
be signed by or on behalf of the Company. If, following the issue of a Permanent
Global Note in exchange for some of the Notes represented by this Temporary
Global Note, further Notes of this Series are to be exchanged pursuant to this
paragraph, such exchange may be effected, without the issue of a new Permanent
Global Note, by the Company or its agent endorsing Part I of Schedule A of the
Permanent Global Note previously issued to reflect an increase in the aggregate
principal amount of such Permanent Global Note by an amount equal to the
aggregate principal amount of the additional Notes of this Series to be
exchanged.

            Interests in this Temporary Global Note will be transferable in
accordance with the rules and procedures for the time being of Euroclear or
Clearstream. Each person who is shown in the records of Euroclear and
Clearstream as entitled to a particular number of Notes by way of an interest in
this Temporary Global Note will be treated by the Company, the Trustee and any
paying agent as the holder of such number of Notes. For purposes of this
Temporary Global Note, the securities account records of Euroclear or
Clearstream shall, in the absence of manifest error, be conclusive evidence of
the identity of the holders of Notes and of the principal amount of Notes
represented by this Temporary Global Note credited to the securities accounts of
such holders of Notes. Any statement issued by Euroclear or Clearstream to any
holder relating to a specified Note or Notes credited to the securities account
of such holder and stating the principal amount of such Note or Notes and
certified by Euroclear or Clearstream to be a true record of such securities
account shall, in the absence of manifest error, be conclusive evidence of the
records of Euroclear or Clearstream for the purposes of the next preceding
sentence (but without prejudice to any other means of producing such records in
evidence). Notwithstanding any provision to the contrary contained in this
Temporary Global Note, the Company irrevocably agrees, for the benefit of such
holder and its successors and assigns, that, subject to the provisions of the
Indenture, each holder or its successors or assigns may file any claim, take any
action or institute any proceeding to enforce, directly against the Company, the
obligation of the Company hereunder to pay any amount due in respect of each
Note represented by this Temporary Global Note which is credited to such
holder's securities account with Euroclear or Clearstream without the production
of this Temporary Global Note.
<Page>
                                                                             A-2
                                                                              10


                         SCHEDULE OF EXCHANGES FOR NOTES
                     REPRESENTED BY A PERMANENT GLOBAL NOTE

            The following exchanges of a part of this Temporary Global Note for
Notes represented by a Permanent Global Note have been made:

================================================================================
               PART OF PRINCIPAL
                AMOUNT OF THIS          REMAINING
               TEMPORARY GLOBAL     PRINCIPAL AMOUNT
              NOTE EXCHANGED FOR    OF THIS TEMPORARY
   DATE        NOTES REPRESENTED       GLOBAL NOTE
 EXCHANGE       BY A PERMANENT       FOLLOWING SUCH       NOTATION MADE BY OR ON
   MADE           GLOBAL NOTE           EXCHANGE           BEHALF OF THE ISSUER
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<Page>

                                                                       A-3
                                                                        to
                                                                   SERIES 2001-1
                                                                    SUPPLEMENT

                   FORM OF PERMANENT GLOBAL SERIES 2001-1 NOTE

REGISTERED                                                       $___________(4)

No. R-

                       SEE REVERSE FOR CERTAIN CONDITIONS

                                                    CUSIP (CINS) NO. 00081G AH 6
                                                           ISIN NO. USU0081GAH66

            THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED (THE "SECURITIES ACT") OR ANY STATE SECURITIES OR "BLUE SKY"
LAWS. THE HOLDER HEREOF, BY PURCHASING THIS SERIES 2001-1 NOTE, AGREES FOR THE
BENEFIT OF AESOP FUNDING II L.L.C. (THE "COMPANY") THAT THIS SERIES 2001-1 NOTE
IS BEING ACQUIRED FOR ITS OWN ACCOUNT AND NOT WITH A VIEW TO DISTRIBUTION AND
MAY BE RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (1) TO THE COMPANY (UPON
REDEMPTION THEREOF OR OTHERWISE), (2) TO A PERSON THE TRANSFEROR REASONABLY
BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE
SECURITIES ACT) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (3)
OUTSIDE THE UNITED STATES TO A NON-U.S. PERSON (AS SUCH TERM IS DEFINED IN
REGULATION S OF THE SECURITIES ACT) IN A TRANSACTION IN COMPLIANCE WITH
REGULATION S OF THE SECURITIES ACT, OR (4) IN A TRANSACTION COMPLYING WITH OR
EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN
ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES
OR ANY OTHER JURISDICTION. EACH SUCH TRANSFER SHALL BE IN ACCORDANCE WITH THE
BASE INDENTURE, ANY APPLICABLE SUPPLEMENT AND ALL APPLICABLE SECURITIES LAWS.
THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER
FROM IT OF THE RESALE RESTRICTIONS SET FORTH ABOVE.

            EXCEPT AS OTHERWISE PROVIDED IN SECTION 2.9 OF THE BASE INDENTURE,
THIS SERIES 2001-1 NOTE MAY BE TRANSFERRED, IN WHOLE BUT

----------
(4)   Denominations of $1,000,000 and integral multiples of $200,000.
<Page>
                                                                             A-3
                                                                               2


NOT IN PART, ONLY TO ANOTHER NOMINEE OF THE CLEARING AGENCY OR TO A SUCCESSOR
CLEARING AGENCY OR TO A NOMINEE OF SUCH SUCCESSOR CLEARING AGENCY. UNLESS THIS
SERIES 2001-1 NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO AESOP FUNDING II
L.L.C. OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY
SERIES 2001-1 NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH
OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY
PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED
OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

            THE PRINCIPAL OF THIS SERIES 2001-1 NOTE IS PAYABLE IN INSTALLMENTS
AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS
SERIES 2001-1 NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE
HEREOF.

                             AESOP FUNDING II L.L.C.

                   FLOATING RATE RENTAL CAR ASSET BACKED NOTES

            AESOP FUNDING II L.L.C., a Delaware limited liability company
(herein referred to as the "COMPANY"), for value received, hereby promises to
pay to Cede & Co., or registered assigns, the principal sum of [_____] MILLION
DOLLARS, which amount shall be payable in the amounts and at the times set forth
in the Indenture, PROVIDED, HOWEVER, that the entire unpaid principal amount of
this Series 2001-1 Note shall be due on the Series 2001-1 Final Distribution
Date, which is the April 2005 Distribution Date. However, principal with respect
to the Series 2001-1 Notes may be paid earlier or later under certain limited
circumstances described in the Indenture. The Company will pay interest on this
Series 2001-1 Note at the Series 2001-1 Note Rate. Such interest shall be
payable on each Distribution Date until the principal of this Series 2001-1 Note
is paid or made available for payment. Interest on this Series 2001-1 Note will
accrue for each Distribution Date from the most recent Distribution Date on
which interest has been paid to but excluding such Distribution Date or, if no
interest has yet been paid, from March 2, 2001. Interest with respect to the
Series 2001-1 Notes will be calculated in the manner provided in the Indenture.
Such principal of and interest on this Series 2001-1 Note shall be paid in the
manner specified on the reverse hereof.

            The principal of and interest on this Series 2001-1 Note are payable
in such coin or currency of the United States of America as at the time of
payment is legal tender for payment of public and private debts. All payments
made by the Company with respect to this Series 2001-1 Note shall be applied
first to interest due and payable on this Series 2001-1 Note as provided above
and then to the unpaid principal of this Series 2001-1 Note. This Series 2001-1
Note does not represent an interest in, or an obligation of Original AESOP,
AESOP Leasing,
<Page>
                                                                             A-3
                                                                               3


AESOP Leasing II, AFC, AGH, ARAC or any affiliate of Original AESOP, AESOP
Leasing, AESOP Leasing II, AFC, AGH, ARAC other than the Company.

            Reference is made to the further provisions of this Series 2001-1
Note set forth on the reverse hereof, which shall have the same effect as though
fully set forth on the face of this Series 2001-1 Note. Although a summary of
certain provisions of the Indenture are set forth below and on the reverse
hereof and made a part hereof, this Series 2001-1 Note does not purport to
summarize the Indenture and reference is made to the Indenture for information
with respect to the interests, rights, benefits, obligations, proceeds and
duties evidenced hereby and the rights, duties and obligations of AESOP Leasing,
AESOP Leasing II, ARAC and the Trustee. A copy of the Indenture may be requested
from the Trustee by writing to the Trustee at: The Bank of New York, c/o BNY
Midwest Trust Company, 2 North LaSalle Street, 10th Floor, Chicago, Illinois
60602. To the extent not defined herein, the capitalized terms used herein have
the meanings ascribed to them in the Indenture.

            Unless the certificate of authentication hereon has been executed by
the Trustee whose name appears below by manual signature, this Series 2001-1
Note shall not be entitled to any benefit under the Indenture referred to on the
reverse hereof, or be valid or obligatory for any purpose.
<Page>
                                                                             A-3
                                                                               4


            IN WITNESS WHEREOF, the Company has caused this instrument to be
signed, manually or in facsimile, by its Authorized Officer.

Date: ____________________

                                        AESOP FUNDING II L.L.C.


                                        By______________________________________
                                          Name:
                                          Title:

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

            This is one of the Series 2001-1 Notes issued under the
within-mentioned Indenture.

                                        THE BANK OF NEW YORK, as Trustee


                                        By______________________________________
                                          Authorized Signatory
<Page>
                                                                             A-3
                                                                               5


                         [REVERSE OF SERIES 2001-1 NOTE]

            This Series 2001-1 Note is one of a duly authorized issue of Series
2001-1 Notes of the Company, designated as its Floating Rate Rental Car Asset
Backed Notes, (herein called the "SERIES 2001-1 NOTES"), all issued under (i) an
Amended and Restated Base Indenture dated as of July 30, 1997 (such Base
Indenture, as amended or modified, is herein called the "BASE INDENTURE"),
between the Company and The Bank of New York, as successor in interest to the
corporate trust administration of Harris Trust and Savings Bank, as trustee (the
"TRUSTEE", which term includes any successor Trustee under the Base Indenture),
and (ii) a Series 2001-1 Supplement dated as of March 2, 2001 (the "SERIES
2001-1 SUPPLEMENT") among the Company, the Trustee and The Bank of New York, as
Series 2001-1 Agent. The Base Indenture and the Series 2001-1 Supplement are
referred to herein as the "INDENTURE". The Series 2001-1 Notes are subject to
all terms of the Indenture. All terms used in this Series 2001-1 Note that are
defined in the Indenture, as supplemented or amended, shall have the meanings
assigned to them in or pursuant to the Indenture, as so supplemented or amended.

            The Series 2001-1 Notes are and will be equally and ratably secured
by the Series 2001-1 Collateral pledged as security therefor as provided in the
Indenture.

            Principal of the Series 2001-1 Notes will be payable on each
Distribution Date specified in and in the amounts described in the Indenture.
"DISTRIBUTION DATE" means the 20th day of each month, or, if any such date is
not a Business Day, the next succeeding Business Day, commencing March 20, 2001.

            Commencing on the Distribution Date following the second
Determination Date during the Series 2001-1 Controlled Amortization Period or
the first Determination Date after the commencement of the Series 2001-1 Rapid
Amortization Period, payments with respect to principal will be made on the
Series 2001-1 Notes. As described above, the entire unpaid principal amount of
this Series 2001-1 Note shall be due and payable on the Series 2001-1 Final
Distribution Date. Notwithstanding the foregoing, if an Amortization Event,
Liquidation Event of Default, Waiver Event or Series 2001-1 Limited Liquidation
Event of Default shall have occurred and be continuing then, in certain
circumstances, principal on the Series 2001-1 Notes may be paid earlier, as
described in the Indenture. All principal payments on the Series 2001-1 Notes
shall be made PRO RATA to the Noteholders entitled thereto.

            Payments of interest on this Series 2001-1 Note due and payable on
each Distribution Date, together with the installment of principal then due, if
any, to the extent not in full payment of this Series 2001-1 Note, shall be made
by wire transfer for credit to the account designated by the Holder of record of
this Series 2001-1 Note (or one or more predecessor Series 2001-1 Notes) on the
Note Register as of the close of business on each Record Date, except that with
respect to Series 2001-1 Notes registered on the Record Date in the name of the
nominee of the Clearing Agency (initially, such nominee to be Cede & Co.),
payments will be made by wire transfer in immediately available funds to the
account designated by such nominee. Any reduction in the principal amount of
this Series 2001-1 Note (or any one or more predecessor Series 2001-1 Notes)
effected by any payments made on any Distribution Date shall be binding
<Page>
                                                                             A-3
                                                                               6


upon all future Holders of this Series 2001-1 Note and of any Series 2001-1 Note
issued upon the registration of transfer hereof or in exchange hereof or in lieu
hereof, whether or not noted thereon.

            The Company shall pay interest on overdue installments of interest
at the Series 2001-1 Note Rate to the extent lawful.

            As provided in the Indenture, the Series 2001-1 Notes may be
redeemed, in whole, but not in part, at the option of the Company on any
Distribution Date if on such Distribution Date the Series 2001-1 Invested Amount
is less than or equal to 10% of the Series 2001-1 Initial Invested Amount. The
purchase price for such repurchase of the Series 2001-1 Notes shall equal the
aggregate outstanding principal balance of such Series 2001-1 Notes (determined
after giving effect to any payment of principal and interest on such
Distribution Date), PLUS accrued and unpaid interest on such outstanding Series
2001-1 Invested Amount.

            As provided in the Indenture and subject to certain limitations set
forth therein, the transfer of this Series 2001-1 Note may be registered on the
Note Register upon surrender of this Series 2001-1 Note for registration of
transfer at the office or agency designated by the Company pursuant to the
Indenture, duly endorsed by, or accompanied by a written instrument of transfer
in form satisfactory to the Trustee duly executed by, the Holder hereof or his
attorney duly authorized in writing, with such signature guaranteed by an
"Eligible Guarantor Institution" (as defined in Rule 17Ad-15 under the Exchange
Act), and such other documents as the Trustee may reasonably require, and
thereupon one or more new Series 2001-1 Notes of authorized denominations in the
same aggregate principal amount will be issued to the designated transferee or
transferees. No service charge will be charged for any registration of transfer
or exchange of this Series 2001-1 Note, but the transferor may be required to
pay a sum sufficient to cover any tax or other governmental charge that may be
imposed in connection with any such registration of transfer or exchange.

            Each Noteholder or Note Owner by acceptance of a Series 2001-1 Note
or, in the case of a Note Owner, a beneficial interest in a Series 2001-1 Note,
covenants and agrees that no recourse may be taken, directly or indirectly, with
respect to the obligations of the Company, AESOP Leasing, AESOP Leasing II, ARAC
or the Trustee on the Series 2001-1 Notes or under the Indenture or any
certificate or other writing delivered in connection therewith, against (i) the
Trustee, AESOP Leasing, AESOP Leasing II or ARAC in its individual capacity,
(ii) any owner of a beneficial interest in the Company or (iii) any partner,
owner, beneficiary, agent, officer, director or employee of the Trustee, AESOP
Leasing, AESOP Leasing II or ARAC in its individual capacity, any holder of a
beneficial interest in the Company, AESOP Leasing, AESOP Leasing II, ARAC or the
Trustee or of any successor or assign of the Trustee, AESOP Leasing, AESOP
Leasing II or ARAC in its individual capacity, except (a) as any such Person may
have expressly agreed and (b) any such partner, owner or beneficiary shall be
fully liable, to the extent provided by applicable law, for any unpaid
consideration for stock, unpaid capital contribution or failure to pay any
installment or call owing to such entity; PROVIDED, HOWEVER, that nothing
contained herein shall be taken to prevent recourse to, and enforcement against,
the assets of the
<Page>
                                                                             A-3
                                                                               7


Company for any and all liabilities, obligations and undertakings contained in
the Indenture or in this Series 2001-1 Note, subject to SECTION 13.18 of the
Base Indenture.

            Each Noteholder or Note Owner, by acceptance of a Note or, in the
case of a Note Owner, a beneficial interest in a Note, covenants and agrees that
by accepting the benefits of the Indenture that such Noteholder will not for a
period of one year and one day following payment in full of all Notes institute
against the Company, or join in any institution against the Company of, any
bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings
under any United States Federal or state bankruptcy or similar law in connection
with any obligations relating to the Notes, the Indenture or the Related
Documents.

            Prior to the due presentment for registration of transfer of this
Series 2001-1 Note, the Company, the Trustee and any agent of the Company or the
Trustee may treat the Person in whose name this Series 2001-1 Note (as of the
day of determination or as of such other date as may be specified in the
Indenture) is registered as the owner hereof for all purposes, whether or not
this Series 2001-1 Note be overdue, and neither the Company, the Trustee nor any
such agent shall be affected by notice to the contrary.

            It is the intent of the Company, each Noteholder and each Note Owner
that, for Federal, state and local income and franchise tax purposes only, the
Series 2001-1 Notes will evidence indebtedness of the Company secured by the
Series 2001-1 Collateral. Each Noteholder and each Note Owner, by the acceptance
of this Series 2001-1 Note, agrees to treat this Series 2001-1 Note for Federal,
state and local income and franchise tax purposes as indebtedness of the
Company.

            Each Holder of this Note shall provide to the Trustee at least
annually an appropriate statement (on Internal Revenue Service Form W-8 or
suitable substitute) with respect to United States federal income tax and
withholding tax, signed under penalties of perjury, certifying that the
beneficial owner of this Note is a non-U.S. person and providing the
Noteholder's name and address. If the information provided in the statement
changes, the Noteholder shall so inform the Trustee within 30 days of such
change.

            The Indenture permits, with certain exceptions as therein provided,
the amendment thereof and the modification of the rights and obligations of the
Company and the rights of the Holders of the Series 2001-1 Notes under the
Indenture at any time by the Company with the consent of the Holders of Series
2001-1 Notes representing more than 50% in principal amount of the aggregate
outstanding amount of the Series 2001-1 Notes which are affected by such
amendment or modification. The Indenture also contains provisions permitting the
Holders of Series 2001-1 Notes representing specified percentages of the
aggregate outstanding amount of the Series 2001-1 Notes, on behalf of the
Holders of all the Series 2001-1 Notes, to waive compliance by the Company with
certain provisions of the Indenture and certain past defaults under the
Indenture and their consequences. Any such consent or waiver by the Holder of
this Series 2001-1 Note (or any one of more predecessor Series 2001-1 Notes)
shall be conclusive and binding upon such Holder and upon all future Holders of
this Series 2001-1 Note and of any Series 2001-1 Note issued upon the
registration of transfer hereof or in exchange hereof or in lieu
<Page>
                                                                             A-3
                                                                               8


hereof whether or not notation of such consent or waiver is made upon this
Series 2001-1 Note. The Indenture also permits the Trustee to amend or waive
certain terms and conditions set forth in the Indenture without the consent of
Holders of the Series 2001-1 Notes issued thereunder.

            The term "Company" as used in this Series 2001-1 Note includes any
successor to the Company under the Indenture.

            The Series 2001-1 Notes are issuable only in registered form in
denominations as provided in the Indenture, subject to certain limitations set
forth therein.

            This Series 2001-1 Note and the Indenture shall be construed in
accordance with the law of the State of New York, without reference to its
conflict of law provisions, and the obligations, rights and remedies of the
parties hereunder and thereunder shall be determined in accordance with such
law.

            No reference herein to the Indenture and no provision of this Series
2001-1 Note or of the Indenture shall alter or impair the obligation of the
Company, which is absolute and unconditional, to pay the principal of and
interest on this Series 2001-1 Note at the times, place, and rate, and in the
coin or currency herein prescribed.

            Interests in this Permanent Global Note will be transferable in
accordance with the rules and procedures for the time being of Clearstream
Banking, societe anonyme ("CLEARSTREAM") or Euroclear Bank S.A./N.A., as
operator of the Euroclear System ("EUROCLEAR"). Each person who is shown in the
records of Euroclear and Clearstream as entitled to a particular number of Notes
by way of an interest in this Permanent Global Note will be treated by the
Trustee and any paying agent as the holder of such number of Notes. For purposes
of this Permanent Global Note, the securities account records of Euroclear or
Clearstream shall, in the absence of manifest error, be conclusive evidence of
the identity of the holders of Notes and of the principal amount of Notes
represented by this Permanent Global Note credited to the securities accounts of
such holders of Notes. Any statement issued by Euroclear or Clearstream to any
holder relating to a specified Note or Notes credited to the securities account
of such holder and stating the principal amount of such Note or Notes and
certified by Euroclear or Clearstream to be a true record of such securities
account shall, in the absence of manifest error, be conclusive evidence of the
records of Euroclear or Clearstream for the purposes of the next preceding
sentence (but without prejudice to any other means of producing such records in
evidence). Notwithstanding any provision to the contrary contained in this
Permanent Global Note, the Company irrevocably agrees, for the benefit of such
holder and its successors and assigns, that, subject to the provisions of the
Indenture, each holder or its successors or assigns may file any claim, take any
action or institute any proceeding to enforce, directly against the Company, the
obligation of the Company hereunder to pay any amount due in respect of each
Note represented by this Permanent Global Note which is credited to such
holder's securities account with Euroclear or Clearstream without the production
of this Permanent Global Note.

            Interests in this Permanent Global Note may be exchanged for
Definitive Notes subject to the provisions of the Indenture.
<Page>

                                                                               B

                                 FORM OF CONSENT

The Bank of New York,
  c/o BNY Midwest Trust Company
  as Trustee
2 North LaSalle Street
10th Floor
Chicago, Illinois  60602
Attn:    Indenture Trust Administration

AESOP Funding II L.L.C.
c/o Lord Securities Corporation
Two Wall Street
New York, New York  10005
Attn:  Frank B. Bilotta

            This Consent is delivered pursuant to the Waiver Request dated
____________, __ (the "Notice") and the Series 2001-1 Supplement, dated as of
March 2, 2001 and amended and restated as of June __, 2001 (as amended, modified
or supplemented from time to time, the "Series 2001-1 Supplement") between AESOP
Funding II L.L.C., a Delaware limited liability company ("AFC-II"), and The Bank
of New York, a New York banking corporation, as Trustee ("Trustee"). Terms used
herein have the meaning provided in the Series 2001-1 Supplement.

            Pursuant to Article IV of the Series 2001-1 Supplement, the Trustee
has delivered a Notice indicating that [choose which applies] [(i) the
Manufacturer Program[s] of [name of Manufacturer] [is/are] no longer [an]
Eligible Manufacturer Program[s] and that, as a result, the Series 2001-1
Maximum Non-Program Vehicle Amount [and/or] the Series 2001-1 Maximum
Non-Eligible Manufacturer Amount is or will be exceeded or (ii) that the
Lessees, the Borrower and AFC-II have determined to increase [the Series 2001-1
Maximum Non-Program Vehicle Amount] [the Series 2001-1 Maximum Manufacturer
Amount] [the Series 2001-1 Maximum Mazda Amount] [the Series 2001-1 Maximum
Mazda Program Vehicle Amount] [any Series 2001-1 Maximum Specified States
Amount] [the Series 2001-1 Maximum Non-Eligible Manufacturer Amount]]. The
undersigned hereby waives all requirements that the [Series 2001-1 Maximum
Non-Program Vehicle Amount] [Series 2001-1 Maximum Manufacturer Amount] [the
Series 2001-1 Maximum Mazda Amount] [the Series 2001-1 Maximum Mazda Program
Vehicle Amount] [any Series 2001-1 Maximum Specified States Amount] [Series
2001-1 Maximum Non-Eligible Manufacturer Amount] not be exceeded for all
purposes of the Indenture and the Series 2001-1 Supplement. The undersigned
understands that this Consent will only be effective if the Trustee receives
Consents from Noteholders representing not less than 25% of the aggregate unpaid
principal amount of the Series 2001-1 Notes on or before ____________, 20__.

            The undersigned hereby represents and warrants that it is the
beneficial owner of $___________ in principal amount of Series 2001-1 Notes.

                                     [Name]
<Page>
                                                                               B
                                                                               2


                                  By____________________________________________
                                    Name:
                                    Title: