Document:

exhibit46.htm

                     
                                                                                                                                                                                                                                               
Exhibit 4.6

      Titanium
Metals Corporation

      

      2008
Long-Term Incentive Plan

      
        

      

      

      Section 1.  Purpose.  The
purpose of this Plan is to advance the interests of TIMET and its stockholders
by providing incentives to certain Eligible Persons who contribute significantly
to the strategic and long-term performance objectives and growth of the
Company.

      

      Section 2.  Definitions.  The
following terms shall have the meaning indicated:

      

      (a)           “Actual
Value” has the meaning set forth in Section 9.

      

      (b)           “Associated
Award” shall mean an Award granted concurrently or subsequently in
conjunction with another Award.

      

      (c)           “Award”
shall mean an award of rights or options to an Eligible Person under this
Plan.

      

      (d)           “Award
Period” has the meaning set forth in subsection 9(b).

      

      (e)           “Beneficiary”
has the meaning set forth in Section 16.

      

      (f)           “Board”
shall mean the board of directors of TIMET.

      

      (g)           “Code”
shall mean the Internal Revenue Code of 1986, as it now exists or may be amended
from time to time, and the rules and regulations promulgated thereunder, as they
may exist or may be amended from time to time.

      

      (h)           “Committee”
shall mean a committee of the Board, if any, designated by the Board to
administer this Plan that is comprised of not fewer than two directors and shall
initially mean the Management, Development & Compensation Committee of the
Board.  The membership of the Committee or any successor committee (i)
shall consist of “nonemployee directors” (as defined in Rule 16b-3) and meet any
other applicable requirements so as to comply at all times with the applicable
requirements of Rule 16b-3, (ii) shall consist of “outside directors” (as
defined in Treasury Regulation §1.162-27(e)(3)(i) or any successor regulation)
and meet any other applicable requirements so as to comply at all times with the
applicable requirements of Section 162(m) and (iii) shall meet any applicable
requirements of any stock exchange or other market quotation system on which
Common Shares are listed.  References to the Committee hereunder shall
include the Board or the Designated Administrator where
appropriate.

      

      (i)           “Company”
shall mean TIMET and any parent or subsidiary of TIMET.

      

      (j)           “Common
Shares” shall mean shares of common stock, par value $0.01 per share, of
TIMET and stock of any other class into which such shares may thereafter be
changed.

      

      (k)           “Designated
Administrator” has the meaning set forth in Section 3.

      

      (l)           “Effective
Date” shall mean the date the Company’s stockholders approve this Plan
(which adoption date may be a date subsequent to the date of the actual action
taken by the Board if the Board action sets forth such subsequent adoption
date).

      

      (m)           “Eligible
Person(s)” shall mean those persons who are key employees of the Company
or other key individuals who perform services for the Company, including,
without limitation, directors who are not employees of the Company.

      

      (n)           “Exchange
Act” shall mean the Securities Exchange Act of 1934, as it now exists or
may be amended from time to time, and the rules promulgated thereunder, as they
may exist or may be amended from time to time.

      

      (o)           “Fair Market
Value” shall mean such value rounded up to the nearest cent as determined
by the Committee based upon the closing price of the common Shares or Other
TIMET Securities on the date of the Award.  In the event the Common
Shares or Other TIMET Securities are not readily traded on an established
securities exchange, its Fair Market Value shall be determined by a consistent
methodology which complies with the requirements under Section 409A of the Code
and the regulations promulgated thereunder.

      

      (p)           “Incentive Stock
Option” shall mean a Stock Option that is an incentive stock option as
defined in Section 422 of the Code.  Incentive Stock Options are
subject, in part, to the terms, conditions and restrictions described in Section 6.

      

      (q)           “Maximum
Value” has the meaning set forth in subsection 9(a).

      

      (r)           “Nonqualified
Stock Option” shall mean a Stock Option that is not an incentive stock
option as defined in Section 422 of the Code.  Nonqualified Stock
Options are subject, in part, to the terms, conditions and restrictions
described in Section 6.

      

      (s)           “Other TIMET
Securities” shall mean TIMET securities (so long as they constitute
"common stock" within the meaning of 305 of the Code)  other than
Common Shares.

      

      (t)           “Participant”
shall mean an Eligible Person to whom an Award has been granted under this
Plan.

      

      (u)           “Performance
Grant” shall mean an Award subject, in part, to the terms, conditions and
restrictions described in Section 9, pursuant to
which the recipient may become entitled to receive Common Shares, Other TIMET
Securities or any combination thereof, as determined by the
Committee.

      

      (v)           “Plan”
shall mean this Titanium Metals Corporation 2008 Long-Term Incentive
Plan.

      

      (w)           “Purchased
Option” shall mean a Stock Option that is sold to an Eligible Person at a
price determined by the Committee.  Purchase Options are subject, in
part, to the terms, conditions and restrictions described in Section 6.

      

      (x)           “Restricted
Period” has the meaning set forth in subsection 8(b).

      

      (y)           “Restricted
Stock” shall mean an Award of Common Shares that are issued subject, in
part, to the terms, conditions and restrictions described in Section 8.

      

      (z)           “Rule
16b-3” shall mean Rule 16b-3 promulgated by the Securities and Exchange
Commission under the Exchange Act and any successor rule.

      

      (aa)           “Section
162(m)” shall mean §162(m) of the Code, any rules or regulations
promulgated thereunder, as they may exist or may be amended from time to time,
or any successor to such section.

      

      (bb)           “Stock
Appreciation Right” shall mean an Award of a right to receive (without
payment to TIMET) cash, Common Shares, Other TIMET Securities or any combination
thereof, as determined by the Committee, based on the increase in the Fair
Market Value of the number of Common Shares specified in the Stock Appreciation
Right from the date of grant to the date of exercise.  Stock
Appreciation Rights are subject, in part, to the terms, conditions and
restrictions described in Section 7.

      

      (cc)           “Stock
Option” shall mean an Award of a right to purchase Common
Shares.  The term Stock Option shall include Nonqualified Stock
Options, Incentive Stock Options and Purchased Options.

      

      (dd)           “Ten Percent
Employee” shall mean an employee of the Company who owns stock
representing more than ten percent of the voting power of all classes of stock
of TIMET or any parent or subsidiary of TIMET.

      

      (ee)           “TIMET”
shall mean Titanium Metals Corporation, a Delaware corporation.

      

      (ff)           “Treasury
Regulation” shall mean a final, proposed or temporary regulation of the
Department of Treasury under the Code and any successor regulation.

      

      Section 3.  Administration.  Unless the Board
shall designate itself or a Designated Administrator to administer this Plan,
the Committee shall administer this Plan.  If at any time Rule 16b-3
so permits without adversely affecting the ability of Awards to executive
officers of TIMET to comply with the conditions for Rule 16b-3 or Section
162(m), the Committee may delegate the administration of this Plan and any of
its power and authority in whole or in part, on such terms and conditions, and
to such person or persons as it may determine in its discretion (a “Designated
Administrator”).

      

      The
Committee has all the powers vested in it by the terms of this Plan, such powers
to include exclusive authority to select the Eligible Persons to be granted
Awards under this Plan, to determine the type, size and terms of the Award to be
made to each Eligible Person selected, to modify the terms of any Award that has
been granted, to determine the time when Awards will be granted, to establish
performance objectives, to make any adjustments necessary or desirable as a
result of the granting of Awards to Eligible Persons located outside the United
States and to prescribe the form of the agreements embodying Awards made under
this Plan.  The Committee is authorized to interpret this Plan and the
Awards granted under this Plan, to establish, amend and rescind any rules and
regulations relating to this Plan, and to make any other determinations that it
deems necessary or desirable for the administration of this Plan.  The
Committee may correct any defect or supply any omission or reconcile any
inconsistency in this Plan or in any Award in the manner and to the extent the
Committee deems necessary or desirable to carry it into effect.  Any
decision of the Committee in the interpretation and administration of this Plan,
as described herein, shall lie within its sole and absolute discretion and shall
be final, conclusive and binding on all parties concerned.  The
Committee may act only by a majority of its members then serving, except that the members
thereof may authorize any one or more of their members or any officer of the
Company to execute and deliver documents or to take any other action on behalf
of the Committee with respect to Awards made or to be made to
Participants.

      

      No member
of the Committee and no officer of the Company shall be liable for anything done
or omitted to be done by him, by any other member of the Committee or by any
officer of the Company in connection with the performance of duties under this
Plan, except for his
own willful misconduct or as expressly provided by statute.  In
addition to all other rights of indemnification and reimbursement to which a
member of the Committee and an officer of the Company may be entitled, the
Company shall indemnify and hold harmless each such member or officer who was or
is a party or is threatened to be made a party to any threatened, pending or
completed proceeding or suit in connection with the performance of duties under
this Plan against expenses (including reasonable attorneys’ fees), judgments,
fines, liabilities, losses and amounts paid in settlement actually and
reasonably incurred by him in connection with such proceeding or suit, except for his own willful
misconduct or as expressly provided otherwise by statute.  Expenses
(including reasonable attorneys’ fees) incurred by a such a member or officer in
defending any such proceeding or suit shall be paid by the Company in advance of
the final disposition of such proceeding or suit upon receipt of a written
affirmation by such member or officer of his good faith belief that he has met
the standard of conduct necessary for indemnification and a written undertaking
by or on behalf of such member or officer to repay such amount if it shall
ultimately be determined that he is not entitled to be indemnified by the
Company as authorized in this Section.

      

      Section 4.  Participation.  Consistent with
the purposes of this Plan, the Committee shall have exclusive power to select
the Eligible Persons who may participate in this Plan and be granted Awards
under this Plan. Eligible Persons may be selected individually or by groups or
categories, as determined by the Committee in its discretion.

      

      Section 5.  Awards under this
Plan.

      

      (a)           Types of
Awards.  Awards under this Plan may include, but need not be
limited to, one or more of the following types, either alone or in any
combination thereof:  (i) Common Shares, (ii) Stock Options, (iii)
Stock Appreciation Rights, (iv) Restricted Stock, (v) Performance Grants and
(vi) any other type of Award deemed by the Committee in its discretion to be
consistent with the purposes of this Plan (including, but not limited to, Awards
of or options or similar rights granted with respect to unbundled stock units or
components thereof, and Awards to be made to Participants who are foreign
nationals or are employed or performing services outside the United
States).

      

      (b)           Maximum Number of Shares that May be
Issued.  There may be issued under this Plan (as Common Shares,
Restricted Stock, through Performance Grants, pursuant to the exercise of Stock
Options or Stock Appreciation Rights or in payment of or pursuant to the
exercise of such other Awards as the Committee, in its discretion, may
determine) an aggregate of not more than 500,000 Common Shares, subject to
adjustment as provided in Section 15.  No
Eligible Person may receive Awards under this Plan for more than 50,000 Common
Shares in any one fiscal year of TIMET, subject to adjustment as provided in
Section 15.  Common
Shares issued pursuant to this Plan may be either authorized but unissued
shares, treasury shares, reacquired shares or any combination
thereof.  If any Common Shares issued as Restricted Stock or otherwise
subject to repurchase or forfeiture rights are reacquired by the Company
pursuant to such rights or, if any Award is canceled, terminates or expires
unexercised, any Common Shares that would otherwise have been issuable pursuant
thereto will be available for issuance under new Awards.

      

      (c)           Rights with Respect to Common Shares
and Other Securities.  Except as provided in subsection 8(c) with respect
to Awards of Restricted Stock and unless otherwise determined by the Committee
in its discretion, a Participant to whom an Award is made (and any person
succeeding to such a Participant’s rights pursuant to this Plan) shall have no
rights as a stockholder with respect to any Common Shares or as a holder with
respect to other securities, if any, issuable pursuant to any such Award until
the date of the issuance of a stock certificate to him for such Common Shares or
other instrument of ownership, if any. Except as provided in Section 15, no adjustment
shall be made for dividends, distributions or other rights (whether ordinary or
extraordinary, and whether in cash, securities, other property or other forms of
consideration, or any combination thereof) for which the record date is prior to
the date such stock certificate or other instrument of ownership, if any, is
issued.  In all events, a Participant with whom an Award agreement is
made to issue Common Shares in the future, shall have no rights as a stockholder
with respect to Common Shares related to such agreement until issuance to him of
a stock certificate representing such shares.

      

      Section 6.  Stock
Options.  The Committee may
sell Purchased Options or grant other Stock Options either alone, or in
conjunction with Associated Awards, either at the time of grant or by amendment
thereafter; provided
that an Incentive Stock Option may be granted only to Eligible Persons who are
employees of the Company and have an Associated Award only to the extent that
such Associated Award does not disqualify the Incentive Stock Option’s status as
such under the Code.  Each Stock Option granted or sold under this
Plan shall be evidenced by an agreement in such form as the Committee shall
prescribe from time to time in accordance with this Plan and shall comply with
the applicable terms and conditions of this Section and this Plan, and with such
other terms and conditions, including, but not limited to, restrictions upon the
Stock Option or the Common Shares issuable upon exercise thereof, as the
Committee, in its discretion, shall establish.

      

      (a)           The
exercise price of a Stock Option may be equal to or greater than (but not less
than) the Fair Market Value of the Common Shares subject to such Stock Option at
the time the Stock Option is granted, as determined by the Committee; provided, however, that in
the case of an Incentive Stock Option granted to an employee of the Company, the
exercise price shall not be less than the Fair Market Value of the Common Shares
subject to such Stock Option at the time the Stock Option is granted, or if
granted to a Ten Percent Employee, such exercise price shall not be less than
110% of such Fair Market Value at the time the Stock Option is
granted.  In no event, however, will the exercise price per share of a
Stock Option be less than the par value per share of a Common
Share.

      

      (b)           The
Committee shall determine the number of Common Shares to be subject to each
Stock Option.  In the case of a Stock Option awarded in conjunction
with an Associated Award, the number of Common Shares subject to an outstanding
Stock Option may be reduced on an appropriate basis to the extent that the
Associated Award has been exercised, paid to or otherwise received by the
Participant, as determined by the Committee.

      

      (c)           Any
Stock Option may be exercised during its term only at such time or times and in
such installments as the Committee may establish.

      

      (d)           A
Stock Option shall not be exercisable:

      

      (i)           in
the case of any Incentive Stock Option granted to a Ten Percent Employee, after
the expiration of five years from the date it is granted, and, in the case of
any other Stock Option, after the expiration of ten years from the date it is
granted; and

      

      (ii)           unless
payment in full is made for the shares being acquired thereunder at the time of
exercise as provided in subsection 6(i).

      

      (e)           The
Committee shall determine in its discretion and specify in each agreement
embodying a Stock Option the effect, if any, the termination of the
Participant’s employment with or performance of services for the Company shall
have on the exercisability of the Stock Option; provided, however, that an
Incentive Stock Option shall not be exercisable at a time that is beyond the
time an Incentive Stock Option may be exercised in order to qualify as such
under the Code.

      

      (f)           In
the case of an Incentive Stock Option, the amount of the aggregate Fair Market
Value of Common Shares (determined at the time of grant of the Stock Option)
with respect to which incentive stock options are exercisable for the first time
by an employee of the Company during any calendar year (under all such plans of
his employer corporation and its parent and subsidiary corporations) shall not
exceed $100,000.

      

      (g)           It
is the intent of TIMET that Nonqualified Stock Options granted under this Plan
not be classified as Incentive Stock Options, that the Incentive Stock Options
granted under this Plan be consistent with and contain or be deemed to contain
all provisions required under Section 422 and the other appropriate
provisions of the Code and any implementing regulations (and any successor
provisions thereof), and that any ambiguities in construction shall be
interpreted in order to effectuate such intent.

      

      (h)           A
Purchased Option may contain such additional terms not inconsistent with this
Plan, including but not limited to the circumstances under which the purchase
price of such Purchased Option may be returned to the holder of the Purchased
Option, as the Committee may determine in its sole discretion.

      

      (i)           For
purposes of payments made to exercise Stock Options, such payment shall be made
in such form (including, but not limited to, cash, Common Shares, the surrender
of another outstanding Award under this Plan or any combination thereof) as the
Committee may determine in its discretion; provided, however, that for
purposes of making such payment in Common Shares, such shares shall be valued at
their Fair Market Value on the day of exercise and shall have been held by the
Participant for a period of at least six (6) months.

      

      Section 7.  Stock
Appreciation Rights.  The Committee may
grant Stock Appreciation Rights either alone, or in conjunction with Associated
Awards at the time of grant.  Each Award of Stock Appreciation Rights
granted under this Plan shall be evidenced by an agreement in such form as the
Committee shall prescribe from time to time in accordance with this Plan and
shall comply with the applicable terms and conditions of this Section and this
Plan, and with such other terms and conditions, including, but not limited to,
restrictions upon the Award of Stock Appreciation Rights or the Common Shares
issuable upon exercise thereof, as the Committee, in its discretion, shall
establish.

      

      (a)           The
Committee shall determine the number of Common Shares to be subject to each
Award of Stock Appreciation Rights.  In the case of an Award of Stock
Appreciation Rights awarded in conjunction with an Associated Award, the number
of Common Shares subject to an outstanding Award of Stock Appreciation Rights
may be reduced on an appropriate basis to the extent that the Associated Award
has been exercised, paid to or otherwise received by the Participant, as
determined by the Committee.

      

      (b)           The
Award of Stock Appreciation Rights shall not be exercisable:

      

      (i)           unless
the Associated Award, if any, is at the time exercisable;

      

      (ii)           if
the Associated Award is a Stock Option and the Fair Market Value per share of
the Common Shares on the exercise date does not exceed the exercise price per
share of such Stock Option; or

      

      (iii)           if
the Associated Award is an Incentive Stock Option and the exercise of the Award
of Stock Appreciation Rights would disqualify the Incentive Stock Option as such
under the Code.

      

      (c)           The
Committee shall determine in its discretion and specify in each agreement
embodying an Award of Stock Appreciation Rights the effect, if any, the
termination of the Participant’s employment with or performance of services for
the Company shall have on the exercisability of the Award of Stock Appreciation
Rights.

      

      (d)           An
Award of Stock Appreciation Rights shall entitle the holder to exercise such
Award or to surrender unexercised an Associated Award (or any portion of such
Associated Award) to TIMET and to receive from TIMET in exchange thereof,
without payment to TIMET, that number of Common Shares having an aggregate value
equal to (or, in the discretion of the Committee, less than) the excess of the
Fair Market Value of one share, at the time of such exercise, over the Fair
Market Value of one share at the time of the Award, times the number of shares
subject to the Award or the Associated Award, or portion thereof, that is so
exercised or surrendered, as the case may be.  The Committee shall be
entitled in its discretion to elect to settle the obligation arising out of the
exercise of a Stock Appreciation Right by the payment of cash, Common Shares,
Other TIMET Securities or property, or any combination thereof, as determined by
the Committee, equal to the aggregate value of the Common Shares it would
otherwise be obligated to deliver.  Any such election by the Committee
shall be made as soon as practicable after the receipt by the Committee of
written notice of the exercise of the Stock Appreciation Right.

      

      (e)           A
Stock Appreciation Right may provide that it shall be deemed to have been
exercised at the close of business on the business day preceding the expiration
date of the Stock Appreciation Right or of the related Stock Option (or other
Award), or such other date as specified by the Committee, if at such time such
Stock Appreciation Right has a positive value.  Such deemed exercise
shall be settled or paid in the same manner as a regular exercise thereof as
provided in subsection 7(d)
hereof.

      

      Section 8.  Restricted
Stock.  The Committee may grant Awards of Restricted Stock
either alone, or in conjunction with Associated Awards, either at the time of
grant or by amendment thereafter.  Each Award of Restricted Stock
under this Plan shall be evidenced by an agreement in such form as the Committee
shall prescribe from time to time in accordance with this Plan and shall comply
with the applicable terms and conditions of this Section and this Plan, and with
such other terms and conditions as the Committee, in its discretion, shall
establish.

      

      (a)           The
Committee shall determine the number of Common Shares to be issued to a
Participant pursuant to the Award of Restricted Stock, and the extent, if any,
to which they shall be issued in exchange for cash, other consideration, or
both.

      

      (b)           Until
the expiration of such period as the Committee shall determine from the date on
which the Award is granted and subject to such other terms and conditions as the
Committee in its discretion shall establish (the “Restricted
Period”), a Participant to whom an Award of Restricted Stock is made
shall be issued, but shall not be entitled to the delivery of, a stock
certificate representing the Common Shares subject to such Award.

      

      (c)           Unless
otherwise determined by the Committee in its discretion, a Participant to whom
an Award of Restricted Stock has been made (and any person succeeding to such a
participant’s rights pursuant to this Plan) shall have, after issuance of a
certificate for the number of Common Shares awarded and prior to the expiration
of the Restricted Period, ownership of such Common Shares, including the right
to vote such Common Shares and to receive dividends or other distributions made
or paid with respect to such Common Shares (provided that such Common
Shares, and any new, additional or different shares, or Other TIMET Securities
or property, or other forms of consideration that the Participant may be
entitled to receive with respect to such Common Shares as a result of a stock
split, stock dividend or any other change in the corporation or capital
structure of TIMET, shall be subject to the restrictions hereinafter described
as determined by the Committee in its discretion), subject, however, to the
options, restrictions and limitations imposed thereon pursuant to this
Plan.

      

      (d)           The
Committee shall determine in its discretion and specify in each agreement
embodying an Award of Restricted Stock the effect, if any, the termination of
the Participant’s employment with or performance of services for the Company
during the Restricted Period shall have on such Award of Restricted
Stock.

      

      Section 9.  Performance
Grants.  The Committee may
grant Awards of Performance Grants either alone, or in conjunction with
Associated Awards, either at the time of grant or by amendment
thereafter.  The Award of a Performance Grant to a Participant will
entitle him to receive a specified amount determined by the Committee (the
“Actual
Value”), if the terms and conditions specified in this Plan and in the
Award are satisfied.  Each Award of a Performance Grant shall be
subject to the applicable terms and conditions of this Section and this Plan,
and to such other terms and conditions, including but not limited to,
restrictions upon any Common Shares, Other TIMET Securities or any combination
thereof, issued with respect to the Performance Grant, as the Committee, in its
discretion, shall establish, and shall be embodied in an agreement in such form
and substance as is determined by the Committee.

      

      (a)           The
Committee shall determine the value or range of values of a Performance Grant to
be awarded to each Participant selected for an Award and whether or not such a
Performance Grant is granted in conjunction with an Associated
Award.  As determined by the Committee, the maximum value of each
Performance Grant (the “Maximum
Value”) shall be:  (i) an amount fixed by the Committee at
the time the Award is made or amended thereafter, (ii) an amount that
varies from time to time based in whole or in part on the then current value of
the Common Shares, Other TIMET Securities or other securities or property, or
any combination thereof or (iii) an amount that is determinable from
criteria specified by the Committee.  Performance Grants may be issued
in different classes or series having different names, terms and
conditions.  In the case of a Performance Grant awarded in conjunction
with an Associated Award, the Performance Grant may be reduced on an appropriate
basis to the extent that the Associated Award has been exercised, paid to or
otherwise received by the Participant, as determined by the
Committee.

      

      (b)           The
award period (“Award
Period”) related to any Performance Grant shall be a period determined by
the Committee and specified in writing at the time of grant of an Award of a
Performance Grant.  At the time each Award is made, the Committee
shall establish performance objectives to be attained within the Award Period as
the means of determining the Actual Value of such a Performance
Grant.  The performance objectives shall be based on such measure or
measures of performance, which may include, but need not be limited to, the
performance of the Participant, the Company or one or more of its divisions or
units, or any combination of the foregoing, as the Committee shall determine,
and may be applied on an absolute basis or be relative to industry or other
indices or any combination thereof.  The Actual Value of a Performance
Grant shall be equal to its Maximum Value only if the performance objectives are
attained in full, but the Committee shall specify the manner in which the Actual
Value of Performance Grants shall be determined if the performance objectives
are met in part.  Such performance measures, the Actual Value or the
Maximum Value, or any combination thereof, may be adjusted in any manner by the
Committee in its discretion at any time and from time to time during or as soon
as practicable after the Award Period, if it determines that such performance
measures, the Actual Value or the Maximum Value, or any combination thereof, are
not appropriate under the circumstances.

      

      (c)           The
Committee shall determine in its discretion and specify in each agreement
embodying a Performance Grant the effect, if any, the termination of the
Participant’s employment with or performance of services for the Company during
the Award Period shall have on such Performance Grant.

      

      (d)           The
Committee shall determine whether the conditions of a Performance Grant have
been met and, if so, shall ascertain the Actual Value of the Performance
Grant.  If the Performance Grant has no Actual Value, the Award and
such Performance Grant shall be deemed to have been canceled and the Associated
Award, if any, may be canceled or permitted to continue in effect in accordance
with its terms.  If the Performance Grant has any Actual Value
and:

      

      (i)           was
not awarded in conjunction with an Associated Award, the Committee shall cause
an amount equal to the Actual Value of the Performance Grant earned by the
Participant to be paid to him or his permitted assignee or Beneficiary;
or

      

      (ii)           was
awarded in conjunction with an Associated Award, the Committee shall determine,
in accordance with criteria specified by the Committee (A) to cancel the
Performance Grant, in which event no amount with respect thereto shall be paid
to the Participant or his permitted assignee or Beneficiary, and the Associated
Award may be permitted to continue in effect in accordance with its terms,
(B) to pay the Actual Value of the Performance Grant to the Participant or
his permitted assignee or Beneficiary as provided below, in which event the
Associated Award may be canceled or (C) to pay to the Participant or his
Beneficiary, the Actual Value of only a portion of the Performance Grants, in
which event all or a portion of the Associated Award may be permitted to
continue in effect in accordance with its terms or be canceled, as determined by
the Committee.

      

      Such
determination by the Committee shall be made as promptly as practicable
following the end of the Award Period or upon the earlier termination of
employment or performance of services, or at such other time or times as the
Committee shall determine, and shall be made pursuant to criteria specified by
the Committee.

      

      (e)           Payment
of any amount with respect to the Performance Grants that the Committee
determines to pay as provided above shall be made by TIMET as promptly as
practicable after the end of the Award Period but in no event later than 21⁄2
months following the close of the calendar year in which the Award Period
Ends.  Payment of any amount with respect to a Performance Grant may
be made in Common Shares, Other TIMET Securities or any combination thereof as
determined by the Committee in its discretion.

      

      Section 10.  Transferability
of Awards.  Except as may be
approved by the Committee, a Participant’s rights and interest under this Plan
or any Award may not be assigned or transferred, hypothecated or encumbered in
whole or in part either directly or by operation of law or otherwise (except in the event of a
Participant’s death), including, but not by way of limitation, execution, levy,
garnishment, attachment, pledge, bankruptcy or in any other manner; provided, however, that any
Incentive Stock Option granted pursuant to this Plan shall not be transferable
other than by will or the laws of descent and distribution and shall be
exercisable during the Participant’s lifetime only by him.

      

      Section 11.  Amendment or
Substitution of Awards under this Plan.  The terms of any
outstanding Award under this Plan may be amended or modified from time to time
by the Committee in its discretion in any manner that it deems appropriate
(including, but not limited to, acceleration of the date of exercise of any
Award and/or payments thereunder) if the Committee could grant such amended or
modified Award under the terms of this Plan at the time of such amendment or
modification; provided
that no such amendment or modification shall adversely affect in a material
manner any right of a Participant under the Award without his written consent,
unless the Committee determines in its discretion that there have occurred or
are about to occur significant changes in the Participant’s position, duties or
responsibilities, or significant changes in economic, legislative, regulatory,
tax, accounting or cost/benefit conditions that are determined by the Committee
in its discretion to have or to be expected to have a substantial effect on the
performance of the Company, or any affiliate, division or department thereof, on
this Plan or on any Award under this Plan.  The Committee may, in its
discretion, permit holders of Awards under this Plan to surrender outstanding
Awards in order to exercise or realize the rights under other Awards, or in
exchange for the grant of new Awards, or require holders of Awards to surrender
outstanding Awards as a condition precedent to the grant of new Awards under
this Plan.

      

      Section 12.  Termination of a
Participant.  For all purposes
under this Plan, the Committee shall determine whether a Participant has
terminated employment with, or the performance of services for, the Company;
provided, however, an
absence or leave approved by the Company, to the extent permitted by applicable
provisions of the Code, shall not be considered an interruption of employment or
performance of services for any purpose under this Plan.

      

      Section 13.  Dilution and
Other Adjustments.  In the event of
any change in the outstanding Common Shares by reason of any stock split,
dividend, split-up, split-off, spin-off, recapitalization, merger,
consolidation, rights offering, reorganization, combination or exchange of
shares, a sale by TIMET of all or substantially all of its assets, any
distribution to stockholders other than a normal cash dividend, or other
extraordinary or unusual event, if the Committee shall determine, in its
reasonable discretion, that such change equitably requires an adjustment in the
terms of any Award or the number of Common Shares available for Awards, such
adjustment shall be made by the Committee in a manner consistent with the
provisions of Section 424 of the Code and shall be final, conclusive and binding
for all purposes of this Plan.  Each adjustment made pursuant to this
Section shall be made with a view toward preserving the value of the affected
Award had prior to the event or transaction giving cause to such
adjustment.

      

      In the
event of the proposed dissolution or liquidation of TIMET, all outstanding
Awards shall terminate immediately prior to the consummation of such proposed
action, unless otherwise provided by the Committee.  In the event of a
proposed sale of all or substantially all of the assets of TIMET or the merger
of TIMET with or into another corporation, all restrictions on any outstanding
Awards shall lapse and Participants shall be entitled to the full benefit of all
such Awards immediately prior to the closing date of such sale or merger, unless
otherwise provided by the Committee.

      

      Section 14.  Designation of
Beneficiary by Participant.  A Participant may
name a beneficiary to receive any payment to which he may be entitled with
respect to any Award under this Plan in the event of his death, on a written
form to be provided by and filed with the Committee, and in a manner determined
by the Committee in its discretion (a “Beneficiary”).  The
Committee reserves the right to review and approve Beneficiary
designations.  A Participant may change his Beneficiary from time to
time in the same manner, unless such Participant has made an irrevocable
designation.  Any designation of a Beneficiary under this Plan (to the
extent it is valid and enforceable under applicable law) shall be controlling
over any other disposition, testamentary or otherwise, as determined by the
Committee in its discretion.  If no designated Beneficiary survives
the Participant and is living on the date on which any amount becomes payable to
such a Participant’s Beneficiary, such payment will be made to the legal
representatives of the Participant’s estate, and the term “Beneficiary”
as used in this Plan shall be deemed to include such person or
persons.  If there are any questions as to the legal right of any
Beneficiary to receive a distribution under this Plan, the Committee in its
discretion may determine that the amount in question be paid to the legal
representatives of the estate of the Participant, in which event the Company,
the Board, the Committee, the Designated Administrator (if any), and the members
thereof, will have no further liability to anyone with respect to such
amount.

      

      Section 15.  Miscellaneous
Provisions.

      

      (a)           Any
proceeds from Awards shall constitute general funds of TIMET.

      

      (b)           No
fractional shares may be delivered under an Award, but in lieu thereof a cash or
other adjustment shall be made as determined by the Committee in its
discretion.

      

      (c)           No
Eligible Person or other person shall have any claim or right to be granted an
Award under this Plan.  Determinations made by the Committee under
this Plan need not be uniform and may be made selectively among Eligible Persons
under this Plan, whether or not such Eligible Persons are similarly
situated.  Neither this Plan nor any action taken hereunder shall be
construed as giving any Eligible Person any right to continue to be employed by
or perform services for the Company, and the right to terminate the employment
of or performance of services by Eligible Persons at any time and for any reason
is specifically reserved.

      

      (d)           No
Participant or other person shall have any right with respect to this Plan, the
Common Shares reserved for issuance under this Plan or in any Award, contingent
or otherwise, until written evidence of the Award shall have been delivered to
the recipient and all the terms, conditions and provisions of this Plan and the
Award applicable to such recipient (and each person claiming under or through
him) have been met.

      

      (e)           No
Common Shares, Other TIMET Securities or property, other securities or property
or other forms of payment shall be issued hereunder with respect to any Award
unless counsel for TIMET shall be satisfied that such issuance will be in
compliance with applicable law and any applicable rules of any stock exchange or
other market quotation system on which Common Shares are listed.

      

      (f)           It
is the intent of TIMET that this Plan comply in all respects with Rule 16b-3 and
Section 162(m) with respect to Awards granted to executive officers of TIMET,
that any ambiguities or inconsistencies in construction of this Plan be
interpreted to give effect to such intention and that if any provision of this
Plan is found not to be in compliance with Rule 16b-3 or Section 162(m), such
provision shall be deemed null and void with respect to Awards granted to
executive officers of TIMET to the extent required to permit such Awards to
comply with Rule 16b-3 and Section 162(m).  It is also the intent of
TIMET that this Plan comply in all respects with the provisions of the Code
providing favorable treatment to Incentive Stock Options, that any ambiguities
or inconsistencies in construction of this Plan be interpreted to give effect to
such intention and that if any provision of this Plan is found not to be in
compliance with the Incentive Stock Option provisions of the Code, such
provision shall be deemed null and void with respect to Incentive Stock Options
granted to employees of the Company to the extent required to permit such
Incentive Stock Options to receive favorable treatment under the
Code.

      

      (g)           The
Company shall have the right to deduct from any payment made under this Plan any
federal, state, local or foreign income or other taxes required by law to be
withheld with respect to such payment.  It shall be a condition to the
obligation of TIMET to issue Common Shares, Other TIMET Securities or property,
other securities or property, or other forms of payment, or any combination
thereof, upon exercise, settlement or payment of any Award under this Plan, that
the Participant (or any Beneficiary or person entitled to act) pay to TIMET,
upon its demand, such amount as may be required by the Company for the purpose
of satisfying any liability to withhold federal, state, local or foreign income
or other taxes.  If the amount requested is not paid, TIMET may refuse
to issue Common Shares, Other TIMET Securities or property, other securities or
property, or other forms of payment, or any combination
thereof.  Notwithstanding anything in this Plan to the contrary, the
Committee may, in its discretion, permit an Eligible Person (or any Beneficiary
or person entitled to act) to elect to pay a portion or all of the amount
requested by the Company for such taxes with respect to such Award, at such time
and in such manner as the Committee shall deem to be appropriate (including, but
not limited to, by authorizing TIMET to withhold, or agreeing to surrender to
TIMET on or about the date such tax liability is determinable, Common Shares,
Other TIMET Securities or property, other securities or property, or other forms
of payment, or any combination thereof, owned by such person or a portion of
such forms of payment that would otherwise be distributed, or have been
distributed, as the case may be, pursuant to such Award to such person, having a
Fair Market Value equal to the amount of such taxes).

      

      (h)           The
expenses of this Plan shall be borne by the Company; provided, however, the
Company may recover from a Participant or his Beneficiary, heirs or assigns any
and all damages, fees, expenses and costs incurred by the Company arising out of
any actions taken by a Participant in breach of this Plan or any agreement
evidencing such Participant’s Award.

      

      (i)           This
Plan shall be unfunded.  The Company shall not be required to
establish any special or separate fund or to make any other segregation of
assets to assure the payment of any Award under this Plan, and rights to the
payment of Awards shall be no greater than the rights of the Company’s general
creditors.

      

      (j)           By
accepting any Award or other benefit under this Plan, each Participant and each
person claiming under or through him shall be conclusively deemed to have
indicated his acceptance and ratification of, and consent to, any action taken
under this Plan by the Company, the Board, the Committee or the Designated
Administrator (if applicable).  The grant of any Award to a
Participant is not evidence of any right to continued employment or other
relationship with the Company.

      

      (k)           The
appropriate officers of the Company shall cause to be filed any reports, returns
or other information regarding Awards hereunder of any Common Shares issued
pursuant hereto as may be required by applicable law and any applicable rules of
any stock exchange or other market quotation system on which Common Shares are
listed.

      

      (l)           The
validity, construction, interpretation, administration and effect of this Plan,
and of its rules and regulations, and rights relating to this Plan and to Awards
granted under this Plan, shall be governed by the substantive laws, but not the
choice of law rules, of the state of Delaware.

      

      (m)           Records
of the Company shall be conclusive for all purposes under this Plan or any
Award, unless determined by the Committee to be incorrect.

      

      (n)           If
any provision of this Plan or any Award is held to be illegal or invalid for any
reason, the illegality or invalidity shall not affect the remaining provisions
of this Plan or any Award, but such provision shall be fully severable, and this
Plan or Award, as applicable, shall be construed and enforced as if the illegal
or invalid provision had never been included in this Plan or Award, as
applicable.

      

      (o)           The
terms of this Plan shall govern all Awards under this Plan and in no event shall
the Committee have the power to grant any Award under this Plan that is contrary
to any of the provisions of this Plan.

      

      (p)           For
purposes of interpretation of this Plan, the masculine pronoun includes the
feminine and the singular includes the plural wherever appropriate.

      

      Section 16.  Plan Amendment or
Suspension.  This Plan may be
amended or suspended in whole or in part at any time from time to time by the
Board.  No amendment of this Plan shall adversely affect in a material
manner any right of any Participant with respect to any Award previously granted
without such Participant’s written consent, except as permitted under Section 13.

      

      Section 17.  Plan
Termination.  This Plan shall
terminate upon the earlier of the following dates or events to
occur:

      

      (a)           upon
the adoption of a resolution of the Board terminating this Plan; or

      

      (b)           the
tenth anniversary of the Effective Date; provided, however, that the
Board may, prior to such date, extend the term of this Plan for an additional
period of up to five years for the grant of Awards other than Incentive Stock
Options.  No termination of this Plan shall materially alter or impair
any of the rights or obligations of any person, without his consent, under any
Award previously granted under this Plan, except that subsequent to
termination of this Plan, the Committee may make amendments or modifications
permitted under Section 13.

      

      Section 18.  Effective
Date.  This Plan shall
be effective, and Awards may be granted under this Plan, on or after the
Effective Date; provided,
however, if this Plan is not approved by at least a majority of the votes
cast by the stockholders of TIMET at a meeting of stockholders at which a quorum
is present within one year after the Effective Date then, in such event, this
Plan and all Awards granted pursuant to this Plan shall be null and
void.

      

      

      ADOPTED
BY THE
BOARD:                                                                             February
21, 2008

      APPROVED
BY THE
STOCKHOLDERS:                                                       May
22, 2008

      EFFECTIVE
DATE:                                                                                               
May 22, 2008

      

      EXECUTED to evidence this
Titanium Metals Corporation 2008 Long-Term Incentive Plan adopted by the Board
on  February 21, 2008 and the stockholders of TIMET on May 22,
2008.

      

      

      
        	
                 
      

              	
                TITANIUM
      METALS CORPORATION

              

      

      

      

      

      
        	
                 
      

              	
                By:

              	
                /s/ Andrew B.
      Nace

              	 	 

      

      Andrew
B. Nace, Vice President, General Counsel and Assistant Secretaryex10.htm

    
Exhibit
      10.1
      AVIS
        BUDGET RENTAL CAR FUNDING (AESOP) LLC,

       

      as
        Issuer

       

      and

       

      THE
        BANK OF NEW YORK TRUST COMPANY, N.A.,

       

      as
        Trustee and Series 2005-2 Agent

       

      _____________________

       

      AMENDED
        AND RESTATED SERIES 2005-2 SUPPLEMENT

       

      dated
        as of May 20, 2008

       

      to

       

      SECOND
        AMENDED AND RESTATED BASE INDENTURE

       

      dated
        as of June 3, 2004

       

      _____________________

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    
      Table
        of Contents

    

    
      	 	 	
              Page

            
	
               

              ARTICLE
                I DEFINITIONS

               

            	 	
               

              2

            
	
               

              ARTICLE
                II SERIES 2005-2 ALLOCATIONS

               

            	 	
               

              25

            
	
              Section
                2.1 Establishment of Series 2005-2 Collection Account, Series 2005-2
                

              Excess
                Collection Account and Series 2005-2 Accrued Interest
                Account

            	 	
              25

            
	
              Section
                2.2 Allocations with Respect to the Series 2005-2 Notes

            	 	
              25

            
	
              Section
                2.3 Payments to Noteholders and Each Series 2005-2 Interest Rate
                Swap
                Counterparty

            	 	
              29

            
	
              Section
                2.4 Payment of Note Interest

            	 	
              33

            
	
              Section
                2.5 Payment of Note Principal

            	 	
              33

            
	
              Section
                2.6 Administrator’s Failure to Instruct the Trustee to Make a Deposit or
                Payment

            	 	
              37

            
	
              Section
                2.7 Series-2005-2 Reserve Account

            	 	
              38

            
	
              Section
                2.8 Series 2005-2 Letters of Credit and Series 2005-2 Cash Collateral
                Account

            	 	
              40

            
	
              Section
                2.9 Series 2005-2 Distribution Account

            	 	
              44

            
	
              Section
                2.10 Series 2005-2 Interest Rate Swaps

            	 	
              46

            
	
              Section
                2.11 Series 2005-2 Accounts Permitted Investments

            	 	
              47

            
	
              Section
                2.12 Series 2005-2 Demand Notes Constitute Additional Collateral
                for
                Series 2005-2 Notes

            	 	
              47

            
	
               

              ARTICLE
                III AMORTIZATION EVENTS

               

            	 	
               

              48

            
	
               

              ARTICLE
                IV RIGHT TO WAIVE PURCHASE RESTRICTIONS

               

            	 	
               

              49

            
	
               

              ARTICLE
                V FORM OF SERIES 2005-2 NOTES

               

            	 	
               

              51

            
	
              Section
                5.1 Restricted Global Series 2005-2 Notes

            	 	
              51

            
	
              Section
                5.2 Temporary Global Series 2005-2 Notes; Permanent Global Series
                2005-2
                Notes

            	 	
              51

            
	
               

              ARTICLE
                VI GENERAL

               

            	 	
               

              51

            
	
              Section
                6.1 Optional Repurchase

            	 	
              51

            
	
              Section
                6.2 Information

            	 	
              52

            
	
              Section
                6.3 Exhibits

            	 	
              52

            
	
              Section
                6.4 Ratification of Base Indenture

            	 	
              52

            
	
              Section
                6.5 Counterparts

            	 	
              52

            
	
              Section
                6.6 Governing Law

            	 	
              52

            
	
              Section
                6.7 Amendments

            	 	
              52

            
	
              Section
                6.8 Discharge of Indenture

            	 	
              53

            

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    

      Table
        of Contents

      (continued)

    

    
      
        	 	 	
                Page

              
	
                Section
                  6.9 Notice to Surety Provider, Rating Agencies and each Series
                  2005-2
                  Interest Rate Swap Counterparty

              	 	
                53

              
	
                Section
                  6.10 Certain Rights of Surety Provider

              	 	
                53

              
	
                Section
                  6.11 Surety Provider Deemed Noteholder and Secured Party

              	 	
                53

              
	
                Section
                  6.12 Capitalization of ABRCF

              	 	
                54

              
	
                Section
                  6.13 [RESERVED]

              	 	
                54

              
	
                Section
                  6.14 Third Party Beneficiary

              	 	
                54

              
	
                Section
                  6.15 Prior Notice by Trustee to Surety Provider

              	 	
                54

              
	
                Section
                  6.16 Effect of Payments by the Surety Provider

              	 	
                54

              
	
                Section
                  6.17 Series 2005-2 Demand Notes

              	 	
                55

              
	
                Section
                  6.18 Subrogation

              	 	
                55

              
	
                Section
                  6.19 Termination of Supplement

              	 	
                55

              
	
                Section
                  6.20 Condition to Termination of ABRCF’s Obligations

              	 	
                55

              
	
                Section
                  6.21 Confidential Information.

              	 	
                56

              
	
                Section
                  6.22 Conditions to Effectiveness.

              	 	
                57

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    AMENDED
      AND RESTATED SERIES 2005-2 SUPPLEMENT, dated as of May 20, 2008 (this
“Supplement”), among AVIS BUDGET RENTAL CAR FUNDING (AESOP) LLC (formerly
      known as Cendant Rental Car Funding (AESOP) LLC), a special purpose limited
      liability company established under the laws of Delaware (“ABRCF”), The
      Bank of New York Trust Company, N.A. (as successor in interest to The Bank
      of
      New York) (“BNY”), a limited purpose national banking association with
      trust powers, as trustee (in such capacity, and together with its successors
      in
      trust thereunder as provided in the Base Indenture referred to below, the
“Trustee”), and BNY, as agent (in such capacity, the “Series 2005-2
      Agent”) for the benefit of the Series 2005-2 Noteholders, each Series 2005-2
      Interest Rate Swap Counterparty and the Surety Provider, to the Second Amended
      and Restated Base Indenture, dated as of June 3, 2004, between ABRCF 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,
      ABRCF, the Trustee and the Series 2005-2 Agent entered into the Series 2005-2
      Supplement, dated as of March 22, 2005 (the “Original Series 2005-2
      Supplement”), pursuant to which the Series 2005-2 Notes were
      issued;

     

    WHEREAS,
      pursuant to Section 12.2 of the Base Indenture, any Supplement may be
      amended with the consent of ABRCF, the Trustee, any applicable Enhancement
      Provider and the Required Noteholders of a Series of Notes;

     

    WHEREAS,
      pursuant to Section 11.11 of the Original Series 2005-2 Supplement, the
      requirement contained in Section 12.2 of the Base Indenture shall be
      satisfied upon attaining the consent of the Requisite Noteholders and the Surety
      Provider; and

     

    WHEREAS,
      the parties hereto desire to amend and restate the Original Series 2005-2
      Supplement as set forth herein and upon (i) the effectiveness of the letter
      dated as of the date hereof (the “Terminated Surety Provider Consent &
Release Letter”) between ABRCF, the Trustee and the Terminated Surety
      Provider, (ii) the effectiveness of the letter dated as of the date hereof
      (collectively, the “Series 2005-2 Noteholder Consent Letter”) between
      ABRCF, the Trustee and each of the Series 2005-2 Noteholders and (iii) the
      satisfaction of the conditions precedent set forth in Section 6.22 hereof,
      each
      of the Terminated Surety Provider and the Surety Provider will have consented
      to
      the amendment and restatement of the Original Series 2005-2 Supplement as set
      forth herein.

     

     

    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 2005-2 Supplement and such Series of Notes was designated
      generally as Series 2005-2 Floating Rate Rental Car Asset Backed Notes (the
      “Series 2005-2 Notes”).

     

    The
      proceeds from the initial sale of the Series 2005-2 Notes were deposited in
      the
      Collection Account and were paid to ABRCF and used to make Loans under the
      Loan

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    Agreements
      to the extent that the Borrowers have requested Loans thereunder and Eligible
      Vehicles were available for acquisition or refinancing thereunder on the date
      of
      the Original Series 2005-2 Supplement.  Any such portion of proceeds
      not so used to make Loans were deemed to be Principal Collections.

     

    The
      Series 2005-2 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.

     

     

    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, Subsection or Exhibit references herein shall refer to
      Articles, Sections, Subsections or Exhibits of this Supplement, 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 2005-2 Notes and not to any other Series of Notes issued by
      ABRCF.  In the event that a term used herein shall be defined both
      herein and in the Base Indenture, the definition of such term herein shall
      govern.

     

    (b)           The
      following words and phrases shall have the following meanings with respect
      to
      the Series 2005-2 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:

     

    “A&R
      Effective Date” shall mean the date upon which the conditions precedent set
      forth in Section 6.22 hereto have been satisfied.

     

    “ABCR”
      means Avis Budget Car Rental, LLC (formerly known as Cendant Car Rental Group,
      LLC).

     

    “Adjusted
      Net Book Value” means, as of any date of determination, with respect to each
      Adjusted Program Vehicle as of such date, the product of 0.965 and the Net
      Book
      Value of such Adjusted Program Vehicle as of such date.

     

    “Authorized
      Newspaper” means the Luxemburger Wort or other daily newspaper of
      general circulation in Luxembourg (or if publication is not practical in
      Luxembourg, in Europe).

     

    “Business
      Day” means any day other than (a) a Saturday or a Sunday or (b) a day on
      which the Surety Provider or banking institutions in New York City or in the
      city in which the corporate trust office of the Trustee is located are
      authorized or obligated by law or executive order to close.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    “Certificate
      of Lease Deficit Demand” means a certificate substantially in the form of
Annex A to the Series 2005-2 Letters of Credit.

     

    “Certificate
      of Termination Date Demand” means a certificate substantially in the form of
Annex D to the Series 2005-2 Letters of Credit.

     

    “Certificate
      of Termination Demand” means a certificate substantially in the form of
Annex C to the Series 2005-2 Letters of Credit.

     

    “Certificate
      of Unpaid Demand Note Demand” means a certificate substantially in the form
      of Annex B to the Series 2005-2 Letters of Credit.

     

    “Clearstream”
      is defined in Section 5.2.

     

    “Confirmation
      Condition” means, with respect to any Bankrupt Manufacturer which is a
      debtor in Chapter 11 Proceedings, a condition that shall be satisfied upon
      the
      bankruptcy court having competent jurisdiction over such Chapter 11 Proceedings
      issuing an order that remains in effect approving (i) the assumption of such
      Bankrupt Manufacturer’s Manufacturer Program (and the related Assignment
      Agreements) by such Bankrupt Manufacturer or the trustee in bankruptcy of such
      Bankrupt Manufacturer under Section 365 of the Bankruptcy Code and at the time
      of such assumption, the payment of all amounts due and payable by such Bankrupt
      Manufacturer under such Manufacturer Program and the curing of all other
      defaults by the Bankrupt Manufacturer thereunder or (ii) the execution, delivery
      and performance by such Bankrupt Manufacturer of a new post-petition
      Manufacturer Program (and the related assignment agreements) on the same terms
      and covering the same Vehicles as such Bankrupt Manufacturer’s Manufacturer
      Program (and the related Assignment Agreements) in effect on the date such
      Bankrupt Manufacturer became subject to such Chapter 11 Proceedings and, at
      the
      time of the execution and delivery of such new post-petition Manufacturer
      Program, the payment of all amounts due and payable by such Bankrupt
      Manufacturer under such Manufacturer Program and the curing of all other
      defaults by the Bankrupt Manufacturer thereunder; provided that
      notwithstanding the foregoing, the Confirmation Condition shall be deemed
      satisfied until the 90th calendar
      day
      following the initial filing in respect of such Chapter 11
      Proceedings.

     

    “Consent”
      is defined in Article IV.

     

    “Consent
      Period Expiration Date” is defined in Article IV.

     

    “Demand
      Note Issuer” means each issuer of a Series 2005-2 Demand Note.

     

    “Designated
      Amounts” is defined in Article IV.

     

    “Disbursement”
      means any Lease Deficit Disbursement, any Unpaid Demand Note Disbursement,
      any
      Termination Date Disbursement or any Termination Disbursement under a Series
      2005-2 Letter of Credit, or any combination thereof, as the context may
      require.

     

    “Euroclear”
      is defined in Section 5.2.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    “Excess
      Collections” is defined in Section 2.3(f)(i).

     

    “Excluded
      Receivable Amount” means, as of any date of determination, the greater of
      the Moody’s Excluded Receivable Amount and the Standard & Poor’s Excluded
      Receivable Amount as of such date.

     

    “Finance
      Guide” means the Black Book Official Finance/Lease Guide.

     

    “Fixed
      Rate Payment” means, for any Distribution Date, the amount, if any, payable
      by ABRCF as the “Fixed Amount” under any Series 2005-2 Interest Rate Swap after
      the netting of payments due to ABRCF as the “Floating Amount” from the Series
      2005-2 Interest Rate Swap Counterparty under such Series 2005-2 Interest Rate
      Swap on such Distribution Date.

     

    “Inclusion
      Date” means, with respect to any Vehicle, the date that is three months
      after the earlier of (i) the date such Vehicle became a Redesignated Vehicle
      and
      (ii) if the Manufacturer of such Vehicle is a Bankrupt Manufacturer, the date
      upon which the Event of Bankruptcy which caused such Manufacturer to become
      a
      Bankrupt Manufacturer first occurred.

     

    “Insurance
      Agreement” means the Insurance Agreement, dated as of A&R Effective
      Date, among the Surety Provider, the Trustee and ABRCF, which shall constitute
      an “Enhancement Agreement” with respect to the Series 2005-2 Notes for all
      purposes under the Indenture.

     

    “Insured
      Principal Deficit Amount” means, with respect to any Distribution Date, the
      excess, if any, of (a) the Series 2005-2 Outstanding Principal 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
      2005-2 Available Reserve Account Amount on such Distribution Date (after only
      giving effect to the withdrawal of any amounts in the Series 2005-2 Reserve
      Account made pursuant to Section 2.3(d) on such Distribution Date), the Series
      2005-2 Letter of Credit Amount on such Distribution Date (after giving effect
      only to the withdrawal of any amounts in the Series 2005-2 Cash Collateral
      Account pursuant to Section 2.3(c) on such Distribution Date) and the Series
      2005-2 AESOP I Operating Lease Loan Agreement Borrowing Base on such
      Distribution Date.

     

    “Lease
      Deficit Disbursement” means an amount drawn under a Series 2005-2 Letter of
      Credit pursuant to a Certificate of Lease Deficit Demand.

     

    “LIBOR”
      means, with respect to each Series 2005-2 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 the Reuters
      Screen LIBOR01 Page 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 the Reuters Screen
      LIBOR01 Page, the Trustee will request that the principal London offices of
      each
      of four major banks in the London interbank market selected by the Trustee
      

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    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 2005-2 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 2005-2 Interest Period will be the arithmetic
      mean of such quotations; or

     

    (iii)           If
      fewer than two such quotations are provided pursuant to clause (ii), “LIBOR” for
      such Series 2005-2 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 2005-2 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 2005-2 Interest Period will be the same as “LIBOR” for the immediately
      preceding Series 2005-2 Interest Period.

     

    “LIBOR
      Determination Date” means, with respect to any Series 2005-2 Interest
      Period, the second London Banking Day preceding the first day of such Series
      2005-2 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.

     

    “Market
      Value Average” means, as of any day, the percentage equivalent of a
      fraction, the numerator of which is the average of the Selected Fleet Market
      Value as of the preceding Determination Date and the two Determination Dates
      precedent thereto and the denominator of which is the sum of (a) the average
      of
      the aggregate Net Book Value of all Non-Program Vehicles (excluding (i) any
      Unaccepted Program Vehicles, (ii) any Excluded Redesignated Vehicles and
      (iii) any other Non-Program Vehicles that are subject to a Manufacturer Program
      with an Eligible Non-Program Manufacturer with respect to which no Manufacturer
      Event of Default has occurred and is continuing) and (b) the average of the
      aggregate Adjusted Net Book Value of all Adjusted Program Vehicles, in the
      case
      of each of clause (a) and (b) leased under the AESOP I Operating Lease and
      the
      Finance Lease as of the preceding Determination Date and the two Determination
      Dates precedent thereto.

     

    “Monthly
      Total Principal Allocation” means for any Related Month the sum of all
      Series 2005-2 Principal Allocations with respect to such Related
      Month.

     

    “Moody’s
      Excluded Manufacturer Receivable Specified Percentage” means, as of any date
      of determination, with respect to each Moody’s Non-Investment Grade Manufacturer
      as of such date, the percentage (not to exceed 100%) most recently specified
      in
      writing by Moody’s to ABRCF and the Trustee and consented to by the Surety
      Provider with respect to such Moody’s Non-Investment Grade Manufacturer;
provided, however, that as of the A&R Effective 

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    Date
      the
      Moody’s Excluded Manufacturer Receivable Specified Percentage for each Moody’s
      Non-Investment Grade Manufacturer shall be 100%; providedfurther
      that the initial Moody’s Excluded Manufacturer Receivable Specified Percentage
      with respect to any Manufacturer that becomes a Moody’s Non-Investment Grade
      Manufacturer after the A&R Effective Date shall be 100%.

     

    “Moody’s
      Excluded Receivable Amount” means, as of any date of determination, the sum
      of the following amounts with respect to each Moody’s Non-Investment Grade
      Manufacturer as of such date:  the product of (i) to the extent such
      amounts are included in the calculation of AESOP I Operating Lease Loan
      Agreement Borrowing Base as of such date, all amounts receivable, as of such
      date, by AESOP Leasing or the Intermediary from such Moody’s Non-Investment
      Grade Manufacturer and (ii) the Moody’s Excluded Manufacturer Receivable
      Specified Percentage for such Moody’s Non-Investment Grade Manufacturer as of
      such date.

     

    “Moody’s
      Non-Investment Grade Manufacturer” means, as of any date of determination,
      any Manufacturer that (i) is not a Bankrupt Manufacturer and (ii) does not
      have
      a long-term senior unsecured debt rating of at least “Baa3” from Moody’s;
provided that any Manufacturer whose long-term senior unsecured debt
      rating is downgraded from at least “Baa3” to below “Baa3” by Moody’s after the
      A&R Effective Date shall not be deemed a Moody’s Non-Investment Grade
      Manufacturer until the thirtieth (30th) calendar
      day
      following such downgrade.

     

    “Original
      Series 2005-2 Closing Date” means March 22, 2005.

     

    “Past
      Due Rent Payment” is defined in Section 2.2(g).

     

    “Permanent
      Global Series 2005-2 Note” is defined in Section 5.2.

     

    “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 2005-2 Demand
      Notes included in the Series 2005-2 Demand Note Payment Amount as of the Series
      2005-2 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 sixty (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 2005-2 Demand Note Payment Amount as of the date of the conclusion
      or
      dismissal of such proceedings.

     

    “Premium
      Letter” means the premium letter, dated as of the A&R Effective Date,
      among the Surety Provider, the Trustee and ABRCF.

     

    “Principal
      Deficit Amount” means, as of any date of determination, the excess, if any,
      of (i) the Series 2005-2 Invested Amount on such date (after giving effect
      to
      the distribution 

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    of
      the
      Monthly Total Principal Allocation for the Related Month if such date is a
      Distribution Date) over (ii) the Series 2005-2 AESOP I Operating Lease Loan
      Agreement Borrowing Base on such date; provided, however the
      Principal Deficit Amount on any date occurring during the period commencing
      on
      and including the date of the filing by any of the Lessees of a petition for
      relief under Chapter 11 of the Bankruptcy Code to but excluding the date on
      which each of the Lessees shall have resumed making all payments of the portion
      of Monthly Base Rent relating to Loan Interest required to be made under the
      AESOP I Operating Lease, shall mean the excess, if any, of (x) the Series 2005-2
      Invested Amount on such date (after giving effect to the distribution of Monthly
      Total Principal Allocation for the Related Month if such date is a Distribution
      Date) over (y) the sum of (1) the Series 2005-2 AESOP I Operating Lease Loan
      Agreement Borrowing Base on such date and (2) the lesser of (a) the Series
      2005-2 Liquidity Amount on such date and (b) the Series 2005-2 Required
      Liquidity Amount on such date.

     

    “Pro
      Rata Share” means, with respect to any Series 2005-2 Letter of Credit
      Provider as of any date, the fraction (expressed as a percentage) obtained
      by
      dividing (A) the available amount under such Series 2005-2 Letter of Credit
      Provider’s Series 2005-2 Letter of Credit as of such date by (B) an amount equal
      to the aggregate available amount under all Series 2005-2 Letters of Credit
      as
      of such date; provided, that only for purposes of calculating the Pro
      Rata Share with respect to any Series 2005-2 Letter of Credit Provider as of
      any
      date, if such Series 2005-2 Letter of Credit Provider has not complied with
      its
      obligation to pay the Trustee the amount of any draw under its Series 2005-2
      Letter of Credit made prior to such date, the available amount under such Series
      2005-2 Letter of Credit Provider’s Series 2005-2 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 2005-2 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 2005-2 Letter of Credit).

     

    “Qualified
      Interest Rate Swap Counterparty” means a counterparty (A) who is acceptable
      to the Surety Provider (in the exercise of its reasonable judgment) and (B)
      who
      is a bank or other financial institution, which is acceptable to each Rating
      Agency or which has, or which has all of its obligations under its Series 2005-2
      Interest Rate Swap guaranteed by a Person that has, (i) a short-term senior,
      unsecured debt, deposit, claims paying or credit (as the case may be) rating
      of
      at least “A-1”, or if such bank, financial institution or Person does not have a
      short-term senior, unsecured debt rating, then a long-term senior, unsecured
      debt, deposit, claims paying or credit (as the case may be) rating of at least
      “A+”, in each case, from Standard & Poor’s and (ii) a short-term senior,
      unsecured debt, deposit, claims paying or credit (as the case may be) rating
      of
“P-1”, or if such bank, financial institution or Person does not have a
      short-term senior, unsecured debt rating, then a long-term senior, unsecured
      debt, deposit, claims paying or credit (as the case may be) rating of at least
      “A1”, in each case, from Moody’s.

     

    “Requisite
      Noteholders” means Series 2005-2 Noteholders holding more than 50% of the
      Series 2005-2 Invested Amount.

     

    “Restricted
      Global Series 2005-2 Note” is defined in Section 5.1.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    “Reuters
      Screen LIBOR01 Page” means the display page currently designated as the
      Reuters Screen LIBOR01 Page (or such other page as may replace such page on
      such
      service for the purpose of displaying comparable rates) as reported by Bloomberg
      Financial Market Commodities News.

     

    “Selected
      Fleet Market Value” means, with respect to all Adjusted Program Vehicles and
      all Non-Program Vehicles (excluding (i) any Unaccepted Program Vehicles, (ii)
      any Excluded Redesignated Vehicles and (iii) any other Non-Program Vehicles
      that
      are subject to a Manufacturer Program with an Eligible Non-Program Manufacturer
      with respect to which no Manufacturer Event of Default has occurred and is
      continuing) as of any date of determination, the sum of the respective Market
      Values of each such Adjusted Program Vehicle and each such Non-Program Vehicle,
      in each case subject to the AESOP I Operating Lease or the Finance Lease as
      of
      such date.  For purposes of computing the Selected Fleet Market Value,
      the “Market Value” of an Adjusted Program Vehicle or a Non-Program Vehicle means
      the market value of such Vehicle as specified in the most recently published
      NADA Guide for the model class and model year of such Vehicle based on the
      average equipment and the average mileage of each Vehicle of such model class
      and model year then leased under the AESOP I Operating Lease and the Finance
      Lease; provided, that if the NADA Guide is not being published or the
      NADA Guide is being published but such Vehicle is not included therein, the
      Market Value of such Vehicle shall be based on the market value specified in
      the
      most recently published Finance Guide for the model class and model year of
      such
      Vehicle based on the average equipment and the average mileage of each Vehicle
      of such model class and model year then leased under the AESOP I Operating
      Lease
      or the Finance Lease; provided, further, that if the Finance
      Guide is being published but such Vehicle is not included therein, the Market
      Value of such Vehicle shall mean (x) in the case of an Adjusted Program Vehicle,
      the Adjusted Net Book Value of such Adjusted Program Vehicle and (y) in the
      case
      of a Non-Program Vehicle, the Net Book Value of such Non-Program Vehicle
provided, further, that if the Finance Guide is not being
      published, the Market Value of such Vehicle shall be based on an independent
      third-party data source selected by the Administrator and approved by each
      Rating Agency that is rating any Series of Notes and the Surety Provider (such
      approval not to be unreasonably withheld or delayed), at the request of ABRCF
      based on the average equipment and average mileage of each Vehicle of such
      model
      class and model year then leased under the AESOP I Operating Lease or the
      Finance Lease; provided, further, that if no such third-party
      data source or methodology shall have been so approved or any such third-party
      data source or methodology is not available, the Market Value of such Vehicle
      shall be equal to a reasonable estimate of the wholesale market value of such
      Vehicle as determined by the Administrator, based on the Net Book Value of
      such
      Vehicle and any other factors deemed relevant by the Administrator.

     

    “Series
      2002-2 Notes” means the Series of Notes designated as the Series 2002-2
      Notes.

     

    “Series
      2002-3 Notes” means the Series of Notes designated as the Series 2002-3
      Notes.

     

    “Series
      2003-2 Notes” means the Series of Notes designated as the Series 2003-2
      Notes.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    “Series
      2003-3 Notes” means the Series of Notes designated as the Series 2003-3
      Notes.

     

    “Series
      2003-4 Notes” means the Series of Notes designated as the Series 2003-4
      Notes.

     

    “Series
      2003-5 Notes” means the Series of Notes designated as the Series 2003-5
      Notes.

     

    “Series
      2004-1 Notes” means the Series of Notes designated as the Series 2004-1
      Notes.

     

    “Series
      2004-2 Notes” means the Series of Notes designated as the Series 2004-2
      Notes.

     

    “Series
      2005-1 Notes” means the Series of Notes designated as the Series 2005-1
      Notes.

     

    “Series
      2005-2 Notes” means the Series of Notes designated as the Series 2005-2
      Notes.

     

    “Series
      2005-4 Notes” means the Series of Notes designated as the Series 2005-4
      Notes.

     

    “Series
      2006-1 Notes” means the Series of Notes designated as the Series 2006-1
      Notes.

     

    “Series
      2006-2 Notes” means the Series of Notes designated as the Series 2006-2
      Notes.

     

    “Series
      2007-2 Notes” means the Series of Notes designated as the Series 2007-2
      Notes.

     

    “Series
      2008-1 Notes” means the Series of Notes designated as the Series 2008-1
      Notes.

     

    “Series
      2005-2 Accounts” means each of the Series 2005-2 Distribution Account, the
      Series 2005-2 Reserve Account, the Series 2005-2 Collection Account, the Series
      2005-2 Excess Collection Account, the Series 2005-2 Cash Collateral Account
      and
      the Series 2005-2 Accrued Interest Account.

     

    “Series
      2005-2 Accrued Interest Account” is defined in Section 2.1(b).

     

    “Series
      2005-2 Adjusted Monthly Interest” means, for any Distribution Date, the sum
      of (i) an amount equal to the product of (1) the Series 2005-2 Note Rate for
      the
      Series 2005-2 Interest Period ending on the day preceding such Distribution
      Date, (2) the Series 2005-2 Outstanding Principal Amount on the first day of
      such Series 2005-2 Interest Period and (3) a fraction, the numerator of which
      is
      the actual number of days in such Series 2005-2 Interest 

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    Period
      and the denominator of which is 360, and (ii) any amount described in clause
      (i)
      with respect to a prior Distribution Date that remains unpaid as of such
      Distribution Date (together with any accrued interest on such amount at the
      Series 2005-2 Note Rate).

     

     

    “Series
      2005-2 AESOP I Operating Lease Loan Agreement Borrowing Base” means, as of
      any date of determination, the product of (a) the Series 2005-2 AESOP I
      Operating Lease Vehicle Percentage as of such date and (b) the excess of
      (i) the AESOP I Operating Lease Loan Agreement Borrowing Base as of such
      date over (ii) the Excluded Receivable Amount as of such
      date.

     

     

    “Series
      2005-2 AESOP I Operating Lease Vehicle Percentage” means, as of any date of
      determination, a fraction, expressed as a percentage (which percentage shall
      never exceed 100%), the numerator of which is the Series 2005-2 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
      2005-2 Agent” is defined in the recitals hereto.

     

    “Series
      2005-2 Available Cash Collateral Account Amount” means, as of any date of
      determination, the amount on deposit in the Series 2005-2 Cash Collateral
      Account (after giving effect to any deposits thereto and withdrawals and
      releases therefrom on such date).

     

    “Series-2005-2
      Available Reserve Account Amount” means, as of any date of determination,
      the amount on deposit in the Series 2005-2 Reserve Account (after giving effect
      to any deposits thereto and withdrawals and releases therefrom on such
      date).

     

    “Series
      2005-2 Carryover Controlled Amortization Amount” means, with respect to any
      Related Month during the Series 2005-2 Controlled Amortization Period, the
      amount, if any, by which the portion of the Monthly Total Principal Allocation
      paid to the Series 2005-2 Noteholders pursuant to Section 2.5(e) for the
      previous Related Month was less than the Series 2005-2 Controlled Distribution
      Amount for the previous Related Month; provided, however, that for
      the first Related Month in the Series 2005-2 Controlled Amortization Period,
      the
      Series 2005-2 Carryover Controlled Amortization Amount shall be
      zero.

     

    “Series
      2005-2 Cash Collateral Account” is defined in
      Section 2.8(f).

     

    “Series
      2005-2 Cash Collateral Account Collateral” is defined in
      Section 2.8(a).

     

    “Series
      2005-2 Cash Collateral Account Surplus” means, with respect to any
      Distribution Date, the lesser of (a) the Series 2005-2 Available Cash Collateral
      Account Amount and (b) the lesser of (A) the excess, if any, of the Series
      2005-2 Liquidity Amount (after giving effect to any withdrawal from the Series
      2005-2 Reserve Account on such Distribution Date) over the Series 2005-2
      Required Liquidity Amount on such Distribution Date and (B) the excess, if
      any,
      of the Series 2005-2 Enhancement Amount (after giving effect to any withdrawal
      from the Series 2005-2 Reserve Account on such Distribution Date) over the
      Series 2005-2 Required Enhancement Amount on such Distribution Date;
provided, however that, on any date after the Series 2005-2 Letter
      of Credit Termination Date, the Series 2005-2 Cash Collateral Account Surplus
      shall mean the excess, if any, of (x) the Series 2005-2 Available Cash
      Collateral Account 

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    Amount
      over (y) the Series 2005-2 Demand Note Payment Amount
minus the Pre-Preference Period Demand Note Payments as of
      such date.

     

    “Series
      2005-2 Cash Collateral Percentage” means, as of any date of determination,
      the percentage equivalent of a fraction, the numerator of which is the Series
      2005-2 Available Cash Collateral Amount as of such date and the denominator
      of
      which is the Series 2005-2 Letter of Credit Liquidity Amount as of such
      date.

     

    “Series
      2005-2 Collateral” means the Collateral, each Series 2005-2 Letter of
      Credit, each Series 2005-2 Demand Note, the Series 2005-2 Distribution Account
      Collateral, the Series 2005-2 Interest Rate Swap Collateral, the Series 2005-2
      Cash Collateral Account Collateral and the Series 2005-2 Reserve Account
      Collateral.

     

    “Series
      2005-2 Collection Account” is defined in Section 2.1(b).

     

    “Series
      2005-2 Controlled Amortization Amount” means (i) with respect to any Related
      Month during the Series 2005-2 Controlled Amortization Period other than the
      Related Month immediately preceding the Series 2005-2 Expected Final
      Distribution Date, $41,666,666.66 and (ii) with re­spect to the Related
      Month immediately preceding the Series 2005-2 Expected Final Distribution Date,
      $41,666,666.70.

     

    “Series
      2005-2 Controlled Amortization Period” means the period commencing at the
      opening of business on November 1, 2011 (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 2005-2 Rapid Amortization Period,
      (ii) the date on which the Series 2005-2 Notes are fully paid and (iii) the
      termination of the Indenture.

     

    “Series
      2005-2 Controlled Distribution Amount” means, with respect to any Related
      Month during the Series 2005-2 Controlled Amortization Period, an amount equal
      to the sum of the Series 2005-2 Controlled Amortization Amount and any Series
      2005-2 Carryover Controlled Amortization Amount for such Related
      Month.

     

    “Series
      2005-2 Demand Note” means each demand note made by a Demand Note Issuer,
      substantially in the form of Exhibit C, as amended, modified or restated
      from time to time.

     

    “Series
      2005-2 Demand Note Payment Amount” means, as of the Series 2005-2 Letter of
      Credit Termination Date, the aggregate amount of all proceeds of demands made
      on
      the Series 2005-2 Demand Notes pursuant to Section 2.5(b) or (c) that were
      deposited into the Series 2005-2 Distribution Account and paid to the Series
      2005-2 Noteholders during the one year period ending on the Series 2005-2 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 sixty (60) consecutive
      days) with respect to a Demand Note Issuer shall have occurred during such
      one
      year period, the Series 2005-2 Demand Note Payment Amount as of the Series
      2005-2 Letter of Credit Termination Date shall equal the Series 2005-2 Demand
      Note Payment Amount as if it were calculated as of the date of such
      occurrence.

     

    “Series
      2005-2 Deposit Date” is defined in Section 2.2.

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    “Series
      2005-2 Distribution Account” is defined in Section 2.9(a).

     

    “Series
      2005-2 Distribution Account Collateral” is defined in Section
      2.9(d).

     

    “Series
      2005-2 Eligible Letter of Credit Provider” means a Person satisfactory to
      ABCR, the Demand Note Issuers and the Surety Provider and having, at the time
      of
      the issuance of the related Series 2005-2 Letter of Credit, a long-term senior
      unsecured debt rating (or the equivalent thereof in the case of Moody’s or
      Standard & Poor’s, as applicable) of at least “A+” from Standard &
Poor’s and at least “Al” from Moody’s and a short-term senior unsecured debt
      rating of at least “A-1” from Standard & Poor’s and “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,
however, that if a Person is not a Series 2005-2 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 2005-2 Eligible Letter
      of Credit Provider until ABRCF has provided 10 days’ prior notice to the Rating
      Agencies that such Person has been proposed as a Series 2005-2 Letter of Credit
      Provider.

     

    “Series
      2005-2 Enhancement” means the Series 2005-2 Cash Collateral Account
      Collateral, the Series 2005-2 Letters of Credit, the Series 2005-2 Demand Notes,
      the Series 2005-2 Overcollateralization Amount and the Series 2005-2 Available
      Reserve Account Amount.

     

    “Series
      2005-2 Enhancement Amount” means, as of any date of determination, the sum
      of (i) the Series 2005-2 Overcollateralization Amount as of such date, (ii)
      the
      Series 2005-2 Letter of Credit Amount as of such date, (iii) the Series 2005-2
      Available Reserve Account Amount as of such date and (iv) the amount of cash
      and
      Permitted Investments on deposit in the Series 2005-2 Collection Account (not
      including amounts allocable to the Series 2005-2 Accrued Interest Account)
      and
      the Series 2005-2 Excess Collection Account as of such date.

     

    “Series
      2005-2 Enhancement Deficiency” means, on any date of determination, the
      amount by which the Series 2005-2 Enhancement Amount is less than the Series
      2005-2 Required Enhancement Amount as of such date.

     

    “Series
      2005-2 Excess Collection Account” is defined in Section 2.1(b).

     

    “Series
      2005-2 Expected Final Distribution Date” means the May 2012 Distribution
      Date.

     

    “Series
      2005-2 Final Distribution Date” means the May 2013 Distribution
      Date.

     

    “Series
      2005-2 Initial Invested Amount” means the aggregate initial principal amount
      of the Series 2005-2 Notes, which, on each of the Original Series 2005-2 Closing
      Date and on the A&R Effective Date, is $250,000,000.

     

    
      
        
        

      

      
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    “Series
      2005-2 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 2005-2 Interest Period shall have commenced on and include the Original
      Series 2005-2 Closing Date and end on and include April 19, 2005.

     

    “Series
      2005-2 Interest Rate Swap” is defined in Section 2.10(a).

     

    “Series
      2005-2 Interest Rate Swap Collateral” is defined in Section
      2.10(d).

     

    “Series
      2005-2 Interest Rate Swap Counterparty” means ABRCF’s counterparty under any
      Series 2005-2 Interest Rate Swap.

     

    “Series
      2005-2 Interest Rate Swap Proceeds” means the amounts received by the
      Trustee from a Series 2005-2 Interest Rate Swap Counterparty from time to time
      in respect of any Series 2005-2 Interest Rate Swap (including amounts
      received from a guarantor or from collateral).

     

    “Series
      2005-2 Invested Amount” means, when used with respect to any date, an amount
      equal to the Series 2005-2 Outstanding Principal Amount plus the sum of
      (a) the amount of any principal payments made to the Series 2005-2 Noteholders
      on or prior to such date with the proceeds of a demand on the Surety Bond and
      (b) the amount of any principal payments made to Series 2005-2 Noteholders
      that
      have been rescinded or otherwise returned by the Series 2005-2 Noteholders
      for
      any reason.

     

    “Series
      2005-2 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 2005-2 Invested Amount and the Series 2005-2
      Overcollateralization Amount, determined during the Series 2005-2 Revolving
      Period as of the end of the Related Month, or, during the Series 2005-2
      Controlled Amortization Period and the Series 2005-2 Rapid Amortization Period,
      as of the end of the Series 2005-2 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  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 2005-2 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.

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    “Series
      2005-2 Lease Interest Payment Deficit” means, on any Distribution Date, an
      amount equal to the excess, if any, of (a) the aggregate amount of Interest
      Collections which pursuant to Section 2.2(a), (b), (c) or (d) would have been
      allocated to the Series 2005-2 Accrued Interest Account if all payments of
      Monthly Base Rent required to have been made under the Leases from and excluding
      the preceding Distribution Date to and including such Distribution Date were
      made in full over (b) the aggregate amount of Interest Collections which
      pursuant to Section 2.2(a), (b), (c) or (d) have been allocated to the Series
      2005-2 Accrued Interest Account (excluding any amounts paid into the Series
      2005-2 Accrued Interest Account pursuant to the proviso in Sections 2.2(c)(ii)
      and/or 2.2(d)(ii)) from and excluding the preceding Distribution Date to and
      including such Distribution Date.

     

    “Series
      2005-2 Lease Payment Deficit” means either a Series 2005-2 Lease Interest
      Payment Deficit or a Series 2005-2 Lease Principal Payment Deficit.

     

    “Series
      2005-2 Lease Principal Payment Carryover Deficit” means, for any
      Distribution Date, the excess of (x) the Series 2005-2 Lease Principal Payment
      Deficit, if any, on the preceding Distribution Date over (y) the amount
      deposited in the Distribution Account on such preceding Distribution Date
      pursuant to Section 2.5(b) on account of such Series 2005-2 Lease Principal
      Payment Deficit.

     

    “Series
      2005-2 Lease Principal Payment Deficit” means on any Distribution Date the
      sum of (a) the Series 2005-2 Monthly Lease Principal Payment Deficit for such
      Distribution Date and (b) the Series 2005-2 Lease Principal Payment Carryover
      Deficit for such Distribution Date.

     

    “Series
      2005-2 Letter of Credit” means an irrevocable letter of credit, if any,
      substantially in the form of Exhibit D issued by a Series 2005-2 Eligible
      Letter of Credit Provider in favor of the Trustee for the benefit of the Series
      2005-2 Noteholders, each Series 2005-2 Interest Rate Swap Counterparty and
      the
      Surety Provider in form and substance satisfactory to the Surety
      Provider.

     

    “Series
      2005-2 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 2005-2 Letter of Credit on which no draw has been made
      pursuant to Section 2.8(c), as specified therein, and (ii) if the Series 2005-2
      Cash Collateral Account has been established and funded pursuant to Section
      2.8,
      the Series 2005-2 Available Cash Collateral Account Amount on such date and
      (b)
      the aggregate outstanding principal amount of the Series 2005-2 Demand Notes
      on
      such date.

     

    “Series
      2005-2 Letter of Credit Expiration Date” means, with respect to any Series
      2005-2 Letter of Credit, the expiration date set forth in such Series 2005-2
      Letter of Credit, as such date may be extended in accordance with the terms
      of
      such Series 2005-2 Letter of Credit.

     

    “Series
      2005-2 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 2005-2 Letter of Credit on which no draw has been made
      pursuant to Section 2.8(c), 

     

    
      
        
        

      

      
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    as
      specified therein, and (b) if the Series 2005-2 Cash Collateral Account has
      been
      established and funded pursuant to Section 2.8, the Series 2005-2 Available
      Cash Collateral Account Amount on such date.

     

    “Series
      2005-2 Letter of Credit Provider” means the issuer of a Series 2005-2 Letter
      of Credit.

     

    “Series
      2005-2 Letter of Credit Termination Date” means the first to occur of
      (a) the date on which the Series 2005-2 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 2005-2 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
      2005-2 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 (j) of Article III; provided, however, that any event or
      condition of the type specified in clauses (a) through (e) and (h) through
      (j)
      of Article III shall not constitute a Series 2005-2 Limited Liquidation Event
      of
      Default if (i) within the thirty (30) day period immediately following the
      occurrence of such Amortization Event, 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 2005-2 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 2005-2 Limited Liquidation Event of
      Default.

     

    “Series
      2005-2 Liquidity Amount” means, as of any date of determination, the sum of
      (a) the Series 2005-2 Letter of Credit Liquidity Amount on such date and (b)
      the
      Series 2005-2 Available Reserve Account Amount on such date.

     

    “Series
      2005-2 Maximum Aggregate Kia/Isuzu/Subaru/Hyundai/Suzuki Amount” means, as
      of any day, with respect to Kia, Isuzu, Subaru, Hyundai and Suzuki, in the
      aggregate, an amount equal to 20% of the aggregate Net Book Value of all
      Vehicles leased under the Leases on such day.

     

    “Series
      2005-2 Maximum Amount” means any of the Series 2005-2 Maximum Manufacturer
      Amounts, the Series 2005-2 Maximum Non-Eligible Manufacturer Amount, the Series
      2005-2 Maximum Non-Program Vehicle Amount or the Series 2005-2 Maximum Specified
      States Amount.

     

    “Series
      2005-2 Maximum Individual Hyundai/Suzuki Amount” means, as of
      any day, with respect to Hyundai or Suzuki, individually, an amount equal to
      7.5% of the aggregate Net Book Value of all Vehicles leased under the Leases
      on
      such day.

     

    “Series
      2005-2 Maximum Individual Kia/Isuzu/Subaru Amount” means, as of any day,
      with respect to Kia, Isuzu or Subaru, individually, an amount equal to 5% of
      the
      aggregate Net Book Value of all Vehicles leased under the Leases on such
      day.

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

    “Series
      2005-2 Maximum Manufacturer Amount” means, as of any day, any of the Series
      2005-2 Maximum Mitsubishi Amount, the Series 2005-2 Maximum Individual
      Kia/Isuzu/Subaru Amount, the Series 2005-2 Maximum Individual Hyundai/Suzuki
      Amount or the Series 2005-2 Maximum Aggregate Kia/Isuzu/Subaru/Hyundai/Suzuki
      Amount.

     

    “Series
      2005-2 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.

     

    “Series
      2005-2 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
      2005-2 Maximum Non-Program Vehicle Amount” means, as of any day, an amount
      equal to the Series 2005-2 Maximum Non-Program Vehicle Percentage of the
      aggregate Net Book Value of all Vehicles leased under the Leases on such
      day.

     

    “Series
      2005-2 Maximum Non-Program Vehicle Percentage” means, as of any date of
      determination, the sum of (a) 60% and (b) a fraction, expressed as
      a  percentage, the numerator of which is the aggregate Net Book Value
      of all Redesignated Vehicles manufactured by a Bankrupt Manufacturer or a
      Manufacturer with respect to which a Manufacturer Event of Default has occurred,
      and in each case leased under the AESOP I Operating Lease or the Finance Lease
      as of such date, and the denominator of which is the aggregate Net Book Value
      of
      all Vehicles leased under the Leases as of such date.

     

    “Series
      2005-2 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
      2005-2 Monthly Interest” means, with respect to any Series 2005-2 Interest
      Period, an amount equal to the product of (A) the Series 2005-2 Invested Amount
      on the first day of such Series 2005-2 Interest Period, after giving effect
      to
      any principal payments made on such date, (B) the Series 2005-2 Note Rate for
      such Series 2005-2 Interest Period and (C) the actual number of days in such
      Series 2005-2 Interest Period divided by 360.

     

    “Series
      2005-2 Monthly Lease Principal Payment Deficit” means, on any Distribution
      Date, an amount equal to the excess, if any, of (a) the aggregate amount of
      Principal Collections which pursuant to Section 2.2(a), (b), (c) or (d) would
      have been allocated to the Series 2005-2 Collection Account if all payments
      required to have been made under the Leases from and excluding the preceding
      Distribution Date to and including such Distribution Date were made in full
      over
      (b) the aggregate amount of Principal Collections which pursuant to Section
      2.2(a), (b), (c) or (d) have been allocated to the Series 2005-2 Collection
      Account (without giving effect to any amounts paid into the Series 2005-2
      Accrued Interest Account pursuant to the proviso in Sections 2.2(c)(ii) and/or
      2.2(d)(ii)) from and excluding the preceding Distribution Date to and including
      such Distribution Date.

     

    “Series
      2005-2 Moody’s Highest Enhanced Vehicle Percentage” means, as
      of any date of determination, a fraction, expressed as a percentage, (a) the
      numerator of which is the 

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

    aggregate
      Net Book Value of all Vehicles leased under the AESOP I Operating Lease that
      are
      either not subject to a Manufacturer Program or not eligible for repurchase
      under a Manufacturer Program as of such date and (b) 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
      2005-2 Moody’s Highest Enhancement Rate” means, as of any date of
      determination, the greater of (a) 38.50% and (b) the sum of (i) 38.50% and
      (ii)
      the highest, for any 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
      2005-2 Moody’s Intermediate Enhanced Vehicle Percentage” means, as of any
      date of determination, 100% minus the sum of (a) the Series 2005-2
      Moody’s Lowest Enhanced Vehicle Percentage and (b) the Series 2005-2 Moody’s
      Highest Enhanced Vehicle Percentage.

     

    “Series
      2005-2 Moody’s Intermediate Enhancement Rate” means, as of any date of
      determination, 35.00%.

     

    “Series
      2005-2 Moody’s Lowest Enhanced Vehicle Percentage” means, as of any date of
      determination, a fraction, expressed as a percentage, (a) the numerator of
      which
      is the sum, without duplication, of (1) the aggregate Net Book Value of all
      Program Vehicles leased under the AESOP I Operating Lease that are manufactured
      by Eligible Program Manufacturers having long-term senior unsecured debt ratings
      of “Baa2” or higher from Moody’s as of such date, (2) so long as any Eligible
      Non-Program Manufacturer has a long-term senior unsecured debt rating of “Baa2”
or higher from Moody’s and no Manufacturer Event of Default has occurred and is
      continuing with respect to such Eligible Non-Program Manufacturer, the aggregate
      Net Book Value of all Non-Program Vehicles leased under the AESOP I Operating
      Lease manufactured by each such Eligible Non-Program Manufacturer that are
      subject to a Manufacturer Program and remain eligible for repurchase thereunder
      as of such date and (3) the lesser of (A) the sum of (x) if as of such date
      any
      Eligible Program Manufacturer has a long-term senior unsecured debt rating
      of
“Baa3” from Moody’s, the aggregate Net Book Value of all Program Vehicles leased
      under the AESOP I Operating Lease manufactured by each such Eligible Program
      Manufacturer as of such date and (y) if as of such date any Eligible Non-Program
      Manufacturer has a long-term senior unsecured debt rating of “Baa3” from Moody’s
      and no Manufacturer Event of Default has occurred and is continuing with respect
      to such Eligible Non-Program Manufacturer, the aggregate Net Book Value of
      all
      Non-Program Vehicles leased under the AESOP I Operating Lease manufactured
      by
      each such Eligible Non-Program Manufacturer that are subject to a Manufacturer
      Program and remain eligible for repurchase thereunder as of such date and (B)
      10% of the aggregate Net Book Value of all Vehicles leased under the AESOP
      I
      Operating Lease as of such date and (b) the denominator of which is the
      aggregate Net Book Value of all Vehicles leased under the AESOP I Operating
      Lease as of such date.

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

    “Series
      2005-2 Moody’s Lowest Enhancement Rate” means, as of any date of
      determination, 16.00%.

     

    “Series
      2005-2 Moody’s Required Enhancement Percentage” means, as of any date of
      determination, the sum of (i) the product of (A) the Series 2005-2 Moody’s
      Lowest Enhancement Rate and (B) the Series 2005-2 Moody’s Lowest Enhanced
      Vehicle Percentage as of such date, (ii) the product of (A) the Series 2005-2
      Moody’s Intermediate Enhancement Rate as of such date and (B) the Series 2005-2
      Moody’s Intermediate Enhanced Vehicle Percentage as of such date, and (iii) the
      product of (A) the Series 2005-2 Moody’s Highest Enhancement Rate as of such
      date and (B) the Series 2005-2 Moody’s Highest Enhanced Vehicle Percentage as of
      such date.

     

    “Series
      2005-2 Non-Investment Grade Manufacturer” means, as of any date of
      determination, any Moody’s Non-Investment Grade Manufacturer or any Standard
& Poor’s Non-Investment Grade Manufacturer as of such date.

     

    “Series
      2005-2 Non-Investment Grade Manufacturer Percentage” means, with respect to
      any Series 2005-2 Non-Investment Grade Manufacturer, as of any date of
      determination, a fraction, expressed as a percentage, (i) the numerator of
      which
      is the aggregate Net Book Value of all Vehicles manufactured by such Series
      2005-2 Non-Investment Grade Manufacturer and leased under the AESOP I Operating
      Lease as of such date and (ii) 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
      2005-2 Note Owner” means each beneficial owner of a Series 2005-2
      Note.

     

    “Series
      2005-2 Note Rate” means, for any Series 2005-2 Interest Period, the sum of
      0.20% plus LIBOR for such Series 2005-2 Interest Period.

     

    “Series
      2005-2 Noteholder” means the Person in whose name a Series 2005-2 Note is
      registered in the Note Register.

     

    “Series
      2005-2 Notes” means any one of the Series 2005-2 Floating Rate Rental Car
      Asset Backed Notes, executed by ABRCF and authenticated by or on behalf of
      the
      Trustee, substantially in the form of Exhibit A-1, Exhibit A-2 or
Exhibit A-3.  Definitive Series 2005-2 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
      2005-2 Outstanding Principal Amount” means, when used with respect to any
      date, an amount equal to (a) the Series 2005-2 Initial Invested Amount
minus (b) the amount of principal payments made to Series 2005-2
      Noteholders on or prior to such date.

     

    “Series
      2005-2 Overcollateralization Amount” means (i) as of any date on which no
      AESOP I Operating Lease Vehicle Deficiency exists, the Series 2005-2 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 2005-2 AESOP I 

     

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

    Operating
      Lease Loan Agreement Borrowing Base as of such date over (y) the Series 2005-2
      Invested Amount as of such date.

     

    “Series
      2005-2 Past Due Rent Payment” is defined in Section 2.2(g).

     

    “Series
      2005-2 Percentage” means, as of any date of determination, a fraction,
      expressed as a percentage, the numerator of which is the Series 2005-2 Invested
      Amount as of such date and the denominator of which is the Aggregate Invested
      Amount as of such date.

     

    “Series
      2005-2 Principal Allocation” is defined in Section 2.2(a)(ii).

     

    “Series
      2005-2 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 2005-2
      Notes and ending upon the earliest to occur of (i) the date on which the Series
      2005-2 Notes are fully paid, the Surety Provider has been paid all Surety
      Provider Fees and all other Surety Provider Reimbursement Amounts then due
      and
      the Series 2005-2 Interest Rate Swaps have been terminated and there are no
      amounts due and owing thereunder, (ii) the Series 2005-2 Termination Date and
      (iii) the termination of the Indenture.

     

    “Series
      2005-2 Reimbursement Agreement” means any and each agreement providing for
      the reimbursement of a Series 2005-2 Letter of Credit Provider for
      draws  under its Series 2005-2 Letter of Credit as the same may be
      amended, supplemented, restated or otherwise modified from time to
      time.

     

    “Series
      2005-2 Repurchase Amount” is defined in Section 6.1.

     

    “Series
      2005-2 Required AESOP I Operating Lease Vehicle Amount” means, as of any
      date of determination, the sum of the Series 2005-2 Invested Amount and the
      Series  2005-2 Required Overcollateralization Amount as of such
      date.

     

    “Series
      2005-2 Required Enhancement Amount” means, as of any date of determination,
      the sum of (i) the product of the Series 2005-2 Required Enhancement Percentage
      as of such date and the Series 2005-2 Invested Amount as of such date,
      (ii) the Series 2005-2 AESOP I Operating Lease Vehicle Percentage as of the
      immediately preceding Business Day of the excess, if any, of the Non-Program
      Vehicle Amount as of such date over the Series 2005-2 Maximum Non-Program
      Vehicle Amount as of such date, (iii) the Series 2005-2 AESOP I Operating Lease
      Vehicle Percentage as of the immediately preceding Business Day 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 2005-2
      Maximum Mitsubishi Amount as of such date, (iv) the Series 2005-2 AESOP I
      Operating Lease Vehicle Percentage as of the immediately preceding Business
      Day
      of the excess, if any, of the aggregate Net Book Value of all Vehicles
      manufactured by Kia, Isuzu or Subaru, individually, and leased under the Leases
      as of such date over the Series 2005-2 Maximum Individual Kia/Isuzu/Subaru
      Amount as of such date, (v) the Series 2005-2 AESOP I Operating Lease Vehicle
      Percentage as of the immediately preceding Business Day of the excess, if any,
      of the aggregate Net Book Value of all Vehicles manufactured by Hyundai or
      Suzuki, individually, and leased under the Leases as of such date over the
      Series 2005-2 Maximum Individual Hyundai/Suzuki Amount as of such date, (vi)
      the

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

    Series
      2005-2 AESOP I Operating Lease Vehicle Percentage as of the immediately
      preceding Business Day of the excess, if any, of the aggregate Net Book Value
      of
      all Vehicles manufactured by Kia, Isuzu, Subaru, Hyundai or Suzuki, in the
      aggregate, and leased under the Leases as of such date over the Series 2005-2
      Maximum Aggregate Kia/Isuzu/Subaru/Hyundai/Suzuki Amount as of such date, (vii)
      the Series 2005-2 AESOP I Operating Lease Vehicle Percentage as of the
      immediately preceding Business Day of the excess, if any, of the Specified
      States Amount as of such date over the Series 2005-2 Maximum Specified States
      Amount as of such date and (viii) the Series 2005-2 AESOP I Operating Lease
      Vehicle Percentage as of the immediately preceding Business Day of the excess,
      if any, of the Non-Eligible Manufacturer Amount as of such date over the Series
      2005-2 Maximum Non-Eligible Manufacturer Amount as of such date.

     

    “Series
      2005-2 Required Enhancement Percentage” means, as of any date of
      determination, the greater of (i) the Series 2005-2 Standard & Poor’s
      Required Enhancement Percentage as of such date and (ii) the Series 2005-2
      Moody’s Required Enhancement Percentage as of such date.

     

    “Series
      2005-2 Required Liquidity Amount” means, as of any date of determination, an
      amount equal to the product of 4.00% and the Series 2005-2 Invested Amount
      as of
      such date.

     

    “Series
      2005-2 Required Overcollateralization Amount” means, as of any date of
      determination, the excess, if any, of the Series 2005-2 Required Enhancement
      Amount over the sum of (i) the Series 2005-2 Letter of Credit Amount as of
      such
      date, (ii) the Series 2005-2 Available Reserve Account Amount on such date
      and
      (iii) the amount of cash and Permitted Investments on deposit in the Series
      2005-2 Collection Account (not including amounts allocable to the Series 2005-2
      Accrued Interest Account) and the Series 2005-2 Excess Collection Account on
      such date.

     

    “Series
      2005-2 Required Reserve Account Amount” means, for any date of
      determination, an amount equal to the greater of (a) the excess, if any, of
      the Series 2005-2 Required Liquidity Amount as of such date over the Series
      2005-2 Letter of Credit Liquidity Amount as of such date and (b) the excess,
      if
      any, of the Series 2005-2 Required Enhancement Amount over the Series 2005-2
      Enhancement Amount (excluding therefrom the Series 2005-2 Available Reserve
      Account Amount and calculated after giving effect to any payments of principal
      to be made on the Series 2005-2 Notes) as of such date.

     

    “Series
      2005-2 Reserve Account” is defined in Section 2.7(a).

     

    “Series
      2005-2 Reserve Account Collateral” is defined in Section
      2.7(d).

     

    “Series
      2005-2 Reserve Account Surplus” means, with respect to any Distribution
      Date, the excess, if any, of the Series 2005-2 Available Reserve Account Amount
      over the Series 2005-2 Required Reserve Account Amount on such Distribution
      Date.

     

    “Series
      2005-2 Revolving Period” means the period from and including the Original
      Series 2005-2 Closing Date to the earlier of (i) the commencement of the Series
      2005-2 

     

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

    Controlled
      Amortization
      Period and (ii) the commencement of the Series 2005-2 Rapid Amortization
      Period.

     

    “Series
      2005-2 Shortfall” is defined in Section 2.3(g).

     

    “Series
      2005-2 Standard & Poor’s Highest Enhanced Vehicle
      Percentage” means, as of any date of determination, a
      fraction, expressed as a percentage, (a) the numerator of which is the sum
      of
      (i) the aggregate Net Book Value of all Vehicles leased under the AESOP I
      Operating Lease that are manufactured by either of the Standard & Poor’s
      Specified Non-Investment Grade Manufacturers as of such date, (ii) the excess,
      if any, of (A) the aggregate Net Book Value of all Vehicles leased under the
      AESOP I Operating Lease that are manufactured by a Standard & Poor’s
      Non-Investment Grade Manufacturer other than a Standard & Poor’s Specified
      Non-Investment Grade Manufacturer, as of such date over (B) 34.75% of the
      aggregate Net Book Value of all Vehicles leased under the AESOP I Operating
      Lease as of such date and (iii) the aggregate Net Book Value of all Vehicles
      leased under the AESOP I Operating Lease that are manufactured by a Bankrupt
      Manufacturer and (b) 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
      2005-2 Standard & Poor’s Highest Enhancement Rate” means, as of any date
      of determination, the sum of the Series 2005-2 Standard & Poor’s
      Intermediate Enhancement Rate as of such date and 10.00%.

     

    “Series
      2005-2 Standard & Poor’s Intermediate Enhanced Vehicle Percentage”
means, as of any date of determination, 100% minus the sum of (a) the
      Series 2005-2 Standard & Poor’s Lowest Enhanced Vehicle Percentage and (b)
      the Series 2005-2 Standard & Poor’s Highest Enhanced Vehicle
      Percentage.

     

    “Series
      2005-2 Standard & Poor’s Intermediate Enhancement Rate” means, as of any
      date of determination, the greater of (a) 24.75% and (b) the sum of (i) 24.75%
      and (ii) the highest, for any 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
      2005-2 Standard & Poor’s Lowest Enhanced Vehicle Percentage” means, as
      of any date of determination, a fraction, expressed as a percentage, (a) the
      numerator of which is the sum, without duplication, of (1) the aggregate Net
      Book Value of all Program Vehicles leased under the AESOP I Operating Lease
      that
      are manufactured by Eligible Program Manufacturers having long-term senior
      unsecured debt ratings of “BBB+” or higher from Standard & Poor’s as of such
      date, (2) so long as any Eligible Non-Program Manufacturer has a long-term
      senior unsecured debt rating of “BBB+” or higher from Standard & Poor’s and
      no Manufacturer Event of Default has occurred and is continuing with respect
      to
      such Eligible Non-Program Manufacturer, the aggregate Net Book Value of all
      Non-Program Vehicles leased under the AESOP I Operating Lease manufactured
      by
      each such Eligible Non-Program Manufacturer 

     

    
      
        
        

      

      
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    that
      are
      subject to a Manufacturer Program and remain eligible for repurchase thereunder
      as of such date and (3) the lesser of (A) the sum of (x) if as of such date
      any
      Eligible Program Manufacturer has a long-term senior unsecured debt rating
      of
“BBB” from Standard & Poor’s, the aggregate Net Book Value of all Program
      Vehicles leased under the AESOP I Operating Lease manufactured by each such
      Eligible Program Manufacturer as of such date and (y) if as of such date any
      Eligible Non-Program Manufacturer has a long-term senior unsecured debt rating
      of “BBB” from Standard & Poor’s and no Manufacturer Event of Default has
      occurred and is continuing with respect to such Eligible Non-Program
      Manufacturer, the aggregate Net Book Value of all Non-Program Vehicles leased
      under the AESOP I Operating Lease manufactured by each such Eligible Non-Program
      Manufacturer that are subject to a Manufacturer Program and remain eligible
      for
      repurchase thereunder as of such date and (B) 10% of the aggregate Net Book
      Value of all Vehicles leased under the AESOP I Operating Lease as of such date
      and (b) 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
      2005-2 Standard & Poor’s Lowest Enhancement Rate” means, as of any date
      of determination, 18.00%.

     

    “Series
      2005-2 Standard & Poor’s Required Enhancement Percentage” means, as of
      any date of determination, the sum of (i) the product of (A) the Series 2005-2
      Standard & Poor’s Lowest Enhancement Rate and (B) the Series 2005-2 Standard
& Poor’s Lowest Enhanced Vehicle Percentage as of such date, (ii) the
      product of (A) the Series 2005-2 Standard & Poor’s Intermediate Enhancement
      Rate as of such date and (B) the Series 2005-2 Standard & Poor’s
      Intermediate Enhanced Vehicle Percentage as of such date, and (iii) the product
      of (A) the Series 2005-2 Standard & Poor’s Highest Enhancement Rate as of
      such date and (B) the Series 2005-2 Standard & Poor’s Highest Enhanced
      Vehicle Percentage as of such date.

     

    “Series
      2005-2 Termination Date” means the May 2013 Distribution Date.

     

    “Series
      2005-2 Trustee’s Fees” means, for any Distribution Date during the Series
      2005-2 Rapid Amortization Period on which there exists a Series 2005-2 Lease
      Interest Payment Deficit, a portion of the fees payable to the Trustee in an
      amount equal to the product of (i) the Series 2005-2 Percentage as of the
      beginning of the Series 2005-2 Interest Period ending on the day preceding
      such
      Distribution Date and (ii) the fees owing to the Trustee under the Indenture;
      provided that the Series 2005-2 Trustee’s Fees in the aggregate for all
      Distribution Dates shall not exceed 1.1% of the Series 2005-2 Required AESOP
      I
      Operating Lease Vehicle Amount as of the last day of the Series 2005-2 Revolving
      Period.

     

    “Series
      2005-2 Unpaid Demand Amount” means, with respect to any single draw pursuant
      to Section 2.5(c) or (d) on the Series 2005-2 Letters of Credit, the aggregate
      amount drawn by the Trustee on all Series 2005-2 Letters of Credit.

     

    “Shadow
      Rating” means the rating of the Series 2005-2 Notes by Standard & Poor’s
      or Moody’s, as applicable, without giving effect to the Surety
      Bond.

     

    “Standard
      & Poor’s Excluded Manufacturer Receivable Specified Percentage” means,
      as of any date of determination, with respect to each Standard & Poor’s
      Non-Investment 

     

    
      
        
        

      

      
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    Grade
      Manufacturer as of such date, the percentage (not to exceed 100%) most recently
      specified in writing by Standard & Poor’s to ABRCF and the Trustee and
      consented to by the Surety Provider with respect to such Standard & Poor’s
      Non-Investment Grade Manufacturer; provided, however, that as of
      the A&R Effective Date the Standard & Poor’s Excluded Manufacturer
      Receivable Specified Percentage for each Standard & Poor’s Non-Investment
      Grade Manufacturer shall be 100%; providedfurther that the initial
      Standard & Poor’s Excluded Manufacturer Receivable Specified Percentage with
      respect to any Manufacturer that becomes a Standard & Poor’s Non-Investment
      Grade Manufacturer after the A&R Effective Date shall be 100%.

     

    “Standard
      & Poor’s Excluded Receivable Amount” means, as of any date of
      determination, the sum of the following amounts with respect to each Standard
      & Poor’s Non-Investment Grade Manufacturer as of such date:  the
      product of (i) to the extent such amounts are included in the calculation of
      AESOP I Operating Lease Loan Agreement Borrowing Base as of such date, all
      amounts receivable, as of such date, by AESOP Leasing or the Intermediary from
      such Standard & Poor’s Non-Investment Grade Manufacturer and (ii) the
      Standard & Poor’s Excluded Manufacturer Receivable Specified Percentage for
      such Standard & Poor’s Non-Investment Grade Manufacturer as of such
      date.

     

    “Standard
      & Poor’s Non-Investment Grade Manufacturer” means, as of any date of
      determination, any Manufacturer that (i) is not a Bankrupt Manufacturer and
      (ii)
      does not have a long-term senior unsecured debt rating of at least “BBB” from
      Standard & Poor’s; provided that any Manufacturer whose long-term
      senior unsecured debt rating is downgraded from at least “BBB” to below “BBB” by
      Standard & Poor’s after the A&R Effective Date shall not be deemed a
      Standard & Poor’s Non-Investment Grade Manufacturer until the thirtieth
      (30th) calendar
      day following such downgrade.

     

    “Standard
      & Poor’s Specified Non-Investment Grade Manufacturer” means, as of any
      date of determination, each of the Standard & Poor’s Non-Investment Grade
      Manufacturers with the two highest Series 2005-2 Non-Investment Grade
      Manufacturer Percentages as of such date.

     

    “Supplement”
      is defined in the preamble hereto.

     

    “Surety
      Bond” means the Financial Guaranty Insurance Policy No. SM-2008-293 dated as
      of the A&R Effective Date, 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 Assured Guaranty Corp., a Maryland
      corporation.  The Surety Provider shall constitute an “Enhancement
      Provider” with respect to the Series 2005-2 Notes for all purposes under the
      Indenture and the other Related Documents.

     

    “Surety
      Provider Fee” is defined in the Insurance Agreement.

     

    
      
        
        

      

      
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    “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 this Supplement and 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 unpaid amounts due through such date
      (including interest thereon determined in accordance with the Insurance
      Agreement) to the Surety Provider pursuant to this Supplement and the Insurance
      Agreement.

     

    “Temporary
      Global Series 2005-2 Note” is defined in Section 5.2.

     

    “Terminated
      Insurance Agreement” means the Insurance Agreement, dated as of the Original
      Series 2005-2 Closing Date, among the Terminated Surety Provider, the Trustee
      and ABRCF.

     

    “Terminated
      Surety Bond” means the Note Guaranty Insurance Policy No. 05030005, dated
      the Original Series 2005-2 Closing Date, issued by the Terminated Surety
      Provider.

     

    “Terminated
      Surety Provider” means Financial Guaranty Insurance Company, a New York
      stock insurance company.

     

    “Termination
      Date Disbursement” means an amount drawn under a Series 2005-2 Letter of
      Credit pursuant to a Certificate of Termination Date Demand.

     

    “Termination
      Disbursement” means an amount drawn under a Series 2005-2 Letter of Credit
      pursuant to a Certificate of Termination Demand.

     

    “Trustee”
      is defined in the recitals hereto.

     

    “Unpaid
      Demand Note Disbursement” means an amount drawn under a Series 2005-2 Letter
      of Credit pursuant to a Certificate of Unpaid Demand Note Demand.

     

    “Waivable
      Amount” is defined in Article IV.

     

    “Waiver
      Event” means the occurrence of the delivery of a Waiver Request and the
      subsequent waiver of any Series 2005-2 Maximum Amount.

     

    “Waiver
      Request” is defined in Article IV.

     

    (c)           Any
      amounts calculated by reference to the Series 2005-2 Invested Amount on any
      date
      shall, unless otherwise stated, be calculated after giving effect to any payment
      of principal made to the Series 2005-2 Noteholders on such date.

     

     

    
      
        
        

      

      
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    ARTICLE
      II

     

    SERIES
      2005-2 ALLOCATIONS

     

    With
      respect to the Series 2005-2 Notes, the following shall apply:

     

    Section
      2.1  Establishment
      of Series 2005-2 Collection Account, Series 2005-2 Excess Collection Account
      and
      Series 2005-2 Accrued Interest Account.  (a)  All
      Collections allocable to the Series 2005-2 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 2005-2 Noteholders, each Series 2005-2
      Interest Rate Swap Counterparty and the Surety Provider:  the Series
      2005-2 Collection Account (such sub-account, the “Series 2005-2 Collection
      Account”), the Series 2005-2 Excess Collection Account (such sub-account,
      the “Series 2005-2 Excess Collection Account”) and the Series 2005-2
      Accrued Interest Account (such sub-account, the “Series 2005-2 Accrued
      Interest Account”).

     

    Section
      2.2  Allocations
      with Respect to the Series 2005-2 Notes.  The
      net proceeds from the initial sale of the Series 2005-2 Notes have been into
      the
      Collection Account.  On each Business Day on which Collections are
      deposited into the Collection Account (each such date, a “Series 2005-2
      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 2005-2 Revolving Period.  During
      the Series 2005-2 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 2005-2 Deposit Date, all
      amounts deposited into the Collection Account as set forth below:

     

    (i)  allocate
      to the Series 2005-2 Collection Account an amount equal to the sum of (A) the
      Series 2005-2 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 2005-2 Interest Rate Swaps.  All
      such amounts allocated to the Series 2005-2 Collection Account shall be further
      allocated to the Series 2005-2 Accrued Interest Account; and

     

    (ii)  allocate
      to the Series 2005-2 Excess Collection Account an amount equal to the
      Series 2005-2 Invested Percentage (as of such day) of the aggregate amount
      of Principal Collections on such day (for any such day, the “Series 2005-2
      Principal Allocation”); provided, however, if a Waiver Event
      shall have occurred, then such allocation shall be modified as provided in
      Article IV.

     

    (b)  Allocations
      of Collections During the Series 2005-2 Controlled Amortization
      Period.  With respect to the Series 2005-2 Controlled Amortization
      Period, the Administrator will direct the Trustee in writing pursuant to the
      Administration 

     

    
      
        
        

      

      
        25

        
          

        

      

      
        
        

      

    

    Agreement
      to allocate, prior to 11:00 a.m.  (New York City time) on any Series
      2005-2 Deposit Date, all amounts deposited into the Collection Account as set
      forth below:

     

    (i)  allocate
      to the Series 2005-2 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 2005-2 Accrued Interest Account; and

     

    (ii)  allocate
      to the Series 2005-2 Collection Account an amount equal to the Series 2005-2
      Principal Allocation for such day, which amount shall be used to make principal
      payments in respect of the Series 2005-2 Notes; provided, however,
      that if the Monthly Total Principal Allocation exceeds the Series 2005-2
      Controlled Distribution Amount, then the amount of such excess shall be
      allocated to the Series 2005-2 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.

     

    (c)  Allocations
      of Collections During the Series 2005-2 Rapid Amortization
      Period.  With respect to the Series 2005-2 Rapid Amortization
      Period, other than after the occurrence of an Event of Bankruptcy with respect
      to ABCR, any other Lessee or any Permitted Sublessee, 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 2005-2
      Deposit Date, all amounts deposited into the Collection Account as set forth
      below:

     

    (i)  allocate
      to the Series 2005-2 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 2005-2 Accrued Interest Account; and

     

    (ii)  allocate
      to the Series 2005-2 Collection Account an amount equal to the Series 2005-2
      Principal Allocation for such day, which amount shall be used to make principal
      payments in respect of the Series 2005-2 Notes, until the Series 2005-2 Invested
      Amount is paid in full; provided that if on any Determination Date (A)
      the Administrator determines that the amount anticipated to be available from
      Interest Collections allocable to the Series 2005-2 Notes, any amounts payable
      to the Trustee in respect of the Series 2005-2 Interest Rate Swaps and other
      amounts available pursuant to Section 2.3 to pay Series 2005-2 Adjusted Monthly
      Interest and any Fixed Rate Payments for the next succeeding Distribution Date
      will be less than the sum of the Series 2005-2 Adjusted Monthly Interest and
      the
      Fixed Rate Payments for such Distribution Date and (B) the Series 2005-2
      Enhancement Amount is greater than zero, then the Administrator shall direct
      the
      Trustee in writing to reallocate a portion of the Principal Collections
      allocated to the Series 2005-2 Notes during the Related Month equal to the
      lesser of such insufficiency and the Series 2005-2 Enhancement Amount to the
      Series 2005-2 Accrued Interest Account to be treated as Interest Collections
      on
      such Distribution Date.

     

    
      
        
        

      

      
        26

        
          

        

      

      
        
        

      

    

    (d)  Allocations
      of Collections after the Occurrence of an Event of
      Bankruptcy.  After the occurrence of an Event of Bankruptcy with
      respect to ABCR, any other Lessee or any Permitted Sublessee, 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
      2005-2 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 2005-2 Collection Account an amount equal to the sum of (A) the
      Series 2005-2 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 2005-2
      Interest Rate Swaps on such day.  All such amounts allocated to the
      Series 2005-2 Collection Account shall be further allocated to the Series 2005-2
      Accrued Interest Account;

     

    (ii)  allocate
      to the Series 2005-2 Collection Account an amount equal to the Series 2005-2
      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 2005-2 Notes, until the Series
      2005-2 Invested Amount is paid in full; provided that if on any
      Determination Date (A) the Administrator determines that the amount anticipated
      to be available from Interest Collections allocable to the Series 2005-2 Notes,
      any amounts payable to the Trustee in respect of Series 2005-2 Interest Rate
      Swaps and other amounts available pursuant to Section 2.3 to pay Series 2005-2
      Adjusted Monthly Interest and any Fixed Rate Payments for the next succeeding
      Distribution Date will be less than the sum of the Series 2005-2 Adjusted
      Monthly Interest and the Fixed Rate Payments for such Distribution Date and
      (B)
      the Series 2005-2 Enhancement Amount is greater than zero, then the
      Administrator shall direct the Trustee in writing to reallocate a portion of
      the
      Principal Collections allocated to the Series 2005-2 Notes during the Related
      Month equal to the lesser of such insufficiency and the Series 2005-2
      Enhancement Amount to the Series 2005-2 Accrued Interest Account to be treated
      as Interest Collections on such Distribution Date.

     

    (e)  Series
      2005-2 Excess Collection Account.  Amounts allocated to the Series
      2005-2 Excess Collection Account on any Series 2005-2 Deposit Date will be
      (w)
      first, deposited in the Series 2005-2 Reserve Account in an amount up to the
      excess, if any, of the Series 2005-2 Required Reserve Account Amount for such
      date over the Series 2005-2 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 and (B) 100% minus the Loan Payment
      Allocation Percentage with respect to the AESOP I Operating Lease Loan Agreement
      as of such date and (C) the amount of any 

     

    
      
        
        

      

      
        27

        
          

        

      

      
        
        

      

    

    remaining
      funds and (z) fourth, paid to ABRCF for any use permitted by the Related
      Documents including 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, however, that in the case of
      clauses (x), (y) and (z), that no Amortization Event, Series 2005-2 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 2005-2 Excess Collection
      Account will be withdrawn by the Trustee, deposited in the Series 2005-2
      Collection Account and allocated as Principal Collections to reduce the Series
      2005-2 Invested Amount on the immediately succeeding Distribution
      Date.

     

    (f)  Allocations
      From Other Series.  Amounts allocated to other Series of Notes
      that have been reallocated by ABRCF to the Series 2005-2 Notes (i) during the
      Series 2005-2 Revolving Period shall be allocated to the Series 2005-2 Excess
      Collection Account and applied in accordance with Section 2.2(e) and (ii) during
      the Series 2005-2  Controlled Amortization Period or the Series 2005-2
      Rapid Amortization Period shall be allocated to the Series 2005-2 Collection
      Account and applied in accordance with Section 2.2(b) or 2.2(c), as applicable,
      to make principal payments in respect of the Series 2005-2 Notes.

     

    (g)  Past
      Due Rent Payments.  Notwithstanding the foregoing, if in the case
      of Section 2.2(a) or (b), after the occurrence of a Series 2005-2 Lease Payment
      Deficit, the Lessees shall make payments of Monthly Base Rent or other amounts
      payable by the Lessees under the Leases on or prior to the fifth Business Day
      after the occurrence of such Series 2005-2 Lease Payment Deficit (a “Past Due
      Rent Payment”), the Administrator shall direct the Trustee in writing
      pursuant to the Administration Agreement to allocate to the Series 2005-2
      Collection Account an amount equal to the Series 2005-2 Invested Percentage
      as
      of the date of the occurrence of such Series 2005-2 Lease Payment Deficit of
      the
      Collections attributable to such Past Due Rent Payment (the “Series 2005-2
      Past Due Rent Payment”).  The Administrator shall instruct the
      Trustee in writing pursuant to the Administration Agreement to withdraw from
      the
      Series 2005-2 Collection Account and apply the Series 2005-2 Past Due Rent
      Payment in the following order:

     

    (i)  if
      the
      occurrence of such Series 2005-2 Lease Payment Deficit resulted in a demand
      on
      the Surety Bond, pay to the Surety Provider an amount equal to any Surety
      Provider Reimbursement Amounts that are due and payable;

     

    (ii)  if
      the
      occurrence of such Series 2005-2 Lease Payment Deficit resulted in one or more
      Lease Deficit Disbursements being made under the Series 2005-2 Letters of
      Credit, pay to each Series 2005-2 Letter of Credit Provider who made such a
      Lease Deficit Disbursement for application in accordance with the provisions
      of
      the applicable Series 2005-2 Reimbursement Agreement an amount equal to the
      least of (x) the amount of the Series 2005-2 Past Due Rent Payment
      remaining after any payment pursuant to clause (i) above, (y) the unreimbursed
      amount of such Series 2005-2 Letter of Credit Provider’s Lease Deficit

     

    
      
        
        

      

      
        28

        
          

        

      

      
        
        

      

    

    Disbursement
      and (z) such Series 2005-2 Letter of Credit Provider’s Pro Rata Share of the
      Series 2005-2 Past Due Rent Payment;

     

    (iii)  if
      the
      occurrence of such Series 2005-2 Lease Payment Deficit resulted in a withdrawal
      being made from the Series 2005-2 Cash Collateral Account, deposit in the Series
      2005-2 Cash Collateral Account an amount equal to the lesser of (x) the amount
      of the Series 2005-2 Past Due Rent Payment remaining after any payment pursuant
      to clauses (i) and (ii) above and (y) the amount withdrawn from the Series
      2005-2 Cash Collateral Account on account of such Series 2005-2 Lease Payment
      Deficit;

     

    (iv)  if
      the
      occurrence of such Series 2005-2 Lease Payment Deficit resulted in a withdrawal
      being made from the Series 2005-2 Reserve Account pursuant to Section 2.3(d),
      deposit in the Series 2005-2 Reserve Account an amount equal to the lesser
      of
      (x) the amount of the Series 2005-2 Past Due Rent Payment remaining after any
      payments pursuant to clauses (i), (ii) and (iii) above and (y) the excess,
      if
      any, of the Series 2005-2 Required Reserve Account Amount over the Series 2005-2
      Available Reserve Account Amount on such day;

     

    (v)  allocate
      to the Series 2005-2 Accrued Interest Account the amount, if any, by which
      the
      Series 2005-2 Lease Interest Payment Deficit, if any, relating to such Series
      2005-2 Lease Payment Deficit exceeds the amount of the Series 2005-2 Past Due
      Rent Payment applied pursuant to clauses (i), (ii), (iii) and (iv) above;
      and

     

    (vi)  treat
      the
      remaining amount of the Series 2005-2 Past Due Rent Payment as Principal
      Collections allocated to the Series 2005-2 Notes in accordance with Section
      2.2(a)(ii) or 2.2(b)(ii), as the case may be.

     

    Section
      2.3  Payments
      to Noteholders and Each Series 2005-2 Interest Rate Swap
      Counterparty.  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 Section 2.3(a) below in respect of all funds
      available from Series 2005-2 Interest Rate Swap Proceeds and Interest
      Collections processed since the preceding Distribution Date and allocated to
      the
      holders of the Series 2005-2 Notes.

     

    (a)  Note
      Interest with respect to the Series 2005-2 Notes and Payments on the Series
      2005-2 Interest Rate Swaps.  On each Determination Date, the
      Administrator shall instruct the Trustee and the Paying Agent in writing
      pursuant to the Administration Agreement as to the amount to be withdrawn and
      paid pursuant to Section 2.4 from the Series 2005-2 Accrued Interest Account
      to
      the extent funds are anticipated to be available from Interest Collections
      allocable to the Series 2005-2 Notes and the Series 2005-2 Interest Rate
      Swap Proceeds processed from but not including the preceding Distribution Date
      through the succeeding Distribution Date in respect of (w) first, an amount
      equal to the Series 2005-2 Monthly Interest for the Series 2005-2 Interest
      Period ending on the day preceding the related Distribution Date, 

     

    
      
        
        

      

      
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    (x)
      second, an amount equal to all Fixed Rate Payments for the next succeeding
      Distribution Date, (y) third, an amount equal to the amount of any unpaid Series
      2005-2 Shortfall as of the preceding Distribution Date (together with any
      accrued interest on such Series 2005-2 Shortfall) and (z) fourth, an amount
      equal to the Surety Provider Fee for such Series 2005-2 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
      the first sentence of this Section 2.3(a) from the Series 2005-2 Accrued
      Interest Account and deposit such amounts in the Series 2005-2 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 2005-2 Lease Payment Deficit,
      such notification to be in the form of Exhibit E (each a “Lease
      Payment Deficit Notice”).

     

    (c)  Draws
      on Series 2005-2 Letters of Credit For Series 2005-2 Lease Interest Payment
      Deficits.  If the Administrator determines on any Distribution
      Date that there exists a Series 2005-2 Lease Interest Payment Deficit, the
      Administrator shall instruct the Trustee in writing to draw on the Series 2005-2
      Letters of Credit, if any, and, the Trustee shall, by 12:00 noon (New York
      City
      time) on such Distribution Date draw an amount as set forth in such notice
      equal
      to the least of (i) such Series 2005-2 Lease Interest Payment Deficit, (ii)
      the
      excess, if any, of the sum of (A) the amounts described in clauses (w), (x),
      (y)
      and (z) of Section 2.3(a) above on such Distribution Date and (B) during the
      Series 2005-2 Rapid Amortization Period, the Series 2005-2 Trustee’s Fees for
      such Distribution Date, over the amounts available from the Series 2005-2
      Accrued Interest Account and (iii) the Series 2005-2 Letter of Credit Liquidity
      Amount on the Series 2005-2 Letters of Credit by presenting to each Series
      2005-2 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 Disbursements to be deposited in the Series 2005-2 Distribution Account
      on such Distribution Date; provided, however, that if the Series
      2005-2 Cash Collateral Account has been established and funded, the Trustee
      shall withdraw from the Series 2005-2 Cash Collateral Account and deposit in
      the
      Series 2005-2 Distribution Account an amount equal to the lesser of (x) the
      Series 2005-2 Cash Collateral Percentage on such Distribution Date of the least
      of the amounts described in clauses (i), (ii) and (iii) above and (y) the amount
      on deposit in the Series 2005-2 Cash Collateral Account on such Distribution
      Date and draw an amount equal to the remainder of such amount on the Series
      2005-2 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
      2005-2 Letters of Credit.

     

    (d)  Withdrawals
      from Series 2005-2 Reserve Account.  If the Administrator
      determines on any Distribution Date that the amounts available from the Series
      2005-2 Accrued Interest Account plus the amount, if any, to be drawn
      under the Series 2005-2 Letters of Credit and /or withdrawn from the Series
      2005-2 Cash Collateral Account pursuant to Section 2.3(c) are insufficient
      to
      pay the sum of (A) the amounts described in clauses (w), (x), (y) and (z) of
      Section 2.3(a) above on such Distribution Date and (B) during the Series 2005-2
      Rapid Amortization Period, the Series 2005-2 Trustee’s Fees for such
      Distribution Date, the Administrator shall instruct the Trustee in writing
      to
      withdraw from the Series 2005-2 Reserve Account and deposit in the Series 2005-2
      Distribution Account on such Distribution Date an amount equal to the lesser
      of
      the amount on deposit in the Series 2005-2 Reserve Account and 

     

    
      
        
        

      

      
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    such
      insufficiency.  During the continuance of a Surety Default, no amounts
      in respect of the Surety Provider Fee shall be withdrawn from the Series 2005-2
      Reserve Account.  The Trustee shall withdraw such amount from the
      Series 2005-2 Reserve Account and deposit such amount in the Series 2005-2
      Distribution Account.

     

    (e)  Surety
      Bond.  If the Administrator determines on any Distribution Date
      that the sum of the amounts available from the Series 2005-2 Accrued Interest
      Account plus the amount, if any, to be drawn under the Series 2005-2
      Letters of Credit and/or to be withdrawn from the Series 2005-2 Cash Collateral
      Account pursuant to Section 2.3(c) above plus the amount, if any, to be
      withdrawn from the Series 2005-2 Reserve Account pursuant to Section 2.3(d)
      above is insufficient to pay the Series 2005-2 Adjusted 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 and shall cause the proceeds thereof to
      be
      deposited in the Series 2005-2 Distribution Account.  The proceeds
      from a demand on the Surety Bond made pursuant to this Section 2.3(e) shall
      be
      applied exclusively towards payments of the Series 2005-2 Adjusted Monthly
      Interest for such Distribution Date.

     

    (f)  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 2.4), if any, of the amounts available from the
      Series 2005-2 Accrued Interest Account and the Series 2005-2 Distribution
      Account, plus the amount, if any, drawn under the Series 2005-2 Letters
      of Credit and/or withdrawn from the Series 2005-2 Cash Collateral Account
      pursuant to Section 2.3(c) plus the amount, if any, withdrawn from the
      Series 2005-2 Reserve Account pursuant to Section 2.3(d) as
      follows:

     

    (i)  on
      each
      Distribution Date during the Series 2005-2 Revolving Period or the Series 2005-2
      Controlled Amortization Period, (1) first, to each Series 2005-2 Interest Rate
      Swap Counterparty, an amount equal to the Fixed Rate Payment for such
      Distribution Date due and owing to such Series 2005-2 Interest Rate Swap
      Counterparty, (2) second, to the Surety Provider, in an amount equal to (x)
      the
      Surety Provider Fee for the related Series 2005-2 Interest Period and, without
      duplication, (y) any Surety Provider Reimbursement Amounts then due and owing,
      (3) third, to the Administrator, an amount equal to the Series 2005-2 Percentage
      as of the beginning of the Series 2005-2 Interest Period ending on the day
      preceding such Distribution Date of the portion of the Monthly Administration
      Fee payable by ABRCF (as specified in clause (iii) of the definition thereof)
      for such Series 2005-2 Interest Period, (4) fourth, to the Trustee, an amount
      equal to the Series 2005-2 Percentage as of the beginning of such Series 2005-2
      Interest Period of the fees owing to the Trustee under the Indenture for such
      Series 2005-2 Interest Period, (5) fifth, 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 2005-2 Percentage as of the beginning
      of
      such Series 2005-2 Interest Period of such Carrying Charges (other than Carrying
      Charges provided for above) for such Series 2005-2 Interest Period, (6) sixth,
      to each Series 2005-2 Interest Rate Swap Counterparty, 

     

    
      
        
        

      

      
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    any
      amounts due and owing under the applicable Series 2005-2 Interest Rate Swap
      (other than any Fixed Rate Payment) and (7) seventh, the balance, if any
      (“Excess Collections”), shall be withdrawn by the Paying Agent from the
      Series 2005-2 Collection Account and deposited in the Series 2005-2 Excess
      Collection Account; and

     

    (ii)  on
      each
      Distribution Date during the Series 2005-2 Rapid Amortization Period, (1) first,
      to each Series 2005-2 Interest Rate Swap Counterparty, an amount equal to the
      Fixed Rate Payment for such Distribution Date due and owing to such Series
      2005-2 Interest Rate Swap Counterparty, (2) second, to the Surety Provider,
      in
      an amount equal to (x) the Surety Provider Fee for the related Series 2005-2
      Interest Period and, without duplication, (y) any Surety Provider Reimbursement
      Amounts then due and owing, (3) third, to the Trustee, an amount equal to the
      Series 2005-2 Percentage as of the beginning of such Series 2005-2 Interest
      Period ending on the day preceding such Distribution Date of the fees owing
      to
      the Trustee under the Indenture  for such Series 2005-2 Interest
      Period, (4) fourth, to the Administrator, an amount equal to the Series 2005-2
      Percentage as of the beginning of such Series 2005-2 Interest Period of the
      portion of the Monthly Administration Fee (as specified in clause (iii) of
      the
      definition thereof) payable by ABRCF for such Series 2005-2 Interest Period,
      (5)
      fifth, 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 2005-2 Percentage as of the beginning of such Series 2005-2 Interest
      Period of such Carrying Charges (other than Carrying Charges provided for above)
      for such Series 2005-2 Interest Period, (6) sixth, so long as the Series 2005-2
      Invested Amount is greater than the Monthly Total Principal Allocations for
      the
      Related Month, an amount equal to the excess of the Series 2005-2 Invested
      Amount over the Monthly Total Principal Allocations for the Related Month shall
      be treated as Principal Collections and (7) seventh, to each Series 2005-2
      Interest Rate Swap Counterparty, any amounts due and owing under the applicable
      Series 2005-2 Interest Rate Swap (other than any Fixed Rate
      Payment).

     

    (g)  Shortfalls.  If
      the amounts described in Section 2.3 are insufficient to pay the Series 2005-2
      Monthly Interest on any Distribution Date, payments of interest to the Series
      2005-2 Noteholders will be reduced on a prorata 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
      2005-2 Shortfall.”  Interest shall accrue on the Series 2005-2
      Shortfall at the Series 2005-2 Note Rate.

     

    (h)  Listing
      Information Requirement.  From the time of the Administrator’s
      written notice to the Trustee that the Series 2005-2 Notes are listed on the
      Luxembourg Stock Exchange until the Administrator shall give the Trustee written
      notice that the Series 2005-2 Notes are not listed on the Luxembourg Stock
      Exchange, the Trustee shall, or shall instruct the Paying Agent to, cause each
      of (i) the Series 2005-2 Note Rate for the next succeeding Series 2005-2
      Interest Period, (ii) the actual number of days in such Series 2005-2 Interest
      Period, (iii) the Distribution Date for such Series 2005-2 Interest Period
      and
      (iv) the amount of interest payable on the Series 2005-2 Notes on such
      Distribution Date to be (A) communicated to DTC, Euroclear, Clearstream, the
      Paying Agent in Luxembourg and the Luxembourg Stock Exchange no later than
      11:00
      a.m. (London time) on the Business Day immediately following each LIBOR
      Determination Date and (B) if the rules of the Luxembourg Stock Exchange so
      require, as 

     

    
      
        
        

      

      
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    notified
      by the Administrator to the Trustee in writing, published at ABRCF’s expense in
      the Authorized Newspaper as soon as possible after the determination of the
      Series 2005-2 Note Rate for the applicable Series 2005-2 Interest Period unless
      the Administrator notifies the Trustee in writing that such publication is
      no
      longer required.

     

    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 2005-2 Noteholders from the Series 2005-2 Distribution Account the amount
      due to the Series 2005-2 Noteholders deposited in the Series 2005-2 Distribution
      Account pursuant to Section 2.3.

     

    Section
      2.5  Payment
      of Note Principal.  (a)  Monthly
      Payments During Controlled Amortization Period or Rapid Amortization
      Period.  Commencing on the second Determination Date during the
      Series 2005-2 Controlled Amortization Period or the first Determination Date
      after the commencement of the Series 2005-2 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 2005-2 Notes during the Related
      Month pursuant to Section 2.2(b)(ii), (c)(ii) or (d)(ii), as the case may be,
      (ii) any amounts to be drawn on the Series 2005-2 Demand Notes and/or on the
      Series 2005-2 Letters of Credit (or withdrawn from the Series 2005-2 Cash
      Collateral Account), (iii) any amounts to be withdrawn from the Series 2005-2
      Reserve Account and deposited into the Series 2005-2 Distribution Account 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 2005-2
      Notes
      during the Related Month pursuant to Section 2.2(b)(ii), (c)(ii) or (d)(ii),
      as
      the case may be, from the Series 2005-2 Collection Account and deposit such
      amount in the Series 2005-2 Distribution Account, to be paid to the holders
      of
      the Series 2005-2 Notes.

     

    (b)  Principal
      Draws on Series 2005-2 Letters of Credit.  If the Administrator
      determines on any Distribution Date during the Series 2005-2 Rapid Amortization
      Period that there exists a Series 2005-2 Lease Principal Payment Deficit, the
      Administrator shall instruct the Trustee in writing to draw on the Series 2005-2
      Letters of Credit, if any, as provided
      below; provided,however, that the Administrator shall
      not instruct the Trustee to draw on the Series 2005-2 Letters of Credit in
      respect of a Series 2005-2 Lease Principal Payment Deficit on or after the
      date
      of the filing by any of the Lessees of a petition for relief under Chapter
      11 of
      the Bankruptcy Code unless and until the date on which each of the Lessees
      shall
      have resumed making all payments of the portion of Monthly Base Rent relating
      to
      Loan Interest required to be made under the AESOP I Operating
      Lease.  Upon receipt of a notice by the Trustee from the Administrator
      in respect of a Series 2005-2 Lease Principal Payment Deficit on or prior to
      11:00 a.m. (New York City time) on a Distribution Date, the Trustee shall,
      by
      12:00 noon (New York City time) on such Distribution Date draw an amount as
      set
      forth in such notice equal to the lesser of (i) such Series 2005-2 Lease
      Principal Payment Deficit and (ii) the Series 2005-2 Letter of Credit Liquidity
      Amount on the Series 2005-2 Letters of Credit by presenting to each Series
      2005-2 Letter of Credit Provider a draft accompanied by a Certificate of Lease
      Deficit Demand and shall cause the Lease Deficit Disbursements to be deposited
      in the Series 2005-2 Distribution Account on such Distribution Date;
provided, however, that if the Series 2005-2 Cash Collateral
      Account has been established and funded, the Trustee shall withdraw from the
      Series 2005-2 

     

    
      
        
        

      

      
        33

        
          

        

      

      
        
        

      

    

    Cash
      Collateral Account and deposit in the Series 2005-2 Distribution Account an
      amount equal to the lesser of (x) the Series 2005-2 Cash Collateral Percentage
      on such Distribution Date of the Series 2005-2 Lease Principal Payment Deficit
      and (y) the amount on deposit in the Series 2005-2 Cash Collateral Account
      on
      such Distribution Date (after giving effect to the distribution of any amounts
      in the Series 2005-2 Cash Collateral Account made pursuant to Section 2.3(c)
      on
      such on such Distribution Date) and draw an amount equal to the remainder of
      such amount on the Series 2005-2 Letters of Credit.

     

    (c)  Final
      Distribution Date.  The entire Series 2005-2 Invested Amount shall
      be due and payable on the Series 2005-2 Final Distribution Date.  In
      connection therewith:

     

    (i)  Demand
      Note Draw.  If the amount to be deposited in the Series 2005-2
      Distribution Account in accordance with Section 2.5(a) together with any amounts
      to be deposited therein in accordance with Section 2.5(b) on the Series 2005-2
      Final Distribution Date, is less than the Series 2005-2 Invested Amount and
      there are any Series 2005-2 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 2005-2
      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 2005-2 Demand Notes in an amount equal
      to
      the lesser of (i) such insufficiency and (ii) the Series 2005-2 Letter of
      Credit Amount.  The Trustee shall, prior to 12:00 noon (New York City
      time) on the second Business Day preceding such Series 2005-2 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 such Demand Note Issuer.  The Trustee shall cause the
      proceeds of any demand on the Series 2005-2 Demand Notes to be deposited into
      the Series 2005-2 Distribution Account.

     

    (ii)  Letter
      of Credit Draw.  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 clause (i)
      of
      this Section 2.5(c), any Demand Note Issuer shall have failed to pay to the
      Trustee or deposit into the Series 2005-2 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 any Demand Note Issuer on the second
      Business Day preceding such Series 2005-2 Final Distribution Date, then, in
      the
      case of (x) or (y) the Trustee shall draw on the Series 2005-2 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 2005-2 Demand Notes (or, the amount that the Trustee failed to demand
      for
      payment thereunder) and (b) the Series 2005-2 Letter of Credit Amount on
      such Business Day by presenting to 

     

    
      
         

      

      
        34

        
          

        

      

      
         

      

    

    each
      Series 2005-2 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 2005-2 Cash
      Collateral Account has been established and funded, the Trustee shall withdraw
      from the Series 2005-2 Cash Collateral Account and deposit in the Series 2005-2
      Distribution Account an amount equal to the lesser of (x) the Series 2005-2
      Cash
      Collateral Percentage on such Business Day of the amount that the Demand Note
      Issuers failed to pay under the Series 2005-2 Demand Notes (or, the amount
      that
      the Trustee failed to demand for payment thereunder) and (y) the amount on
      deposit in the Series 2005-2 Cash Collateral Account on such Business Day (after
      giving effect to the distribution of any amounts in the Series 2005-2 Cash
      Collateral Account made pursuant to Section 2.3(c), Section 2.5(b) and Section
      2.5(d)(ii) 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 2005-2
      Demand Notes (or, the amount that the Trustee failed to demand for payment
      thereunder) on the Series 2005-2 Letters of Credit.  The Trustee shall
      deposit, or cause the deposit of, the proceeds of any draw on the Series 2005-2
      Letters of Credit and the proceeds of any withdrawal from the Series 2005-2
      Cash
      Collateral Account to be deposited in the Series 2005-2 Distribution
      Account.

     

    (iii)  Reserve
      Account Withdrawal.  If, after giving effect to the deposit into
      the Series 2005-2 Distribution Account of the amount to be deposited in
      accordance with Section 2.5(a) and the amounts described in clauses (i) and
      (ii)
      of this Section 2.5(c), the amount to be deposited in the Series 2005-2
      Distribution Account with respect to the Series 2005-2 Final Distribution Date
      is or will be less than the Series 2005-2 Invested Amount, then prior to 12:00
      noon (New York City time) on the second Business Day prior to such Series 2005-2
      Final Distribution Date, the Administrator shall instruct the Trustee in writing
      to withdraw from the Series 2005-2 Reserve Account, an amount equal to the
      lesser of the amount on deposit in the Series 2005-2 Reserve Account (after
      giving effect to the distribution of any amounts in the Series 2005-2 Reserve
      Account made pursuant to Section 2.3(d) and Section 2.5(d)(iii) on such date)
      and such remaining insufficiency and deposit it in the Series 2005-2
      Distribution Account on such Series 2005-2 Final Distribution Date.

     

    (iv)  Demand
      on Surety Bond.  If after giving effect to the deposit into the
      Series 2005-2 Distribution Account of the amount to be deposited in accordance
      with Section 2.5(a) and all other amounts described in clauses (i), (ii) and
      (iii) of this Section 2.5(c), the amount to be deposited in the Series 2005-2
      Distribution Account with respect to the Series 2005-2 Final Distribution Date
      is or will be less than the Series 2005-2 Outstanding Principal Amount then
      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 such insufficiency in accordance with the terms thereof and shall
      cause
      the proceeds thereof to be deposited in the Series 2005-2 Distribution
      Account.  The proceeds from a demand on the Surety Bond made pursuant
      to this Section 2.5(c)(iv) shall be applied exclusively towards payments of
      the
      Series 2005-2 Outstanding Principal Amount for the Series 2005-2 Final
      Distribution Date.

     

    
      
        
        

      

      
        35

        
          

        

      

      
        
        

      

    

    (d)  Principal
      Deficit Amount.  On each Distribution Date, other than the Series
      2005-2 Final Distribution Date, on which the Principal Deficit Amount is greater
      than zero, amounts shall be transferred to the Series 2005-2 Distribution
      Account as follows:

     

    (i)  Demand
      Note Draw.  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 and there are any Series 2005-2
      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 lesser of (A) the Principal Deficit Amount and (B) the Series 2005-2
      Letter of Credit 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 such Demand Note Issuer.  The Trustee shall cause the
      proceeds of any demand on the Series 2005-2 Demand Note to be deposited into
      the
      Series 2005-2 Distribution Account.

     

    (ii)  Letter
      of Credit Draw.  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 into
      the Series 2005-2 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 any Demand Note Issuer 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 2005-2 Letters of Credit an amount equal
      to
      the lesser of (i) Series 2005-2 Letter of Credit Amount and (ii) the
      aggregate amount that the Demand Note Issuers failed to pay under the Series
      2005-2 Demand Notes (or, the amount that the Trustee failed to demand for
      payment thereunder) by presenting to each Series 2005-2 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 2005-2 Cash Collateral Account has been established and funded,
      the Trustee shall withdraw from the Series 2005-2 Cash Collateral Account and
      deposit in the Series 2005-2 Distribution Account an amount equal to the lesser
      of (x) the Series 2005-2 Cash Collateral Percentage on such Business Day of
      the
      aggregate amount that the Demand Note Issuers failed to pay under the Series
      2005-2 Demand Notes (or, the amount that the Trustee failed to demand for
      payment thereunder) and (y) the amount on deposit in the Series 2005-2 Cash
      Collateral Account on such Business Day (after giving effect to the distribution
      of any amounts in the Series 2005-2 Cash Collateral Account made pursuant to
      Section 2.3(c) and Section 2.5(b) on such date) and draw an amount equal to
      the
      remainder of the aggregate amount that the Demand Note Issuers failed to pay
      under the Series 2005-2 Demand Notes (or, the amount that the Trustee failed
      to

     

    
      
        
        

      

      
        36

        
          

        

      

      
        
        

      

    

    demand
      for payment thereunder) on the Series 2005-2 Letters of Credit.  The
      Trustee shall deposit into, or cause the deposit of, the proceeds of any draw
      on
      the Series 2005-2 Letters of Credit and the proceeds of any withdrawal from
      the
      Series 2005-2 Cash Collateral Account to be deposited in the Series 2005-2
      Distribution Account.

     

    (iii)  Reserve
      Account Withdrawal.  If the Series 2005-2 Letter of Credit Amount
      will be less than the Principal Deficit Amount on any Distribution Date, then,
      prior to 12:00 noon (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 2005-2 Reserve Account, an amount equal to the
      lesser of (x) the amount on deposit in the Series 2005-2 Reserve
      Account  (after giving effect to the distribution of any amounts in
      the Series 2005-2 Reserve Account made pursuant to Section 2.3(d) on such
      Distribution Date) and (y) the amount by which the Principal Deficit Amount
      exceeds the amounts to be deposited in the Series 2005-2 Distribution Account
      in
      accordance with clauses (i) and (ii) of this Section 2.5(d) and deposit it
      in
      the Series 2005-2 Distribution Account on such Distribution Date.

     

    (iv)  Demand
      on Surety Bond.  If the sum of the Series 2005-2 Letter of Credit
      Amount and the amount on deposit in the Series 2005-2 Reserve Account (after
      giving effect to the distribution of any amounts in the Series 2005-2 Reserve
      Account made pursuant to Section 2.3(d) on such Distribution Date) will be
      less
      than the Principal Deficit Amount on any Distribution Date, then 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
      Insured Principal Deficit Amount and shall cause the proceeds thereof to be
      deposited in the Series 2005-2 Distribution Account. The proceeds from a demand
      on the Surety Bond made pursuant to this Section 2.5(d)(iv) shall be applied
      exclusively towards payments of the Principal Deficit Amount for such
      Distribution Date.

     

    (e)  Distribution.  On
      each Distribution Date occurring on or after the date a withdrawal is made
      from
      the Series 2005-2 Collection Account pursuant to Section 2.5(a) or amounts
      are
      deposited in the Series 2005-2 Distribution Account pursuant to Section 2.5(b),
      (c) or (d) the Paying Agent shall, in accordance with Section 6.1 of the Base
      Indenture, pay prorata to each Series 2005-2 Noteholder from the
      Series 2005-2 Distribution Account the amount deposited therein pursuant to
      Section 2.5(a), (b), (c) or (d), to the extent necessary to pay the Series
      2005-2 Controlled Amortization Amount during the Series 2005-2 Controlled
      Amortization Period, or to the extent necessary to pay the Series 2005-2
      Invested Amount during the Series 2005-2 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 

     

    
      
        
        

      

      
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    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-2005-2
      Reserve Account.  (a)  Establishment
      of Series 2005-2 Reserve Account.  ABRCF shall establish and
      maintain in the name of the Series 2005-2 Agent for the benefit of the Series
      2005-2 Noteholders, each Series 2005-2 Interest Rate Swap Counterparty and
      the
      Surety Provider, or cause to be established and maintained, an account (the
      “Series 2005-2 Reserve Account”), bearing a designation clearly
      indicating that the funds deposited therein are held for the benefit of the
      Series 2005-2 Noteholders, each Series 2005-2 Interest Rate Swap Counterparty
      and the Surety Provider.  The Series 2005-2 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 2005-2 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 Standard & Poor’s or “Baa2” by Moody’s, then
      ABRCF shall, within thirty (30) days of such reduction, establish a new Series
      2005-2 Reserve Account with a new Qualified Institution.  If the
      Series 2005-2 Reserve Account is not maintained in accordance with the previous
      sentence, ABRCF shall establish a new Series 2005-2 Reserve Account, within
      ten
      (10) Business Days after obtaining knowledge of such fact, which complies with
      such sentence, and shall instruct the Series 2005-2 Agent in writing to transfer
      all cash and investments from the non-qualifying Series 2005-2 Reserve Account
      into the new Series 2005-2 Reserve Account.  Initially, the Series
      2005-2 Reserve Account will be established with BNY.

     

    (b)  Administration
      of the Series 2005-2 Reserve Account.  The Administrator may
      instruct the institution maintaining the Series 2005-2 Reserve Account to invest
      funds on deposit in the Series 2005-2 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 2005-2 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
      2005-2 Reserve 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 (as defined in Section 8-106 of the New York UCC) 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 ABRCF, take such
      action as is required to maintain the Trustee’s security interest in the
      Permitted Investments credited to the Series 2005-2 Reserve
      Account.  ABRCF shall not direct the Trustee to dispose of (or permit
      the disposal of) any Permitted Investments prior to the maturity thereof to
      the
      extent such disposal would result in a loss of the purchase price of such
      Permitted Investments.  In the absence of written investment
      instructions hereunder, funds on deposit in the Series 2005-2 Reserve Account
      shall remain uninvested.

     

    
      
        
        

      

      
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    (c)  Earnings
      from Series 2005-2 Reserve Account.  All interest and earnings
      (net of losses and investment expenses) paid on funds on deposit in the Series
      2005-2 Reserve Account shall be deemed to be on deposit therein and available
      for distribution.

     

    (d)  Series
      2005-2 Reserve Account Constitutes Additional Collateral for Series 2005-2
      Notes.  In order to secure and provide for the repayment and
      payment of ABRCF’s Obligations with respect to the Series 2005-2 Notes, ABRCF
      hereby grants a security interest in and assigns, pledges, grants, transfers
      and
      sets over to the Trustee, for the benefit of the Series 2005-2 Noteholders,
      each
      Series 2005-2 Interest Rate Swap Counterparty and the Surety Provider, all
      of
      ABRCF’s right, title and interest in and to the following (whether now or
      hereafter existing or acquired):  (i) the Series 2005-2 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 2005-2 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 2005-2 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
      2005-2 Reserve Account, the funds on deposit therein from time to time or the
      investments made with such funds; and (vi) all proceeds of any and all of the
      foregoing, including, without limitation, cash (the items in the foregoing
      clauses (i) through (vi) are referred to, collectively, as the “Series 2005-2
      Reserve Account Collateral”).  The Trustee shall possess all
      right, title and interest in and to all funds on deposit from time to time
      in
      the Series 2005-2 Reserve Account and in all proceeds thereof, and shall be
      the
      only person authorized to originate entitlement orders in respect of the Series
      2005-2 Reserve Account.  The Series 2005-2 Reserve Account Collateral
      shall be under the sole dominion and control of the Trustee for the benefit
      of
      the Series 2005-2 Noteholders, each Series 2005-2 Interest Rate Swap
      Counterparty and the Surety Provider.  The Series 2005-2 Agent hereby
      agrees (i) to act as the securities intermediary (as defined in Section
      8-102(a)(14) of the New York UCC) with respect to the Series 2005-2 Reserve
      Account; (ii) that its jurisdiction as securities intermediary is New York;
      (iii) that each item of property (whether investment property, financial asset,
      security, instrument or cash) credited to the Series 2005-2 Reserve Account
      shall be treated as a financial asset (as defined in Section 8-102(a)(9) of
      the
      New York UCC) and (iv) to comply with any entitlement order (as defined in
      Section 8-102(a)(8) of the New York UCC) issued by the
      Trustee.

     

    (e)  Series
      2005-2 Reserve Account Surplus.  In the event that the Series
      2005-2 Reserve Account Surplus on any Distribution Date, after giving effect
      to
      all withdrawals from the Series 2005-2 Reserve Account, is greater than zero,
      if
      no Series 2005-2 Enhancement Deficiency or AESOP I Operating Lease Vehicle
      Deficiency would result therefrom or exist thereafter, 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, shall withdraw from the
      Series 2005-2 Reserve Account an amount equal to the Series 2005-2 Reserve
      Account Surplus and shall pay such amount to ABRCF.

     

    (f)  Termination
      of Series 2005-2 Reserve Account.  Upon the termination of the
      Indenture pursuant to Section 11.1 of the Base Indenture, the Trustee, acting
      in
      accordance 

     

    
      
        
        

      

      
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    with
      the
      written instructions of the Administrator, after the prior payment of all
      amounts owing to the Series 2005-2 Noteholders and to the Surety Provider and
      payable from the Series 2005-2 Reserve Account as provided herein, shall
      withdraw from the Series 2005-2 Reserve Account all amounts on deposit therein
      for payment to ABRCF.

     

    Section
      2.8  Series
      2005-2 Letters of Credit and Series 2005-2 Cash Collateral
      Account.  (a)   Series
      2005-2 Letters of Credit and Series 2005-2 Cash Collateral Account Constitute
      Additional Collateral for Series 2005-2 Notes.  In order to secure
      and provide for the repayment and payment of ABRCF’s Obligations with respect to
      the Series 2005-2 Notes, ABRCF hereby grants a security interest in and assigns,
      pledges, grants, transfers and sets over to the Trustee, for the benefit of
      the
      Series 2005-2 Noteholders, each Series 2005-2 Interest Rate Swap Counterparty
      and the Surety Provider, all of ABRCF’s right, title and interest in and to the
      following (whether now or hereafter existing or
      acquired):  (i) each Series 2005-2 Letter of Credit;
      (ii) the Series 2005-2 Cash Collateral Account, including any security
      entitlement thereto; (iii) all funds on deposit in the Series 2005-2 Cash
      Collateral Account from time to time; (iv) all certificates and
      instruments, if any, representing or evidencing any or all of the Series 2005-2
      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 2005-2 Cash Collateral Account, whether constituting securities,
      instruments, general intangibles, investment property, financial assets or
      other
      property; (vi) 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 2005-2 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 2005-2 Cash
      Collateral Account Collateral”).  The Trustee shall, for the
      benefit of the Series 2005-2 Noteholders, each Series 2005-2 Interest Rate
      Swap
      Counterparty and the Surety Provider, possess all right, title and interest
      in
      all funds on deposit from time to time in the Series 2005-2 Cash Collateral
      Account and in all proceeds thereof, and shall be the only person authorized
      to
      originate entitlement orders in respect of the Series 2005-2 Cash Collateral
      Account.  The Series 2005-2 Cash Collateral Account shall be under the
      sole dominion and control of the Trustee for the benefit of the Series 2005-2
      Noteholders, each Series 2005-2 Interest Rate Swap Counterparty and the Surety
      Provider.  The Series 2005-2 Agent hereby agrees (i) to act as the
      securities intermediary (as defined in Section 8-102(a)(14) of the New York
      UCC) with respect to the Series 2005-2 Cash Collateral Account; (ii) that its
      jurisdiction as a securities intermediary is New York, (iii) that each item
      of
      property (whether investment property, financial asset, security, instrument
      or
      cash) credited to the Series 2005-2 Cash Collateral Account shall be treated
      as
      a financial asset (as defined in Section 8-102(a)(9) of the New York UCC)
      and (iv) to comply with any entitlement order (as defined in Section 8-102(a)(8)
      of the New York UCC) issued by the Trustee.

     

    (b)  Series
      2005-2 Letter of Credit Expiration Date.  If prior to the date
      which is ten (10) days prior to the then - scheduled Series 2005-2 Letter of
      Credit Expiration Date with respect to any Series 2005-2 Letter of Credit,
      excluding the amount available to be drawn under such Series 2005-2 Letter
      of
      Credit but taking into account each substitute Series 2005-2 Letter of Credit
      which has been obtained from a Series 2005-2 Eligible Letter of Credit Provider
      and is in full force and effect on such date, the Series 2005-2 Enhancement
      Amount would be equal to or more than the Series 2005-2 Required Enhancement
      Amount and the Series 2005-2 Liquidity 

     

    
      
        
        

      

      
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    Amount
      would be equal to or greater than the Series 2005-2 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 (2) Business Days prior to such Series 2005-2
      Letter of Credit Expiration Date of such determination.  If prior to
      the date which is ten (10) days prior to the then-scheduled Series 2005-2 Letter
      of Credit Expiration Date with respect to any Series 2005-2 Letter of Credit,
      excluding the amount available to be drawn under such Series 2005-2 Letter
      of
      Credit but taking into account a substitute Series 2005-2 Letter of Credit
      which
      has been obtained from a Series 2005-2 Eligible Letter of Credit Provider and
      is
      in full force and effect on such date, the Series 2005-2 Enhancement Amount
      would be less than the Series 2005-2 Required Enhancement Amount or the Series
      2005-2 Liquidity Amount would be less than the Series 2005-2 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 (2) Business Days prior to such Series
      2005-2 Letter of Credit Expiration Date of (x) the greater of (A) the excess,
      if
      any, of the Series 2005-2 Required Enhancement Amount over the Series 2005-2
      Enhancement Amount, excluding the available amount under such expiring Series
      2005-2 Letter of Credit but taking into account any substitute Series 2005-2
      Letter of Credit which has been obtained from a Series 2005-2 Eligible Letter
      of
      Credit Provider and is in full force and effect, on such date, and (B) the
      excess, if any, of the Series 2005-2 Required Liquidity Amount over the Series
      2005-2 Liquidity Amount, excluding the available amount under such expiring
      Series 2005-2 Letter of Credit but taking into account any substitute Series
      2005-2 Letter of Credit which has been obtained from a Series 2005-2 Eligible
      Letter of Credit Provider and is in full force and effect, on such date, and
      (y)
      the amount available to be drawn on such expiring Series 2005-2 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 noon (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
      noon
      (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 expiring Series 2005-2
      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 2005-2 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
      (2)
      Business Days prior to each Series 2005-2 Letter of Credit Expiration Date,
      the
      Trustee shall, by 12:00 noon (New York City time) on such Business Day draw
      the
      full amount of such Series 2005-2 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 2005-2 Cash Collateral
      Account.

     

    (c)  Series
      2005-2 Letter of Credit Providers.  The Administrator shall notify
      the Trustee and the Surety Provider in writing within one (1) Business Day
      of
      becoming aware that (i) the long-term senior unsecured debt credit rating of
      any
      Series 2005-2 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 2005-2 Letter of Credit
      Provider has fallen below “A-1” as determined by Standard & Poor’s or “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 2005-2 Required Enhancement Amount over the 

     

    
      
        
        

      

      
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    Series
      2005-2 Enhancement Amount, excluding the available amount under the Series
      2005-2 Letter of Credit issued by such Series 2005-2 Letter of Credit Provider,
      on such date, and (B) the excess, if any, of the Series 2005-2 Required
      Liquidity Amount over the Series 2005-2 Liquidity Amount, excluding the
      available amount under such Series 2005-2 Letter of Credit, on such date, and
      (ii) the amount available to be drawn on such Series 2005-2 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 noon (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
      noon
      (New York City time) on the next following Business Day), draw on such Series
      2005-2 Letter of Credit in an amount equal to the lesser of the amounts in
      clause (i) and 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 2005-2 Cash Collateral Account.

     

    (d)  Termination
      Date Demands on the Series 2005-2 Letters of Credit.  Prior to
      10:00 a.m. (New York City time) on the Business Day immediately succeeding
      the
      Series 2005-2 Letter of Credit Termination Date, the Administrator shall
      determine the Series 2005-2 Demand Note Payment Amount, if any, as of the Series
      2005-2 Letter of Credit Termination Date and, if the Series 2005-2 Demand Note
      Payment Amount is greater than zero, instruct the Trustee in writing to draw
      on
      the Series 2005-2 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 2005-2 Demand Note Payment
      Amount and (ii) the Series 2005-2 Letter of Credit Liquidity Amount on the
      Series 2005-2 Letters of Credit by presenting to each Series 2005-2 Letter
      of
      Credit Provider (with a copy to the Surety Provider) a draft accompanied by
      a
      Certificate of Termination Date Demand and shall cause the Termination Date
      Disbursement to be deposited in the Series 2005-2 Cash Collateral Account;
      provided, however, that if the Series 2005-2 Cash Collateral
      Account has been established and funded, the Trustee shall draw an amount equal
      to the product of (a) 100% minus the Series 2005-2 Cash Collateral
      Percentage and (b) the lesser of the amounts referred to in clause (i) and
      (ii)
      on such Business Day on the Series 2005-2 Letters of Credit as calculated by
      the
      Administrator and provided in writing to the Trustee and the Surety
      Provider.

     

    (e)  Draws
      on the Series 2005-2 Letters of Credit.  If there is more than one
      Series 2005-2 Letter of Credit on the date of any draw on the Series 2005-2
      Letters of Credit pursuant to the terms of this Supplement, the Administrator
      shall instruct the Trustee, in writing, to draw on each Series 2005-2 Letter
      of
      Credit in an amount equal to the Pro Rata Share of the Series 2005-2 Letter
      of
      Credit Provider issuing such Series 2005-2 Letter of Credit of the amount of
      such draw on the Series 2005-2 Letters of Credit.

     

    (f)  Establishment
      of Series 2005-2 Cash Collateral Account.  On or prior to the date
      of any drawing under a Series 2005-2 Letter of Credit pursuant to
      Section 2.8(b), (c) or (d) above, ABRCF shall establish and maintain in the
      name of the Trustee for the benefit of the Series 2005-2 Noteholders, each
      Series 2005-2 Interest Rate Swap Counterparty and the Surety Provider, or cause
      to be established and maintained, an account (the “Series 2005-2 Cash
      Collateral Account”), bearing a designation clearly indicating that the
      funds deposited therein are held for the benefit of the Series 2005-2
      Noteholders, each Series 2005-2 Interest Rate Swap 

     

    
      
        
        

      

      
        42

        
          

        

      

      
        
        

      

    

    Counterparty
      and the Surety Provider.  The Series 2005-2 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 2005-2 Cash Collateral Account;
provided, however, 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 Standard & Poor’s or “Baa3” by Moody’s, then ABRCF shall, within
      thirty (30) days of such reduction, establish a new Series 2005-2 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 2005-2 Cash Collateral Account.  If a new Series 2005-2
      Cash Collateral Account is established, ABRCF shall instruct the Trustee in
      writing to transfer all cash and investments from the non-qualifying Series
      2005-2 Cash Collateral Account into the new Series 2005-2 Cash Collateral
      Account.

     

    (g)  Administration
      of the Series 2005-2 Cash Collateral Account.  ABRCF may instruct
      (by standing instructions or otherwise) the institution maintaining the Series
      2005-2 Cash Collateral Account to invest funds on deposit in the Series 2005-2
      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
      2005-2 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
      such Permitted Investments will be credited to the Series 2005-2 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 (as defined in Section 8-106 of the New York UCC) 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 ABRCF, take such
      action as is required to maintain the Trustee’s security interest in the
      Permitted Investments credited to the Series 2005-2 Cash Collateral
      Account.  ABRCF shall not direct the Trustee to dispose of (or permit
      the disposal of) any Permitted Investments prior to the maturity thereof to
      the
      extent such disposal would result in a loss of the purchase price of such
      Permitted Investments.  In the absence of written investment
      instructions hereunder, funds on deposit in the Series 2005-2 Cash Collateral
      Account shall remain uninvested.

     

    (h)  Earnings
      from Series 2005-2 Cash Collateral Account.  All interest and
      earnings (net of losses and investment expenses) paid on funds on deposit in
      the
      Series 2005-2 Cash Collateral Account shall be deemed to be on deposit therein
      and available for distribution.

     

    (i)  Series
      2005-2 Cash Collateral Account Surplus.  In the event that the
      Series 2005-2 Cash Collateral Account Surplus on any Distribution Date (or,
      after the Series 2005-2 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 2005-2
      Cash 

     

    
      
        
        

      

      
        43

        
          

        

      

      
        
        

      

    

    Collateral
      Account an amount equal to the Series 2005-2 Cash Collateral Account Surplus
      and
      shall pay such amount:  first, to the Series 2005-2 Letter of
      Credit Providers to the extent of any unreimbursed drawings under the related
      Series 2005-2 Reimbursement Agreement, for application in accordance with the
      provisions of the related Series 2005-2 Reimbursement Agreement, and,
second, to ABRCF any remaining amount.

     

    (j)  Post-Series
      2005-2 Letter of Credit Termination Date Withdrawals from the Series 2005-2
      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,
      on each date following such payment of a Preference Amount, withdraw from the
      Series 2005-2 Cash Collateral Account and pay to the Surety Provider an amount
      equal to the lesser of (i) the amount on deposit in the Series 2005-2 Cash
      Collateral Account on such date and (ii) such Preference Amount (and any
      interest thereon accrued pursuant to the Insurance Agreement).  Prior
      to any withdrawal from the Series 2005-2 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 2005-2 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 2005-2 Noteholders and to the Surety Provider
      and payable from the Series 2005-2 Cash Collateral Account as provided herein,
      shall withdraw from the Series 2005-2 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 2005-2
      Letter of Credit Providers to the extent of any unreimbursed drawings under
      the
      related Series 2005-2 Reimbursement Agreement, for application in accordance
      with the provisions of the related Series 2005-2 Reimbursement Agreement, and,
      second, to ABRCF any remaining amount.

     

    Section
      2.9  Series
      2005-2 Distribution Account.  (a)  Establishment
      of Series 2005-2 Distribution Account.  ABRCF shall establish and
      maintain in the name of the Trustee for the benefit of the Series 2005-2
      Noteholders, each Series 2005-2 Interest Rate Swap Counterparty and the Surety
      Provider, or cause to be established and maintained, an account (the “Series
      2005-2 Distribution Account”), bearing a designation clearly indicating that
      the funds deposited therein are held for the benefit of the Series 2005-2
      Noteholders, each Series 2005-2 Interest Rate Swap Counterparty and the Surety
      Provider.  The Series 2005-2 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
      2005-2 Distribution Account; provided, however, 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 Standard & Poor’s or “Baa3” by
      Moody’s, then ABRCF shall, within thirty (30) days of such reduction, establish
      a new Series 2005-2 Distribution Account with a new Qualified
      Institution.  If the Series 2005-2 Distribution Account is not
      maintained in accordance with the previous sentence, ABRCF shall establish
      a new
      Series 2005-2 Distribution Account, within ten (10) Business Days after
      obtaining knowledge of such fact, which complies with such sentence, and shall
      instruct the Series 2005-2 Agent in writing to 

     

    
      
        
        

      

      
        44

        
          

        

      

      
        
        

      

    

    transfer
      all cash and investments from the non-qualifying Series 2005-2 Distribution
      Account into the new Series 2005-2 Distribution Account.  Initially,
      the Series 2005-2 Distribution Account will be established with
      BNY.

     

    (b)  Administration
      of the Series 2005-2 Distribution Account.  The Administrator may
      instruct the institution maintaining the Series 2005-2 Distribution Account
      to
      invest funds on deposit in the Series 2005-2 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 2005-2 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 2005-2 Distribution 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 (as defined in Section 8-106 of the
      New York UCC) 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 ABRCF, take such action as is required to maintain the Trustee’s
      security interest in the Permitted Investments credited to the Series 2005-2
      Distribution Account.  ABRCF shall not direct the Trustee to dispose
      of (or permit the disposal of) any Permitted Investments prior to the maturity
      thereof to the extent such disposal would result in a loss of the purchase
      price
      of such Permitted Investments.  In the absence of written investment
      instructions hereunder, funds on deposit in the Series 2005-2 Distribution
      Account shall remain uninvested.

     

    (c)  Earnings
      from Series 2005-2 Distribution Account.  All interest and
      earnings (net of losses and investment expenses) paid on funds on deposit in
      the
      Series 2005-2 Distribution Account shall be deemed to be on deposit and
      available for distribution.

     

    (d)  Series
      2005-2 Distribution Account Constitutes Additional Collateral for Series 2005-2
      Notes.  In order to secure and provide for the repayment and
      payment of ABRCF’s Obligations with respect to the Series 2005-2 Notes, ABRCF
      hereby grants a security interest in and assigns, pledges, grants, transfers
      and
      sets over to the Trustee, for the benefit of the Series 2005-2 Noteholders,
      each
      Series 2005-2 Interest Rate Swap Counterparty and the Surety Provider, all
      of
      ABRCF’s right, title and interest in and to the following (whether now or
      hereafter existing or acquired):  (i) the Series 2005-2 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 2005-2 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 2005-2 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
      2005-2 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 

     

    
      
        
        

      

      
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    to,
      collectively, as the “Series 2005-2 Distribution Account
      Collateral”).  The Trustee shall possess all right, title and
      interest in all funds on deposit from time to time in the Series 2005-2
      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
      2005-2 Distribution Account.  The Series 2005-2 Distribution Account
      Collateral shall be under the sole dominion and control of the Trustee for
      the
      benefit of the Series 2005-2 Noteholders, each Series 2005-2 Interest Rate
      Swap
      Counterparty and the Surety Provider.  The Series 2005-2 Agent hereby
      agrees (i) to act as the securities intermediary (as defined in Section
      8-102(a)(14) of the New York UCC) with respect to the Series 2005-2
      Distribution Account; (ii) that its jurisdiction as securities intermediary
      is New York, (iii) that each item of property (whether investment property,
      financial asset, security, instrument or cash) credited to the Series 2005-2
      Distribution Account shall be treated as a financial asset (as defined in
      Section 8-102(a)(9) of the New York UCC) and (iv) to comply with any
      entitlement order (as defined in Section 8-102(a)(8) of the New York UCC)
      issued by the Trustee.

     

    Section
      2.10  Series
      2005-2 Interest Rate Swaps.  (a)  On
      the Original Series 2005-2 Closing Date, ABRCF entered into an interest rate
      swap and may enter into one or more additional interest rate swaps acceptable
      to
      the Surety Provider (in its reasonable judgment) in respect of the Series 2005-2
      Notes with a Qualified Interest Rate Swap Counterparty (a “Series 2005-2
      Interest Rate Swap”).  The Series 2005-2 Interest Rate Swaps have
      an aggregate initial notional amount equal to the Series 2005-2 Initial Invested
      Amount.  The aggregate notional amount of such Series 2005-2 Interest
      Rate Swaps shall be reduced pursuant to the terms of such Series 2005-2 Interest
      Rate Swaps but shall not at any time be less than the Series 2005-2 Invested
      Amount.  The fixed rate payable by ABRCF under such Series 2005-2
      Interest Rate Swaps and any replacement thereof shall not be greater than 5.5
      %.

     

    (b)  Replacement
      of Any Series 2005-2 Interest Rate Swap.  If, at any time, a
      Series 2005-2 Interest Rate Swap Counterparty does not have (i) a long-term
      senior, unsecured debt, deposit, claims paying or credit (as the case may be)
      rating at least “A” from Standard & Poor’s and at least “A2” from Moody’s,
      (ii) a short-term senior, unsecured debt, deposit, claims paying or credit
      (as
      the case may be) rating of at least “A-1”, or if such Series 2005-2 Interest
      Rate Swap Counterparty does not have a short-term senior, unsecured debt rating,
      then a long-term senior, unsecured debt, deposit, claims paying or credit (as
      the case may be) rating of at least “A+”, in each case, from Standard &
Poor’s and (iii) a short-term senior, unsecured debt, deposit, claims paying or
      credit (as the case may be) rating of “P-1”, or if such Series 2005-2 Interest
      Rate Swap Counterparty does not have a short-term senior, unsecured debt rating,
      then a long-term senior, unsecured debt, deposit, claims paying or credit (as
      the case may be) rating of at least “A1”, in each case, from Moody’s, then ABRCF
      shall cause the Series 2005-2 Interest Rate Swap Counterparty within thirty
      (30)
      days following such occurrence, at the Series 2005-2 Interest Rate Swap
      Counterparty’s expense, to do one of the following (the choice of such action to
      be determined by the Series 2005-2 Interest Rate Swap Counterparty) (i) obtain
      a
      replacement interest rate swap on substantially the same terms as the replaced
      Series 2005-2 Interest Rate Swap from a Qualified Interest Rate Swap Provider
      and terminate the applicable Series 2005-2 Interest Rate Swap, (ii)
      collateralize its obligations under the Series 2005-2 Interest Rate Swap in
      a
      manner acceptable to the Rating Agencies and the Surety Provider (in the
      exercise of its reasonable judgment) in an amount and with collateral which
      is
      sufficient to maintain or restore the immediately prior Shadow Rating of the
      Series 2005-2 Notes or (iii) enter into any other 

     

    
      
        
        

      

      
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    arrangement
      satisfactory to Standard & Poor’s, Moody’s and the Surety Provider (in the
      exercise of its reasonable judgment), which is sufficient to maintain or restore
      the immediately prior Shadow Rating of the Series 2005-2 Notes; provided
      that no termination of any Series 2005-2 Interest Rate Swap shall occur until
      ABRCF has entered into a replacement interest rate swap or shall have entered
      any other arrangement satisfactory to Standard & Poor’s, Moody’s and the
      Surety Provider (in the exercise of its reasonable judgment).

     

    (c)  To
      secure
      payment of all ABRCF’s Obligations with respect to the Series 2005-2 Notes,
      ABRCF grants a security interest in, and assigns, pledges, grants, transfers
      and
      sets over to the Trustee, for the benefit of the Series 2005-2 Noteholders
      and
      the Surety Provider, all of ABRCF’s right, title and interest in the Series
      2005-2 Interest Rate Swaps and all proceeds thereof (the “Series 2005-2
      Interest Rate Swap Collateral”).  ABRCF shall require all
      Series 2005-2 Interest Rate Swap Proceeds to be paid to, and the Trustee
      shall allocate all Series 2005-2 Interest Rate Swap Proceeds to, the
      Series 2005-2 Accrued Interest Account of the Series 2005-2 Collection
      Account.

     

    (d)   The
      failure of ABRCF to comply with its covenants contained in this Section 2.10
      shall not constitute an Amortization Event with respect to the Series 2005-2
      Notes.

     

    (e)  Each
      Series 2005-2 Interest Rate Swap Counterparty shall be a Swap Counterparty
      and
      therefore shall be a beneficiary of the grant set forth in Section 3.1 of the
      Base Indenture.

     

    Section
      2.11  Series
      2005-2 Accounts Permitted Investments.  ABRCF
      shall not, and shall not permit, funds on deposit in the Series 2005-2 Accounts
      to be invested in:

     

    (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 “P-1” by Moody’s;

     

    (iv)  money
      market funds or eurodollar time deposits which are not rated at least “AAA” by
      Standard & Poor’s;

     

    (v)  eurodollar
      deposits that are not rated “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
      2005-2 Demand Notes Constitute Additional Collateral for Series 2005-2
      Notes.  In
      order to secure and provide for the repayment and payment of ABRCF’s Obligations
      with respect to the Series 2005-2 Notes, ABRCF hereby grants a security interest
      in and assigns, pledges, grants, transfers and sets over to the Trustee, for
      the
      benefit of the 

     

    
      
        
        

      

      
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    Series
      2005-2 Noteholders, each Series 2005-2 Interest Rate Swap Counterparty and
      the
      Surety Provider, all of ABRCF’s right, title and interest in and to the
      following (whether now or hereafter existing or
      acquired):  (i) the Series 2005-2 Demand Notes; (ii) all
      certificates and instruments, if any, representing or evidencing the Series
      2005-2 Demand Notes; and (iii) all proceeds of any and all of the
      foregoing, including, without limitation, cash.  On the Original
      Series 2005-2 Closing Date, ABRCF delivered to the Trustee, for the benefit
      of
      the Series 2005-2 Noteholders, each Series 2005-2 Interest Rate Swap
      Counterparty and the Surety Provider, each Series 2005-2 Demand Note, endorsed
      in blank.  The Trustee, for the benefit of the Series 2005-2
      Noteholders, each Series 2005-2 Interest Rate Swap Counterparty and the Surety
      Provider, shall be the only Person authorized to make a demand for payments
      on
      the Series 2005-2 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 2005-2 Notes and collectively shall constitute the Amortization
      Events set forth in Section 9.1(n) of the Base Indenture with respect to the
      Series 2005-2 Notes (without notice or other action on the part of the Trustee
      or any holders of the Series 2005-2 Notes):

     

    (a)  a
      Series
      2005-2 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 2005-2 Enhancement Deficiency shall have been cured in accordance
      with the terms and conditions of the Indenture and the Related
      Documents;

     

    (b)  the
      Series 2005-2 Liquidity Amount shall be less than the Series 2005-2 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 2005-2 Collection Account, the Series 2005-2
      Excess Collection Account or the Series 2005-2 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 2005-2 Notes is not paid in full on
      or
      before the Series 2005-2 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;

     

    
      
        
        

      

      
        48

        
          

        

      

      
        
        

      

    

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

     

    (h)  any
      Series 2005-2 Letter of Credit shall not be in full force and effect for at
      least two (2) Business Days and (x) either a Series 2005-2 Enhancement
      Deficiency would result from excluding such Series 2005-2 Letter of Credit
      from
      the Series 2005-2 Enhancement Amount or (y) the Series 2005-2 Liquidity Amount,
      excluding therefrom the available amount under such Series 2005-2 Letter of
      Credit, would be less than the Series 2005-2 Required Liquidity
      Amount;

     

    (i)  from
      and
      after the funding of the Series 2005-2 Cash Collateral Account, the Series
      2005-2 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 2005-2 Enhancement
      Deficiency would result from excluding the Series 2005-2 Available Cash
      Collateral Account Amount from the Series 2005-2 Enhancement Amount or (y)
      the
      Series 2005-2 Liquidity Amount, excluding therefrom the Series 2005-2 Available
      Cash Collateral Amount, would be less than the Series 2005-2 Required Liquidity
      Amount; and

     

    (j)  an
      Event
      of Bankruptcy shall have occurred with respect to any Series 2005-2 Letter
      of
      Credit Provider or any Series 2005-2 Letter of Credit Provider repudiates its
      Series 2005-2 Letter of Credit or refuses to honor a proper draw thereon and
      either (x) a Series 2005-2 Enhancement Deficiency would result from excluding
      such Series 2005-2 Letter of Credit from the Series 2005-2 Enhancement Amount
      or
      (y) the Series 2005-2 Liquidity Amount, excluding therefrom the available amount
      under such Series 2005-2 Letter of Credit, would be less than the Series 2005-2
      Required Liquidity Amount.

     

     

    ARTICLE
      IV

     

    RIGHT
      TO WAIVE PURCHASE RESTRICTIONS

     

    Notwithstanding
      any provision to the contrary in the Indenture or the Related Documents, but
      subject in all respects to the Surety Provider’s rights under Section 6.11, upon
      the Trustee’s receipt of notice from any Lessee, any Borrower or ABRCF that the
      Lessees, the Borrowers and ABRCF have determined to increase any Series 2005-2
      Maximum Amount, (such notice, a “Waiver Request”), each Series 2005-2
      Noteholder may, at its option, waive any Series 2005-2 Maximum Amount
      (collectively, a “Waivable 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 2005-2 Excess Collection Account (collectively, the
      “Designated Amounts”) from the date the Trustee receives a Waiver Request
      through the Consent Period Expiration Date will 

     

    
      
        
        

      

      
        49

        
          

        

      

      
        
        

      

    

    be
      held
      by the Trustee in the Series 2005-2 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 2005-2 Noteholders and the Surety
      Provider, which notice shall be accompanied by a form of consent (each a
“Consent”) in the form of Exhibit B by which the Series
      2005-2 Noteholders may, on or before the Consent Period Expiration Date, consent
      to waiver of the applicable Waivable Amount.  If the Trustee receives
      the consent of the Surety Provider and Consents from the Requisite Noteholders
      agreeing to waiver of the applicable Waivable Amount within forty-five (45)
      days
      after the Trustee notifies the Series 2005-2 Noteholders of a Waiver Request
      (the day on which such forty-five (45) day period expires, the “Consent
      Period Expiration Date”), (i) the applicable Waivable Amount shall be deemed
      waived by the consenting Series 2005-2 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 2005-2 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 2005-2 Noteholders, if any, prorata up to
      the amount required to pay all Series 2005-2 Notes held by such non-consenting
      Series 2005-2 Noteholders in full; and

     

    (ii)  any
      remaining Designated Amounts to the Series 2005-2 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 2005-2 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 2005-2 Collection Account and deposit the
      same in the Series 2005-2 Distribution Account for distribution as
      follows:

     

    (a)           to
      the non-consenting Series 2005-2 Noteholders, if any, prorata an
      amount equal to the Designated Amounts in the Series 2005-2 Collection Account
      as of the applicable Determination Date up to the aggregate outstanding
      principal balance of the Series 2005-2 Notes held by the non-consenting Series
      2005-2 Noteholders; and

     

    (b)           any
      remaining Designated Amounts to the Series 2005-2 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 2005-2 Excess
      Collection Account for allocation and distribution in accordance with the terms
      of the Indenture and the Related Documents.

     

    
      
        
        

      

      
        50

        
          

        

      

      
        
        

      

    

    In
      the
      event that the Series 2005-2 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 2005-2
      Noteholders.

     

     

    ARTICLE
      V

     

    FORM
      OF SERIES 2005-2 NOTES

     

    Section
      5.1  Restricted
      Global Series 2005-2 Notes.  The
      Series 2005-2 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
      2005-2 Note”), substantially in the form set forth in Exhibit A-1,
      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 2005-2 Notes represented
      thereby, with the Trustee as custodian for DTC, and registered in the name
      of
      Cede as DTC’s nominee, duly executed by ABRCF and authenticated by the Trustee
      in the manner set forth in Section 2.4 of the Base Indenture.

     

    Section
      5.2  Temporary
      Global Series 2005-2 Notes; Permanent Global Series 2005-2 Notes.  The
      Series 2005-2 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 form of one or more temporary notes in
      registered form without interest coupons (each, a “Temporary Global Series
      2005-2 Note”), substantially in the form set forth in Exhibit A-2,
      which shall be deposited on behalf of the purchasers of the Series 2005-2 Notes
      represented thereby with a custodian for, and registered in the name of a
      nominee of DTC, for the account of Euroclear Bank S.A./N.V., as operator of
      the
      Euroclear System (“Euroclear”) or for Clearstream Banking, société
anonyme (“Clearstream”), duly executed by ABRCF and authenticated by the
      Trustee in the manner set forth in Section 2.4 of the Base
      Indenture.  Interests in a Temporary Global Series 2005-2 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 2005-2 Note”), substantially in the form of Exhibits A-3, in
      accordance with the provisions of such Temporary Global Series 2005-2 Note
      and
      the Base Indenture (as modified by this Supplement).  Interests in a
      Permanent Global Series 2005-2 Note will be exchangeable for a definitive Series
      2005-2 Note in accordance with the provisions of such Permanent Global Series
      2005-2 Note and the Base Indenture (as modified by this
      Supplement).

     

     

    ARTICLE
      VI

     

    GENERAL

     

    Section
      6.1  Optional
      Repurchase.  The
      Series 2005-2 Notes shall be subject to repurchase by ABRCF at its option in
      accordance with Section 6.3 of the Base Indenture on any 

     

     

    
      
        
        

      

      
        51

        
          

        

      

      
        
        

      

    

     

    Distribution
      Date after the Series 2005-2 Invested Amount is reduced to an amount less than
      or equal to 10% of the Series 2005-2 Initial Invested Amount (the “Series
      2005-2 Repurchase Amount”); provided, however, that as a
      condition precedent to any such optional repurchase on any Distribution Date
      on
      which no Surety Default has occurred and is continuing, ABRCF shall have
      received the consent of the Surety Provider.  The repurchase price for
      any Series 2005-2 Note shall equal the aggregate outstanding principal balance
      of such Series 2005-2 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, within five (5) Business Days, provide to the Series 2005-2
      Noteholders, or their designated agent, and the Surety Provider copies of all
      information furnished to the Trustee or ABRCF pursuant to the Related Documents,
      as such information relates to the Series 2005-2 Notes or the Series 2005-2
      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 2005-2 Notes that have been made and subsequently recovered from
      Series 2005-2 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 2005-2 Note

            
	
              Exhibit
                A-2

            	
              Form
                of Temporary Global Series 2005-2 Note

            
	
              Exhibit
                A-3

            	
              Form
                of Permanent Global Series 2005-2 Note

            
	
              Exhibit
                B:

            	
              Form
                of Consent

            
	
              Exhibit
                C:

            	
              Form
                of Series 2005-2 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, 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 

     

    
      
        
        

      

      
        52

        
          

        

      

      
        
        

      

    

    modification
      of this Supplement, such requirement shall be satisfied if such amendment or
      modification is consented to by the Series 2005-2 Noteholders representing
      more
      than 50% of the aggregate outstanding principal amount of the Series 2005-2
      Notes.

     

    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 2005-2 Notes without the consent of the Required Noteholders
      and,
      to the extent there are any amounts due to a Series 2005-2 Interest Rate Swap
      Counterparty, each such Series 2005-2 Interest Rate Swap
      Counterparty.

     

    Section
      6.9  Notice
      to Surety Provider, Rating Agencies and each Series 2005-2 Interest Rate Swap
      Counterparty.  The
      Trustee shall, within five (5) Business Days, provide to the Surety Provider,
      each Rating Agency and each Series 2005-2 Interest Rate Swap Counterparty 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 and each Series 2005-2 Interest Rate Swap Counterparty,
      shall be from counsel reasonably acceptable to the Surety Provider and each
      Series 2005-2 Interest Rate Swap Counterparty and shall be in form and substance
      reasonably acceptable to the Surety Provider and each Series 2005-2 Interest
      Rate Swap Counterparty.  All such notices, opinions, certificates or
      other items delivered to the Surety Provider shall be forwarded to Assured
      Guaranty Corp., 1325 Avenue of the Americas, 18th Floor, New York, New York,
      10019, Attention:  General Counsel; telephone: (212) 974-0100;
      facsimile: (212) 581-3268; e-mail: riskmanagementdept@assuredguaranty.com
      and generalcounsel@assuredguaranty.com.

     

    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 2005-2 Notes (without regard
      to
      the Surety Bond) pursuant to the definition of “Rating 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 2005-2 Notes for the
      purposes of giving any and all consents, waivers (including, without limitation,
      pursuant to Article III (other than an Amortization Event described in clauses
      (f) and (g) thereof) Article IV and Section 6.7), approvals, instructions,
      directions, requests, declarations and/or notices pursuant to the Base Indenture
      and this Supplement.  Without the written consent of the Surety
      Provider, no action shall be taken pursuant to the preceding sentence by the
      Series 2005-2 Noteholders during any period which a Surety Default is continuing
      if such action would have a material adverse effect on the Surety Provider.
      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)
      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 2005-2 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 2005-2 Notes for all purposes under the
      Indenture and the other Related Documents.  

     

    
      
        
        

      

      
        53

        
          

        

      

      
        
        

      

    

    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.   The Insurance Agreement shall constitute an
“Enhancement Agreement” with respect to the Series 2005-2 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 2005-2 Notes for such purposes.

     

    Section
      6.12  Capitalization
      of ABRCF.  ABRCF
      agrees that on the A&R Effective Date it will have capitalization in an
      amount equal to or greater than 3% of the sum of (x) the Series 2005-2 Invested
      Amount and (y) the invested amount of the Series 2002-2 Notes, the Series 2002-3
      Notes, the Series 2003-2 Notes, the Series 2003-3 Notes, the Series 2003-4
      Notes, the Series 2003-5 Notes, the Series 2004-1 Notes, the Series 2004-2
      Notes, the Series 2005-1 Notes, the Series 2005-2 Notes, the Series 2005-4
      Notes, the Series 2006-1 Notes, the Series 2006-2 Notes, the Series 2007-2
      Notes
      and the Series 2008-1 Notes.

     

    Section
      6.13  [RESERVED]

     

    Section
      6.14  Third
      Party Beneficiary.  The
      Surety Provider and each Series 2005-2 Interest Rate Swap Counterparty 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 occurred and be continuing with respect to any
      Series of Notes other than the Series 2005-2 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 2005-2 Notes (except those set
      forth in clauses (f) and (g) of Article III) or a Series 2005-2 Limited
      Liquidation Event of Default until after the Trustee has given prior written
      notice thereof to the Surety Provider and each Series 2005-2 Interest Rate
      Swap
      Counterparty and obtained the direction of the Required Noteholders with respect
      to the Series 2005-2 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 2005-2
      Limited Liquidation Event of Default.

     

    Section
      6.16  Effect
      of Payments by the Surety Provider.  Anything
      herein to the contrary notwithstanding, any distribution of principal of or
      interest on the Series 2005-2 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 2005-2 Notes by ABRCF.  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 2005-2
      Notes to the Trustee for the benefit of the Series 2005-2 Noteholders or to
      the Series 2005-2 Noteholders (including any Preference Amounts as defined
      in the Surety Bond), the Surety Provider will be fully subrogated to the rights
      of such Series 2005-2 Noteholders to receive such principal and interest
      and will be deemed to the extent of the payments so made to be a 

     

    
      
        
        

      

      
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    Series 2005-2
      Noteholder and (ii) the Surety Provider shall be paid principal and
      interest in its capacity as a Series 2005-2 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 2005-2 Noteholders have
      received all payments of principal and interest due to them hereunder on the
      related Distribution Date.

     

    Section
      6.17  Series
      2005-2 Demand Notes.  Other
      than pursuant to a demand thereon pursuant to Section 2.5, ABRCF shall not
      reduce the amount of the Series 2005-2 Demand Notes or forgive amounts payable
      thereunder so that the outstanding principal amount of the Series 2005-2 Demand
      Notes after such reduction or forgiveness is less than the Series 2005-2 Letter
      of Credit Liquidity Amount.  ABRCF shall not agree to any amendment of
      the Series 2005-2 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 ABRCF 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 2005-2 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 2005-2 Noteholders under the
      Indenture.  Each of ABRCF 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 further effect when all outstanding Series
      2005-2 Notes theretofore authenticated and issued have been delivered (other
      than destroyed, lost, or stolen Series 2005-2 Notes which have been replaced
      or
      paid) to the Trustee for cancellation, ABRCF 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 this Supplement and the
      Insurance Agreement, the Series 2005-2 Interest Rate Swaps have been terminated
      and there are no amounts due and owing thereunder and, if the Series 2005-2
      Demand Note Payment Amount on the Series 2005-2 Letter of Credit Termination
      Date was greater than zero, all amounts have been withdrawn from the Series
      2005-2 Cash Collateral Account in accordance with Section 2.8(i).

     

    Section
      6.20  Condition
      to Termination of ABRCF’s Obligations.  Notwithstanding
      anything to the contrary in Section 11.1 of the Base Indenture, so long as
      this
      Supplement is in effect, ABRCF may not terminate its obligations under the
      Indenture unless ABRCF shall have delivered to the Surety Provider and each
      Series 2005-2 Interest Rate Swap Counterparty an Opinion of Counsel, in form
      and
      substance acceptable to the Surety Provider and each Series 2005-2 Interest
      Rate
      Swap Counterparty, to the effect that, in the event of a bankruptcy proceeding
      under the Bankruptcy Code in respect of ABRCF, the Lessor or any Lessee, the
      bankruptcy court would not avoid any amounts distributed to the Series 2005-2
      Noteholders, the Surety Provider or any Series 2005-2 Interest Rate Swap
      Counterparty in connection with such termination.

     

     

    
      
        
        

      

      
        55

        
          

        

      

      
        
        

      

    

    Section
      6.21  Confidential
      Information.

     

    (a)  The
      Trustee and each Series 2005-2 Note Owner agrees, by its acceptance and holding
      of a beneficial interest in a Series 2005-2 Note, to maintain the
      confidentiality of all Confidential Information in accordance with procedures
      adopted by the Trustee or such Series 2005-2 Note Owner in good faith to protect
      confidential information of third parties delivered to such Person;
provided, that such Person may deliver or disclose Confidential
      Information to:  (i) such Person’s directors, trustees, officers,
      employees, agents, attorneys, independent or internal auditors and affiliates
      who agree to hold confidential the Confidential Information substantially in
      accordance with the terms of this Section 6.21; (ii) such Person’s financial
      advisors and other professional advisors who agree to hold confidential the
      Confidential Information substantially in accordance with the terms of this
      Section 6.21; (iii) any other Series 2005-2 Note Owner; (iv) any Person of
      the
      type that would be, to such Person’s knowledge, permitted to acquire an interest
      in the Series 2005-2 Notes in accordance with the requirements of the Indenture
      to which such Person sells or offers to sell any such Series 2005-2 Note or
      any
      part thereof and that agrees to hold confidential the Confidential Information
      substantially in accordance with this Section 6.21 (or in accordance with such
      other confidentiality procedures as are acceptable to ABRCF); (v) any federal
      or
      state or other regulatory, governmental or judicial authority having
      jurisdiction over such Person; (vi) the National Association of Insurance
      Commissioners or any similar organization, or any nationally recognized rating
      agency that requires access to information about the investment portfolio of
      such Person, (vii) any reinsurers or liquidity or credit providers that agree
      to
      hold confidential the Confidential Information substantially in accordance
      with
      this Section 6.21 (or in accordance with such other confidentiality procedures
      as are acceptable to ABRCF); (viii) any other Person with the consent of ABRCF;
      or (ix) any other Person to which such delivery or disclosure may be necessary
      or appropriate (A) to effect compliance with any law, rule, regulation, statute
      or order applicable to such Person, (B) in response to any subpoena or other
      legal process upon prior notice to ABRCF (unless prohibited by applicable law,
      rule, order or decree or other requirement having the force of law), (C) in
      connection with any litigation to which such Person is a party upon prior notice
      to ABRCF (unless prohibited by applicable law, rule, order or decree or other
      requirement having the force of law) or (D) if an Amortization Event with
      respect to the Series 2005-2 Notes has occurred and is continuing, to the extent
      such Person may reasonably determine such delivery and disclosure to be
      necessary or appropriate in the enforcement or for the protection of the rights
      and remedies under the Series 2005-2 Notes, the Indenture or any other Related
      Document; and provided, further, however, that delivery to
      any Series 2005-2 Note Owner of any report or information required by the terms
      of the Indenture to be provided to such Series 2005-2 Note Owner shall not
      be a
      violation of this Section 6.21.  Each Series 2005-2 Note Owner agrees,
      by acceptance of a beneficial interest in a Series 2005-2 Note, except as set
      forth in clauses (v), (vi) and (ix) above, that it shall use the Confidential
      Information for the sole purpose of making an investment in the Series 2005-2
      Notes or administering its investment in the Series 2005-2 Notes.  In
      the event of any required disclosure of the Confidential Information by such
      Series 2005-2 Note Owner, such Series 2005-2 Note Owner agrees to use reasonable
      efforts to protect the confidentiality of the Confidential
      Information.

     

    (b)           For
      the purposes of this Section 6.21, “Confidential Information” means
      information delivered to the Trustee or any Series 2005-2 Note Owner by or
      on
      behalf of ABRCF in connection with and relating to the transactions contemplated
      by or otherwise pursuant to the Indenture and the Related Documents;
provided, that such term does not include 

     

    
      
        
        

      

      
        56

        
          

        

      

      
        
        

      

    

    information
      that:  (i) was publicly known or otherwise known to the Trustee or
      such Series 2005-2 Note Owner prior to the time of such disclosure; (ii)
      subsequently becomes publicly known through no act or omission by the Trustee,
      any Series 2005-2 Note Owner or any person acting on behalf of the Trustee
      or
      any Series 2005-2 Note Owner; (iii) otherwise is known or becomes known to
      the
      Trustee or any Series 2005-2 Note Owner other than (x) through disclosure by
      ABRCF or (y) as a result of the breach of a fiduciary duty to ABRCF or a
      contractual duty to ABRCF; or (iv) is allowed to be treated as non-confidential
      by consent of ABRCF.

     

    (c)           Notwithstanding
      the provisions set forth in Section 6.11, the Surety Provider shall be bound
      by
      the confidentiality provisions set forth in the Insurance Agreement in lieu
      of
      this Section 6.21.

     

    Section
      6.22  Conditions
      to Effectiveness.

     

    This
      Supplement shall become effective on the date on which the following conditions
      have been satisfied:

     

    (a)  the
      conditions precedent to amendment of the Original 2005-2 Supplement contained
      in
      the Base Indenture and the Original 2005-2 Supplement have been
      satisfied;

     

    (b)  the
      Rating Agency Consent Condition shall have been satisfied with respect to the
      amendment and restatement of the Original Series Supplement and the transactions
      contemplated thereby;

     

    (c)  (i)
      each
      of the Surety Provider, the Trustee and ABRCF shall have executed the Insurance
      Agreement and the Premium Letter; (ii) each of the Terminated Surety Provider,
      the Trustee and ABRCF shall have executed the Terminated Surety Provider Consent
      and Release Letter; and (iii) each of ABRCF, the Trustee and the Series 2005-2
      Noteholders shall have executed the Series 2005-2 Noteholder Consent Letter;
      and

     

    (d)  simultaneously
      with the release of the executed documents set forth in this Section 6.22,
      (i)
      the Surety Provider shall have issued the Surety Bond to the Trustee for the
      benefit of the Series 2005-2 Noteholders and (ii) the Trustee shall cancel
      and
      release the Terminated Surety Bond pursuant to the Terminated Surety Provider
      Consent and Release Letter.

     

    

    
      
        
          
          

        

        
          57

          
            

          

        

        
          
          

        

      

    

    

    IN
      WITNESS WHEREOF, ABRCF 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.

     

    
      	 	 	
              AVIS
                BUDGET RENTAL CAR FUNDING(AESOP) LLC

               

               

            	 
	 	 	
              /s/:
                David Calabria

            	 
	 	
              By:

            	
              Name:  David
                Calabria

              Title:  Assistant
                Treasurer

            	 

    

    

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

    

    
      	 	 	
              THE
                BANK OF NEW YORK TRUST COMPANY, N.A., as Trustee

            	 
	 	 	
              /s/:
                Sally R. Tokich

            	 
	 	
              By:

            	 	 

    

    

    
      	 	 	
              THE
                BANK OF NEW YORK TRUST COMPANY, N.A., as Series 2005-2
                Agent

            	 
	 	
              By:

            	
              /s/:
                Sally R. Tokich

            	 
	 	 	
              Name:
                Sally R. Tokich

              Title:  Assistant
                Vice President

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