Document:

Amended and Restated Collateral Agency Agreement among Zipcar and Deutsche

 Exhibit 10.2 
 AMENDED AND RESTATED COLLATERAL AGENCY AGREEMENT 
 among 

ZIPCAR VEHICLE FINANCING LLC, 
 as a grantor, 
 ZIPCAR, INC., 

as Servicer, 

DEUTSCHE BANK TRUST COMPANY AMERICAS 
 as a secured party, 
 not in its individual capacity but solely 

as Trustee, 
 and

 DEUTSCHE BANK TRUST COMPANY AMERICAS 
 not in its individual capacity but solely 
 as Collateral Agent, 

Dated as of May 11, 2011 

 TABLE OF CONTENTS 

 

									
	 	 	 	 	 	  	Page	 
		
	ARTICLE I          CERTAIN DEFINITIONS	  	 	2	  
	 SECTION 1.1.
	 		 	Certain Definitions	  	 	2	  
	 SECTION 1.2.
	 		 	Interpretation and Construction	  	 	2	  
		
	ARTICLE II        COLLATERAL AGENT AS LIENHOLDER FOR THE SECURED PARTIES	  	 	2	  
	 SECTION 2.1.
	 		 	Security Interest	  	 	2	  
	 SECTION 2.2.
	 		 	Designation of Vehicles	  	 	6	  
	 SECTION 2.3.
	 		 	Servicer’s Fleet Reports	  	 	7	  
	 SECTION 2.4.
	 		 	Collateral Accounts	  	 	8	  
	 SECTION 2.5.
	 		 	Certificates of Title	  	 	10	  
	 SECTION 2.6.
	 		 	Release of Collateral	  	 	11	  
		
	ARTICLE III       THE SERVICER	  	 	12	  
	 SECTION 3.1.
	 		 	Acceptance of Appointment	  	 	12	  
	 SECTION 3.2.
	 		 	Servicer Functions	  	 	13	  
	 SECTION 3.3.
	 		 	The Servicer Not to Resign	  	 	13	  
	 SECTION 3.4.
	 		 	Servicing Rights of Collateral Agent	  	 	13	  
	 SECTION 3.5.
	 		 	Incumbency Certificate	  	 	14	  
	 SECTION 3.6.
	 		 	Effective Period and Termination	  	 	14	  
		
	ARTICLE IV       REPRESENTATIONS, WARRANTIES AND COVENANTS	  	 	15	  
	 SECTION 4.1.
	 		 	Representations and Warranties of the Grantor	  	 	15	  
	 SECTION 4.2.
	 		 	Representations and Warranties of the Servicer	  	 	16	  
	 SECTION 4.3.
	 		 	Covenants of Grantor	  	 	16	  
		
	ARTICLE V        THE COLLATERAL AGENT	  	 	17	  
	 SECTION 5.1.
	 		 	Appointment	  	 	17	  
	 SECTION 5.2.
	 		 	Representations	  	 	18	  
	 SECTION 5.3.
	 		 	Exculpatory Provisions	  	 	18	  
	 SECTION 5.4.
	 		 	Limitations on Duties of the Collateral Agent	  	 	18	  
	 SECTION 5.5.
	 		 	Resignation and Removal of Collateral Agent	  	 	22	  
	 SECTION 5.6.
	 		 	Qualification of Successors to Collateral Agent	  	 	23	  
	 SECTION 5.7.
	 		 	Merger of the Collateral Agent	  	 	23	  
	 SECTION 5.8.
	 		 	Compensation and Expenses	  	 	23	  
	 SECTION 5.9.
	 		 	Stamp, Other Similar Taxes and Filing Fees	  	 	23	  
	 SECTION 5.10.
	 		 	Indemnification	  	 	24	  
	 SECTION 5.11.
	 		 	Limitation of Liability	  	 	24	  
	 SECTION 5.12.
	 		 	Patriot Act	  	 	24	  
	 SECTION 5.13.
	 		 	Waiver of Set-Off by the Collateral Agent	  	 	24	  

  
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	 ARTICLE VI       MISCELLANEOUS
	  	 	25	  
	 SECTION 6.1.
	    	Amendments, Supplements and Waivers	  	 	25	  
	 SECTION 6.2.
	    	Notices	  	 	25	  
	 SECTION 6.3.
	    	Headings	  	 	25	  
	 SECTION 6.4.
	    	Severability	  	 	25	  
	 SECTION 6.5.
	    	Counterparts	  	 	26	  
	 SECTION 6.6.
	    	Binding Effect	  	 	26	  
	 SECTION 6.7.
	    	Governing Law	  	 	26	  
	 SECTION 6.8.
	    	Effectiveness	  	 	26	  
	 SECTION 6.9.
	    	Termination of this Agreement	  	 	26	  
	 SECTION 6.10.
	    	No Bankruptcy Petition Against the Grantor	  	 	27	  
	 SECTION 6.11.
	    	No Waiver; Cumulative Remedies	  	 	27	  
	 SECTION 6.12.
	    	Submission To Jurisdiction; Waivers	  	 	27	  
	 SECTION 6.13.
	    	Waiver of Jury Trial	  	 	28	  
	 SECTION 6.14.
	    	Insurance Notification	  	 	28	  
	 SECTION 6.15.
	    	Waiver of Set-Off With Respect to the Grantor	  	 	28	  
	 SECTION 6.16.
	    	Confidentiality	  	 	28	  
	 SECTION 6.17.
	    	No Recourse	  	 	29	  
	 SECTION 6.18.
	    	Trustee Protections	  	 	29	  

  

			
	EXHIBITS	  	 
	 Exhibit A
	  	Servicer’s Fleet Report
	 Exhibit B
	  	Power of Attorney

  
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 AMENDED AND RESTATED COLLATERAL AGENCY AGREEMENT 

THIS AMENDED AND RESTATED COLLATERAL AGENCY AGREEMENT, dated as of May 11, 2011 (as the same may be amended, supplemented, restated
or otherwise modified from time to time in accordance with the terms hereof, this “Agreement”), among ZIPCAR VEHICLE FINANCING LLC, a Delaware limited liability company (“ZVF”), as grantor (the
“Grantor”), ZIPCAR, INC., a Delaware corporation (“Zipcar”), as Servicer (in such capacity, the “Servicer”) and DEUTSCHE BANK TRUST COMPANY AMERICAS, a New York banking corporation (not in its
individual capacity but solely as Trustee on behalf of the Indenture Noteholders under the Indenture), as a secured party on behalf of the Noteholders (the “General Secured Party”) and as secured party on behalf of the Segregated
Noteholders of each Segregated Collateral Agency Series (with respect to any such Segregated Series and the Series-Specific Collateral related thereto, the “Segregated Series Secured Party”, and, together with the General Secured
Party, the “Secured Parties”) and DEUTSCHE BANK TRUST COMPANY AMERICAS, a New York banking corporation, as collateral agent for the Secured Parties (in such capacity, the “Collateral Agent”). 

W I T N E S S E T H: 

WHEREAS, ZVF, Zipcar, the Trustee and the Collateral Agent entered into a Collateral Agency Agreement dated as of May 24, 2010 (the
“Prior Agreement”); 
 WHEREAS, ZVF, Zipcar, the Trustee and the Collateral Agent desire to amend and restate
the Prior Agreement in its entirety as herein set forth; 
 WHEREAS, ZVF owns and will from time to time acquire Vehicles and
(i) lease certain of the Vehicles to Zipcar for use in Zipcar’s daily domestic car-sharing business pursuant to the ZVF Lease (the “ZVF Vehicles”) and (ii) lease other Vehicles to Zipcar for use in Zipcar’s daily
domestic car-sharing business pursuant to the applicable Segregated Series Lease (the “ZVF Segregated Vehicles”); 
 WHEREAS, ZVF will finance certain of the ZVF Vehicles and ZVF Segregated Vehicles by issuing Series of Notes and Segregated Series of Notes, respectively, pursuant to that certain Amended and Restated
Base Indenture dated as of May 11, 2011 between ZVF and Deutsche Bank Trust Company Americas, as trustee (as such Amended and Restated Base Indenture may be amended, supplemented, restated or otherwise modified from time to time in accordance
with its terms, the “Base Indenture”); 
 WHEREAS, Deutsche Bank Trust Company Americas has agreed to act as
Collateral Agent on behalf of the Secured Parties, and in its capacity as Collateral Agent to be named as lienholder for the benefit of the applicable Secured Parties on the Certificates of Title for (x) the ZVF Vehicles and (y) the ZVF
Segregated Vehicles relating to each Segregated Collateral Agency Series; 

 NOW, THEREFORE, in consideration of the premises and to induce the Trustee to enter into the
Base Indenture and, as a condition precedent to the issuance of any Series of Notes thereunder, ZVF hereby agrees with the Collateral Agent for the benefit of the General Secured Party, and to induce the Trustee from time to time to enter into a
Segregated Series Supplement to the Base Indenture and, as a condition precedent to the issuance of any Segregated Collateral Agency Series thereunder, ZVF herby agrees with the Collateral Agent for the benefit of each Segregated Series Secured
Party, as follows: 
 ARTICLE I 
 CERTAIN DEFINITIONS 
 SECTION 1.1. Certain Definitions. 

Unless otherwise specified herein, capitalized terms used herein (including the preamble and the recitals hereto) shall have the meanings
assigned to such terms in the Definitions List attached as Schedule I to the Base Indenture, as such Definitions List may be amended or modified from time to time in accordance with the provisions of the Base Indenture (the “Definitions
List”); provided, that, if any such capitalized term is defined in the Base Indenture, but has a corresponding Segregated Series-specific definition set forth in the related Segregated Series Supplement, the capitalized term set
forth herein shall have the meaning of the corresponding Segregated Series-specific definition set forth in the applicable Segregated Series Supplement in all contexts relating to ZVF Segregated Vehicle Collateral that constitute Series-Specific
Collateral for such Segregated Series. 
 SECTION 1.2. Interpretation and Construction. 

Unless the context of this Agreement otherwise clearly requires, references to the plural include the singular, to the singular include
the plural and to the part include the whole. The words “hereof”, “herein”, “hereunder” and similar terms in this Agreement refer to this Agreement as a whole and not to any particular provision of this Agreement.
Unless otherwise stated in this Agreement, in the computation of a period of time from a specified date to a later specified date, the word “from” means “from and including” and the words “to” and “until” each
means “to but excluding”. Sections and other headings contained in this Agreement are for reference purposes only and shall not control or affect the construction of this Agreement or the interpretation hereof in any respect. Section,
subsection and exhibit references are to this Agreement unless otherwise specified. As used in this Agreement, the masculine, feminine or neuter gender shall each be deemed to include the others whenever the context so indicates. 

ARTICLE II 

COLLATERAL AGENT AS LIENHOLDER 
 FOR THE SECURED PARTIES 
 SECTION 2.1. Security Interest. 

(a) Grant by ZVF for the benefit of the General Secured Party for the Further Benefit of Noteholders. As security for the
payment of the Note Obligations from time to time owing by ZVF under the Indenture, ZVF hereby grants, pledges and assigns to the Collateral Agent for the benefit of the General Secured Party for the further benefit of the Noteholders a security
interest in all right, title and interest of ZVF in, to and under the following, whether now existing or hereafter acquired (the “ZVF Vehicle Collateral”): 

(i) all ZVF Vehicles and all Certificates of Title with respect thereto; 

  
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 (ii) all Manufacturer Programs as they relate to the ZVF Vehicles and all
monies due and to become due in respect of such ZVF Vehicles from the Manufacturers under or in connection with the Manufacturer Programs (other than Excluded Payments) whether payable as vehicle repurchase prices, auction prices, auction sales
proceeds, guaranteed depreciation payments, incentive payments in respect of sales of Program Vehicles outside of the related Manufacturer Programs, fees, expenses, costs, indemnities, insurance recoveries, damages for breach of the Manufacturer
Programs or otherwise and all rights to compel performance and otherwise exercise remedies relating to the ZVF Vehicles thereunder and/or such monies due or to become due with respect thereto; 

(iii) the Assignment Agreements as they relate to the ZVF Vehicles, including, without limitation, all rights, remedies,
powers, privileges and claims of ZVF against any other party under or with respect to the Assignment Agreements as they relate to such ZVF Vehicles (whether arising pursuant to the terms of the Assignment Agreements or otherwise available to ZVF at
law or in equity), and the right to enforce any of the Assignment Agreements as they relate to such ZVF Vehicles and to give or withhold any and all consents, requests, notices, directions, approvals, extensions or waivers under or with respect to
the Assignment Agreements or the obligations of any party thereunder, in each case as the same relate to such ZVF Vehicles; 
 (iv) all sale or other proceeds from the disposition of ZVF Vehicles, including all monies due in respect of such ZVF Vehicles, whether payable as the purchase price of such Vehicles, or as related fees,
expenses, costs, indemnities, insurance recoveries, or otherwise; 
 (v) all payments and claims under insurance
policies (whether or not the Collateral Agent or the General Secured Party is named as the loss payee thereof) with respect to ZVF Vehicles or any warranty payable by reason of loss or damage to, or otherwise with respect to, any of such ZVF
Vehicles; 
 (vi) all monies on deposit from time to time in the Collateral Accounts relating to the ZVF Vehicles
including all amounts constituting proceeds from the disposition of or otherwise arising from, related to or in respect of ZVF Vehicles and all proceeds thereof; and 

(vii) to the extent not otherwise included, all Proceeds and products of any and all of the foregoing and all collateral
security and guarantees given by any Person with respect to any of the foregoing. 

  
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 (b) Grant by ZVF for the Benefit of the Segregated Series Secured Party for the Further
Benefit of the Segregated Noteholders of a Segregated Series. As security for the payment of the respective obligations in respect of the Segregated Series Note Obligations from time to time owing by ZVF under the Indenture with respect to each
Segregated Collateral Agency Series, ZVF hereby grants, pledges and assigns to the Collateral Agent for the benefit of the applicable Segregated Series Secured Party for the further benefit of the Segregated Noteholders of such Segregated Series a
security interest in all right, title and interest of ZVF in, to and under the following, whether now existing or hereafter acquired (with respect to such Segregated Series, the “ZVF Segregated Series Vehicle Collateral” and the ZVF
Segregated Series Vehicle Collateral with respect to all Segregated Collateral Agency Series, the “ZVF Segregated Vehicle Collateral”): 
 (i) all ZVF Segregated Vehicles relating to such Segregated Series and all Certificates of Title with respect thereto; 

(ii) all Manufacturer Programs as they relate to such ZVF Segregated Vehicles relating to such Segregated Series and all
monies due and to become due in respect of such ZVF Segregated Vehicles from the Manufacturers under or in connection with the Manufacturer Programs (other than Excluded Payments) whether payable as vehicle repurchase prices, auction prices, auction
sales proceeds, guaranteed depreciation payments, incentive payments in respect of sales of Program Vehicles outside of the related Manufacturer Programs, fees, expenses, costs, indemnities, insurance recoveries, damages for breach of the
Manufacturer Programs or otherwise and all rights to compel performance and otherwise exercise remedies relating to such ZVF Segregated Vehicles thereunder and/or such monies due or to become due with respect thereto; 

(iii) the Assignment Agreements as they relate to such ZVF Segregated Vehicles relating to such Segregated Series,
including, without limitation, all rights, remedies, powers, privileges and claims of ZVF against any other party under or with respect to the Assignment Agreements as they relate to such ZVF Segregated Vehicles (whether arising pursuant to the
terms of the Assignment Agreements or otherwise available to ZVF at law or in equity), and the right to enforce any of the Assignment Agreements as they relate to such ZVF Segregated Vehicles and to give or withhold any and all consents, requests,
notices, directions, approvals, extensions or waivers under or with respect to the Assignment Agreements or the obligations of any party thereunder, as the same relates to such ZVF Segregated Vehicles; 

(iv) all sale or other proceeds from the disposition of such ZVF Segregated Vehicles relating to such Segregated Series,
including all monies due in respect of such ZVF Segregated Vehicles, whether payable as the purchase price of such Vehicles, or as related fees, expenses, costs, indemnities, insurance recoveries, or otherwise; 

  
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 (v) all payments and claims under insurance policies (whether or not the
Collateral Agent or the applicable Segregated Series Secured Party is named as the loss payee thereof) with respect to such ZVF Segregated Vehicles relating to such Segregated Series or any warranty payable by reason of loss or damage to, or
otherwise with respect to, any of such ZVF Segregated Vehicles; 
 (vi) all monies on deposit from time to time
in the Collateral Accounts relating to the ZVF Segregated Vehicles including all amounts constituting proceeds from the disposition of or otherwise arising from, related to or in respect of such ZVF Segregated Vehicles relating to such Segregated
Series, and all proceeds thereof; and 
 (vii) to the extent not otherwise included, all Proceeds and products of
any and all of the foregoing and all collateral security and guarantees given by any Person with respect to any of the foregoing. 
 The Grantor
and each Secured Party hereby authorize the Collateral Agent to be named as the first lienholder on the Certificates of Title for the ZVF Vehicles and the ZVF Segregated Vehicles for each Segregated Collateral Agency Series, in a representative
capacity, as Collateral Agent for the Secured Parties. The Collateral Agent agrees that all of its right, title and interest in and to the Vehicle Collateral shall be solely for the respective benefit of the related Secured Party. For the avoidance
of doubt each Segregated Series Secured Party shall hold all such right, title and interest with respect to a pool of Series-Specific Collateral solely for the benefit of the applicable Segregated Collateral Agency Series. 

(c) Notwithstanding the assignment and security interest so granted to the Collateral Agent on behalf of the General Secured Party
pursuant to subsection (a) above, the Grantor shall nevertheless be permitted, subject to the Collateral Agent’s right (for the avoidance of doubt, subject to Section 5.4(g)) to revoke such permission in the event of an
Amortization Event with respect to any Series of Notes Outstanding, to give all consents, requests, notices, directions, approvals, extensions or waivers, if any, which are required to be given in the normal course of business in connection with the
ZVF Vehicles or any Collateral Agreement (which, for the avoidance of doubt, does not include waivers of default under any of the Collateral Agreements or any Manufacturer Programs). Notwithstanding the assignment and security interest so granted to
the Collateral Agent on behalf of each Segregated Series Secured Party pursuant to subsection (b) above, the Grantor shall nevertheless be permitted, subject to the Collateral Agent’s right (for the avoidance of doubt, subject to
Section 5.4(g)) to revoke such permission relating to the applicable ZVF Segregated Series Vehicle Collateral with respect to ZVF in the event of an Amortization Event with respect to the applicable Segregated Series of Notes
Outstanding, to give all consents, requests, notices, directions, approvals, extensions or waivers, if any, which are required to be given in the normal course of business in connection with the ZVF Segregated Vehicles included as ZVF Segregated
Series Vehicle Collateral with respect to such Segregated Series or any collateral agreement (which, for the avoidance of doubt, does not include waivers of default under any of the Collateral Agreements or any of the Manufacturer Programs) relating
to such Segregated Series. 

  
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 (d) The General Secured Party, in its capacity as a secured party on behalf of the
Noteholders, hereby agrees that it shall be entitled to the benefits of this Agreement only with respect to the ZVF Vehicles and the other ZVF Vehicle Collateral. The General Secured Party hereby acknowledges that it shall have no interest in
(i) any ZVF Segregated Vehicle, (ii) any funds in a Collateral Account that are proceeds of any ZVF Segregated Vehicle, (iii) any rights under any Manufacturer Program with respect to any ZVF Segregated Vehicle or (iv) any other
portion of the ZVF Segregated Vehicle Collateral, in each case regardless of the time, order, manner or nature of attachment or perfection of security interests in the ZVF Vehicles or the ZVF Segregated Vehicles (including the giving of or failure
to give any purchase money security interest or other notice, or the order of filing financing statements), or any provision of the UCC, the Bankruptcy Code, or other applicable law. 

(e) Each Segregated Series Secured Party, in its capacity as secured party on behalf of the Segregated Noteholders of a particular
Segregated Series of Notes, hereby agrees that it shall be entitled to the benefits of this Agreement only with respect to the ZVF Segregated Vehicles included as Series-Specific Collateral with respect to such Segregated Series of Notes and the
related ZVF Segregated Series Vehicle Collateral. The Segregated Series Secured Party for such Segregated Series of Notes hereby acknowledges that, in such capacity, it shall have no interest in (i) any ZVF Vehicle or any ZVF Segregated Vehicle
not included as Series-Specific Collateral with respect to such Segregated Series of Notes, (ii) any funds in a Collateral Account that are proceeds of any ZVF Vehicle or any ZVF Segregated Vehicle not included as Series-Specific Collateral
with respect to such Segregated Series of Notes, (iii) any rights under any Manufacturer Program with respect to any ZVF Vehicle or any ZVF Segregated Vehicle not included as Series-Specific Collateral with respect to such Segregated Series of
Notes, or (iv) any other portion of the ZVF Vehicle Collateral or the ZVF Segregated Vehicle Collateral not included as ZVF Segregated Series Vehicle Collateral with respect to such Segregated Series of Notes, in each case regardless of the
time, order, manner or nature of attachment or perfection of security interests in the ZVF Vehicles or the ZVF Segregated Vehicles (including the giving of or failure to give any purchase money security interest or other notice, or the order of
filing financing statements), or any provision of the UCC, the Bankruptcy Code, or other applicable law. 
 (f) References
herein to “ZVF Segregated Vehicles” shall not include the ZVF Segregated Vehicles pledged to a collateral agent other than the Collateral Agent for the benefit of any Segregated Non-Collateral Agency Series unless expressly stated to the
contrary herein. 
 SECTION 2.2. Designation of Vehicles. 

The Servicer shall identify on its computer system all Vehicles subject to the ZVF Lease as ZVF Vehicles and all Vehicles subject to each
Segregated Series Lease as ZVF Segregated Vehicles (noting the particular Segregated Series Lease pursuant to which they are leased). The designation of the Vehicles as ZVF Vehicles and ZVF Segregated Vehicles (including the notation indicating the
particular Segregated Series Lease to which they are leased) on the Servicer’s computer system shall be considered prima facie evidence of (x) the General Secured Party’s rights with respect to the ZVF Vehicles and the other ZVF
Vehicle Collateral and (y) each Segregated Series Secured Party’s rights with respect to the applicable ZVF Segregated Vehicles and the other ZVF Segregated Series Vehicle Collateral relating to such Segregated Collateral Agency Series. If
at any time a Secured Party reasonably believes that such designation (including such a notation indicating a particular Segregated Series) by the Servicer is incorrect, it may dispute (the “disputing Secured Party”) such
designation by delivering a written notice to each of the Servicer and the Collateral Agent setting forth its claim (a “Reassignment Claim”) as to the correct designation of a ZVF Vehicle or a ZVF Segregated Vehicle, as the case may
be (each a “redesignation”). The Servicer shall, promptly upon receipt of such notice, distribute a copy thereof to the Grantor and the Secured Party designated as the beneficiary of such Vehicle (the “non-disputing Secured
Party”). The non-disputing Secured Party shall, within ten (10) Business Days of receipt of such notice from the Servicer, notify each of the Servicer and the Collateral Agent in writing as to whether it consents to the disputing
Secured Party’s redesignation; it being understood that to the extent the consenting Secured Party is the Trustee, such Secured Party shall be entitled to and fully protected in relying upon a direction from the Requisite Investors. If the
Servicer and the Collateral Agent receive written notice from the non-disputing Secured Party consenting to the disputing Secured Party’s redesignation within the period set forth above, the Servicer shall promptly effect such redesignation on
its computer system. 

  
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 SECTION 2.3. Servicer’s Fleet Reports. 

(a) On or prior to each Determination Date, the Servicer shall furnish or cause to be furnished to the Collateral Agent a report
(which may be on diskette or other electronic medium reasonably acceptable to the Collateral Agent) substantially in the form of Exhibit A (each such report, a “Fleet Report”), (i) identifying the ZVF Vehicles and the ZVF
Segregated Vehicles (and the particular Segregated Series Lease pursuant to which such ZVF Segregated Vehicles is leased) as of the last day of the Related Month, (ii) listing each such Vehicle by the VIN with respect to such Vehicle,
(iii) identifying the date of the original purchase of each such Vehicle, (iv) identifying whether each such Vehicle is a Program Vehicle or a Non-Program Vehicle, (v) showing, as of the last day of the Related Month, the Capitalized
Cost, the Third Party Market Value and the Net Book Value of each such Vehicle, (vi) identifying the state in which each such Vehicle is titled, (vii) providing a list of all locations in which the Certificates of Title for the ZVF
Vehicles and the ZVF Segregated Vehicles are held by the Servicer or Servicer’s Agents as of such date, (viii) providing the name and address of all Servicer’s Agents as of such date and (ix) providing on a confidential basis
(A) the actual mileage of each such Vehicle as of its last check-in and (B) the date of the last check-in of each such Vehicle, (C) if the Vehicle is a Program Vehicle or a Segregated Program Vehicle, the total mileage per the related
Manufacturer Program, (D) the Minimum Term specified in each Manufacturer Program and (E) the Maximum Term specified in each Manufacturer Program. 
 (b) The Collateral Agent shall make the most recent Fleet Report available for inspection by any Secured Party at the Corporate Trust Office, during normal business hours, upon such Secured Party’s
prior written request. 
 (c) On each Business Day commencing on the Initial Closing Date, the Servicer shall prepare and
maintain a report identifying the ZVF Vehicles and ZVF Segregated Vehicles (specifying the particular Segregated Series Lease pursuant to which such ZVF Segregated Vehicle is leased), and the other vehicles owned by Zipcar separately by the VIN with
respect to each such vehicle as of the close of business on the immediately preceding Business Day, and shall deliver such report to ZVF upon its request. 

  
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 (d) For so long as a Liquidation Event of Default or a Limited Liquidation Event of Default
has occurred and is continuing, the Servicer shall furnish or cause to be furnished to ZVF on a weekly basis a report (which may be on diskette or other electronic medium) that contains the data set forth in a Fleet Report, but determined on a
weekly basis, and ZVF shall furnish or cause to be furnished to each General Secured Party such weekly Fleet Report, and so long as a Liquidation Event of Default (as defined in the applicable Segregated Series Supplement) or a Limited Liquidation
Event of Default (as defined in the applicable Segregated Series Supplement) has occurred and is continuing with respect to any Segregated Series of Notes, the Servicer shall furnish or cause to be furnished to ZVF on a weekly basis a report (which
may be on diskette or other electronic medium) that contains the data set forth in a Fleet Report, but determined on a weekly basis, and ZVF shall furnish or cause to be furnished to the Segregated Series Secured Party for such Series such weekly
Fleet Report. 
 (e) The Collateral Agent shall be entitled to request from the Servicer, with 10 Business Days, prior written
notice, a fully-uploadable list of Vehicles indicating whether any Vehicle is a ZVF Segregated Vehicle (and, if such Vehicle is a ZVF Segregated Vehicle, to which Segregated Series such ZVF Segregated Vehicle relates) or a ZVF Vehicle. 

SECTION 2.4. Collateral Accounts. 
 (a) The Collateral Agent shall establish and maintain for the benefit of the Secured Parties one or more accounts, as “Deposit Accounts” under and as defined in Section 9-102(a)(29) of
the New York UCC (each a “Collateral Account”), each in the name of the Collateral Agent that shall be administered and operated as provided in this Agreement, bearing a designation clearly indicating that the funds deposited
therein are held for the respective benefit of the respective Secured Parties as their interests may appear. Each Collateral Account shall be maintained (i) with a Qualified Institution or (ii) as a segregated trust account with a
Qualified Trust Institution. If any Collateral Account is not maintained in accordance with the previous sentence, then within ten (10) Business Days of obtaining knowledge of such fact, the Collateral Agent shall establish a new Collateral
Account which complies with such sentence and transfer into the new Collateral Account all funds from the non-qualifying Collateral Account. Initially, each Collateral Account will be established with the Collateral Agent. Notwithstanding any
contrary provision that may be contained in any Related Document, the provisions contained in this Agreement relating to the Collateral Accounts and to the flow of funds into and out of the Collateral Accounts are consented to by the parties hereto
(in accordance with Section 6.1 hereof) and shall control. 
 (b) The Servicer and the Grantor shall cause:

 (i) all amounts due from Manufacturers and their related auction dealers under their Manufacturer Programs
with respect to the Vehicles, other than Excluded Payments, to be deposited directly into a Collateral Account by the Manufacturers or the related auction dealers; 

(ii) all amounts representing the proceeds from sales of ZVF Vehicles or ZVF Segregated Vehicles to third parties, other
than the Manufacturers or their related auction dealers, to be deposited directly into a Collateral Account and, to the extent that any such amounts are received by the Servicer, to be deposited into a Collateral Account within two Business Days of
such receipt; 

  
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 (iii) all insurance proceeds and warranty payments in respect of ZVF
Vehicles or ZVF Segregated Vehicles to be deposited directly into a Collateral Account and, to the extent that any such insurance proceeds or warranty payments are received by the Servicer, to be deposited into a Collateral Account within two
Business Days of such receipt; provided, however, that unless an Amortization Event or Specified Potential Amortization Event with respect to any Series of Notes has occurred and is continuing, insurance proceeds and warranty payments
with respect to the ZVF Vehicles shall not be required to be deposited in a Collateral Account; provided, further, however, that unless an Amortization Event with respect to a Segregated Collateral Agency Series Outstanding has
occurred and is continuing, insurance proceeds and warranty payments with respect to the ZVF Segregated Vehicles relating to such Segregated Series shall not be required to be deposited into a Collateral Account; and 

(iv) all other Proceeds from the sale (other than a sale to Zipcar under Section 2.4 of the ZVF Lease) of the Vehicle
Collateral, to be deposited directly into the applicable Collateral Account and, to the extent that any such Proceeds are received by the Servicer, to be deposited into a Collateral Account within two Business Days of such receipt. 

In addition, if the Grantor receives any Proceeds of the Vehicle Collateral directly, it shall deposit such Proceeds into a Collateral Account within two
Business Days of receipt. Notwithstanding the foregoing, if the Servicer receives any amount pursuant to clause (i) or (ii) of this Section 2.4(b) and determines that such amount is Proceeds of the ZVF Collateral, Proceeds of
the ZVF Segregated Collateral or Proceeds with respect to the other vehicles owned by Zipcar before it is obligated to deposit such amount into a Collateral Account in accordance with this Section 2.4(b), the Servicer shall deposit such
amount directly into the Collection Account if it is Proceeds of the ZVF Vehicle Collateral, deposit such amount directly into the collection account specified in the Segregated Series Supplement for the applicable Segregated Series of Notes if it
is Proceeds of any ZVF Segregated Series Vehicle Collateral and deposit such amount into an account specified by Zipcar if it is Proceeds of other vehicles owned by Zipcar. 
 (c) The Collateral Agent shall promptly notify the Servicer when funds are deposited in any Collateral Account or, in lieu thereof, the Collateral Agent may grant the Servicer online access in
“read-only” format to view balances, deposits and activity relating to the Collateral Account. Promptly after the deposit of any funds into a Collateral Account, but in no event more than three Business Days thereafter, the Servicer shall
instruct the Collateral Agent in writing as to (i) the amount thereof which represents Proceeds of the ZVF Vehicle Collateral and (ii) the amount thereof which represents Proceeds of ZVF Segregated Series Vehicle Collateral with respect to
each Segregated Series. The Collateral Agent shall pursuant to and promptly after receipt of instructions from the Servicer, withdraw from the applicable Collateral Account and deposit in the Collection Account all amounts representing Proceeds of
the ZVF Collateral and withdraw from the applicable Collateral Account and deposit in the appropriate collection account relating to the applicable Segregated Series all amounts representing Proceeds of any ZVF Segregated Series Vehicle Collateral.

  
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 (d) If at any time the Servicer or any Secured Party shall receive any funds with respect to
which it has knowledge that it is not entitled pursuant to the provisions of this Agreement, the Servicer or such Secured Party shall so advise the other parties hereto in writing (upon which written advice the Collateral Agent may conclusively
rely) and the Servicer or such Secured Party, as the case may be, shall forthwith take reasonable steps to ensure that such funds are remitted to the Person so entitled thereto or as such Person directs or as otherwise provided in the Related
Documents. 
 SECTION 2.5. Certificates of Title. 

(a) The Servicer or its designated agents (each such agent that agrees to perform services subject to the applicable terms hereof and
of the other Related Documents and that is consented to by the Issuer, the “Servicer’s Agent”) on behalf of the Servicer shall hold all of the Certificates of Title for the ZVF Vehicles and the ZVF Segregated Vehicles in the
Servicer’s capacity as agent of, and custodian for, the Collateral Agent. The Servicer or the Servicer’s Agents on behalf of the Servicer shall (i) hold all such Certificates of Title, under lock and key, in a safe fireproof location
at one or more of the offices specified in each Fleet Report delivered by the Servicer pursuant to Section 2.3, and (ii) not release or surrender any such Certificate of Title other than Certificates of Title as to which the
security interest of the Collateral Agent has been released in accordance with Section 2.6 of this Agreement; provided, however that the Servicer or the Servicer’s Agents, on behalf of and at the direction of the
Servicer, may deliver the Certificate of Title for any ZVF Vehicle or ZVF Segregated Vehicle sold or otherwise disposed of in accordance with the Related Documents to the purchaser thereof, together with any documentation necessary to effect the
removal of the notation of the Lien of this Agreement on such Certificate of Title upon the release of the lien of such ZVF Vehicle or ZVF Segregated Vehicle, as the case may be, in accordance with Section 2.6. The Servicer shall cause
the Certificates of Title with respect to each ZVF Vehicle and ZVF Segregated Vehicle to show ZVF as the registered owner of such Vehicle, and the Collateral Agent, as agent, as the first lienholder, at the address of one of the offices of the
Servicer referred to in the preceding sentence. The Servicer shall pay any compensation payable to a Servicer’s Agent from its own funds. Notwithstanding any delegation of duties to a Servicer’s Agent hereunder, the Servicer shall not be
relieved of its liability and responsibility with respect to such duties. The Servicer shall notify the Rating Agencies, if any, in writing at least thirty (30) days prior to the replacement of an existing Servicer’s Agent or the
designation of any new Servicer’s Agent. 
 (b) The Collateral Agent hereby grants to the Servicer a power of attorney to
take any and all actions, in the name of the Collateral Agent, (i) to note the Collateral Agent as the holder of a first lien on the Certificates of Title for the ZVF Vehicles and the ZVF Segregated Vehicles, and/or otherwise ensure that the
first Lien shown on any and all Certificates of Title for the ZVF Vehicles and the ZVF Segregated Vehicles is in the name of the Collateral Agent and (ii) to release the Collateral Agent’s Lien on any Certificate of Title in connection
with the release of the related Vehicle from the Lien of this Agreement in accordance with Section 2.6. Nothing in this Agreement shall be construed as authorization from the Collateral Agent to the Servicer to release any Lien on the
Certificates of Title for the ZVF Vehicles and the ZVF Segregated Vehicles except upon compliance with this Agreement. To further evidence the power of attorney referred to in this Section 2.5(b), the Collateral Agent agrees that upon
request of the Servicer it will execute a separate power of attorney in respect of the ZVF Vehicles or the ZVF Segregated Vehicles pledged for the benefit of each Segregated Series substantially in the form of Exhibit B. In no event shall the
Collateral Agent or the Trustee have any responsibility for or liability in connection with any action taken pursuant to the Power of Attorney. 

  
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 If, notwithstanding the grant of the Power of Attorney, the Collateral Agent or Trustee is
requested to execute a document to evidence a release of Lien of Certificate of Title, the Collateral Agent and/or the Trustee shall be entitled to receive a Company Order authorizing it to execute such release, together with an Officer’s
Certificate stating that such release is permitted by the Related Documents. If, after a Liquidation Event of Default, ZVF has not provided such a Company Order or the Collateral Agent is not otherwise acting at the direction of the Servicer in
accordance with Section 2.5(c), within a reasonable time after a request for a Company Order, the Collateral Agent and/or the Trustee may seek a general direction from the Requisite Investors directing it to execute any documents
evidencing a release of Liens of Certificates of Title on which direction the Collateral Agent and/or the Trustee shall be entitled to rely. 
 (c) After the occurrence and during the continuance of an Amortization Event with respect to any Series of Notes Outstanding, the General Secured Party may cause the Collateral Agent to terminate the
power of attorney in respect of the ZVF Vehicles referred to in Section 2.5(b) (including the related power granted under Section 2.5(b)) by giving written notice to such effect to the Servicer and the Collateral Agent. After
the occurrence and during the continuance of an Amortization Event with respect to a Segregated Collateral Agency Series, the applicable Segregated Series Secured Party may cause the Collateral Agent to terminate the power of attorney in respect of
the ZVF Segregated Vehicles pledged for the benefit of such Segregated Series referred to in Section 2.5(b) (including the related power granted under Section 2.5(b)) by giving written notice to such effect to the Servicer
and the Collateral Agent. The Servicer agrees that upon receipt of any such notice such power of attorney shall automatically terminate by giving written notice to such effect to the Servicer. After any such termination, the Collateral Agent will
follow the written direction of the Servicer to release liens on ZVF Vehicles or ZVF Segregated Vehicles, as applicable, unless a contrary written direction is received from the applicable Secured Party. 

SECTION 2.6. Release of Collateral. 
 (a) With respect to any ZVF Vehicle, from and after the earliest of (i) in the case of a Program Vehicle subject to a Repurchase Program returned to the related Manufacturer pursuant to such
Repurchase Program, the Turnback Date for such Program Vehicle, (ii) in the case of a Program Vehicle subject to a Guaranteed Depreciation Program sold pursuant to such Guaranteed Depreciation Program, the date of sale of such Program Vehicle
by an auction dealer to a third party, (iii) in the case of a Non-Program Vehicle (other than a Non-Program Vehicle that is subject to disposition in accordance with the preceding clauses (i) or (ii)), the date of the deposit of the
Disposition Proceeds of such Non-Program Vehicle by or on behalf of ZVF into the Collection Account and (iv) in the case of a Casualty, the date the related Casualty Payment is deposited into the Collection Account, such ZVF Vehicle and the
related Certificate of Title shall automatically be released from the Lien of this Agreement. 

  
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 (b) With respect to any ZVF Segregated Vehicle, from and after the earliest of (i) in
the case of a Segregated Program Vehicle subject to a Repurchase Program, the Turnback Date for such Segregated Program Vehicle, (ii) in the case of a Segregated Program Vehicle subject to a Guaranteed Depreciation Program, the date of sale of
such Segregated Program Vehicle by an auction dealer to a third party, (iii) in the case of a Segregated Non-Program Vehicle, the date of the deposit of the disposition proceeds of such Segregated Non-Program Vehicle by or on behalf of ZVF into
the collection account established pursuant to the related Segregated Series Supplement and (iv) in the case of a casualty, the date the related payment is deposited into the collection account established pursuant to the related Segregated
Series Supplement, such ZVF Segregated Vehicle and the related Certificate of Title shall automatically be released from the Lien of this Agreement. 
 (c) A third party who buys a Vehicle from ZVF in the ordinary course of business shall take such Vehicle free of any Lien created pursuant to this Agreement. 

(d) On each Determination Date, the Servicer will provide the Collateral Agent and each Secured Party with a list of ZVF Vehicles and ZVF
Segregated Vehicles as to which the Lien of the Collateral Agent has been released during the Related Month. 
 (e) In
connection with any release permitted under this Section 2.6, the Collateral Agent and each Secured Party agrees to execute such further documents, if any, as may be reasonably requested by the Servicer to effect such release; provided,
that any such party has received a Company Order authorizing it to execute such release, together with an Officer’s Certificate stating that such release is permitted by the Related Documents. 

ARTICLE III 
 THE
SERVICER 
 SECTION 3.1. Acceptance of Appointment. 

The Collateral Agent and each Secured Party hereby appoints Zipcar, and Zipcar hereby agrees to act, as the initial Servicer under this
Agreement. The appointment of the initial Servicer hereunder is deemed to be an appointment with due care. 

  
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 SECTION 3.2. Servicer Functions. 

The Servicer shall service and administer the Vehicles in accordance with the terms of this Agreement and the ZVF Lease or Segregated
Series Lease, as applicable, and without limitation of the foregoing, the Servicer shall: (i) cause the Collateral Agent to be shown as the first lienholder on all Certificates of Title for the ZVF Vehicles and the ZVF Segregated Vehicles with
respect to a Segregated Collateral Agency Series in accordance with Section 2.5, (ii) designate Vehicles subject to the ZVF Lease as ZVF Vehicles and Vehicles subject to a Segregated Series Lease with respect to a Segregated
Collateral Agency Series as ZVF Segregated Vehicles (noting the particular Segregated Series to which they are leased) on its computer system in accordance with Section 2.2, (iii) collect all amounts due and owing to the Grantor by
the Manufacturers under the Manufacturer Programs in respect of the ZVF Vehicles and ZVF Segregated Vehicles and commence enforcement proceedings with respect to such Manufacturer Programs, (iv) collect all other amounts due and owing to the
Grantor in respect of such Vehicles and the other Vehicle Collateral, (v) direct payments due under the Manufacturer Programs with respect to the ZVF Vehicles and ZVF Segregated Vehicles to be deposited directly into a Collateral Account by the
Manufacturers and related auction dealers in accordance with Section 2.4(b), (vi) deposit all sale proceeds from sales of ZVF Vehicles and ZVF Segregated Vehicles to third parties (other than under any related Manufacturer Program)
and insurance proceeds and warranty payments in respect of such Vehicles received directly by the Servicer into a Collateral Account within two Business Days of receipt by the Servicer in accordance with Section 2.4(b), (vii) turn
in the ZVF Vehicles and the ZVF Segregated Vehicles covered by Manufacturer Programs to the relevant Manufacturer within the applicable Repurchase Period in accordance with the Leases or the Segregated Series Leases, as applicable, and comply with
all of Zipcar’s obligations under the Manufacturer Programs, (viii) furnish the Servicer’s Fleet Report as provided in Section 2.3, (ix) instruct the Collateral Agent in writing to make distributions, withdrawals and
payments from the Collateral Accounts in accordance with Section 2.4 and (x) otherwise administer and service the ZVF Vehicles and ZVF Segregated Vehicles in accordance with the Related Documents. The Servicer shall have full power
and authority, acting alone or through any party properly designated by it hereunder to do any and all things in connection with its servicing and administration duties which it may deem necessary or desirable to accomplish such servicing and
administration duties and which does not materially adversely affect the interests of any Secured Party unless otherwise prohibited by the Related Documents. 
 SECTION 3.3. The Servicer Not to Resign. 
 Without the prior written consent
of the Collateral Agent and each of the Secured Parties, the Servicer shall not resign from the obligations and duties imposed on it hereunder. 
 SECTION 3.4. Servicing Rights of Collateral Agent. 
 (a) If the
Servicer shall fail to perform any of its obligations hereunder, which failure adversely affects one or more of the Secured Parties, or a Servicer Default has occurred and is continuing, the Collateral Agent, at the direction and at the expense of
each Secured Party so adversely affected thereby, shall take such action or cause such action to be taken, to perform such obligations as shall be so directed by such Secured Party, whereupon the Collateral Agent shall have full right and authority
to take or cause to be taken such action so directed. 
 (b) In the event that the Collateral Agent is directed to take any
action with respect to the ZVF Vehicles or the ZVF Segregated Vehicles or perform any obligation of the Servicer pursuant to Section 3.4 of this Agreement, the Servicer shall fully cooperate with the Collateral Agent in any manner
requested by the Collateral Agent or the applicable Secured Party in order to assist the Collateral Agent in taking any such action or performing any such duty. 

  
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 SECTION 3.5. Incumbency Certificate. 

With the delivery of this Agreement and from time to time thereafter, the Grantor and the Servicer shall furnish to the Collateral Agent a
certificate (each, an “Incumbency Certificate”) certifying as to the incumbency and specimen signatures of each of their respective Authorized Officers. Until the Collateral Agent receives a subsequent Incumbency Certificate, the
Collateral Agent shall be entitled to rely on the last such Incumbency Certificate delivered to it for purposes of determining the Authorized Officers. 
 SECTION 3.6. Effective Period and Termination. 
 The Servicer’s
appointment hereunder shall become effective on the date hereof and shall continue in full force and effect until terminated pursuant to this Section 3.6 or until this Agreement shall be terminated. Upon the occurrence of a Servicer
Default, ZVF or the Trustee may, in accordance with the provisions of Section 16.7 of the ZVF Lease and Section 8.7(c) of the Base Indenture, terminate the Servicer and appoint a successor Servicer in respect of the ZVF Vehicles;
provided that no such termination shall become effective until a successor Servicer with respect to the ZVF Vehicles has been appointed and such successor Servicer has agreed in writing to assume the duties of the Servicer with respect to the
ZVF Vehicle hereunder and under the other Related Documents. The parties hereto agree that the delivery by the Trustee and the Collateral Agent of a Fiserv Action Notice (as such term is defined in the Back-Up Disposition Agreement) in accordance
with the terms of the Back-Up Disposition Agreement shall constitute a termination of the Servicer and an appointment of the Back-Up Disposition Agent (as such term is defined in the Back-Up Disposition Agent Agreement) as a successor Servicer in
accordance with the terms of this Agreement, the ZVF Lease and the Indenture, for which no consent of the Trustee shall be required. As soon as practicable after any termination of such appointment, the Servicer shall, at its expense, deliver all
documents and records relating to the ZVF Vehicle Collateral, including, without limitation, the most recent Fleet Report, to such successor Servicer and to the General Secured Party or the General Secured Party’s agent at such place or places
as the General Secured Party may reasonably designate. If all of the rights and obligations of Zipcar as Servicer under any Segregated Series Lease relating to a Segregated Collateral Agency Series shall have been terminated under the applicable
section of such Segregated Series Lease, the appointment of Zipcar as Servicer in respect of the ZVF Segregated Vehicles relating to such Segregated Series hereunder may be terminated by the applicable Segregated Series Secured Party in the same
manner as the Segregated Series Secured Party may terminate the rights and obligations of the Servicer under the applicable section of such Segregated Series Lease. As soon as practicable after any termination of such appointment, the Servicer
shall, at its expense, deliver all documents and records relating to the related ZVF Segregated Series Vehicle Collateral, including, without limitation, the most recent Fleet Report, to the applicable Segregated Series Secured Party or the
Segregated Series Secured Party’s agent at such place or places as the applicable Segregated Series Secured Party may reasonably designate. 

  
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 ARTICLE IV 
 REPRESENTATIONS, WARRANTIES AND COVENANTS 
 SECTION 4.1. Representations and
Warranties of the Grantor. 
 The Grantor represents and warrants to the Collateral Agent and each Secured Party as follows
as of the Restatement Effective Date and each Series Closing Date: 
 (a) The execution, delivery and performance by the Grantor
of this Agreement (i) is within the Grantor’s limited liability company powers and has been duly authorized by all necessary limited liability company action, (ii) requires no action by or in respect of, or filing with, any
Governmental Authority which has not been obtained and (iii) does not contravene, or constitute a default under, any Requirements of Law with respect to the Grantor or any Contractual Obligation with respect to the Grantor or result in the
creation or imposition of any Lien on any property of the Grantor, except for Liens created by this Agreement. This Agreement has been executed and delivered by a duly authorized officer of the Grantor. 

(b) No consent, action by or in respect of, approval or other authorization of, or registration, declaration or filing with, any
Governmental Authority or other Person is required for the valid execution and delivery by the Grantor of this Agreement or for the performance of any of the Grantor’s obligations hereunder other than such consents, approvals, authorizations,
registrations, declarations or filings as shall have been obtained by ZVF prior to the Restatement Effective Date. 
 (c) This
Agreement is a legal, valid and binding obligation of the Grantor enforceable against the Grantor in accordance with its terms (except as such enforceability may be limited by bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium
and other similar laws affecting creditors’ rights generally or by general equitable principles, whether considered in a proceeding at law or in equity and by an implied covenant of good faith and fair dealing). 

(d) The Grantor owns and has good and marketable title to the Vehicle Collateral, free and clear of all Liens other than Permitted Liens.
This Agreement constitutes a valid and continuing Lien on the Vehicle Collateral in favor of the Collateral Agent on behalf of the applicable Secured Party, which Lien has been perfected and is prior to all other Liens (other than Permitted Liens)
and is enforceable as such as against creditors of and purchasers from the Grantor in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other
similar laws affecting creditors’ rights generally or by general equitable principles, whether considered in a proceeding at law or in equity and by an implied covenant of good faith and fair dealing. 

(e) Other than the security interest granted to the Collateral Agent hereunder, the Grantor has not pledged, assigned, sold or granted a
security interest in the Vehicle Collateral. All action necessary to protect and perfect the Collateral Agent’s security interest in the Vehicle Collateral has been duly and effectively taken. No security agreement, financing statement,
equivalent security or lien instrument or continuation statement listing the Grantor as debtor covering all or any part of the Vehicle Collateral is on file or of record in any jurisdiction, except such as may have been filed, recorded or made by
the Grantor in favor of the Collateral Agent in connection with this Agreement or the Trustee in connection with the Indenture, and the Grantor has not authorized any such filing. 

  
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 (f) Its legal name is on the signature pages hereto and its location within the meaning of
Section 9-307 of the applicable UCC is the State of Delaware. It will not change its name or the jurisdiction of its organization without 45 days prior written notice to the Collateral Agent. 

SECTION 4.2. Representations and Warranties of the Servicer. 

The Servicer represents and warrants to the Collateral Agent and each Secured Party as follows as of the Restatement Effective Date and
each Series Closing Date: 
 (a) This Agreement has been duly authorized, executed and delivered on behalf of the Servicer and,
assuming due authorization, execution and delivery by the other parties hereto, is a valid and legally binding obligation of the Servicer, enforceable against the Servicer in accordance with its terms (except as such enforceability may be limited by
bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws affecting creditors’ rights generally or by general equitable principles, whether considered in a proceeding at law or in equity and by an implied
covenant of good faith and fair dealing). 
 (b) The execution, delivery and performance by the Servicer of this Agreement will
not conflict with or result in a breach of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition of any Lien, charge or encumbrance upon any of the property or assets of the Servicer pursuant to
the terms of any indenture, mortgage, deed of trust, loan agreement, guarantee, lease financing agreement or other similar agreement or instrument under which the Servicer is a debtor or guarantor (except to the extent that such conflict, breach,
creation or imposition is not reasonably likely to result in a Material Adverse Effect) nor will such action result in a violation of any provision of applicable law or regulation (except to the extent that such violation is not reasonably likely to
result in a Material Adverse Effect) or of the provisions of the Certificate of Incorporation or the By-Laws of the Servicer. 

(c) There is no consent, approval, authorization, order, registration or qualification of or with any Governmental Authority having
jurisdiction over the Servicer which is required for the execution, delivery and performance of this Agreement (except to the extent that the failure to obtain such consent, approval, authorization, order, registration or qualification is not
reasonably likely to result in a Material Adverse Effect). 
 SECTION 4.3. Covenants of Grantor. 

The Grantor hereby agrees that: 
 (a) It shall take all action necessary to maintain and to perfect the Collateral Agent’s security interest on behalf of the related Secured Party in the applicable Vehicle Collateral in which it has
an interest now in existence and hereafter acquired or created, including, without limitation, the filing of any financing or continuation statements under the UCC in effect in any jurisdiction with respect to the liens and security interests
granted hereunder. 

  
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 (b) At any time and from time to time, upon the written request of the Collateral Agent, and
at its sole expense, it will promptly and duly execute and deliver any and all such further instruments and documents and take such further action as the Collateral Agent may reasonably deem desirable in obtaining the full benefits of this
Collateral Agreement and of the rights and powers herein granted, including, without limitation, the filing of any financing or continuation statements under the UCC in effect in any jurisdiction with respect to the liens and security interests
granted hereby. It also hereby authorizes the Collateral Agent to file any such financing or continuation statement, at its expense. If any amount payable under or in connection with any of the Vehicle Collateral shall be or become evidenced by any
promissory note, chattel paper or other instrument, such note, chattel paper or instrument shall be deemed to be held in trust and promptly pledged to the Collateral Agent hereunder, and shall, subject to the rights of any Person in whose favor a
prior Lien has been perfected, be duly endorsed in a manner satisfactory to the Collateral Agent and delivered to the Collateral Agent promptly. 
 (c) It shall warrant and defend the Collateral Agent’s right, title and interest in and to the Vehicle Collateral and the Proceeds thereof, for the benefit of the related Secured Party against the
claims and demands of all Persons whomsoever. 
 ARTICLE V 

THE COLLATERAL AGENT 
 SECTION 5.1. Appointment. 
 (a) Each Secured Party, by its execution of
this Agreement, appoints the Collateral Agent as its agent under and for purposes of this Agreement. Each Secured Party authorizes the Collateral Agent to act on behalf of such Secured Party under this Agreement and, in the absence of other written
instructions from a Secured Party with respect to the portion of the Vehicle Collateral securing such Secured Party (its “Related Vehicle Collateral”) as may be received from time to time by the Collateral Agent (with respect to
which the Collateral Agent agrees that it will comply) to exercise such powers hereunder as are specifically delegated to or required of the Collateral Agent by the terms hereof and to exercise such powers as are provided to each Secured Party with
respect to its Related Vehicle Collateral under the Related Documents and with such powers as may be reasonably incidental thereto. The Collateral Agent is hereby irrevocably appointed the true and lawful attorney-in-fact of each of the Secured
Parties, in its name and stead, for such purposes as are necessary or desirable to effectuate the provisions of this Agreement, including, without limitation, in exercising remedies upon or otherwise dealing with the Vehicle Collateral. Each such
power of attorney is irrevocable and coupled with an interest. 

  
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 (b) If any Secured Party represents in writing to the Collateral Agent that it has the right
to act with respect to its Related Vehicle Collateral pursuant to the Related Documents, the Collateral Agent may conclusively rely upon such representation and shall exercise any and all rights, remedies, powers and privileges available to such
Secured Party with respect to its Related Vehicle Collateral to the extent and in the manner directed by such Secured Party, at the expense of the Grantor and subject to the other provisions of this Agreement (including without limitation
Section 5.4(g)), as permitted under the Related Documents, including, without limitation, the transmission of notices of default, repossession of Vehicles, and the institution of legal or administrative actions or proceedings;
provided that in no event shall the Collateral Agent be required to act at such direction without receiving indemnity or security satisfactory to it in connection with such direction. Each of the Grantor and the Secured Parties agrees that
the Collateral Agent may exercise such rights, remedies, powers and privileges in lieu of a Secured Party in accordance with the preceding sentence. 
 SECTION 5.2. Representations. 
 The Collateral Agent hereby represents and
warrants that (i) it is a New York banking corporation, duly organized, validly existing and in good standing under the laws of the State of New York and it has all requisite power and authority to enter into and perform its obligations under
this Agreement and (ii) the execution, delivery and performance by it of this Agreement have been duly authorized by all necessary corporate action on its part, and this Agreement is the legal, valid and binding obligation of the Collateral
Agent, enforceable against it in accordance with its terms, except as such enforcement may be limited by applicable bankruptcy, insolvency, moratorium or similar laws affecting creditors’ rights generally and by the application of equitable
principles. 
 SECTION 5.3. Exculpatory Provisions. 

The Collateral Agent makes no representations as to the value or condition of the Vehicle Collateral or any part thereof, as to the status
or designation of any Vehicle as a ZVF Vehicle or a ZVF Segregated Vehicle pursuant to Section 2.2, as to the title of the Grantor thereto, as to the protection afforded by this Agreement, as to any statements, representations or
warranties made by any Person (other than itself) in or in connection with this Agreement or any Related Document, as to the validity, execution (except its own execution), enforceability (except enforceability against itself), priority, perfection,
legality or sufficiency of this Agreement or any Related Document or any documents or instruments referred to therein, or the sufficiency or effectiveness or perfection or priority of any Lien on any collateral described in this Agreement, or as to
the validity or collectibility of any obligation contemplated by this Agreement, and the Collateral Agent shall incur no liability or responsibility in respect of any such matters. The Collateral Agent shall not be responsible for insuring the
Vehicle Collateral or for the payment of taxes, charges, assessments or Liens upon the Vehicle Collateral or for filing any financing or continuation statements or recording any documents or instruments in any public office at any time or otherwise
perfecting or maintaining the perfection of its security interest in the Vehicle Collateral purported to be granted hereby or otherwise as to the maintenance of the Vehicle Collateral. 

SECTION 5.4. Limitations on Duties of the Collateral Agent. 

(a) The Collateral Agent undertakes to perform only the duties expressly set forth herein and no implied duties shall be read into
this Agreement. Nothing herein shall be deemed to constitute the Collateral Agent a trustee or fiduciary for any Secured Party. 

  
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 (b) The Collateral Agent may exercise the rights and powers granted to it by this Agreement,
together with such powers as are reasonably incidental thereto, but only pursuant to the terms of this Agreement. 
 (c) The
Collateral Agent’s duty of care shall be solely to deal with the Vehicle Collateral as it would deal with property of its own, the Collateral Agent shall not be liable for any error of judgment made in good faith by an officer thereof, or for
any action taken or omitted to be taken by it in accordance with this Agreement, except to the extent caused by the gross negligence or willful misconduct of the Collateral Agent. 

(d) The Collateral Agent shall have no authority to grant, convey or assign the Certificates of Title or change the notation of a
security interest thereon or deal with the Certificates of Title in any way except as expressly provided herein. 
 (e) The
Collateral Agent shall have no liability or responsibility for (i) any release of Vehicle Collateral by the Servicer pursuant to Section 2.6 or (ii) any act of the Servicer taken in its own name or the name of the Collateral
Agent. 
 (f) The Collateral Agent shall have no duty to calculate, compute or verify, and shall not be held in any manner
responsible for the content of the Servicer’s Fleet Report, except to confirm that the certificate filed therewith conforms to the form of Exhibit A. 
 (g) Except as required by the specific terms of this Agreement, the Collateral Agent shall not be required to exercise any discretion and shall have no duty to exercise or to refrain from exercising any
right, power, remedy or privilege granted to it hereby, or to take any affirmative action or refrain from taking any affirmative action hereunder, including with respect to the identification of funds referred to herein or the application thereof,
unless directed to do so by the Secured Party specified herein as being entitled to direct the Collateral Agent hereunder or, as provided herein, the Servicer (and shall be fully protected in acting or refraining from acting pursuant to or in
accordance with such directions, which shall be binding on each of the Secured Parties). Notwithstanding anything herein to the contrary, the Collateral Agent shall not be required to take any action (a) that in its reasonable opinion is or may
be contrary to law or to the terms of this Agreement, any Related Document or any other agreement or instrument relating to the Vehicle Collateral, or (b) which might or would in its reasonable opinion subject it or any of its directors,
officers, employees or agents to personal or financial liability unless it is indemnified hereunder to its satisfaction (and if any indemnity should become, in the reasonable determination of the Collateral Agent, inadequate, the Collateral Agent
may call for additional indemnity and cease to act until such additional indemnity is given). 
 (h) The Collateral Agent may,
in its sole discretion, retain counsel, independent accountants and other experts selected by it and may act in reliance upon the advice of such counsel, independent accountants and other experts concerning all matters pertaining to the agencies
hereby created and its duties hereunder, and shall be held harmless and shall not be liable for any action taken or omitted to be taken by it in good faith in reliance upon or in accordance with the statements and advice of such counsel (or counsel
to Zipcar or the Grantor), accountants and other experts. 

  
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 (i) In the event that the Collateral Agent receives conflicting instructions delivered in
accordance with this Agreement, the Collateral Agent shall have the right to seek instructions concerning its duties and actions under this Agreement from any court of competent jurisdiction. If the Collateral Agent receives unclear or conflicting
instructions, it shall be entitled to refrain from taking action until clear or non-conflicting instructions are received, but shall inform the instructing party or parties promptly of its decision to refrain from taking such action. Without
limiting the foregoing, in the event that the Collateral Agent receives unclear or conflicting instructions from the Secured Parties hereunder or there is any other disagreement between the other parties hereto resulting in adverse claims and
demands being made in connection with the Vehicle Collateral, or in the event that the Collateral Agent in good faith is in doubt as to what action it should take hereunder, the Collateral Agent shall be entitled to retain the Vehicle Collateral
until the Collateral Agent shall have received (i) a final order of a court of competent jurisdiction directing delivery of the Vehicle Collateral or (ii) a written agreement executed by the other parties hereto directing delivery of the
Vehicle Collateral in which event the Collateral Agent shall disburse the Vehicle Collateral in accordance with such order or agreement. Upon request of the Collateral Agent, any such court order shall be accompanied by a legal opinion by counsel
for the presenting party satisfactory to the Collateral Agent to the effect that such order is final. 
 (j) The Collateral
Agent shall not have any duty to ascertain or to inquire as to the performance or observance of any of the terms, covenants or conditions of this Agreement, any Related Document or any other agreements or instruments relating to the Vehicle
Collateral on the part of any party hereto or thereto or to inspect any books and records relating to the Vehicle Collateral other than as it determines necessary in the fulfillment of its own obligations hereunder. 

(k) The Collateral Agent shall be entitled to rely on any communication, certificate, instrument, opinion, report, notice, paper or other
document reasonably believed by it to be genuine and correct and to have been signed, given or sent by the proper Person or Persons. The Collateral Agent shall be entitled to assume that no Amortization Event, Limited Liquidation Event of Default or
Liquidation Event of Default shall have occurred and be continuing and that a Collateral Account, and any funds on deposit in or to the credit of a Collateral Account, are not subject to any writ, order, judgment, warrant of attachment, execution or
similar process (collectively, a “writ”), unless (i) in the case of any writ, the Collateral Agent has actual knowledge thereof or (ii) the Collateral Agent has received written notice from the Servicer, the Grantor or a
Secured Party that an Amortization Event, Limited Liquidation Event of Default or Liquidation Event of Default has occurred or such writ has been issued and, in each case, continues to be in effect, which notice specifies the nature thereof.

 (l) The Collateral Agent, in its individual capacity, may accept deposits from, lend money to and generally engage in any
kind of business with the Servicer, the Grantor, any Manufacturer and their respective Affiliates as if it were not the agent of the Secured Parties. 

  
 20 

 (m) The Collateral Agent may act through agents, custodians and nominees and shall not be
liable for any negligent act on the part of, or for the supervision of, any such agent, custodian or nominee so long as such agent, custodian or nominee is appointed with due care. The appointment of agents, custodians and nominees (other than legal
counsel) pursuant to this clause (m) shall be subject to the prior consent of the Grantor, which consent shall not be unreasonably withheld. The possession of the Vehicle Collateral by such agents, custodians or nominees shall be deemed to be
the possession by the Collateral Agent. No provision of this Agreement shall require the Collateral Agent to expend or risk its own funds or otherwise incur any financial or other liability in the performance of any duties hereunder or in the
exercise of any rights and powers hereunder unless the Collateral Agent is provided with an indemnity from one or more of the Secured Parties or other Persons, satisfactory to the Collateral Agent in its sole discretion. 

(n) Beyond the exercise of reasonable care in the custody thereof and such other duties as are expressly set forth in the Related
Documents, the Collateral Agent shall have no duty as to any Collateral in its possession or control or in the possession or control of any agent or bailee or any income thereon or as to preservation of rights against prior parties or any other
rights pertaining thereto. The Collateral Agent shall be deemed to have exercised reasonable care in the custody of the Collateral in its possession if the Collateral is accorded treatment substantially equal to that which it accords its own
property and shall not be liable or responsible for any loss or diminution in the value of any of the Collateral by reason of the act or omission of any carrier, forwarding agency or other agent or bailee selected by the Collateral Agent with due
care. 
 (o) The Collateral Agent shall not be responsible for the existence, genuineness or value of any of the Collateral or
for the validity, perfection, priority or enforceability of the Liens in any of the Collateral, nor for the validity of the title of the Collateral, for insuring the Collateral or for the payment of taxes, charges, assessments or Liens upon the
Collateral or otherwise as to the maintenance of the Collateral. 

  
 21 

 SECTION 5.5. Resignation and Removal of Collateral Agent. 

(a) The Collateral Agent may, at any time with or without cause by giving forty-five (45) days’ prior written notice to the
Servicer, the Grantor and each of the Secured Parties, resign and be discharged of its responsibilities hereunder created, such resignation to become effective upon the appointment by the Secured Parties of a successor Collateral Agent, and the
acceptance of such appointment by such successor Collateral Agent. The Servicer shall, promptly upon receipt thereof, provide a copy of the notice from the Collateral Agent referred to in the preceding sentence to each Rating Agency. The Collateral
Agent may be removed with respect to all or a portion of the Vehicle Collateral by the Servicer at any time (with or without cause) upon thirty (30) days’ prior written notice by the Servicer to the Collateral Agent, the Grantor, the
Secured Parties and each of the Rating Agencies, and the appointment by each of the Secured Parties of a successor Collateral Agent; provided, however, that (i) if the Servicer is in default (beyond all applicable grace and cure
periods) of any obligation under this Agreement relating to the ZVF Vehicle Collateral or an Amortization Event with respect to any Series of Notes Outstanding has occurred and is continuing, the right of the Servicer to remove the Collateral Agent
with respect to the ZVF Vehicle Collateral shall cease and the General Secured Party shall have the right to remove the Collateral Agent (with or without cause) with respect to the ZVF Vehicle Collateral upon thirty (30) days’ written
notice to the Servicer, the Grantor, each Segregated Series Secured Party, the Collateral Agent and each of the Rating Agencies, if any, and (ii) if the Servicer is in default (beyond all applicable grace and cure periods) of any obligation
under this Agreement relating to the ZVF Segregated Series Vehicle Collateral for any Segregated Series of Notes or an Amortization Event with respect to such Segregated Series of Notes has occurred and is continuing, the right of the Servicer to
remove the Collateral Agent with respect to such ZVF Segregated Series Vehicle Collateral shall cease and the related Segregated Series Secured Party shall have the right to remove the Collateral Agent (with or without cause) with respect to the
applicable ZVF Segregated Series Vehicle Collateral upon thirty (30) days’ written notice to the Servicer, the Grantor, each Segregated Series Secured Party, the Collateral Agent and each of the Rating Agencies; provided,
further, that no removal of the Collateral Agent shall be effective until the appointment of a successor Collateral Agent and acceptance of such appointment by such Collateral Agent. Any removed Collateral Agent shall be entitled to its
reasonable fees and expenses to the date the successor Collateral Agent assumes the Collateral Agent’s duties hereunder. The indemnification of Section 5.10 shall survive the termination of the other provisions of this Agreement as
to the predecessor Collateral Agent. If no successor Collateral Agent shall be appointed and approved within thirty (30) days from the date of the giving of the aforesaid notice of resignation or within thirty (30) days from the date of
such notice of removal, the Collateral Agent or any Secured Party may petition a court of competent jurisdiction to appoint a successor Collateral Agent to act until such time, if any, as a successor Collateral Agent shall be appointed as above
provided. Any successor Collateral Agent so appointed by such court shall immediately upon its acceptance of such appointment without further act supersede any predecessor Collateral Agent. Upon the appointment of a successor Collateral Agent
hereunder and its acceptance of such appointment, the predecessor Collateral Agent shall be discharged of and from any and all further obligations arising in connection with this Agreement. 

(b) The appointment, designation and acceptance referred to in Section 5.5(a) shall, after any required filing, be full
evidence of the right and authority to make the same and of all the facts therein recited, and this Agreement shall vest in such successor Collateral Agent, without any further act, deed or conveyance, all of the estate and title of its predecessors
and upon such filing for record the successor Collateral Agent shall become fully vested with all the estates, properties, rights, powers, duties, authority and title of its predecessors; but any predecessor Collateral Agent shall nevertheless, on
the written request of any Secured Party, the Servicer, the Grantor or any successor Collateral Agent empowered to act as such at the time any such request is made, execute and deliver an instrument without recourse or representation transferring to
such successor all the estates, properties, rights, powers, duties, authority and title of such predecessor hereunder and shall deliver all securities and moneys held by it to such successor Collateral Agent. Upon the appointment of a successor
Collateral Agent hereunder, the predecessor Collateral Agent shall be discharged of and from any and all further obligations arising in connection with this Agreement; provided, however, that the predecessor Collateral Agent will be
obligated to serve as nominee lienholder for the successor Collateral Agent with respect to those Vehicles on whose Certificate of Title the predecessor Collateral Agent had been named as lienholder prior to its resignation or removal pursuant to
this Section 5.5. 

  
 22 

 SECTION 5.6. Qualification of Successors to Collateral Agent. 

Every successor to the Collateral Agent appointed pursuant to Section 5.5 (i) shall be a bank or trust company in good
standing and having power so to act and incorporated under the laws of the United States or any State thereof or the District of Columbia, (ii) shall have capital, surplus and undivided profits of not less than $50,000,000, and (iii) shall
have a long-term deposits rating of not less than “BBB-” by Standard & Poor’s and “Baa3” by Moody’s and, unless otherwise agreed to by Fitch, “BBB-” by Fitch. The appointment of any successor
Collateral Agent pursuant to Section 5.5 shall be subject to the satisfaction of the Rating Agency Condition with respect to each Series of Notes Outstanding and each Segregated Collateral Agency Series Outstanding that are rated by a
Rating Agency. 
 SECTION 5.7. Merger of the Collateral Agent. 

Any corporation into which the Collateral Agent may be merged, or with which it may be converted or consolidated, or any corporation
resulting from any merger, conversion or consolidation to which the Collateral Agent shall be a party shall be the Collateral Agent under this Agreement without the execution or filing of any paper or any further act on the part of the parties
hereto. The Collateral Agent shall give the Rating Agencies, if any, the Servicer, the Grantor and the Secured Parties prior written notice of any such merger, conversion or consolidation. 

SECTION 5.8. Compensation and Expenses. 
 The Servicer shall pay to the Collateral Agent, from time to time (i) compensation for its services hereunder for administering the Vehicle Collateral as the Collateral Agent and the Servicer shall
from time to time agree in writing, and (ii) all reasonable out-of-pocket costs and expenses of the Collateral Agent (including reasonable fees and expenses of counsel) (A) arising in connection with the preparation, execution, delivery,
or modification of this Agreement and/or the enforcement of any of the provisions hereof or (B) incurred in connection with the administration of the Vehicle Collateral, the sale or other disposition of the Vehicle Collateral pursuant to any
Related Document and/or the preservation, protection or defense of the Collateral Agent’s rights under this Agreement and in and to the Vehicle Collateral. 
 SECTION 5.9. Stamp, Other Similar Taxes and Filing Fees. 
 The Servicer
shall indemnify and hold harmless the Collateral Agent from any present or future claim for liability for any stamp or other similar tax and any penalties or interest with respect thereto, that may be assessed, levied or collected by any
jurisdiction in connection with this Agreement or any Vehicle Collateral. The Servicer shall pay, or reimburse the Collateral Agent for, any and all amounts in respect of, all search, filing, recording and registration fees, taxes, excise taxes and
other similar imposts payable in respect of the execution, delivery, performance and/or enforcement of this Agreement. 

  
 23 

 SECTION 5.10. Indemnification. 

The Grantor shall pay, and indemnify and hold the Collateral Agent and each of the officers, employees, directors and agents thereof
harmless from and against, any and all liabilities (including liabilities for penalties and liabilities arising or resulting from actions or suits), obligations, losses, judgments, demands, damages, claims, costs or expenses of any kind or nature
whatsoever that may at any time be imposed on, incurred by, or asserted against, the Collateral Agent or any such officers, employees, directors or agents in any way relating to or arising out of the Vehicle Collateral and the execution, delivery,
amendment, enforcement, performance and/or administration of this Agreement (and any agreements related thereto including, without limitation, the Assignment Agreements), including reasonable fees and expenses of counsel and other experts, and the
Grantor shall reimburse a Secured Party for any payments made by such Secured Party to the Collateral Agent or any such officers, employees, directors or agents for any of the foregoing provided that such payments were permitted to be made by such
Secured Party under the Related Documents; provided, however, that the Grantor shall not be liable for the payment of any portion of such liabilities (including liabilities for penalties and liabilities arising or resulting from
actions or suits), obligations, losses, judgments, demands, damages, claims, costs or expenses of the Collateral Agent or any such officers, employees, directors or agents which are determined by a court of competent jurisdiction in a final
proceeding to have resulted from the gross negligence or willful misconduct of the Collateral Agent or any such agent. 

SECTION 5.11. Limitation of Liability. 
 (a) In no event shall the Collateral Agent be responsible or liable for special, indirect, or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit)
irrespective of whether the Collateral Agent has been advised of the likelihood of such loss or damage and regardless of the form of action. 
 (b) In no event shall the Collateral Agent be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces
beyond its control, including, without limitation strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities,
communications or computer (software and hardware) services; it being understood that the Collateral Agent shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable
under the circumstances. 
 SECTION 5.12. Patriot Act. 

The parties hereto acknowledge that in accordance with Section 326 of the USA Patriot Act Deutsche Bank Trust Company Americas, like
all financial institutions and in order to help fight the funding of terrorism and money laundering, are required to obtain, verify and record information that identifies each person or legal entity that establishes a relationship or opens an
account. The parties to this Agreement agree that they will provide Deutsche Bank Trust Company Americas with such information as it may reasonably request in order for the Deutsche Bank Trust Company Americas to satisfy the requirements of the USA
Patriot Act. 
 SECTION 5.13. Waiver of Set-Off by the Collateral Agent. 

The Collateral Agent hereby expressly waives any and all rights of setoff, abatement, diminution or deduction that it may otherwise at any
time have under applicable law with respect to the Vehicle Collateral; provided, however, that this waiver shall apply only to obligations owed to the Collateral Agent in its individual capacity and not as an agent for the Secured
Parties, and agrees that all Vehicle Collateral shall at all times be held and applied in accordance with the provisions hereof. 

  
 24 

 ARTICLE VI 
 MISCELLANEOUS 
 SECTION 6.1. Amendments, Supplements and Waivers.

 This Agreement may be amended, waived, terminated, supplemented or otherwise modified pursuant to a writing executed by the
Collateral Agent, each Secured Party, the Grantor and the Servicer; provided, however, that this Agreement may be amended, waived, supplemented or otherwise modified without the consent of a Secured Party if such amendment, waiver,
supplement or modification does not materially adversely affect the interests of such Secured Party (as evidenced by an Officer’s Certificate of the Servicer); provided, further, that this Agreement may be terminated with respect
to a Secured Party without the consent of any other Secured Party. The initial effectiveness of any amendment or other modification to this Agreement shall be subject to the satisfaction of the Rating Agency Condition with respect to each Series of
Notes Outstanding and each Segregated Collateral Agency Series Outstanding that are rated by a Rating Agency. 
 SECTION 6.2.
Notices. 
 All notices, amendments, waivers, consents and other communications provided to any party hereto under this
Agreement shall be in writing and addressed, delivered or transmitted to such party at its address or facsimile number set forth on the signature pages hereof or at such other address or facsimile number as may be designated by such party in a
notice to the other parties. Any notice, if mailed by certified or registered mail and properly addressed with postage prepaid or if properly addressed and sent by pre-paid courier service, shall be deemed given when received; any notice, if
transmitted by facsimile, shall be deemed given when transmitted upon receipt of electronic confirmation of such, and shall be addressed at the address specified for such party on the signature pages hereto. 

SECTION 6.3. Headings. 
 Section, subsection and other headings used in this Agreement are for convenience only and shall not affect the construction of this Agreement. 

SECTION 6.4. Severability. 
 Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall not invalidate the remaining provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

  
 25 

 SECTION 6.5. Counterparts. 

This Agreement may be executed in separate counterparts and by the different parties on different counterparts, each of which shall be an
original and all of which taken together shall constitute one and the same instrument. Delivery of an executed signature page of this Agreement by facsimile transmission shall be effective as delivery of a manually executed counterpart hereof.

 SECTION 6.6. Binding Effect. 
 This Agreement shall be binding upon and inure to the benefit of each of the parties hereto and their respective successors and assigns. The parties hereto may not assign either this Agreement or any of
their respective rights, interests or obligations hereunder. Nothing herein is intended or shall be construed to give any other Person any right, remedy or claim under, to or in respect of this Agreement or the Vehicle Collateral; provided,
however, that a Noteholder may, subject to Section 9.6 of the Base Indenture, pursue any right, remedy or claim in respect of this Agreement or the Vehicle Collateral. 

SECTION 6.7. Governing Law. 
 THIS AGREEMENT AND ALL MATTERS ARISING OUT OF OR RELATING THERETO IN ANY WAY WHATSOEVER (WHETHER IN CONTRACT, TORT OR OTHERWISE) AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT SHALL BE
GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 
 SECTION 6.8.
Effectiveness. 
 This Agreement shall become effective on the execution and delivery hereof and shall remain in effect
until no Secured Party shall have any claim on the Vehicle Collateral. This Agreement shall constitute a subordination agreement for purposes of Section 510(a) of the Bankruptcy Code. 

SECTION 6.9. Termination of this Agreement. 
 At any time that no amounts are then owing to the Secured Parties under the Related Documents and the Related Documents shall have been terminated, the Servicer may terminate this Agreement upon notice to
the Collateral Agent and the Secured Parties, and the Collateral Agent shall take all actions reasonably requested by the Servicer, at the Servicer’s expense, to evidence the termination of this Agreement and the Collateral Agent’s
interest in the Vehicle Collateral, including, without limitation, execute such documents and instruments as the Servicer may reasonably request in connection with such reassignment; provided, however, that Sections 5.3, 5.4(a),
(c), and (e) through (k), 5.8, and the indemnification set forth in Sections 5.9 and 5.10 shall survive the termination of this Agreement. 

  
 26 

 SECTION 6.10. No Bankruptcy Petition Against the Grantor. 

Each of the Collateral Agent and the Servicer hereby covenants and agrees that, prior to the date which is one year and one day after the
payment in full of the latest maturing Indenture Note, it will not institute against, or join with, encourage or cooperate with any other Person in instituting against, the Grantor any bankruptcy, reorganization, arrangement, insolvency or
liquidation proceedings, or other similar proceedings under any Federal or state bankruptcy or similar law; provided, however, that nothing in this Section 6.10 shall constitute a waiver of any right to indemnification,
reimbursement or other payment from the Grantor or any Secured Party pursuant to this Agreement. The provisions of this Section 6.10 shall survive the termination of this Agreement, and the resignation or removal of the Collateral Agent.

 SECTION 6.11. No Waiver; Cumulative Remedies. 
 No failure to exercise and no delay in exercising, on the part of the Collateral Agent or any Secured Party, any right, remedy, power or privilege hereunder shall operate as a waiver thereof; nor shall
any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein
provided are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law. 
 SECTION 6.12.
Submission To Jurisdiction; Waivers. 
 The Grantor and the Servicer hereby irrevocably and unconditionally: 

(a) submits for itself and its property in any legal action or proceeding relating to this Agreement or for recognition and enforcement
of any judgment in respect thereof, to the non-exclusive general jurisdiction of the courts of the State of New York, the courts of the United States for the Southern District of New York, and appellate courts from any thereof; 

(b) consents that any such action or proceeding may be brought in such courts and waives any objection that it may now or hereafter have
to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same; 

(c) agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified
mail (or any substantially similar form of mail), postage prepaid, to the Grantor or the Servicer, as the case may be, at its address set forth in Section 6.2 or at such other address of which the Collateral Agent shall have been
notified pursuant thereto; 
 (d) agrees that nothing herein shall affect the right to effect service of process in any other
manner permitted by law or shall limit the right to sue in any other jurisdiction; and 
 (e) waives, to the maximum extent not
prohibited by law, any right it may have to claim or recover in any legal action or proceeding referred to in this Section any special, exemplary, punitive or consequential damages. 

  
 27 

 SECTION 6.13. Waiver of Jury Trial. 

THE COLLATERAL AGENT, THE GRANTOR, EACH SECURED PARTY AND THE SERVICER HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE TRIAL BY JURY IN ANY
LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT AND FOR ANY COUNTERCLAIM THEREIN. 
 SECTION 6.14. Insurance
Notification. 
 The Collateral Agent shall, promptly upon its receipt of notification of any termination of or proposed
cancellation or nonrenewal of any insurance policies required to be maintained under any of the Related Documents, notify the related Secured Party of any such termination, proposed cancellation or nonrenewal. 

SECTION 6.15. Waiver of Set-Off With Respect to the Grantor. 

Each of the Secured Parties hereby waives and relinquishes any right that it has or may have to set-off or to exercise any banker’s
lien or any right of attachment or garnishment with respect to any funds at any time and from time to time on deposit in, or otherwise to the credit of, any account and any claims of the Grantor therein or with respect to any right to payment from
the Grantor, it being understood, however, that nothing contained in this Section 6.15 shall, or is intended to, derogate from the assignment and security interest granted to any Secured Party under the Related Documents or the
Collateral Agent under this Agreement or impair any rights of the Secured Parties or the Collateral Agent hereunder or thereunder. 
 SECTION 6.16. Confidentiality. 
 Each party hereto (other than Zipcar and
the Grantor) agrees that it shall not disclose any Confidential Information to any Person without the prior written consent of Zipcar or the Grantor, as the case may be, other than (a) to any Secured Party or the Collateral Agent, and then only
on a confidential basis, (b) as required by any law, rule or regulation or any judicial process of which Zipcar or the Grantor, as the case may be, has knowledge; provided that any party hereto may disclose Confidential Information as
required by law, rule or regulation or any judicial process of which Zipcar or the Grantor, as the case may be, does not have knowledge if such party is prohibited by law from disclosing such requirement to Zipcar or the Grantor, as the case may be,
and (c) in the course of litigation with Zipcar, the Grantor, or any Secured Party. 
 “Confidential Information”
means information that Zipcar or the Grantor, furnishes to a Secured Party on a confidential basis, but does not include any such information that is or becomes generally available to the public other than as a result of a disclosure by such Secured
Party or other Person to which such Secured Party delivered such information or that is or becomes available to such Secured Party from a source other than Zipcar or the Grantor provided that such source is not (1) known to such Secured Party
to be bound by a confidentiality agreement with Zipcar or the Grantor, or (2) known to such Secured Party to be otherwise prohibited from transmitting the information by a contractual, legal or fiduciary obligation. 

  
 28 

 SECTION 6.17. No Recourse. 

The obligations of the Grantor under this Agreement are solely the obligations of the Grantor. No recourse shall be had for the
payment of any amount owing in respect of any fee hereunder or any other obligation or claim arising out of or based upon this Agreement against any member, employee, officer or director of the Grantor. Fees, expenses, costs or other obligations
payable by the Grantor hereunder shall be payable by the Grantor to the extent and only to the extent that the Grantor is reimbursed therefor pursuant to any of the Related Documents. In the event that the Grantor is not reimbursed for such fees,
expenses, costs or other obligations, the excess unpaid amount of such fees, expenses, costs or other obligations shall in no event constitute a claim (as defined in Section 101 of the Bankruptcy Code) against, or corporate obligation of, the
Grantor. Nothing in this Section 6.17 shall be construed to limit the Collateral Agent from exercising its rights hereunder with respect to the Collateral. 
 SECTION 6.18. Trustee Protections. 
 In acting under and by virtue of this
Agreement, the Trustee shall have all of the rights, protections and immunities granted to it under the other Related Documents. 

  
 29 

 IN WITNESS WHEREOF, each party hereto has executed this Agreement or caused this Agreement
to be duly executed by its officer thereunto duly authorized as of the day and year first above written. 
  

			
	ZIPCAR VEHICLE FINANCING LLC,
		 	as Grantor
		
	By:	 	 /s/ Edward Goldfinger

		 	Name: Edward Goldfinger
		 	Title: Treasurer

  

			
	Address:	 	 25 First Street
 Cambridge,
MA 02141

	Attention:	 	Dean Breda
	Telephone:	 	(617) 995-4231
	Facsimile:	 	(617) 995-4300

  

			
	ZIPCAR, INC.,
		 	as Servicer
		
	By:	 	 /s/ Edward Goldfinger

		 	Name: Edward Goldfinger
		 	Title: CFO

  

			
	Address:	 	 25 First Street
 Cambridge,
MA 02141

	Attention:	 	Edward Goldfinger
	Telephone:	 	(617) 995-4231
	Facsimile:	 	(617) 995-4300

  
 30 

 
					
	DEUTSCHE BANK TRUST COMPANY AMERICAS,
		 	 as Secured Party, not in its individual
 capacity but solely as Trustee

		
	By:	 	 /s/ Irene Siegel

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

		 	Name: Maria Inoa
		 	Title: Associate
		
	Address:	 	 60 Wall Street 26th Floor, Mail Stop
 NYC60-2606
 New York, New York 10005

		
	Attention:	 	 Alternative and Structured

Finance Services

	Telephone:	 	(212) 250-2946
	Facsimile:	 	(212) 553-2460
	
	DEUTSCHE BANK TRUST COMPANY AMERICAS,
		 	 not in its individual capacity but
 solely as Collateral Agent

		
	By:	 	 /s/ Irene Siegel

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

		 	Name: Maria Inoa
		 	Title: Associate
		
	Address:	 	 60 Wall Street 26th Floor, Mail Stop
 NYC60-2606
 New York, New York 10005

		
	Attention:	 	 Alternative and Structured

Finance Services

	Telephone:	 	(212) 250-2946
	Facsimile:	 	(212) 553-2460

  
 31 

 EXHIBIT A 
 SERVICER’S FLEET REPORT 
 Pursuant to Sections 2.3 and
2.5 of the Amended and Restated Collateral Agency Agreement dated as of May 11, 2011, among ZIPCAR VEHICLE FINANCING LLC, as grantor, ZIPCAR, INC., as Servicer, DEUTSCHE BANK TRUST COMPANY AMERICAS, as trustee, as a Secured Party and
DEUTSCHE BANK TRUST COMPANY AMERICAS, as Collateral Agent (as the same may be amended, supplemented, restated or otherwise modified from time to time in accordance with the terms thereof, the “Collateral Agency Agreement”), the
Servicer hereby certifies that attached hereto is (1) a report which shows for each of the ZVF Vehicles and the ZVF Segregated Vehicles (noting the particular Segregated Series with respect to which such ZVF Segregated Vehicle is pledged) as of
[the last day of] [the fifteenth day of]                      20    : (a) the VINs with respect to each such
Vehicle, (b) the date of the original purchase of such Vehicle, (c) whether such Vehicle is a Program Vehicle or a Non-Program Vehicle, (d) the Capitalized Cost, the Third-Party Market Value and the Net Book Value of each such
Vehicle, and (e) the state in which each such Vehicle is titled, (2) a list of all locations in which the Certificates of Title for the ZVF Vehicles and the ZVF Segregated Vehicles are held by the Servicer or Servicer’s Agents as of
the last day of such month and the name and address of all Servicer’s Agents as of the last day of such month and (3) a report that provides, on a confidential basis, (A) the actual mileage of each such Vehicle as of its last
check-in, (B) the date of the last check-in of each such Vehicle. Capitalized terms used herein but not defined herein shall have the meanings assigned to such terms in the Collateral Agency Agreement, (C) if the Vehicle is a Program
Vehicle or a Segregated Program Vehicle, the total mileage per the related Manufacturer Program, (D) the Minimum Term specified in each Manufacturer Program and (E) the Maximum Term specified in each Manufacturer Program. 

Duly certified and executed, this      day of
                    , 20    . 

 

			
	ZIPCAR, INC.,
	    as Servicer
		
	By:	 	  

		 	Name:
		 	Title:

  
 A-1

 EXHIBIT B 
 POWER OF ATTORNEY 
 KNOW ALL MEN BY THESE PRESENTS, that DEUTSCHE BANK
TRUST COMPANY AMERICAS, as Collateral Agent (the “Collateral Agent”) under that certain Amended and Restated Collateral Agency Agreement, dated as of May 11, 2011, among ZIPCAR VEHICLE FINANCING LLC, as grantor, ZIPCAR, INC.,
as Servicer DEUTSCHE BANK TRUST COMPANY AMERICAS, as trustee, as a Secured Party and DEUTSCHE BANK TRUST COMPANY AMERICAS, as Collateral Agent (as the same may be amended, supplemented, restated or otherwise modified from time to time in accordance
with the terms thereof, the “Collateral Agency Agreement”) does hereby make, constitute and appoint ZIPCAR, INC., as Servicer, its true and lawful Attorney(s)-in-Fact for it and in its name, stead and behalf to execute any and all
documents and instruments (i) to note the Collateral Agent as the holder of a first Lien on the Certificates of Title relating to the [ZVF Vehicles][ZVF Segregated Vehicles leased pursuant to the Segregated Series Lease relating to
[            ]], and/or otherwise ensure that the first Lien shown on any and all such Certificates of Title is in the name of the Collateral Agent, (ii) to release the Collateral
Agent’s Lien on any such Certificate of Title, in connection with the sale or disposition of any Vehicle permitted pursuant to the provisions of Section 2.6 of the Collateral Agency Agreement and (iii) to appoint individual
representatives of ZIPCAR, INC. as attorneys-in-fact to fulfill the purposes of this Power of Attorney. Capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed to such terms in the Collateral Agency Agreement.

 GIVING AND GRANTING unto said attorney(s) full power and authority to do and perform each and every act and thing whatsoever,
requisite, necessary or proper to be done in furtherance of the foregoing. 
 The powers and authority granted hereunder shall,
unless sooner revoked by the Collateral Agent in accordance with Section 2.5 of the Collateral Agency Agreement or following the resignation or removal of the Collateral Agent under the Collateral Agency Agreement, cease upon the
termination of the Collateral Agency Agreement. All powers of attorney for this purpose heretofore filed or executed by the Collateral Agent are hereby revoked. 

  
 B-1

 IN WITNESS WHEREOF, the undersigned has caused this instrument to be executed on its behalf
on this      day of                     , 20    . 

 

			
	DEUTSCHE BANK TRUST COMPANY AMERICAS,
		 	 not in its individual capacity
 but solely as Collateral Agent

		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:

  
 B-2

			
	STATE OF NEW YORK	  	)
		  	: ss.:
	COUNTY OF NEW YORK	  	)

 Subscribed and sworn before me, a notary public, in and for said county and state, this
     day of                     , 20    . 

 

	
	Notary Public
	
	My Commission Expires:

  
 B-3Amended and Restated Master Motor Vehicle Operating Lease & Servicing Agreement

 Exhibit 10.3 

 
  

 
 AMENDED AND
RESTATED MASTER MOTOR VEHICLE OPERATING LEASE AND 
 SERVICING AGREEMENT 

Dated as of May 11, 2011 
 between 
 ZIPCAR VEHICLE FINANCING LLC 

as Lessor 
 and

 ZIPCAR, INC. 
 as Lessee and Servicer 
  

 
 As set forth in
Section 20 hereof, Lessor has assigned to the Trustee (as defined herein) certain of its right, title and interest in and to this lease. To the extent, if any, that this lease constitutes chattel paper (as such term is defined in the
Uniform Commercial Code as in effect in any applicable jurisdiction), no security interest in this lease may be created through the transfer or possession of any counterpart other than the original executed counterpart, which shall be identified as
the counterpart containing the receipt therefor executed by the trustee on the signature page thereof. 
 [THIS IS NOT
COUNTERPART NO. 1] 

 Table of Contents 

 

					
	 	  	Page	 
	 1. DEFINITIONS.
	  	 	1	  
	 2. GENERAL AGREEMENT.
	  	 	1	  
		
	 2.1. Lease of ZVF Vehicles.
	  	 	3	  
	 2.2. Non-Liability of Lessor.
	  	 	4	  
	 2.3. Return.
	  	 	5	  
	 2.4. Lessee’s Right to Purchase ZVF Vehicles.
	  	 	5	  
	 2.5. Lessor’s Right to Cause Vehicles to be Sold.
	  	 	6	  
	 2.6. Redesignation of Vehicles.
	  	 	7	  
	 2.7. Limitations on the Leasing or Redesignation of Certain ZVF Vehicles.
	  	 	8	  
	 2.8. Conditions to Each Lease of ZVF Vehicle.
	  	 	8	  
		
	 3. TERM.
	  	 	9	  
		
	 3.1. Vehicle Term.
	  	 	9	  
	 3.2. Term.
	  	 	10	  
		
	 4. RENT AND CHARGES.
	  	 	10	  
		
	 4.1. Monthly Base Rent.
	  	 	10	  
	 4.2. Monthly Variable Rent.
	  	 	10	  
	 4.3. Rent.
	  	 	11	  
	 4.4. Monthly Base Rent Adjustments.
	  	 	11	  
	 4.5. Payment of Monthly Base Rent.
	  	 	11	  
	 4.6. Payment of Monthly Variable Rent.
	  	 	11	  
	 4.7. Making of Payments.
	  	 	11	  
	 4.8. Billing Process.
	  	 	11	  
	 4.9. Casualty Payments.
	  	 	12	  
	 4.10. Late Payment.
	  	 	12	  
	 4.11. Prepayments.
	  	 	12	  
	 4.12. Net Lease.
	  	 	12	  
		
	 5. INSURANCE.
	  	 	13	  
		
	 5.1. Commercial Automobile Liability Insurance and Property Damage.
	  	 	13	  
	 5.2. Delivery of Certificate of Insurance.
	  	 	13	  
		
	 6. RISK OF LOSS; CASUALTY AND INELIGIBLE VEHICLE OBLIGATIONS.
	  	 	13	  
		
	 6.1. Risk of Loss Borne by Lessees.
	  	 	13	  
	 6.2. Casualty; Ineligible Vehicles.
	  	 	14	  
		
	 7. ZVF VEHICLE USE.
	  	 	14	  
	 8. LIENS.
	  	 	15	  
	 9. NON-DISTURBANCE.
	  	 	15	  

  
 i 

 Table of Contents 

(continued) 
  

					
	 	  	Page	 
	 10. FEES; TRAFFIC SUMMONSES; PENALTIES AND FINES.
	  	 	15	  
	 11. MAINTENANCE AND REPAIRS.
	  	 	15	  
	 12. ZVF VEHICLE WARRANTIES.
	  	 	16	  
		
	 12.1. No Lessor Warranties.
	  	 	16	  
	 12.2. Manufacturer’s Warranties.
	  	 	16	  
		
	13. VEHICLE USAGE GUIDELINES AND RETURN; SPECIAL DEFAULT PAYMENTS; EARLY TERMINATION PAYMENTS.	  	 	16	  
		
	 13.1. Usage.
	  	 	16	  
	 13.2. Return.
	  	 	16	  
	 13.3. Special Default Payments.
	  	 	17	  
	 13.4. Early Termination Payments.
	  	 	17	  
		
	 14. DISPOSITION PROCEDURE.
	  	 	17	  
	 15. ASSIGNMENT.
	  	 	17	  
		
	 15.1. Right of the Lessor to Assign this Agreement.
	  	 	17	  
	 15.2. Limitations on the Right of the Lessee to Assign this Agreement.
	  	 	18	  
		
	 16. DEFAULT AND REMEDIES THEREFOR.
	  	 	18	  
		
	 16.1. Events of Default.
	  	 	18	  
	 16.2. Effect of Operating Lease Event of Default.
	  	 	19	  
	 16.3. Rights of Lessor Upon Operating Lease Event of Default or Limited Liquidation Event of Default.
	  	 	19	  
	 16.4. Rights of Trustee and Servicer Upon Liquidation Event of Default, Limited Liquidation
Event of Default and
          Non-Performance of Certain
Covenants.
	  	 	20	  
	 16.5. Measure of Damages.
	  	 	21	  
	 16.6. Vehicle Return Default.
	  	 	21	  
	 16.7. Servicer Default.
	  	 	22	  
	 16.8. Application of Proceeds.
	  	 	23	  
		
	 17. MANUFACTURER EVENT OF DEFAULT.
	  	 	23	  
	 18. CERTIFICATION OF TRADE OR BUSINESS USE.
	  	 	23	  
	 19. TITLE TO ZVF VEHICLES.
	  	 	24	  
	 20. RIGHTS OF LESSOR ASSIGNED TO TRUSTEE.
	  	 	24	  
	 21. MODIFICATION AND SEVERABILITY.
	  	 	24	  
	 22. SERVICER ACTING AS AGENT OF THE LESSOR.
	  	 	24	  
	 23. MINIMUM DEPRECIATION RATE.
	  	 	25	  
	 24. CERTAIN REPRESENTATIONS AND WARRANTIES.
	  	 	25	  
		
	 24.1. Organization; Power; Qualification.
	  	 	25	  

  

  
 ii 

 Table of Contents 

(continued) 
  

					
	 	  	Page	 
	 24.2. Authorization; Enforceability.
	  	 	25	  
	 24.3. Compliance.
	  	 	25	  
	 24.4. Other.
	  	 	26	  
	 24.5. Financial Statements.
	  	 	26	  
	 24.6. Investment Company Act.
	  	 	27	  
	 24.7. Supplemental Documents True and Correct.
	  	 	27	  
	 24.8. ERISA.
	  	 	27	  
	 24.9. Governmental Authorization.
	  	 	27	  
	 24.10. Compliance with Laws.
	  	 	27	  
	 24.11. Absence of Default.
	  	 	27	  
	 24.12. Litigation.
	  	 	27	  
	 24.13. Taxes.
	  	 	28	  
	 24.14. Accuracy of Information
	  	 	28	  
	 24.15. Solvency.
	  	 	28	  
	 24.16. Intellectual Property.
	  	 	28	  
	 24.17. Labor Matters.
	  	 	29	  
	 24.18. Eligible Vehicles.
	  	 	29	  
	 24.19. Unrestricted Cash.
	  	 	29	  
		
	 25. CERTAIN COVENANTS.
	  	 	29	  
		
	 25.1. Corporate Existence; Foreign Qualification.
	  	 	29	  
	 25.2. Books, Records and Inspections.
	  	 	29	  
	 25.3. ERISA.
	  	 	30	  
	 25.4. Merger.
	  	 	30	  
	 25.5. Reporting Requirements.
	  	 	30	  
	 25.6. Payment of Taxes
	  	 	31	  
	 25.7. Maintenance of the Vehicles
	  	 	31	  
	 25.8. Liens
	  	 	32	  
	 25.9. Use of Vehicles
	  	 	32	  
	 25.10. ZVF LLC Agreement.
	  	 	32	  
	 25.11. [reserved].
	  	 	32	  
	 25.12. Separate Conduct of Business.
	  	 	32	  
		
	 26. INDEMNITY.
	  	 	32	  
	 27. NO PETITION.
	  	 	34	  
	 28. SUBMISSION TO JURISDICTION.
	  	 	35	  
	 29. GOVERNING LAW.
	  	 	35	  
	 30. JURY TRIAL.
	  	 	35	  
	 31. NOTICES.
	  	 	36	  
	 32. SURVIVABILITY.
	  	 	36	  
	 33. HEADINGS.
	  	 	36	  
	 34. EXECUTION IN COUNTERPARTS.
	  	 	37	  

  
 iii

 Table of Contents 

(continued) 
  

					
	 	  	Page	 
	 35. BENEFICIARIES.
	  	 	37	  
	 36. PATRIOT ACT.
	  	 	37	  
	 37. TRUSTEE PROTECTIONS.
	  	 	37	  
		
	 Schedule 2.1: Vehicle Acceptance/Rejection
	  			
		
	 Schedule 7: Customary practices regarding the preparation, conditioning and scheduled maintenance of vehicles
	  			
		
	 Schedule 23.12: Material Litigation
	  			

  
 iv 

 AMENDED AND RESTATED MASTER MOTOR VEHICLE OPERATING LEASE AND 

SERVICING AGREEMENT 
 This Amended and Restated Master Motor Vehicle Operating Lease and Servicing Agreement (this “Agreement”), dated as of May 11, 2011, by and between ZIPCAR VEHICLE FINANCING LLC, a
Delaware limited liability company (“ZVF”), as lessor (in such capacity, the “Lessor”) and ZIPCAR, INC., a Delaware corporation (“Zipcar”), as lessee (in such capacity, the
“Lessee”) and as servicer (in such capacity, the “Servicer”). 
 W I T N E S S E T H:

 WHEREAS, ZVF and Zipcar entered into a Master Motor Vehicle Operating Lease and Servicing Agreement, dated as of May 24,
2010 (the “Prior Agreement”); 
 WHEREAS, ZVF and Zipcar desire to amend and restate the Prior Agreement in its
entirety as herein set forth; 
 WHEREAS, the Lessor will purchase certain passenger automobiles and light duty trucks that the
Lessor determines shall be leased hereunder; 
 WHEREAS, the Lessor desires to lease to the Lessee and the Lessee desires to
lease from the Lessor the ZVF Vehicles for use in connection with the daily car-sharing business of the Lessee; 
 NOW,
THEREFORE, in consideration of the foregoing premises, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows: 

1. DEFINITIONS. Except as otherwise specified, capitalized terms used but not defined herein shall have the meanings ascribed to such
terms in the Definitions List attached as Schedule 1 to the Amended and Restated Base Indenture, dated as of May 11, 2011 (the “Base Indenture”), between ZVF, as Issuer, and Deutsche Bank Trust Company Americas, as
Trustee, as such Base Indenture may be amended, supplemented, restated or otherwise modified from time to time in accordance with its terms. 
 2. GENERAL AGREEMENT. (a) The Lessee and the Lessor intend that this Agreement is a lease and that the relationship between the Lessor and the Lessee pursuant hereto shall always be only that of lessor
and lessee, and the Lessee hereby declares, acknowledges and agrees that the Lessor is the owner of, and holds legal title to, the ZVF Vehicles. The Lessee shall not acquire by virtue of this Agreement any right, equity, title or interest in or to
any ZVF Vehicles, except the right to use the same under the terms hereof. The parties agree that this Agreement is a “true lease” and agree to treat this Agreement as a lease for all purposes, including accounting, regulatory and
otherwise, except it will be disregarded for income tax purposes to the extent the Lessor is a disregarded entity of the Lessee for income tax purposes. 

 (b) If, notwithstanding the intent of the parties to this Agreement, this Agreement is
characterized by any third party as a financing arrangement or as otherwise not constituting a “true lease,” then it is the intention of the parties that this Agreement shall constitute a security agreement under applicable law, and, to
secure all of its obligations under this Agreement, the Lessee hereby grants to the Lessor a security interest in all of the Lessee’s right, title and interest, if any, in and to all of the following assets, property and interests in property,
whether now owned or hereafter acquired or created: 
 (i) the rights of the Lessee under this Agreement, as the
same may be amended, modified or supplemented from time to time in accordance with its terms, and each Supplemental Document (other than the Manufacturer Programs) (collectively, the “Lessee Agreements”), including, without
limitation, (a) all monies, if any, due and to become due to the Lessee under or in connection with any of the Lessee Agreements, whether payable as rent, fees, expenses, costs, indemnities, insurance recoveries, damages for the breach of any
of the Lessee Agreements or otherwise, (b) all rights, remedies, powers, privileges and claims of the Lessee against any other party under or with respect to the Lessee Agreements (whether arising pursuant to the terms of such Lessee Agreements
or otherwise available to the Lessee at law or in equity), including the right to enforce any of the Lessee Agreements and to give or withhold any and all consents, requests, notices, directions, approvals, extensions or waivers under or with
respect to the Lessee Agreements or the obligations and liabilities of any party thereunder, (c) all liens and property from time to time purporting to secure payment of the obligations and liabilities of the Lessee arising under or in
connection with the Lessee Agreements, together with any documents or agreements describing any collateral securing such obligations or liabilities, and (d) all guarantees, insurance and other agreements or arrangements of whatever character
from time to time supporting or securing payment of such obligations and liabilities of the Lessee pursuant to the Lessee Agreements; 
 (ii) all ZVF Vehicles which, notwithstanding that this Agreement is intended to convey only a leasehold interest, are determined to be owned by the Lessee, and all Certificates of Title with respect to
the ZVF Vehicles; 
 (iii) all right, title and interest of the Lessee in and to any proceeds from the sale of
ZVF Vehicles which, notwithstanding that this Agreement is intended to convey only a leasehold interest, are determined to be owned by the Lessee, including all monies due in respect of such ZVF Vehicles, whether payable as the purchase price of
such ZVF Vehicles or as fees, expenses, costs, indemnities, insurance recoveries or otherwise; 
 (iv) all
payments under insurance policies (whether or not the Lessor, the Collateral Agent or the Trustee is named as the loss payee thereof) with respect to the ZVF Vehicles or any warranty payable by reason of loss or damage to, or otherwise with respect
to, any of the ZVF Vehicles; 
 (v) all additional property relating to the ZVF Vehicles that may from time to
time hereafter be subjected to the grant and pledge under this Agreement, as same may be modified or supplemented from time to time, by the Lessee or by anyone on its behalf; and 

  
 2 

 (vi) all Proceeds of any and all of the foregoing including, without
limitation, payments under insurance (whether or not the Lessor is named as the loss payee thereof) and cash. 
 (c) To secure
the Note Obligations, the Lessee hereby grants to the Collateral Agent, on behalf of the Trustee for the benefit of the Noteholders, a first priority security interest in all of the Lessee’s right, title and interest, if any, in and to all of
the collateral described in Section 2(b) above, whether now owned or hereafter acquired or created. Upon the occurrence of a Liquidation Event of Default or a Limited Liquidation Event of Default and subject to the provisions of the
Related Documents, the Collateral Agent shall have all of the rights and remedies of a secured party, including, without limitation, the rights and remedies granted under the UCC. 

(d) The Lessee agrees to deliver to the Lessor and the Trustee on or before the Initial Closing Date: 

(i) a written search report from a Person satisfactory to the Lessor listing all effective financing statements that name
the Lessee as debtor or assignor, and that are filed in the jurisdictions in which filings were made pursuant to clause (ii) below, together with copies of such financing statements; 

(ii) evidence of the filing in the State of Delaware of proper financing statements on Form UCC-1 naming the Lessee, as
debtor, and the Lessor, as secured party and the Collateral Agent as assignee secured party, covering the collateral described in Section 2(b) above; and 

(iii) evidence of the filing in the State of Delaware of proper financing statements on Form UCC-l naming the Lessee, as
debtor, and the Collateral Agent as secured party covering the collateral described in Section 2(b) above; 
 (e)
The Lessee hereby authorizes the Lessor to file, or cause to be filed, financing or continuation statements, and amendments thereto and assignments thereof, under the applicable UCC in order to perfect its interest in the security granted pursuant
to Section 2(b) hereof. 
 2.1. Lease of ZVF Vehicles. (a) From time to time, subject to the terms and
provisions hereof, the Lessor agrees to lease to the Lessee, and the Lessee agrees to lease from the Lessor, the vehicles identified as ZVF Vehicles in order summaries (each, a “New Vehicle Schedule”) provided to the Lessor and the
Servicer from time to time by the Lessee which shall list the Eligible Vehicles ordered by the Lessee as agent for the Lessor and indicate the VIN, model, Manufacturer, date of original purchase, the Manufacturer’s suggested retail price, the
Vehicle Operating Lease Commencement Date and Capitalized Cost of each such ZVF Vehicle. This Agreement, together with the Manufacturer Programs, the New Vehicle Schedules and any other related documents attached to this Agreement, in each case
solely to the extent to which such Manufacturer Programs, schedules and documents relate to ZVF Vehicles or otherwise relate to and/or constitute Collateral (collectively, the “Supplemental Documents”), will constitute the entire
agreement regarding the leasing of ZVF Vehicles by the Lessor to the Lessee. 

  
 3 

 (b) The Lessor hereby appoints the Lessee as the Lessor’s agent in placing vehicle
orders on behalf of the Lessor. The Lessee agrees that all Program Vehicles ordered as provided herein shall be ordered utilizing procedures consistent with the applicable Manufacturer Program. The Lessor hereby directs the Lessee to, and the Lessee
hereby agrees that it shall, be responsible for taking delivery of the ZVF Vehicles and conducting pre-delivery inspection of ZVF Vehicles and filing claims on behalf of the Lessor for damage in transit and other delivery claims related to the ZVF
Vehicles leased hereunder; provided, however, that the Lessor may hold the Lessee liable for the Lessee’s actions in performing as the Lessor’s agent hereunder. In addition, the Lessor agrees that the Lessee may make
arrangements for delivery of ZVF Vehicles to a location selected by the Lessee at the Lessee’s expense. The Lessee may accept or reject Eligible Vehicles upon delivery in accordance with (x) in the case of any Program Vehicle, the
applicable Manufacturer Program or (y) in the case of any other ZVF Vehicle, the Lessee’s customary business practices set forth on Schedule 2.1 hereto, as such schedule may be amended with the consent of the Lessor. Any Eligible Vehicle
that is rejected by the Lessee upon delivery will be deemed a Casualty hereunder. The Lessee, acting as agent for the Lessor, shall be responsible for pursuing any rights of the Lessor with respect to the return of any Eligible Vehicle to the
Manufacturer thereof, or the applicable auction or dealer, as applicable, pursuant to the preceding sentence. The Lessee agrees that all vehicles ordered from a Manufacturer, auction or dealer as provided herein shall be Eligible Vehicles and shall
be ordered utilizing the procedures consistent with any guidelines of the Manufacturer, auction or dealer, as applicable, for the ordering or purchasing of ZVF Vehicles, in each case as and to the extent applicable. 

(c) Upon receipt of the Manufacturer’s invoice and certificate of origin in respect of any new ZVF Vehicle, the Lessor shall pay or
cause to be paid to the auction, the dealer or the related Manufacturer, as applicable, the Capitalized Cost for such ZVF Vehicle and the Lessee shall pay all applicable costs and expenses of freight, packing, handling, storage, shipment and
delivery of such ZVF Vehicle and sales and use tax (if any) to the extent that the same have not been included within the Capitalized Cost of such ZVF Vehicle. 
 (d) Promptly upon any payment pursuant to clause (c) above, the Servicer shall ensure that the Lessor is named on the applicable Certificate of Title pursuant to Section 2.5 of the
Collateral Agency Agreement. 
 (e) With respect to any ZVF Vehicle manufactured by Toyota and subject to a Manufacturer
Program, the Lessee shall indicate on the New Vehicle Schedule with respect to such ZVF Vehicle whether such ZVF Vehicle will be subject to “Tier 1” or “Tier 2” under such Manufacturer Program. 

2.2. Non-Liability of Lessor. AS BETWEEN THE LESSOR AND THE LESSEE, ACCEPTANCE FOR LEASE OF THE ZVF VEHICLES PURCHASED FOR LEASE
HEREUNDER SHALL CONSTITUTE THE LESSEE’S ACKNOWLEDGMENT AND AGREEMENT THAT THE LESSEE HAS FULLY INSPECTED SUCH ZVF VEHICLES, THAT SUCH ZVF VEHICLES ARE IN GOOD ORDER AND CONDITION AND ARE OF THE MANUFACTURE, DESIGN, SPECIFICATIONS AND CAPACITY
SELECTED BY THE LESSEE, THAT THE LESSEE IS SATISFIED THAT THE SAME ARE SUITABLE FOR THIS USE AND THAT THE LESSOR IS NOT A MANUFACTURER OR ENGAGED IN THE SALE OR DISTRIBUTION OF ZVF VEHICLES, AND HAS NOT MADE AND DOES NOT HEREBY MAKE ANY
REPRESENTATION, WARRANTY OR COVENANT WITH RESPECT TO MERCHANTABILITY, CONDITION, QUALITY, DURABILITY OR SUITABILITY OF SUCH ZVF VEHICLES IN ANY RESPECT OR IN CONNECTION WITH OR FOR THE PURPOSES OR USES OF THE LESSEE, OR ANY OTHER REPRESENTATION,
WARRANTY OR COVENANT OF ANY KIND OR CHARACTER, EXPRESS OR IMPLIED, WITH RESPECT THERETO. THE LESSOR SHALL NOT BE LIABLE FOR ANY FAILURE TO PERFORM ANY PROVISION HEREOF RESULTING FROM FIRE OR OTHER CASUALTY, NATURAL DISASTER, RIOT, STRIKE OR OTHER
LABOR DIFFICULTY, GOVERNMENTAL REGULATION OR RESTRICTION, OR ANY CAUSE BEYOND THE LESSOR’S DIRECT CONTROL. IN NO EVENT SHALL THE LESSOR BE LIABLE FOR ANY INCONVENIENCES, LOSS OF PROFITS OR ANY OTHER CONSEQUENTIAL, INCIDENTAL OR SPECIAL DAMAGES
RESULTING FROM ANY DEFECT IN OR ANY THEFT, DAMAGE, LOSS OR FAILURE OF ANY ZVF VEHICLE, AND THERE SHALL BE NO ABATEMENT OF RENT OR OTHER AMOUNTS PAYABLE HEREUNDER BECAUSE OF THE SAME. 

  
 4 

 2.3. Return. (a) The Servicer will act as the Lessor’s agent in returning (as
set forth in this Section 2.3) or otherwise disposing of each ZVF Vehicle on or prior to the Vehicle Operating Lease Expiration Date with respect to such ZVF Vehicle and, if applicable, disposing of any ZVF Vehicle that is returned to
the Lessor pursuant to Section 16.6 of this Agreement. 
 (b) The Lessee will, subject to Sections 2.4 and
2.5, return each Eligible Program Vehicle (other than a Casualty or an Eligible Program Vehicle which has become an Ineligible Vehicle) to the Servicer in accordance with the requirements of Section 3.1(b), who upon receipt of
such Eligible Program Vehicle will return such Eligible Program Vehicle to the nearest related Manufacturer official auction or other facility designated by such Manufacturer at the Lessee’s sole expense in accordance with the requirements of
Section 3.1(b). 
 (c) The Lessee will, subject to Sections 2.4 and 2.5, return each Non-Program
Vehicle to the Servicer not less than thirty (30) days prior to the Maximum Lease Termination Date with respect to such Non-Program Vehicle (or promptly following the date the Lessor issues a notice of non-renewal in the case of any Non-Program
Vehicle subject to a Special Term that is not automatically renewed pursuant to Section 3.1). The Servicer, upon receipt of such Non-Program Vehicle, will dispose of such Non-Program Vehicle pursuant to Section 2.3(a) and in
accordance with the requirements of Section 2.5(b). 
 2.4. Lessee’s Right to Purchase ZVF Vehicles.
The Lessee shall have the option, exercisable with respect to any ZVF Vehicle during the Vehicle Term, to purchase such ZVF Vehicle for an amount equal to the greater of (i) the Termination Value or (ii) the Market Value of such ZVF
Vehicle, in each case, as of the date such amount shall be deposited in the Collection Account (the greater of such amounts being referred to as the “Vehicle Purchase Price”). In the event the Lessee exercises its option to purchase
any ZVF Vehicle, the Lessee shall pay the Vehicle Purchase Price of such ZVF Vehicle to the Lessor on or before the Payment Date with respect to the Related Month in which the Lessee elects to purchase such ZVF Vehicle, and the Lessee will pay on or
before such Payment Date all accrued and unpaid Monthly Base Rent and any Monthly Variable Rent due and payable with respect to such ZVF Vehicle through such Payment Date. Monthly Base Rent and Monthly Variable Rent will continue to accrue with
respect to such ZVF Vehicle through such Payment Date. The Lessor shall transfer title to any such ZVF Vehicle to the Lessee concurrently with or promptly after the deposit of Vehicle Purchase Price (and any such unpaid Monthly Base Rent and Monthly
Variable Rent) into the Collection Account. 

  
 5 

 2.5. Lessor’s Right to Cause Vehicles to be Sold. If the Lessee does not elect
to purchase any Vehicle pursuant to Section 2.4, then: 
 (a) The Lessor shall have the right, at any time with the
consent of the Lessee or during the ninety (90) days prior to the expiration of the Maximum Term for an Eligible Program Vehicle, to direct the Servicer to arrange for the sale of such Eligible Program Vehicle to a third party, if permitted
under the related Manufacturer Program, for a price greater than or equal to the Termination Value of such Eligible Program Vehicle, reduced by the amount of any non-return incentive received by the Lessor or payable to the Lessor from the
Manufacturer in respect of such Eligible Program Vehicle pursuant to such Manufacturer Program if such Manufacturer is an Eligible Program Manufacturer, on or prior to the Maximum Lease Termination Date with respect to such Eligible Program Vehicle.
Notwithstanding the disposition of an Eligible Program Vehicle pursuant to this Section 2.5(a) prior to the end of a calendar month, the Lessee shall pay to the Lessor all accrued and unpaid Monthly Base Rent and any Monthly Variable
Rent then due and payable with respect to such Eligible Program Vehicle through the Payment Date with respect to the Related Month during which the Repurchase Price of such Eligible Program Vehicle is deposited into the Collection Account, unless
such Eligible Program Vehicle is a Casualty or becomes an Ineligible Vehicle, payment for which will be made in accordance with Section 6. When a sale of such Eligible Program Vehicle is arranged by the Servicer pursuant to this
Section 2.5(a), (i) the Servicer shall deliver the Eligible Program Vehicle to the purchaser thereof and (ii) the Servicer shall cause to be deposited into the Collateral Account the funds paid for such Eligible Program Vehicle
by the purchaser. 
 (b) The Servicer shall use commercially reasonable efforts, at its own expense, to arrange for the sale of
each Non-Program Vehicle to a third party for the Vehicle Purchase Price with respect to such Vehicle on or prior to the Maximum Lease Termination Date with respect to such Non-Program Vehicle. Notwithstanding the disposition of a Non-Program
Vehicle by the Servicer prior to the end of a calendar month, the Lessee shall pay to the Lessor all accrued and unpaid Monthly Base Rent and any Monthly Variable Rent due and payable with respect to such Non-Program Vehicle through the Payment Date
with respect to the Related Month during which the Disposition Proceeds of such Non-Program Vehicle are deposited into the Collection Account, unless such Non-Program Vehicle is a Casualty or becomes an Ineligible Vehicle, payment for which will be
made in accordance with Section 6. When a sale of such Non-Program Vehicle is arranged by the Servicer pursuant to this Section 2.5(b), (i) the Servicer shall deliver the Non-Program Vehicle to the purchaser thereof and
(ii) the Servicer shall cause to be deposited into the Collateral Account the funds paid for such Non-Program Vehicle by the purchaser. Notwithstanding anything in this Section 2.5(b) to the contrary, the Lessee may deliver to the
Servicer any Non-Program Vehicle that remains eligible under, and subject to, a Manufacturer Program for return to the related Manufacturer in accordance with Section 3.1(b) hereof as if such Non-Program Vehicle were an Eligible Program
Vehicle if (x) the Servicer reasonably believes that such Manufacturer will honor its obligations under such Manufacturer Program with respect to such Vehicle and (y) the Repurchase Price (less any Excess Mileage Charges and any Excess
Damage Charges) with respect to such Non-Program Vehicle under the related Manufacturer Program is equal to or greater than its Vehicle Purchase Price. 

  
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 (c) In the event any ZVF Vehicle is not purchased by the Lessee pursuant to
Section 2.4 or sold to a third party pursuant to Section 2.5(a) or (b) or returned to a Manufacturer pursuant to Section 3.1(b), the Servicer shall return such ZVF Vehicle to the Lessor on the Payment
Date with respect to the Related Month in which the applicable Maximum Lease Termination Date falls, and the Lessee shall pay an amount equal to all accrued but unpaid Monthly Base Rent and all Monthly Variable Rent payable with respect to such ZVF
Vehicle through such Payment Date. 
 2.6. Redesignation of Vehicles. At any time, including without limitation, if
(i) an Eligible Program Vehicle becomes ineligible for repurchase by its Manufacturer or for sale at Auction under the applicable Manufacturer Program or (ii) the return of an Eligible Program Vehicle to the applicable Manufacturer cannot
otherwise be effected for any reason, the Lessor (or the Servicer on its behalf and at its instruction) may redesignate a an Eligible Program Vehicle as a Non-Program Vehicle; provided that, unless such Manufacturer is a Defaulting
Manufacturer, no Amortization Event or Potential Amortization Event with respect to any Series of Notes Outstanding has occurred and is continuing or would be caused by such redesignation; provided further, that in connection with such
redesignation (x) if no Depreciation Schedule exists with respect to such type of Vehicle, the Lessor shall establish a Depreciation Schedule for such redesignated Non-Program Vehicle in accordance with Section 23 and (y) the
Lessee shall pay to the Lessor on the next succeeding Payment Date an amount (the “Redesignation Amount”) equal to the excess, if any, of the Net Book Value of such Vehicle as of the date of redesignation over an amount equal to the
Net Book Value of such Vehicle as of the date of redesignation calculated as if such Vehicle been a Non-Program Vehicle on the Vehicle Operating Lease Commencement Date for such Vehicle. However, with respect to (i) an Eligible Program Vehicle
that is redesignated as a Non-Program Vehicle under the circumstances described in Section 17(b) or (ii) a Non-Program Vehicle purchased from a Manufacturer during the continuance of a Manufacturer Event of Default pursuant to
clause (ii) of the definition thereof with respect to such Manufacturer that would constitute a Program Vehicle but for the existence of such Manufacturer Event of Default, if (x) the Manufacturer of such Vehicle assumes its Manufacturer
Program in accordance with the Bankruptcy Code, (y) following the assumption described in such clause (x), such Non-Program Vehicle is eligible under such assumed Manufacturer Program and otherwise meets the qualifications for an Eligible
Program Vehicle (provided that, solely for the purposes of this sentence, in determining whether such Vehicle is an Eligible Program Vehicle in accordance with the definition thereof, the Vehicle Operating Lease Commencement Date with respect
to such Vehicle shall be deemed to be the date of the redesignation thereof hereunder) and (z) there are at least thirty (30) days prior to the expiration of the Maximum Term for such Eligible Program Vehicle, the Lessor may redesignate
such Non-Program Vehicle as an Eligible Program Vehicle, and, in connection with such redesignation, future Depreciation Charges in respect of such redesignated Eligible Program Vehicle shall be made in accordance with requirements for Eligible
Program Vehicles set forth in the definition of Depreciation Charges and the Lessor shall pay to the Lessee on the next succeeding Payment Date an amount (the “Assumption Redesignation Amount”) equal to the excess, if any, between
the Net Book Value of such redesignated Eligible Program Vehicle as of the date of such redesignation of such Vehicle as an Eligible Program Vehicle over an amount equal to the Net Book Value of such redesignated Eligible Program Vehicle as of such
date of redesignation calculated as if such Vehicle been an Eligible Program Vehicle at all times since the Vehicle Operating Lease Commencement Date for such Vehicle; provided that (1) no payment of any Assumption Redesignation Amount
shall be required to be made and no payment may be made by the Lessor to the extent that an Amortization Event of Potential Amortization Event with respect to any Series of Notes Outstanding exists or would be caused by such payment, (2) the
amount of any such payment of any Assumption Redesignation Amount to be made by the Lessor on any Payment Date shall be capped at and be paid from (and the obligation of the Lessor to make such payment on such Payment Date shall be limited to) the
amount of funds available to be released to the Lessor on such Payment Date and not otherwise required to be applied to any other payment under the terms of any Related Document and (3) if any such payment of any Assumption Redesignation Amount
from the Lessor is limited in amount pursuant to either clause (1) or clause (2) above, the Lessor shall pay to the Lessee on each Payment Date thereafter the amount available in accordance with clauses (1) and (2) until the
Assumption Redesignation Amount has been paid in full to the Lessee. 

  
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 2.7. Limitations on the Leasing or Redesignation of Certain ZVF Vehicles. The
Lessor and the Lessee hereby agree that the Lessor shall not redesignate Eligible Program Vehicles as Non-Program Vehicles pursuant to Section 2.6 and the Lessor shall not lease to the Lessee any additional ZVF Vehicle pursuant to
Section 2.1 if, as of the date of the addition or redesignation of such ZVF Vehicle hereunder, after giving effect to such addition or redesignation, (a) an Enhancement Deficiency would exist (after giving effect to any simultaneous
voluntary increases in the level of Enhancement permitted under the Indenture) under any Series of Notes, unless (i) such addition or redesignation would decrease the amount of such Enhancement Deficiency or (ii) in the case of a
redesignation, the Manufacturer of the applicable Vehicle is a Defaulting Manufacturer or (b) there would be a failure or violation of any other condition, requirement, or restriction with respect to the leasing of ZVF Vehicles under this
Agreement as is specified in any Series Supplement (other than a Segregated Series Supplement). 
 2.8. Conditions to Each
Lease of ZVF Vehicle. The agreement of the Lessor to lease any ZVF Vehicle to the Lessee hereunder is subject to the following conditions precedent being satisfied on or prior to the Vehicle Operating Lease Commencement Date for such ZVF
Vehicle. The Lessee hereby agrees that each acceptance of the delivery of a new ZVF Vehicle shall be deemed to constitute a representation and warranty by the Lessee to the Lessor and the Trustee that all the conditions precedent (other than the
condition specified in clause (b) below) to the leasing of such ZVF Vehicle hereunder shall have been satisfied and shall constitute acceptance by the Lessee of such ZVF Vehicle under this Agreement as of such Vehicle Operating Lease
Commencement Date: 
 (a) No Default. No Potential Operating Lease Event of Default or Operating Lease Event of Default
shall have occurred and be continuing on such date or would result from the leasing of such ZVF Vehicle hereunder; 

  
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 (b) Funding. ZVF shall have sufficient funds (other than funds allocated to one or
more Segregated Series of Indenture Notes relating to or constituting Series-Specific Collateral) available under the Indenture or otherwise to purchase such ZVF Vehicle in accordance with Section 2.1 hereof; 

(c) Representations and Warranties. The representations and warranties contained in Section 24 are true and correct in
all material respects as of such date; 
 (d) Eligible Vehicle. Such ZVF Vehicle is an Eligible Vehicle; and 

(e) No Violation of Section 2.7. No violation of Section 2.7 shall have occurred and be continuing on such date
or would result from the leasing of such ZVF Vehicle hereunder. 
 3. TERM. 

3.1. Vehicle Term. 
 (a) (a) The “Vehicle Operating Lease Commencement Date” with respect to any ZVF Vehicle shall mean the date referenced in the applicable New Vehicle Schedule with respect to such ZVF
Vehicle but in no event shall such date be a date later than the date that funds are expended by ZVF to acquire such ZVF Vehicle (such date, the “Vehicle Funding Date” for such ZVF Vehicle). The “Vehicle Term” with
respect to each ZVF Vehicle (other than a ZVF Vehicle which has a Special Term) shall extend from the Vehicle Operating Lease Commencement Date with respect to such ZVF Vehicle through the earliest of (i) if such ZVF Vehicle is a Program
Vehicle returned to a Manufacturer under a Manufacturer Program, the Turnback Date for such Vehicle, (ii) if such ZVF Vehicle is a Vehicle sold to a third party pursuant to Section 2.5, the date on which funds in respect of such
sale are deposited in the Collection Account (by such third party or by the Servicer or Collateral Agent or Trustee on behalf of such third party), (iii) if such ZVF Vehicle is sold to the Lessee pursuant to Section 2.4, the date on
which the Vehicle Purchase Price for such ZVF Vehicle is deposited into the Collection Account, (iv) if such ZVF Vehicle becomes a Casualty or an Ineligible Vehicle, the date funds in the amount of the Termination Value thereof are deposited in
the Collection Account by the Lessee, and (v) the date that is the last Business Day of the month that is 36 months after the month in which the Vehicle Operating Lease Commencement Date occurs with respect to such ZVF Vehicle (the
earliest of such dates described in clauses (i) through (v) being referred to as the “Vehicle Operating Lease Expiration Date” for such ZVF Vehicle). The “Vehicle Term” with respect to each ZVF
Vehicle which has a Special Term shall extend from the Vehicle Operating Commencement Date with respect to such ZVF Vehicle through the earlier of (i) the last date of the Special Term for such ZVF Vehicle as the same may be extended in
accordance with the following sentence and (ii) the Vehicle Operating Lease Expiration Date for such ZVF Vehicle. The Special Term shall be automatically renewed until the date that is the last Business Day of the month that is 36 months
after the month in which the Vehicle Operating Lease Commencement Date occurs with respect to such ZVF Vehicle, unless the Lessor or the Lessee gives prior notice of non-renewal of the Special Term to the Lessor or the Lessee, as applicable, during
the period of any Special Term, or the Vehicle Operating Lease Expiration Date occurs during the period of any Special Term. The “Special Term” shall mean (i) 180 days with respect to ZVF Vehicles titled in the State of
Texas and the State of Maryland; (ii) one year with respect to ZVF Vehicles titled in the State of Illinois; (iii) eleven months with respect to ZVF Vehicles titled in the State of Iowa, the Commonwealth of Massachusetts, the State of
Maine, the State of Vermont and the Commonwealth of Virginia; (iv) 30 days with respect ZVF Vehicles titled in the State of Nebraska and the State of West Virginia and (v) 28 days with respect to ZVF Vehicles titled in the State of South
Dakota. 

  
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 (b) Subject to Sections 2.4 and 2.5, the Lessee shall deliver each Eligible
Program Vehicle to the Servicer for return to the related Manufacturer in accordance with such Manufacturer Program (a) not prior to the end of the minimum holding period specified in the related Manufacturer Program (the “Minimum
Term”), (b) not later than the end of the maximum holding period specified in the related Manufacturer Program (the “Maximum Term”), and (c) in any event, no later than the Maximum Lease Termination Date with
respect to such Eligible Program Vehicle. Upon receipt of an Eligible Program Vehicle for return to the related Manufacturer, the Servicer will return such Eligible Program Vehicle to the nearest related Manufacturer official auction or other
facility designated by such Manufacturer at the Servicer’s expense and otherwise in accordance with the requirements of the applicable Manufacturer Program. If the Lessee delivers an Eligible Program Vehicle to the Servicer for return to the
related Manufacturer before the Minimum Term, the Lessee will make a payment in an amount equal to the Early Termination Payment to the Lessor in accordance with Section 13.4, unless such Eligible Program Vehicle is a Casualty or becomes
an Ineligible Vehicle, in which case, the disposition of such Vehicle will be handled in accordance with Section 6. If the Lessee delivers an Eligible Program Vehicle to the Servicer for return to the related Manufacturer after the
Maximum Term, the Lessee shall pay to the Lessor the Casualty Payment in respect of such Vehicle in accordance with Section 6. 
 3.2. Term. The “Operating Lease Commencement Date” shall mean the Initial Closing Date. The “Operating Lease Expiration Date” shall mean the later of (i) the
date of the final payment in full of the last Note Outstanding and (ii) the Vehicle Operating Lease Expiration Date for the last ZVF Vehicle leased by the Lessee hereunder. The “Term” of this Agreement shall mean the period
commencing on the Operating Lease Commencement Date and ending on the Operating Lease Expiration Date. 
 4. RENT AND CHARGES.
The Lessee will pay Rent due and payable on a monthly basis as set forth in this Section 4. 
 4.1. Monthly Base
Rent. The “Monthly Base Rent” for each Payment Date and each ZVF Vehicle shall be the sum of all Depreciation Charges that have accrued with respect to such ZVF Vehicle during the Related Month, as adjusted in accordance with
Section 4.4. 
 4.2. Monthly Variable Rent. The “Monthly Variable Rent” for each Payment
Date and each ZVF Vehicle shall equal the sum of (1) the product of (a) an amount equal to the sum of (i) all interest accruing on each Series of Notes Outstanding during the Interest Period for such Series of Notes ending on such
Payment Date or on a date immediately preceding such Payment Date and (ii) all Carrying Charges for such Payment Date multiplied by (b) the quotient obtained by dividing (i) the Net Book Value as of the last day of the Related Month
(or, if earlier, the Disposition Date) of such ZVF Vehicle by (ii) the aggregate Net Book Values as of the last day of the Related Month (or, if earlier, the applicable Disposition Dates) of all ZVF Vehicles leased hereunder during the Related
Month plus (2) 4.00% per annum, payable at one-twelfth the annual rate, of the Net Book Value of such ZVF Vehicle as of the last day of the Related Month (or, if later, as of the Vehicle Operating Lease Commencement Date of such ZVF
Vehicle). 

  
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 4.3. Rent. “Rent” for each ZVF Vehicle means the Monthly Base Rent
plus Monthly Variable Rent for such ZVF Vehicle. 
 4.4. Monthly Base Rent Adjustments. (a) (a) If an Eligible
Program Vehicle is subject to a Manufacturer Program that calculates depreciation charges on a basis other than a calendar month basis, an adjustment shall be made to the Monthly Base Rent for such Eligible Program Vehicle for the Payment Date
following the Related Month in which the Vehicle Operating Lease Expiration Date for such Eligible Program Vehicle occurs to reconcile the Depreciation Charges that accrued with respect to such Eligible Program Vehicle during the Vehicle Term of
such Eligible Program Vehicle with the depreciation charges that accrued with respect to such Eligible Program Vehicle under the applicable Manufacturer Program. 
 4.5. Payment of Monthly Base Rent. On each Payment Date, after giving full credit for all prepayments on account thereof pursuant to Section 4.11, the Lessee shall pay to the Lessor the
Monthly Base Rent for such Payment Date for each ZVF Vehicle that was leased by the Lessee under this Agreement on any day during the Related Month. 
 4.6. Payment of Monthly Variable Rent. On each Payment Date, after giving full credit for all prepayments on account thereof pursuant to Section 4.11, the Lessee shall pay to the Lessor
the Monthly Variable Rent for such Payment Date for each ZVF Vehicle that was leased by the Lessee under this Agreement on any day during the Related Month. 
 4.7. Making of Payments. All payments of Rent hereunder (and any other payments hereunder) shall be made by the Lessee to, or for the account of, the Lessor in immediately available funds, without
setoff, counterclaim or deduction of any kind. All such payments shall be deposited into the Collection Account not later than 10:00 a.m., New York City time, on the date due. If any payment of Rent (or any other payments hereunder) falls due on a
day which is not a Business Day, then such due date shall be extended to the next following Business Day and Monthly Variable Rent shall accrue through such Business Day. If the Lessee pays less than the entire amount of Rent (or any other amounts)
due on any Payment Date, after giving full credit for all prepayments made with respect to such Payment Date pursuant to Section 4.11, then the payment received from the Lessee in respect of such Payment Date shall be first applied to
the Monthly Variable Rent due on such Payment Date. 
 4.8. Billing Process. The Servicer shall calculate all Rent,
Casualty Payments, Program Vehicle Special Default Payments, Early Termination Payments, Redesignation Amounts and Assumption Redesignation Amounts. The Servicer shall aggregate the Lessee’s Rent due on all ZVF Vehicles, together with any other
amounts due to the Lessor, and provide to the Lessor a monthly statement of the total amount, in a form acceptable to the Lessor, no later than the Determination Date. The monthly statement shall include a description of the charges owing from the
Lessee. 

  
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 4.9. Casualty Payments. On each Payment Date, after giving full credit for all
prepayments on account thereof pursuant to Section 4.11, the Lessee shall pay to the Lessor all Casualty Payments and Early Termination Payments that have accrued with respect to all ZVF Vehicles that were leased by the Lessee as
provided in Section 6.2 and Section 13.4. 
 4.10. Late Payment. In the event the Lessee fails
to remit payment of any amount due under this Agreement on or before the Payment Date or when otherwise due and payable hereunder, the amount not paid will be considered delinquent and the Lessee will pay a charge equal to (i) interest payable
by ZVF on any overdue amounts owed by ZVF on its related obligations, or (ii) if no such interest is due and payable by ZVF, one-month LIBOR for each day plus 1.0%, times the delinquent amount from the Payment Date until such delinquent
amount (with accrued interest) is received by the Trustee. “LIBOR” means, with respect to amounts due and unpaid under this Agreement, the London Interbank Offered Rate appearing on page LIBOR01 on the Reuters Screen (or on any
successor or substitute page of such service or any successor to or substitute for such screen, providing rate quotations comparable to those currently provided on such page of such screen) at approximately 11:00 a.m., London time, as the rate
for dollar deposits with a one-month maturity that is effective on the date that such amounts are due and unpaid under this Agreement. 
 4.11. Prepayments. On any date, the Lessee may, at its option, pay to the Lessor, in whole or in part, any month’s Rent or other payments, or portion thereof, in advance of the related Payment
Date to the extent that such Rent or other payments have accrued. 
 4.12. Net Lease. THIS AGREEMENT SHALL BE A NET
LEASE, AND THE LESSEE’S OBLIGATION TO PAY ALL RENT AND OTHER SUMS HEREUNDER SHALL BE ABSOLUTE AND UNCONDITIONAL, AND SHALL NOT BE SUBJECT TO ANY ABATEMENT, SETOFF, COUNTERCLAIM, DEDUCTION OR REDUCTION FOR ANY REASON WHATSOEVER. The obligations
and liabilities of the Lessee hereunder shall in no way be released, discharged or otherwise affected (except as may be expressly provided herein) for any reason, including without limitation: (i) any defect in the condition, merchantability,
quality or fitness for use of the ZVF Vehicles or any part thereof; (ii) any damage to, removal, abandonment, salvage, loss, scrapping or destruction of or any requisition or taking of the ZVF Vehicles or any part thereof; (iii) any
restriction, prevention or curtailment of or interference with any use of the ZVF Vehicles or any part thereof; (iv) any defect in or any Lien on title to the ZVF Vehicles or any part thereof; (v) any change, waiver, extension, indulgence
or other action or omission in respect of any obligation or liability of the Lessee or the Lessor; (vi) any bankruptcy, insolvency, reorganization, composition, adjustment, dissolution, liquidation or other like proceeding relating to the
Lessee, the Lessor or any other Person, or any action taken with respect to this Agreement by any trustee or receiver of any Person mentioned above, or by any court; (vii) any claim that the Lessee has or might have against any Person,
including without limitation the Lessor; (viii) any failure on the part of the Lessor or the Lessee to perform or comply with any of the terms hereof or of any other agreement; (ix) any invalidity or unenforceability or disaffirmance of
this Agreement or any provision hereof or any of the other Related Documents or any provision of any thereof, in each case whether against or by the Lessee or otherwise; (x) any insurance premiums payable by the Lessee with respect to the ZVF
Vehicles; or (xi) any other occurrence whatsoever, whether similar or dissimilar to the foregoing, whether or not the Lessee shall have notice or knowledge of any of the foregoing and whether or not foreseen or foreseeable. This Agreement shall
be noncancellable by the Lessee and, except as expressly provided herein, the Lessee, to the extent permitted by law, waives all rights now or hereafter conferred by statute or otherwise to quit, terminate or surrender this Agreement, or to any
diminution or reduction of Rent or other amounts payable by the Lessee hereunder. All payments by the Lessee made hereunder shall be final (except to the extent of adjustments provided for herein), absent manifest error and, except as otherwise
provided herein, the Lessee shall not seek to recover any such payment or any part thereof for any reason whatsoever, absent manifest error. If for any reason whatsoever this Agreement shall be terminated in whole or in part by operation of law or
otherwise except as expressly provided herein, the Lessee shall nonetheless pay an amount equal to all Rent and all other amounts due hereunder at the time and in the manner that such payments would have become due and payable under the terms of
this Agreement as if it had not been terminated in whole or in part. All covenants and agreements of the Lessee herein shall be performed at its cost, expense and risk unless expressly otherwise stated. 

  
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 5. INSURANCE. The Lessee represents that it is and at all times hereunder shall remain a
self-insurer or will provide insurance, in each case in accordance with all applicable state law requirements, and agrees to maintain or cause to be maintained insurance/self-insurance coverage in force as follows: 

5.1. Commercial Automobile Liability Insurance and Property Damage. Commercial automobile liability insurance in respect of the
possession, condition, maintenance, operation and use of the ZVF Vehicles in the amount required to meet the minimum financial responsibility requirements mandated by applicable state law for each occurrence which shall include commercial general
liability insurance in an amount not less than $1,000,000 per occurrence with a minimum general aggregate limit of $2,000,000, excess liability insurance in an amount not less than $4,000,000 per occurrence and in the aggregate. 

5.2. Delivery of Certificate of Insurance. On or prior to the Initial Closing Date, the Lessee shall deliver to the Lessor, the
Trustee and the Collateral Agent a certificate(s) of insurance as to the items required by Section 5.1 herein above. The Lessee shall not change or cancel such insurance without giving at least 30 days’ prior written notice to
the Lessor, the Trustee and the Collateral Agent. Any insurance, as opposed to self-insurance, obtained by the Lessee shall be obtained from a Qualified Insurer only. 
 6. RISK OF LOSS; CASUALTY AND INELIGIBLE VEHICLE OBLIGATIONS. 
 6.1. Risk of
Loss Borne by Lessees. Upon payment by the Lessor for each ZVF Vehicle, as between the Lessor and the Lessee, the Lessee assumes and bears the risk of loss, damage, theft, taking, destruction, attachment, seizure, confiscation or requisition
with respect to such ZVF Vehicle, however caused or occasioned, and all other risks and liabilities, including personal injury or death and property damage, arising with respect to such ZVF Vehicle or the manufacture, purchase, acceptance,
rejection, ownership, delivery, leasing, subleasing, possession, use, inspection, registration, operation, condition, maintenance, repair, storage, sale, return or other disposition of such ZVF Vehicle, howsoever arising. 

  
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 6.2. Casualty; Ineligible Vehicles. If a ZVF Vehicle suffers a Casualty or
otherwise becomes an Ineligible Vehicle, then the Lessee will promptly (i) notify the Servicer thereof and the Servicer shall include notice of such occurrence in the Monthly Servicing Certificate for the Related Month during which such ZVF
Vehicle suffered the Casualty or otherwise became an Ineligible Vehicle and (ii) promptly, but in no event later than the Payment Date with respect to the Related Month during which such ZVF Vehicle suffered a Casualty or otherwise became an
Ineligible Vehicle, deposit into the Collection Account the Termination Value of such ZVF Vehicle as of the date such ZVF Vehicle became a Casualty or otherwise an Ineligible Vehicle (the “Casualty Payment”). Upon receipt of the
Casualty Payment on or before the next Payment Date, this Agreement will terminate with respect to such ZVF Vehicle. Upon receipt of the Casualty Payment by the Lessor, (i) the Lessor shall cause title to such ZVF Vehicle to be transferred to
the Lessee and (ii) the Lessee shall be entitled to any physical damage insurance proceeds applicable to such ZVF Vehicle. 

7. ZVF VEHICLE USE. The Lessee may use ZVF Vehicles leased hereunder in its regular course of business and the Lessee’s and its
subsidiaries’ employees may use ZVF Vehicles leased hereunder in their personal or professional capacities, subject to Sections 2.5 and 18 hereof and Section 9.2 of the Base Indenture. Such use shall be confined
primarily to the United States, with limited use in Canada; provided that any such Vehicle shall not be outside the United States for more than 7 consecutive days; provided, further that the principal place of business of the
Lessee with respect to the ZVF Vehicles is located in the United States. Subject to the preceding sentence, the Lessee may, at its sole expense, change the place of principal location of any ZVF Vehicles. Notwithstanding the foregoing, no change of
location shall be undertaken unless and until all legal requirements applicable to such ZVF Vehicles shall have been met or obtained, including without limitation all actions necessary to maintain the lien of the Collateral Agent on such ZVF
Vehicles. The Lessee shall not knowingly use any ZVF Vehicles or knowingly permit the same to be used for any unlawful purpose. The Lessee shall use reasonable precautions to prevent loss or damage to ZVF Vehicles. The Lessee shall comply with all
applicable statutes, decrees, ordinances and regulations regarding titling, registering, leasing, insuring and disposing of ZVF Vehicles and shall take reasonable steps to ensure that operators are licensed. The Lessee and the Lessor agree that the
Lessee shall perform, at the Lessee’s own expense, such preparation, conditioning services and scheduled maintenance with respect to ZVF Vehicles leased by the Lessee hereunder as are consistent with its normal business practices as set forth
on Schedule 7 hereto, as such schedule may be amended with the consent of the Lessor. The Lessor or the Trustee, or any authorized representative of the Lessor or the Trustee, may during reasonable business hours from time to time, without
disruption of the Lessee’s business, subject to applicable law, inspect ZVF Vehicles wherever they are located. In addition to its normal daily car-sharing operations, the Lessee may sublet ZVF Vehicles to (A) Affiliate(s) in the ordinary
course of business, so long as (i) the sublease to such Affiliate(s) is subject to the terms and conditions of this Agreement and expressly states that it is subordinate in all respects to this Agreement, (ii) the ZVF Vehicles being
subleased are being used in such Affiliate(s)’ daily car-sharing business and (iii) the aggregate Net Book Value of the ZVF Vehicles being subleased at any one time is less than ten percent of the aggregate Net Book Value of all ZVF
Vehicles being leased under this Agreement at such time and (B) to any wholly-owned subsidiary of the Lessee, so long as (i) the sublease of such ZVF Vehicles to such wholly-owned subsidiary is subject to the terms and conditions of this
Agreement and expressly states that it is subordinate in all respects to this Agreement and (ii) the ZVF Vehicles being subleased are being used in such wholly-owned subsidiary’s daily car-sharing business, or by such subsidiary’s
employees in their personal or professional capacities. The sublease of any ZVF Vehicles permitted by this Section 7 shall not release the Lessee from any obligations under this Agreement. 

  
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 8. LIENS. The Lessor may grant security interests in the ZVF Vehicles leased by the Lessee
hereunder without consent of the Lessee. Except for Permitted Liens, the Lessee shall keep all ZVF Vehicles free of all Liens arising during the Term. If on the Vehicle Operating Lease Expiration Date for any ZVF Vehicle, there is a Lien on such ZVF
Vehicle, the Lessor may, in its discretion, remove such Lien and any sum of money that may be paid by the Lessor in release or discharge thereof, including reasonable attorneys’ fees and costs, will be paid by the Lessee upon demand by the
Lessor. 
 9. NON-DISTURBANCE. So long as the Lessee satisfies its obligations hereunder, its quiet enjoyment, possession and
use of the ZVF Vehicles will not be disturbed during the Term subject, however, to Sections 2.5 and 16 hereof and except that the Lessor and the Trustee each retains the right, but not the duty, to inspect such ZVF Vehicles
without disturbing the ordinary conduct of the Lessee’s business. Upon the request of the Lessor or the Trustee from time to time, the Lessee will make reasonable efforts to confirm to the Lessor and the Trustee the location, mileage and
condition of each ZVF Vehicle leased by the Lessee hereunder and to make available for the Lessor’s or the Trustee’s inspection within a reasonable time period, not to exceed 45 days, such ZVF Vehicles at the location where such ZVF
Vehicles are normally domiciled. Further, the Lessee will, during normal business hours and with prior notice of three Business Days, make its records pertaining to the ZVF Vehicles available to the Lessor or the Trustee for inspection at the
location where the Lessee’s records are normally domiciled. 
 10. FEES; TRAFFIC SUMMONSES; PENALTIES AND FINES. The Lessee
shall be responsible for the payment of all registration fees, title fees, license fees or other similar governmental fees and taxes (including the cost of any recording or registration fees or other similar governmental charges with respect to the
notation on the Certificates of Title of the ZVF Vehicles of the interest of the Collateral Agent), all costs and expenses in connection with the transfer of title of, or reflection of the interest of any lienholder in, any ZVF Vehicle, traffic
summonses, penalties, judgments and fines incurred with respect to any ZVF Vehicle leased hereunder during the Vehicle Term for such ZVF Vehicle or imposed during the Vehicle Term for such ZVF Vehicle by any Governmental Authority or any court of
law or equity with respect to such ZVF Vehicles in connection with the Lessee’s operation of such ZVF Vehicles. 
 11.
MAINTENANCE AND REPAIRS. The Lessee shall pay for all maintenance and repairs to keep the ZVF Vehicles in good working order and condition, and the Lessee will maintain the ZVF Vehicles as required in order to keep the Manufacturer’s warranty
in force and otherwise follow the suggested maintenance guidelines supplied by the applicable Manufacturer with respect to each ZVF Vehicle in all material respects. The Lessee will return ZVF Vehicles to an authorized Manufacturer facility or
Manufacturer authorized warranty station for warranty work. The Lessee will comply with any Manufacturer’s recall of any ZVF Vehicle. The Lessee will pay, or cause to be paid, all usual and routine expenses incurred in the use and operation of
ZVF Vehicles including, but not limited to, fuel, lubricants, and coolants. The Lessee shall not make any material alterations to any ZVF Vehicles without the prior consent of the Lessor. Any improvements or additions to any ZVF Vehicles shall
become and remain the property of the Lessor, except that any addition to ZVF Vehicles made by the Lessee shall remain the property of the Lessee if such addition can be disconnected from such ZVF Vehicles without impairing the functioning of such
ZVF Vehicles or its resale value, excluding such addition. 

  
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 12. ZVF VEHICLE WARRANTIES. 

12.1. No Lessor Warranties. THE LESSEE ACKNOWLEDGES THAT THE LESSOR IS NOT THE MANUFACTURER, THE AGENT OF THE MANUFACTURER, OR THE
DISTRIBUTOR OF THE ZVF VEHICLES. THE LESSOR MAKES NO WARRANTY OR REPRESENTATION, EXPRESS OR IMPLIED, AS TO THE FITNESS, SAFENESS, DESIGN, MERCHANTABILITY, CONDITION, QUALITY, CAPACITY OR WORKMANSHIP OF THE ZVF VEHICLES NOR ANY WARRANTY THAT THE ZVF
VEHICLES WILL SATISFY THE REQUIREMENTS OF ANY LAW OR ANY CONTRACT SPECIFICATION, AND AS BETWEEN THE LESSOR AND THE LESSEE, THE LESSEE AGREES TO BEAR ALL SUCH RISKS AT ITS SOLE COST AND EXPENSE. THE LESSEE SPECIFICALLY WAIVES ALL RIGHTS TO MAKE
CLAIMS AGAINST THE LESSOR AND ANY ZVF VEHICLE FOR BREACH OF ANY WARRANTY OF ANY KIND WHATSOEVER AND, AS TO THE LESSOR, THE LESSEE LEASES THE ZVF VEHICLES “AS IS.” IN NO EVENT SHALL THE LESSOR BE LIABLE FOR SPECIAL, INCIDENTAL, OR
CONSEQUENTIAL DAMAGES, WHATSOEVER OR HOWSOEVER CAUSED. 
 12.2. Manufacturer’s Warranties. If a ZVF Vehicle is
covered by a Manufacturer’s warranty, the Lessee, during the Vehicle Term for such ZVF Vehicle, shall have the right to make any claims under such warranty which the Lessor could make. 

13. VEHICLE USAGE GUIDELINES AND RETURN; SPECIAL DEFAULT PAYMENTS; EARLY TERMINATION PAYMENTS. 

13.1. Usage. As used herein, “Vehicle Turn-In Condition” (a) with respect to each Program Vehicle shall mean
the standard established by a set of criteria for evaluating such Vehicle upon its delivery to the Manufacturer and shall be determined in accordance with the related Manufacturer Program and (b) with respect to each Vehicle not subject to a
Manufacturer Program shall mean (i) if such Vehicle is manufactured by the same Manufacturer as any Program Vehicle leased hereunder, the same standard as required with respect to such Program Vehicle and (ii) if such Vehicle does not
satisfy clause (i) above, such condition that would reasonably be considered to be normal wear and tear with only de minimis damages. 
 13.2. Return. The Lessee agrees that the ZVF Vehicles will be in Vehicle Turn-In Condition upon return to the Lessor pursuant to Section 2.3. Any rebate or credits applicable to the
unexpired term of any license plates for a ZVF Vehicle leased hereunder shall inure to the benefit of the Lessee. Each Eligible Program Vehicle not meeting its Vehicle Turn-In Condition will, unless redesignated as a Non-Program Vehicle pursuant to
Section 2.6, be treated as a Casualty. If any Non-Program Vehicle is not in Vehicle Turn-In Condition, the Lessee will pay to the Lessor an amount equal to any actual damage repair charges incurred by Lessor in connection with such
Non-Program Vehicle, upon such return. The Lessee will provide condition report data concerning the Program Vehicles returned to the Manufacturers during the Related Month to the Lessor in the format set forth on the Condition Report(s) on the
Determination Date. 

  
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 13.3. Special Default Payments. On the Determination Date immediately following the
receipt of payment of the Repurchase Price of each Eligible Program Vehicle from the Manufacturer (or the receipt of payment of the Repurchase Price of each such Eligible Program Vehicle sold through an auction conducted by or through a
Manufacturer) or on the Determination Date immediately following the date by which the Repurchase Price of each such Eligible Program Vehicle turned back to a Manufacturer would have been paid if not for a Manufacturer Event of Default, the Servicer
will calculate the amount of any Excess Damage Charges and/or Excess Mileage Charges applicable to such Eligible Program Vehicle pursuant to the applicable Manufacturer Program, and the Lessee will pay the full amount of such charges to the Lessor
on the Payment Date immediately following such Determination Date (any such charges are referred to as “Program Vehicle Special Default Payments”). 
 13.4. Early Termination Payments. If the Lessee turns back any Eligible Program Vehicle to a Manufacturer under its Manufacturer Program before the Minimum Term, on the Payment Date immediately
following the receipt of the Repurchase Price of such Vehicle from such Manufacturer or on the Payment Date immediately following the date by which the Repurchase Price would have been paid if not for a Manufacturer Event of Default, the Lessee will
pay the Lessor an amount equal to the excess, if any, of (x) the Termination Value of such Eligible Program Vehicle (as of the Turnback Date) over (y) the sum of the Repurchase Price received with respect to such Vehicle or that would have
been received but for a Manufacturer Event of Default, as applicable, and any Program Vehicle Special Default Payments made by the Lessee in respect of such Vehicle pursuant to Section 13.3 (any such amount is referred to as an
“Early Termination Payment”). On each Payment Date, the Lessee shall pay to the Lessor all Early Termination Payments that have accrued during the Related Month. The provisions of this Section 13.4 will survive the
expiration or earlier termination of the Term. 
 14. DISPOSITION PROCEDURE. In connection with the disposition of any Program
Vehicle returned to the applicable Manufacturer or sold at Auction, the Servicer will comply with the requirements of law and the requirements of the Manufacturer Programs in connection with, among other things, the delivery of Certificates of Title
and documents of transfer signed as necessary, signed Condition Reports and signed odometer statements to be submitted with such Program Vehicles returned to a Manufacturer pursuant to Section 3.1(b) and accepted by the Manufacturer or
its agent at the time of Program Vehicle return. In connection with the disposition of any ZVF Vehicle otherwise sold, the Servicer will comply with the requirements of law, including, without limitation, the submission of any required odometer
disclosure statement at the time of any such transfer of ownership. 
 15. ASSIGNMENT. 

15.1. Right of the Lessor to Assign this Agreement. The Lessor shall have the right to finance the acquisition and ownership of
ZVF Vehicles by selling or assigning its right, title and interest in this Agreement, including, without limitation, in moneys due from the Lessee and any third party under this Agreement, to the Trustee for the benefit of the Noteholders;
provided, however, that any such sale or assignment shall be subject to the rights and interest of the Lessee in the ZVF Vehicles, including but not limited to the Lessee’s right of quiet and peaceful possession of such ZVF
Vehicles as set forth in Section 9 hereof, and under this Agreement. 

  
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 15.2. Limitations on the Right of the Lessee to Assign this Agreement. The Lessee
shall not assign this Agreement or any of its rights hereunder to any other party; provided, however, that the Lessee may use the ZVF Vehicles leased hereunder in, and under the terms of, its normal daily car-sharing business, and may
sublease ZVF Vehicles pursuant to Section 7. Any purported assignment in violation of this Section 15.2 shall be void and of no force or effect. Nothing contained herein shall be deemed to restrict the right of the Lessee to
acquire or dispose of, by purchase, lease, financing, or otherwise, motor vehicles that are not subject to the provisions of this Agreement. 
 16. DEFAULT AND REMEDIES THEREFOR. 
 16.1. Events of Default. Any one or
more of the following will constitute an event of default (an “Operating Lease Event of Default”): 
 16.1.1. there occurs a default in the payment of any Rent or other amount payable by the Lessee under this Agreement for a period of five Business Days (without giving effect to any payment made with
available Enhancement); 
 16.1.2. any unauthorized assignment or transfer of this Agreement by the Lessee
occurs; 
 16.1.3. the failure, in any material respect, of the Lessee to maintain, or cause to be maintained,
insurance as required in Section 5; 
 16.1.4. the failure, in a material respect, of the Lessee to
observe or perform any other covenant, condition, agreement or provision hereof, including, but not limited to, usage, and maintenance, and such default continues for more than thirty (30) days after the earlier of the date written notice
thereof is delivered by the Lessor or the Trustee to the Lessee or the Lessee has actual knowledge thereof; 

16.1.5. if any representation or warranty made by the Lessee herein is inaccurate or incorrect or is breached or is false
or misleading in any material respect as of the date of the making thereof or any schedule, certificate, financial statement, report, notice, or other writing furnished by or on behalf of the Lessee to the Lessor or the Trustee (excluding for the
avoidance of doubt, any schedule, certificate, financial statement, report, notice or other writing furnished by or on behalf of the Lessee under or in connection with a Segregated Series), is false or misleading in any material respect on the date
as of which the facts therein set forth are stated or certified, and the circumstance or condition in respect of which such representation, warranty or writing was inaccurate, incorrect, breached, false or misleading in any material respect, as the
case may be, shall not have been eliminated or otherwise cured for thirty (30) days after the earlier of (x) the date of the receipt of written notice thereof from the Lessor or the Trustee to the Lessee and (y) the date the Lessee
learns of such circumstance or condition; 

  
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 16.1.6. an Event of Bankruptcy occurs with respect to the Lessee;

 16.1.7. this Agreement or any portion thereof ceases to be in full force and effect or a proceeding shall be
commenced by the Lessee to establish the invalidity or unenforceability of this Agreement; 
 16.1.8. a Servicer
Default occurs; or 
 16.1.9. a Liquidation Event of Default occurs. 

16.2. Effect of Operating Lease Event of Default. If any Operating Lease Event of Default described in
Sections 16.1.1, 16.1.2, 16.1.6, 16.1.8 or 16.1.9 shall occur, (x) the right of the Lessee to lease additional ZVF Vehicles from the Lessor hereunder shall immediately terminate and (y) any accrued
and unpaid Rent and all other payments accrued but unpaid under this Agreement shall automatically, without further action by the Lessor or the Trustee, become immediately due and payable and (z) the Lessee shall, at the request of the Lessor
or the Trustee acting at the direction of the Requisite Investors, return or cause to be returned all ZVF Vehicles leased by the Lessee subject to this Agreement to the Lessor or the Trustee, as the case may be, in accordance with the provisions of
Section 2.3. If any other Operating Lease Event of Default shall occur, (x) the right of the Lessee to lease additional ZVF Vehicles hereunder from the Lessor shall automatically terminate and (y) the Trustee acting at the
direction of the Requisite Investors may declare any accrued and unpaid Rent and all other payments accrued but unpaid under this Agreement to be due and payable whereupon such Rent and such other charges, amounts and payments shall become
immediately due and payable. 
 16.3. Rights of Lessor Upon Operating Lease Event of Default or Limited Liquidation Event of
Default. If an Operating Lease Event of Default, Limited Liquidation Event of Default or Liquidation Event of Default shall occur, then the Lessor at its option may: 
 (i) in the case of an Operating Lease Event of Default, proceed by appropriate court action or actions, either at law or in equity, to enforce performance by the Lessee of the applicable covenants and
terms of this Agreement or to recover damages for the breach hereof calculated in accordance with Section 16.5; or 

(ii) in the case of a Liquidation Event of Default, by notice in writing to the Lessee, terminate this Agreement in its entirety and/or
the right of possession hereunder of the Lessee of any or all ZVF Vehicles and the Lessor may direct delivery by the Servicer of Certificates of Title for the ZVF Vehicles to or upon the direction of the Lessor, whereupon all rights and interests of
the Lessee to such ZVF Vehicles will cease and terminate (but the Lessee will remain liable hereunder as herein provided, provided, however, its liability will be calculated in accordance with Section 16.5); and, in the
case of a Limited Liquidation Event of Default, the Lessor may, by notice in writing to the Lessee, terminate the right of possession hereunder of such number of ZVF Vehicles as will generate disposition proceeds in an amount sufficient to pay all
principal of and interest on (and all other amounts due the Holders of) the Series of Notes as to which such a Limited Liquidation Event of Default shall have occurred, whereupon all rights and interests of the Lessee to such ZVF Vehicles will cease
and terminate (but the Lessee will remain liable hereunder as provided, provided, however that its liability will be calculated in accordance with Section 16.5). Upon termination of the right of possession of the Lessee
with respect to any ZVF Vehicles, the Lessor or its agents may peaceably enter upon the premises of the Lessee or other premises where such ZVF Vehicles may be located and take possession of them and thenceforth hold, possess and enjoy the same free
from any right of the Lessee, or its successors or assigns, to use such ZVF Vehicles for any purpose whatsoever, and the Lessor will, nevertheless, have a right to recover from the Lessee any and all amounts which under the terms of this
Section 16.3 (as limited by Section 16.5 of this Agreement) as may be then due. 

  
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 Each and every power and remedy hereby specifically given to the Lessor will be in addition
to every other power and remedy hereby specifically given or now or hereafter existing at law, in equity or in bankruptcy and each and every power and remedy may be exercised from time to time and simultaneously and as often and in such order as may
be deemed expedient by the Lessor; provided, however, that the measure of damages recoverable against the Lessee will in any case be calculated in accordance with Section 16.5. All such powers and remedies will be
cumulative, and the exercise of one will not be deemed a waiver of the right to exercise any other or others. No delay or omission of the Lessor in the exercise of any such power or remedy and no renewal or extension of any payments due hereunder
will impair any such power or remedy or will be construed to be a waiver of any default or any acquiescence therein. Any extension of time for payment hereunder or other indulgence duly granted to the Lessee will not otherwise alter or affect the
Lessor’s rights or the obligations hereunder of the Lessee. The Lessor’s acceptance of any payment after it will have become due hereunder will not be deemed to alter or affect the Lessor’s rights hereunder with respect to any
subsequent payments or defaults therein. 
 16.4. Rights of Trustee and Servicer Upon Liquidation Event of Default, Limited
Liquidation Event of Default and Non-Performance of Certain Covenants. 
 (i) If a Liquidation Event of Default or a Limited
Liquidation Event of Default shall have occurred and be continuing, the Trustee, to the extent provided in the Indenture, shall have the rights against the Lessee and the Collateral provided in the Indenture and the Collateral Agency Agreement upon
a Liquidation Event of Default or such a Limited Liquidation Event of Default, as the case may be, including the right to take possession of all or a portion of the ZVF Vehicles immediately from the Lessee. 

(ii) During the continuance of a Liquidation Event of Default or a Limited Liquidation Event of Default, the Servicer shall return any or
all Eligible Program Vehicles to the related Manufacturers in accordance with the instructions of the Lessor. To the extent any Manufacturer fails to accept any such Eligible Program Vehicles under the terms of the applicable Manufacturer Program,
the Lessor shall have the right to otherwise dispose of such Eligible Program Vehicles and to direct the Servicer to dispose of such Eligible Program Vehicles in accordance with its instructions. Upon the occurrence of a Liquidation Event of Default
or a Limited Liquidation Event of Default, the Servicer shall dispose of any other ZVF Vehicles and Program Vehicles in accordance with the instructions of the Lessor. To the extent the Servicer fails to so dispose of any such ZVF Vehicles, the
Lessor shall have the right to otherwise dispose of such ZVF Vehicles. In addition, following the occurrence of a Liquidation Event of Default or a Limited Liquidation Event of Default, the Lessor shall have all of the rights, remedies, powers,
privileges and claims vis-a-vis the Lessee, necessary or desirable to allow the Trustee to exercise the rights, remedies, powers, privileges and claims given to the Trustee pursuant to Sections 3.3 and 9.2 of the Base Indenture,
and the Lessee acknowledges that it has hereby granted to the Lessor all such rights, remedies, powers, privileges and claims granted by the Lessor to the Trustee pursuant to Article 3 of the Base Indenture and that the Trustee may (but shall
not be obligated to unless directed in accordance with the Base Indenture) act in lieu of the Lessor in the exercise of all such rights, remedies, powers, privileges and claims. 

  
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 16.5. Measure of Damages. If an Operating Lease Event of Default, a Limited
Liquidation Event of Default or a Liquidation Event of Default occurs and the Lessor or the Trustee exercises the remedies granted to the Lessor or the Trustee under this Article 16 or Section 9.2 of the Base Indenture, the
amount that the Lessor shall be permitted to recover from the Lessee as payment shall be equal to: 
 (i) all accrued and unpaid
Rent for each ZVF Vehicle to the earlier of the date of the return to the Lessor of such ZVF Vehicle or disposition by the Servicer of such ZVF Vehicle in accordance with the terms of this Agreement and all other payments payable under this
Agreement; plus 
 (ii) any reasonable out-of-pocket damages and expenses, including reasonable attorneys’ fees and
expenses, which the Lessor, the Trustee or the Collateral Agent will have sustained by reason of such an Operating Lease Event of Default, Limited Liquidation Event of Default or Liquidation Event of Default, together with reasonable sums for such
attorneys’ fees and such expenses as will be expended or incurred in the seizure, storage, rental or sale of the ZVF Vehicles or in the enforcement of any right or privilege hereunder or in any consultation or action in such connection;
plus 
 (iii) interest from time to time on amounts due and unpaid under this Agreement at one-month LIBOR for each day
plus 1.0% computed from the date of such an Operating Lease Event of Default, Limited Liquidation Event of Default or Liquidation Event of Default or the date payments were originally due to the Lessor under this Agreement or from the date of
each expenditure by the Lessor or the Trustee, as applicable, which is recoverable from the Lessee pursuant to this Section 16, as applicable, to and including the date payments are made by the Lessee. 

16.6. Vehicle Return Default. If the Lessee fails to comply with the provisions of (a) Section 2.3 hereof with
respect to any ZVF Vehicle or (b) Section 3.1 with respect to returning any Eligible Program Vehicle to the Servicer for return to the related Manufacturer not later than the end of the Maximum Term (and the ZVF Vehicle is not
redesignated as a Non-Program Vehicle in accordance with Section 2.6) (each a “Vehicle Return Default”), then the Lessor at its option may: 
 (i) proceed by appropriate court action or actions, either at law or equity, to enforce performance by the Lessee of such covenants and terms of this Agreement or to recover damages for the breach hereof
calculated in accordance with Section 16.5 as it relates to such Vehicle; or 

  
 21 

 (ii) by notice in writing to the Lessee following the occurrence of such Vehicle Return
Default, terminate this Agreement with respect to such ZVF Vehicle and/or the right of possession hereunder of the Lessee with respect to such ZVF Vehicle and the Lessor may direct delivery by the Servicer of the Certificate of Title to such ZVF
Vehicle to or upon the order of the Lessor, whereupon all rights and interests of the Lessee to such ZVF Vehicle will cease and terminate (but the Lessee will remain liable hereunder as herein provided, provided, however, that its
liability will be calculated in accordance with Section 16.5 as it relates to such ZVF Vehicle); and thereupon the Lessor or its agents (including the Servicer) may peaceably enter upon the premises of the Lessee or other premises where
the ZVF Vehicle may be located and take possession of it and thenceforth hold, possess and enjoy the same free from any right of the Lessee or its successors or assigns to use such ZVF Vehicle for any purpose whatsoever and the Lessor will
nevertheless have a right to recover from the Lessee any and all amounts which, under the terms of this Agreement may then be due; or 
 (iii) hold, keep idle or lease to others such ZVF Vehicle, as the Lessor in its sole discretion may determine, free and clear of any rights of the Lessee without any duty to account to the Lessee with
respect to such action or inaction or for any proceeds with respect to such action or inaction except that the Lessee’s obligation to pay Monthly Base Rent for periods commencing after the Lessee shall have been deprived of the use of such ZVF
Vehicle pursuant to this clause (iii) shall be reduced by the net proceeds, if any, received by the Lessor from leasing such ZVF Vehicle to any person other than the Lessee for the same period or any portion thereof; or 

(iv) whether or not the Lessor shall have exercised or shall thereafter exercise any of the rights under the foregoing
clauses (i), (ii) or (iii), demand by written notice to the Lessee that it pay to the Lessor immediately, and it shall so pay to the Lessor, the Vehicle Purchase Price with respect to such ZVF Vehicle. 

(v) if the Lessor shall have sold any ZVF Vehicle repossessed by the Lessor pursuant to clause (ii) above, the Lessor in lieu
of exercising its rights under clause (iv) above with respect to such ZVF Vehicle may, if it shall so elect, demand that the Lessee pay to the Lessor and the Lessee shall pay to the Lessor on the date of such sale as liquidated damages
for loss of a bargain and not as a penalty, any unpaid Rent due through such date of sale plus the amount of any deficiency between the net proceeds of such sale and the Termination Value of such ZVF Vehicle computed as of the date of the sale.

 16.7. Servicer Default. Any of the following events will constitute a default of the Servicer (“Servicer
Default”) as that term is used herein: (i) the failure in a material respect of the Servicer to comply with or perform any provision of this Agreement or any other Related Document (other than any Related Document relating solely to a
Segregated Series of Notes), and such default continues for more than thirty (30) days after the earlier of the date written notice is delivered by the Lessor or the Trustee to the Servicer or the Servicer has actual knowledge thereof;
(ii) an Event of Bankruptcy occurs with respect to the Servicer; (iii) the failure of the Servicer to make any payment when due from it hereunder or under any of the other Related Documents (other than any Related Document relating solely
to a Segregated Series of Notes) or to deposit any Collections received by it into a Collateral Account when required under the Related Documents and, in each case, such failure continues for 5 Business Days; or (iv) if any representation
or warranty made by the Servicer in any Related Document (other than any Related Document relating solely to a Segregated Series of Notes) is inaccurate or incorrect or is breached or is false or misleading in any material respect as of the date of
the making thereof or any schedule, certificate, financial statement, report, notice, or other writing furnished by or on behalf of the Servicer to the Lessor or the Trustee pursuant to any Related Document (other than any Related Document relating
solely to a Segregated Series of Notes) is false or misleading in any material respect on the date as of which the facts therein set forth are stated or certified, and the circumstance or condition in respect of which such representation, warranty
or writing was inaccurate, incorrect, breached, false or misleading in any material respect, as the case may be, shall not have been eliminated or otherwise cured for thirty (30) days after the earlier of (x) the date of the receipt of
written notice thereof from the Lessor or the Trustee to the Servicer and (y) the date the Servicer learns of such circumstance or condition. In the event of a Servicer Default, the Lessor shall (i) notify the Trustee of such Servicer
Default in accordance with Section 8.8 of the Base Indenture, (ii) request the direction of the Trustee to terminate the Servicer in accordance with Section 8.7(c) of the Base Indenture and (iii) request the consent
of the Trustee to replace the Servicer in accordance with Section 8.7(c) of the Base Indenture and Section 3.6 of the Collateral Agency Agreement. 

  
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 16.8. Application of Proceeds. The proceeds of any sale or other disposition
pursuant to Section 16.2, 16.3 or 16.6 shall be applied by the Lessor in its sole discretion as the Lessor deems appropriate net, in the case of a Liquidation Event of Default or Limited Liquidation Event of Default, of
fees, costs and expenses owing hereunder or under the other Related Documents, by the Lessor to the Trustee or the Collateral Agent. 
 17. MANUFACTURER EVENT OF DEFAULT. (a) During the continuance of a Manufacturer Event of Default with respect to any Manufacturer (a “Defaulting Manufacturer”), the Lessor shall not
purchase Eligible Program Vehicles from such Defaulting Manufacturer. 
 (b) Upon the occurrence of a Manufacturer Event of
Default the Servicer agrees to (i) act at the direction of the Lessor or the Trustee to take commercially reasonable action to liquidate the Eligible Program Vehicles subject to a Manufacturer Program with respect to such Manufacturer (provided
that if such Manufacturer Event of Default is cured and is no longer continuing at any time when the Servicer is liquidating such Eligible Program Vehicles, the Servicer may cease liquidating such Eligible Program Vehicles) or (ii) redesignate
such Eligible Program Vehicles to Non-Program Vehicles in accordance with Section 2.6 and subject to the limitations set forth therein. 
 (c) For so long as a Manufacturer Event of Default is continuing with respect to a Defaulting Manufacturer, the Lessee shall not be liable for any failure by the Lessor to recover all or any portion of
the Repurchase Price with respect to any Eligible Program Vehicles subject to the Manufacturer Program of the Defaulting Manufacturer; provided, however, that nothing in this Section 17 shall be construed to modify,
terminate or otherwise affect the Lessee’s obligations under this Agreement. 
 18. CERTIFICATION OF TRADE OR BUSINESS USE.
The Lessee hereby warrants and certifies, under penalties of perjury, that it intends to use the ZVF Vehicles which are subject to this Agreement in its trade or business. 

  
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 19. TITLE TO ZVF VEHICLES. This is an agreement to lease only and title to and beneficial
ownership of ZVF Vehicles will at all times remain in the Lessor. The Lessee will not have any rights or interest in ZVF Vehicles whatsoever other than the right of possession and use as provided by this Agreement. 

20. RIGHTS OF LESSOR ASSIGNED TO TRUSTEE. The Lessee acknowledges that the Lessor has assigned or will assign all of its rights under
this Agreement to the Trustee pursuant to the Indenture. Accordingly, the Lessee agrees that: 
 (i) subject to the terms of the
Indenture, the Trustee shall have all the rights, powers, privileges and remedies of the Lessor hereunder and the Lessee’s obligations hereunder (including the payment of Rent and all other amounts payable hereunder) shall not be subject to any
claim or defense which the Lessee may have against the Lessor (other than the defense of payment actually made) and shall be absolute and unconditional and shall not be subject to any abatement, setoff, counterclaim, deduction or reduction for any
reason whatsoever. Specifically, the Lessee agrees that, upon the occurrence of an Operating Lease Event of Default, a Limited Liquidation Event of Default) or a Liquidation Event of Default, the Trustee may exercise (for and on behalf of the
Lessor) any right or remedy against the Lessee provided for herein and the Lessee will not interpose as a defense that such claim should have been asserted by the Lessor; 
 (ii) upon the delivery by the Trustee of any notice to the Lessee stating that an Operating Lease Event of Default, Liquidation Event of Default or Limited Liquidation Event of Default has occurred, the
Lessee will, if so requested by the Trustee, treat the Trustee for all purposes as the Lessor hereunder and in all respects comply with all obligations under this Agreement that are asserted by the Trustee, as the Lessor hereunder, irrespective of
whether the Lessee has received any such notice from the Lessor; and 
 (iii) the Lessee acknowledges that pursuant to this
Agreement it has agreed to make all payments of Rent hereunder (and any other payments hereunder) directly to the Trustee for deposit in the Collection Account. 
 21. MODIFICATION AND SEVERABILITY. The terms of this Agreement will not be waived, altered, modified, amended, supplemented or terminated in any manner whatsoever unless (i) the same shall be in
writing and signed and delivered by the Lessor, the Servicer and the Lessee and consented to in writing by the Trustee and (ii) the Rating Agency Condition with respect to each Series of Notes Outstanding that is rated by a Rating Agency shall
have been satisfied with respect to such amendment. If any part of this Agreement is not valid or enforceable according to law, all other parts will remain enforceable. 
 22. SERVICER ACTING AS AGENT OF THE LESSOR. The parties to this Agreement acknowledge and agree that Zipcar acts as Servicer of the Lessor pursuant to this Agreement, and, in such capacity, as the agent
of the Lessor, for purposes of performing certain duties of the Lessor under this Agreement and the Related Documents (other than any Related Documents or portions thereof relating solely to a Segregated Series of Notes). As compensation for the
Servicer’s performance of such duties, the Lessor shall pay to the Servicer on each Payment Date (i) a fee (the “Monthly Servicing Fee”) equal to 0.50% per annum, payable at one-twelfth the annual rate, on the
outstanding Net Book Value of the ZVF Vehicles as of the last day of the Related Month and (ii) the reasonable costs and expenses of the Servicer incurred by it as a result of arranging for the sale of ZVF Vehicles returned to the Lessor in
accordance with Section 2.3(a) or as a result of a Vehicle Return Default and sold to third parties; provided, however, that such costs and expenses shall only be payable to the Servicer to the extent of any excess of the
sale price received by the Lessor for any such ZVF Vehicle over the Termination Value thereof. 

  
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 23. MINIMUM DEPRECIATION RATE. The Lessor agrees that the Depreciation Schedules with
respect to Non-Program Vehicles leased under this Agreement shall be established such that the Depreciation Charges accruing with respect to each Non-Program Vehicle during each Related Month shall be based on a percentage at least equal to 1.67% or
such lower percentage in respect of which the Rating Agency Condition with respect to each Series of Notes Outstanding shall have been satisfied. 
 24. CERTAIN REPRESENTATIONS AND WARRANTIES. The Lessee represents and warrants to the Lessor and the Trustee that as of the Restatement Effective Date, as of each Vehicle Operating Lease Commencement Date
and as of each Closing Date with respect to each subsequent Series of Notes: 
 24.1. Organization; Power;
Qualification. The Lessee has been duly incorporated and is validly existing as a corporation in good standing under the laws of the State of Delaware, with corporate power under the laws of such State to execute and deliver this Agreement and
the other Related Documents (other than any Related Documents relating only to a Segregated Series of Notes) to which it is a party and to perform its obligations hereunder and thereunder, and is duly qualified and in good standing to do business as
a foreign corporation in each jurisdiction where the character of its properties or the nature of its business makes such qualification necessary except where the failure to do so would not in the aggregate reasonably be expected to result in a
Material Adverse Effect. 
 24.2. Authorization; Enforceability. Each of this Agreement and the other Related Documents
(other than any Related Documents relating only to a Segregated Series of Notes) to which it is a party has been duly authorized, executed and delivered on behalf of the Lessee and, assuming due authorization, execution and delivery by the other
parties hereto or thereto, is a valid and legally binding agreement of the Lessee enforceable against the Lessee in accordance with its terms (except as such enforceability may be limited by bankruptcy, insolvency, fraudulent conveyance,
reorganization, moratorium and other similar laws affecting creditors’ rights generally or by general equitable principles, whether considered in a proceeding at law or in equity or by an implied covenant of good faith and fair dealing).

 24.3. Compliance. The execution, delivery and performance by the Lessee of this Agreement and the Related Documents
(other than any Related Documents relating only to a Segregated Series of Notes) will not conflict with or result in a breach of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition of any lien,
charge or encumbrance upon any of the property or assets of the Lessee pursuant to the terms of, any indenture, mortgage, deed of trust, loan agreement, guarantee, lease financing agreement or other similar agreement or instrument under which the
Lessee is a debtor or guarantor nor will such action result in a violation of any provision of applicable law or regulation or of the provisions of the certificate of incorporation or the by-laws of the Lessee. 

  
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 24.4. Other. There is no consent, approval, authorization, order, registration or
qualification of or with any Governmental Authority having jurisdiction over the Lessee which is required for, and the absence of which would materially affect, the execution, delivery and performance of this Agreement or the Related Documents
(other than any Related Documents relating only to a Segregated Series of Notes). 
 24.5. Financial Statements. (a) The
Lessee has furnished the Lessor with, and the Lessor hereby acknowledges receipt of, a copy of the audited consolidated financial statements of the Lessee and its consolidated subsidiaries as of December 31, 2010, and the related statements of
operations, stockholders’ equity and cash flows of the Lessee and its consolidated subsidiaries for the year ended December 31, 2010. Such financial statements present fairly in all material respects the consolidated financial position of
the Lessee and its consolidated subsidiaries at December 31, 2010 and 2009, and the consolidated results of operations and cash flows for each of the three years in the period ended December 31, 2010, in conformity with GAAP. 

(b) The Lessee has furnished the Lessor with, and the Lessor hereby acknowledges receipt of, a copy of the unaudited consolidated
financial statements consisting of a statement of the financial position of the Lessee and its consolidated subsidiaries as of March 31, 2011, and the related statements of operations, stockholders’ equity and cash flows of the Lessee and
its consolidated subsidiaries for the three months ended March 31, 2011. Such financial statements present fairly in all material respects the consolidated financial position of the Lessee and its consolidated subsidiaries at March 31,
2011, and the consolidated results of operations and cash flows of the Lessee and its consolidated subsidiaries for the quarterly period ended March 31, 2011, in conformity with GAAP. 

(c) All statements of financial position, all statements of operations, all statements of stockholders’ equity and of cash flow, and
other financial data (other than projections) which shall hereafter be furnished by the Lessee to the Lessor or the Trustee pursuant hereto will have been prepared in accordance with GAAP applied on a consistent basis (to the extent applicable) and
will present fairly the consolidated financial position of the Lessee and its consolidated subsidiaries as of the dates thereof and the results of their operations for the periods covered thereby, subject, in the case of all unaudited statements, to
normal year-end adjustments and lack of footnotes and presentation items. 
 (d) As of the date of this Agreement there has not
occurred any material adverse change in the financial position of the Lessee and its subsidiaries considered as a whole, since March 31, 2011. 
 (e) The financial data which shall be delivered to the Lessor and the Trustee pursuant to Section 24.5 will be prepared in conformity with GAAP and will present fairly in all material respects
the financial condition of the Lessee as of the dates thereof and the results of its operations for the periods covered thereby. 

  
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 24.6. Investment Company Act. The Lessee is not an “investment company”
or a company “controlled” by an “investment company” within the meaning of the Investment Company Act of 1940, as amended, and the Lessee is not subject to any other statute which would impair or restrict its ability to perform
its obligations under this Agreement or the other Related Documents (other than any Related Documents relating only to a Segregated Series of Notes), and neither the entering into or performance by the Lessee of this Agreement violates any provision
of the Investment Company Act. 
 24.7. Supplemental Documents True and Correct. All information contained in any
material Supplemental Document which has been submitted, or which may hereafter be submitted by the Lessee to the Lessor is, or will be, true, correct and complete in all material respects. 

24.8. ERISA. The Lessee has satisfied the minimum funding standards under ERISA with respect to its Plans and is in compliance in
all material respects with the currently applicable provisions of ERISA. 
 24.9. Governmental Authorization. The Lessee
has all licenses, franchises, permits and other governmental authorizations necessary for all businesses presently carried on by it (including owning and leasing the real and personal property owned and leased by it), except where failure to obtain
such licenses, franchises, permits and other governmental authorizations would not in the aggregate have a Material Adverse Effect. 
 24.10. Compliance with Laws. The Lessee: (i) is not in violation of any law, ordinance, rule, regulation or order of any Governmental Authority applicable to it or its property, except any
such violations which in the aggregate would not have a Material Adverse Effect, and no such violations have been alleged, (ii) has filed in a timely manner all reports, documents and other materials required to be filed by it with any
governmental bureau, agency or instrumentality (and the information contained in each of such filings is true, correct and complete in all material respects), except any such failures to make such filings which in the aggregate would not have a
Material Adverse Effect, and (iii) has retained all records and documents required to be retained by it pursuant to any Requirement of Law, except any such failures to retain such records which in the aggregate would not reasonably be expected
to have a Material Adverse Effect. 
 24.11. Absence of Default. The Lessee is in compliance with all of the provisions
of its certificate or certificate of incorporation and by-laws and no event has occurred or failed to occur which has not been remedied or waived, the occurrence or non-occurrence of which constitutes, or with the passage of time or giving of notice
or both would constitute, (i) an Operating Lease Event of Default or a Potential Operating Lease Event of Default or (ii) a default or event of default by the Lessee under any indenture, agreement or other instrument, or any judgment,
decree or final order to which the Lessee is a party or by which the Lessee or any of its properties may be bound or affected that could reasonably be expected to result in a Material Adverse Effect. 

  
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 24.12. Litigation. There is no action, suit or proceeding pending against or, to the
knowledge of the Lessee, threatened against or affecting the Lessee before any court or arbitrator or any Governmental Authority in which there is a reasonable possibility of an adverse decision (i) other than with respect to any actions, suits
or proceedings described on Schedule 24.12 hereto, that could materially adversely affect the financial position, results of operations, business, properties, performance or condition (financial or otherwise) of the Lessee or (ii) which in any
manner draws into question the validity or enforceability of this Agreement or any other Related Document or the ability of the Lessee to comply with any of the respective terms hereunder or thereunder. 

24.13. Taxes. The Lessee has filed all tax returns which have been required to be filed by it (except where the requirement to
file such return is subject to a valid extension or such failure relates to returns which, in the aggregate, show taxes due in an amount of not more than $500,000), all such returns are complete, true and accurate in all materials respects and the
Lessee has paid or provided adequate reserves for the payment of all taxes shown due on such returns or required to be paid as a condition to such extension, as well as all payroll taxes and federal and state withholding taxes, and all assessments
payable by it that have become due, other than those that are payable without penalty or are being contested in good faith by appropriate proceedings and with respect to which adequate reserves have been established, and are being maintained, in
accordance with GAAP. As of the date hereof and as of each Closing Date, there is no unresolved claim by a taxing authority of which notice has been provided to the Lessor or the Lessee concerning the Lessee’s tax liability for any period for
which returns have been filed or were due other than those contested in good faith by appropriate proceedings and with respect to which adequate reserves have been established and are being maintained in accordance with GAAP. 

24.14. Accuracy of Information. All data, certificates, reports, statements, opinions of counsel, documents and other information
furnished to the Lessor or the Trustee by or on behalf of the Lessee pursuant to any provision of any Related Document, or in connection with or pursuant to any amendment or modification of, or waiver under, any Related Document, shall, at the time
the same are so furnished, be complete and correct in all material respects to the extent necessary to give the Lessor or the Trustee, as the case may be, true and accurate knowledge of the subject matter thereof, and the furnishing of the same to
the Lessor or the Trustee, as the case may be, shall constitute a representation and warranty by the Lessee made on the date the same are furnished to the Lessor or the Trustee, as the case may be, to the effect specified in this
Section 24.14. 
 24.15. Solvency. Both before and after giving effect to the transactions contemplated by
this Agreement and the other Related Documents, the Lessee is solvent within the meaning of the Bankruptcy Code and the Lessee is not the subject of any voluntary or involuntary case or proceeding seeking liquidation, reorganization or other relief
with respect to itself or its debts under any bankruptcy or insolvency law and no Event of Bankruptcy has occurred with respect to the Lessee. 

  
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 24.16. Intellectual Property. The Lessee owns, or is licensed to use, all
Intellectual Property necessary for the conduct of its business as currently conducted. No material claim has been asserted and is pending by any Person challenging or questioning the use of any such Intellectual Property or the validity or
effectiveness of any such Intellectual Property, nor does the Lessee know of any valid basis for any such claim. The use of such Intellectual Property by the Lessee does not infringe on the rights of any Person in any material respect. 

24.17. Labor Matters. There are no strikes or other labor disputes against the Lessee pending or, to the knowledge of the Lessee,
threatened that (individually or in the aggregate) could reasonably be expected to have a Material Adverse Effect. Hours worked by and payment made to employees of the Lessee have not been in violation of the Fair Labor Standards Act or any other
applicable Requirement of Law dealing with such matters that (individually or in the aggregate) could reasonably be expected to have a Material Adverse Effect. All payments due from the Lessee on account of employee health and welfare insurance that
(individually or in the aggregate) could reasonably be expected to have a Material Adverse Effect if not paid have been paid or accrued as a liability on the books of the Lessee. 

24.18. Eligible Vehicles. Each ZVF Vehicle is or will be, as the case may be, on the applicable Vehicle Operating Lease
Commencement Date, an Eligible Vehicle. 
 24.19. Unrestricted Cash. The Lessee has an Unrestricted Cash Availability of
not less than $10 million. “Unrestricted Cash Availability” means (i) cash and cash equivalents on the balance sheet of the Lessee (Zipcar, Inc.) that may be classified, in accordance with GAAP, as “unrestricted”, plus
(ii) available undrawn commitments under the Lessee’s credit facilities. 
 25. CERTAIN COVENANTS. Until the
expiration or termination of this Agreement, and thereafter until the obligations of the Lessee under this Agreement and the Related Documents (other than any Related Documents or portions thereof relating only to a Segregated Series of Notes) are
satisfied in full, the Lessee covenants and agrees that, unless at any time the Lessor and the Trustee shall otherwise expressly consent in writing, it will: 
 25.1. Corporate Existence; Foreign Qualification. Do and cause to be done at all times all things necessary to (i) maintain and preserve its corporate existence; (ii) be, and ensure that
it is, duly qualified to do business and in good standing as a foreign corporation in each jurisdiction where the character of its properties or the nature of its business makes such qualification necessary and where the failure to so qualify would
be reasonably expected to result in a Material Adverse Effect; and (iii) comply with all Contractual Obligations and Requirements of Law binding upon it, except to the extent that the failure to comply therewith would not, in the aggregate, be
reasonably expected to result in a Material Adverse Effect. 

  
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 25.2. Books, Records and Inspections. (i) Maintain complete and accurate books
and records with respect to the ZVF Vehicles leased by it under this Agreement and the other ZVF Vehicle Collateral; (ii) at any time and from time to time during regular business hours, upon not less than reasonable prior notice from the
Lessor or the Trustee, permit the Lessor or the Trustee (or such other person who may be designated from time to time by the Lessor or the Trustee) to examine and make copies of such books, records and documents in the possession or under the
control of the Lessee relating to the ZVF Vehicles leased under this Agreement and the other ZVF Vehicle Collateral; and (iii) permit the Lessor, the Trustee or the Collateral Agent (or such other person who may be designated from time to time
by the Lessor, the Trustee or the Collateral Agent) to visit the office and properties of the Lessee for the purpose of examining such materials, and to discuss matters relating to the ZVF Vehicles leased under this Agreement with the Lessee’s
independent public accountants or with any of the officers or employees of the Lessee having knowledge of such matters, all at such reasonable times and as often as the Lessor or the Trustee may reasonably request. The Lessor agrees that it will not
disclose any information obtained pursuant to this Section 25.2 which is not otherwise publicly available without the prior approval of the Lessee, except that the Lessor may disclose such information (x) to its officers, employees,
attorneys and advisors, in each case on a confidential and need-to-know basis, and (y) as required by applicable law or compulsory legal process. 
 25.3. ERISA. Comply with the minimum funding standards under ERISA with respect to its Plans and use its best efforts to comply in all material respects with all other applicable provisions of
ERISA and the regulations and interpretations promulgated thereunder. 
 25.4. Merger. Not merge or consolidate with or
into any other Person unless (i) the Lessee is the surviving entity of such merger or consolidation or (ii) the surviving entity of such merger or consolidation expressly assumes the Lessee’s obligations under this Agreement.

 25.5. Reporting Requirements. Furnish, or cause to be furnished to the Lessor and the Trustee: 

(i) within 90 days after the end of each of its fiscal years, copies of the Annual Report on Form 10-K filed by the Lessee with the
Securities and Exchange Commission (the “SEC”) or, if the Lessee is not a reporting company, financial information equivalent to that which would be required to be included in such an Annual Report if it were a reporting company,
including without limitation, consolidated financial statements consisting of a balance sheet of the Lessee and its consolidated subsidiaries as at the end of such fiscal year and statements of income, stockholders’ equity and cash flows of the
Lessee and its consolidated subsidiaries for such fiscal year, setting forth in comparative form the corresponding figures for the preceding fiscal year (if applicable), certified by and containing an opinion, unqualified as to scope, of a firm of
independent certified public accountants of nationally recognized standing selected by the Lessee and acceptable to the Lessor and the Trustee; 
 (ii) within 45 days after the end of each of the first three quarters of each of its fiscal years, copies of the Quarterly Report on Form 10-Q filed by the Lessee with the SEC or, if the Lessee
is not a reporting company, financial information equivalent to that which would be required to be included in such a Quarterly Report if it were a reporting company, including without limitation, (x) financial statements consisting of
consolidated balance sheets of the Lessee and its consolidated subsidiaries as at the end of such quarter and statements of income, stockholders’ equity and cash flows of the Lessee and its consolidated subsidiaries for each such quarter,
setting forth in comparative form the corresponding figures for the corresponding periods of the preceding fiscal year (if applicable), all in reasonable detail and certified (subject to normal year-end audit adjustments) by a senior financial
officer of the Lessee as having been prepared in accordance with GAAP; 

  
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 (iii) simultaneously with the delivery of the Annual Report on Form 10-K (or
equivalent information) referred to in clause (i) above and the Quarterly Report on Form 10-Q (or equivalent information) referred to in clause (ii) above, an Officer’s Certificate of the Lessee stating whether, to
the knowledge of such officer, there exists on the date of the certificate any condition or event which then constitutes, or which after notice or lapse of time or both would constitute, a Potential Operating Lease Event of Default or Operating
Lease Event of Default, and, if any such condition or event exists, specifying the nature and period of existence thereof and the action of the Lessee is taking and proposes to take with respect thereto; 

(iv) promptly after becoming aware thereof, (a) notice of the occurrence of any Potential Operating Lease Event of Default or
Operating Lease Event of Default, together with a written statement of an Authorized Officer describing such event and the action that the Lessee proposes to take with respect thereto, and (b) notice of any Amortization Event; 

(v) promptly after obtaining actual knowledge thereof, notice of any Manufacturer Event of Default or termination or replacement of a
Manufacturer Program; 
 (vi) promptly after any executive officer of the Lessee becomes aware of the occurrence of any
Reportable Event (other than a reduction in active Plan participants) with respect to any Plan, a certificate signed by the Chief Financial Officer of the Lessee setting forth the details as to such Reportable Event and the action which the Lessee
is taking and proposes to take with respect thereto, together with a copy of the notice of such Reportable Event given to the Pension Benefit Guaranty Corporation; and 
 (vii) from time to time while this Agreement is in effect, upon the reasonable request of the Lessor or the Trustee, officials of the Lessee will confer with officials of the Lessor or the Trustee, as
applicable, and advise them as to matters bearing on the ZVF Vehicles or the operations or financial condition of the Lessee. 

25.6. Payment of Taxes. Pay when due all taxes, assessments, fees and governmental charges of any kind whatsoever that may be at
any time due or lawfully assessed or levied against or with respect to the Lessee, or its property and assets or any interest thereon. Notwithstanding the previous sentence, but subject in any case to the other requirements hereof and of the Related
Documents, the Lessee shall not be required to pay any tax, charge, assessment or imposition nor to comply with any law, ordinance, rule, order, regulation or requirement so long as the Lessee shall contest, in good faith, the amount or validity
thereof, in an appropriate manner or by appropriate proceedings and with respect to which adequate reserves have been established, and are being maintained, in accordance with GAAP. Each such contest shall be promptly prosecuted to final conclusion
(subject to the right of the Lessee to settle any such contest). 

  
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 25.7. Maintenance of the Vehicles. Maintain and cause to be maintained in good
repair, working order, and condition all of the ZVF Vehicles (x) in accordance with its ordinary business practices with respect to all other vehicles owned by it and used in its car sharing business (except to the extent that any such failure
to comply with such requirements does not, in the aggregate, materially adversely affect the interests of the Lessor under this Agreement or the interests of the Noteholders under the Indenture or the likelihood of repayment of the Notes) and
(y) otherwise to ensure compliance with Section 13.2. From time to time the Lessee will make or cause to be made all appropriate repairs, renewals, and replacements with respect to the ZVF Vehicles. 

25.8. Liens. Not create or permit to exist any Lien with respect to any ZVF Vehicle now or hereafter existing or acquired except
for Permitted Liens. 
 25.9. Use of Vehicles. Not use or allow the ZVF Vehicles to be used (i) for any illegal
purposes or (ii) in any manner that would subject the ZVF Vehicles to confiscation. 
 25.10. ZVF LLC Agreement.
(a) Not amend the ZVF LLC Agreement or ZVF’s certificate of formation unless, prior to such amendment, the Rating Agency Condition with respect to each Series of Indenture Notes Outstanding that is rated by a Rating Agency shall have been
satisfied with respect to such amendment. 
 (b) Provide the Trustee and each Rating Agency, if any, at least ten
(10) days’ prior written notice of the appointment of any Independent Director to ZVF’s Board of Directors, which notice shall certify that the designated Person qualifies as an “Independent Director”; provided that if such
appointment is to fill a vacancy, such notice shall be given as promptly as possible. 
 25.11. [reserved]. 

25.12. Separate Conduct of Business. The Lessee acknowledges its receipt of that certain opinion letter issued by
Latham & Watkins LLP dated the Initial Closing Date and addressing the issue of substantive consolidation as it may relate to the Lessee and the Lessor. The Lessee hereby agrees to maintain in place all policies and procedures, and take and
continue to take all action described in the factual assumptions set forth in such opinion letter and relating to the Lessee. 

  
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 26. INDEMNITY. The Lessee and the Servicer, jointly and severally, agree to indemnify and
hold harmless the Lessor, the Trustee and Collateral Agent, and their respective directors, officers, stockholders, agents and employees (collectively, the “Indemnified Persons”) against any and all claims, demands, losses, damages and
liabilities of whatsoever nature and all costs and expenses relating to or in any way arising out of, including reasonable costs of investigation and attorney’s fees and expenses (collectively, “Losses”): 

(i) the ordering, delivery, acquisition, title on acquisition, rejection, installation, possession, titling, retitling,
registration, re-registration, custody by the Servicer of title and registration documents, use, non-use, misuse, operation, deficiency, defect, transportation, repair, maintenance, control or disposition of any ZVF Vehicle leased hereunder. The
foregoing shall include, without limitation, any liability (or any alleged liability) of the Lessor or any other Indemnified Person to any third party arising out of any of the foregoing, including, without limitation, all reasonable legal fees,
costs and disbursements arising out of such liability (or alleged liability); 
 (ii) all federal, state, county,
municipal, foreign or other fees, taxes and assessments of whatsoever nature including but not limited to (A) license, qualification, registration, franchise, sales, use, gross receipts, ad valorem, business, property (real or personal),
excise, motor vehicle, and occupation fees and taxes, and penalties and interest thereon, whether assessed, levied against or payable by the Lessor, any other Indemnified Party or otherwise, with respect to any ZVF Vehicle or the acquisition,
purchase, sale, lease, rental, use, operation, control, ownership or disposition of any ZVF Vehicle or measured in any way by the value thereof or by the business of, investment in, or ownership by the Lessor or any other Indemnified Party with
respect thereto, (B) documentary, stamp, filing, recording, mortgage or other taxes, if any, which may be payable by the Lessor or any other Indemnified Person in connection with the execution, delivery, recording or filing of this Agreement or
the other Related Documents or the leasing of any ZVF Vehicles hereunder and any penalties or interest with respect thereto and (C) federal, state, local and foreign income taxes and penalties and interest thereon, whether assessed, levied
against or payable by the Lessor or otherwise as a result of its being a member of any group of corporations including the Servicer or the Lessee that files any tax returns on a consolidated or combined basis; and 

(iii) any violation by the Lessee or the Servicer of the terms of this Agreement or of any Related Documents to which the
Lessee or the Servicer is a party or by which it is bound or any laws, rules, regulations, orders, writs, injunctions, decrees, consents, approvals, exemptions, authorizations, licenses and withholdings of objections of any governmental or public
body or authority and all other requirements having the force of law applicable at any time to any ZVF Vehicle or any action or transaction by the Lessee or the Servicer with respect thereto or pursuant to this Agreement. 

  
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 (b) The Lessee and the Servicer, jointly and severally, agree to pay all
out-of-pocket costs of the Lessor (including reasonable fees and out-of-pocket expenses of counsel for the Lessor) in connection with the execution, delivery and performance of this Agreement and the other Related Documents. 

(c) The Lessee agrees to pay (i) all out-of-pocket costs and expenses (including reasonable attorneys’ fees and
legal expenses) incurred by the Lessor or the Trustee and the Collateral Agent in connection with the administration, enforcement, waiver or amendment of this Agreement and any other Related Documents and (ii) all indemnification obligations of
the Lessor under the Related Documents. 
 (d) The Lessee and the Servicer, jointly and severally, agree to pay
all costs, fees, expenses, damages and liabilities (including, without limitation, reasonable fees and out of pocket expenses of counsel) in connection with, or arising out of, any claim made by any third party against the Lessor for any reason.

 (e) The Lessee and the Servicer, jointly and severally, shall forthwith upon demand reimburse the Lessor or
the relevant Indemnified Person for any sum or sums expended with respect to any of the foregoing; provided, however, that, if so requested by the Lessee or the Servicer, the Lessor or Indemnified Party shall submit to the Lessee and
the Servicer a statement documenting any such demand for reimbursement or prepayment. To the extent that the Lessee and the Servicer in fact indemnify an Indemnified Party under the indemnity provisions of this Agreement, the Lessee and the Servicer
shall be subrogated to such Indemnified Party’s rights in the affected transaction and shall have a right to determine the settlement of claims therein. 
 (f) Each Indemnified Party agrees to notify Zipcar of any claim made against it for which Zipcar may be liable pursuant to this Agreement and, if Zipcar requests, to contest or allow Zipcar to contest
such claim. If any Operating Lease Event of Default shall have occurred and be continuing, no contest shall be required, and any contest which has begun shall not be required to be continued to be pursued, unless arrangements to secure the payment
of Zipcar’s obligations pursuant to this Agreement have been made and such arrangements are reasonably satisfactory to the Indemnified Parties. Zipcar may settle any such claim with the related Indemnified Party’s consent, which consent
shall not be unreasonably withheld. Zipcar will inform the Indemnified Person of any such claim and of the defense thereof and will provide copies of material documents relating to any such claim or defense to such Indemnified Person upon request.
Such Indemnified Person may participate in any such defense at its own expense provided such participation does not interfere with Zipcar’s assertion of such claim or defense. Zipcar agrees that no Indemnified Person will be liable to Zipcar
for any claim caused directly or indirectly by the inadequacy of any ZVF Vehicle leased by the Lessee for any purpose or any deficiency or defect therein or the use or maintenance thereof or any repairs, servicing or adjustments thereto or any delay
in providing or failure to provide such repairs, servicing or adjustments or any interruption or loss of service or use thereof or any loss of business, all of which shall be the risk and responsibility of Zipcar. The rights and indemnities of each
Indemnified Person hereunder are expressly made for the benefit of, and will be enforceable by, each Indemnified Person notwithstanding the fact that such Indemnified Person is either no longer a party to (or entitled to receive the benefits of)
this Agreement, or was not a party to (or entitled to receive the benefits of) this Agreement at its outset. Except as otherwise set forth herein, nothing herein shall be deemed to require Zipcar to indemnify the Lessor for any of the Lessor’s
acts or omissions which constitute gross negligence or willful misconduct. This general indemnity shall not affect any claims of the type discussed above which Zipcar may have against the Manufacturer of a Vehicle. 

  
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 (g) The obligations, rights and liabilities of Zipcar and each Indemnified
Party hereunder shall continue in full force and effect for as long as ZVF owns a ZVF Vehicle. The provisions of this Section 26 shall survive the expiration or earlier termination of this Agreement or any lease of any ZVF Vehicle
hereunder. 
 27. NO PETITION. Each of the Lessee and the Servicer hereby covenants and agrees that, prior to the date which is
one year and one day after the payment in full of the last Outstanding Indenture Notes, it will not institute against, or join with, encourage or cooperate with any other Person in instituting against the Lessor, any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings or other similar proceeding under the laws of the United States or any state of the United States. In the event that the Lessee or the Servicer takes action in violation of this
Section 27, the Lessor agrees, for the benefit of the Indenture Noteholders, that it shall file an answer with the bankruptcy court or otherwise properly contest the filing of such a petition by the Lessee or the Servicer, as the case
may be, against it or the commencement of such action and raise the defense that the Lessee or the Servicer, as the case may be, has agreed in writing not to take such action and should be estopped and precluded therefrom. The provisions of this
Section 27 shall survive the termination of this Agreement. 
 28. SUBMISSION TO JURISDICTION. The Lessor and the
Trustee may enforce any claim arising out of this Agreement in any state or federal court having subject matter jurisdiction, including, without limitation, any state or federal court located in the State of New York. For the purpose of any action
or proceeding instituted with respect to any such claim, the Lessee hereby irrevocably submits to the jurisdiction of such courts. The Lessee further irrevocably consents to the service of process out of said courts by mailing a copy thereof, by
registered mail, postage prepaid, to the Lessee and agrees that such service, to the fullest extent permitted by law, (i) shall be deemed in every respect effective service of process upon it in any such suit, action or proceeding and
(ii) shall be taken and held to be valid personal service upon and personal delivery to it. Nothing herein contained shall affect the right of the Trustee and the Lessor to serve process in any other manner permitted by law or preclude the
Lessor or the Trustee from bringing an action or proceeding in respect hereof in any other country, state or place having jurisdiction over such action. The Lessee hereby irrevocably waives, to the fullest extent permitted by law, any objection
which it may have or hereafter have to the laying of the venue of any such suit, action or proceeding brought in any such court located in the State of New York and any claim that any such suit, action or proceeding brought in such a court has been
brought in an inconvenient forum. 
 29. GOVERNING LAW. THIS AGREEMENT AND ALL MATTERS ARISING OUT OF OR RELATING THERETO IN ANY
WAY WHATSOEVER (WHETHER IN CONTRACT, TORT OR OTHERWISE) SHALL BE A CONTRACT MADE UNDER AND GOVERNED BY THE INTERNAL LAWS OF THE STATE OF NEW YORK. Whenever possible each provision of this Agreement shall be interpreted in such manner as to be
effective and valid under applicable law, but if any provision of this Agreement shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the
remainder of such provision or the remaining provisions of this Agreement. All obligations of the Lessee and the Servicer and all rights of the Lessor or the Trustee expressed herein shall be in addition to and not in limitation of those provided by
applicable law or in any other written instrument or agreement. 

  
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 30. JURY TRIAL. EACH PARTY HERETO HEREBY EXPRESSLY WAIVES ANY RIGHT TO A TRIAL BY JURY IN
ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHTS UNDER THIS AGREEMENT OR ANY OTHER RELATED DOCUMENT TO WHICH IT IS A PARTY, OR UNDER ANY AMENDMENT, INSTRUMENT, DOCUMENT OR AGREEMENT DELIVERED OR WHICH MAY IN THE FUTURE BE DELIVERED IN
CONNECTION THEREWITH OR ARISING FROM ANY RELATIONSHIP EXISTING IN CONNECTION WITH THIS AGREEMENT OR ANY RELATED TRANSACTION, AND AGREES THAT ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY. 

31. NOTICES. All notices, requests and other communications to any party hereunder shall be in writing (including facsimile transmission
or similar writing) and shall be given to such party, addressed to it, at its address or telephone number set forth on the signature pages below, or at such other address or telephone number as such party may hereafter specify for the purpose by
notice to the other party. Copies of notices, requests and other communications delivered to the Trustee, the Lessee and/or the Lessor pursuant to the foregoing sentence shall be sent to the following addresses: 

TRUSTEE: 
 Deutsche Bank Trust Company Americas 
 60 Wall Street 26th Floor,
Mail Stop NYC60-2606 
 New York, New York 10005 

Attention: Alternative and Structured Finance Services 

Telephone: (212) 250-2946 
 Fax: (212) 553-2460 
 LESSOR: 

Zipcar Vehicle Financing LLC 
 c/o    Zipcar, Inc. 

    25 First Street, 4th Floor 
     Cambridge, MA 02141 
 Attention: Dean Breda

 Telephone: (617) 995-4231 

Fax: (617) 995-4300 

  
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 LESSEE AND SERVICER: 

Zipcar, Inc. 
 25 First Street, 4th Floor 
 Cambridge, MA 02141 

Attention: Edward Goldfinger 
 Telephone: (617) 995-4231 
 Fax: (617) 995-4300

 Each such notice, request or communication shall be effective when received at the address specified below. Copies of all notices must be
sent by first class mail promptly after transmission by facsimile. 
 32. SURVIVABILITY. In the event that, during the term of
this Agreement, the Lessee becomes liable for the payment or reimbursement of any obligations, claims or taxes pursuant to any provision hereof, such liability will continue, notwithstanding the expiration or termination of this Agreement, until all
such amounts are paid or reimbursed by the Lessee. 
 33. HEADINGS. Section headings used in this Agreement are for convenience
of reference only and shall not affect the construction of this Agreement. 
 34. EXECUTION IN COUNTERPARTS. This Agreement may
be executed in any number of counterparts and by different parties hereto on separate counterparts, each of which counterparts, when so executed and delivered, shall be deemed to be an original and all of which counterparts, taken together, shall
constitute one and the same Agreement. 
 35. BENEFICIARIES. The Collateral Agent and the Trustee are hereby made third-party
beneficiaries of this Agreement, and may enforce their rights hereunder with the same force and effect as if they were parties hereto. 
 36. PATRIOT ACT. The parties hereto acknowledge that in accordance with Section 326 of the USA Patriot Act Deutsche Bank Trust Company Americas, like all financial institutions and in order to help
fight the funding of terrorism and money laundering, are required to obtain, verify and record information that identifies each person or legal entity that establishes a relationship or opens an account. The parties to this Agreement agree that they
will provide Deutsche Bank Trust Company Americas with such information as it may reasonably request in order for the Deutsche Bank Trust Company Americas to satisfy the requirements of the USA Patriot Act. 

37. TRUSTEE PROTECTIONS. To the extent it is necessary for the Trustee or Collateral Agent to act hereunder, it shall have all of the
rights, protections and immunities granted to them under the other Related Documents. 

  
 37 

 IN WITNESS WHEREOF, the parties have executed this Agreement or caused it to be executed by
their respective officers thereunto duly authorized as of the day and year first above written. 
  

			
	LESSOR:
	
	ZIPCAR VEHICLE FINANCING LLC
		
	By:	 	 /s/ Edward Goldfinger

	Name:	 	Edward Goldfinger
	Title:	 	Treasurer

			
		
	 Address:
	 	25 First Street, 4th Floor
		 	Cambridge, MA 02141
	 Attention:
	 	Dean Breda
	 Telephone:
	 	(617) 995-4231
	 Fax:
	 	(617) 995-4300

			
	
	LESSEE AND SERVICER:
	
	ZIPCAR, INC.
		
	By:	 	 /s/ Edward Goldfinger

	Name:	 	Edward Goldfinger
	Title:	 	CFO

			
		
	 Address:
	 	25 First Street, 4th Floor
		 	Cambridge, MA 02141
	 Attention:
	 	Edward Goldfinger
	 Telephone:
	 	(617) 995-4231
	 Fax:
	 	(617) 995-4300

  
 38 

 SCHEDULE 2.1 TO THE ZVF LEASE

 Vehicle Acceptance/Rejection 
 An employee of the Lessee or an agent of the Lessee will accept a ZVF Vehicle if: 
  

	 	a.	The VIN of such ZVF Vehicle matches the VIN for such ZVF Vehicle specified in the applicable purchase order 

 

	 	b.	Such ZVF Vehicle is free from damages and defects 

  

	 	c.	All accessories (including without limitation keys, manuals and floor mats) are present 

  
 39 

 SCHEDULE 7 TO THE ZVF LEASE

 Customary practices regarding the preparation, conditioning and scheduled maintenance of ZVF Vehicles 

Preparation 
 Install on-board computer
system and test to ensure: 
  

	 	1.	Vehicle mileage is being captured 

  

	 	2.	Lock/Unlock feature is working correctly 

Preventative Maintenance 
 Maintenance
scheduled by make and model of ZVF Vehicle based on predetermined mileage, generally consisting of: 
  

	 	1.	Oil change every 5,000 to 10,000 miles 

  

	 	2.	Comprehensive safety inspection every 5,000 to 10,000 miles 

  

	 	3.	Tire rotation every 8,000 to 12,000 miles 

  

	 	4.	Brake maintenance every 20,000 to 30,000 miles or as required upon inspection 

 

	 	5.	Tire replacement every 25,000 to 35,000 miles or as required upon inspection 

 

	 	6.	Coolant replacement every 25,000 to 35,000 miles 

  

	 	7.	Cabin air filter replacement every 25,000 to 35,000 miles 

 Conditioning 
  

	 	1.	General cleaning of each ZVF Vehicle on a weekly basis 

  

	 	2.	Comprehensive detailing of each ZVF Vehicle on an annual basis 

  

	 	3.	Damage assessed based on member reports and repairs made in accordance with Lessee condition standards, considering remarketing effect. 

  
 40 

 SCHEDULE 24.12 TO THE ZVF
LEASE 
 Material Pending Litigation 

None

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