Document:

SECOND AMENDED AND RESTATED BASE INDENTURE

 

Exhibit 10.7

CENDANT RENTAL CAR FUNDING (AESOP) LLC,

as Issuer

and

THE BANK OF NEW YORK,

as Trustee

SECOND AMENDED AND RESTATED

BASE INDENTURE

Dated as of June 3, 2004

Rental Car Asset Backed Notes

(Issuable in Series)

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	 	 	 	 	Page
	ARTICLE 1.
	 	DEFINITIONS, INCORPORATION BY REFERENCE AND CONSTRUCTION

	 	 	1	 
	 
	 	 
	 	 	 	 
	     Section 1.1.
	 	Definitions

	 	 	1	 
	     Section 1.2.
	 	Cross-References

	 	 	2	 
	     Section 1.3.
	 	Accounting and Financial Determinations; No Duplication

	 	 	2	 
	     Section 1.4.
	 	Rules of Construction

	 	 	2	 
	     Section 1.5.
	 	Other Definitional Provisions

	 	 	2	 
	     Section 1.6.
	 	Ratification and Confirmation

	 	 	3	 
	 
	 	 
	 	 	 	 
	ARTICLE 2.
	 	THE NOTES

	 	 	3	 
	 
	 	 
	 	 	 	 
	     Section 2.1.
	 	Designation and Terms of Notes

	 	 	3	 
	     Section 2.2.
	 	Notes Issuable in Series

	 	 	3	 
	     Section 2.3.
	 	Supplement For Each Series

	 	 	7	 
	     Section 2.4.
	 	Execution and Authentication

	 	 	8	 
	     Section 2.5.
	 	Form of Notes; Book Entry Provisions; Title

	 	 	9	 
	     Section 2.6.
	 	Registrar and Paying Agent

	 	 	11	 
	     Section 2.7.
	 	Paying Agent to Hold Money in Trust

	 	 	12	 
	     Section 2.8.
	 	Noteholder List

	 	 	13	 
	     Section 2.9.
	 	Transfer and Exchange

	 	 	13	 
	     Section 2.10.
	 	Legending of Notes

	 	 	19	 
	     Section 2.11.
	 	Replacement Notes

	 	 	20	 
	     Section 2.12.
	 	Treasury Notes

	 	 	20	 
	     Section 2.13.
	 	Temporary Notes

	 	 	21	 
	     Section 2.14.
	 	Cancellation

	 	 	21	 
	     Section 2.15.
	 	Principal and Interest

	 	 	21	 
	     Section 2.16.
	 	Book-Entry Notes

	 	 	22	 
	     Section 2.17.
	 	Notices to Clearing Agency

	 	 	24	 
	     Section 2.18.
	 	Definitive Notes

	 	 	24	 
	     Section 2.19.
	 	Tax Treatment

	 	 	25	 
	     Section 2.20.
	 	CUSIP Numbers

	 	 	26	 
	 
	 	 
	 	 	 	 
	ARTICLE 3.
	 	SECURITY

	 	 	26	 
	 
	 	 
	 	 	 	 
	     Section 3.1.
	 	Grant of Security Interest

	 	 	26	 
	     Section 3.2.
	 	Certain Rights and Obligations of CRCF Unaffected

	 	 	28	 
	     Section 3.3.
	 	Performance of Agreement

	 	 	29	 
	     Section 3.4.
	 	Release of Lien on Vehicles

	 	 	30	 
	     Section 3.5.
	 	Stamp, Other Similar Taxes and Filing Fees

	 	 	30	 
	     Section 3.6.
	 	Vehicle Title Check

	 	 	30	 
	     Section 3.7.
	 	Termination Services Reserve Account

	 	 	30	 
	 
	 	 
	 	 	 	 
	ARTICLE 4.
	 	REPORTS

	 	 	32	 
	 
	 	 
	 	 	 	 

(i)

 

	 	 	 	 	 	 	 
	 	 	 	 	Page
	     Section 4.1.
	 	Agreement of CRCF to Provide Reports and Instructions

	 	 	32	 
	     Section 4.2.
	 	Administrator

	 	 	34	 
	 
	 	 
	 	 	 	 
	ARTICLE 5.
	 	ALLOCATION AND APPLICATION OF COLLECTIONS

	 	 	34	 
	 
	 	 
	 	 	 	 
	     Section 5.1.
	 	Collection Account

	 	 	34	 
	     Section 5.2.
	 	Collections and Allocations

	 	 	35	 
	     Section 5.3.
	 	Determination of Monthly Interest

	 	 	37	 
	     Section 5.4.
	 	Determination of Monthly Principal

	 	 	37	 
	     Section 5.5.
	 	Paired Series

	 	 	37	 
	     Section 5.6.
	 	Joint Collection Account Disputes

	 	 	38	 
	 
	 	 
	 	 	 	 
	ARTICLE 6.
	 	DISTRIBUTIONS AND REPORTS TO NOTEHOLDERS

	 	 	38	 
	 
	 	 
	 	 	 	 
	     Section 6.1.
	 	Distributions in General

	 	 	38	 
	     Section 6.2.
	 	Reserved

	 	 	39	 
	     Section 6.3.
	 	Optional Repurchase of Notes

	 	 	39	 
	     Section 6.4.
	 	Monthly Noteholders’ Statement

	 	 	39	 
	 
	 	 
	 	 	 	 
	ARTICLE 7.
	 	REPRESENTATIONS AND WARRANTIES

	 	 	40	 
	 
	 	 
	 	 	 	 
	     Section 7.1.
	 	Existence and Power

	 	 	40	 
	     Section 7.2.
	 	Limited Liability Company and Governmental Authorization

	 	 	40	 
	     Section 7.3.
	 	Binding Effect

	 	 	41	 
	     Section 7.4.
	 	Financial Information; Financial Condition

	 	 	41	 
	     Section 7.5.
	 	Litigation

	 	 	41	 
	     Section 7.6.
	 	No ERISA Plan

	 	 	41	 
	     Section 7.7.
	 	Tax Filings and Expenses

	 	 	41	 
	     Section 7.8.
	 	Disclosure

	 	 	41	 
	     Section 7.9.
	 	Investment Company Act; Securities Act

	 	 	42	 
	     Section 7.10.
	 	Regulations T, U and X

	 	 	42	 
	     Section 7.11.
	 	No Consent

	 	 	42	 
	     Section 7.12.
	 	Solvency

	 	 	42	 
	     Section 7.13.
	 	Ownership of Limited Liability Company Interests; Subsidiary

	 	 	42	 
	     Section 7.14.
	 	Security Interests

	 	 	42	 
	     Section 7.15.
	 	Binding Effect of Loan Agreements

	 	 	43	 
	     Section 7.16.
	 	Non-Existence of Other Agreements

	 	 	43	 
	     Section 7.17.
	 	Manufacturer Programs

	 	 	43	 
	     Section 7.18.
	 	Other Representations

	 	 	44	 
	 
	 	 
	 	 	 	 
	ARTICLE 8.
	 	COVENANTS

	 	 	44	 
	 
	 	 
	 	 	 	 
	     Section 8.1.
	 	Payment of Notes

	 	 	44	 
	     Section 8.2.
	 	Maintenance of Office or Agency

	 	 	44	 
	     Section 8.3.
	 	Information

	 	 	44	 
	     Section 8.4.
	 	Payment of Obligations

	 	 	45	 
	     Section 8.5.
	 	Maintenance of Property

	 	 	45	 
	     Section 8.6.
	 	Conduct of Business and Maintenance of Existence

	 	 	45	 
	     Section 8.7.
	 	Compliance with Laws

	 	 	46	 

(ii)

 

	 	 	 	 	 	 	 
	 	 	 	 	Page
	     Section 8.8.
	 	Inspection of Property, Books and Records

	 	 	46	 
	     Section 8.9.
	 	Compliance with Related Documents

	 	 	46	 
	     Section 8.10.
	 	Notice of Defaults

	 	 	46	 
	     Section 8.11.
	 	Notice of Material Proceedings

	 	 	46	 
	     Section 8.12.
	 	Further Requests

	 	 	46	 
	     Section 8.13.
	 	Further Assurances

	 	 	47	 
	     Section 8.14.
	 	Manufacturer Programs

	 	 	48	 
	     Section 8.15.
	 	Liens

	 	 	48	 
	     Section 8.16.
	 	Other Indebtedness

	 	 	48	 
	     Section 8.17.
	 	Mergers

	 	 	48	 
	     Section 8.18.
	 	Sales of Assets

	 	 	48	 
	     Section 8.19.
	 	Acquisition of Assets

	 	 	48	 
	     Section 8.20.
	 	Dividends, Officers’ Compensation, etc.

	 	 	48	 
	     Section 8.21.
	 	Name; Principal Office

	 	 	49	 
	     Section 8.22.
	 	Organizational Documents

	 	 	49	 
	     Section 8.23.
	 	Investments

	 	 	49	 
	     Section 8.24.
	 	No Other Agreements

	 	 	49	 
	     Section 8.25.
	 	Other Business

	 	 	50	 
	     Section 8.26.
	 	Maintenance of Separate Existence

	 	 	50	 
	     Section 8.27.
	 	Rule 144A Information Requirement

	 	 	52	 
	     Section 8.28.
	 	Use of Proceeds of Notes

	 	 	52	 
	     Section 8.29.
	 	Vehicles

	 	 	52	 
	 
	 	 
	 	 	 	 
	ARTICLE 9.
	 	AMORTIZATION EVENTS AND REMEDIES

	 	 	52	 
	 
	 	 
	 	 	 	 
	     Section 9.1.
	 	Amortization Events

	 	 	52	 
	     Section 9.2.
	 	Rights of the Trustee upon Amortization Event or Certain
Other Events of Default

	 	 	54	 
	     Section 9.3.
	 	[RESERVED]

	 	 	57	 
	     Section 9.4.
	 	Other Remedies

	 	 	57	 
	     Section 9.5.
	 	Waiver of Past Events

	 	 	58	 
	     Section 9.6.
	 	Control by Requisite Investors

	 	 	58	 
	     Section 9.7.
	 	Limitation on Suits

	 	 	58	 
	     Section 9.8.
	 	Unconditional Rights of Holders to Receive Payment; Withholding Taxes

	 	 	59	 
	     Section 9.9.
	 	Collection Suit by the Trustee

	 	 	60	 
	     Section 9.10.
	 	The Trustee May File Proofs of Claim

	 	 	60	 
	     Section 9.11.
	 	Priorities

	 	 	61	 
	     Section 9.12.
	 	Undertaking for Costs

	 	 	61	 
	     Section 9.13.
	 	Rights and Remedies Cumulative

	 	 	61	 
	     Section 9.14.
	 	Delay or Omission Not Waiver

	 	 	61	 
	     Section 9.15.
	 	Reassignment of Surplus

	 	 	61	 
	 
	 	 
	 	 	 	 
	ARTICLE 10.
	 	THE TRUSTEE

	 	 	61	 
	 
	 	 
	 	 	 	 
	     Section 10.1.
	 	Duties of the Trustee

	 	 	61	 
	     Section 10.2.
	 	Rights of the Trustee

	 	 	63	 
	     Section 10.3.
	 	Individual Rights of the Trustee

	 	 	64	 

(iii)

 

	 	 	 	 	 	 	 
	 	 	 	 	Page
	     Section 10.4.
	 	Notice of Amortization Events and Potential Amortization Events

	 	 	64	 
	     Section 10.5.
	 	Compensation

	 	 	64	 
	     Section 10.6.
	 	Replacement of the Trustee

	 	 	64	 
	     Section 10.7.
	 	Successor Trustee by Merger, etc.

	 	 	65	 
	     Section 10.8.
	 	Eligibility Disqualification

	 	 	65	 
	     Section 10.9.
	 	Appointment of Co-Trustee or Separate Trustee

	 	 	66	 
	     Section 10.10.
	 	Representations and Warranties of Trustee

	 	 	67	 
	     Section 10.11.
	 	CRCF Indemnification of the Trustee

	 	 	68	 
	 
	 	 
	 	 	 	 
	ARTICLE 11.
	 	DISCHARGE OF INDENTURE

	 	 	68	 
	 
	 	 
	 	 	 	 
	     Section 11.1.
	 	Termination of CRCF’s Obligations

	 	 	68	 
	     Section 11.2.
	 	Application of Trust Money

	 	 	69	 
	     Section 11.3.
	 	Repayment to CRCF

	 	 	69	 
	 
	 	 
	 	 	 	 
	ARTICLE 12.
	 	AMENDMENTS

	 	 	69	 
	 
	 	 
	 	 	 	 
	     Section 12.1.
	 	Without Consent of the Noteholders

	 	 	69	 
	     Section 12.2.
	 	With Consent of the Noteholders

	 	 	71	 
	     Section 12.3.
	 	Supplements

	 	 	72	 
	     Section 12.4.
	 	Revocation and Effect of Consents

	 	 	72	 
	     Section 12.5.
	 	Notation on or Exchange of Notes

	 	 	72	 
	     Section 12.6.
	 	The Trustee to Sign Amendments, etc.

	 	 	72	 
	 
	 	 
	 	 	 	 
	ARTICLE 13.
	 	MISCELLANEOUS

	 	 	72	 
	 
	 	 
	 	 	 	 
	     Section 13.1.
	 	Notices

	 	 	72	 
	     Section 13.2.
	 	Communication by Noteholders With Other Noteholders

	 	 	74	 
	     Section 13.3.
	 	Certificate and Opinion as to Conditions Precedent

	 	 	74	 
	     Section 13.4.
	 	Statements Required in Certificate

	 	 	74	 
	     Section 13.5.
	 	Rules by the Trustee

	 	 	75	 
	     Section 13.6.
	 	No Recourse Against Others

	 	 	75	 
	     Section 13.7.
	 	Duplicate Originals

	 	 	75	 
	     Section 13.8.
	 	Benefits of Indenture

	 	 	75	 
	     Section 13.9.
	 	Payment on Business Day

	 	 	75	 
	     Section 13.10.
	 	Governing Law

	 	 	75	 
	     Section 13.11.
	 	No Adverse Interpretation of Other Agreements

	 	 	75	 
	     Section 13.12.
	 	Successors

	 	 	75	 
	     Section 13.13.
	 	Severability

	 	 	76	 
	     Section 13.14.
	 	Counterpart Originals

	 	 	76	 
	     Section 13.15.
	 	Table of Contents, Headings, etc.

	 	 	76	 
	     Section 13.16.
	 	Termination; Collateral

	 	 	76	 
	     Section 13.17.
	 	No Bankruptcy Petition Against CRCF

	 	 	76	 
	     Section 13.18.
	 	No Recourse

	 	 	77	 

(iv)

 

SCHEDULES AND EXHIBITS

	 	 	 
	SCHEDULE 1

	 	DEFINITIONS LIST
	 
	 	 
	EXHIBIT A-1

	 	FORM OF TRANSFER CERTIFICATE
	 
	 	 
	EXHIBIT A-2

	 	[RESERVED]
	 
	 	 
	EXHIBIT A-3

	 	FORM OF TRANSFER CERTIFICATE FOR EXCHANGE OR TRANSFER FROM

RESTRICTED GLOBAL NOTE TO TEMPORARY GLOBAL NOTE
	 
	 	 
	EXHIBIT A-4

	 	FORM OF TRANSFER CERTIFICATE FOR EXCHANGE OR TRANSFER FROM

RESTRICTED GLOBAL NOTE TO PERMANENT GLOBAL NOTE
	 
	 	 
	EXHIBIT A-5

	 	FORM OF TRANSFER CERTIFICATE FOR TRANSFER OR EXCHANGE FROM

TEMPORARY GLOBAL NOTE TO RESTRICTED GLOBAL NOTE
	 
	 	 
	EXHIBIT B

	 	FORM OF CLEARING SYSTEM CERTIFICATE
	 
	 	 
	EXHIBIT C

	 	FORM OF CERTIFICATE OF BENEFICIAL OWNERSHIP
	 
	 	 
	EXHIBIT D

	 	FORM OF MONTHLY CERTIFICATE
	 
	 	 
	EXHIBIT E

	 	FORM OF MONTHLY NOTEHOLDERS’ STATEMENT
	 
	 	 

(v)

 

SECOND AMENDED AND RESTATED BASE INDENTURE, dated as of June 3, 2004,
between CENDANT RENTAL CAR FUNDING (AESOP) LLC (formerly known as AESOP Funding
II L.L.C.), a special purpose limited liability company established under the
laws of Delaware, as issuer (“CRCF”), and THE BANK OF NEW YORK, a New
York banking corporation, as trustee (in such capacity, the “Trustee”)

W I T N E S S E T H:

WHEREAS, AESOP Funding Corp. II (“Original AFC-II”) and Harris
Trust and Savings Bank were parties to a Base Indenture, dated as of May 1,
1996 (the “Original Indenture”);

WHEREAS, pursuant to an Agreement of Merger, dated as of July 30, 1997,
between Original AFC-II and CRCF, CRCF assumed all of the rights and
obligations of Original AFC-II under the Original Indenture;

WHEREAS, CRCF and Harris Trust and Savings Bank entered into an Amended
and Restated Base Indenture (the “Prior Indenture”), dated as of July
30, 1997, pursuant to which CRCF amended and restated the Original Indenture in
its entirety, with the consent of Harris Trust and Savings Bank;

WHEREAS, CRCF desires to amend and restate the Prior Indenture in its
entirety as herein set forth, and The Bank of New York, as Trustee and
successor to Harris Trust and Savings Bank under the Prior Indenture, hereby
consents thereto;

WHEREAS, CRCF has duly authorized the execution and delivery of this
Indenture to provide for the issuance from time to time of one or more series
of CRCF’s Rental Car Asset Backed Notes (the “Notes”), issuable as
provided in this Indenture; and

WHEREAS, all things necessary to make this Indenture a legal, valid and
binding agreement of CRCF, enforceable in accordance with its terms, have been
done, and CRCF proposes to do all the things necessary to make the Notes, when
executed by CRCF and authenticated and delivered by the Trustee hereunder and
duly issued by CRCF, the legal, valid and binding obligations of CRCF as
hereinafter provided;

NOW, THEREFORE, for and in consideration of the premises and the receipt
of the Notes by the Noteholders, it is mutually covenanted and agreed, for the
equal and proportionate benefit of all Noteholders, that the Prior Indenture be
amended and restated in its entirety as follows:

ARTICLE 1.

DEFINITIONS, INCORPORATION BY REFERENCE AND CONSTRUCTION

Section 1.1.     Definitions. Certain capitalized terms used herein (including the preamble and the
recitals hereto) shall have the meanings assigned to such terms in the

 

 

Definitions List attached hereto as Schedule I (the “Definitions
List”), as such Definitions List may be amended or modified from time to
time in accordance with the provisions hereof.

Section 1.2.     Cross-References. Unless otherwise specified,
references in this Indenture and in each other Related Document to any Article
or Section are references to such Article or Section of this Indenture or such
other Related Document, as the case may be and, unless otherwise specified,
references in any Article, Section or definition to any clause are references
to such clause of such Article, Section or definition.

Section 1.3.     Accounting and Financial Determinations; No
Duplication. Where the character or amount of any asset or liability or
item of income or expense is required to be determined, or any accounting
computation is required to be made, for the purpose of this Indenture, such
determination or calculation shall be made, to the extent applicable and except
as otherwise specified in this Indenture, in accordance with GAAP applied on a
consistent basis. When used herein, the term “financial statement” shall
include the notes and schedules thereto. All accounting determinations and
computations hereunder or under any other Related Documents shall be made
without duplication.

Section 1.4.     Rules of Construction. In this Indenture, unless the
context otherwise requires:

(i)     the singular includes the plural and vice versa;

(ii)     reference to any Person includes such Person’s successors and assigns
but, if applicable, only if such successors and assigns are permitted by this
Indenture, and reference to any Person in a particular capacity only refers to
such Person in such capacity;

(iii)     reference to any gender includes the other gender;

(iv)     reference to any Requirement of Law means such Requirement of Law as
amended, modified, codified or reenacted, in whole or in part, and in effect
from time to time;

(v)     “including” (and with correlative meaning “include”) means including
without limiting the generality of any description preceding such term;

(vi)     with respect to the determination of any period of time, “from” means
“from and including” and “to” means “to but excluding”; and

(vii)     “or” is not exclusive.

Section 1.5.     Other Definitional Provisions.

(i)     All terms defined in this Indenture or any Supplement shall have such
defined meanings when used in any certificate or document made or delivered
pursuant hereto unless otherwise defined therein.

(ii)     The words “hereof,” “herein” and “hereunder” and words of similar
import when used in this Indenture shall refer to this Indenture as a whole and
not to any particular provision

(2)

 

of this Indenture; and Section, subsection,
Schedule and Exhibit references contained in this Indenture are references to
Sections, subsections, Schedules and Exhibits in or to this Indenture unless
otherwise specified.

Section 1.6.     Ratification and Confirmation. On the date hereof,
CRCF hereby ratifies and confirms all of the Notes Outstanding issued under the
Prior Indenture and ratifies and confirms the grant of a lien in the Collateral
for the benefit of the Secured Parties pursuant to the Prior Indenture.

ARTICLE 2.

THE NOTES

Section 2.1.     Designation and Terms of Notes. Each Series of Notes
shall be substantially in the form specified in the applicable Supplement and
shall bear, upon its face, the designation for such Series to which it belongs
so selected by CRCF. All Notes of any Series shall, except as specified in the
related Supplement, be equally and ratably entitled as provided herein to the
benefits hereof without preference, priority or distinction on account of the
actual time or times of authentication and delivery, all in accordance with the
terms and provisions of this Indenture and the applicable Supplement. The
aggregate principal amount of Notes which may be authenticated and delivered
under this Indenture is unlimited. The Notes of each Series shall be issued in
the minimum denominations, if any, set forth in the applicable Supplement.

Section 2.2.     Notes Issuable in Series. The Notes may be issued in
one or more Series. Each Series of Notes shall be created by a Supplement.
Notes of a new Series may from time to time be executed by CRCF and delivered
to the Trustee for authentication and thereupon the same shall be authenticated
and delivered by the Trustee upon the receipt by the Trustee of a Company
Request at least two (2) Business Days (or such shorter period as is acceptable
to the Trustee) in advance of the related Series Closing Date and upon delivery
by CRCF to the Trustee, and receipt by the Trustee, of the following:

(a)     a Company Order authorizing and directing the authentication and
delivery of the Notes of such new Series by the Trustee and specifying
the designation of such new Series, the aggregate principal amount of
Notes of such new Series to be
authenticated and the Note Rate (or the method for allocating
interest payments or other cash flow) with respect to such new Series;

(b)     a Supplement in form satisfactory to the Trustee executed by
CRCF and the Trustee and specifying the Principal Terms of such new
Series;

(c)     the related Enhancement Agreement, if any, executed by each of
the parties thereto, other than the Trustee;

(d)     written confirmation that the Rating Agency Confirmation
Condition shall have been satisfied with respect to such issuance;

(e)     an Officer’s Certificate of CRCF dated as of the applicable
Series Closing Date to the effect that (1) no Amortization Event,
Aggregate Asset Amount Deficiency,

(3)

 

Enhancement Agreement Event of
Default, if applicable, Enhancement Deficiency, Loan Event of Default,
AESOP I Operating Lease Vehicle Deficiency, Manufacturer Event of
Default, Lease Event of Default, Potential Amortization Event, Potential
Enhancement Agreement Event of Default, Potential Loan Event of Default,
Potential Lease Event of Default, or Potential Manufacturer Event of
Default is continuing or will occur as a result of the issuance of the
new Series of Notes, (ii) the issuance of the new Series of Notes will
not result in any breach of any of the terms, conditions or provisions of
or constitute a default under any indenture, mortgage, deed of trust or
other agreement or instrument to which CRCF is a party or by which it or
its property is bound or any order of any court or administrative agency
entered in any suit, action or other judicial or administrative
proceeding to which CRCF is a party or by which it or its property may be
bound or to which it or its property may be subject, (iii) all conditions
precedent provided in this Base Indenture and the related Supplement with
respect to the authentication and delivery of the new Series of Notes
have been complied with and (iv) if such new Series of Notes is a
Segregated Series, the criteria used to select the Series-Specific
Collateral will not have a material adverse effect on the quality of the
Collateral securing any other outstanding Series of Notes;

(f)     unless otherwise specified in the related Supplement, an Opinion
of Counsel, subject to the assumptions and qualifications stated therein,
and in a form substantially acceptable to the Trustee, dated the
applicable Series Closing Date, substantially to the effect that or
relating to:

(i)     (x) the new Series of Notes will be treated as
indebtedness of CRCF for Federal and New York state income tax
purposes and (y) the issuance of such Series will not result in any
of the outstanding Series of Notes failing to be characterized as
debt for Federal or New York state income tax purposes;

(ii)     all instruments furnished to the Trustee conform in all
material respects to the requirements of this Base Indenture and
the related Supplement and constitute all the documents required to
be delivered hereunder and thereunder for the Trustee to
authenticate and deliver the new Series of Notes, and all
conditions precedent provided for in this Base Indenture and the
related
Supplement with respect to the authentication and delivery of
the new Series of Notes have been complied with in all material
respects;

(iii)     (w) CRCF is duly organized under the jurisdiction of
its formation and has the power and authority to execute and
deliver the related Supplement, this Base Indenture and each other
Related Document to which it is a party and to issue the new Series
of Notes, (x) AESOP Leasing is duly organized under the
jurisdiction of its formation and has the power and authority to
execute and deliver each of the Related Documents to which it is a
party, (y) each of Original AESOP, AESOP Leasing II, PVHC and
Quartx is duly incorporated under the jurisdiction of its
incorporation and has the corporate power and authority to execute
and deliver each of the Related Documents to which it is a party
and (z) CCRG, each Lessee and each Permitted Sublessee is duly
incorporated in the jurisdiction of its incorporation and, as of
the date of this Indenture, has the

(4)

 

corporate power and authority
to execute and deliver each of the Related Documents to which it is
a party;

(iv)     the related Supplement, this Base Indenture, the Loan
Agreements, the Leases and each of the other Related Documents to
which CRCF, AESOP Leasing, AESOP Leasing II, Original AESOP, PVHC,
Quartx, CCRG, ARAC, BRAC or any Permitted Sublessee is a party
have been duly authorized, executed and delivered by CRCF, AESOP
Leasing, AESOP Leasing II, Original AESOP, PVHC, Quartx, CCRG,
ARAC, BRAC or any Permitted Sublessee, as the case may be;

(v)     the new Series of Notes has been duly authorized and
executed and, when authenticated and delivered in accordance with
the provisions of this Base Indenture and the related Supplement,
will constitute valid, binding and enforceable obligations of CRCF
entitled to the benefits of this Base Indenture and the related
Supplement, subject, in the case of enforcement, to bankruptcy,
insolvency, reorganization, moratorium and other similar laws
affecting creditors’ rights generally and to general principles of
equity;

(vi)     this Base Indenture, the related Supplement and each of
the other Related Documents to which CRCF, AESOP Leasing, AESOP
Leasing II, Original AESOP, PVHC, Quartx, CCRG, ARAC, BRAC or any
Permitted Sublessee is a party are legal, valid and binding
agreements of CRCF, AESOP Leasing, AESOP Leasing II, Original
AESOP, PVHC, Quartx, CCRG, ARAC, BRAC or any Permitted Sublessee,
as the case may be, enforceable in accordance with their respective
terms, subject to bankruptcy, insolvency, reorganization,
moratorium and other similar laws affecting creditors’ rights
generally and to general principles of equity;

(vii)     each of CRCF, AESOP Leasing, Original AESOP and AESOP
Leasing II is not, and is not controlled by, an “investment
company” within the meaning of, and is not required to register as
an “investment company” under, the
Investment Company Act, and this Base Indenture and the
related Supplement are not required to be registered under the
Trust Indenture Act;

(viii)     the offer and sale of the new Series of Notes is not
required to be registered under the Securities Act;

(ix)     (A) the validity, perfection and priority of security
interests created under the Related Documents, (B) the nature of
each of the Operating Leases as a “true lease” and not as a
financing arrangement, (C) the analysis of substantive
consolidation of the assets of (1) CRCF, AESOP Leasing, AESOP
Leasing II or Original AESOP with the assets of CCRG or any of its
Subsidiaries in the event of the insolvency of CCRG or any of its
Subsidiaries, (2) CRCF with the assets of AESOP Leasing, AESOP
Leasing II or Original AESOP in the event of the insolvency of
AESOP Leasing, AESOP Leasing II or Original AESOP and (3) AESOP
Leasing, AESOP Leasing II or Original AESOP with the assets of CRCF

(5)

 

in the event of the insolvency of CRCF, (D) there being no pending
or threatened litigation which, if adversely determined, would
materially and adversely affect the ability of each of CRCF, AESOP
Leasing, AESOP Leasing II, Original AESOP, PVHC, Quartx, CCRG, ARAC
or BRAC to perform its obligations under any of the Related
Documents, and (E) the absence of any conflict with or violation of
any court decree, injunction, writ or order applicable to CRCF or
any breach or default of any indenture, agreement or other
instrument as a result of the issuance of such Series of Notes by
CRCF; and

(x)     such other matters as the Trustee may reasonably require;

(g)      executed counterparts of each Loan Agreement and each Lease,
duly executed by the applicable parties thereto;

(h)      evidence that each of the parties to the Related Documents and
each party to any Swap Agreement (other than any interest rate cap
agreement) outstanding as of the date thereof has covenanted and agreed
that, prior to the date which is one year and one day after the payment
in full of the latest maturing Note, it will not institute against, or
join with any other Person in instituting, against CRCF, AESOP Leasing,
AESOP Leasing II, the Intermediary, Original AESOP, PVHC or Quartx any
bankruptcy, reorganization, arrangement, insolvency or liquidation
proceedings, or other proceedings, under any Federal or state bankruptcy
or similar law;

(i)      evidence of the grant (i) by AESOP Leasing, PVHC and Quartx to
(1) CRCF and (2) the Trustee of a first-priority security interest in and
to the AESOP I Operating Lease Loan Collateral, (ii) by AESOP Leasing to
(1) CRCF and (2) the Trustee of a first-priority security interest in and
to the AESOP I Finance Lease Loan Collateral, (iii) by AESOP Leasing II
and Original AESOP to (1) CRCF and (2) the Trustee of a first-priority
security interest in and to the AESOP II Loan Collateral and (iv) by CRCF
to the Trustee of a first-priority security interest in and to the
Collateral;

(j)      evidence (which, in the case of the filing of financing
statements on form UCC-l, may be telephonic, followed by prompt written
confirmation) that AESOP Leasing and AESOP Leasing II have caused or are
causing the Trustee’s name to be noted on each Vehicle’s Certificate of
Title (other than Certificates of Title for the Franchisee Vehicles and
Vehicles titled in Nebraska, Ohio and Oklahoma) in accordance with the
Loan Agreements and this Indenture and all filings (including filing of
financing statements on form UCC-l) and recordings have been accomplished
as may be required by law to establish, perfect, protect and preserve the
rights, titles, interests, remedies, powers, privileges, licenses and
security interest of the Trustee in such Vehicles and the Collateral for
the benefit of the Secured Parties (except, as to perfection, with
respect to Vehicles titled in Nebraska, Ohio and Oklahoma); and

(k)      such other documents, instruments, certifications, agreements or
other items as the Trustee may reasonably require.

(6)

 

Upon satisfaction of such conditions, the Trustee shall authenticate and
deliver, as provided above, such Series of Notes upon execution thereof by
CRCF.

Section 2.3.     Supplement For Each Series. (a) In conjunction with
the issuance of a new Series, the parties hereto shall execute a Supplement,
which shall specify the relevant terms with respect to such new Series of
Notes, which shall include, as applicable: (i) its name or designation, (ii)
the aggregate principal amount of Notes of such Series to be issued or the
method for determining the aggregate principal amount of Notes if such Series
will have a variable principal amount, (iii) the Note Rate (or the method for
calculating such Note Rate) with respect to such Series, (iv) the interest
payment date or dates and the date or dates from which interest shall accrue,
(v) the method of allocating Collections with respect to such Series and the
method by which the principal amount of Notes of such Series shall amortize or
accrete, (vi) the names of any accounts to be used by such Series and the terms
governing the operation of any such account, (vii) the terms of any
Enhancement, (viii) the Enhancement Provider, if any, (ix) whether the Notes
may be issued in bearer form and any limitations imposed thereon, (x) the
Series Termination Date, (xi) whether the Notes will be issued in multiple
classes and, if so, the method of allocating Collections among such classes,
(xii) whether such Series of Notes shall have the benefit of Series-Specific
Collateral and (xiii) any other relevant terms of such Series of Notes that do
not (subject to Section 2.3(b) and Article 12 hereof) change the
terms of any Outstanding Series of Notes or otherwise materially conflict with
the provisions of this Indenture and that do not prevent the satisfaction of
the Rating Agency Confirmation Condition with respect to the issuance of such
new Series (all such terms, the “Principal Terms” of such Series);

(b)     (i) A Supplement may specify that the related Series of Notes (each,
a “Segregated Series”) will, in addition to the Enhancement, have
Collateral that is to be solely for the benefit of the Noteholders of such
Segregated Series of Notes (such Collateral being referred to as
“Series-Specific Collateral”); provided, however, that no
such Segregated Series of Notes will be issued unless (x) the Rating Agency
Confirmation Condition is met, (y) CRCF shall have delivered to the Trustee an
Officers’ Certificate to the effect that the issuance of such Segregated Series
of Notes will not have a
material adverse effect upon the Noteholders of any Series of Notes
outstanding at the time of the issuance of the Segregated Series of Notes, and
(z) the applicable Supplement provides, in form satisfactory to the Trustee,
for the changes and modifications to the Indenture and the other Related
Documents as are described in clause (ii) below.

(ii)     In the event any Segregated Series of Notes is issued, the related
Supplement will provide that (A) the Administrator will identify to the Trustee
the Collateral for such Segregated Series of Notes such that (x) the
Series-Specific Collateral will secure only the Segregated Series of Notes to
which such Series-Specific Collateral is applicable and (y) the Noteholders
with respect to any other Series of Notes will not be entitled to the benefit
of such Series-Specific Collateral, (B) the Trustee will adjust the allocations
and distributions to be made under the Indenture at the written direction of
the Administrator so that the Noteholders with respect to the Segregated Series
of Notes will be entitled to allocations and distributions arising solely from
the Series-Specific Collateral applicable to such Segregated Series of Notes
and the Noteholders with respect to the non-Segregated Series of Notes will be
entitled to allocations and distributions arising solely from the
non-Series-Specific Collateral, (C) the Trustee will act as collateral agent
under the Indenture (and in such capacity the Trustee shall (x) establish and

(7)

 

maintain a master collection account, and one or more segregated collection
accounts, into which Collections allocated to all Series of Notes will be
deposited and, after such deposit, further allocated among one or more
Segregated Series of Notes and the non-Segregated Series of Notes and (y) hold
its lien encumbering the non-Series-Specific Collateral for the benefit of the
non-Segregated Series of Notes and hold its lien encumbering the
Series-Specific Collateral for the benefit of the Segregated Series of Notes),
(D) the Administrator will designate on its computer system the source of the
funds for the financing of each Vehicle (as between one or more Segregated
Series of Notes and the non-segregated Series of Notes, the “Financing
Provider” with respect to such Series of Notes), (E) the Noteholders of any
Segregated Series of Notes will, subject to the limitations contained in this
Base Indenture and the applicable Supplement, be entitled to direct the Trustee
in writing to exercise the remedies under the Indenture solely on behalf of
such Segregated Series of Notes, (F) separate monthly reports and other
information will be furnished under the Indenture for the Series-Specific
Collateral, which monthly reports and other information will contain
substantially the same type of information as the monthly reports provided
under the Indenture prior to the issuance of such Segregated Series of Notes,
(G) a separate segregated loan agreement and separate segregated leases
pertaining solely to the Series-Specific Collateral will be executed and
delivered by CRCF, as lender, AESOP Leasing or AESOP Leasing II, as borrower,
the Lessees, as lessees, and, if applicable, CCRG, as guarantor, (H) to the
extent specified in the Supplement for such Segregated Series of Notes, CRCF
and AESOP Leasing or AESOP Leasing II, as the case may be, will take such
actions as are necessary to perfect the Trustee’s interest on behalf of the
Noteholders of such Series in the Series-Specific Collateral, (I) amendments
will be made to this Indenture and the other Related Documents, if necessary,
to reflect the foregoing, which amendments will, among other things, provide
for revisions to the terms “Aggregate Asset Amount”, “Required Aggregate Asset
Amount”, “Collateral”, “Collection Account”, “CRCF Agreements”, “CRCF
Obligations”, “Loan Agreements”, “Leases”, “Related Documents”, “Aggregate
Invested Amount” and “Requisite Investors” and such other terms as may be
appropriate to reflect the creation of the Segregated Series, provided that any
such amendment shall not have a material adverse effect (excluding any impact
from the dilution of the percentage interests in the Collateral or voting
percentage of the existing Noteholders as a result of such issuance) on the
Noteholders of any
Series unless the Required Noteholders of such Series shall have given
their prior written consent thereto (and, with respect to each Series, the
Trustee may conclusively rely on an Officer’s Certificate of AESOP Leasing and
AESOP Leasing II as sufficient evidence of such lack of a material adverse
effect), (J) the relative rights and priorities with respect to the
Series-Specific Collateral with respect to such Segregated Series of Notes are
adequately defined, and (K) references herein to “all” Series of Notes (other
than as specifically stated herein) shall be modified to refer to all Series of
Notes other than any Segregated Series of Notes which may hereafter be issued.

Section 2.4.     Execution and Authentication. (a) An Authorized
Officer shall sign the Notes for CRCF by manual, facsimile or electronically
scanned signature. If an Authorized Officer whose signature is on a Note no
longer holds that office at the time the Note is authenticated, the Note shall
nevertheless be valid.

(b)     At any time and from time to time after the execution and delivery of
this Indenture, CRCF may deliver Notes of any particular Series executed by
CRCF to the Trustee for authentication, together with one or more Company
Orders for the authentication and

(8)

 

delivery of such Notes, and the Trustee, in
accordance with such Company Order and this Indenture, shall authenticate and
deliver such Notes.

(c)     No Note shall be entitled to any benefit under this Indenture or be
valid for any purpose unless there appears on such Note a certificate of
authentication substantially in the form provided for herein, duly executed by
the Trustee by the manual signature of a Trust Officer (and the Luxembourg
agent (the “Luxembourg Agent”), if such Notes are listed on the
Luxembourg Stock Exchange and if the Luxembourg Stock Exchange so requires).
Such signatures on such certificate shall be conclusive evidence, and the only
evidence, that the Note has been duly authenticated under this Indenture. The
Trustee may appoint an authenticating agent acceptable to CRCF to authenticate
Notes. Unless limited by the term of such appointment, an authenticating agent
may authenticate Notes whenever the Trustee may do so. Each reference in this
Indenture to authentication by the Trustee includes authentication by such
agent. An authenticating agent has the same rights as an Agent to deal with
CRCF or an Affiliate of CRCF. The Trustee’s certificate of authentication
shall be in substantially the following form:

This is one of the Notes of a series issued under the within mentioned
Indenture.

	 	 	 	 	 
	 	 	THE BANK OF NEW YORK,

as Trustee
	 
	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	 
	

	 	 	 	Authorized Signatory

(d)     Each Note shall be dated and issued as of the date of its
authentication by the Trustee.

(e)     Notwithstanding the foregoing, if any Note shall have been
authenticated and delivered hereunder but never issued and sold by CRCF, and
CRCF shall deliver such Note to the Trustee for cancellation as provided in
Section 2.14 together with a written statement (which need not comply
with Section 13.3 and need not be accompanied by an Opinion of Counsel)
stating that such Note has never been issued and sold by CRCF, for all purposes
of this Indenture such Note shall be deemed never to have been authenticated
and delivered hereunder and shall not be entitled to the benefits of this
Indenture.

Section 2.5.     Form of Notes; Book Entry Provisions; Title.

(a)     Restricted Global Note. If provided for in an applicable
Supplement, any Series of Notes (other than any Series of Variable Funding
Notes), or any class of such Series, to be issued in the United States will be
in registered form and sold initially to “institutional accredited investors”
within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act
(each an “Institutional Accredited Investor”) in reliance on an
exemption from the registration requirements of the Securities Act and
thereafter (i) to “qualified institutional buyers” (each a “Qualified
Institutional Buyer”) within the meaning of, and in reliance on, Rule 144A
under the Securities Act (“Rule 144A”), (ii) outside the United States
to a non-U.S. Person (as such term is defined in Regulation S of the
Securities Act) in a transaction in

(9)

 

compliance with Regulation S of the
Securities Act, (iii) pursuant to an effective registration statement under the
Securities Act or (iv) in reliance on another exemption under the Securities
Act, in each case in accordance with any applicable securities laws of any
state of the United States, and as provided in the applicable Supplement and
prior to any such sale, each such purchaser shall be deemed to have represented
and agreed as follows:

(1)     It is an Institutional Accredited Investor and is acquiring the
Notes for its own institutional account or for the account of an
Institutional Accredited Investor;

(2)     It understands that the Notes purchased by it will be offered,
and may be transferred, only in a transaction not involving any public
offering within the meaning of the Securities Act, and that, if in the
future it decides to resell, pledge or otherwise transfer any Notes, such
Notes may be resold, pledged or transferred only (a) to a person who the
seller reasonably believes is a Qualified Institutional Buyer that
purchases for its own account or for the account of a Qualified
Institutional Buyer to whom notice is given that the resale, pledge or
transfer is being made in reliance on Rule 144A, (b) outside the United
States to a non-U.S. Person (as such term is defined in Regulation S of
the Securities Act) in a transaction in compliance with Regulation S of
the Securities Act, (c) pursuant to an effective registration statement
under the Securities Act or (d) in reliance on another exemption under
the Securities Act, in each case in accordance with any applicable
securities laws of any state of the United States;

(3)     It understands that the Notes will bear a legend substantially
as set forth in Section 2.10(a); and

(4)     It acknowledges that the Trustee, CRCF, any underwriter, each
Placement Agent for such Series of Notes and their affiliates, and others
will rely upon the truth and accuracy of the foregoing acknowledgements,
representations and agreements. If it is acquiring any Notes for the
account of one or more Institutional Accredited Investors, it represents
that it has sole investment discretion with respect to each such account
and that it has full power to make the foregoing acknowledgements,
representations and agreements on behalf of each such account.

In addition, such purchaser shall be responsible for providing additional
information or certification, as shall be reasonably requested by the Trustee,
CRCF or any Placement Agent for such Series of Notes, to support the truth and
accuracy of the foregoing acknowledgements, representations and agreements, it
being understood that such additional information is not intended to create
additional restrictions on the transfer of the Notes. Such Series of Notes
(other than any Series of Variable Funding Notes) shall be issued in the form
of and represented by one or more permanent global Notes in fully registered
form without interest coupons (each, a “Restricted Global Note”),
substantially in the form set forth in the applicable Supplement, with such
legends as may be applicable thereto, which shall be deposited on behalf of the
subscribers for the Notes represented thereby with a custodian for DTC, and
registered in the name of DTC or a nominee of DTC, duly executed by CRCF and
authenticated by the Trustee as provided in Section 2.4 for credit to
the accounts of the subscribers at DTC. The aggregate initial principal amount
of a Restricted Global Note may from time to time be

(10)

 

increased or decreased by
adjustments made on the records of the custodian for DTC, DTC or its nominee,
as the case may be, as hereinafter provided.

(b)     Temporary Global Note; Permanent Global Note. Any Series of
Notes (other than any Series of Variable Funding Notes), or any class of such
Series, offered and sold outside of the United States will be offered and sold
in reliance on Regulation S (“Regulation S”) under the Securities Act
and shall initially be issued in the form of one or more temporary global Notes
(each, a “Temporary Global Note”) in fully registered form without
interest coupons substantially in the form set forth in the applicable
Supplement with such legends as may be applicable thereto, registered in the
name of DTC or a nominee of DTC, duly executed by CRCF and authenticated by the
Trustee as provided in Section 2.4, for credit to the subscribers’
accounts at Euroclear Bank S.A./N.V., as operator of Euroclear, or Clearstream.
Interests in a Temporary Global Note will be exchangeable, in whole or in
part, for interests in a permanent global note (a “Permanent Global
Note”) in fully registered form without interest coupons, representing
Notes of the same Series, substantially in the form set forth in the applicable
Supplement, in accordance with the provisions of the Temporary Global Note and
this Indenture. Beneficial interests in a Temporary Global Note may only be
held by the agent members of Euroclear and Clearstream. The aggregate initial
principal amount of the Temporary Global Note may from time to time be
increased or decreased by adjustments made on the records of the custodian for
DTC, DTC or its nominee, as the case may be, as hereinafter provided.

(c)     Variable Funding Notes. Any Series of variable funding notes
shall initially be sold to investors in reliance on an exemption from the
registration requirements of the Securities Act. Any such Series of Notes
shall be issued in the form of one or more variable funding notes (each, a
“Variable Funding Note”) in fully registered form
without interest coupons substantially in the form set forth in the
applicable Supplement with such legends as may be applicable thereto, duly
executed by CRCF and authenticated by the Trustee as provided in Section
2.4. The aggregate outstanding principal amount of a Series of Variable
Funding Notes may from time to time be increased or decreased in accordance
with the applicable Supplement.

Section 2.6.     Registrar and Paying Agent. (a) CRCF shall (i)
maintain an office or agency where Notes may be presented for registration of
transfer or for exchange (“Registrar”) and (ii) appoint a paying agent
(which shall satisfy the eligibility criteria set forth in Section
10.8(a)) (“Paying Agent”) at whose office or agency Notes may be
presented for payment. The Registrar shall keep a register of the Notes and of
their transfer and exchange (the “Note Register”). CRCF may appoint one
or more co-registrars and one or more additional paying agents. The term
“Paying Agent” includes any additional paying agent and the term “Registrar”
includes any co-registrars. CRCF may change any Paying Agent or Registrar
without prior notice to any Noteholder. CRCF shall notify the Trustee in
writing of the name and address of any Agent not a party to this Indenture.
The Trustee is hereby initially appointed as the Registrar, Paying Agent and
agent for service of notices and demands in connection with the Notes.

(b)     CRCF shall enter into an appropriate agency agreement with any Agent
not a party to this Indenture. Such agency agreement shall implement the
provisions of this Indenture that relate to such Agent. CRCF shall notify the
Trustee in writing of the name and

(11)

 

address of any such Agent. If CRCF fails to
maintain a Registrar or Paying Agent and a Trust Officer has actual knowledge
of such failure, or if CRCF fails to give the foregoing notice, the Trustee
shall act as such, and shall be entitled to appropriate compensation in
accordance with this Indenture, until CRCF shall appoint a replacement
Registrar and Paying Agent.

Section 2.7.     Paying Agent to Hold Money in Trust. (a) CRCF will
cause each Paying Agent other than the Trustee to execute and deliver to the
Trustee an instrument in which such Paying Agent shall agree with the Trustee
(and if the Trustee acts as Paying Agent, it hereby so agrees), subject to the
provisions of this Section, that such Paying Agent will:

(i)     hold all sums held by it for the payment of amounts due with
respect to the Notes in trust for the benefit of the Persons entitled
thereto until such sums shall be paid to such Persons or otherwise
disposed of as herein provided and pay such sums to such Persons as
herein provided;

(ii)     give the Trustee notice of any default by CRCF (or any other
obligor under the Notes) of which it (or, in the case of the Trustee, a
Trust Officer) has actual knowledge in the making of any payment required
to be made with respect to the Notes;

(iii)     at any time during the continuance of any such default, upon
the written request of the Trustee, forthwith pay to the Trustee all sums
so held in trust by such Paying Agent;

(iv)     immediately resign as a Paying Agent and forthwith pay to the
Trustee all sums held by it in trust for the payment of Notes if at any
time it ceases to meet the standards required to be met by a Trustee
hereunder at the time of its appointment; and

(v)     comply with all requirements of the Code with respect to the
withholding from any payments made by it on any Notes of any applicable
withholding taxes imposed thereon and with respect to any applicable
reporting requirements in connection therewith.

(b)     CRCF may at any time, for the purpose of obtaining the satisfaction
and discharge of this Indenture or for any other purpose, by Company Order
direct any Paying Agent to pay to the Trustee all sums held in trust by such
Paying Agent, such sums to be held by the Trustee upon the same trusts as those
upon which the sums were held by such Paying Agent; and upon such payment by
any Paying Agent to the Trustee, such Paying Agent shall be released from all
further liability with respect to such money.

(c)     Subject to applicable laws with respect to escheat of funds, any money
held by the Trustee or any Paying Agent or a Clearing Agency in trust for the
payment of any amount due with respect to any Note and remaining unclaimed for
two (2) years after such amount has become due and payable shall be discharged
from such trust and be paid to CRCF on Company Request. The Holder of such
Note shall thereafter, as an unsecured general creditor, look only to CRCF for
payment thereof (but only to the extent of the amounts so paid to CRCF), and
all liability of the Trustee, such Paying Agent or such Clearing Agency with
respect to such trust money shall thereupon cease; provided,
however, that the Trustee, such Paying Agent or such Clearing Agency,
before being required to make any such repayment, may at the expense of

(12)

 

CRCF
cause to be published once, in a newspaper published in the English language,
customarily published on each Business Day and of general circulation in New
York City, and London and Luxembourg (if the related Series of Notes has been
listed on the Luxembourg Stock Exchange), if applicable, notice that such money
remains unclaimed and that, after a date specified therein, which shall not be
less than thirty (30) days from the date of such publication, any unclaimed
balance of such money then remaining will be repaid to CRCF. The Trustee may
also adopt and employ, at the expense of CRCF, any other reasonable means of
notification of such repayment.

Section 2.8.     Noteholder List. The Trustee shall preserve in as
current a form as is reasonably practicable the most recent list available to
it of the names and addresses of Noteholders of each Series of Notes. If the
Trustee is not the Registrar, CRCF shall furnish to the Trustee at least seven
(7) Business Days before each Distribution Date (or such shorter period as is
acceptable to the Trustee) and at such other time as the Trustee may request in
writing, a list in such form and as of such date as the Trustee may reasonably
require of the names and addresses of Noteholders of each Series of Notes.

Section 2.9.     Transfer and Exchange. (a) When Notes of any particular Series are presented to the Registrar
or a co-registrar with a request to register a transfer or to exchange them for
an equal principal amount of Notes of other authorized denominations of the
same Series, the Registrar shall register the transfer or make the exchange if
its requirements for such transaction are met; provided, however,
that the Notes surrendered for transfer or exchange (x) shall be duly endorsed
or accompanied by a written instrument of transfer in form satisfactory to CRCF
and the Registrar, duly executed by the holder thereof or its attorney, duly
authorized in writing and (y) shall only be transferred or exchanged in
compliance with this Section 2.9.

(b)     Except as otherwise provided in Section 2.18, the Trustee or
the Registrar shall not register the exchange of interests in a Note for a
Definitive Note. In the event that a Restricted Global Note is exchanged for
Definitive Notes pursuant to Section 2.18, exchanges and transfers of
such Definitive Notes shall be made only in accordance with this Section
2.9(b).

(i)     (A)  If a Definitive Note is being acquired for the account of a
Holder of a beneficial interest in a Restricted Global Note without
transfer, the Registrar shall receive a certification from such Holder to
that effect (in substantially the form of Exhibit A-1 hereto); or

(B)     If such Definitive Note is being transferred to a
Qualified Institutional Buyer in accordance with Rule 144A, the
Registrar shall receive a certification to that effect (in
substantially the form of Exhibit A-l hereto); or

(C)     If such Definitive Note is being transferred pursuant to
an exemption from registration in accordance with Regulation S, the
Registrar shall receive a certification to that effect (in
substantially the form of Exhibit A-1 hereto); or

(D)     If such Definitive Note is being transferred in reliance
on another exemption from the registration requirements of the
Securities Act, the Registrar

(13)

 

shall receive a certification to that
effect (in substantially the form of Exhibit A-1 hereto) and
an opinion of counsel in form and substance acceptable to CRCF and
to the Registrar
to the effect that such transfer is in compliance
with the Securities Act.

(ii)     The Trustee shall not register the exchange of interests in a
Note for a Definitive Note or the transfer of or exchange of a Definitive
Note during the period beginning on any Record Date and ending on the
next following Distribution Date.

(c)     So long as a Book-Entry Note remains outstanding and is held by or on
behalf of a Clearing Agency, transfers of such Book-Entry Note, in whole or in
part, or interests therein, shall only be made in accordance with this
Section 2.9(c).

(i)     Transfers of Book-Entry Notes. Subject to clauses
(iii) and (iv) of this Section 2.9(c), transfers of a
Book-Entry Note shall be limited to transfers of such Book-Entry Note in
whole, but not in part, to nominees of the
applicable Clearing Agency or to a successor Clearing Agency or such
successor Clearing Agency’s nominee.

(ii)     Transfers of Interests in Restricted Global Notes. If
interests in a Restricted Global Note are being transferred to a
Qualified Institutional Buyer in accordance with Rule 144A, each such
transferee shall be deemed to have represented and agreed as follows:

(A)     It is a qualified institutional buyer as defined in Rule
144A and is acquiring the Notes for its own institutional account
or for the account of a qualified institutional buyer;

(B)     It understands that the Notes purchased by it will be
offered, and may be transferred, only in a transaction not
involving any public offering within the meaning of the Securities
Act, and that, if in the future it decides to resell, pledge or
otherwise transfer any Notes, such Notes may be resold, pledged or
transferred only (a) to a person who the seller reasonably believes
is a qualified institutional buyer (as defined in Rule l44A under
the Securities Act) that purchases for it own account or for the
account of a qualified institutional buyer to whom notice is given
that the resale, pledge or transfer is being made in reliance on
Rule 144A, (b) outside the United States to a non-U.S. Person (as
such term is defined in Regulation S of the Securities Act) in a
transaction in compliance with Regulation S of the Securities Act,
(c) pursuant to an effective registration statement under the
Securities Act or (d) in reliance on another exemption under the
Securities Act, in each case in accordance with any applicable
securities laws of any state of the United States;

(C)     It understands that the Notes will bear a legend
substantially as set forth in Section 2.10(a); and

(D)     It acknowledges that the Trustee, CRCF, each Placement
Agent for such Series of Notes, and their affiliates, and others
will rely upon the truth and accuracy of the foregoing
acknowledgements, representations and agreements. If

(14)

 

it is
acquiring any Notes for the account of one or more qualified
institutional buyers, it represents that it has sole investment
discretion with respect to each such account and that it has full
power to make the foregoing acknowledgements, representations and
agreements on behalf of each such account.

In addition, such transferee shall be responsible for providing
additional information or certification, as shall be reasonably requested
by the Trustee, CRCF or any Placement Agent for such Series of Notes, to
support the truth and accuracy of the foregoing acknowledgements,
representations and agreements, it being understood that such additional
information is not intended to create additional restrictions on the
transfer of the Notes.

(iii)     Temporary Global Note to Permanent Global Note.
Interests in a Temporary Global Note as to which the Trustee has received
from Euroclear or
Clearstream, as the case may be, a certificate substantially in the
form of Exhibit B to the effect that Euroclear or Clearstream, as
applicable, has received a certificate substantially in the form of
Exhibit C from the holder of a beneficial interest in such Note,
will be exchanged, on and after the 40th day after the completion of the
distribution of the relevant Series (the “Exchange Date”), for
interests in a Permanent Global Note. To effect such exchange CRCF shall
execute and the Trustee shall authenticate and deliver to Euroclear or
Clearstream, as applicable, for credit to the respective accounts of the
holders of Notes, a duly executed and authenticated Permanent Global
Note, representing the principal amount of interests in the Temporary
Global Note initially exchanged for interests in the Permanent Global
Note. The delivery to the Trustee by Euroclear or Clearstream of the
certificate or certificates referred to above may be relied upon by CRCF
and the Trustee as conclusive evidence that the certificate or
certificates referred to therein has or have been delivered to Euroclear
or Clearstream pursuant to the terms of this Indenture and the Temporary
Global Note. Upon any exchange of interests in a Temporary Global Note
for interests in a Permanent Global Note, the Trustee shall endorse the
Temporary Global Note to reflect the reduction in the principal amount
represented thereby by the amount so exchanged and shall endorse the
Permanent Global Note to reflect the corresponding increase in the amount
represented thereby. The Temporary Global Note or the Permanent Global
Note shall also be endorsed upon any cancellation of principal amounts
upon surrender of Notes purchased by CRCF or any of its respective
subsidiaries or affiliates or upon any repayment of the principal amount
represented thereby or any payment of interest in respect of such Notes.

(iv)     Restricted Global Note to Temporary Global Note Prior to the
Exchange Date. If, prior to the Exchange Date, a holder of a
beneficial interest in the Restricted Global Note registered in the name
of DTC or its nominee wishes at any time to exchange its interest in such
Restricted Global Note for an interest in the Temporary Global Note, such
holder may, subject to the rules and procedures of DTC, exchange or cause
the exchange or transfer of such interest for an equivalent beneficial
interest in the Temporary Global Note. Upon receipt by the Trustee as
Transfer Agent (“Transfer Agent”) of (1) instructions given in
accordance with DTC’s procedures from an agent member directing the
Trustee as Transfer Agent to credit or cause to be credited a beneficial
interest in the Temporary Global Note in an amount equal to the
beneficial

(15)

 

interest in the Restricted Global Note to be exchanged or
transferred, (2) a written order given in accordance with DTC’s
procedures containing information regarding the Euroclear or Clearstream
account to be credited with such increase and the name of such account,
and (3) a certificate in the form of Exhibit A-3 attached hereto
given by the holder of such beneficial interest stating that the exchange
or transfer of such interest has been made in compliance with the
transfer restrictions applicable to the Notes and pursuant to and in
accordance with Regulation S, the Transfer Agent shall instruct DTC to
reduce the Restricted Global Note by the aggregate principal amount of
the beneficial interest in the Restricted Global Note to be so exchanged
or transferred and the Transfer Agent shall instruct DTC, concurrently
with such reduction, to increase the principal amount of the Temporary
Global Note by the aggregate principal amount of the beneficial interest
in the Restricted Global Note to be so exchanged or transferred, and to
credit or cause to be credited to the account of the person specified in
such instructions (who shall be the agent member of Euroclear or
Clearstream, or both, as the case may be) a beneficial interest in
the Temporary Global Note equal to the reduction in the principal amount
of the Restricted Global Note.

(v)     Restricted Global Note to Permanent Global Note After the
Exchange Date. If, after the Exchange Date, a holder of a beneficial
interest in the Restricted Global Note registered in the name of DTC or
its nominee wishes at any time to exchange its interest in such
Restricted Global Note for an interest in the Permanent Global Note, or
to transfer its interest in such Restricted Global Note to a Person who
wishes to take delivery thereof in the form of an interest in the
Permanent Global Note, such holder may, subject to the rules and
procedures of DTC, exchange or cause the exchange or transfer of such
interest for an equivalent beneficial interest in the Permanent Global
Note. Upon receipt by the Transfer Agent of (1) instructions given in
accordance with DTC’s procedures from an agent member directing the
Trustee to credit or cause to be credited a beneficial interest in the
Permanent Global Note in an amount equal to the beneficial interest in
the Restricted Global Note to be exchanged or transferred, (2) a written
order given in accordance with DTC’s procedures containing information
regarding the participant account of DTC and, in the case of a transfer
pursuant to and in accordance with Regulation S, the Euroclear or
Clearstream account to be credited with such increase and (3) a
certificate in the form of Exhibit A-4 attached hereto given by
the holder of such beneficial interest stating that the exchange or
transfer of such interest has been made in compliance with the transfer
restrictions applicable to the Notes (A) and pursuant to and in
accordance with Regulation S or (B) and that the Note being exchanged or
transferred is not a “restricted security” as defined in Rule 144, the
Trustee shall instruct DTC to reduce the Restricted Global Note by the
aggregate principal amount of the beneficial interest in the Restricted
Global Note to be so exchanged or transferred and the Transfer Agent
shall instruct DTC, concurrently with such reduction, to increase the
principal amount of the Permanent Global Note by the aggregate principal
amount of the beneficial interest in the Restricted Global Note to be so
exchanged or transferred, and to credit or cause to be credited to the
account of the person specified in such instructions a beneficial
interest in the Permanent Global Note equal to the reduction in the
principal amount of the Restricted Global Note.

(16)

 

(vi)     Temporary Global Note to Restricted Global Note. If a
holder of a beneficial interest in the Temporary Global Note registered
in the name of DTC or its nominee wishes at any time to exchange its
interest in such Temporary Global Note for an interest in the Restricted
Global Note, or to transfer its interest in such Temporary Global Note to
a Person who wishes to take delivery thereof in the form of an interest
in the Restricted Global Note, such holder may, subject to the rules and
procedures of Euroclear or Clearstream and DTC, as the case may be,
exchange or cause the exchange or transfer of such interest for an
equivalent beneficial interest in the Restricted Global Note. Upon
receipt by the Transfer Agent of (1) instructions from Euroclear or
Clearstream or DTC, as the case may be, directing the Trustee to credit
or cause to be credited a beneficial interest in the Restricted Global
Note equal to the beneficial interest in the Temporary Global Note to be
exchanged or transferred, such instructions to contain information
regarding the agent member’s account with DTC to be credited with such
increase, and, with respect to an exchange or transfer of an interest in
the Temporary Global Note after the Exchange Date, information regarding
the agent member’s account
with DTC to be debited with such decrease, and (2) with respect to
an exchange or transfer of an interest in the Temporary Global Note for
an interest in the Restricted Global Note prior to the Exchange Date, a
certificate in the form of Exhibit A-5 attached hereto given by
the holder of such beneficial interest and stating that the Person
transferring such interest in the Temporary Global Note reasonably
believes that the Person acquiring such interest in the Restricted Global
Note is a Qualified Institutional Buyer and is obtaining such beneficial
interest in a transaction meeting the requirements of Rule 144A,
Euroclear or Clearstream or the Trustee, as the case may be, shall
instruct DTC to reduce the Temporary Global Note by the aggregate
principal amount of the beneficial interest in the Temporary Global Note
to be exchanged or transferred, and the Transfer Agent shall instruct
DTC, concurrently with such reduction, to increase the principal amount
of the Restricted Global Note by the aggregate principal amount of the
beneficial interest in the Temporary Global Note to be so exchanged or
transferred, and to credit or cause to be credited to the account of the
Person specified in such instructions a beneficial interest in the
Restricted Global Note equal to the reduction in the principal amount of
the Temporary Global Note.

(vii)     Permanent Global Note to Restricted Global Note. If a
holder of a beneficial interest in the Permanent Global Note wishes at
any time to exchange its interest in such Permanent Global Note for an
interest in the Restricted Global Note, or to transfer its interest in
such Permanent Global Note to a Person who wishes to take delivery
thereof in the form of an interest in the Restricted Global Note, such
holder may, subject to the rules and procedures of Euroclear or
Clearstream and DTC, as the case may be, exchange or cause the exchange
or transfer of such interest for an equivalent beneficial interest in the
Restricted Global Note. Upon receipt by the Transfer Agent of
instructions from Euroclear or Clearstream or DTC, as the case may be,
directing the Trustee to credit or cause to be credited a beneficial
interest in the Restricted Global Note equal to the beneficial interest
in the Permanent Global Note to be exchanged or transferred, such
instructions to contain information regarding the agent member’s account
with DTC to be credited with such increase, and information regarding the
agent member’s account with DTC to be debited with such decrease,
Euroclear or Clearstream or the Trustee, as the case may be, shall
instruct DTC to reduce the Permanent Global

(17)

 

Note by the aggregate
principal amount of the beneficial interest in the Permanent Global Note
to be exchanged or transferred, and the Transfer Agent shall instruct
DTC, concurrently with such reduction, to increase the principal amount
of the Restricted Global Note by the aggregate principal amount of the
beneficial interest in the Permanent Global Note to be so exchanged or
transferred, and to credit or cause to be credited to the account of the
Person specified in such instructions a beneficial interest in the
Restricted Global Note equal to the reduction in the principal amount of
the Permanent Global Note.

(d)     Transfers of Variable Funding Notes. A Variable Funding Note
shall not be transferable except in the limited circumstances, if any,
described in the applicable Supplement; provided, however, that a
Variable Funding Note may be pledged as security (and transferred) in
accordance with the terms described in the applicable Supplement.

(e)     CRCF or the Trustee may require payment of a sum sufficient to cover
any tax or other governmental charge that may be imposed in connection with any
exchange or registration of transfer of Notes. No service charge shall be made
for any such transaction.

(f)     If the Notes are listed on the Luxembourg Stock Exchange, the Trustee
or the Luxembourg Agent, as the case may be, shall send to CRCF upon any
transfer or exchange of any Note information reflected in the copy of the
register for the Notes maintained by the Registrar or the Luxembourg Agent, as
the case may be.

(g)     To permit registrations of transfers and exchanges, CRCF shall execute
and the Trustee shall authenticate Notes, subject to such rules as the Trustee
may reasonably require. No service charge to the Noteholder shall be made for
any registration of transfer or exchange (except as otherwise expressly
permitted herein), but the Registrar may require payment of a sum sufficient to
cover any transfer tax or similar government charge payable in connection
therewith (other than any such transfer tax or similar governmental charge
payable upon exchanges pursuant to Section 2.13 hereof in which event
the Registrar will be responsible for the payment of any such taxes).

(h)     All Notes issued upon any registration of transfer or exchange of
Notes shall be the valid obligations of CRCF, evidencing the same debt, and
entitled to the same benefits under this Indenture, as the Notes surrendered
upon such registration of transfer or exchange.

(i)     Prior to due presentment for registration of transfer of any Note, the
Trustee, any Agent and CRCF may deem and treat the Person in whose name any
Note is registered (as of the day of determination) as the absolute owner of
such Note for the purpose of receiving payment of principal of and interest on
such Note and for all other purposes whatsoever, whether or not such Note is
overdue, and neither the Trustee, any Agent nor CRCF shall be affected by
notice to the contrary.

(j)     By its acceptance of a Note, each Noteholder and Note Owner shall be
deemed to have represented and warranted that its purchase and holding of the
Note will not, throughout the term of its holding an interest therein,
constitute a non-exempt “prohibited transaction” under Section 406(a) of ERISA
or Section 4975 of the Code.

(18)

 

Section 2.10.     Legending of Notes. (a) Unless otherwise provided
for in a Supplement and except as permitted by the last paragraph of this
Section 2.10(a), each Note (other than any Variable Funding Note) issued
on or after the date hereof shall bear a legend in substantially the following
form:

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE “SECURITIES ACT”) OR ANY STATE SECURITIES OR “BLUE SKY”
LAWS. THE HOLDER HEREOF, BY PURCHASING THIS NOTE, AGREES FOR THE BENEFIT
OF CENDANT RENTAL CAR FUNDING (AESOP) LLC (THE “COMPANY”) THAT THIS NOTE
IS BEING ACQUIRED FOR ITS OWN ACCOUNT AND NOT WITH A VIEW TO DISTRIBUTION
AND MAY BE RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (1) TO THE
COMPANY
(UPON REDEMPTION THEREOF OR OTHERWISE), (2) TO A PERSON WHO THE
TRANSFEROR REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS
DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN A TRANSACTION MEETING
THE REQUIREMENTS OF RULE 144A, (3) OUTSIDE THE UNITED STATES TO A
NON-U.S. PERSON (AS SUCH TERM IS DEFINED IN REGULATION S OF THE
SECURITIES ACT) IN A TRANSACTION IN COMPLIANCE WITH REGULATION S OF THE
SECURITIES ACT OR (4) IN A TRANSACTION COMPLYING WITH OR EXEMPT FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (SUBJECT IN THE CASE OF
THIS CLAUSE (4) TO RECEIPT OF SUCH CERTIFICATES AND OTHER DOCUMENTS AS
THE TRUSTEE MAY REQUIRE UNDER THE INDENTURE), IN EACH CASE IN ACCORDANCE
WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR
ANY OTHER JURISDICTION. THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS
REQUIRED TO, NOTIFY ANY PURCHASER FROM IT OF THE RESALE RESTRICTIONS SET
FORTH ABOVE.

Upon any transfer, exchange or replacement of Notes bearing such legend
(or, in the case of any Note issued prior to the date hereof, bearing such
similar legend as required under the Original Indenture or the Prior Indenture,
as the case may be), or if a request is made to remove such legend on a Note,
the Notes so issued shall bear such legend, or such legend shall not be
removed, as the case may be, unless there is delivered to CRCF and the Trustee
or the Luxembourg Agent, if the Notes are listed on the Luxembourg Exchange,
such satisfactory evidence, which may include an opinion of counsel, as may be
reasonably required by CRCF that neither such legend nor the restrictions on
transfer set forth therein are required to ensure that transfers thereof comply
with the provisions of Rule 144A, Rule 144 or Regulation S. Upon provision of
such satisfactory evidence, the Trustee, at the direction of CRCF, shall
authenticate and deliver a Note that does not bear such legend.

(b)     Unless otherwise provided for in a Supplement, each Variable Funding
Note issued on or after the date hereof shall bear a legend in substantially
the following form:

THIS VARIABLE FUNDING NOTE HAS NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR ANY STATE
SECURITIES OR “BLUE SKY” LAWS. THE HOLDER HEREOF, BY

(19)

 

PURCHASING THIS
NOTE, AGREES FOR THE BENEFIT OF CENDANT RENTAL CAR FUNDING
(AESOP)  LLC
(THE “COMPANY”) THAT THIS NOTE IS BEING ACQUIRED FOR ITS OWN ACCOUNT AND
NOT WITH A VIEW TO DISTRIBUTION. THIS VARIABLE FUNDING NOTE IS NOT
PERMITTED TO BE TRANSFERRED, ASSIGNED OR OTHERWISE PLEDGED OR CONVEYED
EXCEPT IN COMPLIANCE WITH THE TERMS OF THE INDENTURE REFERRED TO HEREIN.

Section 2.11.     Replacement Notes. (a) If (i) any mutilated Note
is surrendered to the Trustee, or the Trustee receives evidence to its
satisfaction of the destruction, loss or theft of any Note, and (ii) there is
delivered to the Trustee such security or indemnity as may be required by
it to hold CRCF, each Enhancement Provider and the Trustee harmless then, in
the absence of notice to CRCF, the Registrar or the Trustee that such Note has
been acquired by a protected purchaser, and provided that the requirements of
Section 8-405 of the UCC (which generally permit CRCF to impose reasonable
requirements) are met, CRCF shall execute and upon its request the Trustee
shall authenticate and deliver, in exchange for or in lieu of any such
mutilated, destroyed, lost or stolen Note, a replacement Note of like tenor and
aggregate principal amount; provided, however, that if any such
destroyed, lost or stolen Note, but not a mutilated Note, shall have become or
within seven (7) days shall be due and payable or shall have been called for
redemption, instead of issuing a replacement Note, CRCF may pay such destroyed,
lost or stolen Note when so due or payable without surrender thereof. If,
after the delivery of such replacement Note or payment of a destroyed, lost or
stolen Note pursuant to the proviso to the preceding sentence, a protected
purchaser of the original Note in lieu of which such replacement Note was
issued presents for payment such original Note, CRCF and the Trustee shall be
entitled to recover such replacement Note (or such payment) from the Person to
whom it was delivered or any Person taking such replacement Note from such
Person to whom such replacement Note was delivered or any assignee of such
Person, except a protected purchaser, and shall be entitled to recover upon the
security or indemnity provided therefor to the extent of any loss, damage, cost
or expense incurred by CRCF or the Trustee in connection therewith.

(b)     Upon the issuance of any replacement Note under this Section
2.11, CRCF may require the payment by the Holder of such Note of a sum
sufficient to cover any tax or other governmental charge that may be imposed in
relation thereto and any other reasonable expenses (including the fees and
expenses of the Trustee) connected therewith.

(c)     Every replacement Note issued pursuant to this Section 2.11 in
replacement of any mutilated, destroyed, lost or stolen Note shall be entitled
to all the benefits of this Indenture equally and proportionately with any and
all other Notes duly issued hereunder.

(d)     The provisions of this Section 2.11 are exclusive and shall
preclude (to the extent lawful) all other rights and remedies with respect to
the replacement or payment of mutilated, destroyed, lost or stolen Notes.

Section 2.12.     Treasury Notes. In determining whether the
Noteholders of the required principal amount of Notes have concurred in any
direction, waiver or consent, Notes owned by CRCF or any Affiliate of CRCF
shall be considered as though they are not

(20)

 

Outstanding, except that (i) for the
purpose of determining whether the Trustee shall be protected in relying on any
such direction, waiver or consent, only Notes of which the Trustee has received
written notice of such ownership shall be so disregarded and (ii) solely for
the purpose of determining whether the Holders of the required principal amount
of Notes of any particular Series have concurred in any direction, waiver or
consent required of the Holders of the Notes of such Series, Notes owned by an
Affiliate of CRCF shall be deemed Outstanding if, and only if, all Notes of
such Series are owned by Affiliates of CRCF. Absent written notice to the
Trustee of such ownership, the Trustee shall not be deemed to have knowledge of
the identity of the individual beneficial owners of the Notes.

Section 2.13.     Temporary Notes. (a) Pending the preparation of
Definitive Notes issued under Section 2.18 hereof, CRCF may prepare and
the Trustee, upon receipt of a Company Order, shall authenticate and deliver
temporary Notes of such Series. Temporary Notes shall be substantially in the
form of Definitive Notes of like Series but may have variations that are not
inconsistent with the terms of this Indenture as the officers executing such
Notes may determine, as evidenced by their execution of such Notes.

(b)     If temporary Notes are issued pursuant to Section 2.13(a)
above, CRCF will cause Definitive Notes to be prepared without unreasonable
delay. After the preparation of Definitive Notes, the temporary Notes shall be
exchangeable for Definitive Notes upon surrender of the temporary Notes at the
office or agency of CRCF to be maintained as provided in Section 8.2,
without charge to the Noteholder. Upon surrender for cancellation of any one
or more temporary Notes, CRCF shall execute and the Trustee shall authenticate
and deliver in exchange therefor a like principal amount of Definitive Notes of
authorized denominations. Until so exchanged, the temporary Notes shall in all
respects be entitled to the same benefits under this Indenture as Definitive
Notes.

Section 2.14.     Cancellation. CRCF may at any time deliver to the
Trustee for cancellation any Notes previously authenticated and delivered
hereunder which CRCF may have acquired in any manner whatsoever, and all Notes
so delivered shall be promptly cancelled by the Trustee. The Registrar and
Paying Agent shall forward to the Trustee any Notes surrendered to them for
registration of transfer, exchange or payment. The Trustee shall cancel all
Notes surrendered for registration of transfer, exchange, payment, replacement
or cancellation. CRCF may not issue new Notes to replace Notes that it has
redeemed or paid or that have been delivered to the Trustee for cancellation.
All cancelled Notes held by the Trustee shall be disposed of in accordance with
the Trustee’s standard disposition procedures unless by a written order, signed
by two Authorized Officers and received by the Trustee in a timely fashion,
CRCF shall direct that cancelled Notes be returned to it.

Section 2.15.     
Principal and Interest.  (a)  The principal of each
Series of Notes shall be payable at the times and in the amount set forth in
the related Supplement and in accordance with Section 6.1.

(b)     Each Series of Notes shall accrue interest as provided in the related
Supplement and such interest shall be payable on each Distribution Date for
such Series in accordance with Section 6.1 and the related Supplement.

(21)

 

(c)     Except as provided in the following sentence, the Person in whose name
any Note is registered at the close of business on any Record Date with respect
to a Distribution Date for such Note shall be entitled to receive the principal
and interest payable on such Distribution Date notwithstanding the cancellation
of such Note upon any registration of transfer, exchange or substitution of
such Note subsequent to such Record Date. Any interest payable at maturity
shall be paid to the Person to whom the principal of such Note is payable.

(d)     If CRCF defaults in the payment of interest on the Notes of any
Series, such interest, to the extent paid on any date that is more than five
(5) Business Days after the applicable due date, shall, at the option of CRCF,
cease to be payable to the Persons who were Noteholders of such Series at the
applicable Record Date and CRCF shall pay the defaulted interest in any lawful
manner, plus, to the extent lawful, interest payable on the defaulted interest,
to the Persons who are Noteholders of such Series on a subsequent special
record date which date shall be at least five (5) Business Days prior to the
payment date, at the rate provided in this Indenture and in the Notes of such
Series. CRCF shall fix or cause to be fixed each such special record date and
payment date, and at least fifteen (15) days before the special record date.
CRCF (or the Trustee, in the name of and at the expense of CRCF) shall mail to
Noteholders of such Series a notice that states the special record date, the
related payment date and the amount of such interest to be paid.

Section 2.16.     Book-Entry Notes. (a) For each Series of Notes to
be issued in registered form (other than any Series of Variable Funding Notes),
CRCF shall duly execute the Notes, and the Trustee shall, in accordance with
Section 2.4 hereof, authenticate and deliver initially one or more
Global Notes that (a) shall be registered on the Note Register in the name of
DTC or DTC’s nominee, and (b) shall bear legends substantially to the following
effect:

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO CRCF OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. (“CEDE”) OR SUCH OTHER
NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY
PAYMENT HEREON IS MADE TO CEDE OR TO SUCH OTHER ENTITY AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE
HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS
THE REGISTERED OWNER HEREOF, CEDE, HAS AN INTEREST HEREIN.

So long as DTC or its nominee is the registered owner or holder of a
Global Note, DTC or its nominee, as the case may be, will be considered the
sole owner or holder of the Notes represented by such Global Note for purposes
of this Indenture and such Notes. Members of, or participants in, DTC shall
have no rights under this Indenture with respect to any Global Note held on
their behalf by DTC, and DTC may be treated by CRCF, the Trustee, any Agent and
any agent of such entities as the absolute owner of such Global Note for all
purposes whatsoever. Notwithstanding the foregoing, nothing herein shall
prevent CRCF, the Trustee, any Agent and any agent of such entities from giving
effect to any written certification, proxy or other

(22)

 

authorization furnished by
DTC or impair, as between DTC and its agent members, the operation of customary
practices governing the exercise of the rights of a holder of any Note.

(b)     Subject to Section 2.9(i), the provisions of the “Operating
Procedures of the Euroclear System” and the “Terms and Conditions Governing Use
of Euroclear” and the “General Terms and Conditions” of Clearstream,
respectively, shall be
applicable to the Global Note insofar as interests in a Global Note are
held by the agent members of Euroclear or Clearstream (which shall only occur
in the case of the Temporary Global Note and the Permanent Global Note).
Account holders or participants in Euroclear and Clearstream shall have no
rights under this Indenture with respect to such Global Note, and the
registered holder may be treated by CRCF, the Trustee and any agent of CRCF or
the Trustee as the owner of such Global Note for all purposes whatsoever.

(c)     Title to the Notes shall pass only by registration in the Note
Register maintained by the Registrar pursuant to Section 2.6.

(d)     Any typewritten Note or Notes representing Book Entry Notes shall
provide that they represent the aggregate or a specified amount of Outstanding
Notes from time to time endorsed thereon and may also provide that the
aggregate amount of Outstanding Notes represented thereby may from time to time
be reduced to reflect exchanges. Any endorsement of a typewritten Note or
Notes representing Book-Entry Notes to reflect the amount, or any increase or
decrease in the amount, or changes in the rights of Note Owners represented
thereby, shall be made in such manner and by such Person or Persons as shall be
specified therein or in the Company Order to be delivered to the Trustee
pursuant to Section 2.4. Subject to the provisions of Section
2.5, the Trustee shall deliver and redeliver any typewritten Note or Notes
representing Book-Entry Notes in the manner and upon instructions given by the
Person or Persons specified therein or in the applicable Company Order. Any
instructions by CRCF with respect to endorsement or delivery or redelivery of a
typewritten Note or Notes representing the Book-Entry Notes shall be in writing
but need not comply with Section 13.3 hereof and need not be accompanied
by an Opinion of Counsel.

(e)     Unless and until definitive, fully registered Notes (“Definitive
Notes”) have been issued to Note Owners pursuant to Section
2.18:

(i)     the provisions of this Section 2.16 shall be in full
force and effect:

(ii)     the Paying Agent, the Registrar and the Trustee may deal with
the Clearing Agency and the Clearing Agency Participants for all purposes
of this Indenture (including the making of payments on the Notes and the
giving of instructions or directions hereunder) as the authorized
representatives of the Note Owners;

(iii)     to the extent that the provisions of this Section 2.16
conflict with any other provisions of this Indenture, the provisions of
this Section 2.16 shall control;

(iv)     whenever this Indenture requires or permits actions to be taken
based upon instructions or directions of Holders of Notes evidencing a
specified percentage of the Outstanding principal amount of the Notes,
the applicable Clearing Agency shall be deemed to represent such
percentage only to the extent that it has received instructions to

(23)

 

such
effect from Note Owners and/or their related Clearing Agency Participants
owning or representing, respectively, such required percentage of the
beneficial interest in the Notes and has delivered such instructions to
the Trustee; and

(v)     the rights of Note Owners shall be exercised only through the
applicable Clearing Agency and their related Clearing Agency Participants
and shall be limited to those established by law and agreements between
such Note Owners and their related Clearing Agency and/or the Clearing
Agency Participants. Unless and until Definitive Notes are issued
pursuant to Section 2.18, the applicable Clearing Agencies will
make book-entry transfers among their related Clearing Agency
Participants and receive and transmit payments of principal and interest
on the Notes to such Clearing Agency Participants.

Section 2.17.     Notices to Clearing Agency. Whenever notice or
other communication to the Noteholders is required under this Indenture, unless
and until Definitive Notes shall have been issued to Note Owners pursuant to
Section 2.18, the Trustee and CRCF shall give all such notices and
communications specified herein to be given to Noteholders to the applicable
Clearing Agency for distribution to the Note Owners.

Section 2.18.     Definitive Notes. (a) Conditions for
Issuance. Interests in a Restricted Global Note or Permanent Global Note
deposited with DTC pursuant to Section 2.5 shall be transferred to the
beneficial owners thereof in the form of Definitive Notes only if such transfer
complies with Section 2.9 and (x) DTC notifies CRCF that it is unwilling
or unable to continue as depositary for such Restricted Global Note or
Permanent Global Note or at any time ceases to be a “clearing agency”
registered under the Exchange Act, and a successor depositary so registered is
not appointed by CRCF within ninety (90) days of such notice or (y) CRCF
determines that the Restricted Global Note or Permanent Global Note with
respect to the relevant Series of Notes shall be exchangeable for Definitive
Notes, in which case Definitive Notes shall be issuable or exchangeable only in
respect of such Global Notes or the category of Definitive Notes represented
thereby or (z) any Noteholder, purchaser or transferee of a Restricted Global
Note or a Permanent Global Note requests the same in the form of a Definitive
Note and CRCF, in its sole discretion, consents to such request (in which case
a Definitive Note shall be issuable or transferable only to such Noteholder,
purchaser or transferee), CRCF will deliver Definitive Notes in exchange for
the Restricted Global Notes or the Permanent Global Notes or, in the case of an
exchange or transfer described in clause (z) above, in exchange for the
applicable beneficial interest in one or more Global Notes.

(b)     Issuance. If interests in any Restricted Global Note or
Permanent Global Note, as the case may be, are to be transferred to the
beneficial owners thereof in the form of Definitive Notes pursuant to this
Section 2.18, such Restricted Global Note or Permanent Global Note, as
the case may be, shall be surrendered by DTC to the office or agency of the
Transfer Agent located in the Borough of Manhattan, the City of New York, or if
the Notes are listed on the Luxembourg Stock Exchange, to the applicable
Luxembourg Agent in Luxembourg, to be so transferred, without charge. If
interests in any Permanent Global Note are to be transferred to the beneficial
owners thereof in the form of Definitive Notes pursuant to this Section
2.18, such Permanent Global Note shall be surrendered by the custodian for
DTC to the Transfer Agent or its agent located in London to be so transferred,
without charge.
The Trustee shall authenticate

(24)

 

and deliver, upon such transfer of
interests in such Restricted Global Note or Permanent Global Note, an equal
aggregate principal amount of Definitive Notes of authorized denominations;
provided, that in the case of an interest in a Restricted Global Note,
no such interest will be transferred except upon (i) delivery of a Transfer
Certificate substantially in the form of Exhibit A-1 hereto and (ii)
compliance with the conditions set forth in Section 2.9. The Definitive
Notes transferred pursuant to this Section 2.18 shall be executed,
authenticated and delivered only in the denominations specified in the related
Supplement, and Definitive Notes shall be registered in such names as DTC shall
direct in writing. The Transfer Agent shall have at least 30 days from the
date of its receipt of Definitive Notes and registration information to
authenticate and deliver such Definitive Notes. Any Definitive Note delivered
in exchange for an interest in a Restricted Global Note or Permanent Global
Note shall, except as otherwise provided by Section 2.10, bear, and be
subject to, the legend regarding transfer restrictions set forth in Section
2.10. CRCF will promptly make available to the Transfer Agent a reasonable
supply of Definitive Notes. CRCF shall bear the costs and expenses of printing
or preparing any Definitive Notes.

(c)     Transfer of Definitive Notes. Subject to the terms of this
Indenture, the holder of any Definitive Note may transfer the same in whole or
in part, in an amount equivalent to an authorized denomination, by surrendering
at the office maintained by the Transfer Agent for such purpose in the Borough
of Manhattan, The City of New York, such Note with the form of transfer
endorsed on it duly completed and executed by, or accompanied by a written
instrument of transfer in form satisfactory to CRCF and the Transfer Agent by,
the holder thereof and accompanied by a Transfer Certificate substantially in
the form of Exhibit A-1 hereto. In exchange for any Definitive Note
properly presented for transfer, CRCF shall execute and the Trustee shall
promptly authenticate and deliver or cause to be authenticated and delivered in
compliance with applicable law, to the transferee at such office, or send by
mail (at the risk of the transferee) to such address as the transferee may
request, Definitive Notes for the same aggregate principal amount as was
transferred. In the case of the transfer of any Definitive Note in part, CRCF
shall execute and the Trustee shall also promptly authenticate and deliver or
cause to be authenticated and delivered to the transferor at such office, or
send by mail (at the risk of the transferor) to such address as the transferor
may request, Definitive Notes for the aggregate principal amount that was not
transferred. No transfer of any Definitive Note shall be made unless the
request for such transfer is made by the registered holder at such office.

(d)     Neither CRCF nor the Trustee shall be liable for any delay in delivery
of such instructions and may conclusively rely on, and shall be protected in
relying on, such instructions. Upon the issuance of Definitive Notes for such
Series, the Trustee shall recognize the Holders of the Definitive Notes as
Noteholders of such Series.

Section 2.19.     Tax Treatment. CRCF has structured this Indenture
and the Notes have been (or will be) issued with the intention that the Notes
will qualify under applicable tax law as indebtedness of CRCF and any entity
acquiring any direct or indirect interest in any Note by acceptance of its
Notes (or, in the case of a Note Owner, by virtue of such Note Owner’s
acquisition of a beneficial interest therein) agrees to treat the Notes (or
beneficial interests therein) for purposes of Federal, state and local and
income or franchise taxes and any other tax imposed on or measured by income,
as
indebtedness of CRCF. Each Noteholder agrees that it will cause any Note
Owner acquiring an interest in a Note through it to comply with this Indenture
as to treatment as indebtedness for such tax purposes.

(25)

 

Section 2.20.     CUSIP Numbers. CRCF may use “CUSIP” numbers in
respect of any Series of Notes (if then generally in use), and, if so, the
Trustee shall use “CUSIP” numbers in notices of redemption in respect of such
Series of Notes as a convenience to Holders; provided that any such
notice may state that no representation is made as to the correctness of such
numbers either as printed on the Notes of such Series or as contained in any
notice of a redemption and that reliance may be placed only on the other
identification numbers printed on the Notes of such Series, and any such
redemption shall not be affected by any defect in or omission of such numbers.
CRCF will promptly notify the Trustee in writing of any change in any such
“CUSIP” numbers.

ARTICLE 3.

SECURITY

Section 3.1.     Grant
of Security Interest.     (a)     To secure the CRCF
Obligations, CRCF hereby pledges, assigns, conveys, delivers, transfers and
sets over to the Trustee, for the benefit of the Noteholders and, to the extent
provided in any Supplement, any Enhancement Providers and any Swap
Counterparties (collectively, the “Secured Parties”), and hereby grants
to the Trustee, for the benefit of the Secured Parties, a security interest in,
all of CRCF’s right, title and interest in, to and under all of the following
property whether now or hereafter existing, acquired or created (all of the
foregoing being referred to as the “Collateral”):

(i)     the CRCF Agreements, including, without limitation, the Loan
Notes, all monies due and to become due to CRCF from AESOP Leasing and
AESOP Leasing II under or in connection with the CRCF Agreements, whether
payable as principal, interest, fees, expenses, costs, indemnities,
insurance recoveries, damages for the breach of any of the CRCF
Agreements or otherwise, and all rights, remedies, powers, privileges and
claims of CRCF against any other party under or with respect to the CRCF
Agreements (whether arising pursuant to the terms of such CRCF Agreements
or otherwise available to CRCF at law or in equity), the right to enforce
any of the CRCF Agreements as provided herein and to give or withhold any
and all consents, requests, notices, directions, approvals, extensions or
waivers under or with respect to the CRCF Agreements or the obligations
of any party thereunder, and all AESOP I Loan Collateral and AESOP II
Loan Collateral;

(ii)     the Leases, any books, records or computer programs relating
thereto, the right to enforce any of the Leases as provided therein and
in the Loan Agreements and to give or withhold any and all consents,
requests, notices, directions, approvals, extensions or waivers under or
with respect to the Leases or the obligations of any party thereunder;

(iii)     all Vehicles and all Certificates of Title with respect
thereto, including all payments under insurance policies or any warranty
payable by reason of loss or damage to, or otherwise with respect to, any
of the Vehicles;

(iv)     all Manufacturer Programs as they relate to Vehicles leased
under the Leases and all monies due and to become due in respect of such
Vehicles from the Manufacturers under or in connection with the
Manufacturer Programs whether payable

(26)

 

as Vehicle repurchase prices,
auction sales proceeds, fees, expenses, costs, indemnities, insurance
recoveries, damages for breach of the Manufacturer Programs or otherwise
(but excluding all incentive payments payable in respect of purchases of
vehicles under the Manufacturer Programs) and all rights to compel
performance and otherwise exercise remedies thereunder;

(v)     all payments under insurance policies (whether or not the
Trustee is named as the loss payee thereof) or any warranty payable by
reason of loss or damage to, or otherwise with respect to, any of the
Vehicles;

(vi)     any Proceeds from the sale of Vehicles leased under the Leases,
including all monies due in respect of such Vehicles, whether payable as
the purchase price of such Vehicles, or as fees, expenses, costs,
indemnities, insurance recoveries, or otherwise (including all upfront
incentive payments payable by Manufacturers in respect of purchases of
Non-Program Vehicles);

(vii)     (a)     the
Collection Account, (b) all funds on deposit therein
from time to time, (c) all certificates and instruments, if any,
representing or evidencing any or all of the Collection Account or the
funds on deposit therein from time to time, and (d) all Permitted
Investments made at any time and from time to time with the moneys in the
Collection Account or any subaccount thereof (including income thereon);

(viii)     (a)     the
Termination Services Reserve Account, (b) all funds
on deposit therein from time to time, (c) all certificates and
instruments, if any, representing or evidencing any or all of the
Termination Services Reserve Account or the funds on deposit therein from
time to time, and (d) all Permitted Investments made at any time and from
time to time with the moneys in the Termination Services Reserve Account
(including income thereon);

(ix)     (a) any Approved Lockbox Account, (b)     all
funds on deposit
therein from time to time, and (c) all certificates and instruments, if
any, representing or evidencing any or all of such Approved Lockbox
Account or the funds on deposit therein from time to time;

(x)     the Master Exchange Agreement and the Escrow Agreement,
including any amendments thereof, all monies due and to become due to
CRCF, AESOP Leasing, ARAC, BRAC or CCRG thereunder, whether amounts
payable by the Intermediary to CRCF, AESOP Leasing, ARAC, BRAC or CCRG
from the Joint Collection Accounts or the accounts maintained pursuant to
the Escrow Agreement or payable as damages for breach of the Master
Exchange Agreement, the Escrow Agreement or otherwise, and all
other property payable by the Intermediary to CRCF, AESOP Leasing,
ARAC, BRAC or CCRG thereunder and all rights to compel performance and
otherwise exercise remedies thereunder; provided, however,
that in the case of any funds held in the Joint Collection Accounts or
the accounts maintained pursuant to the Escrow Agreement that constitute
Relinquished Property Proceeds, such funds shall not constitute
Collateral until such funds are payable from the Joint Collection
Accounts or the accounts maintained

(27)

 

pursuant to the Escrow Agreement to
the Trustee pursuant to the Master Exchange Agreement or the Escrow
Agreement;

(xi)     all additional property that may from time to time hereafter
(pursuant to the terms of any Supplement or otherwise) be subjected to
the grant and pledge hereof by CRCF or by anyone on its behalf; and

(xii)     all Proceeds, products, rents or profits of any and all of the
foregoing including, without limitation, payments under insurance
(whether or not the Trustee is the loss payee thereof) or Vehicle
warranties and cash;

provided, however, the security interest of the Trustee on behalf
of the Secured Parties shall be deemed to be released with respect to amounts
that are released to the Administrator from the Termination Services Reserve
Account on any Distribution Date in accordance with Section 3.7(d).

(b)     The foregoing grant is made in trust to secure CRCF Obligations and to
secure compliance with the provisions of this Indenture and any Supplement, all
as provided in this Indenture. The Trustee, as Trustee on behalf of the
Secured Parties, acknowledges such grant, accepts the trusts under this
Indenture in accordance with the provisions of this Indenture and, subject to
Sections 10.1 and 10.2, agrees to perform its duties required in
this Indenture to the best of its abilities to the end that the interests of
the Secured Parties may be adequately and effectively protected. The
Collateral shall secure the Notes equally and ratably without prejudice,
priority (except, with respect to any Series of Notes, as otherwise stated in
the applicable Supplement) or distinction.

(c)     CRCF authorizes the Trustee to file (provided that the Trustee shall
have no obligation to so file), or cause to be filed, all UCC financing
statements necessary or advisable to perfect or maintain the Trustee’s
perfection in any of the Collateral.

Section 3.2.     Certain
Rights and Obligations of CRCF
Unaffected.     (a)     Notwithstanding the assignment and security interest so granted to the
Trustee on behalf of the Secured Parties, CRCF shall nevertheless be permitted,
subject to the Trustee’s right to revoke such permission in the event of an
Amortization Event and subject to the provisions of Section 3.3, 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 (which
does not include waivers of defaults under any of the CRCF Agreements or other
Related Documents or any of the Manufacturer Programs or revocation of powers
of attorney to the Lessees) to AESOP Leasing or AESOP Leasing II by CRCF and by
AESOP
Leasing or AESOP Leasing II to the Manufacturers by the specific terms of
each of the Loan Agreements and each Manufacturer Program, respectively.

(b)     The grant of the security interest in the Collateral to the Trustee on
behalf of the Secured Parties shall not (i) relieve CRCF from the performance
of any term, covenant, condition or agreement on CRCF’s part to be performed or
observed under or in connection with any of the CRCF Agreements or from any
liability to AESOP Leasing, AESOP Leasing II or the Manufacturers, as the case
may be, or (ii) impose any obligation on the Trustee or any of the

(28)

 

Secured
Parties to perform or observe any such term, covenant, condition or agreement
on CRCF’s part to be so performed or observed or impose any liability on the
Trustee or any of the Secured Parties for any act or omission on the part of
CRCF or from any breach of any representation or warranty on the part of CRCF.
CRCF hereby agrees to indemnify and hold harmless the Trustee and each
Noteholder (including, in each case, their respective directors, officers,
employees and agents) from and against any and all losses, liabilities
(including liabilities for penalties), claims, demands, actions, suits,
judgments, reasonable out-of-pocket costs and expenses arising out of or
resulting from the security interest granted hereby or by any Assignment
Agreement, whether arising by virtue of any act or omission on the part of CRCF
or otherwise, including, without limitation, the reasonable out-of-pocket
costs, expenses, and disbursements (including reasonable attorneys’ fees and
expenses) incurred by the Trustee and any of the Noteholders in enforcing this
Indenture or preserving any of their respective rights to, or realizing upon,
any of the Collateral; provided, however, the foregoing
indemnification shall not extend to any action by the Trustee or a Noteholder
which constitutes gross negligence or willful misconduct by the Trustee, such
Noteholder or any other Indemnified Person hereunder. The indemnification
provided for in this Section 3.2 shall survive the removal of, or a
resignation by, such Person as Trustee as well as the termination of this
Indenture, any Supplement or any Assignment Agreement.

Section 3.3.     Performance of Agreement. Upon the occurrence of a
Limited Liquidation Event of Default or Liquidation Event of Default, promptly
following a request from the Trustee to do so and at CRCF’s expense, CRCF
agrees to take all such lawful action as permitted under this Indenture as the
Trustee may request to compel or secure the performance and observance by: (i)
AESOP Leasing, AESOP Leasing II or any other party to any of the CRCF
Agreements or any other Related Document of its obligations to CRCF, (ii) the
Administrator, any Lessee, the Intermediary, the Escrow Agent or any other
party to any Related Document of its obligations to AESOP Leasing and AESOP
Leasing II and (iii) a Manufacturer under a Manufacturer Program of its
obligations to AESOP Leasing, AESOP Leasing II and CRCF, as assignee, in each
case in accordance with the applicable terms thereof, and to exercise any and
all rights, remedies, powers and privileges lawfully available to CRCF to the
extent and in the manner directed by the Trustee, including, without
limitation, the transmission of notices of default and the institution of legal
or administrative actions or proceedings to compel or secure performance by
AESOP Leasing and AESOP Leasing II (or such other party to any CRCF Agreement
or any other Related Document), by the Administrator, the Intermediary, the
Escrow Agent or any Lessee (or such other party to any other Related Document)
or by a Manufacturer under a Manufacturer Program, of their respective
obligations thereunder. If (i) CRCF, AESOP Leasing, AESOP Leasing II, the
Administrator, the Intermediary, the Escrow Agent or any Lessee shall have
failed, within thirty (30) days of receiving the direction of the Trustee,
to take commercially reasonable action to accomplish such directions of the
Trustee, (ii) CRCF, AESOP Leasing, AESOP Leasing II, the Administrator, the
Intermediary, the Escrow Agent, or any Lessee, as applicable, refuses to take
any such action, or (iii) the Trustee reasonably determines that such action
must be taken immediately, the Trustee may take such previously directed action
and any related action permitted under this Indenture which the Trustee
thereafter determines is appropriate (without the need under this provision or
any other provision under the Indenture to direct CRCF to take such action), on
behalf of CRCF and the Secured Parties.

(29)

 

Section 3.4.     Release of Lien on Vehicles. The Lien of the Trustee
on the Vehicles shall automatically be deemed to be released concurrently with
any release thereof as provided in Section 7.3 of each of the Loan
Agreements.

Section 3.5.     Stamp, Other Similar Taxes and Filing Fees. CRCF
shall indemnify and hold harmless the Trustee and each Noteholder 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 Indenture or any
Collateral. CRCF shall pay, or reimburse the Trustee for, any and all amounts
in respect of, all search, filing, recording and registration fees, taxes,
excise taxes and other similar imposts that may be payable or determined to be
payable in respect of the execution, delivery, performance and/or enforcement
of this Indenture.

Section 3.6.     Vehicle Title Check. The Trustee shall, on an annual
basis, request that the Borrowers cause a title check to be performed by an
independent, nationally recognized firm of certified public accountants
acceptable to the Trustee and each Enhancement Provider on a statistical sample
of all Vehicles leased under the Leases designed to provide a ninety-five
percent (95%) confidence level that no more than five percent (5%) of the
Certificates of Title for such Vehicles did not correctly reference the
Trustee, as first lienholder, and the Lessor of such Vehicle or its Permitted
Nominee or, in the case of Financed Vehicles, CCRG, ARAC, BRAC or their
respective Permitted Nominees, as owner, and cause such party to deliver a
report stating that, within the confidence level set forth above, no more than
five percent (5%) of the Certificates of Title did not correctly reference the
lienholder or owner of the Vehicles described in the immediately preceding
clause.

Section 3.7.     Termination Services Reserve Account. (a) Pursuant
to Section 3 of the Administration Agreement, there has been established
and there shall be maintained the Termination Services Reserve Account in the
name of the Trustee for the benefit of the Secured Parties. The Trustee shall
possess all right, title and interest in all moneys, instruments, securities
and other property on deposit from time to time in the Termination Services
Reserve Account and the Proceeds thereof for the benefit of the Secured
Parties. The Termination Services Reserve Account shall be under the sole
dominion and control of the Trustee for the benefit of the Secured Parties.
The Termination Services
Reserve Account shall be maintained (i) with a Qualified Institution, or
(ii) as a segregated trust account with the corporate trust department of a
depository institution or trust company having corporate trust powers and
acting as trustee for funds deposited in the Termination Services Reserve
Account; provided that, if at any time such Qualified Institution is no
longer a Qualified Institution or the credit rating of any securities issued by
such depository institution or trust company shall be reduced to below BBB- by
S&P or Baa3 by Moody’s, then the Trustee shall, within thirty (30) days of such
reduction, establish a new Termination Services Reserve Account with a new
Qualified Institution. If the Termination Services Reserve Account is not
maintained in accordance with the previous sentence, then within ten (10)
Business Days after obtaining knowledge of such fact, the Trustee shall
establish a new Termination Services Reserve Account which complies with such
sentence and transfer into the new Termination Services Reserve Account all
cash and investments from the non-qualifying Termination Services Reserve
Account. The Termination Services Reserve Account has been established at The
Bank of New York, as successor to Harris Trust and Savings Bank. The Bank of
New York, as successor to Harris Trust and Savings Bank, is party

(30)

 

to an
agreement pursuant to which it has agreed to comply with orders issued by the
Trustee directing the transfer or redemption of any security or other financial
asset credited to the Termination Services Reserve Account without consent of
CRCF.

(b)     Investment of Funds in the Termination Services Reserve
Account. CRCF shall instruct the institution maintaining the Termination
Services Reserve Account to invest funds on deposit in the Termination Services
Reserve Account at all times in Permitted Investments selected by CRCF;
provided, however, that any such investment shall mature not
later than the Business Day prior to the Distribution Date following the date
on which such funds were so invested. All such Permitted Investments shall be
credited to the Termination Services Account. Neither CRCF nor the Trustee
shall dispose of (or permit the disposal of) any Permitted Investments prior to
the maturity thereof to the extent such disposal would result in a loss of
principal of such Permitted Investment.

(c)     Earnings from Termination Services Reserve Account. Subject to
the restrictions set forth above, CRCF shall have the authority to instruct the
Trustee (which instructions shall be in writing) with respect to (i) the
investment of funds on deposit in the Termination Services Reserve Account and
(ii) liquidation of such investments. On each Distribution Date, the Trustee
shall withdraw all interest and earnings (net of losses and investment
expenses) paid on funds on deposit in the Termination Services Reserve Account
during the related Interest Period and distribute such amounts to the
Administrator in payment of a portion of the Monthly Administration Fee.

(d)     Termination Services Reserve Draws and Reimbursements. On or
prior to the date which is five (5) days prior to the date on which any payment
is due from CCRG to WizCom pursuant to Section 2 of the Termination
Services Agreement, the Administrator shall deliver written evidence to the
Trustee that an amount at least equal to the amount of such payment has been
deposited by CCRG in a segregated account for the benefit of WizCom. In the
event that CCRG fails to make such deposit, the Administrator shall deliver to
the Trustee on the following day a written statement of an Authorized Officer
of CCRG describing such failure and the action that CCRG proposes to take with
respect thereto. If such failure has not been cured within four (4) days
following the date on which such payment is due
from CCRG to WizCom pursuant to the Termination Services Agreement, the
Trustee shall, upon the written direction (on which it may conclusively rely)
of CRCF delivered by 11:00 a.m. (New York City time) on the fifth day
following the date on which such payment was due, withdraw an amount equal to
the Termination Services Reserve Draw Amount from the Termination Services
Reserve Account and shall pay such amount to WizCom on behalf of CCRG in
payment of amounts then due under the Termination Services Agreement. Pursuant
to the Administration Agreement, the Administrator will be obligated to
reimburse any such withdrawal within two Business Days thereof by deposit to
the Termination Services Reserve Account of an amount equal to such Termination
Services Reserve Draw Amount plus interest thereon at the applicable Lender’s
Carrying Cost Interest Rate from and including the date of such withdrawal to
but excluding the date of such deposit.

(e)     Termination of Termination Services Reserve Account. After the
termination of this Indenture and the payment in full of the CRCF Obligations,
the Trustee shall

(31)

 

distribute any amounts remaining in the Termination Services
Reserve Account to the Administrator.

ARTICLE 4.

REPORTS

Section 4.1.     Agreement of CRCF to Provide Reports and
Instructions. (a) Daily Reports. On each Business Day commencing
on the date hereof, CRCF shall prepare and maintain, or cause to be prepared
and maintained, at the office of CRCF a record (each, a “Daily Report”)
setting forth the aggregate of the amounts deposited in the Collection Account
on the immediately preceding Business Day, which shall consist of: (A) the
aggregate amount of payments received from Manufacturers and/or auction dealers
under Manufacturers Programs related to Program Vehicles leased under the AESOP
I Operating Lease, the AESOP II Operating Lease and the Finance Lease
(separately stated) and in each case deposited in the Collection Account,
whether directly or as a result of transfers from a Joint Collection Account,
plus (B) the aggregate amount of proceeds received from third parties
(other than Manufacturers and auction dealers) with respect to the sale of
Vehicles leased under the AESOP I Operating Lease, the AESOP II Operating Lease
and the Finance Lease (separately stated) and in each case deposited in the
Collection Account, whether directly or as a result of transfers from a Joint
Collection Account, plus (C) the aggregate amount of other Collections
deposited in the Collection Account. CRCF shall deliver a copy of the Daily
Report for each Business Day to the Trustee.

(b)     Monthly Certificate. On each Determination Date, CRCF shall
forward to the Trustee, the Paying Agent, the Rating Agencies and any
Enhancement Provider, an Officer’s Certificate of CRCF containing the
information required by Exhibit D to this Base Indenture (each, a
“Monthly Certificate”) setting forth, inter alia the following
information (which, in the cases of clauses (iii), (iv)
and (v) below, will be expressed as a dollar amount per $1,000 of the
original principal amount of each Series of Notes and as a percentage of the
outstanding principal balance of the Notes as of such date): (i) the aggregate
amount of payments received from the Manufacturers
and/or auction dealers under Manufacturer Programs related to Program
Vehicles leased under the AESOP I Operating Lease, the AESOP II Operating Lease
and the Finance Lease (separately stated) and the aggregate amount of payments
received from third parties (other than Manufacturers and auction dealers) with
respect to the sale of Vehicles leased under the AESOP I Operating Lease, the
AESOP II Operating Lease and the Finance Lease (separately stated) and in each
case deposited in the Collection Account, whether directly or as a result of
transfers from a Joint Collection Account, and the aggregate amount of other
Collections deposited in the Collection Account for the Related Month with
respect to such Determination Date; (ii) the Invested Percentage on the last
day of, the Related Month of each Series of Notes and each class of each
Series; (iii) for each Series, the total amount to be distributed to
Noteholders on the next succeeding Distribution Date; (iv) for each Series and
each class of each Series, the amount of such distribution allocable to
principal on the Notes; (v) for each Series, the amount of such distribution
allocable to interest on the Notes; (vi) the portion of the Monthly
Administration Fee payable by CRCF and allocable to each Series and each class
of each Series; (vii) for each Series and each class of each Series, to the
extent applicable, the amount of Enhancement used or drawn in connection with
the distribution to Noteholders of

(32)

 

such Series or class on the next succeeding
Distribution Date, together with the aggregate amount of remaining Enhancement
not theretofore used or drawn; (viii) for each applicable Series and each class
of each Series, the existing Carryover Controlled Amortization Amount, if any;
(ix) the Pool Factor with respect to such Related Month for each applicable
Series and each class of each Series; (x) a list of all Vehicles leased under
the AESOP I Operating Lease, the AESOP II Operating Lease and the Finance Lease
(separately stated) at the close of business on the last day of the Related
Month; (xi) the aggregate Net Book Value at the time of the respective sale of
all Non-Program Vehicles leased under the AESOP I Operating Lease and the
Finance Lease (separately stated) that were disposed of during the related
Measurement Month; (xii) the aggregate Disposition Proceeds with respect to all
Non-Program Vehicles leased under the AESOP I Operating Lease and the Finance
Lease (separately stated) that were disposed of during the related Measurement
Month; (xiii) the Aggregate Asset Amount and the amount of the Aggregate Asset
Amount Deficiency, if any, at the close of business on the last day of the
Related Month; (xiv) the aggregate Net Book Value of all Non-Program Vehicles
leased under the AESOP I Operating Lease and the Finance Lease (separately
stated) as of the last day of the Related Month; (xv) the Non-Program Fleet
Market Value of all Non-Program Vehicles lease
d under the AESOP I Operating
Lease and the Finance Lease as of the related Determination Date; (xvi) the
amount of Monthly Base Rent and any Supplemental Rent, due under each Lease on
the next succeeding Payment Date (separately stated); (xvii) the amount of Loan
Interest, Monthly Loan Principal Amount and any other amounts due under each
Loan Agreement on the next succeeding Payment Date (separately stated); (xviii)
the Loan Principal Amount with respect to the Loans under each Loan Agreement
(separately stated) at the close of business on the last day of the Related
Month; (xix) the amount on deposit in the Termination Services Reserve Account;
(xx) the amount of any withdrawals in respect of Termination Services Reserve
Draw Amounts from the Termination Services Reserve Account during the Related
Month; (xxi) the amount, if any, of investment earnings on funds on deposit in
the Termination Services Reserve Account that will be distributed to the
Administrator on the next succeeding Distribution Date; (xxii) for each Series,
the Required Enhancement Amount with respect to such Series and whether an
Enhancement Deficiency exists with respect to such Series and the amount
thereof; (xxiii) whether an AESOP I Operating Lease Vehicle Deficiency exists
and the amount thereof; (xxiv) whether, to the knowledge of CRCF, (A) any
Lien exists on any of the Collateral (other than Liens granted pursuant to
the Indenture and the other Related Documents or permitted thereunder) and (B)
any Lease Event of Default or Loan Event of Default has occurred.

(c)     Monthly Noteholders’ Statement. On or before each Distribution
Date, CRCF shall furnish to the Trustee a monthly statement with respect to
each Series of Notes containing the information required by Exhibit E to
this Base Indenture (each, a “Monthly Noteholder’s Statement”).

(d)     Instructions as to Withdrawals and Payments. CRCF will
furnish, or cause to be furnished, to the Trustee or the Paying Agent, as
applicable, written instructions to make withdrawals and payments from the
Collection Account, the Termination Services Reserve Account and any other
accounts specified in a Supplement and to make drawings under any Enhancement,
as contemplated herein and in any Supplement. The Trustee and the Paying Agent
shall promptly follow any such written instructions.

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Section 4.2.     Administrator. Pursuant to the Administration
Agreement, the Administrator has agreed to provide certain reports,
instructions and other services on behalf of AESOP Leasing, AESOP Leasing II
and CRCF. The Noteholders by their acceptance of the Notes consent to the
provision of such reports by the Administrator in lieu of the Trustee or CRCF.

ARTICLE 5.

ALLOCATION AND APPLICATION OF COLLECTIONS

Section 5.1.     Collection Account.
(a)     Establishment of
Collection Account. The Trustee has established and shall maintain, or
cause to be maintained, in the name of the Trustee for the benefit of the
Secured Parties, an account (the “Collection Account”), bearing a
designation clearly indicating that the funds deposited therein are held for
the benefit of the Secured Parties. The Trustee shall possess all right, title
and interest in all moneys, instruments, securities and other property on
deposit from time to time in the Collection Account and the Proceeds thereof
for the benefit of the Secured Parties. The Collection Account shall be under
the sole dominion and control of the Trustee for the benefit of the Secured
Parties. The Collection Account shall be maintained (i) with a Qualified
Institution, or (ii) as a segregated trust account with the corporate trust
department of a depository institution or trust company having corporate trust
powers and acting as trustee for funds deposited in the Collection Account;
provided that, if at any time such Qualified Institution is no longer a
Qualified Institution or the credit rating of any securities issued by such
depository institution or trust company shall be reduced to below “BBB” by S&P
or “Baa3” by Moody’s, then the Trustee shall within thirty (30) days of such
reduction, establish a new Collection Account with a new Qualified Institution.
If the Collection Account is not maintained in accordance with the previous
sentence, then within ten (10) Business Days after obtaining knowledge of such
fact, the Trustee shall establish a new Collection Account which complies with
such sentence and transfer into the new Collection
Account all cash and investments from the non-qualifying Collection
Account. As of the date hereof, the Collection Account has been established
with The Bank of New York, as successor to Harris Trust and Savings Bank. The
Bank of New York, as successor to Harris Trust and Savings Bank, is party to an
agreement pursuant to which it has agreed to comply with orders issued by the
Trustee directing the transfer or redemption of any security or other financial
asset credited to the Collection Account without consent of CRCF.

(b)     Establishment of Additional Accounts. To the extent specified
in the Supplement with respect to any Series of Notes, the Trustee may
establish and maintain one or more additional accounts and/or administrative
sub-accounts at the written direction of CRCF to facilitate the proper
allocation of Collections in accordance with the terms of such Supplement.
In addition, to the extent deemed necessary or appropriate by CRCF, CRCF may
establish one or more Approved Lockbox Accounts. For purposes of any provision
of this Indenture or any other Related Document requiring that payments be made
into the Collection Account, payment to an Approved Lockbox Account shall
constitute compliance with such requirement; provided, however
that in the case of any reference in this Indenture or in any other Related
Document to amounts “credited to” or “deposited in” the Collection Account (or
any similar phrase), amounts shall not be deemed so credited or deposited upon
payment into an Approved Lockbox Account, but only upon receipt by the Trustee
in the Collection Account.

(34)

 

(c)     Administration of the Collection Account. CRCF shall instruct
the institution maintaining the Collection Account to invest funds on deposit
in the Collection Account at all times in Permitted Investments selected by
CRCF; provided, however, that any such investment shall mature
not later than the Business Day prior to the Distribution Date following the
date on which such funds were so invested, except for any Permitted Investment
held in the Collection Account which is in an investment made by the Paying
Agent institution, in which event such investment may mature on such
Distribution Date and such funds shall be available for withdrawal on or prior
to such Distribution Date. All such Permitted Investments will be credited to
the Collection Account. Neither CRCF nor the Trustee shall dispose of (or
permit the disposal of) any Permitted Investments prior to the maturity thereof
to the extent such disposal would result in a loss of principal of such
Permitted Investment.

(d)     Earnings from Collection Account. Subject to the restrictions
set forth above, CRCF shall have the authority to instruct the Trustee (which
instructions shall be in writing) with respect to (i) the investment of funds
on deposit in the Collection Account and (ii) liquidation of such investments.
All interest and earnings (net of losses and investment expenses) paid on funds
on deposit in the Collection Account shall be deemed to be available and on
deposit for distribution.

(e)     Establishment of Joint Collection Accounts. To facilitate the
collection of (i) disposition proceeds and related amounts payable to AESOP
Leasing, AESOP Leasing II or any Lessee by Manufacturers, related auction
houses or third-party purchasers in respect of Vehicles that were not
Relinquished Vehicles at the time of disposition and (ii) disposition proceeds
and related amounts payable to the Intermediary by Manufacturers, related
auction houses and third-party purchasers in respect of Vehicles that were
Relinquished Vehicles
at the time of disposition, the Trustee shall establish and maintain with
a Qualified Institution, in the joint name of the Trustee and the Intermediary,
one or more Joint Collection Accounts that shall be administered and operated
as provided in this Indenture and the Master Exchange Agreement. If at any
time the Qualified Institution with which a Joint Collection Account is
maintained is no longer a Qualified Institution or the credit rating of any
securities issued by such depository institution or trust company shall be
reduced to below “BBB” by S&P or “Baa3” by Moody’s, then the Trustee shall
within thirty (30) days of such reduction, in conjunction with the
Intermediary, establish a new Joint Collection Account with a new Qualified
Institution.

Section 5.2.     Collections
and Allocations.     (a)     Collections in
General. Until this Indenture is terminated pursuant to Section
11.1, CRCF shall, and the Trustee is authorized to, cause all Collections
due and to become due to CRCF or the Trustee, as the case may be, (i) under or
in connection with the Collateral (other than Vehicle Disposition Proceeds) to
be paid directly to the Trustee or its agent for deposit into the Collection
Account, (ii) under or in connection with Collateral constituting Vehicle
Disposition Proceeds to be paid either (x) directly to the Trustee or its agent
for deposit into the Collection Account or (y) to a Joint Collection Account
for application in accordance with Section 4.2 of the Master Exchange
Agreement; (iii) under the Loan Agreements to be paid directly to the Trustee
for deposit into the Collection Account; and (iv) from any other source to be
paid either (a) directly into the Collection Account at such times as such
amounts are due or (b) by AESOP Leasing, AESOP Leasing II or any Lessee into
the Collection Account within two (2) Business Days of its receipt thereof
(and, in each case, CRCF represents to the Secured Parties that it has
instructed AESOP

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Leasing, AESOP Leasing II, each Lessee, the Manufacturers, and
any other source of Collections, as applicable, to so remit such amounts).
Upon the occurrence and during the continuance of an Amortization Event or
Potential Amortization Event, insurance proceeds and warranty payments will be
deposited in the Collection Account within two (2) Business Days of their
receipt by AESOP Leasing, AESOP Leasing II or any Lessee; provided,
however, upon the delivery of an Officer’s Certificate of AESOP Leasing
or AESOP Leasing II, as the case may be, to the Trustee (upon which it may
conclusively rely) certifying (i) that a Vehicle for which insurance proceeds
or warranty payments, as the case may be, have been received in the Collection
Account has been repaired and (ii) as to the dollar amount of such repairs, the
Trustee shall release to AESOP Leasing or AESOP Leasing II, as applicable,
insurance proceeds or warranty payments, as the case may be, in such dollar
amount (to the extent not previously applied hereunder). CRCF agrees that if
any such monies, instruments, cash or other proceeds shall be received by CRCF
in an account other than the Collection Account or in any other manner, such
monies, instruments, cash and other proceeds will not be commingled by CRCF
with any of its other funds or property, if any, but will be held separate and
apart therefrom and shall be held in trust by CRCF for, and immediately paid
over to, but in any event within two (2) Business Days from receipt, the
Trustee, with any necessary endorsement. All monies, instruments, cash and
other proceeds received by the Trustee pursuant to this Indenture shall be
immediately deposited in the Collection Account and shall be applied as
provided in this Article 5. Notwithstanding the foregoing, provided
that all amounts due and payable under the Loan Agreements as of any Payment
Date have been paid in full and so long as an Amortization Event shall not have
occurred and be continuing and no Potential Loan Event of Default under
Section 12.1.1 of any of the Loan Agreements shall result therefrom, to
the extent that (i) the
aggregate amount of proceeds received in the Collection Account with
respect to Vehicles during the Related Month exceeds the aggregate Termination
Values of such Vehicles payable under the Loan Agreements on the related
Distribution Date, (ii) any amounts in respect of payments to AESOP Leasing

pursuant to Section 16.2 of the AESOP I Operating Lease or the Finance
Lease remain on deposit in the Collection Account or (iii) any amounts in
respect of payments to AESOP Leasing II pursuant to Section 16.2 of the
AESOP II Operating Lease remain on deposit in the Collection Account, the
Trustee shall, upon the written direction (on which it may conclusively rely)
of CRCF delivered by 12:00 noon (New York City time) on the second Business Day
prior to such Distribution Date (which direction CRCF agrees to give), release
(x) in the case of clause (i) above, the portion of such excess (to the
extent not previously applied hereunder) allocable to Vehicles financed under
the AESOP II Loan Agreement to AESOP Leasing II and the remaining portion of
such excess to AESOP Leasing (in each case, in accordance with such written
direction of CRCF), (y) in the case of clause (ii) above, such
unreimbursed amounts to AESOP Leasing and (z) in the case of clause
(iii) above, such unreimbursed amounts to AESOP Leasing II. The Trustee
shall release such excess or amounts to AESOP Leasing or AESOP Leasing II, as
the case may be, by deposit to, (i) in the case of AESOP Leasing, the AESOP I
Segregated Account and, (ii) in the case of AESOP Leasing II, the AESOP II
Segregated Account, in each case on such Distribution Date, or, if such written
direction is received by the Trustee after 12:00 noon (New York City time) on
such Distribution Date, on the next succeeding Business Day.

(b)     Disqualification of Institution Maintaining Collection Account or
Joint Collection Account. In the event the Qualified Institution
maintaining the Collection Account or any Joint Collection Account ceases to be
such, then, upon the occurrence of such event and the establishment of a new
Collection Account or a new Joint Collection Account, as applicable,

(36)

 

with a
Qualified Institution or qualified corporate trust department pursuant to
Section 5.1(a) or Section 5.1(e) and thereafter, CRCF shall
deposit or cause to be deposited all Collections as set forth in Section
5.2(a) into the new Collection Account or such new Joint Collection
Account, as applicable, and in no such event shall deposit or cause to be
deposited any Collections thereafter into any account established, held or
maintained with the institution formerly maintaining the Collection Account or
such Joint Collection Account, as applicable (unless it later becomes a
Qualified Institution or qualified corporate trust department). CRCF will
instruct AESOP Leasing and AESOP Leasing II as to the foregoing requirements of
this subsection (b).

(c)     Sharing Collections. In the manner described in the related
Supplement, to the extent that Principal Collections that are allocated to any
Series on a Distribution Date are not needed to make payments to Noteholders of
such Series or required to be deposited in a reserve account or a Distribution
Account for such Series on such Distribution Date, such Principal Collections
may, at the direction of CRCF, be applied to cover principal payments due to or
for the benefit of Noteholders of another Series. Any such reallocation will
not result in a reduction in the Invested Amount of the Series to which such
Principal Collections were initially allocated.

(d)     Unallocated Principal Collections. If, after giving effect to
Section 5.2(c), Principal Collections allocated to any Series on any
Distribution Date are in excess of the amount required to be paid in respect of
such Series on such Distribution
Date or there are Principal Collections that have not been allocated to
any Series in accordance with the terms of the Indenture, then any such excess
or unallocated Principal Collections shall be allocated to CRCF or such other
party as may be entitled thereto as set forth in any Supplement.

Section 5.3.     Determination of Monthly Interest. Monthly interest
with respect to each Series of Notes shall be determined, allocated and
distributed in accordance with the procedures set forth in the applicable
Supplement.

Section 5.4.     Determination of Monthly Principal. Monthly
principal with respect to each Series of Notes shall be determined, allocated
and distributed in accordance with the procedures set forth in the applicable
Supplement. However, all principal or interest with respect to any Series of
Notes shall be due and payable no later than the Series Termination Date with
respect to such Series.

Section 5.5.     Paired Series. To the extent provided in a
Supplement, any Series of Notes may be paired with one or more other Series
(each, a “Paired Series”). Each Paired Series may be prefunded with an
initial deposit to a pre-funding account in an amount up to the initial
principal balance of such Paired Series, primarily from the proceeds of the
sale of such Paired Series, or will have a variable principal amount. Any such
pre-funding account will be held for the benefit of such Paired Series and not
for the benefit of the Noteholders of the Series paired therewith. As funds
are accumulated in a principal funding account or paid to Noteholders of the
Series paired to the Paired Series either (i) in the case of a pre-funded
Paired Series, an equal amount of funds on deposit in any pre-funding account
for such pre-funded Paired Series will be released and paid to CRCF or (ii) in
the case of a Paired Series having a variable principal amount, an interest in
such variable Paired Series in an equal or lesser amount may be sold by CRCF
and, in either case, the invested amount of such Paired Series will increase by
up to a

(37)

 

corresponding amount. Upon payment in full of the Series paired to the
Paired Series, the aggregate invested amount of such related Paired Series will
have been increased by an amount up to an aggregate amount equal to the
Invested Amount of such Series paid to the Noteholders thereof. The issuance
of a Paired Series may be subject to certain conditions described in the
related Supplement.

Section 5.6.     Joint Collection Account Disputes. If the Trustee
receives notice pursuant to Section 4.2(c) of the Master Exchange Agreement
that the Intermediary has disapproved of any proposed transfer of funds from
any Joint Collection Account to the Collection Account that was to be used to
repay Loans Outstanding under either AESOP I Loan Agreement, then the Trustee
may, and upon written direction of the Administrator or the Required
Noteholders of any Series shall, deliver a certification to the Intermediary
setting forth the amounts due and owing in respect of the applicable Loan
Agreement.

[THE REMAINDER OF ARTICLE 5 IS RESERVED AND MAY BE SPECIFIED IN ANY SUPPLEMENT
WITH RESPECT TO ANY SERIES.]

ARTICLE 6.

DISTRIBUTIONS AND REPORTS TO NOTEHOLDERS

Section 6.1.     Distributions
in General.     (a)     Notwithstanding any
provision hereof or of any Supplement, prior to depositing any amounts on
deposit in the Collection Account into any Distribution Account, all amounts
due and payable to the Trustee pursuant to Section 10.5 and Section
10.11 and under the Vehicle Title and Lienholder Nominee Agreements
(including all costs and expenses incurred by the Trustee related to the
disposition of any Collateral), to the extent not already paid by CRCF, shall
be withdrawn from the Collection Account and paid to the Trustee. Unless
otherwise specified in the applicable Supplement, on each Distribution Date
with respect to each Outstanding Series, after payment of the amounts described
in the preceding sentence, (i) the Paying Agent shall deposit (in accordance
with the Monthly Certificate delivered to the Trustee) in the Distribution
Account for each such Series the amounts on deposit in the Collection Account
allocable to Noteholders of such Series as interest and, if during an
Amortization Period, principal, and (ii) to the extent provided for in the
applicable Supplement, the Trustee shall deposit in the Distribution Account
for each such Series the amount of Enhancement for such Series drawn in
connection with such Distribution Date.

(b)     Unless otherwise specified in the applicable Supplement, on each
Distribution Date, the Paying Agent shall distribute to the Noteholders of each
Series, to the extent amounts are on deposit in the Distribution Account for
such Series, an amount sufficient to pay all principal and interest due on such
Series on such Distribution Date in accordance with the Monthly Certificate
delivered to the Trustee. Such distribution shall be to each Noteholder of
record of such Series on the preceding Record Date based on such Noteholder’s
pro rata share of the aggregate principal amount of the Notes of
such Series held by such Noteholder; provided, however, that, the
final principal payment due on a Note shall only be paid to the holder of a
Note on due presentment of such Note for cancellation in accordance with the
provisions of the Note.

(38)

 

(c)     Unless otherwise specified in the applicable Supplement, amounts
distributable to a Noteholder pursuant to this Section 6.1 shall be
payable by wire transfer of immediately available funds released by the Paying
Agent from the Distribution Account no later than 12:00 noon (New York City
time) for credit to the account designated by such Noteholder.

(d)     Unless otherwise specified in the applicable Supplement, (i) all
distributions to Noteholders of all classes within a Series of Notes will have
the same priority and (ii) in the event that on any date of determination the
amount available to make payments to the Noteholders of a Series is not
sufficient to pay all sums required to be paid to such Noteholders on such
date, then each class of Noteholders will receive its ratable share (based upon
the aggregate amount due to such class of Noteholders) of the aggregate amount
available to be distributed in respect of the Notes of such Series.

(e)     All distributions in respect of Notes represented by a Temporary
Global Note will be made only with respect to that portion of the Temporary
Global Note in respect of which Euroclear or Clearstream shall have delivered
to the Trustee a certificate or certificates substantially in the form of
Exhibit B. The delivery to the Trustee by Euroclear or Clearstream of
the certificate or certificates referred to above may be relied upon by CRCF
and the Trustee as conclusive evidence that the certificate or certificates
referred to therein has or have been delivered to Euroclear or Clearstream
pursuant to the terms of this Indenture and the Temporary Global Note. No
payments of interest will be made on a Temporary Global Note after the Exchange
Date therefor.

Section 6.2.     Reserved.

Section 6.3.     Optional Repurchase of Notes. On any Distribution
Date occurring on or after the date on which the Invested Amount of any Series
or class of such Series is equal to or less than the Repurchase Amount (if any)
for such Series or class set forth in the Supplement related to such Series, or
at such other time otherwise provided for in the Supplement relating to such
Series, CRCF shall have the option to purchase all Outstanding Notes of such
Series, or class of such Series, at a purchase price (determined after giving
effect to any payment of principal and interest on such Distribution Date)
equal to (unless otherwise specified in the related Supplement) the Invested
Amount of such Series on such Distribution Date, plus accrued and unpaid
interest on the unpaid principal balance of the Notes of such Series
(calculated at the Note Rate of such Series) through the day immediately prior
to the date of such purchase plus, if provided for in the related
Supplement, any premium payable at such time. CRCF shall give the Trustee at
least thirty (30) days’ prior written notice of the date on which CRCF intends
to exercise such option to purchase. Not later than 12:00 noon, New York City
time, on such Distribution Date, an amount of the purchase price equal to the
Invested Amount of all Notes of such Series on such Distribution Date and the
amount of accrued and unpaid interest with respect to such Notes and any
applicable premium will be deposited into the Distribution Account for such
Series in immediately available funds. The funds deposited into such
Distribution Account or distributed to the Paying Agent will be passed through
in full to the Noteholders on such Distribution Date.

Section 6.4.     Monthly Noteholders’ Statement.     (a)     On
each
Distribution Date, the Paying Agent shall forward to each Noteholder of record
of each Outstanding Series the

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Monthly Noteholders’ Statement with respect to
such Series, with a copy to the Rating Agencies, the Trustee (if other than the
Paying Agent) and any Enhancement Provider with respect to such Series.

(b)     Annual Noteholders’ Tax Statement. On or before January 31 of
each calendar year, beginning with calendar year 2005, the Paying Agent shall
furnish to each Person who at any time during the preceding calendar year was a
Noteholder a statement
prepared by CRCF containing the information which is required to be
contained in the Monthly Noteholders’ Statements with respect to each Series of
Notes aggregated for the immediately preceding calendar year or the applicable
portion thereof during which such Person was a Noteholder, together with such
other customary information (consistent with the treatment of the Notes as
debt) as CRCF deems necessary or desirable to enable the Noteholders to prepare
their tax returns (each such statement, an “Annual Noteholders’ Tax
Statement”). Such obligations of CRCF to prepare and the Paying Agent to
distribute the Annual Noteholders’ Tax Statement shall be deemed to have been
satisfied to the extent that substantially comparable information shall be
provided by the Paying Agent pursuant to any requirements of the Code as from
time to time in effect.

ARTICLE 7.

REPRESENTATIONS AND WARRANTIES

CRCF hereby represents and warrants, for the benefit of the Trustee and
the Secured Parties, as follows as of each Series Closing Date:

Section 7.1.     Existence
and Power. CRCF     (a)     is a limited liability
company duly formed, validly existing and in good standing under the laws of
the State of Delaware, (b) is duly qualified to do business as a foreign
limited liability company and in good standing under the laws of each
jurisdiction where the character of its property, the nature of its business or
the performance of its obligations make such qualification necessary, and (c)
has all limited liability company powers and all material governmental
licenses, authorizations, consents and approvals required to carry on its
business as now conducted and for purposes of the transactions contemplated by
this Indenture and the other Related Documents.

Section 7.2.     Limited Liability Company and Governmental
Authorization. The execution, delivery and performance by CRCF of this
Indenture, the related Supplement and the other Related Documents to which it
is a party (a) is within CRCF’s limited liability company powers, has been duly
authorized by all necessary limited liability company action, (b) requires no
action by or in respect of, or filing with, any governmental body, agency or
official which has not been obtained and (c) does not contravene, or constitute
a default under, any provision of applicable law or regulation or of the
certificate of formation or limited liability company agreement of CRCF or of
any law or governmental regulation, rule, contract, agreement, judgment,
injunction, order, decree or other instrument binding upon CRCF or any of its
Assets or result in the creation or imposition of any Lien on any Asset of
CRCF, except for Liens created by this Indenture or the other Related
Documents. This Indenture and each of the other Related Documents to which
CRCF is a party has been executed and delivered by a duly authorized officer of
CRCF.

(40)

 

Section 7.3.     Binding Effect. This Indenture and each other Related Document to which CRCF is a party
is a legal, valid and binding obligation of CRCF enforceable against CRCF 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).

Section 7.4.     Financial Information; Financial Condition. All
balance sheets, all statements of operations, of shareholders’ equity and of
cash flow, and other financial data (other than projections) which have been or
shall hereafter be furnished by CRCF to the Trustee and the Rating Agencies
pursuant to Section 8.3 have been and will be prepared in accordance
with GAAP applied on a consistent basis (to the extent applicable) and do and
will present fairly the financial condition of the entities involved 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.

Section 7.5.     Litigation. There is no action, suit or proceeding
pending against or, to the knowledge of CRCF, threatened against or affecting
CRCF before any court or arbitrator or any Governmental Authority with respect
to which there is a reasonable possibility of an adverse decision that could
materially adversely affect the financial position, results of operations,
business, properties, performance, prospects or condition (financial or
otherwise) of CRCF or which in any manner draws into question the validity or
enforceability of this Indenture, any Supplement or any other Related Document
or the ability of CRCF to perform its obligations hereunder or thereunder.

Section 7.6.     No ERISA Plan. CRCF has not established and does not
maintain or contribute to any Pension Plan that is covered by Title IV of ERISA
and will not do so, as long as any Notes are Outstanding.

Section 7.7.     Tax Filings and Expenses. CRCF has filed all
federal, state and local tax returns and all other tax returns which, to the
knowledge of CRCF, are required to be filed (whether informational returns or
not), and has paid all taxes due, if any, pursuant to said returns or pursuant
to any assessment received by CRCF, except such taxes, if any, as are being
contested in good faith and for which adequate reserves have been set aside on
its books. CRCF has paid all fees and expenses required to be paid by it in
connection with the conduct of its business, the maintenance of its existence
and its qualification as a foreign limited liability company authorized to do
business in each State in which it is required to so qualify, except where the
failure to pay any such fees and expenses is not reasonably likely to have a
Material Adverse Effect.

Section 7.8.     Disclosure. All certificates, reports, statements, documents and other information
furnished to the Trustee by or on behalf of CRCF pursuant to any provision of
this Indenture or any Related Document, or in connection with or pursuant to
any amendment or modification of, or waiver under, this Indenture or any
Related Document, shall, at the time the same are so furnished, be complete and
correct to the extent necessary to give the Trustee true and accurate knowledge
of the subject matter thereof in all material respects, and the furnishing

(41)

 

of
the same to the Trustee shall constitute a representation and warranty by CRCF
made on the date the same are furnished to the Trustee to the effect specified
herein.

Section 7.9.     Investment Company Act; Securities Act. CRCF is not,
and is not controlled by, an “investment company” within the meaning of, and is
not required to register as an “investment company” under, the Investment
Company Act. It is not necessary in connection with the issuance and sale of
the Notes under the circumstances contemplated in the related Supplement to
register any security under the Securities Act or to qualify any indenture
under the Trust Indenture Act.

Section 7.10.     Regulations T, U and X. The proceeds of the Notes
will not be used to purchase or carry any “margin stock” (as defined or used in
the regulations of the Board of Governors of the Federal Reserve System,
including Regulations T, U and X thereof) . CRCF is not engaged in the
business of extending credit for the purpose of purchasing or carrying any
margin stock.

Section 7.11.     No Consent. 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 of this Indenture or any Supplement or for the
performance of any of CRCF’s obligations hereunder or thereunder or under any
other Related Document other than such consents, approvals, authorizations,
registrations, declarations or filings as shall have been obtained by CRCF
prior to the Initial Closing Date or as contemplated in Section 7.14.

Section 7.12.     Solvency. Both before and after giving effect to
the transactions contemplated by this Indenture and the other Related
Documents, CRCF is solvent within the meaning of the Bankruptcy Code and CRCF
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 CRCF.

Section 7.13.     Ownership of Limited Liability Company Interests;
Subsidiary. As of each Series Closing Date, all of the issued and
outstanding limited liability company interests of CRCF are owned by AESOP
Leasing and Original AESOP, all of
which limited liability company interests have been validly issued, are
fully paid and non-assessable and are owned of record by such entities. CRCF
has no subsidiaries and owns no capital stock of, or other interest in, any
other Person.

Section 7.14.     Security
Interests.     (a)     All action necessary
(including the filing of UCC-1 financing statements, the delivery of the Loan
Notes to the Trustee, the assignment of rights under the Manufacturer Programs
to the Trustee and the notation on the Certificates of Title for all Vehicles
(other than the Franchisee Vehicles and Vehicles titled in the states of
Nebraska, Ohio and Oklahoma) of the Trustee’s Lien for the benefit of the
Secured Parties) to protect and perfect the Trustee’s security interest in the
Collateral (except, as to perfection, with respect to Vehicles titled in
Nebraska, Ohio and Oklahoma) now in existence and hereafter acquired or created
has been duly and effectively taken.

(42)

 

(b)     No security agreement, financing statement, equivalent security or
lien instrument or continuation statement listing CRCF as debtor covering all
or any part of the Collateral is on file or of record in any jurisdiction,
except such as may have been filed, recorded or made by CRCF in favor of the
Trustee on behalf of the Secured Parties in connection with this Indenture.

(c)     This Indenture creates a valid and continuing Lien on the Collateral
in favor of the Trustee on behalf of the Secured Parties, which Lien is prior
to all other Liens (other than Permitted Liens), and is enforceable as such as
against creditors of and purchasers from CRCF 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. All action necessary to perfect such
first-priority security interest has been duly taken (except with respect to
Vehicles titled in Nebraska, Ohio and Oklahoma).

(d)     CRCF owns and has good and marketable title to the Collateral, free
and clear of all Liens other than Permitted Liens. CRCF’s rights under the
Manufacturer Programs in respect of the Vehicles and under the Loan Agreements,
the Leases, the Master Exchange Agreement and the Escrow Agreement constitute
general intangibles under the applicable UCC. The Loan Notes constitute
instruments under the applicable UCC.

(e)     CRCF’s principal place of business and chief executive office is at 48
Wall Street, 27th Floor, New York, New York 10005, and the place where its
records concerning the Collateral are kept is at 48 Wall Street, 27th Floor,
New York, New York 10005 or, in each case, at such other locations as CRCF may
notify the Trustee in writing from time to time. CRCF does not transact, and
has not transacted, business under any other name.

(f)     All authorizations in this Indenture for the Trustee to endorse
checks, instruments and securities and to execute financing statements,
continuation statements, security agreements, Certificates of Title, and other
instruments with respect to the Collateral are powers coupled with an interest
and are irrevocable.

Section 7.15.     Binding Effect of Loan Agreements. Each of the Loan
Agreements is in full force and effect and there are no outstanding Loan Events
of Default thereunder or Manufacturer Events of Default under the Leases nor
have events occurred which, with the giving of notice, the passage of time or
both, would constitute a Loan Event of Default or a Manufacturer Event of
Default.

Section 7.16.     Non-Existence of Other Agreements. As of the date
hereof, other than as permitted by Section 8.24 and Section 8.26
hereof (i) CRCF is not a party to any contract or agreement of any kind or
nature and (ii) CRCF is not subject to any obligations or liabilities of any
kind or nature in favor of any third party, including, without limitation,
Contingent Obligations.

Section 7.17.     Manufacturer Programs. On the date of each Loan,
each Manufacturer Program in respect of which any portion of the Aggregate
Asset Amount is

(43)

 

calculated (including any portion of the Aggregate Asset Amount
comprising the value of any Loans used to purchase Vehicles covered by such
Manufacturer Program) shall be an Eligible Manufacturer Program.

Section 7.18.     Other Representations. All representations and
warranties of CRCF made in each Related Document to which it is a party are
true and correct and are repeated herein as though fully set forth herein.

ARTICLE 8.

COVENANTS

Section 8.1.     Payment of Notes. CRCF shall pay the principal of
(and premium, if any) and interest on the Notes pursuant to the provisions of
this Indenture and any applicable Supplement. Principal and interest shall be
considered paid on the date due if the Paying Agent holds on that date money
designated for and sufficient to pay all principal and interest then due.

Section 8.2.     Maintenance of Office or Agency. CRCF will maintain
an office or agency (which may be an office of the Trustee, Registrar or
co-registrar) where Notes may be surrendered for registration of transfer or
exchange, where notices and demands to or upon CRCF in respect of the Notes and
this Indenture may be served, and where, at any time when CRCF is obligated to
make a payment of principal and premium upon the Notes, the Notes may be
surrendered for payment. CRCF will give prompt written notice to the Trustee
of the location, and any change in the location, of such office or agency. If
at any time CRCF shall fail to maintain any such required office or agency or
shall fail to furnish the Trustee with the address thereof, such presentations,
surrenders, notices and demands may be made or served at the Corporate Trust
Office of the Trustee.

CRCF may also from time to time designate one or more other offices or
agencies where the Notes may be presented or surrendered for any or all such
purposes and may from time to time rescind such designations. CRCF will give
prompt written notice to the Trustee of any such designation or rescission and
of any change in the location of any such other office or agency.

CRCF hereby designates the Corporate Trust Office of the Trustee as one
such office or agency of CRCF.

Section 8.3.     Information. CRCF will deliver or cause to be
delivered to the Trustee and each Rating Agency:

(a)     promptly upon the delivery by each Borrower to CRCF, a copy of
the financial information and other materials required to be delivered by
such Borrower to CRCF pursuant to Section 9.5(i) of the related
Loan Agreements;

(b)     from time to time such additional information regarding the
financial position, results of operations or business of each Borrower as
the Trustee may reasonably request to the extent that such Borrower
delivers such information to CRCF pursuant to Section 9.5(iv) and
(v) of the related Loan Agreements;

(44)

 

(c)     at the time of delivery of the items described in clause
(a) above, a certificate of an officer of CRCF that, except as
provided in any certificate delivered in accordance with Section
8.10, no Amortization Event, Loan Event of Default or (to the best of
such officer’s knowledge) Potential Amortization Event, Potential Loan
Event of Default, Lease Event of Default or Potential Lease Event of
Default has occurred or is continuing during such fiscal quarter;

(d)     on or prior to June 30 of each year, a certificate of the chief
financial officer of CRCF certifying that (i) the ratings assigned by the
Rating Agencies in respect of any outstanding Series of Notes have not
been withdrawn or downgraded since the date of the related Supplement,
(ii) no Rating Agency has determined that the amount of Enhancement for
any outstanding Series of Notes must be increased in order to maintain
the then current rating of such Series or, if any Rating Agency has made
such a determination, the amount of additional Enhancement that would be
required in order to maintain such current rating, (iii) no change in the
Manufacturer Program of any Manufacturer in respect of any new model year
shall have given rise to any request on the part of the Rating Agencies
that any modification be made to any Loan Agreement or any other Related
Document, and (iv) CRCF has apprised the Rating Agencies of all material
changes in the Manufacturer Programs occurring since the date of this
Indenture; and

(e)     promptly following the introduction of any prospective change in
any Manufacturer Program or the introduction of any new Manufacturer
Program by an existing Manufacturer, or, if later, the date CRCF or any
Lessee obtains notice thereof, notice of the same and notice thereof to
the Rating Agencies describing the principal
terms thereof, and at least annually a copy of each Manufacturer
Program to the Rating Agencies.

Section 8.4.     Payment of Obligations. CRCF will pay and discharge,
at or before maturity, all of its respective material obligations and
liabilities, including, without limitation, tax liabilities and other
governmental claims, except where the same may be contested in good faith by
appropriate proceedings, and will maintain, in accordance with GAAP applied on
a consistent basis, reserves as appropriate for the accrual of any of the same.

Section 8.5.     Maintenance of Property. CRCF will keep, or will
cause to be kept, all property useful and necessary in its business in good
working order and condition, ordinary wear and tear excepted; provided,
however, that nothing in this Section 8.5 shall require CRCF to
maintain, or to make renewals, replacements, additions, betterments or
improvements of or to, any tangible property, if such property, in the
reasonable opinion of CRCF, is obsolete or surplus or unfit for use and cannot
be used advantageously in the conduct of the business of CRCF.

Section 8.6.     Conduct of Business and Maintenance of Existence.
CRCF will maintain its existence as a limited liability company validly
existing, and in good standing under the laws of the State of Delaware and duly
qualified as a foreign limited liability company licensed under the laws of
each state in which the failure to so qualify would have a material adverse
effect on the business and operations of CRCF.

(45)

 

Section 8.7.     Compliance with Laws. CRCF will comply in all
respects with all Requirements of Law and all applicable laws, ordinances,
rules, regulations, and requirements of Governmental Authorities (including,
without limitation, ERISA and the rules and regulations thereunder) except
where the necessity of compliance therewith is contested in good faith by
appropriate proceedings and where such noncompliance would not materially and
adversely affect the condition, financial or otherwise, operations,
performance, properties or prospects of CRCF or its ability to carry out the
transactions contemplated in this Indenture and each other Related Document;
provided, however, such noncompliance will not result in a Lien
(other than a Permitted Lien) on any Assets of CRCF.

Section 8.8.     Inspection of Property, Books and Records. CRCF will
keep proper books of record and account in which full, true and correct entries
shall be made of all dealings and transactions in relation to its Assets,
business and activities in accordance with GAAP applied on a consistent basis;
and will permit the Trustee to visit and inspect any of its properties, to
examine and make abstracts from any of its books and records and to discuss its
affairs, finances and accounts with its officers, directors,
employees and independent public accountants, all at such reasonable times
upon reasonable notice and as often as may reasonably be requested.

Section 8.9.     Compliance with Related Documents. CRCF will perform
and comply with each and every obligation, covenant and agreement required to
be performed or observed by it in or pursuant to this Indenture and each other
Related Document to which it is a party and will not take any action which
would permit AESOP Leasing, AESOP Leasing II or any Lessee to have the right to
refuse to perform any of its respective obligations under any Related Document.
CRCF will not amend any of the Loan Agreements, except in accordance with
Article 12 hereof.

Section 8.10.     Notice of Defaults. (a) Promptly upon becoming
aware of any Potential Amortization Event, Amortization Event, Potential Loan
Event of Default, Loan Event of Default, Potential Lease Event of Default or
Lease Event of Default, CRCF shall give the Trustee, each Enhancement Provider
and the Rating Agencies notice thereof, together with a certificate of the
President, Vice President or principal financial officer of CRCF setting forth
the details thereof and any action with respect thereto taken or contemplated
to be taken by CRCF.

(b)     Promptly upon becoming aware of any default under any Related Document
or under any Manufacturer Program, CRCF shall give the Trustee, each
Enhancement Provider and the Rating Agencies notice thereof.

Section 8.11.     Notice of Material Proceedings. Promptly upon
becoming aware thereof, CRCF shall give the Trustee and the Rating Agencies
written notice of the commencement or existence of any proceeding by or before
any Governmental Authority against or affecting CRCF which is reasonably likely
to have a material adverse effect on the business, condition (financial or
otherwise), results of operations, properties or performance of CRCF or the
ability of CRCF to perform its obligations under this Indenture or under any
other Related Document to which it is a party.

Section 8.12.     Further Requests. CRCF will promptly furnish to the
Trustee, each Enhancement Provider and the Rating Agencies such other
information as, and in such form as,

(46)

 

the Trustee or such Enhancement Provider
or the Rating Agencies may reasonably request in connection with the
transactions contemplated hereby.

Section 8.13.     
Further Assurances.   (a)     CRCF shall do such further
acts and things, and execute and deliver to the Trustee such additional
assignments, agreements, powers and instruments, as the Trustee or the Required
Noteholders reasonably determines to be necessary to carry into effect the
purposes of this Indenture or the other Related Documents or to better assure
and confirm unto the Trustee or the Noteholders their rights, powers and
remedies hereunder including, without limitation, the
filing of any financing or continuation statements under the Uniform
Commercial Code in effect in any jurisdiction with respect to the liens and
security interests granted hereby. CRCF hereby authorizes the Trustee to file
any such financing statement or continuation statement in order to perfect or
maintain the lien created by this Base Indenture in the Collateral but
acknowledges that the Trustee has no obligation to file any such financing
statement or continuation statement. If any amount payable under or in
connection with any of the 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 immediately pledged and
physically delivered to the Trustee 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 Trustee and delivered to the Trustee promptly.
Without limiting the generality of the foregoing provisions of this Section
8.13(a), CRCF shall take all actions that are required to maintain the
security interest of the Trustee on behalf of the Secured Parties in the
Collateral as a perfected security interest subject to no prior Liens,
including, without limitation (i) filing all Uniform Commercial Code financing
statements, continuation statements and amendments thereto necessary to achieve
the foregoing, (ii) causing the Lien of the Trustee to be noted on all
Certificates of Title (other than on Certificates of Title with respect to the
(1) Franchisee Vehicles, which Certificates of Title shall reflect the lien of
the nominee lienholder under the applicable Franchisee Nominee Agreement and
(2) Vehicles located in Ohio, Oklahoma and Nebraska) and (iii) causing the
Administrator, as agent for the Trustee, to maintain possession of the
Certificates of Title for the benefit of the Trustee pursuant to Section
10 of each of the Leases. CRCF further agrees that it will not, without
the prior written consent of the Trustee and without prior written notice to
the Enhancement Providers, exercise any right, remedy, power or privilege
available to it with respect to any obligor under the Collateral, take any
action to compel or secure performance or observance by any obligor of its
obligations to CRCF, or give any consent, request, notice, direction, approval,
extension or waiver with respect to any obligor.

(b)     CRCF will warrant and defend the Trustee’s right, title and interest
in and to the Collateral and the income, distributions and Proceeds thereof,
for the benefit of the Trustee on behalf of the Secured Parties, against the
claims and demands of all Persons whomsoever.

(c)     If so requested by the Trustee or by Noteholders holding 10% or in
excess of 10% of the aggregate Invested Amount of any Series of Notes
(excluding, for the purposes of making the foregoing calculation, any Notes
held by CCRG or any Affiliate of CCRG), CRCF will provide, no more frequently
than annually, an Opinion of Counsel to the effect that no UCC financing or
continuation statements are required to be filed with respect to any of the
Collateral in which a security interest may be perfected by the filing of UCC
financing statements.

(47)

 

Section 8.14.     
Manufacturer Programs.   (a)     Prior to making any
Loans with respect to any Program Vehicles for any model year or years after
the 2004 model year, CRCF will have received (i) an executed Assignment
Agreement with respect to such Manufacturer Program for such model year or
years, (ii) if any Series of Notes is then being rated by a Rating Agency, a
written confirmation from each such Rating Agency that the acquisition of
Vehicles pursuant to such Manufacturer Program satisfies the Rating Agency
Consent Condition in respect of any Outstanding Series of Notes, and (iii) if
there is a material change to a Manufacturer Program during a model year,
written confirmation from each Rating Agency that the acquisition of
Vehicles pursuant to such Manufacturer Program satisfies the Rating Agency
Consent Condition in respect of any Outstanding Series of Notes. A copy of the
rating confirmations set forth in clauses (ii) and (iii) will
promptly be delivered to the Trustee.

(b)     CRCF will (a) provide the Trustee with at least thirty (30) days’
prior written notice of its intention to make Loans to AESOP Leasing or AESOP
Leasing II, as the case may be, for the financing of Program Vehicles from any
new Manufacturer, (b) provide the Trustee with a copy of the draft Manufacturer
Program of such Manufacturer as it exists at the time of such notice and a copy
of the final Manufacturer Program promptly upon its being available and (c)
certify to the Trustee and the Noteholders that such Manufacturer Program is an
Eligible Manufacturer Program at such time. In no event shall CRCF agree, to
the extent any consent of CRCF is solicited or required by the Manufacturer or
any assignor of such Manufacturer Program, to any change in any Manufacturer
Program that is reasonably likely to materially adversely affect its rights or
the rights of the Noteholders with respect to any Program Vehicle previously
purchased or financed under such Manufacturer Program.

Section 8.15.     Liens. CRCF will not create, incur, assume or
permit to exist any Lien upon any of its Assets (including the Collateral),
other than (i) Liens in favor of the Trustee for the benefit of the Secured
Parties, and (ii) Permitted Liens.

Section 8.16.     Other Indebtedness. CRCF will not create, assume,
incur, suffer to exist or otherwise become or remain liable in respect of any
Indebtedness other than (i) Indebtedness hereunder and (ii) Indebtedness
permitted under any other Related Document.

Section 8.17.     Mergers. CRCF will not merge or consolidate with or
into any other Person.

Section 8.18.     Sales of Assets. CRCF will not sell, lease,
transfer, liquidate or otherwise dispose of any Assets, except as contemplated
by the Related Documents and provided that the proceeds received by CRCF are
paid directly to the Collection Account or deposited by CRCF into the
Collection Account within two (2) Business Days after receipt thereof by CRCF.

Section 8.19.     Acquisition of Assets. CRCF will not acquire, by
long-term or operating lease or otherwise, any Assets except in accordance with
the terms of the Related Documents.

Section 8.20.     Dividends, Officers’ Compensation, etc. CRCF will not (i) declare or pay any distributions on any of its limited
liability company interests or make any purchase, redemption or other
acquisition of, any of its limited liability company interests;
provided,

(48)

 

however, that so long as no Amortization Event with
respect to any Series of Notes Outstanding, Potential Amortization Event with
respect to any Series of Notes Outstanding, AESOP I Operating Lease Vehicle
Deficiency, Aggregate Asset Amount Deficiency, Enhancement Deficiency, Event
of Default, Liquidation Event of Default, Limited Liquidation Event of Default,
Potential Enhancement Agreement Event of Default, Enhancement Agreement Event
of Default, Potential AESOP I Operating Lease Event of Default, AESOP I
Operating Lease Event of Default, Potential AESOP I Operating Lease Loan Event
of Default or AESOP I Operating Lease Loan Event of Default has occurred and is
continuing or would result therefrom, CRCF, subject to Section 18-607 of the
Delaware Limited Liability Company Act, may declare and pay distributions on
its limited liability company interests out of earnings or capital surplus
computed in accordance with GAAP applied on a consistent basis, or (ii) pay any
wages or salaries or other compensation to officers, directors, employees or
others except out of earnings or capital surplus computed in accordance with
GAAP applied on a consistent basis.

Section 8.21.     Name; Principal Office. CRCF will neither (a)
change its location (within the meaning of Section 9-307 of the applicable UCC)
without sixty (60) days’ prior written notice to the Trustee nor (b) change its
name without prior written notice to the Trustee sufficient to allow the
Trustee to make all filings (including filings of financing statements on form
UCC-1) and recordings necessary to maintain the perfection of the interest of
the Trustee on behalf of the Secured Parties in the Collateral pursuant to this
Indenture. In the event that CRCF desires to so change its location or change
its name, CRCF will make any required filings and prior to actually changing
its location or its name CRCF will deliver to the Trustee (i) an Officers’
Certificate and an Opinion of Counsel confirming that all required filings have
been made to continue the perfected interest of the Trustee on behalf of the
Secured Parties in the Collateral in respect of the new location or new name of
CRCF and (ii) copies of all such required filings with the filing information
duly noted thereon by the office in which such filings were made.

Section 8.22.     Organizational Documents. CRCF will not amend any
of its organizational documents, including its certificate of formation or
limited liability company agreement unless, prior to such amendment, each
Rating Agency confirms that after such amendment the Rating Agency Consent
Condition will be met.

Section 8.23.     Investments. CRCF will not make, incur, or suffer
to exist any loan, advance, extension of credit or other investment in any
Person other than pursuant to the Loan Agreements and with respect to Permitted
Investments and, in addition, without limiting the generality of the foregoing,
CRCF will not cause the Trustee to make any Permitted Investments on CRCF’s
behalf that would have the effect of causing CRCF to be an “investment company”
within the meaning of the Investment Company Act.

Section 8.24.     No Other Agreements. CRCF will not (a) enter into
or be a party to any agreement or instrument other than any Related Document or
any documents related to any Enhancement or documents and agreements incidental
thereto or entered into as contemplated in Section 8.26 or (b) except as
provided for in Sections 12.1 or 12.2, amend, modify or waive any
provision of any Related Document to which it is a party, or (c) give any
approval or consent or permission provided for in any Related Document, except
as permitted in Section 3.2(a).

(49)

 

Section 8.25.     Other Business. CRCF will not engage in any
business or enterprise or enter into any transaction other than the making of
Loans to AESOP Leasing and AESOP Leasing II pursuant to the Loan Agreements,
the related exercise of its rights as lender thereunder, the incurrence and
payment of ordinary course operating expenses, the issuing and selling of the
Notes and other activities related to or incidental to either of the foregoing
(including transactions contemplated in Sections 8.24 and 8.26).

Section 8.26.     Maintenance of Separate Existence. CRCF will do all
things necessary to continue to be readily distinguishable from each Lessee,
each Permitted Sublessee, AESOP Leasing, Original AESOP, AESOP Leasing II and
the Affiliates of the foregoing and maintain its limited liability company
existence separate and apart from that of AESOP Leasing, Original AESOP, AESOP
Leasing II, each Lessee, each Permitted Sublessee and Affiliates of the
foregoing including, without limitation, (i) practicing and adhering to
organizational formalities, such as maintaining appropriate books and records;
(ii) observing all organizational formalities in connection with all dealings
between itself and each Lessee, each Permitted Sublessee, AESOP Leasing,
Original AESOP, AESOP Leasing II, the Affiliates of the foregoing or any other
unaffiliated entity; (iii) observing all procedures required by its certificate
of formation, its limited liability company agreement and the laws of the State
of Delaware; (iv) acting solely in its name and through its duly authorized
officers or agents in the conduct of its businesses; (v) managing its business
and affairs by or under the direction of its Managers; (vi) ensuring that its
Chairman of the Managers or its Managers duly authorizes all of its actions;
(vii) ensuring the receipt of proper authorization, when necessary, from its
Members for its actions; (viii) maintaining at least one Manager who is an
Independent Manager; (ix) owning or leasing (including through shared
arrangements with Affiliates) all office furniture and equipment necessary to
operate its business; (x) not (A) having or incurring any indebtedness to AESOP
Leasing or AESOP Leasing II; (B) guaranteeing or otherwise becoming liable for
any obligations of AESOP Leasing, Original AESOP, AESOP Leasing II, any Lessee,
any Permitted Sublessee or any Affiliates of the foregoing; (C) other than as
provided in the Related Documents, having obligations guaranteed by AESOP
Leasing, Original AESOP, AESOP Leasing II, any Lessee, any Permitted Sublessee
or any Affiliates of the foregoing; (D) holding itself out as responsible for
debts of AESOP Leasing, AESOP Leasing II, any Lessee, any Permitted Sublessee
or any Affiliates of the foregoing or for decisions or actions with respect to
the affairs of AESOP Leasing, AESOP Leasing II, any Lessee, any Permitted
Sublessee or any Affiliates of the foregoing; (E) failing to correct any known
misrepresentation
with respect to the statement in subsection (C); (F) operating or
purporting to operate as an integrated, single economic unit with respect to
AESOP Leasing, Original AESOP, AESOP Leasing II, any Lessee, any Permitted
Sublessee, the Affiliates of the foregoing or any other unaffiliated entity;
(G) seeking to obtain credit or incur any obligation to any third party based
upon the assets of AESOP Leasing, Original AESOP, AESOP Leasing II, any Lessee,
any Permitted Sublessee, the Affiliates of the foregoing or any other
unaffiliated entity; (H) inducing any such third party to reasonably rely on
the creditworthiness of AESOP Leasing, Original AESOP, AESOP Leasing II, any
Lessee, any Permitted Sublessee, the Affiliates of the foregoing or any other
unaffiliated entity; and (I) being directly or indirectly named as a direct or
contingent beneficiary or loss payee on any insurance policy of AESOP Leasing,
Original AESOP, AESOP Leasing II, any Lessee, any Permitted Sublessee or any
Affiliates of the foregoing other than as required by the Related Documents
with respect to insurance on the Vehicles; (xi) other than as provided in the
Related Documents, maintaining its deposit and other bank accounts and all of
its assets separate from those of any

(50)

 

other Person; (xii) maintaining its
financial records separate and apart from those of any other Person; (xiii)
disclosing in its annual financial statements the effects of the transactions
contemplated by the Related Documents in accordance with generally accepted
accounting principles; (xiv) setting forth clearly in its financial statements
its separate assets and liabilities and the fact that the Vehicles subject to
the AESOP I Operating Lease are owned by AESOP Leasing and that the Vehicles
subject to the AESOP II Operating Lease are owned by AESOP Leasing II; (xv) not
suggesting in any way, within its financial statements, that its assets are
available to pay the claims of creditors or AESOP Leasing, Original AESOP,
AESOP Leasing II, any Lessee, any Permitted Sublessee, the Affiliates of the
foregoing or any other affiliated or unaffiliated entity; (xvi) compensating
all its employees, officers, consultants and agents for services provided to it
by such Persons out of its own funds; (xvii) maintaining office space separate
and apart from that of AESOP Leasing, Original AESOP, AESOP Leasing II, any
Lessee, any Permitted Sublessee or any Affiliates of the foregoing (even if
such office space is subleased from or is on or near premises occupied by AESOP
Leasing, Original AESOP, AESOP Leasing II, any Lessee, any Permitted Sublessee
or any Affiliates of the foregoing) and a telephone number separate and apart
from that of AESOP Leasing, Original AESOP, AESOP Leasing II, any Lessee, any
Permitted Sublessee or any Affiliates of the foregoing; (xviii) conducting all
oral and written communications, including, without limitation, letters,
invoices, purchase orders, contracts, statements, and applications solely in
its own name; (xix) having separate stationery from AESOP Leasing, Original
AESOP, AESOP Leasing II, each Lessee, each Permitted Sublessee, the Affiliates
of the foregoing or any other unaffiliated entity; (xx) having no debt or
obligations to any of AESOP Leasing, Original AESOP, AESOP Leasing II, any
Lessee, any Permitted Sublessee, the Affiliates of the foregoing or any other
unaffiliated entity except for obligations under Variable Funding Notes
acquired by an Affiliate; (xxi) accounting for and managing all of its
liabilities separately from those of AESOP Leasing, Original AESOP, AESOP
Leasing II, each Lessee, each Permitted Sublessee or any Affiliates of the
foregoing; (xxii) allocating, on an arm’s-length basis, all shared corporate
operating services, leases and expenses, including, without limitation, those
associated with the services of shared consultants and agents and shared
computer and other office equipment and software; and otherwise maintaining an
arm’s-length relationship with each of AESOP Leasing, Original AESOP, AESOP
Leasing II, each Lessee, each Permitted Sublessee, the Affiliates of the
foregoing or any other unaffiliated entity; (xxiii) refraining from filing or
otherwise initiating or supporting the filing of a motion in any bankruptcy or
other insolvency proceeding involving
AESOP Leasing, Original AESOP, AESOP Leasing II or any Lessee or Permitted
Sublessee to substantively consolidate AESOP Leasing, Original AESOP, AESOP
Leasing II, or CRCF with any Lessee or Permitted Sublessee or any Affiliate of
a Lessee or a Permitted Sublessee; (xxiv) remaining solvent and assuring
adequate capitalization for the business in which it is engaged and (xxvi)
conducting all of its business (whether written or oral) solely in its own name
so as not to mislead others as to the identity of each of AESOP Leasing,
Original AESOP, AESOP Leasing II, each Lessee, each Permitted Sublessee and the
Affiliates of the foregoing. CRCF acknowledges its receipt of a copy of those
certain opinion letters issued by White & Case LLP dated the Restatement
Effective Date, addressing the issue of substantive consolidation as t
hey may
relate to any of each Lessee, each Permitted Sublessee and each Affiliate of a
Lessee or a Permitted Sublessee on the one hand and any of AESOP Leasing II,
Original AESOP, CRCF and AESOP Leasing on the other hand and as among AESOP
Leasing II, AESOP Leasing, Original AESOP and CRCF. CRCF hereby agrees to
maintain in place all policies and procedures and

(51)

 

take and continue to take all
action, described in the factual assumptions set forth in such opinion letter
and relating to it. On an annual basis, CRCF will provide to the Rating
Agencies and the Trustee an Officer’s Certificate certifying that it is in
compliance with its obligations under this Section 8.26.

Section 8.27.     Rule 144A Information Requirement. For so long as
any of the Notes remain outstanding and are “restricted securities” within the
meaning of Rule 144(a)(3) under the Securities Act, CRCF covenants and agrees
that it shall, during any period in which it is not subject to Section 13 or
15(d) under the Exchange Act, make available to any Noteholder in connection
with any sale thereof and any prospective purchaser of Notes from such
Noteholder in each case upon request, the information specified in, and meeting
the requirements of, Rule 144A(d)(4) under the Securities Act.

Section 8.28.     Use of Proceeds of Notes. CRCF shall use the
proceeds of Notes solely for one or more of the following purposes: (a) to
repay Notes, in accordance with this Indenture; and (b) to fund Loans pursuant
to the Loan Agreements.

Section 8.29.     Vehicles. CRCF shall use commercially reasonable
efforts to cause AESOP Leasing and AESOP Leasing II (and CCRG, to the extent
applicable) to maintain good, legal and marketable title to the Vehicles
purchased with proceeds of Loans (and, in the case of CCRG, leased to CCRG
under the Finance Lease), free and clear of all Liens except for Permitted
Liens.

ARTICLE 9.

AMORTIZATION EVENTS AND REMEDIES

Section 9.1.     Amortization Events. If any one of the following events shall occur during the Revolving
Period, the Accumulation Period or the Controlled Amortization Period with
respect to any Series of Notes (each, an “Amortization Event”):

(a)     CRCF defaults in the payment of any interest on any Note of such
Series when the same becomes due and payable and such default continues
for a period of five (5) Business Days;

(b)     CRCF defaults in the payment of any principal or premium on any
Note of such Series when the same becomes due and payable and such
default continues for a period of one (1) Business Day;

(c)     CRCF fails to comply with any of its other agreements or
covenants in, or provisions of, the Notes of a Series or this Indenture
and the failure to so comply materially and adversely affects the
interests of the Noteholders of any Series and continues to materially
and adversely affect the interests of the Noteholders of such Series for
a period of thirty (30) days after the earlier of (i) the date on which
CRCF obtains knowledge thereof or (ii) the date on which written notice
of such failure, requiring the same to be remedied, shall have been given
to CRCF by the Trustee or to CRCF and the Trustee by the Required
Noteholders of such Series;

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(d)     the occurrence of an Event of Bankruptcy with respect to CRCF,
AESOP Leasing, AESOP Leasing II, Original AESOP, PVHC, Quartx, CCRG or
any other Lessee;

(e)     
(i)     any Loan Event of Default described in Section
12.1.1, 12.1.2 or 12.1.3 of any of the Loan Agreements
shall occur, whether or not subsequently waived by CRCF or (ii) any other
Loan Event of Default shall occur, whether or not subsequently waived by
CRCF;

(f)     any Aggregate Asset Amount Deficiency exists and continues for a
period of 10 days;

(g)     CRCF shall have become an “investment company” or shall have
become under the “control” of an “investment company” under the
Investment Company Act;

(h)     any of the Loan Agreements is terminated for any reason;

(i)     any representation made by CRCF in this Base Indenture or any
Related Document is false and such false representation materially and
adversely affects the interests of the Noteholders of any Series of Notes
and such false representation is not cured for a period of thirty (30)
days after the earlier of (i) the date on which CRCF obtains knowledge
thereof or (ii) the date that written notice thereof is given to CRCF by
the Trustee or to CRCF and the Trustee by the Required Noteholders of
such Series;

(j)     any of the Related Documents or any portion thereof shall not be
in full force and effect, enforceable in accordance with its terms or
CRCF, any Lessee, AESOP
Leasing, AESOP Leasing II, Original AESOP, PVHC, Quartx, any
Manufacturer or the Administrator shall so assert in writing;

(k)     CCRG receives notice of termination of the Computer Services
Agreement from WizCom pursuant to Section 14.1(b) or
14.2(b) thereof, and, in the case of any such notice pursuant to
Section 14.2(b) thereof, a qualified successor provider of vehicle
processing services substantially similar to those provided by WizCom
pursuant to the Computer Services Agreement is not appointed by CCRG on
or before the date which is 180 days prior to the effective date of such
termination;

(l)     the occurrence of any event of default described in (i)
Section 17.2 or 17.3 of the Licensing Agreement and ARAC
receives notice of termination of the Licensing Agreement from Avis Car
Rental Group, Inc. (formerly known as Cendant Car Rental, Inc.) or Wizard
Co., Inc. or (ii) Section 17.1 of the Licensing Agreement;

(m)     the occurrence of any Administrator Default;

(n)     any other event shall occur which may be specified in any
Supplement as an “Amortization Event”;

then (i) in the case of any event described in clause (a), (b),
(c), (i) or (n) above (with respect to clause (n)
above, only to the extent such Amortization Event is subject to waiver as set
forth in

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the applicable Supplement), either the Trustee, by written notice to
CRCF, or the Required Noteholders of the applicable Series of Notes, by written
notice to CRCF and the Trustee, may declare that an Amortization Event has
occurred with respect to such Series as of the date of the notice, or (ii) in
the case of any event described in clause (e)(ii), either the Trustee,
by written notice to CRCF, or the Required Noteholders of any Series of Notes,
by written notice to CRCF and the Trustee, may declare that an Amortization
Event has occurred with respect to such Series as of the date of the notice, or
(iii) in the case of any event described in clause (d), (e)(i),
(f), (g), (h), (j), (k), (l) or
(m) above, an Amortization Event with respect to all Series of Notes
then outstanding shall immediately occur without any notice or other action on
the part of the Trustee or any Noteholders or (iv) in the case of any event
described in clause (n) above (only to the extent such Amortization
Event is not subject to waiver as set forth in the applicable Supplement), an
Amortization Event with respect to the related Series of Notes shall
immediately occur without any notice or other action on the part of the Trustee
or any Noteholders; provided, however, that the Trustee shall
have no liability in connection with any action or inaction taken, or not taken
by it upon the occurrence of an Amortization Event unless a Trust Officer has
actual knowledge of such Amortization Event; and provided,
further, the provisions of this sentence shall not insulate the Trustee
from liability arising out of its gross negligence or willful misconduct.

Section 9.2.     Rights of the Trustee upon Amortization Event or Certain
Other Events of Default (a) General. (a) If and whenever an Amortization Event shall have
occurred and be continuing, the Trustee may and, at the written direction of
the Requisite Investors shall, exercise from time to time any rights and
remedies available to it under applicable law or any Related Document;
provided, however, that if such Amortization Event is based
solely on an event described in clause (a), (b), (c),
(i) or (n) of Section 9.1, then the Trustee’s rights and
remedies pursuant to the provisions of this Section 9.2 shall, to the
extent not detrimental to the rights of the holders of the applicable Series of
Notes, be limited to rights and remedies pertaining only to those Series of
Notes with respect to which such Amortization Event has occurred. Any amounts
obtained by the Trustee on account of or as a result of the exercise by the
Trustee of any right shall be held by the Trustee as additional collateral for
the repayment of CRCF Obligations and shall be applied as provided in
Article 5 hereof. If so specified in the applicable Supplement, the
Trustee may agree not to exercise any rights or remedies available to it as a
result of the occurrence of an Amortization Event with respect to a Series of
Notes only after giving prior written notice thereof to the Enhancement
Provider, if any, with respect to such Series and obtaining the direction of
the Required Noteholders of such Series.

(b)     Loan Agreements. If a Liquidation Event of Default or a
Limited Liquidation Event of Default shall have occurred and be continuing and
a Trust Officer shall have notice thereof, the Trustee, at the written
direction of the Requisite Investors (in the case of a Liquidation Event of
Default) or the Required Noteholders (in the case of a Limited Liquidation
Event of Default), shall direct CRCF to exercise (and CRCF agrees to exercise),
to the extent necessary, all rights, remedies, powers, privileges and claims of
CRCF against AESOP Leasing and AESOP Leasing II under or in connection with the
Loan Agreements and any of the Related Documents and against any party to any
Related Document, including the right or power to take any action to compel
performance or observance by AESOP Leasing, AESOP Leasing II or any such party
of its obligations to CRCF, the right to take possession of any of the
Vehicles, and to give any consent, request, notice, direction, approval,
extension or waiver in respect of

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any of the Loan Agreements, and any right of
CRCF to take such action independent of such direction shall be suspended;
provided, however, nothing in this Section 9.2(b) shall in
any way limit, condition or delay the duties of the Trustee set forth in
Section 9.2(c)(i) or (iii) hereof.

(c)     Manufacturer Programs and Vehicles.

(i)     Upon the occurrence of a Liquidation Event of Default of which a
Trust Officer has knowledge (and so long as a Manufacturer Event of
Default has not occurred with respect to the related Manufacturer), the
Trustee shall promptly return or instruct CRCF to return or cause AESOP
Leasing, AESOP Leasing II or the Lessees to return, the Program Vehicles
to the related Manufacturers (after the minimum holding period specified
in the Manufacturer’s Manufacturer Program) and then, to the extent any
Manufacturer fails to accept any such Program Vehicles under the terms of
the applicable Manufacturer Program (or if a Manufacturer Event of
Default has occurred with respect to any Manufacturer), to liquidate or
direct CRCF to liquidate, or cause AESOP Leasing, AESOP Leasing II or the
Lessees to liquidate the Program Vehicles in accordance with the rights
of CRCF under the Loan Agreements and to otherwise sell or cause to be
sold
to third parties all Non-Program Vehicles. Upon the occurrence of a
Limited Liquidation Event of Default with respect to any Series of Notes
of which the Trust Officer has knowledge, the Trustee shall promptly
return or instruct CRCF to return or cause AESOP Leasing, AESOP Leasing
II or the Lessees to return Program Vehicles to the related Manufacturers
and to sell Non-Program Vehicles or cause Non-Program Vehicles to be sold
to third parties in an amount sufficient to pay all interest and
principal on such Series of Notes, and to the extent that any
Manufacturer fails to accept any such Program Vehicles under the terms of
the applicable Manufacturer Program, to return or direct CRCF to return
or cause AESOP Leasing, AESOP Leasing II or the Lessees to liquidate such
Program Vehicles in accordance with the rights of CRCF under the Loan
Agreements; provided, however, that the Trustee and CRCF
shall select the Program Vehicles to be returned to the related
Manufacturers and the Non-Program Vehicles to be sold to third parties in
a manner that does not adversely affect in any material respect the
interests of the Noteholders of any Series of Notes or any Enhancement
Provider.

(ii)     In addition to, and not in limitation of, the remedies and
duties of the Trustee set forth in subsection (i) above or
(iii) below, if a Liquidation Event of Default or a Limited
Liquidation Event of Default shall have occurred and be continuing, the
Trustee may, and at the written direction of the Requisite Investors (in
the case of a Liquidation Event of Default) or at the direction of the
Required Noteholders (in the case of a Limited Liquidation Event of
Default) shall exercise, or cause CRCF or AESOP Leasing, AESOP Leasing II
or the Lessees to exercise, to the extent necessary, all rights,
remedies, powers, privileges and claims of CRCF, AESOP Leasing, AESOP
Leasing II or the Lessees, as the case may be, or the Trustee against the
Manufacturers under or in connection with the Manufacturer Programs.

(iii)     In the event that either (i) an Event of Bankruptcy with
respect to any Manufacturer of Program Vehicles shall have occurred and
such Manufacturer shall fail to repurchase any Eligible Vehicles in
accordance with the terms of the related Manufacturer Program or (ii) if
there has occurred a Manufacturer Event of Default of

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which the Trust
Officer has knowledge, the Trustee shall cause AESOP Leasing, AESOP
Leasing II or the Lessees to sell any and all Program Vehicles covered by
the related Manufacturer Program of such Manufacturer for the highest
purchase price offered and, promptly upon receipt, to deposit the
proceeds of such sale into the Collection Account or a Joint Collection
Account for allocation hereunder.

(d)     Failure of CRCF, AESOP Leasing, AESOP Leasing II or any Lessee to
Take Action. If (i) CRCF, AESOP Leasing, AESOP Leasing II or any Lessee
shall have failed, within fifteen (15) Business Days of receiving the direction
of the Trustee, to take commercially reasonable action to accomplish directions
of the Trustee given pursuant to clauses (b) or (c) above, (ii)
CRCF, AESOP Leasing, AESOP Leasing II or such Lessee refuses to take such
action, or (iii) the Trustee reasonably determines that such action must be
taken immediately, the Trustee may (and at the written direction of the
Required Noteholders of the affected Series of Notes (with respect to any
Limited Liquidation Event of Default) or the Requisite Investors (with respect
to any Amortization Event or any Liquidation Event of Default) shall), take
such previously directed action (and any related action as permitted
under this Indenture thereafter determined by the Trustee to be
appropriate without the need under this provision or any other provision under
this Indenture to direct CRCF, AESOP Leasing, AESOP Leasing II or such Lessee
to take such action) on behalf of CRCF and the Secured Parties. The Trustee
may institute legal proceedings for the appointment of a receiver or receivers
(to which the Trustee shall be entitled as a matter of right) to take
possession of the Vehicles pending the sale thereof pursuant either to the
powers of sale granted by this Indenture or to a judgment, order or decree made
in any judicial proceeding for the foreclosure or involving the enforcement of
this indenture.

(e)     Sale of Collateral. Upon any sale of any of the Collateral
directly by the Trustee, whether made under the power of sale given under this
Section 9.2 or under judgment, order or decree in any judicial
proceeding for the foreclosure or involving the enforcement of this Indenture:

(i)     the Trustee, any Noteholder and/or any Enhancement Provider may
bid for and purchase the property being sold, and upon compliance with
the terms of sale may hold, retain and possess and dispose of such
property in its own absolute right without further accountability;

(ii)     the Trustee may make and deliver to the purchaser or purchasers
a good and sufficient deed, bill of sale and instrument of assignment and
transfer of the property sold;

(iii)     all right, title, interest, claim and demand whatsoever,
either at law or in equity or otherwise, of CRCF of, in and to the
property so sold shall be divested; and such sale shall be a perpetual
bar both at law and in equity against CRCF, its successors and assigns,
and against any and all Persons claiming or who may claim the property
sold or any part thereof from, through or under CRCF, its successors or
assigns;

(iv)     the receipt of the Trustee or of the officer thereof making
such sale shall be a sufficient discharge to the purchaser or purchasers
at such sale for his or their purchase money, and such purchaser or
purchasers, and his or their assigns or personal

(56)

 

representatives, shall
not, after paying such purchase money and receiving such receipt of the
Trustee or of such officer therefor, be obliged to see to the application
of such purchase money or be in any way answerable for any loss,
misapplication or nonapplication thereof; and

(v)     to the extent that it may lawfully do so, CRCF agrees that it
will not at any time insist upon, or plead, or in any manner whatsoever
claim or take the benefit or advantage of, any appraisal, valuation,
stay, extension or redemption laws, or any law permitting it to direct
the order in which the Vehicles shall be sold, now or at any time
hereafter in force, which may delay, prevent or otherwise affect the
performance or enforcement of this Indenture.

(f)     Additional Remedies. In addition to any rights and remedies
now or hereafter granted hereunder or under applicable law with respect to the
Collateral, the Trustee on behalf of the Secured Parties shall (subject to the
foregoing provisions in respect of the
Vehicles) have all of the rights and remedies of a secured party under the
UCC as enacted in any applicable jurisdiction.

(g)     Non-Segregated Series. Upon the occurrence of an Amortization
Event relating to one or more, but not all, Outstanding Series of Notes (not
including any Segregated Series of Notes), the Trustee shall exercise all
remedies hereunder to the extent necessary to pay all interest on and principal
of the related Series of Notes up to the Invested Amount of each Series.

(h)     Certain Other Non-Segregated Series. Certain Series of Notes
(not including any Segregated Series of Notes) may provide for allocations of
Collections to such Series of Notes only in respect of specified items of
Collateral upon the occurrence of certain Amortization Events. Upon the
occurrence of such an Amortization Event relating to such a Series of Notes,
the Trustee shall, to the extent specified in the applicable Supplement, limit
any recourse hereunder to the related specified items of Collateral to satisfy
the payment of all interest and principal on such Series of Notes up to the
Invested Amount of such Series.

(i)     Segregated Series. Upon the occurrence of an Amortization
Event relating to any Outstanding Segregated Series of Notes, the Trustee shall
limit any recourse hereunder to the related Series-Specific Collateral in
satisfying the payment of interest and principal due on such Segregated Series
of Notes.

Section 9.3.     [RESERVED].

Section 9.4.     Other Remedies. Subject to the terms and conditions
of this Indenture, if an Amortization Event occurs and is continuing, the
Trustee may pursue any remedy available under applicable law or in equity to
collect the payment of principal or interest on the Notes (or each affected
Series of Notes, in the case of an Amortization Event that affects less than
all Outstanding Series of Notes) or to enforce the performance of any provision
of the Notes, this Indenture or any Supplement. If an Amortization Event has
occurred in accordance with Section 9.1, the Trustee shall instruct CRCF
to cease issuing Notes and the right of CRCF to issue Notes shall automatically
terminate. Upon the occurrence of a Loan Event of Default,

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the Trustee shall
have the right to (and upon direction of the Requisite Investors, shall) direct
CRCF to declare that the relevant Loan Commitment is terminated and the
relevant Loan Note immediately due and payable. In addition, the Trustee may,
or shall at the direction of the Requisite Investors (or the Required
Noteholders, in the case of an Amortization Event that affects only one Series
of Notes), direct CRCF to exercise any rights or remedies available under any
Related Document or under applicable law or in equity. Each of CRCF and the
Trustee acknowledge that the Trustee has direct rights to pursue remedies under
the Sublease.

The Trustee may maintain a proceeding even if it does not possess any of
the Notes or does not produce any of them in the proceeding, and any such
proceeding instituted by the Trustee shall be in its own name as trustee. All
remedies are cumulative to the extent permitted by law.

Section 9.5.     Waiver of Past Events. Subject to Section
12.2 hereof, the Noteholders of any Series owning an aggregate principal
amount of Notes in excess of sixty-six and two-thirds percent (66 2/3%) of the
aggregate principal amount of the Outstanding Notes of such Series, by notice
to the Trustee, may waive any existing Potential Amortization Event or
Amortization Event related to clause (a), (b), (c),
(i) or (n) of Section 9.1 (with respect to clause
(n), only to the extent subject to waiver as provided in the applicable
Supplement) which relate to such Series and its consequences except a
continuing Potential Amortization Event or Amortization Event in the payment of
the principal of or interest on any Note. Upon any such waiver, such Potential
Amortization Event shall cease to exist with respect to such Series, and any
Amortization Event with respect to such Series arising therefrom shall be
deemed to have been cured for every purpose of this Indenture; but no such
waiver shall extend to any subsequent or other Potential Amortization Event or
impair any right consequent thereon. A Potential Amortization Event or an
Amortization Event related to clause (d), (e), (f),
(g), (h), (j), (k), (l), (m) or
(n) of Section 9.1 (with respect to clause (n), only to
the extent not subject to waiver as set forth in the applicable Supplement)
shall not be subject to waiver without the approval of 100% of the Noteholders
(or, in the case of clause (n), 100% of the Noteholders of the
applicable Series).

Section 9.6.     Control by Requisite Investors. The Requisite
Investors may direct the time, method and place of conducting any proceeding
for any remedy available to the Trustee or exercising any trust or power
conferred on the Trustee. However, subject to Section 10.1, the Trustee
may refuse to follow any direction that conflicts with law or this Indenture,
that the Trustee determines may be unduly prejudicial to the rights of other
Noteholders, or that may involve the Trustee in personal liability.

Section 9.7.     Limitation
on Suits. Any other provision of this
Indenture to the contrary notwithstanding, a Noteholder may pursue a remedy
with respect to this Indenture or the Notes only if:

(a)     The Noteholder gives to the Trustee written notice of a
continuing Amortization Event;

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(b)     The Noteholders of at least twenty-five percent (25%) in principal amount of
all then Outstanding Notes of such Series make a written request to the
Trustee to pursue the remedy;

(c)     Such Noteholder or Noteholders offer and, if requested, provide
to the Trustee indemnity satisfactory to the Trustee against any loss,
liability or expense;

(d)     The Trustee does not comply with the request within forty-five
(45) days after receipt of the request and the offer and, if requested,
the provision of indemnity; and

(e)     During such 45-day period the Required Noteholders do not give
the Trustee a direction inconsistent with the request.

A Noteholder may not use this Indenture to prejudice the rights of another
Noteholder or to obtain a preference or priority over another Noteholder.

Section 9.8.     Unconditional Rights of Holders to Receive Payment;
Withholding Taxes. (a) Notwithstanding any other provision of this
Indenture, except for clause (b) below, the right of any Noteholder of a
Note to receive payment of principal of and interest on the Note, on or after
the respective due dates expressed in the Note, or to bring suit for the
enforcement of any such payment on or after such respective dates, is absolute
and unconditional and shall not be impaired or affected without the consent of
the Noteholder.

(b)     The Paying Agent agrees, to the extent required by applicable law, to
withhold from each payment due hereunder or under any Note, United States
withholding taxes at the appropriate rate and, on a timely basis, to deposit
such amounts with an authorized depository and make such reports, filings and
other reports in connection therewith, and in the manner, required under
applicable law. The Paying Agent shall promptly furnish each Noteholder (but
in no event later than the date 30 days after the due date thereof) a U.S.
Treasury Form 1042-S and Form 8109-B (or similar forms as at any relevant time
in effect), if applicable, indicating payment in full of any taxes withheld
from any payments by the Paying Agent to such Persons together with all such
other information and documents reasonably requested by such Noteholder and
necessary or appropriate to enable such Noteholder to substantiate a claim for
credit or deduction with respect thereto for income tax purposes of any
jurisdiction with respect to which such Noteholder is required to file a tax
return. In the event that a Noteholder which is not a United States Person (as
defined in Code Section 7701(a)(30)) has furnished to the Agent a properly
completed and currently effective U.S. Treasury Form W-8BEN (with respect to a
complete or partial exemption under an income tax treaty (including a taxpayer
identification number)) (or such successor Form or Forms as may be required by
the United States Treasury Department) and has not notified the Agent of the
withdrawal or inaccuracy of such Form prior to the date of each interest
payment, only the amount, if any, required by applicable law shall be withheld
from payments under the Notes held by such Noteholder in respect of United
States federal income tax. In the event that a Noteholder (x) which is not a
United States Person has furnished to the Paying Agent a properly completed and
currently effective U.S. Treasury Form W-8ECI (or such successor certificate or
Form or Forms as may be required by the United States Treasury Department as
necessary in order to avoid withholding of United States federal income tax),
during the calendar year in which the payment is made, or in either of the two
preceding

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calendar years, and has not notified the Paying Agent of the withdrawal or
inaccuracy of such certificate or Form prior to the date of each interest
payment or (y) which is not a United States Person has furnished to the Paying
Agent a properly completed and currently effective U.S. Treasury Form W-8BEN
(with respect to the portfolio interest exemption) during the calendar year in
which the payment is made, or in either of the two preceding calendar years, no
amount shall be withheld from payments under the Notes held by such Noteholder
in respect of United States federal income tax. Notwithstanding the foregoing,
if any Noteholder has notified the Paying Agent that any of the foregoing Forms
or certificates is withdrawn or inaccurate, or if the Code or the regulations
thereunder or the administrative interpretation thereof are at any time after
the date hereof amended to require such withholding of United States federal
income taxes from payments under the Notes held by such Noteholder, or if such
withholding is otherwise required under applicable law, the Paying Agent agrees
to withhold from each payment due to the relevant Noteholder withholding taxes
at the appropriate rate under applicable law, and will, as more fully provided
above, on a timely basis, deposit such amounts with an authorized depository
and make such reports, filings and other reports in connection therewith, and
in the manner required under applicable law. The Trustee hereby agrees to use
its best efforts (without incurring liability for a failure to do so) to inform
the Paying Agent and the affected Noteholder or Noteholders if the Trustee has
failed to receive Form W-8BEN or W-8ECI from a Noteholder prior to the date of
an interest payment to such Noteholder.

Section 9.9.     Collection Suit by the Trustee. If any Amortization
Event specified in clauses (a) or (b) of Section 9.1
occurs and is continuing, the Trustee is authorized to recover judgment in its
own name and as trustee of an express trust against CRCF for the whole amount
of principal and interest remaining unpaid on the Notes and interest on overdue
principal and, to the extent lawful, interest and such further amount as shall
be sufficient to cover the costs and expenses of collection, including the
reasonable compensation, expenses, disbursements and advances of the Trustee,
its agents and counsel.

Section 9.10.     The Trustee May File Proofs of Claim. The Trustee
is authorized to file such proofs of claim and other papers or documents as may
be necessary or advisable in order to have the claims of the Trustee (including
any claim for the reasonable compensation, expenses, disbursements and advances
of the Trustee, its agents and counsel) and the Noteholders allowed in any
judicial proceedings relative to CRCF (or any other obligor upon the Notes),
its creditors or its property, and shall be entitled and empowered to collect,
receive and distribute any money or other property payable or deliverable on
any such claim and any custodian in any such judicial proceeding is hereby
authorized by each Noteholder to make such payments to the Trustee and, in the
event that the Trustee shall consent to the making of such payments directly to
the Noteholders, to pay the Trustee any amount due to it for the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents
and counsel, and any other amounts due the Trustee under Section 10.5
hereof. To the extent that the payment of any such compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, and any
other amounts due the Trustee under Section 10.5 hereof out of the
estate in any such proceeding, shall be denied for any reason, payment of the
same shall be secured by a Lien on, and shall be paid out of, any and all
distributions, dividends, money, Notes and other properties which the
Noteholders of the Notes may be entitled to receive in such proceeding whether
in liquidation or under any plan of reorganization or arrangement or otherwise.
Nothing herein contained shall be deemed to authorize the Trustee to authorize
or consent to or accept or

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adopt on behalf of any Noteholder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or
the rights of any Noteholder thereof, or to authorize the Trustee to vote in
respect of the claim of any Noteholder in any such proceeding.

Section 9.11.     Priorities. If the Trustee collects any money
pursuant to this Article, the Trustee shall pay out the money in accordance
with the provisions of Article 5 of this Indenture.

Section 9.12.     Undertaking for Costs. In any suit for the
enforcement of any right or remedy under this Indenture or in any suit against
the Trustee for any action taken or omitted by it as a Trustee, a court in its
discretion may require the filing by any party litigant in the suit of any
undertaking to pay the costs of the suit, and the court in its discretion may
assess reasonable costs, including reasonable attorneys’ fees, against any
party litigant in the suit, having due regard to the merits and good faith of
the claims or defenses made by the party litigant. This Section does not apply
to a suit by the Trustee, a suit by a Noteholder pursuant to Section
9.7, or a suit by Noteholders of more than ten percent (10%) in principal
amount of all then outstanding Notes.

Section 9.13.     Rights and Remedies Cumulative. No right or remedy
herein conferred upon or reserved to the Trustee or to the holders of Notes is
intended to be exclusive of any other right or remedy, and every right or
remedy shall, to the extent permitted by law, be cumulative and in addition to
every other right and remedy given under this Indenture or now or hereafter
existing at law or in equity or otherwise. The assertion or employment of any
right or remedy under this Indenture, or otherwise, shall not prevent the
concurrent assertion or employment of any other appropriate right or remedy.

Section 9.14.     Delay or Omission Not Waiver. No delay or omission
of the Trustee or of any holder of any Note to exercise any right or remedy
accruing upon any Amortization Event shall impair any such right or remedy or
constitute a waiver of any such Amortization Event or an acquiescence therein.
Every right and remedy given by this Article 9 or by law to the Trustee
or to the holders of Notes may be exercised from time to time, and as often as
may be deemed expedient, by the Trustee or by the holders of Notes, as the case
may be.

Section 9.15.     Reassignment of Surplus. After termination of this
Indenture and the payment in full of the CRCF Obligations, any Proceeds of all
the Collateral received or held by the Trustee shall be turned over to CRCF and
the Collateral shall be reassigned to CRCF by the Trustee without recourse to
the Trustee and without any representations, warranties or agreements of any
kind.

ARTICLE 10.

THE TRUSTEE

Section 10.1.     Duties of the Trustee. (a) If an Amortization
Event has occurred and is continuing, the Trustee shall exercise such of the
rights and powers vested in it by this Indenture, and use the same degree of care and skill in their
exercise, as a prudent man would exercise or use under the circumstances in the
conduct of his own affairs; provided, however,

(61)

 

that the Trustee
shall have no liability in connection with any action or inaction taken, or not
taken, by it upon the deemed occurrence of an Amortization Event of which a
Trust Officer has not received written notice; and provided,
further, that the preceding sentence shall not have the effect of
insulating the Trustee from liability arising out of the Trustee’s negligence
or willful misconduct.

(b)     Except during the occurrence and continuance of an Amortization Event:

(i)     The Trustee undertakes to perform only those duties that are
specifically set forth in this Indenture and no others, and no implied
covenants or obligations shall be read into this Indenture against the
Trustee; and

(ii)     In the absence of bad faith on its part, the Trustee may
conclusively rely, as to the truth of the statements and the correctness
of the opinions expressed therein, upon certificates or opinions
furnished to the Trustee and conforming to the requirements of this
Indenture. However, the Trustee shall examine the certificates and
opinions to determine whether or not they conform to the requirements of
this Indenture.

(c)     The Trustee may not be relieved from liability for its own negligent
action, its own negligent failure to act, or its own willful misconduct, except
that:

(i)     This clause does not limit the effect of clause (b) of
this Section 10.1.

(ii)     The Trustee shall not be liable for any error of judgment made
in good faith by a Trust Officer, unless it is proved that the Trustee
was negligent in ascertaining the pertinent facts.

(iii)     The Trustee shall not be liable with respect to any action it
takes or omits to take in good faith in accordance with a direction
received by it pursuant to Section 9.4.

(iv)     The Trustee shall not be charged with knowledge of any default
by any Lessee in the performance of its obligations under any Related
Document, unless a Trust Officer of the Trustee receives written notice
of such failure from such Lessee or any Holders of Notes evidencing not
less than ten percent (10%) of the aggregate principal amount of the
Notes of any Series adversely affected thereby.

(d)     Notwithstanding anything to the contrary contained in this Indenture
or any of the Related Documents, no provision of this Indenture shall require
the Trustee to expend or risk its own funds or incur any liability if there is
reasonable ground (as determined by the Trustee in its sole discretion) for
believing that the repayment of such funds is not reasonably assured to it by
the security afforded to it by the terms of this Indenture. The Trustee may
refuse to perform any duty or exercise any right or power unless it receives
indemnity satisfactory to it against any loss, liability or expense.

(e) In the event that the Paying Agent or the Transfer Agent and Registrar
shall fail to perform any obligation, duty or agreement in the manner or on the
day required to be performed by the Paying Agent or the Transfer Agent and
Registrar, as the case may be, under this Indenture, the Trustee shall be
obligated as soon as practicable upon actual knowledge of a

(62)

 

Trust Officer thereof and receipt of appropriate records and information, if any, to perform
such obligation, duty or agreement in the manner so required.

(f)     Subject to Section 10.3, all moneys received by the Trustee
shall, until used or applied as herein provided, be held in trust for the
purposes for which they were received, but need not be segregated from other
funds except to the extent required by law or the Related Documents. The
Trustee may allow and credit to CRCF interest agreed upon by CRCF and the
Trustee from time to time as may be permitted by law.

Section 10.2.     Rights of the Trustee. Except as otherwise provided
by Section 10.1:

(a)     The Trustee may conclusively rely and shall be fully protected
in acting or refraining from acting based upon any document believed by
it to be genuine and to have been signed by or presented by the proper
person.

(b)     The Trustee may consult with counsel of its selection and the
written advice of such counsel or any Opinion of Counsel shall be full
and complete authorization and protection from liability in respect of
any action taken, suffered or omitted by it hereunder in good faith and
in reliance thereon.

(c)      The Trustee may act through agents, custodians and nominees and
shall not be liable for any misconduct or negligence 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 Trustee
shall provide written notice to Moody’s of any such appointment and, if
practicable, shall provide prior written notice to Moody’s of any such
appointment.

(d)     The Trustee shall not be liable for any action it takes or omits
to take in good faith which it believes to be authorized or within its
rights or powers conferred upon it by the Indenture.

(e)     The Trustee shall be under no obligation to exercise any of the
rights or powers vested in it by this Indenture or any Supplement, or to
institute, conduct or defend any litigation hereunder or in relation
hereto, at the request, order or direction of any of the Noteholders,
pursuant to the provisions of this Indenture or any Supplement, unless
such Noteholders shall have offered to the Trustee reasonable security or
indemnity satisfactory to the Trustee against the costs, expenses and
liabilities which may be incurred therein or thereby; nothing contained
herein shall, however, relieve the Trustee of the obligations, upon the
occurrence of a default by any Lessee, AESOP Leasing, AESOP Leasing II,
Original AESOP, PVHC, Quartx or CRCF (which has not been cured), to
exercise such of the rights and powers vested in it by this Indenture or
any Supplement, and to use the same degree of care and skill in their exercise as a
prudent man would exercise or use under the circumstances in the conduct
of his own affairs.

(f)     The Trustee shall not be bound to make any investigation into
the facts of matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, consent, order, approval,
bond or other paper or document, unless requested in

(63)

 

writing so to do by
the Required Noteholders of any Series which could be adversely affected
if the Trustee does not perform such acts.

(g)     The Trustee shall not be liable for any losses or liquidation
penalties in connection with Permitted Investments, unless such losses or
liquidation penalties were incurred through the Trustee’s own willful
misconduct, negligence or bad faith.

(h)     The Trustee shall not be liable for the acts or omissions of any
successor to the Trustee so long as such acts or omissions were not the
result of the negligence, bad faith or willful misconduct of such
predecessor Trustee.

Section 10.3.     Individual Rights of the Trustee. The Trustee in
its individual or any other capacity may become the owner or pledgee of Notes
and may otherwise deal with CRCF or an Affiliate of CRCF with the same rights
it would have if it were not Trustee. Any Agent may do the same with like
rights. However, the Trustee is subject to Section 10.8.

Section 10.4.     Notice of Amortization Events and Potential Amortization
Events. If an Amortization Event or a Potential Amortization Event occurs
and is continuing and if a Trust Officer of the Trustee receives written notice
thereof, the Trustee shall promptly provide the Noteholders and each Rating
Agency with notice of such Amortization Event or the Potential Amortization
Event, if such Notes are represented by a Global Note, by telephone and
facsimile, and, if such Notes are represented by Definitive Notes, by first
class mail.

Section 10.5.     Compensation. (a) CRCF shall promptly pay to the
Trustee from time to time compensation for its acceptance of this Indenture and
services hereunder as CRCF and the Trustee may agree from time to time. The
Trustee’s compensation shall not be limited by any law on compensation of a
trustee of an express trust. CRCF shall reimburse the Trustee promptly upon
request for all reasonable disbursements, advances and expenses incurred or
made by it in addition to the compensation for its services. Such expenses
shall include (i) the reasonable compensation, disbursements and expenses of
the Trustee’s agents and counsel and (ii) the reasonable expenses of the
Trustee’s agents in administering the Collateral.

(b)     CRCF shall not be required to reimburse any expense or indemnify the
Trustee against any loss, liability, or expense incurred by the Trustee through
the Trustee’s own willful misconduct, gross negligence or bad faith.

(c)     When the Trustee incurs expenses or renders services after an
Amortization Event occurs, the expenses and the compensation for the services
are intended to constitute expenses of administration under the Bankruptcy
Code.

(d)     The provisions of this Section 10.5 shall survive the
termination of this Indenture and the resignation and removal of the Trustee.

Section 10.6.     Replacement of the Trustee. (a) A resignation or
removal of the Trustee and appointment of a successor Trustee shall become
effective only upon the successor Trustee’s acceptance of appointment as
provided in this Section 10.6 and the satisfaction of the Rating Agency
Consent Condition and the CP Rating Agency Condition.

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(b)     The Trustee may, after giving sixty (60) days’ prior written notice to
CRCF, each Noteholder and each Rating Agency, resign at any time and be
discharged from the trust hereby created by so notifying CRCF and CCRG;
provided, however, that no such resignation of the Trustee shall
be effective until a successor trustee has assumed the obligations of the
Trustee hereunder. The Requisite Investors may remove the Trustee by so
notifying the Trustee, CCRG, CRCF and each Rating Agency. CRCF may remove the
Trustee upon notice to each Rating Agency if:

(i)     the Trustee fails to comply with Section 10.8;

(ii)     the Trustee is adjudged a bankrupt or an insolvent or an order
for relief is entered with respect to the Trustee under the Bankruptcy
Code;

(iii)     a custodian or public officer takes charge of the Trustee or
its property; or

(iv)     the Trustee becomes incapable of acting.

If the Trustee resigns or is removed or if a vacancy exists in the office
of the Trustee for any reason, CRCF shall promptly appoint a successor Trustee.
Within one year after the successor Trustee takes office, the Requisite
Investors may appoint a successor Trustee to replace the successor Trustee
appointed by CRCF.

(c)     If a successor Trustee does not take office within thirty (30) days
after the retiring Trustee resigns or is removed, the retiring Trustee, CRCF or
any Secured Party may petition any court of competent jurisdiction for the
appointment of a successor Trustee.

(d)     If the Trustee after written request by any Noteholder who has been a
Noteholder for at least six (6) months fails to comply with Section
10.8, such Noteholder may petition any court of competent jurisdiction for
the removal of the Trustee and the appointment of a successor Trustee.

(e)     A successor Trustee shall deliver a written acceptance of its
appointment to the retiring or removed Trustee, CCRG and to CRCF. Thereupon
the resignation or removal of the retiring Trustee shall become effective, and
the successor Trustee shall have all the rights, powers and duties of the
Trustee under this Indenture and any Supplement. The successor Trustee shall
mail a notice of its succession to Noteholders. The retiring Trustee shall
promptly transfer all property held by it as Trustee to the successor Trustee;
provided, however, that all sums owing to the retiring Trustee
hereunder have been paid. Notwithstanding replacement of the Trustee pursuant
to this Section 10.6, CRCF’s obligations under Section 10.5 hereof shall continue for the
benefit of the retiring Trustee.

Section 10.7.     Successor Trustee by Merger, etc.  Subject to
Section 10.8, if the Trustee consolidates, merges or converts into, or
transfers all or substantially all of its corporate trust business to, another
corporation, the successor corporation without any further act shall be the
successor Trustee.

Section 10.8.     Eligibility Disqualification. (a) There shall at
all times be a Trustee hereunder which shall (i) be a corporation organized and
doing business under the laws

(65)

 

of the United States of America or of any state
thereof authorized under such laws to exercise corporate trustee power, (ii) be
subject to supervision or examination by Federal or state authority and shall
have a combined capital and surplus of at least $50,000,000 as set forth in its
most recent published annual report of condition and (iii) if such Trustee is
other than The Bank of New York, as the original Trustee hereunder, or its
Affiliate, be acceptable to the Requisite Investors.

(b)     At any time the Trustee shall cease to satisfy the eligibility
requirements of clauses (a)(i) or (a)(ii) above, the
Trustee shall resign immediately in the manner and with the effect specified in
Section 10.6.

Section 10.9.     Appointment of Co-Trustee or Separate Trustee. (a)
Notwithstanding any other provisions of this Indenture or any Supplement, at
any time, for the purpose of meeting any legal requirements of any jurisdiction
in which any part of the Collateral may at the time be located, the Trustee
shall have the power and may execute and deliver all instruments to appoint one
or more persons to act as a co-trustee or co-trustees, or separate trustee or
separate trustees, of all or any part of the Collateral, and to vest in such
Person or Persons, in such capacity and for the benefit of the Secured Parties,
such title to the Collateral, or any part thereof, and, subject to the other
provisions of this Section 10.9, such powers, duties, obligations,
rights and trusts as the Trustee may consider necessary or desirable. No
co-trustee or separate trustee hereunder shall be required to meet the terms of
eligibility as a successor trustee under Section 10.8 and no notice to
Noteholders of the appointment of any co-trustee or separate trustee shall be
required under Section 10.6. No co-trustee shall be appointed without
the consent of CCRG unless such appointment is required as a matter of state
law or to enable the Trustee to perform its functions hereunder.

(b)     Every separate trustee and co-trustee shall, to the extent permitted
by law, be appointed and act subject to the following provisions and
conditions:

(i)     The Notes of each Series shall be authenticated and delivered
solely by the Trustee or an authenticating agent appointed by the
Trustee;

(ii)     All rights, powers, duties and obligations conferred or imposed
upon the Trustee shall be conferred or imposed upon and exercised or
performed by the Trustee and such separate trustee or co-trustee jointly
(it being understood that such separate trustee or co-trustee is not
authorized to act separately without the Trustee joining in such act),
except to the extent that under any law of any jurisdiction in which any
particular act or acts are to be performed, the Trustee shall be incompetent or
unqualified to perform, such act or acts, in which event such rights,
powers, duties and obligations (including the holding of title to the
Assets or any portion thereof in any such jurisdiction) shall be
exercised and performed singly by such separate trustee or co-trustee,
but solely at the direction of the Trustee;

(iii)     No trustee hereunder shall be personally liable by reason of
any act or omission of any other trustee hereunder;

(66)

 

(iv)     The Trustee may at any time accept the resignation of or remove
any separate trustee or co-trustee; and

(v)     The Trustee shall remain primarily liable for the actions of any
co-trustee.

(c)     Any notice, request or other writing given to the Trustee shall be
deemed to have been given to each of the then separate trustees and
co-trustees, as effectively as if given to each of them. Every instrument
appointing any separate trustee or co-trustee shall refer to this Indenture and
the conditions of this Article 10. Each separate trustee and
co-trustee, upon its acceptance of the trusts conferred, shall be vested with
the estates or property specified in its instrument of appointment, either
jointly with the Trustee or separately, as may be provided therein, subject to
all the provisions of this Indenture and any Supplement, specifically including
every provision of this Indenture or any Supplement relating to the conduct of,
affecting the liability of, or affording protection to, the Trustee. Every
such instrument shall be filed with the Trustee and a copy thereof given to
CCRG.

(d)     Any separate trustee or co-trustee may at any time constitute the
Trustee, its agent or attorney-in-fact with full power and authority, to the
extent not prohibited by law, to do any lawful act under or in respect to this
Indenture or any Supplement on its behalf and in its name. If any separate
trustee or co-trustee shall die, become incapable of acting, resign or be
removed, all of its estates, properties, rights, remedies and trusts shall vest
in and be exercised by the Trustee, to the extent permitted by law, without the
appointment of a new or successor trustee.

(e)     In connection with the appointment of a co-trustee, the Trustee may,
at any time, at the Trustee’s sole cost and expense, without notice to the
Noteholders, delegate its duties under this Base Indenture and any Supplement
to any Person who agrees to conduct such duties in accordance with the terms
hereof; provided, however, that no such delegation shall relieve
the Trustee of its obligations and responsibilities hereunder with respect to
any such delegated duties.

Section 10.10.     Representations and Warranties of Trustee. The
Trustee represents and warrants to CRCF and the Secured Parties that:

(i)     The Trustee is a banking corporation organized, existing and in
good standing under the laws of the State of New York;

(ii)     The Trustee has full power, authority and right to execute,
deliver and perform this Indenture and any Supplement issued concurrently
with this Indenture and to authenticate the Notes, and has taken all necessary action to
authorize the execution, delivery and performance by it of this Indenture
and any Supplement issued concurrently with this Indenture and to
authenticate the Notes;

(iii)     This Indenture has been duly executed and delivered by the
Trustee; and

(iv)     The Trustee meets the requirements of eligibility as a trustee
hereunder set forth in Section 10.8 hereof.

(67)

 

Section 10.11.     CRCF Indemnification of the Trustee. CRCF shall
indemnify and hold harmless the Trustee and its directors, officers, agents and
employees from and against any loss, liability, expense, damage or injury
suffered or sustained by reason of any acts, omissions or alleged acts or
omissions arising out of the activities of the Trustee pursuant to this
Indenture or any Supplement, including but not limited to any judgment, award,
settlement, reasonable attorneys’ fees and other costs or expenses incurred in
connection with the defense of any actual or threatened action, proceeding or
claim; provided, however, that CRCF shall not indemnify the
Trustee or its directors, officers, employees or agents if such acts, omissions
or alleged acts or omissions constitute bad faith, negligence or willful
misconduct by the Trustee. The indemnity provided herein shall survive the
termination of this Indenture and the resignation and removal of the Trustee.

ARTICLE 11.

DISCHARGE OF INDENTURE

Section 11.1.     Termination of CRCF’s Obligations. (a) This
Indenture shall cease to be of further effect (except that CRCF’s obligations
under Section 10.5 and Section 10.11 and the Trustee’s and Paying
Agent’s obligations under Section 11.3 shall survive) when all
Outstanding Notes theretofore authenticated and issued have been delivered
(other than destroyed, lost or stolen Notes which have been replaced or paid)
to the Trustee for cancellation and CRCF has paid all sums payable hereunder.

(b)     In addition, except as may be provided to the contrary in any
Supplement, CRCF may terminate all of its obligations under this Indenture if:

(i)     CRCF irrevocably deposits in trust with the Trustee or at the
option of the Trustee, with a trustee reasonably satisfactory to the
Trustee and CRCF under the terms of an irrevocable trust agreement in
form and substance satisfactory to the Trustee, money or U.S. Government
Obligations in an amount sufficient, in the opinion of a nationally
recognized firm of independent certified public accountants expressed in
a written certification thereof delivered to the Trustee, to pay, when
due, principal and interest on the Notes to maturity or redemption, as
the case may be, and to pay all other sums payable by it hereunder;
provided, however, that (1) the trustee of the irrevocable
trust shall have been irrevocably instructed to pay such money or the
proceeds of such U.S. Government Obligations to the Trustee and (2) the
Trustee shall have been irrevocably instructed to apply such money or the
proceeds of such U.S. Government Obligations to the payment of said principal and interest
with respect to the Notes;

(ii)     CRCF delivers to the Trustee an Officers’ Certificate stating
that all conditions precedent to satisfaction and discharge of this
Indenture have been complied with, and an Opinion of Counsel to the same
effect;

(iii)     CRCF delivers to the Trustee an Officer’s Certificate stating
that no Potential Amortization Event or Amortization Event, in either
case, described in Section 9.1(d) shall have occurred and be
continuing on the date of such deposit; and

(68)

 

(iv)     the Rating Agency Consent Condition is satisfied.

Then, this Indenture shall cease to be of further effect (except as provided in
this Section 11.1), and the Trustee, on demand of CRCF, shall execute
proper instruments acknowledging confirmation of and discharge under this
Indenture.

(c)     After such irrevocable deposit made pursuant to Section 11.1(b)
and satisfaction of the other conditions set forth herein, the Trustee upon
request shall acknowledge in writing the discharge of CRCF’s obligations under
this Indenture except for those surviving obligations specified above.

In order to have money available on a payment date to pay principal or
interest on the Notes, the U.S. Government Obligations shall be payable as to
principal or interest at least one Business Day before such payment date in
such amounts as will provide the necessary money. U.S. Government Obligations
shall not be callable at the issuer’s option.

Section 11.2.     Application of Trust Money. The Trustee or a
trustee satisfactory to the Trustee and CRCF shall hold in trust money or U.S.
Government Obligations deposited with it pursuant to Section 11.1. The
Trustee shall apply the deposited money and the money from U.S. Government
Obligations through the Paying Agent in accordance with this Indenture to the
payment of principal of and interest on the Notes.

The provisions of this Section 11.2 shall survive the expiration or
earlier termination of this Indenture.

Section 11.3.     Repayment to CRCF. The Trustee and the Paying Agent
shall promptly pay to CRCF upon written request any excess money or, pursuant
to Sections 2.11 and 2.14, return any Notes held by them at any
time.

Subject to Section 2.7(c), the Trustee and the Paying Agent shall
pay to CRCF upon written request any money held by them for the payment of
principal or interest that remains unclaimed for two (2) years after the date
upon which such payment shall have become due.

The provisions of this Section 11.3 shall survive the expiration or
earlier termination of this Indenture.

ARTICLE 12.

AMENDMENTS

Section 12.1.     Without Consent of the Noteholders. Without the
consent of any Noteholder, CRCF, the Trustee, and any applicable Enhancement
Provider, at any time and from time to time, may enter into one or more
Supplements hereto, in form satisfactory to the Trustee, for any of the
following purposes, provided that (i) with respect to clause (a) below,
the Rating Agency Confirmation Condition is met and (ii) with respect to
clauses (b) to (h) below, the Rating Agency Consent Condition is
met:

(69)

 

(a)     to create a new Series of Notes (including, without limitation,
making such modifications to this Base Indenture and the other Related
Documents as may be required to issue a Segregated Series of Notes;
provided, however, that the creation of any Segregated
Series of Notes shall not result in a material adverse effect on the
Noteholders of any Outstanding Series unless the Required Noteholders of
such Series shall have given their prior written consent to the creation
thereof);

(b)     to add to the covenants of CRCF for the benefit of any Secured
Parties (and if such covenants are to be for the benefit of less than all
Series of Notes, stating that such covenants are expressly being included
solely for the benefit of such Series) or to surrender any right or power
herein conferred upon CRCF (provided, however, that CRCF
will not pursuant to this subsection 12.1(b) surrender any right
or power it has against any Lessee, AESOP Leasing, AESOP Leasing II,
Original AESOP, PVHC, Quartx or any Manufacturer);

(c)     to mortgage, pledge, convey, assign and transfer to the Trustee
any property or assets as security for the Notes and to specify the terms
and conditions upon which such property or assets are to be held and
dealt with by the Trustee and to set forth such other provisions in
respect thereof as may be required by this Base Indenture or as may,
consistent with the provisions of this Base Indenture, be deemed
appropriate by CRCF and the Trustee, or to correct or amplify the
description of any such property or assets at any time so mortgaged,
pledged, conveyed and transferred to the Trustee on behalf of the Secured
Parties;

(d)     to cure any mistake, ambiguity, defect, or inconsistency or to
correct or supplement any provision contained herein or in any Supplement
or in any Notes issued hereunder;

(e)     to provide for uncertificated Notes in addition to certificated
Notes;

(f)     to add to or change any of the provisions of this Base Indenture
to such extent as shall be necessary to permit or facilitate the issuance
of Notes in bearer form, registrable or not registrable as to principal,
and with or without interest coupons;

(g)     to evidence and provide for the acceptance of appointment
hereunder by a successor Trustee with respect to the Notes of one or more
Series and to add to or change any of the provisions of this Base Indenture as shall be necessary
to provide for or facilitate the administration of the trusts hereunder
by more than one Trustee; or

(h)     to correct or supplement any provision herein which may be
inconsistent with any other provision herein or to make any other
provisions with respect to matters or questions arising under this Base
Indenture;

provided, however, that, as evidenced by an Opinion of Counsel,
such action shall not adversely affect in any material respect the interests of
any Noteholders. Upon the request of CRCF, accompanied by a resolution of the
Managers authorizing the execution of any Supplement to effect such amendment,
and upon receipt by the Trustee and CCRG of the documents described in
Section 2.2 hereof, the Trustee shall join with CRCF in the execution of
any Supplement

(70)

 

authorized or permitted by the terms of this Base Indenture and
shall make any further appropriate agreements and stipulations which may be
therein contained, but the Trustee shall not be obligated to enter into such
Supplement which affects its own rights, duties or immunities under this Base
Indenture or otherwise.

Section 12.2.     With Consent of the Noteholders. Except as provided
in Section 12.1, the provisions of this Base Indenture and any
Supplement (unless otherwise provided in such Supplement) and each other
Related Document to which CRCF is a party may from time to time be amended,
modified or waived, if such amendment, modification or waiver is in writing and
consented to in writing by CRCF, the Trustee, any applicable Enhancement
Provider, and the Requisite Investors (or the Required Noteholders of a Series
of Notes, in respect of any amendment to this Base Indenture, the Supplement
with respect to such Series of Notes or any Related Document which affects only
the Noteholders of such Series of Notes and does not affect the Noteholders of
any other Series of Notes, as substantiated by an Opinion of Counsel to such
effect, which Opinion of Counsel may, to the extent same is based on any
factual matter, rely upon an Officer’s Certificate as to the truth of such
factual matter) and provided that the Rating Agency Consent Condition is
satisfied. Notwithstanding the foregoing:

(i)     any modification of this Section 12.2, any change in any
requirement hereunder that any particular action be taken by Noteholders
holding the relevant percentage in principal amount of the Notes or any
change in the definition of the terms “Aggregate Asset Amount” or
“Aggregate Asset Amount Deficiency” (other than in connection with the
issuance of a Segregated Series of Notes), “Eligible Program
Manufacturer”, “Eligible Non-Program Manufacturer” or “Eligible
Manufacturer Program” (other than in connection with a waiver of such
eligibility requirement by the Noteholders of any Series of Notes, but
only to the extent so provided in the related Supplement in respect of
such Series of Notes), “Invested Amount”, “Invested Percentage”, or the
applicable amount of Enhancement or any defined term used for the purpose
of any such definitions shall require the consent of each affected
Noteholder; and

(ii)     any amendment, waiver or other modification that would (a)
extend the due date for, or reduce the amount of any scheduled repayment
or prepayment of principal of or interest on any Note (or reduce the
principal amount of or rate of interest on any Note) shall require the
consent of each affected Noteholder; (b) approve the assignment or
transfer by CRCF of any of its rights or obligations hereunder or under
any other Related Document to which it is a party except pursuant to the
express terms hereof or thereof shall require the consent of each
Noteholder; (c) release any obligor under any Related Document to which
it is a party except pursuant to the express terms of such Related
Document shall require the consent of each Noteholder; provided,
however, that the Liens on Vehicles may be released as provided in
Section 3.5; (d) affect adversely the interests, rights or
obligations of any Noteholder individually in comparison to any other
Noteholder shall require the consent of such Noteholder; or (e) amend or
otherwise modify any Amortization Event shall require the consent of each
affected Noteholder.

No failure or delay on the part of any Noteholder or the Trustee in exercising
any power or right under this Base Indenture or any other Related Document

(71)

 

shall operate as a waiver thereof, nor shall any single or partial exercise of
any such power or right preclude any other or further exercise thereof or the
exercise of any other power or right.

Section 12.3.     Supplements. Each amendment or other modification
to the Indenture or the Notes shall be set forth in a Supplement. The initial
effectiveness of each Supplement shall be subject to the satisfaction of the
Rating Agency Consent Condition. In addition to the manner provided in
Sections 12.1 and 12.2, each Supplement may be amended as
provided for in such Supplement.

Section 12.4.     Revocation and Effect of Consents. Until an
amendment or waiver becomes effective, a consent to it by a Noteholder of a
Note is a continuing consent by the Noteholder and every subsequent Noteholder
of a Note or portion of a Note that evidences the same debt as the consenting
Noteholder’s Note, even if notation of the consent is not made on any Note.
However, any such Noteholder or subsequent Noteholder may revoke the consent as
to his Note or portion of a Note if the Trustee receives written notice of
revocation before the date the amendment or waiver becomes effective. An
amendment or waiver becomes effective in accordance with its terms and
thereafter binds every Noteholder. CRCF may fix a record date for determining
which Noteholders must consent to such amendment or waiver.

Section 12.5.     Notation on or Exchange of Notes. The Trustee may
place an appropriate notation about an amendment or waiver on any Note
thereafter authenticated. CRCF in exchange for all Notes may issue and the
Trustee shall authenticate new Notes that reflect the amendment or waiver.
Failure to make the appropriate notation or issue a new Note shall not affect
the validity and effect of such amendment or waiver.

Section 12.6.     The Trustee to Sign Amendments, etc.  The Trustee
shall sign any Supplement authorized pursuant to this Article 12 if the
Supplement does not adversely affect the rights, duties, liabilities or
immunities of the Trustee. If it does, the Trustee may, but need not, sign it.
In signing such Supplement, the Trustee shall be entitled to receive, if
requested, an indemnity reasonably satisfactory to it and to receive and,
subject to Section 10.1, shall be fully protected in relying upon, an
Officers’ Certificate and an Opinion of Counsel as conclusive evidence that
such Supplement is authorized or permitted by this Indenture and that it will
be valid and binding upon CRCF in accordance with its terms. CRCF may not sign
a Supplement until a majority of its Managers approves it.

ARTICLE 13.

MISCELLANEOUS

Section 13.1.     Notices. (a) Any notice or communication by CRCF or
the Trustee to the other shall be in writing and delivered in person or mailed
by first-class mail (registered or certified, return receipt requested), telex,
telecopier, overnight air courier guaranteeing next day delivery or, solely
with the recipient’s consent, e-mail, to the other’s address, which may be
updated or amended from time to time by written notice to the other party:

(72)

 

	 	 	 	 
	 	If to CRCF:
	 
	 	Cendant Rental Car Funding (AESOP) LLC:
	 	c/o Lord Securities Corporation

48 Wall Street, 27th Floor

New York, New York 10005

	 
	 	Attn:	 	Benjamin B. Abedine
	 	Phone:	 	(212) 346-9000
	 	Fax:	 	(212) 346-9012
	 
	 	with a copy to the Administrator:
	 
	 	Cendant Car Rental Group, Inc.

6 Sylvan Way

Parsippany, New Jersey 07054
	 
	 	Attn:	 	Treasurer
	 	Phone:	 	(973) 496-5000
	 	Fax:	 	(973) 496-5852
	 
	 	If to the Trustee:
	 
	 	The Bank of New York

c/o BNY Midwest Trust Company

2 North LaSalle Street, 10th Floor

Chicago, Illinois 60602
	 
	 	Attn:	 	Corporate Trust Officer
	 	Phone:	 	(312) 827-8569
	 	Fax:	 	(312) 869-8562

If to an Enhancement Provider, at the address provided in the applicable
Enhancement Agreement.

CRCF or the Trustee by notice to the other may designate additional or
different addresses for subsequent notices or communications; provided,
however, CRCF may not at any time designate more than a total of three (3)
addresses to which notices must be sent in order to be effective.

Any notice (i) given in person shall be deemed delivered on the date of
delivery of such notice, (ii) given by first class mail shall be deemed given
five (5) days after the date that such notice is mailed, (iii) delivered by
telex, telecopier or other electronic means (including e-mail) shall be deemed
given on the date of delivery of such notice, and (iv) delivered by overnight
air courier shall be deemed delivered one Business Day after the date that such
notice is delivered to such overnight courier.

(73)

 

Notwithstanding any provisions of this Indenture to the contrary, the
Trustee shall have no liability based upon or arising from the failure to
receive any notice required by or relating to this Indenture or the Notes.

If CRCF mails a notice or communication to Noteholders, it shall mail a
copy to the Trustee at the same time.

(b)     Where the Indenture provides for notice to Noteholders of any event,
such notice shall be sufficiently given (unless otherwise herein expressly
provided) if sent in writing and mailed, first-class postage prepaid, to each
Noteholder affected by such event, at its address as it appears in the Note
Register, not later than the latest date, and not earlier than the earliest
date, prescribed (if any) for the giving of such notice. In any case where
notice to Noteholder is given by mail, neither the failure to mail such notice,
nor any defect in any notice so mailed, to any particular Noteholder shall
affect the sufficiency of such notice with respect to other Noteholders, and
any notice which is mailed in the manner herein provided shall be conclusively
presumed to have been duly given. Where this Indenture provides for notice in
any manner, such notice may be waived in writing by any Person entitled to
receive such notice, either before or after the event, and such waiver shall be
the equivalent of such notice. Waivers of notice by Noteholders shall be filed
with the Trustee, but such filing shall not be a condition precedent to the
validity of any action taken in reliance upon such waiver.

In the case by reason of the suspension of regular mail service or by
reason of any other cause it shall be impracticable to give such notice by
mail, then such notification as shall be made that is satisfactory to the
Trustee shall constitute a sufficient notification for every purpose hereunder.

Section 13.2.     Communication by Noteholders With Other Noteholders.
Noteholders may communicate with other Noteholders with respect to their
rights under this Indenture or the Notes.

Section 13.3.     Certificate and Opinion as to Conditions Precedent.
Upon any request or application by CRCF to the Trustee to take any action under
this Indenture, CRCF shall furnish to the Trustee an Officers’ Certificate in
form and substance reasonably satisfactory to the Trustee (which shall include
the statements set forth in Section 13.4) stating that, in the opinion
of the signers, all conditions precedent and covenants, if any, provided
for in this Indenture relating to the proposed action have been complied with.

Section 13.4.     Statements Required in Certificate. Each
certificate with respect to compliance with a condition or covenant provided
for in this Indenture shall include:

(a)     a statement that the Person giving such certificate has read
such covenant or condition;

(b)     a brief statement as to the nature and scope of the examination
or investigation upon which the statements contained in such certificate
are based;

(74)

 

(c)     a statement that, in the opinion of such Person, he has made
such examination or investigation as is necessary to enable him to
express an informed opinion as to whether or not such covenant or
condition has been complied with; and

(d)     a statement as to whether or not, in the opinion of such Person,
such condition or covenant has been complied with.

Section 13.5.     Rules by the Trustee. The Trustee may make
reasonable rules for action by or at a meeting of Noteholders.

Section 13.6.     No Recourse Against Others. A director, Authorized
Officer, employee or stockholder of CRCF, as such, shall not have any have any
liability for any obligations of CRCF under the Notes or this Indenture or for
any claim based on, in respect of or by reason of such obligations or their
creation. Each Noteholder by accepting a Note waives and releases all such
liability.

Section 13.7.     Duplicate Originals. The parties may sign any
number of copies of this Indenture. One signed copy is sufficient to prove
this Indenture.

Section 13.8.     Benefits of Indenture. Except as set forth in a
Supplement, nothing in this Indenture or in the Notes, expressed or implied,
shall give to any Person, other than the parties hereto and their successors
hereunder and the Holders, any benefit or any legal or equitable right, remedy
or claim under the Indenture.

Section 13.9.     Payment on Business Day. In any case where any
Distribution Date, redemption date or maturity date of any Note shall not be a
Business Day, then (notwithstanding any other provision of this Indenture)
payment of interest or principal (and premium, if any), as the case may be,
need not be made on such date but may be made on the next succeeding Business
Day with the same force and effect as if made on the Distribution Date,
redemption date, or maturity date; provided, however, that no
interest shall accrue for the period from and after such Distribution Date,
redemption date, or maturity date, as the case may be.

Section 13.10.     Governing Law. The laws of the State of New York,
shall govern and be used to construe this Indenture and the Notes and the
rights and duties of the Trustee, Registrar, Paying Agent and Noteholders.

Section 13.11.     No Adverse Interpretation of Other Agreements.
This Indenture may not be used to interpret another indenture, loan or debt
agreement of CRCF or an Affiliate of CRCF. Any such indenture, loan or debt agreement may not be
used to interpret this Indenture.

Section 13.12.     Successors. All agreements of CRCF in this
Indenture and the Notes shall bind its successor; provided,
however, CRCF may not assign its obligations or rights under this
Indenture or any Related Document. All agreements of the Trustee in this
Indenture shall bind its successor.

(75)

 

 Section 13.13.     Severability. In case any provision in this
Indenture or in the Notes shall be invalid, illegal or unenforceable, the
validity, legality and enforceability of the remaining provisions shall not in
any way be affected or impaired thereby.

Section 13.14.     Counterpart Originals. The parties may sign any
number of copies of this Indenture. Each signed copy shall be an original, but
all of them together represent the same agreement.

Section 13.15.     Table of Contents, Headings, etc.  The Table of
Contents, Cross-Reference Table, and headings of the Articles and Sections of
this Indenture have been inserted for convenience of reference only, are not to
be considered a part hereof, and shall in no way modify or restrict any of the
terms or provisions hereof.

Section 13.16.     Termination; Collateral. This Indenture, and any
grants, pledges and assignments hereunder, shall become effective concurrently
with the issuance of the first Series of Notes and shall terminate when (a) all
CRCF Obligations shall have been fully paid and satisfied, (b) the obligations
of each Enhancement Provider under any Enhancement and related documents have
terminated, and (c) any Enhancement shall have terminated, at which time the
Trustee, at the request of CRCF and upon receipt of an Officers’ Certificate
from CRCF to the effect that the conditions in clauses (a), (b)
and (c) above have been complied with and upon receipt of a certificate
from the Trustee and each Enhancement Provider to the effect that the
conditions in clauses (a), (b) and (c) above relating to
CRCF Obligations to the Noteholders and each Enhancement Provider have been
complied with, shall reassign (without recourse upon, or any warranty
whatsoever by, the Trustee) and deliver all Collateral and documents then in
the custody or possession of the Trustee promptly to CRCF.

CRCF and the Secured Parties hereby agree that, if any Deposited Funds
remain on deposit in the Collection Account after the termination of this
Indenture, such amounts shall be released by the Trustee and paid to CRCF.

Section 13.17.     No Bankruptcy Petition Against CRCF. Each of the
Secured Parties and the Trustee 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 Note, it will not institute against, or join with any other Person in
instituting, against CRCF, AESOP Leasing, AESOP Leasing II, Original AESOP, the
Intermediary, PVHC or Quartx any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceedings, or other proceedings, under any Federal
or state bankruptcy or similar law; provided, however, that
nothing in this Section 13.17 shall constitute a waiver of any right to
indemnification, reimbursement or other payment from CRCF pursuant to this Indenture. In the event that
any such Secured Party or the Trustee takes action in violation of this
Section 13.17, CRCF, AESOP Leasing, AESOP Leasing II, Original AESOP,
the Intermediary, PVHC or Quartx shall file an answer with the bankruptcy court
or otherwise properly contesting the filing of such a petition by any such
Secured Party or the Trustee against CRCF, AESOP Leasing, AESOP Leasing II,
Original AESOP, the Intermediary, PVHC or Quartx or the commencement of such
action and raising the defense that such Secured Party or the Trustee has
agreed in writing not to take such action and should be estopped and precluded
therefrom and such other defenses, if any, as its counsel advises that it may
assert. The provisions of this Section 13.17 shall survive the
termination of this Indenture, and the resignation or

(76)

 

removal of the Trustee. Nothing contained herein shall preclude participation by any Secured Party or
the Trustee in the assertion or defense of its claims in any such proceeding
involving CRCF, AESOP Leasing, AESOP Leasing II, Original AESOP, the
Intermediary, PVHC or Quartx.

Section 13.18.     No Recourse. The obligations of CRCF under this
Indenture are solely the obligations of CRCF. 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 Indenture against any
Manager, member, stockholder, employee, officer, director or incorporator of
CRCF. Fees, expenses or costs payable by CRCF hereunder shall be payable by
CRCF to the extent and only to the extent that CRCF is reimbursed therefor
pursuant to any of the Loan Agreements or the Related Documents, or funds are
then available or thereafter become available for such purpose pursuant to
Article 5. Nothing in this Section 13.18 shall be construed to
limit the Trustee from exercising its rights hereunder with respect to the
Collateral.

(77)

 

 IN WITNESS WHEREOF, the Trustee and CRCF have caused, this Second Amended
and Restated Base Indenture to be duly executed by their respective duly
authorized officers as of the day and year first written above.

	 	 	 	 	 
	 	CENDANT RENTAL CAR FUNDING

(AESOP) LLC,

as Issuer

 	 
	 	By:  	/s/ Lori Gebron
 	 
	 	 	By: Lori Gebron 	 
	 	 	Title:  	Vice President 	 
	 

	 	 	 	 	 
	 	THE BANK OF NEW YORK,

as Trustee

 	 
	 	By:  	/s/ Mary L. Collier
 	 
	 	 	By: Mary L. Collier 	 
	 	 	Title:  	Agent 	 
	 

 

 

Schedule I

Definitions List

 

 

EXHIBIT A-1

FORM OF TRANSFER CERTIFICATE

CERTIFICATE TO BE DELIVERED UPON EXCHANGE OF A BENEFICIAL INTEREST IN THE
RESTRICTED GLOBAL NOTE FOR DEFINITIVE SECURITIES OR EXCHANGE OR REGISTRATION OF
TRANSFER OF DEFINITIVE SECURITIES

	 	 	 
	To:

	 	The Bank of New York, as Trustee
	

	 	Cendant Rental Car Funding (AESOP) LLC
	 
	 	 
	Re:

	 	Cendant Rental Car Funding (AESOP) LLC

This Certificate relates to $[         ] principal amount of Notes held
in* [ ] book-entry or [ ] definitive
form by
[                            ] (the
“Transferor”) (CUSIP No.[         ])
           
           
           
           
           
           
           
           
           
           
            [insert name of
transferor]

issued pursuant to the Second Amended and Restated Base Indenture dated as of
June 3, 2004, between Cendant Rental Car Funding (AESOP) LLC, as Issuer, and
The Bank of New York, as Trustee (the “Base Indenture”). Capitalized
terms used herein and not otherwise defined, shall have the meanings given
thereto in the Base Indenture.

The Transferor has requested the Trustee by written order to exchange or
register the transfer of a Note or Notes.

In connection with such request and in respect of each such Note, the
Transferor does hereby certify as follows:*

[ ] Such Note is being acquired for its own account, without transfer.

[ ] Such Note is being transferred to (i) a qualified institutional buyer
(as defined in Rule 144A under the Securities Act of 1933, as amended (the
“Securities Act”)) in reliance on Rule 144A, (ii) pursuant to an
exemption from registration in accordance with Regulation S under the
Securities Act or (iii) pursuant to Rule 144 of the Securities Act.

[ ] Such Note is being transferred in reliance on and in compliance with
an exemption from the registration requirements of the Securities Act, other
than Rule 144A, Rule 144 or Regulation S under the Securities Act and in
compliance with other applicable state and federal securities laws and an
opinion of counsel is being furnished simultaneously with the delivery of this
Certificate as required under Section 2.9(b)(i)(D) of the Base
Indenture.

	*	 	Check applicable box.

A-1-1

 

	 	 	 	 	 
	 	[INSERT NAME OF TRANSFEROR]

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

Date:

A-1-2

 

EXHIBIT A-2

[RESERVED]

A-2-1

 

EXHIBIT A-3

FORM OF TRANSFER CERTIFICATE

FOR EXCHANGE OR TRANSFER FROM RESTRICTED GLOBAL

NOTE TO TEMPORARY GLOBAL NOTE

(exchanges or transfers pursuant to

Section 2.9 of the Base Indenture)

The Bank of New York, as Trustee

c/o BNY Midwest Trust Company

2 North LaSalle Street, 10th Floor

Chicago, Illinois 60602

Attn: Indenture Trust Administration

	 	 	 
	         Re:

	 	Cendant Rental Car Funding
	

	 	(AESOP) LLC (“CRCF”)
	

	 	Asset Backed Rental Car Notes

Reference is hereby made to the Second Amended and Restated Base
Indenture, dated as of June 3, 2004 (the “Base Indenture”), between CRCF
and The Bank of New York, as Trustee. Capitalized terms used but not defined
herein shall have the meanings given to them in the Base Indenture.

This letter relates to [                       ] principal amount of Series [   ]
Notes represented by a beneficial interest in the Restricted Global Series [   ]
Note (CUSIP No. [   ]) held with DTC by or on behalf of [Transferor] as
beneficial owner (the “Transferor”). The Transferor has requested an
exchange or transfer of its beneficial interest for an interest in the
Temporary Global Series [   ] Note (CUSIP (CINS) No. [   ]) to be held with
[Euroclear] [Clearstream] (ISIN Code [   ]) (Common Code [   ]) through DTC.

In connection with such request and in respect of such Series [   ] Note,
the Transferor does hereby certify that such exchange or transfer has been
effected in accordance with the transfer restrictions set forth in the Series
[   ] Notes and pursuant to and in accordance with Rule 904 of Regulation S
under the Securities Act, and accordingly the Transferor does hereby certify
that:

			
	 	(1)	
    the offer of the Series [   ] Notes was not made to a person in the
United States;
    

				
	 	(2)	
    either (A)	at the
    time the buy order was originated, the transferee was outside
    the United States or the Transferor and any person acting on its
    behalf reasonably believed that the transferee was outside the
    United States, or either (A) at the time
	 
	 	 	(B)   	
    the transaction was executed in, on or through
    the facilities of a designated offshore securities market and
    neither the Transferor nor any person acting on its behalf knows
    that the transaction was prearranged with a buyer in the United
    States;
    

A-3-1

 

(3)     no directed selling efforts have been made in contravention of the
requirements of Rule 903 (b) or 904(b) of Regulation S, as applicable;

(4)     the transaction is not part of a plan or scheme to evade the
registration requirements of the Securities Act; and

(5)     upon completion of the transaction, the beneficial interest being
transferred as described above will be held with DTC through Euroclear or
Clearstream or both (Common Code [   ] (ISIN Code [   ])).

This certificate and the statements contained herein are made for your
benefit and the benefit of CRCF.

	 	 	 	 	 
	 	[Insert Name of Transferor]

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

Dated: [__________], 20[__]

A-3-2

 

EXHIBIT A-4

FORM OF TRANSFER CERTIFICATE

FOR EXCHANGE OR TRANSFER FROM RESTRICTED GLOBAL

NOTE TO PERMANENT GLOBAL NOTE

(exchanges or transfers pursuant to

Section 2.9 of the Base Indenture)

The Bank of New York, as Trustee

c/o BNY Midwest Trust Company

2 North LaSalle Street, 10th Floor

Chicago, Illinois 60602

Attn: Indenture Trust Administration

Re:      Cendant
Rental Car Funding (AESOP) LLC (“CRCF”)

            Asset Backed Rental Car Notes

Reference is hereby made to the Second Amended and Restated Base
Indenture, dated as of June 3, 2004 (the “Base Indenture”), between CRCF
and The Bank of New York, as Trustee. Capitalized terms used but not defined
herein shall have the meanings given to them in the Base Indenture.

This letter relates to [        
               ] principal amount of Series [   ]
Notes represented by, a beneficial interest in the Restricted Global Series    
Note (CUSIP No. [   ] held with DTC by or on behalf of [Transferor] as
beneficial owner (the “Transferor”). The Transferor has requested an
exchange or transfer of its beneficial interest for an interest in the
Permanent Global Series [   ] Note (CUSIP (CINS) No. [   ]).

In connection with such request and in respect of such Series [   ] Notes,
the Transferor does hereby certify that such exchange or transfer has
been effected in accordance with the transfer restrictions set forth in the
Series [   ] Notes and (i) that, with respect to transfers made in reliance on
Rule 904 of Regulation S under the Securities Act:

(1)     the offer of the Series [   ] Notes was not made to a person in the
United States;

(2)     either (A)  at the time the buy order was originated, the
transferee was outside the United States or the Transferor and any
person acting on its behalf reasonably believed that the transferee
was outside the United States; or

         (B)  the transaction was executed in, on
or through the facilities of a designated offshore
securities market and neither the Transferor nor any
person acting on its behalf knows that the transaction
was prearranged with a buyer in the United States;

(3)     no directed selling efforts have been made in contravention of the
requirements of Rule 903 (b) or 904(b) of Regulation S, as applicable; and

A-4-1

 

EXHIBIT A-4

(4)     the transaction is not part of a plan or scheme to evade the
registration requirements of the Securities Act;

and (ii) that, with respect to transfers made in reliance on Rule 144 under the
Securities Act, the Series [   ] Notes are being transferred in a transaction
permitted by Rule 144 under the Securities Act.

This certificate and the statements contained herein are made for your
benefit and the benefit of CRCF.

	 	 	 	 	 
	 	[Insert Name of Transferor]

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

Dated: ___________, 20[__]

A-4-2

 

EXHIBIT A-5

FORM OF TRANSFER CERTIFICATE FOR TRANSFER OR

EXCHANGE FROM TEMPORARY GLOBAL NOTE

TO RESTRICTED GLOBAL NOTE

(exchanges or transfers pursuant to

Section 2.9 of the Base Indenture)

The Bank of New York, as Trustee

c/o BNY Midwest Trust Company

2 North LaSalle Street, 10th Floor

Chicago, Illinois 60602

Attn: Indenture Trust Administration

		
	         Re: 	Cendant Rental Car Funding (AESOP) LLC (“CRCF”)

Asset Backed Rental Car Notes

Reference is hereby made to the Second Amended and Restated Base
Indenture, dated as of June 3, 2004 (the “Base Indenture”), between CRCF
and The Bank of New York, as Trustee. Capitalized terms used but not defined
herein shall have the meanings given to them in the Indenture.

This letter relates to [
         
         
         
] principal amount of Series [   ]
Notes which are held in the form of the Permanent Global Series [   ] Note
(CUSIP (CINS) No. [   ]) with Euroclear/Clearstream* (ISIN Code [   ]) (Common
Code [   ]) through DTC by or on behalf of [Transferor] as beneficial owner
(the “Transferor”). The Transferor has requested an exchange or
transfer of its beneficial interest in the Series [   ] Notes for an interest
in the Restricted Global Series [   ] Note (CUSIP No. [   ]).

In connection with such request, and in respect of such Series [   ]
Notes, the Transferor does hereby certify that such Series [   ] Notes are
being transferred in accordance with Rule 144A under the United States
Securities Act of 1933, as amended (the “Securities Act”) to a
transferee that the Transferor reasonably believes is purchasing the Series
[   ] Notes for its own account or an account with respect to which the
transferee exercises sole investment discretion and the transferee and any such
account is a “qualified institutional buyer” within the meaning of Rule l44A,
in each case in a transaction meeting the requirements of Rule 144A and in
accordance with any applicable securities laws of any state of the United
States or any other jurisdiction.

	*	 	Select appropriate depositary.

A-5-1

 

EXHIBIT A-5

	 	 	This certificate and the statements contained herein are made for your
benefit and the benefit of CRCF.

	 	 	 	 	 
	 	[Insert Name of Transferor]

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

Dated: [___________], 20[__]

A-5-2

 

EXHIBIT B

FORM OF CLEARING SYSTEM CERTIFICATE

Cendant Rental Car Funding (AESOP) LLC

c/o Lord Securities Corporation

48 Wall Street, 27th Floor

New York, New York 10005

The Bank of New York, as Trustee

c/o BNY Midwest Trust Company

2 North LaSalle Street, 10th Floor

Chicago, Illinois 60602

Attn: Indenture Trust Administration

Reference is hereby made to the Second Amended and Restated Base Indenture
dated as of June 3, 2004 (the “Indenture”) among Cendant Rental Car
Funding (AESOP) LLC, as Issuer, and The Bank of New York, as Trustee.
Capitalized terms used but not defined herein shall have the meanings given to
them in the Indenture.

This is to certify that, based solely on certificates we have received in
writing, by tested telex or by electronic transmissions from noteholders
appearing in our records as persons being entitled to a portion of the original
principal amount of the Series [   ] Notes (the “Notes”) equal to, as of
the date hereof, U.S. $[            ] (our “Noteholders”), certificates with
respect to such portion, substantially to the effect set forth in Exhibit C to
the Indenture.

We further certify (i) that we are not making available herewith for
exchange any portion of the Temporary Global Note excepted in such certificates
and (ii) that as of the date hereof we have not received any notification from
any of our Noteholders to the effect that the statements made by such
Noteholder with respect to any portion of the part submitted herewith for
exchange are no longer true and cannot be relied upon as at the date hereof.
We understand that this certification is required in connection with certain
securities laws of the United States. In connection therewith, if
administrative or legal proceedings are commenced or threatened in connection
with this certificate is or would be relevant, we irrevocably authorized you to
produce this certification to any interested party in such proceedings.

Dated:
[               ],
20[   ]1

	 	 	 	 	 
	 	Yours faithfully,

EUROCLEAR BANK S.A./N.V., as

operator of the Euroclear System

	 
	 
	 	or	 
	 
	 	 	 
	 	 	 
	 

1   To be dated no earlier than the earliest of the Exchange Date or the relevant Distribution Date or the redemption
date (as the case may be).

B-1

 

	 	 	 	 	 
	 	CLEARSTREAM, Société Anonyme

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

B-2

 

EXHIBIT C

FORM OF CERTIFICATE OF BENEFICIAL OWNERSHIP

	 	 	 
	Re:	 	Cendant Rental Car Funding (AESOP) LLC
	 	 	Rental Car Asset Backed Notes, Series [   ]

If the Securities are of the category contemplated in Section
230.903(c)(3) of Regulation S under the Securities Act of 1933, as amended (the
“Act”), then this is to certify that, except as set forth below, the
Securities are beneficially owned by (a) non-U.S. persons or (b) U.S. persons
who purchased the Securities in transactions which did not require registration
under the Act. As used in this paragraph the terms “U.S. person” has the
meaning given to it by Regulation S under the Act.

As used herein, “United States” means the United States of America
(including the States and the District of Columbia); and its “possessions”
include Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island
and the Northern Mariana Islands.

We undertake to advise you promptly by tested telex on or prior to the
date on which you intend to submit your certification relating to the
Securities held by you for our account in accordance with your operating
procedures if any applicable statement herein is not correct on such date, and
in the absence of any such notification it may be assumed that this
certification applies as of such date.

This certification excepts and does not relate to U.S.$[         ] of such
interest in the above Securities in respect of which we are not able to certify
and as to which we understand exchange and delivery of definitive Securities
(or, if relevant, exercise of any rights or collection of any interest) cannot
be made until we do so certify.

We understand that this certification is required in connection with
certain tax laws and, if applicable, certain securities laws of the United
States. In connection therewith, if administrative or legal proceedings are
commenced or threatened in connection with which this certification is or would
be relevant, we irrevocably authorize you to produce this certification to any
interested party in such proceedings.

	Date:	 	[                        ], 20[   ]*

	 	 	 	 
	By:
	 	 	

	 	 	As, or as agent for, the beneficial
owner(s) of the Securities to which this certificate relates.

	*	 	Not earlier than fifteen (15) days prior to the certification event to which
the certification relates.

C-1

 

FORM OF MONTHLY CERTIFICATE

Cendant Rental Car Funding (AESOP) LLC

RENTAL CAR ASSET BACKED NOTES

The undersigned, duly authorized representatives of Cendant Rental Car
Funding (AESOP) LLC, a Delaware limited liability company (“CRCF”),
pursuant to the Second Amended and Restated Base Indenture, dated as of June 3,
2004 (hereinafter as such agreement may have been, or may be from time to time,
supplemented, amended or otherwise modified, the “Base Indenture”),
between CRCF, as Issuer, and The Bank of New York, as Trustee, do hereby
certify to the best of their knowledge after reasonable investigation that:

1.     Capitalized terms used in this certificate have the respective meanings
set forth in the Base Indenture, or in the case of a particular Series of
Notes, the related Supplement. This certificate is delivered pursuant to
Section 4.1(b) of the Base Indenture.

2.     The undersigned are Authorized Officers of AESOP Leasing.

3.     The date of this certificate is a Determination Date under the Base
Indenture. Attached hereto as Schedule I is a true and correct copy of
the Monthly Noteholders’ Statement to be delivered on the Determination Date
pursuant to Section 4.1(b) of the Base Indenture.

D-1

 

IN WITNESS WHEREOF, the undersigned have duly executed and delivered this
certificate this [   ] day of
[              ], 20[   ].

	 	 	 	 	 
	 	CENDANT RENTAL CAR FUNDING

(AESOP) LLC

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

D-2

 

SCHEDULE I

1.     [1(a), (b) and (c) are only to be provided to the Trustee] (a) The
aggregate amount of payments received and deposited in the Collection Account
with respect to Vehicles from the Manufacturers and/or auction dealers under
Manufacturer Programs for the Related Month with respect to the Determination
Date was equal to $[            ] for Vehicles leased under the AESOP I Operating
Lease, $[            ] for Vehicles leased under the AESOP II Operating Lease and
$[            ] for Vehicles leased under the Finance Lease.

(b)     The aggregate amount of payments received and deposited in the
Collection Account from third parties (other than Manufacturers and auction
dealers) with respect to the sale of Vehicles for the Related Month with
respect to the Determination Date was equal to $[            ] for Vehicles leased
under the AESOP I Operating Lease, $[            ] for Vehicles leased under the AESOP
II Operating Lease and $[            ] for Vehicles leased under the Finance Lease.

(c)     The aggregate amount of other Collections for the Related Month
deposited in the Collection Account with respect to the determination date was
equal to $[            ].

2.     The Invested Percentage on the last day of the Related Month was equal
to (for each Series of Notes and each Class of each Series):

Series                      %

          Class                     %

          Class                     %

Series                      %

          Class                     %

          Class                      %

etc.

3.     The total amount to be distributed to the Noteholders (expressed as a
dollar amount per $1,000) on the next succeeding Distribution Date is equal to
(for each Series of Notes and each Class of each Series)

Series            $          

          Class          $           

          Class           $          

Series            $          

          Class           $          

          Class            $          %

etc.

4. (a) The aggregate amount to be distributed to the Noteholders
(expressed as a dollar amount per $1,000) on the next succeeding Distribution
Date in respect of principal is equal to (for each Series of Notes and each
Class of each Series):

D-3

 

Series            $          

          Class          $           

          Class           $          

Series            $          

          Class           $          

          Class            $          %

etc.

(b)     The aggregate amount to be distributed to the Noteholders (expressed
as a dollar amount per $1,000) on the next succeeding Distribution Date in
respect of interest is equal to (for each Series of Notes and each Class of
each Series):

Series            $          

          Class          $           

          Class           $          

Series            $          

          Class           $          

          Class            $          %

etc.

5.     (a) The amount of Enhancement used or drawn in connection with the
distribution to Noteholders on the next succeeding Distribution Date (for each
Series of Notes and each Class of each Series):

Series            $          

          Class          $           

          Class           $          

Series            $          

          Class           $          

          Class            $          %

etc.

(b)     The amount available to be drawn under the Enhancement in connection
with the distribution to Noteholders on the next succeeding Distribution Date,
after giving effect to any drawing on the Enhancement and payments to the
Enhancement Provider on the next succeeding Distribution Date (for each Series
of Notes and each Class of each Series):

Series            $          

          Class          $           

          Class           $          

Series            $          

          Class           $          

          Class            $          %

etc.

6. The existing Carryover Controlled Amortization Amount (if any) is (for
each Series of Notes and each Class of each Series):

D-4

 

Series            $          

          Class          $           

          Class           $          

Series            $          

          Class           $          

          Class            $          %

etc.

7.     The Pool Factor (if any) for the Related Month is equal to (for each
Series of Notes and each Class of each Series):

Series            $          

          Class          $           

          Class           $          

Series            $          

          Class           $          

          Class            $          %

etc.

8.     The Vehicle Identification Numbers of all Vehicles leased under the
Leases at the close of business on the last day of the Related Month are listed
on Annex A.

9.     (a) The aggregate Net Book Value of all Non-Program Vehicles disposed
of during the related Measurement Month is as follows:

	 	A.	 	Vehicles under the AESOP I Operating Lease:

$                                        

	 	B.	 	Vehicles under the Finance Lease:

$                                        

(b)     The aggregate Disposition Proceeds with respect to all Non-Program
Vehicles disposed of during the related Measurement Month is as follows:

	 	A.	 	Vehicles under the AESOP I Operating
Lease:

$                                        

	 	B.	 	Vehicles under the Finance Lease:

$                                        

10.     The Aggregate Asset Amount and the Aggregate Asset Amount Deficiency
at the close of business on the last day of the Related Month are $                    
and $                    , respectively.

11.     The aggregate Net Book Value of all Non-Program Vehicles as of the
last day of the Related Month is as follows:

D-5

 

	 	A.	 	Vehicles under the AESOP I Operating Lease:

$                                        

	 
	 	B.	 	Vehicles under the Finance Lease:

$                                        

12.     The amount of Monthly Base Rent and any Supplemental Rent due under
each Lease on the next succeeding Payment Date is as follows:

	 	A.	 	AESOP I Operating Lease Base Rent due: $          ; and

AESOP I Operating Lease Supplemental Rent due: $          .

	 
	 	B.	 	Finance Lease Base Rent due: $          ; and

Finance Lease Supplemental Rent due: $          .

	 
	 	C.	 	AESOP II Operating Lease Base Rent due: $          ; and

AESOP II Operating Lease Supplemental Rent due: $          .

13.     The amount of Loan Interest, Monthly Loan Principal Amount and any
other amounts due under each Loan Agreement on the next succeeding Payment Date
is as follows:

	 	A.	 	AESOP I Operating Lease Loan Agreement Loan Interest due: $          ;

AESOP I Operating Lease Loan Agreement Monthly Loan Principal

Amount due: $          ; and

AESOP I Operating Lease Loan Agreement (other amounts due): $          .

	 
	 	B.	 	AESOP I Finance Lease Loan Agreement Loan Interest due: $          ;

AESOP I Finance Lease Loan Agreement Monthly Loan Principal Amount due:

$          ; and

AESOP I Finance Lease Loan Agreement (other amounts due): $          .

	 
	 	C.	 	AESOP II Loan Agreement Loan Interest due: $          ;

AESOP II Loan Agreement Monthly Loan Principal

Amount due: $          ; and

AESOP II Loan Agreement (other amounts due): $          .

14.     The amount on deposit in the Termination Services Reserve Account is
$                    .

15.     The amount, if any, of withdrawals in respect of Termination Services
Reserve Draw Amounts from the Termination Services Reserve Account during the
related month was $                    .

D-6

 

16.     The amount, if any, of investment earnings on funds on deposit in the
Termination Services Reserve Account that will be distributed to the
Administrator on the next succeeding payment date is $                    .

17.     (a) The Required Enhancement Amount with respect to each Series is as
follows:

Series            $          

Series            $          

     etc.

(b)     The amount of Enhancement Deficiency existing with respect to each
Series is as follows:

Series            $          

Series            $          

     etc.

18.     The following Liens exist on the Loan Collateral (excluding Liens
granted pursuant to the Indenture and the other Related Documents or permitted
thereunder):

[List as applicable]

19.     Check if applicable:

[     ]     Lease Event of Default has occurred.

[     ]     Loan Event of Default has occurred.

D-7

 

ANNEX A

	1.	 	Vehicles leased under the AESOP I Operating Lease:

     [List]

	2.	 	Vehicles leased under the AESOP II Operating Lease:

     [List]

	3.	 	Vehicles leased under the Finance Lease:

     [List]

D-8

 

EXHIBIT E

FORM OF MONTHLY NOTEHOLDERS’ STATEMENT

CENDANT RENTAL CAR FUNDING (AESOP) LLC

RENTAL CAR ASSET BACKED NOTES

Series_____

Under Section 4.1(c) of the Second Amended and Restated Base
Indenture, dated as of June 3, 2004 (hereinafter as such agreement may have
been, or may be from time to time, supplemented, amended or otherwise modified,
the “Base Indenture”), between Cendant Rental Car Funding (AESOP) LLC, a
Delaware limited liability company (“CRCF”), and The Bank of New York,
as Trustee (the “Trustee”), CRCF is required to prepare certain
information each month for the Trustee regarding current distributions to
Noteholders. The information which is required to be prepared with respect to
the Distribution Date of [   ], 20[   ], is set forth below. Capitalized
terms used herein have their respective meanings set forth in the Definitions
List attached as Schedule I to the Base Indenture, or in the case of a
particular Series of Notes, the related Supplement.

	 	 	 
	NOTE:

	 	Information contained herein with respect to
each Series will only be distributed to holders of Notes with
respect to such Series.

I.     INVESTED PERCENTAGE

As of                , the Invested Percentage is computed as the result of the
following (the percentage equivalent, never to exceed 100%):

A.       With respect to Principal Collections on Series [     ]* Notes:

(1)     Series [     ]* Invested Amount: $          , plus

(2)     Series [     ]* Overcollateralization Amount: $           divided by

(3)     the greater of:

(a)     the Aggregate Asset Amount: $          , or

(b)     the sum of ((1) + (2)) above for all Series outstanding.

Series [     ]* Invested Percentage (with respect to Principal Collections ((1+2) /
(greater of (a) or (b)):           %

B.       With respect to Principal Collections on Series [     ]** Notes:

	*	 	Compute for each Series of Notes other than Variable Funding Notes.

E-1

 

(1)     Series [     ]** Invested Amount: $          , divided by

(2)     the greater of:

(a)     the Aggregate Asset Amount: $          , or

(b)     the Sum of (A(1) + A(2)) above for all Series Outstanding.

Series [      ]** Invested Percentage (with respect to Principal
Collections (1) / (greater of (a) or (b)):    %

C.     With respect to Interest Collections on Series [     ]* Notes:

(1)     Accrued
Amounts on Series [      ]* Notes: $     , divided by

(2)     The
aggregate Accrued Amounts with respect to all Series of Notes: $     

Series [      ]* Invested Percentage (with respect to Interest
Collections ((1) / (2)):    %

D.     With respect to Interest Collections as Series [      ]** Notes:

(1)     Accrued
Amounts on Series [      ]** Notes: $     , divided by

(2)     The aggregate Accrued Amounts with respect to all Series of Notes: $     .

Series [      ]** Invested Percentage (with respect to Interest
Collections ((1) / (2)):    %

II.     AGGREGATE ASSET AMOUNT

As of ________________, the Aggregate Asset Amount is computed as the result of the
following:

A.     Aggregate Loan Principal Amount of all Loans outstanding: $    , plus

B.     Outstanding amount of cash and Permitted Investments held in the Collection Account:      , minus

C.     All Monthly Loan Principal Amount payments then or previously
due but not paid with respect to the Loans: $     .

Total
Aggregate Asset Amount (A + B - C): $     .

III.     REQUIRED AGGREGATE ASSET AMOUNT

As of ________________, the Required Aggregate Asset Amount is computed
as the result of the following:

A.     Series [      ]* Invested Amount ($   ), plus

	**	 	Compute for each Series of Commercial Paper Notes.

E-2

 

B.     Series [      ]** Invested Amount ($   ), plus

C.     Sum of Invested Amounts for other Series of Notes
($          ).

Required Aggregate Asset Amount (A + B + C): $          .

IV.     AGGREGATE ASSET AMOUNT DEFICIENCY

As of ___________________, the Aggregate Asset Amount Deficiency equals: (III - II):
$          .

V.     DISTRIBUTIONS TO NOTEHOLDERS

As of ___________________, the distributions with respect to principal and
interest are computed as the result of the following:

A.     With respect to Interest Payments on Series [      ]* Notes:

(1)     One-twelfth of    % (the Class A-1 Note Rate):    %, times

(2)     Class A-1 Invested Amount (less principal payments): $          .

Series [      ]* Class A-1 Monthly Interest ((1) x (2)): $          :

(3)     One-twelfth of    % (the Class A-2 Note Rate):    %, times

(4)     Class A-2 Invested Amount (less principal payments): $          .

Series [      ]* Class A-2 Monthly Interest ((3) x (4)): $          .***

(5)     Any unpaid Deficiency Amounts on Class A-1 Notes
(plus interest accrued thereon): $   , plus

(6)     Any unpaid Deficiency Amounts on Class A-2 Notes
(plus interest accrued thereon): $          .

Series [      ]* distribution with respect to interest ((1) x (2)) +
((3) x (4)) + (5) + (6) = $          .

B.     With respect to Interest Payments on Series [      ]** Notes:

(1)     The Series [      ]** Note Rate:    %, times

(2)     The average Series [      ]** Invested Amount, times

(3)     The actual number of days in such Series [      ]**
Interest Period divided by 360:    , plus

(4)     Any unpaid Deficiency Amounts (plus interest
accrued thereon): $          .

Series [      ]** interest ((1) x (2) x (3)) + (4) = $          

	***	 	Repeat calculation for additional classes of Notes.

E-3

 

C.     With respect to Principal Payments on Series [   ]* Notes:

(1)     During Series [   ]* Controlled Amortization Period:

(a)     Class A-1 Controlled Amortization Amount: $          , plus

(b)     Class A-1
Carryover Controlled Amortization Amount: $          .

Series [   ]* Class A-1 principal payment ((a) + (b)): $          .

(c)     Class A-2
Controlled Amortization Amount: $          , plus $          .

(d)     Class A-2 Carryover Controlled Amortization Amount: $          .

Series [   ]* Class A-2 principal payment ((c) + (d)): $          .

Series [   ]* distribution with respect to principal (a) + (b) + (c) + (d) = $          ..***

(2)     During Series [   ]* Rapid Amortization Period:

	 	(a)	 	The total for each day during the Related Month of the Series
[   ]* Invested Percentage ([      ]each day) of the aggregate
amount of Principal Collection on each day: $          .

D.     With respect to Principal Payments on Series [   ]** Notes:

(1)     During Series [   ]** Controlled Amortization Period:

	 	(a)	 	The total for each day during the
Related Month of the Series [   ]** Invested Percentage
([      ]each day) of the aggregate amount of Principal
Collections of each day:
$          ., plus

	 
	 	(b)	 	any Increase: $          .

Series [   ]** principal payment (a) + (b): $          .

(2)     During Series [   ]** Rapid Amortization Period:

	 	(a)	 	The total for each day during the
Related Month of the Series [   ]** Invested Percentage
([      ]each day) of the aggregate amount of Principal
Collections on each day:
$          .

E.     The total amount distributed to the Series [   ]*
Noteholders: (A + C): $          .

F.     The total amount distributed to the Series [   ]**
Noteholders: (B + D):
$          .

VI.     MONTHLY BASE RENT

E-4

 

As of the ________________  Payment Date, the Monthly Base Rent is computed as a
result of the following:

A.     With respect to the AESOP I Operating Lease:

	 	(1)	 	The Loan Interest and Supplemental Interest with
respect to the Loans under such Lease: $            ; plus

	 
	 	(2)	 	Accrued Depreciation Charges (plus, without
double counting, Ineligible Vehicles, Casualty Vehicles and
Vehicles sold to third parties under the AESOP I Operating
Lease): $            ; plus

	 
	 	(3)	 	Upfront incentive payments from Manufacturers
with respect to Non-Program Vehicles: $            ; plus

	 
	 	(4)	 	Lease’s share of Monthly Administration Fee:
$            ; plus

	 
	 	(5)	 	AESOP I Operating Lease Loan Agreement’s share of
Carrying Charges: $            ; plus

	 
	 	(6)	 	Portion of AESOP I Operating Lease Management
Fee: $    ; plus

	 
	 	(7)	 	One percent of the Net Book Value of Non-Program
Vehicles: $            .

The Monthly Base Rent with respect to the AESOP I Operating Lease
is: (1 + 2 + 3 + 4 + 5 + 6 + 7) = $               .

B.     With respect to the Finance Lease:

	 	(1)	 	The Loan Interest and Supplemental Interest with
respect to the Loans under such Lease: $            ; plus

	 
	 	(2)	 	Accrued Depreciation Charges (plus, without
double counting, Ineligible Vehicles, Casualty Vehicles and
Vehicles sold to third parties under the Finance Lease): $
   ; plus

	 
	 	(3)	 	Upfront incentive payments from Manufacturers
with respect to Non-Program Vehicles: $            ; plus

	 
	 	(4)	 	Lease’s share of Monthly Administration Fee:
$            ; plus

	 
	 	(5)	 	Finance Lease Loan Agreement’s share of Carrying
Charges:
$            ; plus

	 
	 	(6)	 	Portion of AESOP I Operating Lease Management
Fee:
$   ; plus

	 
	 	(7)	 	One percent of the Net Book Value of Non-Program
Vehicles: $            .

The Monthly Base Rent with respect to the AESOP I Finance Lease is:
(1 + 2 + 3 + 4 + 5 + 6 + 7) = $            .

C.     With respect to the AESOP II Operating Lease:

	 	(1)	 	The Loan Interest and Supplemental Interest with
respect to the Loans under such Lease: $            ; plus

	 
	 	(2)	 	Accrued Depreciation Charges (plus, without
double counting, Ineligible Vehicles, Casualty Vehicles and
Vehicles sold to third parties under the AESOP II Operating
Lease): $            ; plus

E-5

 

	 	(3)	 	Lease’s share of Monthly Administration Fee:
$            ; plus

	 
	 	(4)	 	AESOP II Operating Lease Loan Agreement’s share
of Carrying Charges: $            ; plus

	 
	 	(5)	 	Dividends accrued on the outstanding Preferred
Stock:
$            ;

	 
	 	6)	 	Portion of AESOP II Management Fee: $            .

The Monthly Base Rent with respect to the AESOP II Operating Lease is:
(1 +2 + 3 + 4 + 5 + 6) = $            .

VII.     SUPPLEMENTAL BASE RENT

As of the  ____________________ Payment Date, the Supplemental Base Rent is computed as a
result of the following:

A.     With respect to the AESOP I Operating Lease:

(1)     Supplemental Base Rent: $            .

B.     With respect to the AESOP I Finance Lease:

(1)     Supplemental Base Rent: $            .

C.     With respect to the AESOP II Operating Lease:

(1)     Supplemental Base Rent: $            .

VIII.     MONTHLY ADMINISTRATION FEE

The amount of the Administration Fee payable by the Issuer is computed as a
result of the following:

A.     The Series [         ]* Percentage of the Monthly Administration
Fee: $            , and

B.     The Series [         ]** Percentage of the Monthly Administration
Fee: $            , and

C.     Any other Series Percentage of the Monthly Administration
Fee: $            .

Total Administration Fee payable by the Issuer (A + B + C) = $            .

IX.     LOAN PAYMENTS DUE

A.     Loan Principal Due with respect to the AESOP I Operating
Lease Loan Agreement (without duplication):

	 	(1)	 	Accrued Depreciation Charges for all Vehicles
leased under the AESOP I Operating Lease: $            ; plus

	 
	 	(2)	 	Incentive payments from Manufacturers with
respect to purchases of Non-Program Vehicles leased under the
AESOP I Operating Lease: $            , plus

	 
	 	(3)	 	The aggregate Termination Values of Vehicles
leased under the AESOP I Operating Lease: $            , minus

E-6

 

	 	(4)	 	Amounts received by the Lender or Trustee, or
deposited in the Collection Account (representing Repurchase
Prices and sales proceeds for Vehicles leased under the AESOP
I Operating Lease): $         , minus

	 
	 	(5)	 	Payments applied to the Loan Principal Amount:
$         , times

	 
	 	(6)	 	The applicable Loan Payment Allocation
Percentage:       %.

Total Principal Due ((1 + 2 + 3 - 4 - 5) x (6)):

Additional amounts due: $         .

B.     Loan Interest Due with respect to the AESOP I Operating Lease
Loan Agreement:

	 	(1)	 	The greater of the Lender’s Carrying Cost
Interest Rate (as a percentage equivalent):

	 	(a)	 	The amount of interest accrued with
respect to all Series of Notes: $         , plus

	 
	 	(b)	 	Any Swap Payments payable by the
Issuer: $         , minus

	 
	 	(c)	 	Any accrued earnings on Permitted
Investments in the Collection Account: $         ,
divided by

	 
	 	(d)	 	The Average Daily Loan Balance under
the Loan Agreements: $         

Lender’s Carrying Cost Interest Rate: ((a + b — c) / (d)):       %, or

	 	(2)	 	The rate of Loan Interest specified in the AESOP
I Operating Lease Loan Agreement Loan Request Response:
      %

Loan Interest = (greater of ((1) or (2)) =       %

	 	(3)	 	Unpaid principal amount of Loans: $         

Total Loan Interest ((3) x (greater of ((1) or (2))):
$         

C.     Loan Principal Due with respect to the AESOP II Loan
Agreement (without duplication):

	 	(1)	 	Accrued Depreciation Charges for all Vehicles
leased under the AESOP II Operating Lease: $         , plus

	 
	 	(2)	 	The aggregate Termination Values of Vehicles
leased under the AESOP II Operating Lease: $         , minus

	 
	 	(3)	 	Amounts received by the Lender or Trustee, or
deposited in the Collection Account (representing Repurchase
Prices and sales proceeds for Vehicles leased under the AESOP
II Operating Lease): $         , minus

	 
	 	(4)	 	Payments applied to the Loan Principal Amount:
$         , times

	 
	 	(5)	 	The applicable Loan Payment Allocation
Percentage:       %

Total Principal Due ((1 + 2 - 3 - 4) x (5)): $         

Additional amounts due: $         .

E-7

 

D.     Loan Interest Due with respect to the AESOP II Loan
Agreement:

	 	(1)	 	The greater of the percentage from B(l) above:
      %, or

	 
	 	(2)	 	The rate of Loan Interest specified in the AESOP
II Loan Agreement Loan Request Response:       %

Loan Interest = (greater of ((1) or (2)) =       %

	 	(3)	 	Unpaid principal amount of Loans: $            

Total Loan Interest (3 x (greater of ((1) or (2)): $            .

E.     Loan Principal Due with respect to the AESOP I Operating
Lease Loan Agreement without duplication:

	 	(1)	 	Accrued Depreciation Charges for all Vehicles
leased under the Finance Lease: $            , plus

	 
	 	(2)	 	Incentive payments from Manufacturers with
respect to purchases of Non-Program Vehicles leased under the
Finance Lease: $            , plus

	 
	 	(3)	 	The aggregate Termination Values of Vehicles
leased under the Finance Lease: $            , minus

	 
	 	(4)	 	Amounts received by the Lender or Trustee, or
deposited in the Collection Account (representing Repurchase
Prices and sales proceeds for Vehicles leased under the
Finance Lease): $         , minus

	 
	 	(5)	 	Payments applied to the Loan Principal Amount:
$            , times

	 
	 	(6)	 	The applicable Loan Payment Allocation
Percentage:       %.

Total
Principal Due ((1 + 2 + 3 - 4 - 5) x (6): $            .

Additional amounts due: $            .

F.     Loan Interest Due with respect to the AESOP I Operating Lease
Loan Agreement:

	 	(1)	 	The greater of the percentage from B(1) above:
      %, or

	 
	 	(2)	 	The rate of Loan Interest specified in the AESOP
I Operating Lease Loan Agreement Loan Request Response:
      %

Loan Interest = (greater of ((1) or (2)):       %

	 	(3)	 	Unpaid principal amount of Loans: $            .

Total Loan Interest ((3) x (greater of ((1) or (2)): $            

X.     ENHANCEMENT

A.     With respect to Series [      ]*:

	 	(1)	 	Draws on Series [      ]* Available Reserve Account
Amount: $            .

	 
	 	(2)	 	Current Series [      ]* Available Reserve Account
Amount: $            .

	 
	 	(3)	 	Current Series [      ]* Overcollateralization
Amount: $            .

E-8

 

Available Series [      ]* Enhancement Amount: (2 + 3): $         .

B.     With respect to Series [      ]**:

	 	(1)	 	Draws on the Series [      ]** Letter of Credit:
$         .

	 
	 	(2)	 	Draws on the Series [      ]** Cash Collateral
Account: $         .

	 
	 	(3)	 	Current amount available on Series [      ]** Letter of Credit:
$         .

	 
	 	(4)	 	Current amount available from Series [      ]** Cash
Collateral Account: $         .

Available Series [      ]** Enhancement Amount: (3): $         .

C.     Series [      ]* Required Enhancement Amount:

	 	(1)	 	The Series [      ]* Percentage of the excess (if
any) of the Non-Program Vehicle Amount over the Series [      ]*
Maximum Non-Program Vehicle Amount: $         , plus

	 
	 	(2)	 	The Series [      ]* Percentage of the excess (if
any) of the Non-Eligible Manufacturer Amount over the Series
[      ]* Maximum Non-Eligible Manufacturer Amount: $         ,
plus

	 
	 	(3)	 	The Series [      ]** Percentage of the excess (if
any) of the Mitsubishi Vehicle Amount over the Series [      ]**
Maximum Manufacturer Amount with respect to Mitsubishi:
$         , plus

	 
	 	(4)	 	The Series [      ]* Percentage of the excess (if
any) of the Subaru/Hyundai/Suzuki Vehicle Amount over the
Series [      ]* Maximum Manufacturer Amount with respect to
Subaru, Hyundai and Suzuki (in the aggregate): $         ,
plus

	 
	 	(5)	 	The Series [      ]* Percentage of the excess (if
any) of the Specified States Amount over the Series [      ]*
Specified States Amount: $         , plus

	 
	 	(6)	 	The product of:

	 	(a)	 	The Series [      ]* Required
Enhancement Percentage:    %, times

	 
	 	(b)	 	The Series [      ]* Invested Amount.

The Series [      ]* Required Enhancement Amount:
(1 + 2 + 3 + 4 +5 + (6(a) x 6(b))): $         .

D.     Series [      ]* Enhancement Deficiency:

	 	 	 	(1)     The amount by which:

	 	(a)	 	The Series [      ]* Enhancement Amount: $         , is less than

	 
	 	(b)	 	The Series [      ]* Required Enhancement Amount: $         .

The Series [      ]* Enhancement Deficiency, if any, is: $         .

E.     Series [      ]** Required Enhancement Amount:

E-9

 

	 	(1)	 	The Series [      ]** Percentage of the excess (if
any) of the Non-Program Vehicle Amount over the Series [      ]**
Maximum Non-Program Vehicle Amount: $         , plus

	 
	 	(2)	 	The Series [      ]** Percentage of the excess (if
any) of the Non-Eligible Manufacturer Amount over the Series
[      ]** Maximum Non-Eligible Manufacturer Amount:
$         , plus

	 
	 	(3)	 	The Series [      ]** Percentage of the excess (if
any) of the Mitsubishi Vehicle Amount over the Series [      ]**
Maximum Manufacturer Amount with respect to Mitsubishi:
$         , plus

	 
	 	(4)	 	The Series [      ]** Percentage of the excess (if
any) of the Subaru/Hyundai/Suzuki Vehicle Amount over the
Series [      ]** Maximum Manufacturer Amount with respect to
Subaru, Hyundai and Suzuki (in the aggregate): $         ,
plus

	 
	 	(5)	 	The excess (if any) of the Financed Vehicle
Amount over the Series [      ]** Maximum Financed Vehicle
Amount: $         , plus

	 
	 	(6)	 	The product of:

	 	(a)	 	The Series [      ]**Required
Enhancement Percentage:    %, times

	 
	 	(b)	 	The Series [      ]** Invested Amount.

The Series [      ] Required Enhancement Amount:
(1 + 2 + 3 + 4 + 5 + (6(a) x 6(b))): $         .

F.     Series [      ]* Enhancement Deficiency:

(1)     The amount by which:

	 	(a)	 	The Series [      ]** Enhancement
Amount: $         , is less than

	 	(b)	 	The Series [      ]** Required
Enhancement Amount: $         .

The Series [      ]** Enhancement Deficiency, if any, is: $         .

XI.     LIENS AND DEFAULTS

	 	A.	 	The following Liens exist on the Loan Collateral (excluding
Liens granted pursuant to the Indenture and the other Related
Documents or permitted thereunder):

	 
	 	 	 	[List as applicable]

	 
	 	B.	 	Check if applicable:

	 	 	 	[
]     Lease Event of Default has occurred.

	 
	 	 	 	[
]     Loan Event of Default has occurred.

E-10

 

XII.     SALE OF NON-PROGRAM VEHICLES

	 	A.	 	The aggregate Net Book value of all Non-Program Vehicles
disposed of during the related Measurement Month is as follows:

	 	(1)	 	Vehicles under the AESOP I Operating Lease:
$               .

	 
	 	(2)	 	Vehicles under the Finance Lease: $               .

	 	B.	 	The aggregate Disposition Proceeds with respect to all
Non-Program Vehicles disposed of during the related Measurement
Month is as follows:

	 	(1)	 	Vehicles under the AESOP I Operating Lease:
$               .

	 
	 	(2)	 	Vehicles under the Finance Lease:
$               .

XIII.     VALUE OF NON-PROGRAM VEHICLES

	 	A.	 	The aggregate Net Book Value of all Non-Program Vehicles is
as follows:

	 	(1)	 	Vehicles under the AESOP I Operating Lease: $               .

	 
	 	(2)	 	Vehicles under the Finance Lease: $               .

	 	B.	 	The aggregate Market Value of all Non-Program Vehicles is as
follows:

	 	(1)	 	Vehicles under the AESOP I Operating Lease:
$               .

	 
	 	(2)	 	Vehicles under the Finance Lease: $               .

XIV.     TERMINATION SERVICES RESERVE ACCOUNT

	 	A.	 	The amount on deposit in the Termination Services Reserve
Account: $               .

	 
	 	B.	 	The amount of withdrawals from the Termination Services
Reserve Account: $               .

	 
	 	C.	 	The amount, if any, of investment earnings on funds on
deposit in the Termination Services Reserve Account that will be
distributed to the Administrator (as a portion of the Monthly
Administration Fee):
$               .

E-11

 

IN WITNESS WHEREOF, the undersigned have duly executed this certificate
this [      ] day of
[      ],
20[   ].

	 	 	 	 	 
	 	 	 
	 	By:  	                                    /s/
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 
	 	 	 
	 	By:  	                                    /s/
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

E-12

 

SCHEDULE I TO SECOND AMENDED

AND RESTATED BASE INDENTURE

DEFINITIONS LIST

“Accrued Amounts” means, with respect to any Series of Notes (or
any class of such Series of Notes), on any date of determination, the sum of
(i) accrued and unpaid interest on the Notes of such Series of Notes (or the
applicable class thereof) as of such date, plus any Swap Payments
payable by CRCF with respect to such Series of Notes and (ii) the product of
(A) the sum of all other accrued and unpaid Trustee fees and other fees and
expenses and indemnity amounts, if any, payable by CRCF under the Indenture
and/or the Related Documents on such date, and (B) a fraction, the numerator of
which is the Invested Amount of such Series of Notes (or the applicable class
thereof) on such date and the denominator of which is the Aggregate Invested
Amount of all Series of Notes on such date.

“Accumulation Period” means, with respect to any Series of Notes,
the period, if any, specified in the applicable Supplement.

“Additional Lease Collateral” is defined (i) for purposes of the
AESOP I Operating Lease Loan Agreement in Section 7.1(iii) thereof and (ii) for
purposes of the AESOP II Loan Agreement, in Section 7.1(iii) thereof.

“Administration Agreement” means the Second Amended and Restated
Administration Agreement, dated as of the Restatement Effective Date, by and
among CCRG, as Administrator, AESOP Leasing, AESOP Leasing II, CRCF, ARAC, BRAC
and the Trustee, as amended, modified or supplemented from time to time in
accordance with its terms.

“Administrator” means CCRG, in its capacity as administrator under
the Administration Agreement, or any successor Administrator thereunder.

“Administrator Default” means any of the events described in
Section 13(c) of the Administration Agreement.

“AESOP I Finance Lease Loan Agreement” means the Amended and
Restated Loan Agreement, dated as of the Restatement Effective Date, between
CRCF, as lender thereunder, and AESOP Leasing, as the borrower thereunder,
relating to the financing of Vehicles to be leased under the Finance Lease, as
amended, supplemented, restated or otherwise modified from time to time in
accordance with its terms.

E-13

 

“AESOP I Finance Lease Loan Agreement Borrowing Base” means, on any
date of determination, the sum of the AESOP I Finance Lease Loan Agreement
Program Vehicle Borrowing Base and the AESOP I Finance Lease Loan Agreement
Non-Program Vehicle Borrowing Base on such date.

“AESOP I Finance Lease Loan Agreement Non-Program Vehicle Borrowing
Base” means, on any date of determination, without duplication, an amount
equal to (i) the Capitalized Cost of new Non-Program Vehicles being leased
under the Finance Lease on such date and the Net Book Value of all Non-Program
Vehicles (other than new Vehicles) leased under the Finance Lease that are
Eligible Vehicles on such date, plus (ii) all amounts receivable, as of
such date, by a Lessee, AESOP Leasing or the Intermediary from any person or
entity in connection with the auction, sale or other disposition of Non-Program
Vehicles leased under the Finance Lease that were at the time of disposition
Eligible Vehicles, plus (iii) all accrued and unpaid amounts pursuant to
clause (b) of the definition of Monthly Base Rent and all accrued and
unpaid Supplemental Rent, in each case, with respect to Non-Program Vehicles
leased under the Finance Lease (other than amounts specified in clause
(ii) above), minus (iv) the Finance Lease Non-Program Vehicle
Ineligible Asset Amount, if any.

“AESOP I Finance Lease Loan Agreement Program Vehicle Borrowing
Base” means, on any date of determination, without duplication, an amount
equal to (i) the Capitalized Cost of new Program Vehicles being leased under
the Finance Lease on such date and the Net Book Value of all Program Vehicles
(other than new Vehicles) leased under the Finance Lease that are Eligible
Vehicles on such date, plus (ii) all amounts receivable, as of such
date, by a Lessee, AESOP Leasing or the Intermediary from Manufacturers under
and in accordance with their respective Eligible Manufacturer Programs with
respect to Program Vehicles leased under the Finance Lease that were at the
time of disposition Eligible Vehicles, plus (iii) all amounts (other
than amounts specified in clause (ii) above) receivable, as of such
date, by a Lessee or AESOP Leasing from any person or entity in connection with
the auction, sale or other disposition of Program Vehicles leased under the
Finance Lease that were at the time of disposition Eligible Vehicles,
plus (iv) all accrued and unpaid amounts pursuant to clause (b)
of the definition of Monthly Base Rent and all accrued and unpaid Supplemental
Rent, in each case, with respect to Program Vehicles leased under the Finance
Lease (other than amounts specified in clauses (ii) and (iii)
above), minus (v) the Finance Lease Program Vehicle Ineligible Asset
Amount, if any.

“AESOP I Finance Lease Loan Collateral” means all the property and
rights on or in which a Lien is granted to the Lender to secure all or any of
the Liabilities under the AESOP I Finance Lease Loan Agreement pursuant to
Section 7.1(a) of the AESOP I Finance Lease Loan Agreement, or under any
other instruments, agreements or documents provided for in the AESOP I Finance
Lease Loan Agreement or delivered or to be delivered thereunder or in
connection therewith.

“AESOP I Finance Lease Loan Event of Default” means any of the
events described in Section 12.1 of the AESOP I Finance Lease Loan
Agreement.

“AESOP I Loan Agreements” means the AESOP I Operating Lease Loan
Agreement and the AESOP I Finance Lease Loan Agreement.

E-14

 

“AESOP I Loan Collateral” means the AESOP I Operating Lease Loan
Collateral and the AESOP I Finance Lease Loan Collateral.

“AESOP I Loan Event of Default” means an AESOP I Operating Lease
Loan Event of Default or an AESOP I Finance Lease Loan Event of Default.

“AESOP I Operating Lease” means the Second Amended and Restated
Master Motor Vehicle Operating Lease Agreement, dated as of the Restatement
Effective Date, between AESOP Leasing, as the lessor thereunder, and CCRG, as
the lessee thereunder and as Administrator, as amended, modified or
supplemented from time to time in accordance with its terms.

“AESOP I Operating Lease Commencement Date” is defined in
Section 3.2 of the AESOP I Operating Lease.

“AESOP I Operating Lease Event of Default” is defined in Section
18.1 of the AESOP I Operating Lease.

“AESOP I Operating Lease Expiration Date” is defined in Section
3.2 of the AESOP I Operating Lease.

“AESOP I Operating Lease Loan Agreement” means the Second Amended
and Restated Loan Agreement, dated as of the Restatement Effective Date, among
CRCF, as lender thereunder, AESOP Leasing, as the borrower thereunder, and PVHC
and Quartx, each as a Permitted Nominee of AESOP Leasing, relating to the
financing of Vehicles to be leased under the AESOP I Operating Lease, as
amended, supplemented, restated or otherwise modified from time to time in
accordance with its terms.

“AESOP I Operating Lease Loan Agreement Borrowing Base” means, on
any date of determination, the sum of the AESOP I Operating Lease Loan
Agreement Program Vehicle Borrowing Base and the AESOP I Operating Lease Loan
Agreement Non-Program Vehicle Borrowing Base on such date.

“AESOP I Operating Lease Loan Agreement Non-Program Vehicle Borrowing
Base” means, on any date of determination, without duplication, an amount
equal to (i) the Capitalized Cost of new Non-Program Vehicles being leased
under the AESOP I Operating Lease on such date and the Net Book Value of all
Non-Program Vehicles (other than new Vehicles) leased under the AESOP I
Operating Lease that are Eligible Vehicles on such date, plus (ii) all
amounts receivable, as of such date, by AESOP Leasing or the Intermediary from
any person or entity in connection with the auction, sale or other disposition
of Non-Program Vehicles leased under the AESOP I Operating Lease that were at
the time of disposition Eligible Vehicles, plus (iii) all accrued and
unpaid amounts pursuant to clause (b) of the definition of Monthly Base
Rent and all accrued and unpaid Supplemental Rent, in each case, with respect
to Non-Program Vehicles leased under the AESOP I Operating Lease
(other than amounts specified in clause (ii) above), minus
(iv) the AESOP I Operating Lease Non-Program Vehicle Ineligible Asset Amount,
if any.

“AESOP I Operating Lease Loan Agreement Program Vehicle Borrowing
Base” means, on any date of determination, without duplication, an amount
equal to (i) the Capitalized Cost of

E-15

 

new Program Vehicles being leased under
the AESOP I Operating Lease on such date and the Net Book Value of all Program
Vehicles (other than new Vehicles) leased under the AESOP I Operating Lease
that are Eligible Vehicles on such date, plus (ii) all amounts
receivable, as of such date, by AESOP Leasing or the Intermediary from
Manufacturers under and in accordance with their respective Eligible
Manufacturer Programs with respect to Program Vehicles leased under the AESOP I
Operating Lease that were at the time of disposition Eligible Vehicles,
plus (iii) all amounts (other than amounts specified in clause
(ii)) receivable, as of such date, by AESOP Leasing or the Intermediary
from any person or entity in connection with the auction, sale or other
disposition of Program Vehicles leased under the AESOP I Operating Lease that
were at the time of disposition Eligible Vehicles, plus (iv) all accrued
and unpaid amounts pursuant to clause (b) of the definition of Monthly
Base Rent and all accrued and unpaid Supplemental Rent, in each case, with
respect to Program Vehicles leased under the AESOP I Operating Lease (other
than amounts specified in clauses (ii) and (iii) above),
minus (v) the AESOP I Operating Lease Program Vehicle Ineligible Asset
Amount, if any.

“AESOP I Operating Lease Loan Collateral” means all the property
and rights on or in which a Lien is granted to the Lender to secure all or any
of the Liabilities under the AESOP I Operating Lease Loan Agreement pursuant to
Section 7.1(a) of the AESOP I Operating Lease Loan Agreement, or under
any other instruments, agreements or documents provided for in the AESOP I
Operating Lease Loan Agreement or delivered or to be delivered thereunder or in
connection therewith; other than any such property released from such lien
pursuant to Section 7.3 of the AESOP I Operating Lease Loan Agreement.

“AESOP I Operating Lease Loan Event of Default” means any of the
events described in Section 12.1 of the AESOP I Operating Lease Loan
Agreement.

“AESOP I Operating Lease Non-Program Vehicle Ineligible Asset
Amount” means, as of any date of determination, an amount equal to, without
duplication, (a) the aggregate of all amounts specified in clause (ii)
of the definition of “AESOP I Operating Lease Loan Agreement Non-Program
Vehicle Borrowing Base” which are unpaid more than thirty (30) days past the
applicable disposition date, plus (b) the aggregate of all amounts
specified in clause (iii) of the definition of “AESOP I Operating Lease
Loan Agreement Non-Program Vehicle Borrowing Base” which are past due as of
such date.

“AESOP I Operating Lease Program Vehicle Ineligible Asset Amount”
means, as of any date of determination, an amount equal to, without
duplication, (a) the aggregate of all amounts receivable as of such date by
AESOP Leasing or the Intermediary under and in accordance with a Manufacturer
Program with respect to Program Vehicles that were leased under the AESOP I
Operating Lease from a Manufacturer with respect to which a Manufacturer Event
of Default has occurred, plus (b) the aggregate of all amounts
receivable as of such date by AESOP Leasing or the Intermediary under and in
accordance with a Manufacturer
Program with respect to Program Vehicles that were leased under the AESOP
I Operating Lease from a Manufacturer which amounts are unpaid more than ninety
(90) days past the applicable Turnback Date, plus (c) the aggregate of
all amounts specified in clause (iii) of the definition of “AESOP I
Operating Lease Loan Agreement Program Vehicle Borrowing Base” which are unpaid
more than thirty (30) days past the applicable disposition date, plus
(d) the aggregate of all amounts specified in clause (iv)

E-16

 

of the
definition of “AESOP I Operating Lease Loan Agreement Program Vehicle Borrowing
Base” which are past due as of such date.

“AESOP I Operating Lease Vehicle Deficiency” means, on any date of
determination, the amount by which the aggregate Required AESOP I Operating
Lease Vehicle Amounts with respect to all Series of Notes exceeds the AESOP I
Operating Lease Loan Agreement Borrowing Base on such date.

“AESOP I Operating Lease Vehicle Percentage” means, with respect to
any Series of Notes, the percentage specified in the applicable Supplement.

“AESOP I Segregated Account” is defined in Section 7.8 of
each of the AESOP I Operating Lease Loan Agreement and the AESOP I Finance
Lease Loan Agreement.

“AESOP II Ineligible Asset Amount” means, as of any date of
determination, an amount equal to, without duplication, (a) the aggregate of
all amounts receivable as of such date by AESOP Leasing II under and in
accordance with a Manufacturer Program with respect to Program Vehicles leased
under the AESOP II Operating Lease from a Manufacturer with respect to which a
Manufacturer Event of Default has occurred, plus (b) the aggregate of
all amounts receivable as of such date by AESOP Leasing II under and in
accordance with a Manufacturer Program with respect to Program Vehicles leased
under the AESOP II Operating Lease from a Manufacturer which amounts are unpaid
more than ninety (90) days past the applicable Turnback Date, plus (c)
the aggregate of all amounts specified in clause (iii) of the definition
of “AESOP II Loan Agreement Borrowing Base” which are unpaid more than thirty
(30) days past the applicable disposition date, plus (d) the aggregate
of all amounts specified in clause (iv) of the definition of “AESOP II
Loan Agreement Borrowing Base” which are past due as of such date.

“AESOP II Loan Agreement” means the Amended and Restated Loan
Agreement, dated as of the Restatement Effective Date, among CRCF, as lender
thereunder, AESOP Leasing II, as the borrower thereunder, and Original AESOP,
as Permitted Nominee of AESOP Leasing II, as amended, supplemented, restated or
otherwise modified from time to time in accordance with its terms.

“AESOP II Loan Agreement Borrowing Base” means, on any date of
determination, without duplication, an amount equal to (i) the Capitalized Cost
of new Program Vehicles leased under the AESOP II Operating Lease on such date
and the Net Book Value of Program Vehicles (other than new Vehicles) leased
under the AESOP II Operating Lease on such date, plus (ii) all amounts
receivable, as of such date, by AESOP Leasing II from Manufacturers under and
in accordance with their respective Eligible Manufacturer Programs with respect
to Program Vehicles leased under the AESOP II Operating Lease, plus
(iii)
all amounts (other than amounts specified in clause (ii) above)
receivable, as of such date, by AESOP Leasing II from any person or entity in
connection with the auction, sale or other disposition of Program Vehicles
leased under the AESOP II Operating Lease, plus (iv) all accrued and
unpaid amounts pursuant to clause (b) of the definition of Monthly Base
Rent and all accrued and unpaid Supplemental Rent, in each case, under the
AESOP II Operating Lease (other than amounts specified in clauses (ii)
and (iii) above), minus (v) the AESOP II Ineligible Asset Amount,
if any.

E-17

 

“AESOP II Loan Collateral” means all property and rights on or in
which a Lien is granted to the Lender to secure all or any of the Liabilities
under the AESOP II Loan Agreement pursuant to Section 7.1(a) of the
AESOP II Loan Agreement, or under any other instruments, agreements or
documents provided for in the AESOP II Loan Agreement or delivered or to be
delivered thereunder or in connection therewith.

“AESOP II Loan Event of Default” means any of the events described
in Section 12.1 of the AESOP II Loan Agreement.

“AESOP II Management Agreement” means the Management Agreement,
dated as of July 30, 1997, between the Managing Agent and AESOP Leasing II, as
amended, modified or supplemented from time to time in accordance with its
terms.

“AESOP II Management Fee” is defined in Section 2 of the
AESOP II Management Agreement.

“AESOP II Operating Lease” means the Amended and Restated Master
Motor Vehicle Operating Lease Agreement, dated as of the Restatement Effective
Date, between AESOP Leasing II, as the lessor thereunder, CCRG, individually as
the lessee and as Administrator, as amended, modified or supplemented from time
to time in accordance with its terms.

“AESOP II Operating Lease Commencement Date” is defined in
Section 3.2 of the AESOP II Operating Lease.

“AESOP II Operating Lease Event of Default” is defined in
Section 18.1 of the AESOP II Operating Lease.

“AESOP II Operating Lease Expiration Date” is defined in Section
3.2 of the AESOP II Operating Lease.

“AESOP II Segregated Account” is defined in Section 7.8 of
the AESOP II Loan Agreement.

“AESOP Leasing” means AESOP Leasing L.P., a Delaware limited
partnership, and its permitted successors.

“AESOP Leasing Limited Partnership Agreement” means the Limited
Partnership Agreement of AESOP Leasing, dated as of July 21, 1997, between
Original AESOP,
as general partner, and AESOP Leasing, as limited partner, as amended,
modified or supplemented from time to time in accordance with its terms.

“AESOP Leasing II” means AESOP Leasing Corp. II, a Delaware
corporation, and its permitted successors.

“Affiliate” means, with respect to any specified Person, another
Person that directly, or indirectly through one or more intermediaries,
controls or is controlled by or is under common control with the Person
specified. For purposes of this definition, “control” means the power to
direct the management and policies of a Person, directly or indirectly, whether
through

E-18

 

ownership of voting securities, by contract or otherwise; and
“controlled” and “controlling” have meanings correlative to the foregoing. For
purposes of the Loan Agreements, the Lender shall not be considered to be an
Affiliate of either AESOP Leasing or AESOP Leasing II.

“Agent” means any Registrar or Paying Agent.

“Aggregate Asset Amount” means, as of any date of determination, an
amount equal to (a) the aggregate Loan Principal Amount of Loans outstanding
under the Loan Agreements on such date plus (b) cash and Permitted
Investments on deposit in the Collection Account on such date minus (c)
any Aggregate Asset Amount Decline.

“Aggregate Asset Amount Decline” means the aggregate amount of all
Monthly Loan Principal Amount payments then or previously due but not paid with
respect to the Loans under all the Loan Agreements.

“Aggregate Asset Amount Deficiency” means, with respect to any date
of determination, the amount, if any, by which the Required Aggregate Asset
Amount on such date exceeds the Aggregate Asset Amount on such date.

“Aggregate Invested Amount” means the sum of the Invested Amounts
with respect to all Series of Notes then outstanding.

“Amortization Commencement Date” means, with respect to a Series of
Notes, the date on which an Amortization Event for such Series is deemed to
have occurred pursuant to Section 9.1 of the Base Indenture.

“Amortization Event” is defined, with respect to each Series of
Notes, in Section 9.1 of the Base Indenture.

“Amortization Period” means, with respect to any Series of Notes,
the period following the Revolving Period (as defined in any related
Supplement) which shall be the Accumulation Period, the Controlled Amortization
Period, or the Rapid Amortization Period, each as defined in the related
Supplement.

“Annual Noteholders’ Tax Statement” is defined in Section
6.4(b) of the Base Indenture.

“Approved Lockbox Account” means a lockbox account that is: (i)
maintained with a Qualified Institution, (ii) established and maintained
pursuant to an agreement that is approved in writing by the Trustee and each
Enhancement Provider and (iii) pledged to the Trustee and over which no other
Person has rights of withdrawal.

“ARAC” means Avis Rent A Car System, Inc., a Delaware corporation,
and its permitted successors.

“AGH” means Avis Group Holdings, Inc., a Delaware corporation.

“Assets” means any interest of any kind in any assets or property
of any kind (including, without limitation, any security interest in Vehicles),
tangible or intangible, real, personal or

E-19

 

mixed, now owned or hereafter
acquired by CRCF, AESOP Leasing, AESOP Leasing II or such other Person as the
context may require.

“Assignment Agreement” means the agreement with respect to each
Manufacturer and its Manufacturer Program, entered into or to be entered into
among CRCF, CCRG, ARAC, BRAC, AESOP Leasing, AESOP Leasing II and the Trustee
and acknowledged by such Manufacturer, assigning to the Trustee certain of
AESOP Leasing’s, AESOP Leasing II’s, CCRG’s, ARAC’s and BRAC’s right, title and
interest in and to such Manufacturer’s Manufacturer Program as it relates to
Vehicles purchased from such Manufacturer.

“Authorized Officer” means (a) as to Original AESOP, PVHC, Quartx
and AESOP Leasing II, any of the President, any Vice President, the Secretary
or any Assistant Secretary, (b) as to AESOP Leasing, any of the President, any
Vice President, the Secretary or any Assistant Secretary of Original AESOP, (c)
as to CRCF, any Manager, President, Vice President, Secretary or Assistant
Secretary and (d) as to CCRG or any Lessee, those officers, employees and
agents of CCRG or such Lessee whose signatures and incumbency shall have been
certified in such certificates as may be delivered by CCRG or such Lessee to
AESOP Leasing or AESOP Leasing II, as the case may be, from time to time as
duly authorized to execute and deliver the applicable Leases and any
instruments, certificates, notices and other documents in connection herewith
on behalf of CCRG or such Lessee and to take, from time to time, all other
actions on behalf of CCRG or such Lessee in connection therewith.

“Average Daily Loan Balance” means, for any Loan Interest Period,
(i) with respect to Loans made under the AESOP I Operating Lease Loan
Agreement, the average daily outstanding Loan Principal Amount of all such
Loans at any time during such Loan Interest Period, (ii) with respect to Loans
made under the AESOP I Finance Lease Loan Agreement, the average daily
outstanding Loan Principal Amount of all such Loans at any time during such
Loan Interest Period and (iii) with respect to Loans made under the AESOP II
Loan Agreement, the average daily outstanding Loan Principal Amount of all such
Loans at any time during such Loan Interest Period.

“Bankruptcy Code” means The Bankruptcy Reform Act of 1978, as
amended from time to time, and as codified as 11 U.S.C. Section 101 et
seq.

“Base Indenture” means the Second Amended and Restated Base
Indenture, dated as of the Restatement Effective Date, between CRCF and the
Trustee, as amended,
modified or supplemented from time to time in accordance with its terms,
exclusive of Supplements creating a new Series of Notes.

“Board of Directors” means the Board of Directors of AESOP Leasing
II, Original AESOP, PVHC, Quartx, the Finance Lease Guarantor or any Lessee, as
applicable, or any authorized committee of the Board of Directors.

“BONY” means The Bank of New York, a New York banking corporation.

“Book-Entry Notes” means beneficial interests in the Notes,
ownership and transfers of which shall be evidenced or made through book
entries by a Clearing Agency as described in Section 2.16 of the Base
Indenture; provided that after the occurrence of a condition whereupon

E-20

 

book-entry registration and transfer are no longer permitted and Definitive
Notes are issued to the Note Owners, such Definitive Notes shall replace
Book-Entry Notes.

“Borrower” means (i) AESOP Leasing, in its capacity as the borrower
under each of the AESOP I Loan Agreements, and (ii) AESOP Leasing II, in its
capacity as the borrower under the AESOP II Loan Agreement.

“Borrowing Date” means the date a Loan is made to a Borrower under
the Loan Agreement to which such Borrower is a party.

“BRAC” means Budget Rent A Car System, Inc., a Delaware
corporation, and its permitted successors.

“Business Day” means any day other than a Saturday, Sunday or other
day on which banks are authorized or required by law to be closed in New York
City, New York, or Chicago, Illinois.

“Capitalized Cost” means, with respect to each Vehicle purchased by
the Intermediary, AESOP Leasing, AESOP Leasing II, CCRG, ARAC or BRAC, as the
case may be, directly from a dealer (including any Vehicle for delivery to
AESOP Leasing, AESOP Leasing II, ARAC, BRAC or CCRG pursuant to the Master
Exchange Agreement), the price paid for such Vehicle by the Intermediary, AESOP
Leasing, AESOP Leasing II, CCRG, ARAC or BRAC, as applicable, to the dealer
selling such Vehicle, including dealer profit and delivery charges but
excluding taxes and any registration or titling fees.

“Carrying Charges” means, as of any day, an amount equal to,
without duplication, (i) the aggregate of all Trustee fees and other costs,
fees and expenses and indemnity amounts, if any, payable by the Lender under
the Indenture or the Related Documents which have accrued since the then most
recent Payment Date, plus (ii) the Monthly Administration Fee payable by
the Lender under the Administration Agreement on the next succeeding Payment
Date plus (iii) without duplication, all other operating expenses of
CRCF (including, without limitation, the CRCF Management Fee and all costs,
fees, expenses and other amounts payable by CRCF to any Enhancement Provider)
(other than amounts payable by AESOP Leasing pursuant to Section 13.4 or
13.5 of the AESOP I Loan
Agreements and by AESOP Leasing II pursuant to Section 13.4 or
13.5 of the AESOP II Loan Agreement) which have accrued since the then
most recent Payment Date.

“Carryover Controlled Amortization Amount” means, with respect to
each Series of Notes, the amount specified as such in the related Supplement.

“Cash Collateral Account” is defined, with respect to any Series,
in the related Supplement.

“Casualty” means, with respect to any Vehicle, that (i) such
vehicle is destroyed, seized or otherwise rendered permanently unfit or
unavailable for use and is not tendered to and accepted for repurchase by the
applicable Manufacturer within ninety (90) days following the occurrence
thereof, (ii) such Vehicle is lost or stolen and is not recovered, tendered to
and accepted for repurchase by the applicable Manufacturer within one hundred
eighty (180) days

E-21

 

following the occurrence thereof, (iii) the return of such
Vehicle (if a Program Vehicle) to the applicable Manufacturer during the
applicable Repurchase Period cannot be, or is not, effected for any reason
(provided that such Vehicle will not be deemed a Casualty if the Lessee
of such Vehicle redesignates it as a Non-Program Vehicle pursuant to Section
2.7 of the AESOP I Operating Lease or the Finance Lease) or (iv) the
applicable Manufacturer did not accept such Vehicle (if a Program Vehicle) for
repurchase for any reason unless the Lessee of such Vehicle reasonably believes
such Manufacturer will accept such Vehicle for repurchase upon a subsequent
return (provided that such Vehicle will not be deemed a Casualty if the
Lessee of such Vehicle redesignates it as a Non-Program Vehicle pursuant to
Section 2.7 of the AESOP I Operating Lease or the Finance Lease).

“CCRG” means Cendant Car Rental Group, Inc., a Delaware corporation
and its permitted successors.

“CCRG Securities Account Control Agreement” means the Securities
Account Control Agreement, dated as of July 30, 1997, between CRCF and The Bank
of New York as successor to the corporate trust administration of Harris Trust
and Savings Bank, as Trustee and as Securities Intermediary, relating to the
Termination Services Reserve Account, as amended, modified or supplemented from
time to time in accordance with its terms.

“Cede” means Cede & Co., a nominee of DTC.

“Certificate of Title” means, with respect to each Vehicle, the
certificate of title applicable to such Vehicle duly issued in accordance with
the certificate of title act or statute of the jurisdiction applicable to such
Vehicle.

“Chairman of the Managers” is defined in Section 1.1 of the
CRCF Limited Liability Company Agreement.

“Chrysler” means DaimlerChrysler Motors Company LLC, a Delaware
limited liability company, and its successors.

“Clearing Agency” means an organization registered as a “clearing
agency” pursuant to Section 17A of the Exchange Act or any successor provision
thereto or Euroclear or Clearstream. The initial Clearing Agencies shall be
DTC, Euroclear and Clearstream.

“Clearing Agency Participant” means a broker, dealer, bank, other
financial institution or other Person for whom from time to time a Clearing
Agency effects book-entry transfers and pledges of securities deposited with
the Clearing Agency.

“Clearstream” means Clearstream Banking, société anonyme.

“Closing Date” means the Restatement Effective Date or any Series
Closing Date.

“Code” means the Internal Revenue Code of 1986, as amended,
reformed or otherwise modified from time to time, and any successor statute of
similar import, in each case as in effect from time to time. References to
sections of the Code also refer to any successor sections.

E-22

 

“Collateral” is defined in Section 3.1 of the Base
Indenture.

“Collection Account” is defined in Section 5.1 of the Base
Indenture.

“Collections” means (i) all payments by or on behalf of the
Borrowers under the Loan Agreements, (ii) all payments on the Collateral,
including payments made by or on behalf of any Manufacturer or auction dealer,
under the related Manufacturer Program with respect to Vehicles, (iii) all
payments by or on behalf of any other Person as proceeds from the sale of
Vehicles or payments of insurance proceeds and warranty payments which the
Borrowers are required to deposit into the Collection Account, whether such
payments are in the form of cash, checks, wire transfers or other forms of
payment and whether in respect of principal, interest, repurchase price, fees,
expenses or otherwise, (iv) all payments by the Intermediary to the Trustee of
funds transferred from a Joint Collection Account pursuant to the Master
Exchange Agreement in accordance with the terms thereof, (v) all payments made
to the Collection Account from a Joint Disbursement Account or the Exchange
Account pursuant to the terms of the Escrow Agreement, (vi) all payments by or
on behalf of CCRG under the Vehicle Title and Lienholder Nominee Agreements
with respect to Vehicles and (vii) all amounts earned on Permitted Investments
of funds in the Collection Account. To the extent so specified in a
Supplement, Collections also shall include all proceeds from the sale of the
Notes issued under such Supplement.

“Company Order” and “Company Request” means a written order
or request signed in the name of CRCF by any one of its Authorized Officers and
delivered to the Trustee.

“Computer Services Agreement” means the Computer Services
Agreement, dated as of July 30, 1997, by and between AGH and WizCom
International, Ltd., as amended, supplemented, restated or otherwise modified
from time to time in accordance with its terms.

“Condition Report” means a condition report with respect to a
Program Vehicle, signed and dated by the applicable Lessee and a Manufacturer
or its agent in accordance with the applicable Manufacturer Program.

“Consolidated Subsidiary” means, at any time, any Subsidiary or
other entity the accounts of which would be consolidated with those of CCRG,
ARAC or BRAC in its consolidated financial statements as of such time.

“Contingent Obligation”, as applied to any Person, means any direct
or indirect liability, contingent or otherwise, of that Person (a) with respect
to any indebtedness, lease, dividend, letter of credit or other obligation of
another if the primary purpose or intent thereof by the Person incurring the
Contingent Obligation is to provide assurance to the obligee of such obligation
of another that such obligation of another will be paid or discharged, or that
any agreements relating thereto will be complied with, or that the holders of
such obligation will be protected (in whole or in part) against loss in respect
thereof or (b) under any letter of credit issued for the account of that Person
or for which that Person is otherwise liable for reimbursement thereof.
Contingent Obligations shall include (a) the direct or indirect guarantee,
endorsement (otherwise than for collection or deposit in the ordinary course of
business), co-making, discounting with recourse or sale with recourse by such
Person of the obligation of

E-23

 

another and (b) any liability of such Person for
the obligations of another through any agreement (contingent or otherwise) (i)
to purchase, repurchase or otherwise acquire such obligation or any security
therefor, or to provide funds for the payment or discharge of such obligation
(whether in the form of loans, advances, stock purchases, capital contributions
or otherwise), (ii) to maintain the solvency of any balance sheet item, level
of income or financial condition of another or (iii) to make take-or-pay or
similar payments if required regardless of non-performance by any other party
or parties to an agreement, if in the case of any agreement described under
subclause (i) or (ii) of this sentence the primary purpose or
intent thereof is as described in the preceding sentence. The amount of any
Contingent Obligation shall be equal to the amount of the obligation so
guaranteed or otherwise supported.

“Contractual Obligation” means, with respect to any Person, any
provision of any security issued by that Person or of any indenture, mortgage,
deed of trust, contract, undertaking, agreement or other instrument to which
that Person is a party or by which it or any of its properties is bound or to
which it or any of its properties is subject.

“Controlled Amortization Period” means, with respect to any Series
of Notes, the period specified in the applicable Supplement.

“Controlled Distribution Amount” means, with respect to any Series
or Class of Notes, the amount (or amounts) specified in any applicable
Supplement.

“Controlled Group” means, with respect to any Person, such Person,
whether or not incorporated, and any corporation, trade or business that is,
along with such Person, a member of a controlled group of corporations or a
controlled group of trades or businesses as described in Sections 414(b) and
(c), respectively, of the Code.

“Corporate Trust Office” means the principal office of the Trustee
at which at any particular time its corporate trust business shall be
administered, which office at the date of the execution of the Base Indenture
is located at 2 North LaSalle Street, Suite 1020, Chicago, Illinois 60602,
Attention: Indenture Trust Administration, or at any other time at such other
address as the Trustee may designate from time to time by notice to the
Noteholders and CRCF.

“CRCF” means Cendant Rental Car Funding (AESOP) LLC, formerly known
as AESOP Funding II L.L.C., a Delaware limited liability company.

“CRCF Agreements” means the CRCF Limited Liability Company
Agreement, the Loan Agreements, the Loan Notes, the Assignment Agreements, the
Indenture, the Administration Agreement, the Termination Services Agreement,
the CRCF Account Control Agreements, any Swap Agreement, any Enhancement
Agreement and any other agreements to which CRCF is a party from time to time.

“CRCF Limited Liability Company Agreement” means the Limited
Liability Company Agreement of CRCF, dated as of July 21, 1997, between AESOP
Leasing and Original AESOP, as amended, modified or supplemented from time to
time in accordance with its terms.

“CRCF Management Agreement” means the Management Agreement, dated
as of July 30, 1997, between the Managing Agent and CRCF.

E-24

 

“CRCF Management Fee” is defined in Section 2 of the CRCF
Management Agreement.

“CRCF Obligations” means all principal and interest, at any time
and from time to time, owing by CRCF on the Notes, and all costs, fees and
expenses payable by, or obligations of, CRCF under the Indenture and/or the
Related Documents.

“CRCF Securities Account Control Agreement” means the Securities
Account Control Agreement, dated as of July 30, 1997, between CRCF and The Bank
of New York, as successor in interest to the corporate trust administration of
Harris Trust and Savings Bank, as Trustee and as Securities Intermediary,
relating to the Collection Account, as amended, modified or supplemented from
time to time in accordance with its terms.

“Daily Report” is defined in Section 4.1(a) of the Base
Indenture.

“Default Amount” means, with respect to (i) any Guaranteed
Depreciation Program, zero, (ii) Nissan’s or Nissan Hawaii’s Manufacturer
Program, $10 million, (iii) Mazda’s Manufacturer Program, $10 million and (iv)
any other Manufacturer’s Manufacturer Program, $25 million.

“Defaulting Manufacturer” is defined (i) for purposes of the AESOP
I Operating Lease in Section 19 thereof, (ii) for purposes of the AESOP
II Operating Lease in Section 19 thereof and (iii) for purposes of the
Finance Lease in Section 19 thereof.

“Definitions List” means this Definitions List, as amended or
modified from time to time.

“Definitive Notes” is defined in Section 2.16(e) of the Base
Indenture.

“Deposited Funds” means all funds on deposit in the Collection
Account.

“Depreciation Charge” means, with respect to (a) any Program
Vehicle subject to the GM Repurchase Program, the rate determined by dividing
(x) 100% minus the repurchase price percentage specified in respect of
such Vehicle pursuant to the terms of the GM Repurchase Program for the
Designated Period applicable to such Vehicle by (y) the number of days in such
Designated Period (or, if such Vehicle is held past the Designated Period set
forth in the Loan Request relating to the Loan in respect of such Vehicle, the
applicable depreciation charge set forth in the GM Repurchase Program for such
Vehicle calculated on a daily basis), (b) any Program Vehicle subject to an
Eligible Manufacturer Program other than the GM Repurchase Program (but
including any other Eligible Manufacturer Program provided by GM), the
applicable depreciation charge set forth in the related Manufacturer Program
for such Vehicle with respect to such Vehicle calculated on a daily basis and
(c) any Non-Program Vehicle, the scheduled daily depreciation charge for such
Vehicle set forth by AESOP Leasing in the Depreciation Schedule for such
Vehicle. If such charge is expressed as a percentage, the daily Depreciation
Charge for such Vehicle shall be such percentage multiplied by the Capitalized
Cost for such Vehicle calculated on a daily basis. For Vehicles not held for a
full month in the month of acquisition, the Depreciation Charges shall be
prorated by multi-

E-25

 

plying the applicable depreciation amount by a fraction, the
numerator of which is the number of days from the date depreciation related to
such Vehicle begins to the first day of the next month and the denominator of
which is the number of days in such month. For the month in which a Program
Vehicle is turned back to the applicable Manufacturer, the Depreciation Charge
shall be prorated by multiplying the applicable depreciation amount by a
fraction, the numerator of which is the number of days from the first day of
such month to the Turnback Date for such Vehicle and the denominator of which
is the number of days in such month. In the event a Vehicle is sold (other
than pursuant to the Manufacturer Program of a Manufacturer), the Depreciation
Charge shall be prorated by multiplying the applicable depreciation amount by a
fraction, the numerator of which is the number of days from the first day of
such month to the date proceeds from the sale of such Vehicle were deposited in
the Collection Account and the denominator of which is the number of days in
such month.

“Depreciation Schedule” means the initial schedule of estimated
daily depreciation prepared by AESOP Leasing based on a depreciation rate of
1.67% per calendar month with respect to each type of Non-Program Vehicle that
is an Eligible Vehicle, as revised from time to time by AESOP Leasing;
provided, however, that the effectiveness of any such revision
shall be subject to satisfaction of the Rating Agency Consent Condition.

“Designated Period” shall mean, with respect to any Program Vehicle
subject to GM’s Repurchase Program, the period designated by AESOP Leasing or
AESOP Leasing II, as the case may be, in the applicable Loan Request relating
to the Loan used to finance such
Vehicle as the period of time for which AESOP Leasing or AESOP Leasing II,
as applicable, expects such Vehicle to be subject to the related Loan.

“Determination Date” means the date five days prior to each
Distribution Date.

“Disposition Proceeds” means the net proceeds (other than the
portion of the Repurchase Price (i) payable by the Manufacturer pursuant to an
Eligible Manufacturer Program or (ii) with respect to Non-Program Vehicles,
payable by the applicable Lessee pursuant to the relevant Lease) from the sale
or disposition of a Vehicle to any Person, whether at an auction or otherwise.

“Distribution Account” means, with respect to any Series of Notes,
an account established as such pursuant to the related Supplement.

“Distribution Date” means, unless otherwise specified in any
Supplement for the related Series of Notes, the twentieth day of each calendar
month, or, if such day is not a Business Day, the next succeeding Business Day.

“Dollar” and the symbol “$” mean the lawful currency of the
United States.

“DTC” means The Depository Trust Company.

“Early Termination Payments” is defined (i) for purposes of the
AESOP I Operating Lease in Section 13.4 thereof, (ii) for purposes of
the AESOP II Operating Lease in Section 13.4 thereof and (iii) for
purposes of the Finance Lease in Section 13.4 thereof.

“Eligible Manufacturer Program” means, at any time, a Manufacturer
Program that is in full force and effect with an Eligible Program Manufacturer
(i) pursuant to which the repurchase price or guaranteed auction sale price is
at least equal to (a) with respect to the GM Repurchase Program, a specified
percentage of the Capitalized Cost of each Vehicle, such percentage being

E-26

 

determined for each Vehicle based upon the model year of such Vehicle and the
calendar month in which such Vehicle is returned to the Manufacturer,
minus Excess Mileage Charges, minus Excess Damage Charges, or (b)
with respect to any Manufacturer Program other than the GM Repurchase Program
(but including any other Eligible Manufacturer Program provided by GM), the
Capitalized Cost of each Vehicle, minus all Depreciation Charges accrued
with respect to such Vehicle prior to the date that the Vehicle is submitted
for repurchase, minus Excess Mileage Charges, minus Excess Damage
Charges, (ii) that cannot be amended or terminated with respect to any Vehicle
after the purchase of that Vehicle, and (iii) the assignment of the benefits of
which to CRCF and to the Trustee for the benefit of the Secured Parties has
been acknowledged in writing by the related Manufacturer pursuant to an
Assignment Agreement; provided that (a) with respect to any new
Manufacturer Program (including a new model year Manufacturer Program of an
Eligible Program Manufacturer and a Manufacturer Program of a new Eligible
Program Manufacturer) that is proposed for consideration after the date hereof
as an Eligible Manufacturer Program, prior to such new Manufacturer Program
constituting an “Eligible Manufacturer Program” hereunder, the Rating Agencies
have been given 30 days’ notice (or
such shorter period of time as shall be acceptable to the Rating Agencies)
of a draft of such new Manufacturer Program as it then exists at the time of
such notice (and shall be provided a final copy of such Manufacturer Program
promptly upon its being available) and the inclusion of such new Manufacturer
Program as an “Eligible Manufacturer Program” hereunder shall be conditioned on
satisfaction of the Rating Agency Consent Condition, and (b) with respect to
any change (other than as specified in clause (a) above) in the terms of
any existing Eligible Manufacturer Program, prior to such Manufacturer Program
constituting an “Eligible Manufacturer Program hereunder, the Rating Agencies
shall have been notified of such change and such change shall be conditioned on
satisfaction of the Rating Agency Consent Condition; provided,
further, that in either case described in clause (a) or
(b) above, if such new Manufacturer Program or such change in the terms
of an existing Manufacturer Program would have a material adverse effect on the
interests of the Secured Parties, prior to any such Manufacturer Program
constituting an “Eligible Manufacturer Program”, CRCF shall have obtained the
written consent of the Trustee thereto.

“Eligible Non-Program Manufacturer” means each Eligible Program
Manufacturer, Subaru, Mitsubishi, Kia, Hyundai, Isuzu, Suzuki and any other
Manufacturer that (i) has been approved by the Rating Agencies or has been
reviewed by the Rating Agencies and the Rating Agencies have indicated that the
inclusion of such Manufacturer as an Eligible Non-Program Manufacturer will not
adversely affect the current rating of any Series of Notes and (ii) has been
approved by each Enhancement Provider.

“Eligible Program Manufacturer” means GM, Chrysler, Ford, Mazda,
Nissan, Nissan Hawaii, Toyota and any other Manufacturer that (i) has been
approved by the Rating Agencies or has been reviewed by the Rating Agencies and
the Rating Agencies have indicated that the inclusion of such Manufacturer as
an Eligible Program Manufacturer will not adversely affect the current rating
of any Series of Notes and (ii) has been approved by each Enhancement Provider;
provided, however, that upon the occurrence of a Manufacturer
Event of Default with respect to any such Eligible Program Manufacturer, such
Manufacturer shall no longer qualify as an Eligible Program Manufacturer and
provided, further, that if so specified in the applicable
Supplement for a Series of Notes, a Manufacturer may be considered an Eligible
Program

E-27

 

Manufacturer only with respect to a portion of the Vehicles acquired
from such Manufacturer that are eligible under its Manufacturer Program.

“Eligible Vehicle” means an automobile or light truck that (i)
either is a Program Vehicle (other than a light truck manufactured by Chrysler
that is subject to a nine-month or longer minimum hold period under the
Guaranteed Depreciation Program with Chrysler) or a Non-Program Vehicle
manufactured by an Eligible Non-Program Manufacturer or other Manufacturer, in
each case at the time of leasing under the relevant Lease, (ii) is owned by
AESOP Leasing, AESOP Leasing II, CCRG, ARAC or BRAC, as applicable, free and
clear of all Liens other than Permitted Liens, and (iii) with respect to which
the Trustee is noted as the first lienholder on the Certificate of Title (other
than with respect to Certificates of Title for (i) the Franchisee Vehicles
(which Certificates of Title will show the nominee lienholder under the related
Franchisee Nominee Agreement as the first lienholder) and (ii) Vehicles located
in the states of Ohio, Oklahoma and Nebraska) therefor, or the Certificate of
Title has been submitted
to the appropriate state authorities for such notation (other than with
respect to Certificates of Title for Vehicles located in the states of Ohio,
Oklahoma and Nebraska).

“Enhancement” means, with respect to any Series of Notes, the
rights and benefits provided to the Noteholders of such Series of Notes
pursuant to any letter of credit, surety bond, cash collateral account,
overcollateralization, issuance of subordinated Notes, spread account,
guaranteed rate agreement, maturity guaranty facility, tax protection
agreement, interest rate swap or any other similar arrangement.

“Enhancement Agreement” means any contract, agreement, instrument
or document governing the terms of any Enhancement or pursuant to which any
Enhancement is issued or outstanding.

“Enhancement Agreement Event of Default” means with respect to any
Series of Notes any event of default under any Enhancement Agreement specified
in the related Supplement.

“Enhancement Amount” is defined, with respect to any Series of
Notes, in the related Supplement.

“Enhancement Deficiency” is defined, with respect to any Series of
Notes, in the related Supplement.

“Enhancement Percentage” means, with respect to any Series of Notes
or class of Notes, the percentage, if any, specified in the applicable
Supplement.

“Enhancement Provider” means the Person providing any Enhancement
as designated in the applicable Supplement, other than (x) any Noteholders the
Notes of which are subordinated to any Series of Notes and (y) solely for the
purposes of determining from which parties consent is required for any action
to be taken with respect to the Related Documents, any provider of a letter of
credit unless the related Supplement expressly provides that such provider is
an Enhancement Provider for the purpose of the Base Indenture.

“Enhancement Provider Account” is defined, with respect to any
Series of Notes, in the related Supplement.

E-28

 

“Enhancement Provider’s Office” is defined, with respect to any
Series of Notes, in the related Supplement.

“ERISA” means the Employee Retirement Income Security Act of 1974,
as amended, and any successor statute of similar import, in each case as in
effect from time to time. References to sections of ERISA also refer to any
successor sections.

“Escrow Agreement” means the Escrow Agreement, dated as of the
Restatement Effective Date, among AESOP Exchange Corporation, J.P. Morgan Trust
Company, N.A., JPMorgan Chase Bank, AESOP Leasing, ARAC, BRAC, and CCRG, as
amended, modified or supplemented from time to time in accordance with its
terms.

“Euroclear” means Euroclear Bank, S.A./N.V., as operator of the
Euroclear System.

“Event of Bankruptcy” shall be deemed to have occurred with respect
to a Person if:

(a)     a case or other proceeding shall be commenced, without the
application or consent of such Person, in any court, seeking the
liquidation, reorganization, debt arrangement, dissolution, winding up,
or composition or readjustment of debts of such Person, the appointment
of a trustee, receiver, custodian, liquidator, assignee, sequestrator or
the like for such Person or all or any substantial part of its assets,
or any similar action with respect to such Person under any law relating
to bankruptcy, insolvency, reorganization, winding up or composition or
adjustment of debts, and such case or proceeding shall continue
undismissed, or unstayed and in effect, for a period of 60 consecutive
days; or an order for relief in respect of such Person shall be entered
in an involuntary case under the federal bankruptcy laws or other
similar laws now or hereafter in effect; or

(b)     such Person shall commence a voluntary case or other proceeding
under any applicable bankruptcy, insolvency, reorganization, debt
arrangement, dissolution or other similar law now or hereafter in
effect, or shall consent to the appointment of or taking possession by a
receiver, liquidator, assignee, trustee, custodian, sequestrator (or
other similar official) for such Person or for any substantial part of
its property, or shall make any general assignment for the benefit of
creditors; or

(c)     the board of directors or other similar governing body of such
Person (if such Person is a corporation or similar entity) shall vote to
implement any of the actions set forth in clause (b) above.

“Event of Default” means any occurrence of an event of default
pursuant to the relevant agreement.

“Excess Damage Charges” means, with respect to any Program Vehicle,
the amount charged to AESOP Leasing, AESOP Leasing II, ARAC, BRAC or CCRG, as
the case may be, or deducted from the Repurchase Price, by the Manufacturer of
such Vehicle due to damage over a prescribed limit and, if applicable, damage
not subject to a prescribed limit and missing equipment, in each case with
respect to such Vehicle at the time that such Vehicle is turned in to such
Manufacturer or its agent for repurchase pursuant to the applicable
Manufacturer Program.

E-29

 

“Excess Mileage Charges” means, with respect to any Program
Vehicle, the amount charged to AESOP Leasing, AESOP Leasing II, ARAC, BRAC or
CCRG, as the case may be, or deducted from the Repurchase Price, by the
Manufacturer of such Vehicle due to the fact that such Vehicle has mileage over
a prescribed limit at the time that such Vehicle is turned in to such
Manufacturer or its agent for repurchase pursuant to the applicable
Manufacturer Program.

“Exchange Accounts” is defined in Section 1.1 of the Escrow
Agreement.

“Exchange Act” means the Securities Exchange Act of 1934, as
amended.

“Exchange Agreement Termination Event” means the termination of the
Master Exchange Agreement in accordance with its terms.

“Exchange Date” is defined in Section 2.9(c)(iii) of the
Base Indenture.

“Exchange Period” is defined in Section 1.1 of the Master
Exchange Agreement.

“Excluded Payments” means, with respect to each Lease, as
applicable, any payments due from the respective Lessee or, as applicable, the
Finance Lease Guarantor, to the Lessor in respect of (i) the portion of Monthly
Base Rent allocable to dividends accrued on the outstanding Preferred Stock of
AESOP Leasing II (including any applicable tax gross-up), determined in
accordance with the certificates of designation relating to such Preferred
Stock, (ii) amounts due and payable pursuant to Section 16.2 of the
Leases as such amounts relate to claims, demands, liabilities, and related
costs and expenses arising under Section 16.1.2 of the Leases, (iii)
amounts due and payable pursuant to Section 16.2 of the Leases (other
than the amounts described in clause (ii) above) to the Lessor’s
stockholders, officers and directors (with respect to the Lessor’s officers and
directors, only to the extent such officer or director is not an Affiliate of
the related Lessee or, as applicable, the Finance Lease Guarantor, or (iv)
amounts due and payable pursuant to Section 4.2 of the AESOP I Operating
Lease in respect of Special Service Charges.

“Expected Final Distribution Date” means, with respect to any
applicable Series of Notes, the date stated in the related Supplement as the
date on which such Series of Notes is expected to be paid in full.

“Finance Lease” means the Amended and Restated Master Motor Vehicle
Finance Lease Agreement, dated as of the Restatement Effective Date, among
AESOP Leasing, as the lessor thereunder, ARAC and BRAC, each as a lessee
thereunder, and CCRG, as a lessee, Administrator and Finance Lease Guarantor
thereunder, as amended, modified or supplemented from time to time in
accordance with its terms.

“Finance Lease Commencement Date” is defined in Section 3.2
of the Finance Lease.

“Finance Lease Event of Default” is defined in Section 18.1
of the Finance Lease.

“Finance Lease Expiration Date” is defined in Section 3.2 of
the Finance Lease.

“Finance Lease Guaranty” is defined in Section 26.1 of the
Finance Lease.

E-30

 

“Finance Lease Guarantor” is defined in the preamble to the Finance
Lease.

“Finance Lease Non-Program Vehicle Ineligible Asset Amount” means,
as of any date of determination, an amount equal to the sum, without
duplication, of (a) the aggregate of all amounts specified in clause
(ii) of the definition of “AESOP I Finance Lease Loan Agreement Non-Program
Vehicle Borrowing Base” which are unpaid more than thirty (30) days past the
applicable disposition date, plus (b) the aggregate of all amounts
specified in clause (iii) of the definition of “AESOP I Finance Lease
Loan Agreement Non-Program Vehicle Borrowing Base” which are past due as of
such date.

“Finance Lease Program Vehicle Ineligible Asset Amount” means, as
of any date of determination, an amount (without duplication) equal to (a) the
aggregate of all amounts receivable as of such date by CCRG, ARAC, BRAC, AESOP
Leasing or the Intermediary under and in accordance with a Manufacturer Program
with respect to Program Vehicles leased under the Finance Lease from a
Manufacturer with respect to which a Manufacturer Event of Default has
occurred, plus (b) the aggregate of all amounts receivable as of such
date by CCRG, AESOP Leasing or the Intermediary under and in accordance with a
Manufacturer Program with respect to Program Vehicles leased under the Finance
Lease from a Manufacturer which amounts are unpaid more than ninety (90) days
past the applicable Turnback Date, plus (c) the aggregate of all amounts
specified in clause (iii) of the definition of “AESOP I Finance Lease
Loan Agreement Program Vehicle Borrowing Base” which are unpaid more than
thirty (30) days past the applicable disposition date, plus (d) the
aggregate of all amounts specified in clause (iv) of the definition of
“AESOP I Finance Lease Loan Agreement Program Vehicle Borrowing Base” which are
past due as of such date.

“Financed Vehicle” means a Vehicle subject to the Finance Lease.

“Financed Vehicle Amount” means, as of any date of determination,
the aggregate Net Book Value of all Financed Vehicles on such day.

“Financial Officer” means, with respect to any corporation, the
chief financial officer, vice-president-finance, principal accounting officer,
controller or treasurer of such corporation.

“Financing Provider” is defined in Section 2.3(b)(ii) of the
Base Indenture.

“Ford” means Ford Motor Company, a Delaware corporation, and its
successors.

“Franchisee Nominee Agreement” means, with respect to any
Franchisee Vehicle, a Vehicle Title and Lienholder Nominee Agreement
substantially in the form of the PVHC/BONY Nominee Agreement (with such
differences as are necessary to reflect the identities of the nominees), dated
on or prior to the date of the inclusion of such Franchisee Vehicle under the
Finance Lease, among CCRG, ARAC and/or BRAC, AESOP Leasing, the holder of
record title to such Franchisee Vehicle, the lienholder shown on the
Certificate of Title with respect to such Franchisee Vehicle and the Trustee,
pursuant to which, among other things, (i) AESOP Leasing shall appoint the
holder of record title to such Franchisee Vehicle as its nominee titleholder
and the Trustee shall appoint the lienholder shown on the Certificate of Title
with respect to such Franchisee Vehicle as its nominee lienholder, (ii) CCRG
shall indemnify AESOP Leasing and its permitted assignees (including the Trustee) for any
losses that occur as a consequence of any

E-31

 

claim made on such Franchisee Vehicle
by a creditor or purchaser from the entity that owned such Vehicle prior to the
acquisition thereof by CCRG, ARAC or BRAC, as applicable, as a result of such
entity’s prior ownership of such Vehicle or as a result of the notation of the
lien on the Certificates of Title with respect to such Vehicle not being in the
Trustee’s name and (iii) the holder of record title to such Franchisee Vehicle
and the lienholder shown on the Certificate of Title with respect to such
Franchisee Vehicle shall each covenant and agree that, prior to the date which
is one year and one day after the payment in full of the latest maturing Note,
it will not institute against, or join with any other Person in instituting,
against CRCF, AESOP Leasing, AESOP Leasing II, Original AESOP, PVHC, Quartx or
any other Permitted Nominee under any Franchisee Nominee Agreement, any
bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings,
or other proceedings.

“Franchisee Vehicle” means any Eligible Vehicle (which need not be
a new Vehicle) acquired by CCRG, ARAC or BRAC from any Person on or within six
(6) months after the closing date of a transaction in which CCRG, ARAC or BRAC
acquires such Person or substantially all of the assets of such Person;
provided that such Person shall have been a franchisee of Avis Car
Rental Group, Inc. (formerly known as Cendant Car Rental, Inc.), CCRG, ARAC or
BRAC and Wizard Co., Inc. immediately prior to such acquisition.

“Franchisee Vehicle Leasing Condition” means, with respect to any
Franchisee Vehicle, the delivery to AESOP Leasing, CRCF and the Trustee on or
prior to the date of inclusion of such Franchisee Vehicle under the Finance
Lease of the following items:

(1)     an executed copy of a Franchisee Nominee Agreement with respect
to such Franchisee Vehicle;

(2)     a written search report from a Person satisfactory to AESOP
Leasing, CRCF and the Trustee listing all effective financing statements
that name the holder of record title to such Franchisee Vehicle as debtor
or assignor, and that are filed in the jurisdictions in which filings
were made pursuant to clause (3) below, together with copies of such
financing statements, and tax and judgment lien search reports from a
Person satisfactory to AESOP Leasing, CRCF and the Trustee showing no
evidence of liens filed against such holder of record title to such
Franchisee Vehicle that purport to affect such Franchisee Vehicle;

(3)     a purchase agreement, pledge agreement or similar agreement,
pursuant to which such holder of record title to such Franchisee Vehicle
will grant a security interest in its right, title and interest in and to
such Vehicle to AESOP Leasing, CRCF and the Trustee;

(4)     an opinion of counsel stating that such Franchisee Nominee
Agreement and the agreement referred to in clause (3) above are
legal, valid and binding agreements of such holder of record title to
such Franchisee Vehicle, enforceable in accordance with their respective
terms, subject to bankruptcy, insolvency, reorganization, moratorium and
other similar laws affecting creditors’ rights generally and to general
principles of equity;

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(5)     evidence of the filing of proper financing statements on Form
UCC-1 naming such holder of record title to such Franchisee Vehicle, as
debtor, and AESOP Leasing as secured party covering such Franchisee
Vehicle;

(6)     evidence of the filing of proper financing statements on Form
UCC-1 naming such holder of record title to such Franchisee Vehicle, as
debtor, and the Trustee as secured party covering such Franchisee
Vehicle; and

(7)     any additional documentation that AESOP Leasing, CRCF or the
Trustee may reasonably require.

“GAAP” means the generally accepted accounting principles in the
United States promulgated or adopted by the Financial Accounting Standards
Board and its predecessors and successors from time to time.

“Global Note” means a Restricted Global Note, a Temporary Global
Note or a Permanent Global Note, as the case may be.

“GM” means General Motors Corporation, a Delaware corporation, and
its successors.

“GM Repurchase Program” means the General Motors Corporation
Passenger and Light Duty Truck Repurchase Program for Daily Rental Operations,
as amended or replaced from time to time, and pursuant to which the repurchase
price is calculated based upon a specified percentage of the Capitalized Cost
of a Vehicle and the month during which the Turnback Date for such Vehicle
occurred as set forth in such program.

“Governmental Authority” means any Federal, state, local or foreign
court or governmental department, commission, board, bureau, agency, authority,
instrumentality or regulatory body.

“Guaranteed Depreciation Program” means a guaranteed depreciation
program pursuant to which a Manufacturer has agreed with AESOP Leasing, AESOP
Leasing II, ARAC, BRAC or CCRG, as the case may be, to (a) cause Vehicles
manufactured by it or one of its Affiliates that are turned back during the
specified Repurchase Period to be sold by an auction dealer, (b) cause the
proceeds of any such sale to be paid to AESOP Leasing, AESOP Leasing II, ARAC,
BRAC or CCRG, as the case may be, by such auction dealer within seven days of
such sale and (c) pay to AESOP Leasing, AESOP Leasing II, ARAC, BRAC or CCRG,
as the case may be, the excess, if any, of the guaranteed payment amount with
respect to any such Vehicle calculated as of the Turnback Date in accordance
with the provisions of such guaranteed depreciation program over the amount
paid to AESOP Leasing, AESOP Leasing II, ARAC, BRAC or CCRG, as the case may
be, by an auction dealer pursuant to clause (b) above.

“Guaranteed Lessees” is defined in Section 26.1 of the
Finance Lease.

“Guaranteed Obligations” is defined in Section 26.1 of the
Finance Lease.

“Hyundai” means Hyundai Motor America, a California corporation and
its assigns.

E-33

 

“Identification Period” is defined in Section 1.1 of the
Master Exchange Agreement.

“Indebtedness”, as applied to any Person, means, without
duplication, (a) all indebtedness for borrowed money, (b) that portion of
obligations with respect to any lease of any property (whether real, personal
or mixed) that is properly classified as a liability on a balance sheet in
conformity with GAAP, (c) notes payable and drafts accepted representing
extensions of credit whether or not representing obligations for borrowed
money, (d) any obligation owed for all or any part of the deferred purchase
price for property or services, which purchase price is (i) due more than six
months from the date of the incurrence of the obligation in respect thereof or
(ii) evidenced by a note or similar written instrument, (e) all indebtedness
secured by any Lien on any property or asset owned by that Person regardless of
whether the indebtedness secured thereby shall have been assumed by that Person
or is nonrecourse to the credit of that Person, and (f) all Contingent
Obligations of such Person in respect of any of the foregoing.

“Indemnified Liabilities” is defined (i) for purposes of the AESOP
I Operating Lease Loan Agreement in Section 13.5 thereof, (ii) for
purposes of the AESOP I Finance Lease Loan Agreement in Section 13.5
thereof and (iii) for purposes of the AESOP II Loan Agreement in Section
13.5 thereof.

“Indemnified Persons” is defined (i) for purposes of the AESOP I
Operating Lease in Section 16.1 thereof, (ii) for purposes of the AESOP
II Operating Lease in Section 16.1 thereof and (iii) for purposes of the
Finance Lease in Section 16.1 thereof.

“Indenture” means the Base Indenture, together with all
Supplements, as the same may be amended, modified or supplemented from time to
time.

“Independent Director” means,

(a)     with respect to AESOP Leasing II, an individual who is not, and,
except for having previously acted as an independent director or manager
of another limited purpose, bankruptcy remote subsidiary of Cendant
Corporation, never was,

(i)     a stockholder, member, partner, director, officer, employee,
affiliate, associate, customer, supplier, creditor or independent
contractor of, or any person that has received any benefit
(excluding, however, any compensation received by an Independent
Director in such person’s capacity as an independent director or
manager of another special purpose subsidiary of Cendant
Corporation) in any form whatever from, or any person that has
provided any service (excluding, however, any service provided by a
director in such person’s capacity as an independent director or
manager of another special purpose subsidiary of Cendant
Corporation) in any form whatever to, AESOP Leasing II, AGH, CRCF,
CCRG, ARAC, BRAC, AESOP Leasing, Original AESOP, Original CRCF or
any of their affiliates or associates, or

(ii)     any person owning beneficially, directly or indirectly, any
outstanding shares of common stock, any limited liability company
interests or any partnership interests, as applicable, of AESOP
Leasing II, AGH, CRCF, CCRG, ARAC, BRAC, AESOP Leasing, Original
AESOP, Original CRCF or any of their

E-34

 

affiliates, or a stockholder, member, partner, director, officer,
employee, affiliate, associate,
customer, supplier, creditor or independent contractor of, or any
person that has received any benefit (excluding, however, any
compensation received by an independent director or manager of
another special purpose subsidiary of Cendant Corporation) in any
form whatever from, or any person that has provided any service
(excluding, however, any service provided by a director in such
person’s capacity as an independent director or manager of another
special purpose subsidiary of Cendant Corporation) in any form
whatever to, such beneficial owner or any of such beneficial
owner’s affiliates or associates, or

(iii)     a member of the immediate family of any person described
above;

(b)     with respect to Original AESOP, and individual who is not, and,
except for having previously acted as an independent director or manager
of another limited purpose, bankruptcy remote subsidiary of Cendant
Corporation,

(i)     a stockholder, member, partner, director, officer, employee,
affiliate, associate, customer, supplier, creditor or independent
contractor of, or any person that has received any benefit
(excluding, however, any compensation received by a director in
such person’s capacity as an independent director or manager of
another special purpose subsidiary of Cendant Corporation) in any
form whatever from, or any person that has provided any service
(excluding, however, any service provided by a director in such
person’s capacity as an independent director or manager of another
special purpose subsidiary of Cendant Corporation) in any form
whatever to, Original AESOP, AGH, CRCF, CCRG, ARAC, BRAC, AESOP
Leasing, AESOP Leasing II, Original CRCF or any of their affiliates
or associates, or

(ii)     any person owning beneficially, directly or indirectly, any
outstanding shares of common stock, any limited liability company
interests or any partnership interests, as applicable, of Original
AESOP, AGH, CRCF, CCRG, ARAC, BRAC, AESOP Leasing, AESOP Leasing
II, Original CRCF or any of their affiliates, or a stockholder,
member, partner, director, officer, employee, affiliate, associate,
customer, supplier, creditor or independent contractor of, or any
person that has received any benefit (excluding, however, any
compensation received by an independent director or manager of
another special purpose subsidiary of Cendant Corporation) in any
form whatever from, or any person that has provided any service
(excluding, however, any service provided by a director in such
person’s capacity as an independent director or manager of another
special purpose subsidiary of Cendant Corporation) in any form
whatever to, such beneficial owner or any of such beneficial
owner’s affiliates or associates, or

(iii)     a member of the immediate family of any person described
above.

“Independent Manager” is defined in Section 1.1 of the CRCF
Limited Liability Company Agreement.

E-35

 

“Ineligible Vehicle” means a Vehicle that is not an Eligible
Vehicle.

“Initial Closing Date” means July 30, 1997.

“Initial Invested Amount” means, with respect to any Series of
Notes, the aggregate initial principal amount specified in the applicable
Supplement.

“Interest Collections” means on any date of determination, all
Collections which, pursuant to the Loan Agreements, represent payments of Loan
Interest and Supplemental Interest plus any amounts earned on Permitted
Investments in the Collection Account which are available for distribution on
such date.

“Interest Period” means, with respect to any Series of Notes, the
period specified in the related Supplement.

“Intermediary” means the Person acting in the capacity of Qualified
Intermediary pursuant to the Master Exchange Agreement, which initially shall
be AESOP Exchange Corporation, a Delaware corporation.

“Invested Amount” means, with respect to each Series of Notes, the
amount specified in the applicable Supplement.

“Invested Percentage” means, with respect to any Series of Notes,
the percentage specified in the applicable Supplement.

“Investment Company Act” means the Investment Company Act of 1940,
as amended.

“Issuer” means CRCF, as issuer of the Notes, unless a successor
replaces it and, thereafter, means the successor.

“Isuzu” means American Isuzu Motors Inc., a California corporation,
and its successors.

“Joint Collection Accounts” is defined in Section 1.1 of the
Master Exchange Agreement.

“Joint Disbursement Account” is defined in Section 1.1 of
the Master Exchange Agreement.

“Kia” means Kia Motors America, Inc., a California corporation, and
its successors.

“Lease Event of Default” means an AESOP I Operating Lease Event of
Default, an AESOP II Operating Lease Event of Default or a Finance Lease Event
of Default.

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

“Lease Payment Deficit” with respect to a Series shall be defined
in the Supplement for such Series.

“Lease” means either of the Operating Leases or the Finance Lease.

E-36

 

“Lease’s Share” means, with respect to each Lease on any date of
determination, a fraction expressed as a percentage, the numerator of which is
equal to the Net Book Value of Vehicles subject to such Lease and the
denominator of which is equal to the sum of the Net Book Value of all Vehicles
subject to the Leases, each as of such date of determination; provided,
however, that on any date of determination on which the Net Book Value
of Vehicles subject to each Lease is zero, the Lease’s Share with respect to
(i) the AESOP I Operating Lease shall be 67.5%, (ii) the Finance Lease shall be
10% and (iii) the AESOP II Operating Lease shall be 22.5%.

“Lender” means CRCF, in its capacity as lender under the Loan
Agreements.

“Lender Party” is defined (i) for purposes of the AESOP I Operating
Lease Loan Agreement in Section 13.5 thereof, (ii) for purposes of the
AESOP I Finance Lease Loan Agreement in Section 13.5 thereof and (iii)
for purposes of the AESOP II Loan Agreement in Section 13.5 thereof.

“Lender’s Carrying Cost Interest Rate” means for any Loan Interest
Period an interest rate equal to the percentage equivalent of a fraction, (i)
the numerator of which is equal to (A) the amount of interest accrued during
such Loan Interest Period with respect to all Series of Notes, plus (B)
the sum of any Swap Payments payable by CRCF on the next succeeding Payment
Date, minus (C) the sum of any Swap Payments payable to CRCF on the next
succeeding Payment Date, minus (D) any accrued earnings on Permitted
Investments in the Collection Account which are available for distribution on
the last Business Day of such Loan Interest Period, and (ii) the denominator of
which is equal to the Average Daily Loan Balance for all Loans under the Loan
Agreements with respect to such Loan Interest Period; provided,
however, that the Lender’s Carrying Cost Interest Rate after the
occurrence of an Event of Bankruptcy with respect to CCRG or any other Lessee
shall equal an interest rate equal to (x) with respect to the AESOP I Operating
Lease Loan Agreement, the percentage equivalent of a fraction, (I) the
numerator of which is equal to the product of (A) the sum specified in
clause (i) above and (B) a fraction, the numerator of which is the AESOP
I Operating Lease Loan Agreement Borrowing Base and the denominator of which is
the sum of the AESOP I Operating Lease Loan Agreement Borrowing Base, the AESOP
I Finance Lease Loan Agreement Borrowing Base and the AESOP II Loan Agreement
Borrowing Base, each determined as of the first day of such Loan Interest
Period, and (II) the denominator of which is equal to the Average Daily Loan
Balance for all Loans under the AESOP I Operating Lease Loan Agreement with
respect to such Loan Interest Period and (y) with respect to the AESOP I
Finance Lease Loan Agreement and the AESOP II Loan Agreement, the percentage
equivalent of a fraction, (I) the numerator of which is equal to the product of
(A) the sum specified in clause (i) above and (B) a fraction, the
numerator of which is the sum of the AESOP I Finance Lease Loan Agreement
Borrowing Base and the AESOP II Loan Agreement
Borrowing Base and the denominator of which is the sum of the AESOP I
Operating Lease Loan Agreement Borrowing Base, the AESOP I Finance Lease Loan
Agreement Borrowing Base and the AESOP II Loan Agreement Borrowing Base, each
determined as of the first day of such Loan Interest Period, and (II) the
denominator of which is equal to the Average Daily Loan Balance for all Loans
under the AESOP I Finance Lease Loan Agreement and the AESOP II Loan Agreement
with respect to such Loan Interest Period.

E-37

 

“Lessee” means, as applicable, (i) CCRG, in its capacity as the
lessee under the AESOP I Operating Lease, (ii) CCRG, in its capacity as the
lessee under the AESOP II Operating Lease and (iii) each of ARAC, BRAC and
CCRG, in its capacity as a lessee under the Finance Lease.

“Lessee Agreements” is defined (i) for purposes of the AESOP I
Operating Lease in Section 2(b) thereof, (ii) for purposes of the AESOP
II Operating Lease in Section 2(b) thereof and (iii) for purposes of the
Finance Lease in Section 2(b) thereof.

“Lessee’s Share” means, with respect to each Lessee under the
Finance Lease on any date of determination, a fraction expressed as a
percentage, the numerator of which is equal to the Net Book Value of all
Vehicles leased by such Lessee under the Finance Lease and the denominator of
which is equal to the sum of the Net Book Value of all Vehicles leased under
the Finance Lease, each as of such date of determination.

“Lessor” means (i) AESOP Leasing, in its capacity as the lessor
under each of the AESOP I Operating Lease and the Finance Lease, and (ii) AESOP
Leasing II, in its capacity as the lessor under the AESOP II Operating Lease.

“Liabilities” means (i) with respect to the AESOP I Operating Lease
Loan Agreement, all obligations to the Lender of AESOP Leasing arising under or
in connection with the AESOP I Operating Lease Loan Agreement or the related
Loan Note, in each case howsoever created, arising or evidenced, whether direct
or indirect, joint or several, absolute or contingent, or now or hereafter
existing, or due or to become due including, without limitation, Loan Interest
accruing after the filing of a bankruptcy petition whether or not allowed as a
claim, (ii) with respect to the AESOP I Finance Lease Loan Agreement, all
obligations to the Lender of AESOP Leasing arising under or in connection with
the AESOP I Finance Lease Loan Agreement or the related Loan Note, in each case
howsoever created, arising or evidenced, whether direct or indirect, joint or
several, absolute or contingent, or now or hereafter existing, or due or to
become due including, without limitation, Loan Interest accruing after the
filing of a bankruptcy petition whether or not allowed as a claim and (iii)
with respect to the AESOP II Loan Agreement, all obligations to the Lender of
AESOP Leasing II arising under or in connection with the AESOP II Loan
Agreement or the related Loan Note, in each case howsoever created, arising or
evidenced, whether direct or indirect, joint or several, absolute or
contingent, or now or hereafter existing, or due or to become due including,
without limitation, Loan Interest accruing after the filing of a bankruptcy
petition whether or not allowed as a claim.

“Licensing Agreement” means the Master Licensing Agreement, dated
as of July 30, 1997, among Avis Car Rental Group, Inc. (formerly known as
Cendant Car Rental, Inc.
and HFS Car Rental, Inc.), ARAC and Wizard Co., Inc., as amended,
supplemented, restated or otherwise modified from time to time in accordance
with its terms.

“Lien” means, when used with respect to any Person, any interest in
any real or personal property, asset or other right held, owned or being
purchased or acquired by such Person which secures payment or performance of
any obligation, and shall include any mortgage, lien, pledge, encumbrance,
charge, retained security title of a conditional vendor or lessor, or other
security interest of any kind, whether arising under a security agreement,
mortgage, lease, deed of trust,

E-38

 

chattel mortgage, assignment, pledge, retention
or security title, financing or similar statement, or notice or arising as a
matter of law, judicial process or otherwise.

“Limited Liquidation Event of Default” means, with respect to any
Series of Notes, any event specified as such in the related Supplement.

“Liquidation Event of Default” means, so long as such event or
condition continues, any of the following: (a) any event or condition with
respect to CRCF, AESOP Leasing, AESOP Leasing II, Original AESOP, PVHC, Quartx,
CCRG or any other Lessee of the type described in Section 9.1(d) of the
Base Indenture, (b) a payment default by CRCF under the Base Indenture as
specified in Sections 9.1(a) and (b) of the Base Indenture, (c)
an event specified in Section 9. 1(e)(i), (k), (l) or
(m) of the Base Indenture, (d) a payment default by CCRG or any Lessee
under any Enhancement Agreement, as specified therein, (e) a payment default by
the Lessee under Section 18.1.1 of the AESOP I Operating Lease, (f) a
payment default by the Lessee under Section 18.1.1 of the AESOP II
Operating Lease, (g) a payment default by any Lessee under Section
18.1.1 of the Finance Lease or (h) an Event of Bankruptcy with respect to
any Permitted Sublessee or the Intermediary.

“LKE Programs” is defined in the recitals to the Master Exchange
Agreement.

“Loan” is defined (i) for purposes of the AESOP I Operating Lease
Loan Agreement in Section 2.1 thereof, (ii) for purposes of the AESOP I
Finance Lease Loan Agreement in Section 2.1 thereof and (iii) for
purposes of the AESOP II Loan Agreement in Section 2.1 thereof.

“Loan Agreements” means the AESOP I Loan Agreements and the AESOP
II Loan Agreement.

“Loan Agreement’s Share” means, with respect to each Loan Agreement
on any date of determination, a fraction expressed as a percentage, the
numerator of which is equal to the Loan Principal Amount of Loans outstanding
under such Loan Agreement and the denominator of which is equal to the sum of
the Loan Principal Amounts of all Loans outstanding under the Loan Agreements,
each as of such date of determination; provided, however, that on
any date of determination on which the Loan Principal Amount of Loans
outstanding under each Loan Agreement is zero, the Loan Agreement’s Share with
respect to each Loan Agreement shall equal the Lease’s Share with respect to
the Related Lease as of such date.

“Loan Collateral” means the AESOP I Loan Collateral and the AESOP
II Loan Collateral.

“Loan Commitment” is defined (i) for purposes of the AESOP I
Operating Lease Loan Agreement in Section 2.1 thereof, (ii) for purposes
of the AESOP I Finance Lease Loan Agreement in Section 2.1 thereof and
(iii) for purposes of the AESOP II Loan Agreement in Section 2.1
thereof.

“Loan Commitment Termination Date” means the date on which all
Notes shall have been paid in full and the Base Indenture shall have terminated
pursuant to Section 11.1 thereof.

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“Loan Event of Default” means an AESOP I Loan Event of Default or
an AESOP II Loan Event of Default.

“Loan Interest” is defined (i) with respect to Loans made under the
AESOP I Operating Lease Loan Agreement, in Section 4.1 thereof, (ii)
with respect to Loans made under the AESOP I Finance Lease Loan Agreement, in
Section 4.1 thereof and (iii) with respect to Loans made under the AESOP
II Loan Agreement, in Section 4.1 thereof.

“Loan Interest Period” means, with respect to any Distribution
Date, the period from and including the preceding Distribution Date to but
excluding the current Distribution Date, provided, however, that
the final Loan Interest Period shall end on the date following the Loan
Commitment Termination Date on which all Loans under the Loan Agreements shall
have been paid in full.

“Loan Note” is defined (i) with respect to Loans made under the
AESOP I Operating Lease Loan Agreement, in Section 3.1 thereof, (ii)
with respect to Loans made under the AESOP I Finance Lease Loan Agreement, in
Section 3.1 thereof and (iii) with respect to Loans made under the AESOP
II Loan Agreement, in Section 3.1 thereof.

“Loan Payment Allocation Percentage” means, (i) with respect to the
AESOP I Operating Lease Loan Agreement on any date of determination, a fraction
expressed as a percentage (which percentage shall never exceed 100%), the
numerator of which is equal to the Loan Principal Amount of Loans outstanding
under the AESOP I Operating Lease Loan Agreement and the denominator of which
is equal to the AESOP I Operating Lease Loan Agreement Borrowing Base, each as
of such date of determination, (ii) with respect to the AESOP I Finance Lease
Loan Agreement on any date of determination, a fraction expressed as a
percentage (which percentage shall never exceed 100%), the numerator of which
is equal to the Loan Principal Amount of Loans outstanding under the AESOP I
Finance Lease Loan Agreement and the denominator of which is equal to AESOP I
Finance Lease Loan Agreement Borrowing Base, each as of such date of
determination, and (iii) with respect to the AESOP II Loan Agreement, 100%.

“Loan Principal Amount” means, as of any date, (i) with respect to
Loans made under the AESOP I Operating Lease Loan Agreement, the aggregate
principal amount
outstanding of such Loans, (ii) with respect to Loans made under the AESOP
I Finance Lease Loan Agreement, the aggregate principal amount outstanding of
such Loans and (iii) with respect to Loans made under the AESOP II Loan
Agreement, the aggregate principal amount outstanding of such Loans.

“Loan Request” means a loan request, substantially in the form of
Exhibit B-1 to any Loan Agreement, executed by an Authorized Officer of
the relevant Borrower.

“Loan Request Response” means a loan request response,
substantially in the form of Exhibit B-2 to each Loan Agreement,
executed by an Authorized Officer of the Lender.

“Lockbox Agreement” means each agreement establishing or governing
an Approved Lockbox Account.

“Luxembourg Agent” is defined in Section 2.4(c) of the Base
Indenture.

E-40

 

“Manager” is defined in Section 1.1 of the CRCF Limited
Liability Company Agreement.

“Managing Agent” means Lord Securities Corporation, a Delaware
corporation.

“Mandatorily Redeemable Obligations” means, as applied to a Person,
an obligation of such Person to the extent that it is redeemable, payable or
required to be purchased or otherwise retired or extinguished (a) at a fixed or
determinable date, whether by operation of a sinking fund or otherwise, (b) at
the option of any Person other than such Person or (c) upon the occurrence of a
condition not solely within the control of such Person, such as a redemption
required to be made out of future earnings.

“Manufacturer” means a manufacturer, or authorized distributor of
such manufacturer, of passenger automobiles and/or light trucks.

“Manufacturer Event of Default” means, with respect to any
Manufacturer, (i) the failure by such Manufacturer (or in the case of a
Guaranteed Depreciation Program, the failure by such Manufacturer or any
related auction dealers) to pay any amount due under such Manufacturer’s
Manufacturer Program with respect to a Vehicle turned in to such Manufacturer
(including any Relinquished Vehicle); provided, however, that
(a)(I) in the case of an Eligible Manufacturer Program, such failure continues
for more than ninety (90) days following the Turnback Date for such Vehicle or
(II) in the case of any other Manufacturer Program, such failure continues for
more than thirty (30) days following the Turnback Date for such Vehicle and (b)
in the case of an Eligible Manufacturer Program only, the aggregate of any such
amounts not paid (each, a “Past Due Amount”) are equal to or in excess
of the lesser of the Default Amount with respect to such Manufacturer Program
and the then-outstanding aggregate amount of repurchase obligations of the
Manufacturer under such Manufacturer Program, in each case net of Past Due
Amounts that are the subject of a good faith dispute as evidenced by a writing
by AESOP Leasing, AESOP Leasing II, ARAC, BRAC or CCRG, as applicable, or the
Manufacturer questioning the accuracy of amounts paid or payable
in respect of certain Vehicles tendered for repurchase under a
Manufacturer Program (as distinguished from any dispute relating to the
repudiation by such Manufacturer generally of its obligations under such
Manufacturer Program or the assertion by such Manufacturer of the invalidity or
unenforceability as against it of such Manufacturer Program); (ii) the
occurrence of an Event of Bankruptcy with respect to such Manufacturer; or
(iii) the termination of such Manufacturer’s Manufacturer Program or the
failure of an Eligible Program Manufacturer’s Manufacturer Program to meet the
requirements of an Eligible Manufacturer Program.

“Manufacturer Program” means any Repurchase Program or Guaranteed
Depreciation Program.

“Market Value” means, with respect to any Vehicle as of any date of
determination, the market value of such Vehicle as specified in the Related
Month’s published NADA Guide for the model class and model year of such Vehicle
based on the average equipment and the average mileage of each vehicle of such
model class and model year; provided, that if the NADA Guide is being
published but such Vehicle is not included therein, the Market Value shall mean
the Capitalized Cost of such Vehicle less depreciation charges equal to 1.67%
per month of the Capitalized Cost of such Vehicle since the date of such
Vehicle’s purchase; provided, further,

E-41

 

that if the NADA Guide was
not published in the Related Month, the Market Value of such Vehicle shall be
based on an independent third-party data source approved by each Rating Agency
that is rating any Series of Notes at the request of CRCF or CCRG based on the
average equipment and average mileage of each Vehicle of such model class and
model year or based upon such other methodology approved by each such Rating
Agency.

“Market Value Average” means, as of any day, the percentage
equivalent of a fraction, the numerator of which is the average of the
Non-Program Fleet Market Value as of the preceding Determination Date and the
two Determination Dates precedent thereto and the denominator of which is the
average of the aggregate Net Book Value of Non-Program Vehicles leased under
the AESOP I Operating Lease and the Finance Lease as of the preceding
Determination Date and the two Determination Dates precedent thereto.

“Master Exchange Agreement” means the Master Exchange Agreement,
dated as of the Restatement Effective Date, among the Intermediary, AESOP
Leasing, CCRG, ARAC and BRAC, as amended, modified or supplemented from time to
time in accordance with its terms.

“Material Adverse Effect” means, with respect to any occurrence,
event or condition:

(i)     a materially adverse effect on the financial condition,
prospects, business, assets or operations of CCRG and its
Consolidated Subsidiaries; or

(ii)     a materially adverse effect on the ability of (a) CCRG,
any other Lessee, AESOP Leasing, AESOP Leasing II, Original AESOP,
PVHC or Quartx to perform its obligations under any of the Related
Documents or (b) the Lender to perform its obligations under any of
the Related Documents; or

(iii)     an adverse effect on (a) the enforceability of any
Related Document or (b) on the priority or perfection of the
Lender’s or the Trustee’s Lien on any Loan Collateral or the
Collateral.

“Maximum Financed Vehicle Amount” means, as of any Determination
Date or Payment Date, the lowest Maximum Financed Vehicle Amount specified in
any Supplement under which Notes are Outstanding as of such date.

“Maximum Invested Amount” means, with respect to each Series of
Notes, the amount, if any, specified in the applicable Supplement.

“Maximum Manufacturer Amount” means, as of any Determination Date
or Payment Date, with respect to a particular Manufacturer or group of
Manufacturers, the lowest Maximum Manufacturer Amount specified in any
Supplement under which Notes are Outstanding as of such date.

“Maximum Non-Eligible Manufacturer Amount” means, as of any
Determination Date or Payment Date, the lowest Maximum Non-Eligible
Manufacturer Amount specified in any Supplement under which Notes are
Outstanding as of such date.

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“Maximum Non-Program Vehicle Amount” means, as of any Determination
Date or Payment Date, the lowest Maximum Non-Program Vehicle Amount specified
in any Supplement under which Notes are Outstanding as of such date.

“Maximum Specified States Amount” means, as of any Determination
Date or Payment Date, the lowest Maximum Specified States Amount specified in
any Supplement under which Notes are Outstanding as of such date.

“Maximum Term” is defined (i) for purposes of the AESOP I Operating
Lease in Section 3.1 thereof, (ii) for purposes of the AESOP II
Operating Lease in Section 3.1 thereof and (iii) for purposes of the
Finance Lease in Section 3.1 thereof.

“Mazda” means, collectively, Mazda Motor Corporation, a Japanese
corporation, and Mazda Motor of America, Inc., a California corporation, and
their respective successors.

“Measurement Month” with respect to any date, means collectively,
each of the three periods most closely preceding such date, each of which
periods shall consist of one calendar month or the smallest number of
consecutive calendar months, in which (a) at least 250 Non-Program Vehicles
were sold at auction or otherwise or (b) at least one-twelfth of the aggregate
Net Book Value of the Non-Program Vehicles leased under the AESOP I Operating
Lease and the Finance Lease as of the last day of each such period were sold at
auction or otherwise; provided, however, that no calendar month included
in a Measurement Month shall be included in any other Measurement Month; and,
further provided, that Redesignated Program Vehicles shall be
excluded for purposes of the foregoing determination.

“Measurement Month Average” means, with respect to any Measurement
Month, the percentage equivalent of a fraction, the numerator of which is the
aggregate amount of Disposition Proceeds of all Non-Program Vehicles sold at
auction or otherwise during such Measurement Month (excluding any Redesignated
Program Vehicles) and the denominator of which is the aggregate Net Book Value
of such Vehicles on the dates of their respective sales.

“Minimum Term” is defined (i) for purposes of the AESOP I Operating
Lease in Section 3.1 thereof, (ii) for purposes of the AESOP II
Operating Lease in Section 3.1 thereof and (iii) for purposes of the
Finance Lease in Section 3.1 thereof.

“Mitsubishi” means Mitsubishi Motors North America, Inc., a
California corporation, and its successors.

“Monthly Administration Fee” means, with respect to each Payment
Date, one-twelfth of the product of (i) in the case of the Monthly
Administration Fee payable by AESOP Leasing in respect of Vehicles subject to
the AESOP I Operating Lease and the Finance Lease, 0.40% and the Net Book Value
of such Vehicles as of the first day of the applicable Related Month; (ii) in
the case of the Monthly Administration Fee payable by AESOP Leasing II in
respect of Vehicles subject to the AESOP II Operating Lease, 0.40% and the Net
Book Value of such Vehicles as of the first day of the applicable Related
Month; and (iii) in the case of the Monthly Administration Fee payable by CRCF,
0.10% and the Net Book Value of all Vehicles leased under the Leases as of the
first day of the applicable Related Month; provided, however,
that if an Amortization Event with respect to any Series of Notes shall have
occurred and be continuing, the Monthly

E-43

 

Administration Fee for each Payment
Date will equal the greater of (A) the product of (x) $20.00 and (y) the number
of Vehicles subject to the Leases as of the first day of the applicable Related
Month, and (B) the sum of the amounts described in the clauses (i),
(ii) and (iii) of this definition; and provided,
further, that if the Monthly Administration Fee is determined as
provided in clause (A), such Monthly Administration Fee shall be payable
by AESOP Leasing, AESOP Leasing II and CRCF in the same relative proportions
that would have been payable had such Monthly Administration Fee been
determined as provided in clauses (i), (ii) and (iii) of
this definition.

“Monthly Base Rent” means, with respect to each Lease on a Payment
Date, without duplication, the sum of (a) the Loan Interest and Supplemental
Interest with respect to the Loan(s) made to finance the Vehicles subject to
such Lease that is due and payable on such Payment Date, plus (b) the
accrued Depreciation Charges for the Related Month for all Vehicles (x) subject
to such Lease as of the end of the Related Month or (y) that, without double
counting, while subject to such Lease either became Ineligible Vehicles,
suffered a Casualty or were sold by or on behalf of the applicable Lessor to
any Person, in each case, during the Related Month, plus (c) in the case
of the AESOP I Operating Lease or the Finance Lease, all upfront incentive
payments paid by Manufacturers during the Related Month in respect of purchases
of Non-Program Vehicles leased under such Lease, plus (d) the Monthly
Administration Fee payable by the applicable Lessor under the Administration
Agreement with respect to such Payment Date; plus (e) in the case of the
AESOP II Operating Lease, an amount equal to the dividends accrued during the
Related Month on the outstanding Preferred Stock of AESOP Leasing II (including
any applicable tax gross-up), determined in accordance
with the certificates of designation relating to such Preferred Stock,
plus (f) the applicable Loan Agreement’s Share (determined as of the
beginning of the Related Month) with respect to the Related Loan Agreement of
Carrying Charges, plus (g) in the case of the AESOP II Operating Lease,
the monthly portion of the AESOP II Management Fee and any other amounts
payable by AESOP Leasing II under the AESOP II Management Agreement,
plus (h) in the case of the AESOP I Operating Lease or the Finance
Lease, the monthly portion of the Original AESOP Management Fee, allocated to
each such Lease pro rata, based upon the applicable Lease’s Share (determined
as of the beginning of the Related Month), plus (i) in the case of the
AESOP I Operating Lease or the Finance Lease, an amount equal to 1% of the sum
of (A) the Net Book Value of the Non-Program Vehicles subject to such Lease as
of the first day of the Related Month, (B) the Capitalized Cost of each new
Non-Program Vehicle leased thereunder since the first day of the Related Month
and (C) the Net Book Value of each Program Vehicle subject to such Lease
redesignated as a Non-Program Vehicle since the first day of the Related Month,
plus (j) indemnity payments paid by the applicable Lessor pursuant to
any Vehicle Title and Lienholder Nominee Agreement to which such Lessor is a
party.

“Monthly Certificate” is defined in Section 4.1(b) of the
Base Indenture.

“Monthly Loan Principal Amount” (i) with respect to Loans made
under the AESOP I Operating Lease Loan Agreement, is defined in Section
5.1 thereof, (ii) with respect to Loans made under the AESOP I Finance
Lease Loan Agreement, is defined in Section 5.1 thereof and (iii) with
respect to Loans made under the AESOP II Loan Agreement, is defined in
Section 5.1 thereof.

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“Monthly Noteholders Statement”
means a statement substantially in the form of Exhibit E to the
Indenture.

“Moody’s” means Moody’s Investors Service, Inc.

“NADA Guide” means the National Automobile Dealers Association,
Official Used Car Guide, Eastern Edition.

“Net Book Value” means, with respect to each Vehicle, (i) such
Vehicle’s Capitalized Cost, minus, (ii) in the case of any Non-Program
Vehicle, the amount of any upfront incentive fees paid by a Manufacturer in
respect of the purchase of such Vehicle, minus (iii) the aggregate
Depreciation Charges accrued with respect to such Vehicle through the last day
of the Related Month.

“Nissan” means Nissan North America, Inc., a California
corporation, and its successors.

“Nissan Hawaii” means Nissan Motor Corporation in Hawaii, Ltd., a
Hawaii corporation, and its successors.

“Non-Eligible Manufacturer Amount” means, as of any date of
determination, the aggregate Net Book Value of all Vehicles leased under the
Leases on such day that were manufactured by Manufacturers other than Eligible
Non-Program Manufacturers.

“Non-Program Fleet Market Value” means, with respect to all
Non-Program Vehicles (excluding any Redesignated Program Vehicles) as of any
date of determination, the sum of the respective Market Values of each
Non-Program Vehicle subject to the AESOP I Operating Lease or the Finance
Lease. For purposes of computing the Non-Program Fleet Market Value, the
“Market Value” of a Non-Program Vehicle means the market value of such
Non-Program Vehicle as specified in the most recently published NADA Guide for
the model class and model year of such Non-Program Vehicle based on the average
equipment and the average mileage of each Non-Program Vehicle of such model
class and model year then leased under the AESOP I Operating Lease and the
Finance Lease. If such Non-Program Vehicle is not listed in the most recently
published NADA Guide, then the “Market Value” of a Non-Program Vehicle means
the Capitalized Cost of such Non-Program Vehicle less depreciation charges
accrued in respect of such Non-Program Vehicle in accordance with the
applicable Depreciation Schedule since the date of such Non-Program Vehicle’s
purchase. Notwithstanding the foregoing, if a Non-Program Vehicle is subject
to a Manufacturer Program and for so long as no Manufacturer Event of Default
has occurred with respect to the related Manufacturer, the Market Value of such
Non-Program Vehicle as of any date of determination, will equal the Repurchase
Price on such date with respect to such Vehicle under such Manufacturer
Program.

“Non-Program Vehicle” means a Vehicle that is not subject to an
Eligible Manufacturer Program.

“Non-Program Vehicle Amount” means, as of any date of
determination, the aggregate Net Book Value of all Non-Program Vehicles leased
under the Leases on such day, excluding, however, any
Redesignated Program Vehicle.

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“Non-Program Vehicle Percentage” means, as of any date of
determination, a fraction, expressed as a percentage, (a) the numerator of
which is the aggregate Net Book Value of all Non-Program Vehicles leased under
the Leases on such day and (b) the denominator of which is the aggregate Net
Book Value of all Vehicles leased under the Leases on such day.

“Non-Program Vehicle Special Default Payments” is defined (i) for
purposes of the AESOP I Operating Lease in Section 13.3 thereof and (ii)
for purposes of the Finance Lease in Section 13.3 thereof.

“Note Owner” means, with respect to a Book-Entry Note, the Person
who is the beneficial owner of such Book-Entry Note, as reflected on the books
of the Clearing Agency, or on the books of a Person maintaining an account with
such Clearing Agency (directly or as an indirect participant, in accordance
with the rules of such Clearing Agency).

“Note Rate” means, with respect to any Series of Notes, the annual
rate at which interest accrues on the Notes of such Series of Notes (or formula
on the basis of which such rate shall be determined) as stated in the
applicable Supplement.

“Note Register” means the register maintained pursuant to
Section 2.6(a) of the Base Indenture, providing for the registration of
the Notes and transfers and exchanges thereof.

“Noteholder” and “Holder” means the Person in whose name a
Note is registered in the Note Register.

“Notes” is defined in the recitals to the Base Indenture.

“Officer’s Certificate” means a certificate signed by an Authorized
Officer of CRCF, AESOP Leasing, AESOP Leasing II, Original AESOP, PVHC, Quartx,
CCRG or any Lessee, as the case may be.

“Operating Leases” means the AESOP I Operating Lease and the AESOP
II Operating Lease.

“Opinion of Counsel” means a written opinion from legal counsel who
is acceptable to the Trustee. The counsel may be an employee of or counsel to
CRCF, AESOP Leasing, AESOP Leasing II, Original AESOP, PVHC, Quartx, CCRG or
any Lessee, as the case may be, unless the Requisite Investors shall notify the
Trustee of objection thereto.

“Original AESOP” means AESOP Leasing Corp., a Delaware corporation.

“Original AESOP Management Agreement” means the Amended and
Restated Management Agreement, dated as of July 30, 1997, between the Managing
Agent and Original AESOP, as amended, modified or supplemented from time to
time in accordance with its terms.

“Original AESOP Management Fee” is defined in Section 2 of
the Original AESOP Management Agreement.

E-46

 

“Original AESOP Nominee Agreement” means the Amended and Restated
Vehicle Title Nominee Agreement, dated as of the Restatement Effective Date,
among Original AESOP, the Trustee, CCRG and AESOP Leasing II, as amended,
modified or supplemented from time to time in accordance with its terms.

“Original CRCF” means AESOP Funding Corp. II, a Delaware
corporation.

“Original Indenture” is defined in the recitals to the Base
Indenture.

“Outstanding” is defined, with respect to any Series, in the
related Supplement.

“Paired Series” is defined in Section 5.5 of the Base
Indenture.

“Paying Agent” is defined in Section 2.6(a) of the Base
Indenture.

“Payment Date” means the 20th day of each month, or if such date is
not a Business Day, the next succeeding Business Day.

“Pension Plan” means any “employee pension benefit plan”, as such
term is defined in ERISA, which is subject to Title IV of ERISA (other than a
“multiemployer plan”, as defined in Section 4001 of ERISA) and to which any
company in the Controlled Group has liability, including any liability by
reason of having been a substantial employer within the meaning of Section 4063
of ERISA for any time within the preceding five years or by reason of being
deemed to be a contributing sponsor under Section 4069 of ERISA.

“Permanent Global Note” is defined in Section 2.5(b) of the
Base Indenture.

“Permitted Encumbrances” means: (a) a Lien securing a tax,
assessment or other governmental charge or levy (excluding any Lien arising
under any of the provisions of ERISA) or the claim of a materialman, mechanic,
carrier, warehouseman or landlord for labor, materials, supplies or rentals
incurred in the ordinary course of business, and foreclosure, distraint, sale
or other similar proceedings shall not have been commenced; (b) a Lien on the
properties and assets of a Subsidiary of CCRG, ARAC or BRAC securing
Indebtedness owing to CCRG, ARAC or BRAC, as applicable; (c) a Lien consisting
of a deposit or pledge made, in the ordinary course of business, in connection
with, or to secure payment of, obligations under worker’s compensation,
unemployment insurance or similar legislation; (d) a Lien constituting an
encumbrance in the nature of zoning restrictions, easements, and rights or
restrictions of record on the use of real property which does not materially
detract from the value of such property or impair the use thereof in the
business of CCRG, ARAC or BRAC or any of their respective Subsidiaries; (e) a
Lien constituting a lease or sublease granted by CCRG, ARAC or BRAC or any
Permitted Sublessee to others in the ordinary course of business; (f) a Lien
existing on (i) property of any Person at the time such Person becomes a
Consolidated Subsidiary of CCRG, ARAC or BRAC or (ii) any asset prior to the
acquisition thereof by CCRG, ARAC or BRAC or any of their respective
Consolidated Subsidiaries, but only, in the case of either clause (i) or
(ii), if such Lien was not created in contemplation thereof and so long
as the obligation secured by such Lien is not in default and such Lien is and
will remain confined to the property subject to it at the time such Person
becomes a Consolidated Subsidiary of CCRG, ARAC or BRAC or such property is acquired and to fixed
improvements thereafter erected on such property; (g) a Lien securing

E-47

 

Purchase
Money Indebtedness but only if, in the case of each such Lien: (i) such Lien
shall at all times be confined solely to the asset purchase price of which was
financed through the incurrence of the Purchase Money Indebtedness (defined
below) secured by such Lien and to fixed improvements then or thereafter
erected on such asset; (ii) such Lien attached to such asset within ninety (90)
days of the acquisition of such property; and (iii) the aggregate principal
amount of Purchase Money Indebtedness secured by such Lien at no time exceeds
an amount equal to the lesser of (A) the cost (including the principal amount
of such Indebtedness, whether or not assumed) to CCRG, ARAC or BRAC or any of
their respective Consolidated Subsidiaries of the asset subject to such Lien
and (B) the fair value of such asset at the time of such acquisition; (h) a
Lien constituting a renewal, extension or replacement of a Lien constituting a
Permitted Encumbrance by virtue of clause (f) or (g) of this
definition, but only, in the case of each such renewal, extension or
replacement Lien, to the extent that the principal amount of indebtedness
secured by such Lien does not exceed the principal amount of such indebtedness
so secured at the time of the extension, renewal or replacement, and that such
renewal, extension or replacement Lien is limited to all or a part of the
property that was subject to the Lien extended, renewed or replaced and to
fixed improvements then or thereafter erected on such property; (i) Liens on
property of non-U.S. Subsidiaries including those in Puerto Rico and the U.S.
Virgin Islands; and (j) a Lien arising pursuant to an order of attachment,
distraint or similar legal process arising in connection with legal
proceedings, but only if and so long as the execution or other enforcement
thereof is not unstayed for more than twenty (20) days. For this purpose
“Purchase Money Indebtedness” means Indebtedness of CCRG, ARAC or BRAC
or any of their respective Consolidated Subsidiaries that, within ninety (90)
days of such purchase, is incurred to finance part or all of (but not more
than) the purchase price of a tangible asset in which neither CCRG, ARAC or
BRAC nor any of their respective Subsidiaries had at any time prior to such
purchase any interest other than a security interest or an interest as lessee
under an operating lease and renewals, extensions or refundings, thereof, but
not any increases in the principal amounts thereof or interest rates thereon,
except for increases in interest rates upon the occasion of any such renewal,
extension or refunding that are commercially reasonable at such time.

“Permitted Investments” means negotiable instruments or securities
maturing on or before the Distribution Date next occurring after the investment
therein, payable in Dollars, issued by an entity organized under the laws of
the United States of America and represented by instruments in bearer or
registered or in book-entry form which evidence (i) obligations the full and
timely payment of which are to be made by or is fully guaranteed by the United
States of America other than financial contracts whose value depends on the
values or indices of asset values; (ii) demand deposits of, time deposits in,
or certificates of deposit issued by, any depositary institution or trust
company incorporated under the laws of the United States of America or any
state thereof whose short-term debt is rated “P-1” by Moody’s and “A-1” or
higher by Standard & Poor’s and subject to supervision and examination by
Federal or state banking or depositary institution authorities;
provided, however, that at the earlier of (x) the time of the
investment and (y) the time of the contractual commitment to invest therein,
the certificates of deposit or short-term deposits, if any, or long-term
unsecured debt obligations (other than such obligation whose rating is based on
collateral or on the credit of a Person other than such institution or trust
company) of such depositary institution or trust company shall have a credit
rating from Standard & Poor’s of “A-1+”, in the case of certificates
of deposit or short-term deposits, or a rating from Standard & Poor’s not
lower than “AA”, in the case of long-term unsecured debt obligations; (iii)
commercial paper having, at the earlier of (x) the time of the

E-48

 

investment and
(y) the time of the contractual commitment to invest therein, a rating from
Standard & Poor’s of “A-1+”; (iv) bankers’ acceptances issued by any depositary
institution or trust company described in clause (ii) above; (v)
investments in money market funds rated “AAm” by Standard & Poor’s or otherwise
approved in writing by Standard & Poor’s; (vi) Eurodollar time deposits having
a credit rating from Standard & Poor’s of “A-1+”; (vii) repurchase agreements
involving any of the Permitted Investments described in clauses (i) and
(vi) above and the certificates of deposit described in clause
(ii) above which are entered into with a depository institution or trust
company, having a commercial paper or short-term certificate of deposit rating
of “A-1+” by Standard & Poor’s and “P-1” by Moody’s or which otherwise is
approved as to collateralization by the Rating Agencies; and (viii) any other
instruments or securities, if the Rating Agencies confirm in writing that the
investment in such instruments or securities will not adversely affect any
ratings with respect to any Series of Notes.

“Permitted Liens” means (i) Liens for current taxes not delinquent
or for taxes being contested in good faith and by appropriate proceedings, and
with respect to which adequate reserves have been established, and are being
maintained, in accordance with GAAP, (ii) mechanics’, materialmen’s,
landlords’, warehousemen’s and carrier’s Liens, and other Liens imposed by law,
securing obligations arising in the ordinary course of business that are not
more than thirty days past due or are being contested in good faith and by
appropriate proceedings and with respect to which adequate reserves have been
established, and are being maintained, in accordance with GAAP, (iii) Liens in
favor of the Lessors or the Trustee pursuant to each of the Leases and Liens in
favor of a Lessee under a Sublease; (iv) Liens in favor of the Lender in
respect of the Liabilities pursuant to the Loan Agreements, (iv) the Liens in
favor of the Trustee pursuant to the Indenture, and (v) Liens in favor of an
Enhancement Provider, provided, however, that such Liens are
subordinate to the Liens in favor of the Trustee and have been consented to by
the Trustee.

“Permitted Nominee” means, with respect to AESOP Leasing, AESOP
Leasing II or CCRG, the nominee titleholder(s) for such Person appointed
pursuant to the Vehicle Title and Lienholder Nominee Agreements to which it is
a party.

“Permitted Sublessee” means (i) each of ARAC and BRAC, in each
case, so long as it is a Wholly-Owned Subsidiary of CCRG or (ii) any other
Wholly-Owned Subsidiary of CCRG that, in each case, becomes a sublessee under a
Sublease in accordance with the terms and provisions of a Lease.

“Person” means any natural person, corporation, business trust,
joint venture, association, company, partnership, limited liability company,
joint stock company, corporation, trust, unincorporated organization or
Governmental Authority.

“Placement Agency Agreement” means any agreement pursuant to which
a Placement Agent agrees with CRCF to place Notes with, or purchase Notes for
resale to, investors.

“Placement Agent” means any Person in its capacity as a placement
agent or an initial purchaser under a Placement Agency Agreement.

E-49

 

“Pool Factor” means, unless any Series of Notes is issued in more
than one class as stated in any related Supplement, a number carried out to
eight significant decimals representing the ratio of the applicable Invested
Amount as of the end of the Related Month to the applicable Initial Invested
Amount.

“Potential AESOP I Finance Lease Loan Event of Default” means any
occurrence or event which, with the giving of notice, the passage of time or
both, would constitute an AESOP I Finance Lease Loan Event of Default.

“Potential AESOP I Loan Event of Default” means a Potential AESOP I
Operating Lease Loan Event of Default or a Potential AESOP I Finance Lease Loan
Event of Default.

“Potential AESOP I Operating Lease Event of Default” means any
occurrence or event which, with the giving of notice, the passage of time or
both, would constitute an AESOP I Operating Lease Event of Default.

“Potential AESOP I Operating Lease Loan Event of Default” means any
occurrence or event which, with the giving of notice, the passage of time or
both, would constitute an AESOP I Operating Lease Loan Event of Default.

“Potential AESOP II Loan Event of Default” means any occurrence or
event which, with the giving of notice, the passage of time or both, would
constitute an AESOP II Loan Event of Default.

“Potential AESOP II Operating Lease Event of Default” means any
occurrence or event which, with the giving of notice, the passage of time or
both, would constitute an AESOP II Operating Lease Event of Default.

“Potential Amortization Event” means any occurrence or event which,
with the giving of notice, the passage of time or both, would constitute an
Amortization Event.

“Potential Enhancement Agreement Event of Default” means any
occurrence or event which, with the giving of notice, the passage of time or
both, would constitute an Enhancement Agreement Event of Default under any
Enhancement Agreement.

“Potential Finance Lease Event of Default” means any occurrence or
event which, with the giving of notice, the passage of time or both, would
constitute a Finance Lease Event of Default.

“Potential Lease Event of Default” means any occurrence or event
which, with the giving of notice, the passage of time or both, would constitute
a Lease Event of Default.

“Potential Loan Event of Default” means any occurrence or event
which, with the giving of notice, the passage of time or both, would constitute
a Loan Event of Default.

“Potential Manufacturer Event of Default” means any occurrence or
event which, with the giving of notice, the passage of time or both, would
constitute a Manufacturer Event of Default.

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“Power of Attorney” means a power of attorney in the form of
Attachment B to any Lease.

“Preferred Stock” means, as of any date, the issued and outstanding
Series A Preferred Stock, together with any other issued and outstanding
preferred stock, of AESOP Leasing II on such date.

“Prime Rate” is defined in Section 26.5 of the Finance
Lease.

“Principal Collections” means any Collections other than Interest
Collections.

“Principal Terms” is defined in Section 2.3 of the Base
Indenture.

“Prior AESOP Finance Lease” is defined in the recitals to the
Finance Lease.

“Prior AESOP Finance Lease Loan Agreement” is defined in the
recitals to the AESOP I Finance Lease Loan Agreement.

“Prior AESOP I Loan Agreement” is defined in the recitals to the
AESOP I Operating Lease Loan Agreement.

“Prior AESOP II Loan Agreement” is defined in the recitals to the
AESOP II Operating Lease Loan Agreement.

“Prior AESOP I Operating Lease” is defined in the recitals to the
AESOP I Operating Lease.

“Prior AESOP II Lease” is defined in the recitals to the AESOP II
Operating Lease.

“Prior Indenture” is defined in the recitals to the Base Indenture.

“Proceeds” has the meaning set forth in Section 9-102(a)(64) of the
UCC.

“Program Size” means, with respect to any Series of Notes, the
amount specified in the applicable Supplement.

“Program Vehicle” means a Vehicle subject to an Eligible
Manufacturer Program.

“Program Vehicle Special Default Payments” is defined (i) for
purposes of the AESOP I Operating Lease in Section 13.3 thereof and (ii)
for purposes of the Finance Lease in Section 13.3 thereof.

“PVHC” means PV Holding Corp., a Delaware corporation, and its
permitted successors.

“PVHC/BONY Nominee Agreement” means the Amended and Restated
Vehicle Title and Lienholder Nominee Agreement, dated as of the Restatement
Effective Date, among PV Holding Corp., CCRG, AESOP Leasing and the Trustee, as
amended, modified or supplemented from time to time in accordance with its
terms.

E-51

 

“QI Parent Downgrade Event” shall mean, on any date of
determination, either (i) JPMorgan Chase Bank (or any entity that is a
successor to JP Morgan Chase Bank as the ultimate parent of the Intermediary)
shall have a short-term credit rating of below “A-1+” from S&P or (ii) if at
any time JPMorgan Chase Bank (or any entity that is a successor to JP Morgan
Chase Bank as the ultimate parent of the Intermediary) does not have a
short-term credit rating, JPMorgan Chase Bank (or any entity that is a
successor to JP Morgan Chase Bank as the ultimate parent of the Intermediary)
shall have a long-term credit rating of below “AA-” from S&P.

“Qualified Institution” means a depositary institution or trust
company (which may include the Trustee) organized under the laws of the United
States of America or any one of the states thereof or the District of Columbia;
provided, however, that at all times such depositary institution
or trust company is a member of the FDIC and has (i) from Standard & Poor’s a
long-term indebtedness rating not lower than “AA-” and a short-term
indebtedness rating of “A-1+” and from Moody’s a long-term indebtedness rating
not lower than “A2” and a short-term indebtedness rating of “P-1”, or (ii) such
other rating which satisfies the Rating Agency Consent Condition.

“Qualified Intermediary” means a Person satisfying the requirements
for a “qualified intermediary” within the meaning of Section 1031 of the Code
and the regulations thereunder.

“Quartx” means Quartx Fleet Management Inc., a Delaware
corporation, and its permitted successors.

“Quartx Nominee Agreement” means the Amended and Restated Vehicle
Title Nominee Agreement, dated as of the Restatement Effective Date, among
Quartx Fleet Management Inc., the Trustee, CCRG and AESOP Leasing, as amended,
modified or supplemented from time to time in accordance with its terms.

“Rating Agency” means, with respect to each outstanding Series of
Notes, any rating agency or agencies then issuing a rating for such Series of
Notes at the request of CRCF or CCRG.

“Rating Agency Confirmation Condition” means, with respect to any
action, that (i) each Rating Agency shall have notified CRCF, each Lessee,
AESOP Leasing, AESOP Leasing II, CCRG, any Enhancement Provider and the Trustee
in writing that such action will not result in a reduction or withdrawal of the
rating (in effect immediately before the taking of such action) of any
outstanding Series of Notes with respect to which it is a Rating Agency and
(ii) each Rating Agency shall have notified any applicable Enhancement Provider
entitled to such notification pursuant to the relevant Supplement in writing that such
action will not result in a reduction or withdrawal of the rating (without
regard to the presence of the Enhancement provided by each such Enhancement
Provider and in effect immediately before the taking of such action) of any
outstanding Series of Notes issued pursuant to such related Supplement and,
with respect to the issuance of a Series of Notes, the “Rating Agency
Confirmation Condition” also means, in addition to the above, that each Rating
Agency that is referred to in the related Supplement as being required to
deliver its rating with respect to such Series of Notes shall have notified
CRCF,

E-52

 

AESOP Leasing, AESOP Leasing II, CCRG, each Lessee, any Enhancement
Provider and the Trustee in writing that such rating has been issued by such
Rating Agency.

“Rating Agency Consent Condition” means, with respect to any
action, that (i) each Rating Agency shall have notified CRCF, AESOP Leasing,
AESOP Leasing II, CCRG, each Lessee, any Enhancement Provider and the Trustee
in writing that such action will not result in a reduction or withdrawal of the
rating (in effect immediately before the taking of such action) of any
outstanding Series of Notes with respect to which it is a Rating Agency and,
with respect to the issuance of a Series of Notes, the “Rating Agency Consent
Condition” also means that each Rating Agency that is referred to in the
related Supplement as being required to deliver its rating with respect to such
Series of Notes shall have notified CRCF, each Lessee, AESOP Leasing, AESOP
Leasing II, CCRG, any Enhancement Provider and the Trustee in writing that such
rating has been issued by such Rating Agency and (ii) any Enhancement Provider
entitled to consent pursuant to the related Supplement shall have consented in
writing to such action.

“Record Date” means, with respect to any Distribution Date, the
last day of the Related Month.

“Redesignated Program Vehicle” means a Program Vehicle that is
rejected as ineligible for repurchase by the related Manufacturer (or for sale
at auction under the applicable Manufacturer Program) and that is not expected
to be accepted upon a subsequent return, or that at the time of its intended
disposition is determined by the relevant Lessee as likely to be so rejected;
provided, however, that after such rejection or determination
such Vehicle will not be used in the operating fleet of the relevant Lessee.

“Registrar” is defined in Section 2.6(a) of the Base
Indenture.

“Regulation S” is defined in Section 2.5(b) of the Base
Indenture.

“Related Documents” means, collectively, the Indenture, the Notes,
any Enhancement Agreement, the Loan Agreements, the Assignment Agreements, the
Vehicle Title and Lienholder Nominee Agreements, the Administration Agreement,
the Termination Services Agreement, the Securities Account Control Agreements,
the Loan Notes, any Placement Agency Agreement, any agreements relating to the
issuance or the purchase of any of the Notes, the Leases, the Supplemental
Documents relating to the Leases, the Subleases, each Lockbox Agreement, the
Master Exchange Agreement and the Escrow Agreement.

“Related Lease” means (i) with respect to the AESOP I Operating
Lease Loan Agreement, the AESOP I Operating Lease, (ii) with respect to the
AESOP I Finance Lease Loan Agreement, the Finance Lease and (iii) with respect to the AESOP II Loan
Agreement, the AESOP II Operating Lease.

“Related Loan Agreement” means (i) with respect to the AESOP I
Operating Lease, the AESOP I Operating Lease Loan Agreement, (ii) with respect
to the AESOP I Finance Lease, the AESOP I Finance Lease Loan Agreement and
(iii) with respect to the AESOP II Operating Lease, the AESOP II Loan
Agreement.

E-53

 

“Related Month” means, (i) with respect to any Payment Date,
Determination Date or Distribution Date, the most recently ended calendar
month, (ii) with respect to any other date, the calendar month in which such
date occurs and (iii) with respect to an Interest Period, the month in which
such Interest Period commences.

“Relinquished Property” is defined in Section 1.1 of the
Master Exchange Agreement.

“Relinquished Property Proceeds” is defined in Section 1.1
of the Master Exchange Agreement.

“Relinquished Vehicle” means a Vehicle that is “Relinquished
Property” under and as defined in Section 1.1 of the Master Exchange
Agreement.

“Replacement Property” is defined in Section 1.1 of the
Master Exchange Agreement.

“Replacement Vehicle” means a Vehicle constituting “Replacement
Property” under and as defined in the Master Exchange Agreement.

“Repurchase Amount” means, with respect to any Series of Notes, the
amount specified in the applicable Supplement.

“Repurchase Period” means, with respect to any Program Vehicle, the
period during which such Vehicle may be turned in to the Manufacturer thereof
for repurchase or sale at auction pursuant to the applicable Manufacturer
Program.

“Repurchase Price” with respect to any Vehicle (i) subject to a
Repurchase Program means the price paid or payable by the Manufacturer thereof
to repurchase such Vehicle pursuant to its Manufacturer Program and (ii)
subject to a Guaranteed Depreciation Program means the amount which the
Manufacturer thereof guarantees will be paid to AESOP Leasing (or the
Intermediary, pursuant to the Master Exchange Agreement), AESOP Leasing II,
ARAC, BRAC or CCRG, as the case may be, as the seller of such Vehicle by such
Manufacturer and/or the related auction dealers upon the disposition of such
Vehicle pursuant to its Manufacturer Program.

“Repurchase Program” means a program pursuant to which a
Manufacturer has agreed with AESOP Leasing, AESOP Leasing II, ARAC, BRAC or
CCRG, as the case may be, to repurchase Vehicles manufactured by such
Manufacturer or one of its Affiliates during the specified Repurchase Period.

“Required AESOP I Operating Lease Vehicle Amount” means, with
respect to each Series of Notes, the amount specified in the applicable
Supplement.

“Required Aggregate Asset Amount” means, on any date of
determination, the Aggregate Invested Amount on such date.

“Required Enhancement Amount” is defined, with respect to any
Series, in the related Supplement.

E-54

 

“Required Noteholders” means Noteholders holding in excess of 50%
of the aggregate Invested Amount of a Series of Notes (excluding, for the
purposes of making the foregoing calculation, any Notes held by CRCF or any
Affiliate of CRCF unless such Affiliate is the sole Noteholder under such
Series of Notes).

“Required Secured Parties” is defined, with respect to any Series,
in the related Supplement.

“Requirements of Law” means, with respect to any Person or any of
its property, the certificate of incorporation or articles of association and
by-laws or other organizational or governing documents of such Person or any of
its property, and any law, treaty, rule or regulation, or determination of any
arbitrator or Governmental Authority, in each case applicable to or binding
upon such Person or any of its property or to which such Person or any of its
property is subject, whether Federal, state or local (including, without
limitation, usury laws, the Federal Truth in Lending Act and retail installment
sales acts).

“Requisite Investors” means Noteholders holding in excess of 50% of
the aggregate Invested Amount of all outstanding Series of Notes (excluding,
for the purposes of making the foregoing calculation, any Notes held by CRCF or
any Affiliate of CRCF).

“Residual Value Payment” shall mean, with respect to a Vehicle as
of the date of calculation, an amount equal to the Termination Value of such
Vehicle, provided, however, that in no event shall the sum of the
net present value of the Monthly Base Rent paid or accrued with respect to such
Vehicle to the date of calculation plus the net present value of the
Termination Value of such Vehicle exceed 88 percent of the Capitalized Cost of
such Vehicle, with such net present value calculated to the Vehicle Finance
Lease Commencement Date for such Vehicle with the discount rate equal to the
interest rate utilized to calculate the interest component of the Monthly Base
Rent heretofore paid or accrued for such Vehicle to the date of calculation.
This Residual Value Payment will be reduced (but not below zero) by the
proceeds received by the Lessor on the sale of the Vehicle including any sale
pursuant to any Manufacturer Program.

“Restatement Effective Date” means June 3, 2004.

“Restricted Global Note” is defined in Section 2.5(a) of the
Base Indenture.

“Revolving Period” means, with respect to any Series of Notes, the
period specified in the applicable Supplement.

“Rule 144A” is defined in Section 2.5(a) of the Base
Indenture.

“S&P” or “Standard & Poor’s” means Standard & Poor’s Ratings
Service, a division of The McGraw-Hill Companies, Inc.

“Secured Parties” is defined in Section 3.1 of the Base
Indenture.

“Securities Account Control Agreements” means the CRCF Securities
Account Control Agreement and the CCRG Securities Account Control Agreement.

E-55

 

“Securities Act” means the Securities Act of 1933, as amended.

“Segregated Series” is defined in Section 2.3(b) of the Base
Indenture.

“Series A Preferred Stock” means the Adjustable Rate Cumulative
Participating Preferred Stock ($1.00 par value), Series A, of AESOP Leasing II
issued on the Initial Closing Date.

“Series Closing Date” means, with respect to any Series of Notes,
the date of issuance of such Series of Notes, as specified in the related
Supplement.

“Series of Notes” or “Series” means each Series of Notes
issued and authenticated pursuant to the Base Indenture and a related
Supplement.

“Series-Specific Collateral” is defined in Section 2.3(b) of
the Base Indenture.

“Series Termination Date” means, with respect to any Series of
Notes, the date stated in the related Supplement as the termination date.

“Special Default Payments” is defined (i) for purposes of the AESOP
I Operating Lease in Section 13.3 thereof, (ii) for purposes of the
AESOP II Operating Lease in Section 13.3 thereof and (iii) for purposes
of the Finance Lease in Section 13.3 thereof.

“Special Service Charges” means any and all charges assessed to the
Lessees pursuant to the AESOP I Operating Lease and the Finance Lease with
respect to the fees, expenses, indemnities and other amounts payable by AESOP
Leasing (without giving effect to any recourse limitation applicable to AESOP
Leasing) to the Intermediary pursuant to the Master Exchange Agreement.

“Specified States Amount” means, as of any date of determination,
the aggregate Net Book Value of all Vehicles leased under the Operating Leases
on such day that are titled in the States of Ohio, Oklahoma and Nebraska.

“Standard Casualty” means, with respect to any Vehicle, that (i)
such Vehicle is destroyed, seized or otherwise rendered permanently unfit or
unavailable for use and, if such Vehicle is a Program Vehicle, is not tendered
to and accepted for repurchase by the applicable Manufacturer within 90 days following the occurrence thereof or (ii) such
Vehicle is lost or stolen and is not recovered and, if such Vehicle is a
Program Vehicle, not -tendered to and accepted for repurchase by the applicable
Manufacturer within 180 days following the occurrence thereof.

“Subaru” means Subaru of America Inc., a New Jersey corporation,
and its successors.

“Sublease” is defined (i) for purposes of the AESOP I Operating
Lease, in Section 7 thereof, (ii) for purposes of the Finance Lease, in
Section 7 thereof and (iii) for purposes of the AESOP II Operating
Lease, in Section 7 thereof.

“Sublease Collateral” is defined in Section 2(c) of the
Operating Leases and Section 2(b)(vi) of the Finance Lease.

E-56

 

“Subsidiary” means, with respect to any Person (herein referred to
as the “parent”), any corporation, partnership, association or other business
entity (a) of which securities or other ownership interests representing more
than 50% of the equity or more than 50% of the ordinary voting power or more
than 50% of the general partnership interests are, at the time any
determination is being made, owned, controlled or held by the parent or (b)
that is, at the time any determination is being made, otherwise controlled by
the parent or one or more subsidiaries of the parent or by the parent and one
or more subsidiaries of the parent.

“Supplement” means a supplement to the Base Indenture complying (to
the extent applicable) with the terms of Section 2.3 or Article
12 of the Base Indenture.

“Supplemental Carrying Charges” means, with respect to each Loan
Interest Period for which the Average Daily Loan Balance under each Loan
Agreement is zero, an amount equal to (A) the amount of interest accrued during
such Loan Interest Period with respect to all Series of Notes, plus (B)
the sum of any Swap Payments payable by CRCF on the next succeeding Payment
Date, minus (C) the sum of any Swap Payments payable to CRCF on the next
succeeding Payment Date.

“Supplemental Documents” is defined (i) for purposes of the AESOP I
Operating Lease in Section 2.1 thereof, (ii) for purposes of the AESOP
II Operating Lease in Section 2.1 thereof and (iii) for purposes of the
Finance Lease in Section 2.1 thereof.

“Supplemental Interest” is defined (i) for purposes of the AESOP I
Operating Lease Loan Agreement in Section 4.2 thereof, (ii) for purposes
of the AESOP I Finance Lease Loan Agreement in Section 4.2 thereof and
(iii) for purposes of the AESOP II Loan Agreement in Section 4.2
thereof.

“Supplemental Rent” means, with respect to each of the Leases, any
and all amounts due thereunder other than Monthly Base Rent.

“Suzuki” means American Suzuki Motor Corporation, a California
corporation, and its successors.

“Swap Agreement” means one or more interest rate swap contracts,
interest rate cap agreements or similar contracts entered into by CRCF in
connection with the issuance of a Series of Notes, as specified in the related
Supplement, providing limited protection against interest rate risks.

“Swap Counterparty” means, with respect to a Swap Agreement, CRCF’s
counterparty under such Swap Agreement.

“Swap Payments” means amounts payable to or receivable by CRCF
pursuant to any Swap Agreement.

“Temporary Global Note” is defined in Section 2.5(b) of the
Base Indenture.

E-57

 

“Term” is defined (i) for purposes of the AESOP I Operating Lease
in Section 3.2 thereof, (ii) for purposes of the AESOP II Operating
Lease in Section 3.2 thereof and (iii) for purposes of the Finance Lease
in Section 3.2 thereof.

“Termination Services Agreement” means the Amended and Restated
Termination Services Agreement, dated as of July 30, 1997, by and among WizCom,
ARAC, CRCF and the Trustee, as amended, modified or supplemented from time to
time in accordance with its terms.

“Termination Services Reserve Account” is defined in Section
3 of the Administration Agreement.

“Termination Services Reserve Draw Amount” means, as of any date of
determination, the lesser of (i) the amount then due to WizCom from ARAC
pursuant to the Termination Services Agreement and (ii) the amount on deposit
in the Termination Services Reserve Account on such date.

“Termination Value” means, with respect to any Vehicle, as of any
date, an amount equal to (i) the Capitalized Cost of such Vehicle, minus
(ii) all Depreciation Charges for such Vehicle accrued prior to such date,
minus (iii) in the case of any Non-Program Vehicle, the amount of any
upfront incentive fees paid by the Manufacturer of such Vehicle in respect of
the purchase of such Vehicle.

“Toyota” means Toyota Motor Sales, U.S.A., Inc., a California
corporation, and its successors.

“Transfer Agent” is defined in Section 2.9(c)(iv) of the
Base Indenture.

“Treasury Regulations” is defined in the recitals to the Master
Exchange Agreement.

“Trust Indenture Act” means the Trust Indenture Act of 1939, as
amended.

“Trust Officer” means, with respect to the Trustee, any Senior Vice
President, Vice President, Assistant Vice President, Assistant Secretary or
Assistant Treasurer of the Corporate Trust Office, or any trust officer, or any
officer customarily performing functions similar to those performed by the
person who at the time shall be such officers, or to whom any corporate trust
matter is referred because of his knowledge of and familiarity with a
particular subject, or any successor thereto responsible for the administration
of the Base Indenture.

“Trustee” means the party named as such in the Indenture until a
successor replaces it in accordance with the applicable provisions of the
Indenture and thereafter means the successor serving thereunder.

“Turnback Date” means, with respect to any Program Vehicle or
Non-Program Vehicle subject to a Manufacturer Program, the date on which such
Vehicle is accepted for return by a Manufacturer or its agent pursuant to its
Manufacturer Program and the Depreciation Charges cease to accrue pursuant to
its Manufacturer Program.

E-58

 

“UCC” or “Uniform Commercial Code” means the Uniform
Commercial Code as in effect from time to time in the specified jurisdiction.

“United States” or “U.S.” means the United States of
America, its fifty states and the District of Columbia.

“U.S. Government Obligations” means direct obligations of the
United States of America, or any agency or instrumentality thereof for the
payment of which the full faith and credit of the United States of America is
pledged as to full and timely payment of such obligations.

“Variable Funding Note” is defined in Section 2.5(c) of the
Base Indenture.

“Vehicle” means a passenger automobile or light truck leased by any
Lessee pursuant to a Lease and when used in a Lease means a vehicle leased
pursuant to such Lease.

“Vehicle Acquisition Schedule” means a schedule in the form of
Attachment B to either Operating Lease or the Finance Lease.

“Vehicle Disposition Proceeds” means all disposition proceeds and
other amounts due from Manufacturers and related auction houses under their
Manufacturer Programs in respect of Vehicles disposed of pursuant to such
Manufacturer Programs and all disposition proceeds from the sale of Vehicles by
AESOP Leasing, AESOP Leasing II, a Lessee or the Intermediary to third parties
other than the Manufacturers.

“Vehicle Finance Lease Commencement Date” is defined in Section
3.1 of the Finance Lease.

“Vehicle Finance Lease Expiration Date” is defined in Section
3.1 of the Finance Lease.

“Vehicle Operating Lease Commencement Date” is defined (i) with
respect to Vehicles subject to the AESOP I Operating Lease in Section
3.1 thereof and (ii) with respect to Vehicles subject to the AESOP II
Operating Lease in Section 3.1 thereof.

“Vehicle Operating Lease Expiration Date” is defined (i) with
respect to Vehicles subject to the AESOP I Operating Lease in Section
3.1 thereof and (ii) with respect to Vehicles subject to the AESOP II
Operating Lease in Section 3.1 thereof.

“Vehicle Order” is defined (i) with respect to Vehicles subject to
the AESOP I Operating Lease in Section 2.1 thereof, (ii) with respect to
Vehicles subject to the AESOP II Operating Lease in Section 2.1 thereof
and (iii) with respect to Vehicles subject to the Finance Lease in Section
2.1 thereof.

“Vehicle Perfection and Documentation Requirements” means, (i) with
respect to a Vehicle, submission of an application for the issuance of a
certificate of title for such Vehicle with the department of registry of motor
vehicles of the applicable state in which such Vehicle is to be registered,
which application shall reflect the following: AESOP Leasing or its Permitted
Nominee (in the case of Vehicles subject to the AESOP I Operating Leases),
AESOP Leasing II

E-59

 

or its Permitted Nominee (in the case of Vehicles subject to
the AESOP II Operating Lease) and CCRG, ARAC, BRAC, any other Permitted
Sublessees or their respective Permitted Nominees (in the case of Vehicles
subject to the Finance Lease), as the registered owner and the Trustee as the
first lienholder (except that with respect to Vehicles titled in the states of
Ohio, Oklahoma and Nebraska, the Trustee will not be noted as the first
lienholder on the Certificates of Title relating to such Vehicles) and (ii)
with respect to each Franchisee Vehicle, the nominee lienholder under the
related Franchisee Nominee Agreement will be noted as the first lienholder on
the Certificate of Title relating to such Vehicle.

“Vehicle Purchase Price” is defined (i) with respect to Vehicles
subject to the AESOP I Operating Lease in Section 2.5 thereof, (ii) with
respect to Vehicles subject to the AESOP II Operating Lease in Section
2.5 thereof and (iii) with respect to Vehicles subject to the Finance Lease
in Section 2.5 thereof.

“Vehicle Purchase Surplus Amount” means, with respect to Vehicles
subject to the Finance Lease, as of any Payment Date, an amount equal to the
sum of (1) the excess, if any, of (x) the aggregate of the Vehicle Purchase
Price for all Vehicles purchased by the Lessee pursuant to Section
2.5(a) of the Finance Lease or sold to third parties pursuant to Section
2.6 of the Finance Lease, in each case during the Related Month over (y)
the aggregate of the Termination Values for all Vehicles so purchased or sold
during such Related Month, and (2) the excess, if any, of (x) the aggregate
Repurchase Price for Vehicles returned to a Manufacturer during the Related
Month and which had a Repurchase Price in excess of the Termination Value for
such Vehicles over (y) the aggregate Termination Value for all such Vehicles.

“Vehicle Return Default” is defined (i) with respect to Vehicles
subject to the AESOP I Operating Lease in Section 18.6 thereof, (ii)
with respect to Vehicles subject to the AESOP II Operating Lease in Section
18.6 thereof and (iii) with respect to Vehicles subject to the Finance
Lease in Section 18.6 thereof.

“Vehicle Term” is defined (i) with respect to Vehicles subject to
the AESOP I Operating Lease in Section 3.1 thereof, (ii) with respect to
Vehicles subject to the AESOP II Operating Lease in Section 3.1 thereof
and (iii) with respect to Vehicles subject to the Finance Lease in Section
3.1 thereof.

“Vehicle Title and Lienholder Nominee Agreements” means the
PVHC/BONY Nominee Agreement, the Quartx Nominee Agreement, the Original AESOP
Nominee Agreement and any Franchisee Nominee Agreements.

“Vehicle Turn-In Condition” is defined (i) with respect to Vehicles
subject to the AESOP I Operating Lease in Section 13.1 thereof, (ii)
with respect to Vehicles subject to the AESOP II Operating Lease in Section
13.1 thereof and (iii) with respect to Vehicles subject to the Finance
Lease in Section 13.1 thereof.

“VIN” means vehicle identification number.

 
“Wholly-Owned Subsidiary” means, with respect to any Person (herein
referred to as the “parent”), any corporation, partnership, association or
other business entity of which securities or other ownership interests
representing 100% of the equity or 100% of the ordinary voting power

E-60

 

or 100% of the ordinary voting power or 100% of
the general partnership interests are, at the time any determination is being
made, owned, controlled or held by the parent.

“WizCom” means WizCom International, Ltd., a Delaware corporation.

“written” or “in writing” means any form of written
communication, including, without limitation, by means of telex, telecopier
device, telegraph or cable.

E-61SECOND AMENDED AND RESTATED LOAN AGREEMENT

 

Exhibit 10.8

[SECOND AMENDED AND RESTATED AESOP I

Operating Lease Loan Agreement]

SECOND AMENDED AND RESTATED

LOAN AGREEMENT

dated as of June 3, 2004

among

AESOP LEASING L.P.,

as Borrower,

PV HOLDING CORP.,

as a Permitted Nominee of the Borrower,

QUARTX FLEET MANAGEMENT, INC.,

as a Permitted Nominee of the Borrower,

and

CENDANT RENTAL CAR FUNDING (AESOP) LLC,

as Lender

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page

	SECTION
1.     CERTAIN DEFINITIONS.
	 	 	2	 
	SECTION 1.1.     Certain Definitions.
	 	 	2	 
	SECTION 1.2.     Accounting and Financial Determinations.
	 	 	2	 
	SECTION 1.3.     Cross References; Headings.
	 	 	2	 
	SECTION 1.4.     Interpretation.
	 	 	3	 
	 	 	 
	SECTION 2.     LOAN COMMITMENT OF THE LENDER.
	 	 	3	 
	SECTION 2.1.     Loan Commitment.
	 	 	3	 
	SECTION 2.2.     Certain Waivers.
	 	 	3	 
	SECTION 2.3.     Conditions.
	 	 	4	 
	SECTION 2.4.     Use of Proceeds.
	 	 	4	 
	 	 	 
	SECTION 3.     LOAN NOTE; LOAN PROCEDURE; RECORDKEEPING.
	 	 	4	 
	SECTION 3.1.     Loan Note.
	 	 	4	 
	SECTION 3.2.     Loan Procedure.
	 	 	4	 
	SECTION 3.3.     Recordkeeping.
	 	 	5	 
	 	 	 
	SECTION 4.     INTEREST.
	 	 	5	 
	SECTION 4.1.     Interest Rate on Loans.
	 	 	5	 
	SECTION 4.2.     Supplemental Interest
	 	 	5	 
	SECTION 4.3.     Loan Interest Payment Dates.
	 	 	5	 
	SECTION 4.4.     Setting of Rates.
	 	 	5	 
	SECTION 4.5.     Carrying Charges.
	 	 	6	 
	 	 	 
	SECTION 5.     REPAYMENT OF LOAN PRINCIPAL AMOUNT.
	 	 	6	 
	SECTION 5.1.     Mandatory Repayment of Monthly Loan Principal Amount of Loans.
	 	 	6	 
	SECTION 5.2.     Voluntary Prepayments of Loan Principal Amount.
	 	 	7	 
	 	 	 
	SECTION 6.     MAKING OF PAYMENTS.
	 	 	7	 
	SECTION 6.1.     Making of Payments.
	 	 	7	 
	SECTION 6.2.     Due Date Extension.
	 	 	8	 
	SECTION 6.3.     Application of Sale Proceeds.
	 	 	8	 
	SECTION 6.4.     Payment Deficits.
	 	 	8	 
	 	 	 
	SECTION 7.     LOAN COLLATERAL SECURITY.
	 	 	8	 
	SECTION 7.1.     Grant of Security Interest.
	 	 	8	 
	SECTION 7.2.     Certificates of Title.
	 	 	10	 
	SECTION 7.3.     Release of AESOP I Operating Lease Loan Collateral.
	 	 	11	 
	SECTION 7.4.     Change of Location or Name.
	 	 	11	 
	SECTION 7.5.     Deliveries; Further Assurances.
	 	 	12	 
	SECTION 7.6.     [RESERVED].
	 	 	12	 
	SECTION 7.7.     [RESERVED].
	 	 	12	 
	SECTION 7.8.     AESOP I Segregated Account.
	 	 	12	 
	 	 	 
	SECTION 8.     REPRESENTATIONS AND WARRANTIES.
	 	 	13	 
	SECTION 8.1.     Organization; Ownership; Power; Qualification.
	 	 	13	 
	SECTION 8.2.     Authorization; Enforceability.
	 	 	13	 

(i)

 

	 	 	 	 	 
	SECTION 8.3.     Compliance.
	 	 	13	 
	SECTION 8.4.     [RESERVED].
	 	 	14	 
	SECTION 8.5.     Litigation.
	 	 	14	 
	SECTION 8.6.     Liens.
	 	 	14	 
	SECTION 8.7.     Employee Benefit Plans.
	 	 	14	 
	SECTION 8.8.     Investment Company Act.
	 	 	14	 
	SECTION 8.9.     Regulations T, U and X.
	 	 	14	 
	SECTION 8.10.     Proceeds.
	 	 	14	 
	SECTION 8.11.     Legal Names; Record Locations; Jurisdiction of Organization
	 	 	15	 
	SECTION 8.12.     Taxes.
	 	 	15	 
	SECTION 8.13.     Governmental Authorizations.
	 	 	15	 
	SECTION 8.14.     Compliance with Laws.
	 	 	15	 
	SECTION 8.15.     Eligible Vehicles.
	 	 	15	 
	SECTION 8.16.     Manufacturer Programs.
	 	 	16	 
	SECTION 8.17.     Absence of Default.
	 	 	16	 
	SECTION 8.18.     No Security Interest; Title to Assets.
	 	 	16	 
	SECTION 8.19.     Accuracy of Information.
	 	 	17	 
	 	 	 
	SECTION 9.     AFFIRMATIVE COVENANTS.
	 	 	17	 
	SECTION 9.1.     Existence; Foreign Qualification.
	 	 	17	 
	SECTION 9.2.     Books, Records and Inspections.
	 	 	17	 
	SECTION 9.3.     Insurance.
	 	 	18	 
	SECTION 9.4.     Manufacturer Programs.
	 	 	18	 
	SECTION 9.5.     Reporting Requirements.
	 	 	18	 
	SECTION 9.6.     Payment of Taxes; Removal of Liens.
	 	 	19	 
	SECTION 9.7.     Business.
	 	 	19	 
	SECTION 9.8.     Maintenance of the Vehicles.
	 	 	19	 
	SECTION 9.9.     Maintenance of Separate Existence.
	 	 	20	 
	SECTION 9.10.     Manufacturer Payments; Sales Proceeds.
	 	 	22	 
	SECTION 9.11.     Maintenance of Properties.
	 	 	23	 
	SECTION 9.12.     Verification of Title.
	 	 	23	 
	SECTION 9.13.     [RESERVED].
	 	 	23	 
	SECTION 9.14.     Delivery of Information.
	 	 	23	 
	SECTION 9.15.     Master Exchange Agreement and Escrow Agreement.
	 	 	23	 
	SECTION 9.16.     Vehicles.
	 	 	23	 
	SECTION 9.17.     Assignments
	 	 	23	 
	SECTION 9.18.     Notation of Liens.
	 	 	24	 
	SECTION 9.19.     Replacement of Intermediary.
	 	 	24	 
	SECTION 9.20.     [RESERVED]
	 	 	24	 
	SECTION 9.21.     [RESERVED]
	 	 	24	 
	SECTION 9.22.     Non-Program Vehicle Report.
	 	 	24	 
	SECTION 9.23.     Sale of Non-Program Vehicles Returned to AESOP Leasing.
	 	 	25	 
	 	 	 
	SECTION 10.     NEGATIVE COVENANTS.
	 	 	25	 
	SECTION 10.1.     Liens.
	 	 	25	 

(ii)

 

	 	 	 	 	 
	SECTION 10.2.     Other Indebtedness.
	 	 	25	 
	SECTION 10.3.     Mergers, Consolidations.
	 	 	26	 
	SECTION 10.4.     Sales of Assets.
	 	 	26	 
	SECTION 10.5.     Acquisition of Assets.
	 	 	26	 
	SECTION 10.6.     Dividends, Officers’ Compensation, etc.
	 	 	26	 
	SECTION 10.7.     Organizational Documents.
	 	 	26	 
	SECTION 10.8.     Investments.
	 	 	26	 
	SECTION 10.9.     Regulations T, U and X.
	 	 	26	 
	SECTION 10.10.     Other Agreements.
	 	 	26	 
	SECTION 10.11.     Use of Vehicles.
	 	 	26	 
	SECTION 10.12.     Use of Proceeds.
	 	 	27	 
	SECTION 10.13.     Limitations on the Acquisition or Redesignation of Certain
Vehicles.
	 	 	27	 
	SECTION 10.14.     Maximum Vehicle Age.
	 	 	27	 
	SECTION 10.15.     Master Exchange Agreement.
	 	 	27	 
	 	 	 
	SECTION 11.     CONDITIONS.
	 	 	27	 
	SECTION 11.1.     Effectiveness of Amended and Restated Agreement.
	 	 	27	 
	SECTION 11.2.     All Loans.
	 	 	29	 
	SECTION 11.3.     All Transactions Under Master Exchange Agreement.
	 	 	29	 
	 	 	 
	SECTION 12.     LOAN EVENTS OF DEFAULT AND THEIR EFFECT.
	 	 	30	 
	SECTION 12.1.     AESOP I Operating Lease Loan Events of Default.
	 	 	30	 
	SECTION 12.2.     Effect of AESOP I Operating Lease Loan Event of
Default or Liquidation Event of Default.
	 	 	31	 
	SECTION 12.3.     Rights of Lender and
Trustee Upon Liquidation Event of Default and Non-Performance of Certain Covenants.
	 	 	31	 
	SECTION 12.4.     Application of Proceeds.
	 	 	32	 
	SECTION 12.5.     Additional Agreements of AESOP Leasing.
	 	 	33	 
	 	 	 
	SECTION 13.     GENERAL.
	 	 	33	 
	SECTION 13.1.     Waiver; Amendments.
	 	 	33	 
	SECTION 13.2.     Confirmations.
	 	 	33	 
	SECTION 13.3.     Notices.
	 	 	33	 
	SECTION 13.4.     Taxes.
	 	 	35	 
	SECTION 13.5.     Indemnification.
	 	 	35	 
	SECTION 13.6.     Bankruptcy Petition.
	 	 	36	 
	SECTION 13.7.     Submission to Jurisdiction.
	 	 	36	 
	SECTION 13.8.     Governing Law.
	 	 	37	 
	SECTION 13.9.     JURY TRIAL.
	 	 	37	 
	SECTION 13.10.     Successors and Assigns.
	 	 	37	 
	SECTION 13.11.     Tax Treatment of Loans.
	 	 	37	 
	SECTION 13.12.     No Recourse.
	 	 	38	 
	SECTION 13.13.     Effect of Amendment.
	 	 	38	 

(iii)

 

EXHIBITS AND SCHEDULES

	 	 	 
	EXHIBIT A

	 	COPY OF LOAN NOTE
	EXHIBIT B-1

	 	FORM OF LOAN REQUEST
	EXHIBIT B-2

	 	FORM OF LOAN REQUEST RESPONSE
	EXHIBIT C

	 	FORM OF PAYMENT DEFICIT NOTICE
	SCHEDULE 8.11

	 	LEGAL NAMES; RECORDS LOCATIONS, JURISDICTION ORGANIZATION

(iv)

 

 

SECOND AMENDED AND RESTATED

LOAN AGREEMENT

THIS SECOND AMENDED AND RESTATED LOAN AGREEMENT, dated as of June 3, 2004
(the “Agreement”), is entered into among AESOP LEASING L.P., a Delaware
limited partnership (“AESOP Leasing” or the “Borrower”), PV
HOLDING CORP., a Delaware corporation (“PVHC”), as a Permitted Nominee
of the Borrower, QUARTX FLEET MANAGEMENT, INC., a Delaware corporation
(“Quartx”), as a Permitted Nominee of the Borrower, and CENDANT RENTAL
CAR FUNDING (AESOP) LLC (formerly known as AESOP Funding II L.L.C.), a Delaware
limited liability company (“CRCF” or the “Lender”).

WITNESSETH:

WHEREAS, AESOP Leasing, Avis Rent A Car System, Inc. (“ARAC”), as
lessee and as administrator, and Avis Group Holdings Inc. (“AGH”), as
guarantor, are parties to an Amended and Restated Master Motor Vehicle
Operating Lease Agreement, dated as of September 15, 1998 (the “Prior AESOP
I Operating Lease”), pursuant to which AESOP Leasing leased Program
Vehicles and Non-Program Vehicles of one or more Manufacturers to ARAC, and AGH
guaranteed certain obligations of ARAC as lessee thereunder;

WHEREAS, AESOP Leasing obtained financing for such Vehicles from the
Lender pursuant to the Amended and Restated Loan Agreement (the “Prior AESOP
I Loan Agreement”), dated as of September 15, 1998, among AESOP Leasing,
PVHC, Quartx and the Lender;

WHEREAS, immediately prior to this Agreement becoming effective, ARAC and
AGH each assigned all of its respective rights, interests and obligations under
the Prior AESOP I Operating Lease to Cendant Car Rental Group, Inc.
(“CCRG”), pursuant to an Assignment and Assumption Agreement, dated as
of the date hereof, among ARAC, AGH and CCRG;

WHEREAS, simultaneously with this Agreement becoming effective, AESOP
Leasing, as lessor, and CCRG, as lessee and as administrator, intend to amend
and restate the Prior AESOP I Operating Lease in order to remove the guaranty
and amend certain other provisions;

WHEREAS, AESOP Leasing now wishes to amend and restate the Prior AESOP I
Loan Agreement in order to amend certain provisions thereto;

WHEREAS, the Lender is willing to enter into this Agreement and to
continue to make Loans to AESOP Leasing on the terms and conditions set forth
herein;

WHEREAS, the Lender will utilize the proceeds of one or more Series of
Notes issued from time to time pursuant to the Indenture to make Loans to (i)
AESOP Leasing hereunder, (ii) AESOP Leasing under the AESOP I Finance Lease
Loan Agreement and (iii) AESOP Leasing II under the AESOP II Loan Agreement,
in each case to the
extent Vehicles eligible to be financed hereunder and thereunder are available
for financing and, in certain other circumstances, to pay amortizing Notes. In
addition, the Lender will utilize the proceeds of

 

 

certain capital contributions
from time to time to make Loans to AESOP Leasing hereunder to the extent
Vehicles eligible to be financed hereunder are available for financing and, in
certain other circumstances, to pay amortizing Notes. In connection with the
foregoing, the Lender has assigned its rights hereunder and under the AESOP I
Finance Lease Loan Agreement and the AESOP II Loan Agreement to the Trustee to
secure the Lender’s obligations to the Secured Parties; and

WHEREAS, except as expressly provided herein otherwise with respect to the
proceeds of the Relinquished Vehicles and related Relinquished Vehicle
Property, and with respect to Excluded Payments or any guaranty thereof, the
Loans made to AESOP Leasing hereunder will be secured by all of the right,
title and interest of AESOP Leasing, PVHC and Quartx in and to (a) the Vehicles
leased under the AESOP I Operating Lease, (b) the security interests in certain
collateral granted to AESOP Leasing by the Lessee pursuant to the AESOP I
Operating Lease, (c) the Manufacturer Programs as they relate to such Vehicles
that are Program Vehicles, (d) all monies due arising from the sale of such
Vehicles that are Non-Program Vehicles, (e) all payments under insurance
policies or warranties relating to such Vehicles, (f) each Sublease (as defined
in the AESOP I Operating Lease) and all payments due from the Permitted
Sublessee under each such Sublease, (e) all payments due from the Lessee under
the AESOP I Operating Lease and (g) all proceeds of the foregoing;

NOW THEREFORE, in consideration of the mutual agreements contained herein
and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, and subject to the terms and conditions hereof, the
parties hereto agree to amend and restate the Prior AESOP I Loan Agreement as
follows:

SECTION 1. CERTAIN DEFINITIONS.

SECTION 1.1. Certain Definitions. As used in this Agreement
and unless the context requires a different meaning, capitalized terms not
otherwise defined herein shall have the meanings assigned to such terms in the
Definitions List attached as Schedule I to the Second Amended and Restated Base
Indenture, dated as of June 3, 2004 (as amended, supplemented, restated or
otherwise modified from time to time in accordance with its terms, the “Base
Indenture”), between CRCF, as issuer, and The Bank of New York, as trustee
(the “Trustee”), as amended or modified from time to time in accordance
with the terms of the Base Indenture (the “Definitions List”).

SECTION 1.2. Accounting and Financial Determinations. Where
the character or amount of any asset or liability or item of income or expense
is required to be determined, or any accounting computation is required to be
made, for the purpose of this Agreement, such determination or calculation
shall be made, to the extent applicable and except as otherwise specified in
this Agreement, in accordance with GAAP
applied on a consistent basis. When used herein, the term “financial
statement” shall include the notes and schedules thereto.

SECTION 1.3. Cross References; Headings. The words
“hereof”, “herein” and “hereunder” and words of a similar import when used in
this Agreement shall refer to this Agreement as a whole and not to any
particular provision of this Agreement. Section, Schedule and Exhibit
references contained in this Agreement are references to Sections, Schedules
and

-2-

 

Exhibits in or to this Agreement unless otherwise specified. Any reference
in any Section or definition to any clause is, unless otherwise specified, to
such clause of such Section or definition. The various headings in this
Agreement are inserted for convenience only and shall not affect the meaning or
interpretation of this Agreement or any provision hereof.

SECTION 1.4. Interpretation. In this Agreement, unless the
context otherwise requires:

(i)     the singular includes the plural and vice versa;

(ii)     reference to any Person includes such Person’s successors and
assigns but, if applicable, only if such successors and assigns are
permitted by this Agreement, and reference to any Person in a particular
capacity only refers to such Person in such capacity;

(iii)     reference to any gender includes the other gender;

(iv)     reference to any Requirement of Law means such Requirement of
Law as amended, modified, codified or reenacted, in whole or in part, and
in effect from time to time;

(v)     “including” (and with correlative meaning “include”) means
including without limiting the generality of any description preceding
such term; and

(vi)     with respect to the determination of any period of time, “from”
means “from and including” and “to” and “until” means “to but excluding”.

SECTION 2. LOAN COMMITMENT OF THE LENDER.

SECTION 2.1. Loan Commitment. Subject to the terms and
conditions of this Agreement, including Section 12.2, and further
subject to the availability of funds to the Lender pursuant to the Indenture,
the Lender agrees to make loans hereunder (the “Loans”) to AESOP Leasing
from time to time on or after the Initial Closing Date and prior to the Loan
Commitment Termination Date; provided that on any one date the Loan
Principal Amount of all Loans made hereunder to AESOP Leasing shall not exceed
the AESOP I Operating Lease Loan Agreement Borrowing Base. The foregoing
commitment of the Lender is called the “Loan Commitment”.

SECTION 2.2. Certain Waivers. AESOP Leasing waives
presentment, demand for payment, notice of dishonor and protest, notice of the
creation of any of its Liabilities and all other notices whatsoever to AESOP
Leasing with respect to such Liabilities except notices required under
Section 12.1. The obligations of AESOP Leasing under this Agreement and
the Loan Note shall not be affected by (i) the failure of the Trustee or the
Lender or the holder of the Loan Note or any of AESOP Leasing’s Liabilities to
assert any claim or demand or to exercise or enforce any right, power or remedy
against AESOP Leasing or the AESOP I Operating Lease Loan Collateral or
otherwise, (ii) any extension or renewal for any period (whether or not longer
than the original period) or exchange of any of AESOP Leasing’s Liabilities or
the release or compromise of any obligation of any nature of any Person with
respect thereto, (iii) the surrender, release or exchange of all or any part of
any property (including the AESOP I Operating

-3-

 

Lease Loan Collateral) securing
payment and performance of any of AESOP Leasing’s Liabilities or the compromise
or extension or renewal for any period (whether or not longer than the original
period) of any obligations of any nature of any Person with respect to any such
property, and (iv) any other act, matter or thing which would or might, in the
absence of this provision, operate to release, discharge or otherwise
prejudicially affect the obligations of AESOP Leasing.

SECTION 2.3. Conditions. The making of each Loan hereunder
is subject to the satisfaction of the applicable conditions set forth in
Section 11.

SECTION 2.4. Use of Proceeds. AESOP Leasing shall apply the
funds received by it pursuant to Section 2.1 hereof solely to finance
the purchase of Eligible Vehicles that it will lease to CCRG pursuant to the
AESOP I Operating Lease, which Eligible Vehicles will be used by CCRG in its
daily vehicle rental business or subleased to Permitted Sublessees pursuant to
Subleases for use in their respective daily vehicle rental businesses.

SECTION 3. LOAN NOTE; LOAN PROCEDURE; RECORDKEEPING.

SECTION 3.1. Loan Note. The Loans made hereunder shall be
evidenced by the promissory note issued by AESOP Leasing pursuant to the
original AESOP I Loan Agreement, dated as of July 30, 1997, among AESOP
Leasing, PVHC and the Lender (herein, as from time to time supplemented,
extended or replaced, the “Loan Note”), a copy of which is attached as
Exhibit A hereto, dated as of the Initial Closing Date, payable to the
order of the Lender and assigned to the Trustee pursuant to the Indenture. On
the date hereof, the Loans have an outstanding balance of $5,876,480,042.

SECTION 3.2. Loan Procedure. AESOP Leasing shall deliver a Loan Request to the Lender no later than
4:00 p.m., New York City time, on a day that is not less than one (1), nor more
than five (5), Business Days prior to the proposed Borrowing Date (which shall
be a Business Day). Each Loan Request shall be irrevocable, and shall specify
(i) the principal amount of the proposed Loan, (ii) the Borrowing Date of the
proposed Loan, (iii) a summary of the Vehicles being financed (including for
Program Vehicles subject to the GM Repurchase Program, the Designated Period
for each such Program Vehicle), (iv) whether each Vehicle is a Program Vehicle
or a Non-Program Vehicle, (v) the VIN for each Vehicle to be financed, and (vi)
the total Capitalized Cost thereof as of the Borrowing Date. The aggregate
requested borrowings hereunder on any Business Day shall be for an initial
aggregate principal amount that, together with the Loan Principal Amount of
Loans outstanding hereunder and under the AESOP I Finance Lease Loan Agreement
and the AESOP II Loan Agreement on such date, shall not exceed the principal
amount of Notes outstanding on such date. On the terms and subject to the
conditions of this Agreement, on or before 2:00 p.m., New York City time, on
the Borrowing Date specified in the Loan Request, the Lender shall transfer
same day or immediately available funds to AESOP Leasing’s account specified in
such Loan Request (including, without limitation, any such specified account
maintained on behalf of AESOP Leasing) in the amount specified in such Loan
Request; provided that any funds to be utilized in the purchase of
Vehicles under an LKE Program shall be transferred by the Lender to the Joint
Disbursement Account. Each Loan Request made pursuant to this Section
3.2 shall constitute AESOP Leasing’s representation and warranty that all
of the applicable conditions contained in Section 11 will, after giving
effect to such Loan, be satisfied.

-4-

 

SECTION 3.3. Recordkeeping. The Lender shall record in its
records, or at its option on the schedule attached to the Loan Note, the date
and principal amount of each Loan made hereunder, each repayment thereof, and
the other information provided for thereon. The aggregate unpaid Loan
Principal Amount so recorded shall be rebuttable presumptive evidence of the
Loan Principal Amount owing and unpaid on the Loan Note. The failure to so
record any such information or any error in so recording any such information
shall not, however, limit or otherwise affect the actual obligations of AESOP
Leasing hereunder or under the Loan Note to repay the Loan Principal Amount,
together with all Loan Interest accruing thereon.

SECTION 4. INTEREST.

SECTION 4.1. Interest Rate on Loans. AESOP Leasing hereby
promises to pay interest on the unpaid principal amount of each Loan made to it
hereunder (the “Loan Interest”), for each Loan Interest Period
commencing on the date such Loan is made to AESOP Leasing until such Loan is
paid in full, at a rate not less than the Lender’s Carrying Cost Interest Rate
for the applicable Loan Interest Period. The applicable rate of Loan Interest
on each Loan shall be specified in a Loan Request Response provided by the
Lender to AESOP Leasing on the date a Loan Request is delivered;
provided that if the Lender’s Carrying Cost Interest Rate for the
applicable Loan Interest Period is higher than the rate of Loan Interest
specified in the Loan Request Response, Loan Interest payable shall be
determined using the higher rate.

SECTION 4.2. Supplemental Interest. AESOP Leasing agrees to pay to
the Lender, as an additional interest payment, an amount equal to the product
of (A) the applicable Loan Agreement’s Share as of the beginning of each Loan
Interest Period and (B) an amount equal to (i) the Supplemental Carrying
Charges for such Loan Interest Period, minus (ii) any accrued earnings
on Permitted Investments in the Collection Account which earnings are available
for distribution on the last Business Day of such Loan Interest Period (the
product of the amounts described in clauses (A) and (B) above, “Supplemental
Interest”).

SECTION 4.3. Loan Interest Payment Dates. Accrued Loan
Interest on each Loan made hereunder shall be payable on each Payment Date
(with respect to the related Loan Interest Period), upon any prepayment and at
maturity, commencing with the first of such dates to occur after the date such
Loan is made. After maturity (whether by acceleration or otherwise), all
accrued Loan Interest and Supplemental Interest on all Loans made hereunder
shall be payable on demand. Supplemental Interest in respect of each Loan
Interest Period shall be payable on each Payment Date and upon any prepayment
and at maturity. All calculations of Loan Interest and Supplemental Interest
shall be based on a 360-day year and the actual number of days elapsed in the
related Loan Interest Period.

SECTION 4.4. Setting of Rates. The Lender’s Carrying Cost
Interest Rate and Supplemental Carrying Charges used hereunder to compute Loan
Interest due on each Loan made hereunder on each Payment Date and the
Supplemental Interest due on each Payment Date shall be calculated from time to
time by the Lender in accordance with this Agreement (and written notice
thereof shall be provided to AESOP Leasing not later than ten (10) days prior
to the applicable Payment Date). Such calculation shall be conclusive, absent
demonstrable error.

-5-

 

SECTION 4.5. Carrying Charges. AESOP Leasing agrees to pay
to the Lender on each Payment Date an amount equal to the product of (A) the
applicable Loan Agreement’s Share as of such Payment Date and (B) all accrued
and unpaid Carrying Charges that are accrued and unpaid as of each such Payment
Date.

SECTION 5. REPAYMENT OF LOAN PRINCIPAL AMOUNT.

SECTION 5.1. Mandatory Repayment of Monthly Loan Principal Amount of
Loans. On each Payment Date, AESOP Leasing shall pay to the Lender,
as a repayment of the Loan Principal Amount, an amount equal to the product of
(A) the applicable Loan Payment Allocation Percentage as of the beginning of
the Related Month and (B) the excess of (I) over (II), where:

(I)     is an amount equal to, without duplication, (i) the accrued
Depreciation Charges for the Related Month for all Vehicles (a) leased
under the AESOP I Operating Lease at any time during the Related Month
and/or (b) described in clauses (iii) or (iv) of this
Section 5.1, plus (ii) all upfront incentive payments paid
by Manufacturers during the Related Month in respect of purchases of
Non-Program Vehicles leased under the AESOP I Operating Lease,
plus (iii) the aggregate Termination Values (each as of the date
on which such Vehicle becomes an Ineligible Vehicle, a Casualty or is
sold, as applicable) of all the Vehicles leased under the AESOP I
Operating Lease at any time during such Related Month that, without
double counting, while so leased either became Ineligible Vehicles,
suffered a Casualty or were sold by or on behalf of AESOP Leasing
(including those Vehicles sold by the Intermediary under the terms of the
Master Exchange Agreement) to any Person other than to a Manufacturer
pursuant to a Manufacturer Program or to a third party pursuant to an
auction conducted through a Guaranteed Depreciation Program, in each
case, during the Related Month, plus (iv) the aggregate
Termination Values, each as of the applicable Turnback Date, of all
Program Vehicles leased under the AESOP I Operating Lease that while so
leased were returned to a Manufacturer by AESOP Leasing or the
Intermediary pursuant to a Manufacturer Program and with respect to which
either (x) the Repurchase Price payable by such Manufacturer and/or the
related auction dealers has been deposited in the Collection Account or a
Joint Collection Account during the Related Month or (y) a Manufacturer
Event of Default has occurred; and

(II)     is an amount equal to (i) any amounts deposited into the
Collection Account or a Joint Collection Account, during the Related
Month, representing (a) Repurchase Prices for repurchases of Program
Vehicles (including Relinquished Vehicles) leased under the AESOP I
Operating Lease at the applicable Turnback Date or (b) the sales proceeds
(including amounts paid by a Manufacturer as a result of the sale of a
Program Vehicle during the Related Month outside such Manufacturer’s
Manufacturer Program but excluding amounts released to AESOP Leasing
pursuant to the last sentence of Section 5.2(a) of the Base
Indenture) for sales of Vehicles (including Relinquished Vehicles) leased
under the AESOP I Operating Lease at the time of such sale to a third
party other than (x) to a Manufacturer pursuant to a Repurchase Program
or (y) through an auction dealer pursuant to a Guaranteed Depreciation
Program plus (ii) any amounts

-6-

 

received in the Related Month and applied to the Loan Principal Amount
pursuant to Section 6.3 (the product of the amounts described in
clauses (A) and (B) above, the “Monthly Loan Principal
Amount”).

Unless otherwise required to be paid sooner pursuant to the terms of this
Agreement, the entire unpaid Loan Principal Amount of the Loans made hereunder
shall be payable on the last occurring Series Termination Date with respect to
the Notes. All Loans made hereunder shall be due on the maturity date
therefor, whether by acceleration or otherwise. Solely for determining the
amounts payable under this Section 5.1, with respect to a Program
Vehicle that became a Casualty during the Related Month as a result of such
Program Vehicle being held beyond the stated expiration date of the applicable
Repurchase Period and not
being redesignated as a Non-Program Vehicle, such Vehicle will be deemed
to have become a Casualty upon such expiration date.

SECTION 5.2. Voluntary Prepayments of Loan Principal Amount.
AESOP Leasing may from time to time prepay the principal amount with
respect to any Loans made hereunder, in whole or in part, on any date;
provided that, except for any prepayment made pursuant to Section
6.3 hereof or any payment made to comply with Section 10.13 hereof,
AESOP Leasing shall give the Lender and the Trustee not less than one (1)
Business Day’s prior notice of any such prepayment, specifying the date and
amount of such prepayment, and, if AESOP Leasing is requesting a release of
Vehicles from the Lien hereof pursuant to Section 7.3, the Vehicles to
which such prepayment relates.

SECTION 6. MAKING OF PAYMENTS.

SECTION 6.1. Making of Payments. All payments of the
Monthly Loan Principal Amount or Loan Interest hereunder, all prepayments of
the Loan Principal Amount hereunder, and all payments of Supplemental Interest,
Carrying Charges and of all other Liabilities shall be made by AESOP Leasing
to, or for the account of, the Lender in immediately available Dollars, without
setoff, counterclaim or deduction of any kind. All such payments shall be made
to the Collection Account (or such other account as the Lender may from time to
time specify with the consent of the Trustee), not later than 11:00 a.m., New
York City time, on the date due, and funds received after that hour shall be
deemed to have been received by the Lender on the next following Business Day.
The Lender hereby specifies that (i) all (A) payments with respect to Program
Vehicles (including Relinquished Vehicles constituting Program Vehicles) leased
under the AESOP I Operating Lease made by the Manufacturers and related auction
dealers under the Manufacturer Programs, and (B) amounts representing the
proceeds from sales of Vehicles (including any Relinquished Vehicles) leased
under the AESOP I Operating Lease (including amounts paid by a Manufacturer as
a result of the sale of such Vehicle outside such Manufacturer’s Manufacturer
Program) to third parties (other than under any related Manufacturer Program)
shall be deposited in the Collection Account or a Joint Collection Account
(and, if deposited in a Joint Collection Account, shall be applied as provided
in Section 4.2 of the Master Exchange Agreement) and (ii) all payments with
respect to any other AESOP I Operating Lease Loan Collateral shall be deposited
in the Collection Account; provided, however, that, subject to
Section 5.2 of the Base Indenture, insurance proceeds and warranty

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payments with respect to Vehicles leased under the AESOP I Operating Lease will
be deposited in the Collection Account only if an Amortization Event or a
Potential Amortization Event shall have occurred and be continuing.

SECTION 6.2. Due Date Extension. If any (i) payment of the
Monthly Loan Principal Amount or Loan Interest hereunder or (ii) prepayment of
the Loan Principal Amount or Supplemental Interest with respect to any Loans
made 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 Loan Interest or
Supplemental Interest, as applicable, shall accrue through such Business Day.

SECTION 6.3. Application of Sale Proceeds. AESOP Leasing
agrees that an amount equal to the product of (A) the applicable Loan Payment
Allocation Percentage as of the beginning of the Related Month and (B) the sum
of (i) all payments made by the Manufacturers and related auction dealers under
the Manufacturer Programs with respect to Vehicles (including Relinquished
Vehicles) leased under the AESOP I Operating Lease, and (ii) proceeds from the
sale to third parties of Vehicles (including Relinquished Vehicles) leased
under the AESOP I Operating Lease (other than to the Manufacturer or pursuant
to a Guaranteed Depreciation Program), in each case deposited in the Collection
Account on any date, shall automatically be applied, upon the transfer thereof
from a Joint Collection Account to the Collection Account or otherwise upon
deposit thereof in the Collection Account, to prepay the Loan Principal Amount.

SECTION 6.4. Payment Deficits. At or before 11:30 a.m., New
York City time, on each Payment Date, AESOP Leasing shall notify the Trustee
and the related Enhancement Provider of the amount of the Lease Payment
Deficit, if any, with respect to each Series of Notes issued pursuant to the
Indenture, such notification to be in the form of Exhibit C.

SECTION 7. LOAN COLLATERAL SECURITY.

SECTION 7.1. Grant of Security Interest. (a) As security
for the prompt and complete payment and performance of its Liabilities, each of
AESOP Leasing, PVHC and Quartx hereby pledges, hypothecates, assigns, transfers
and delivers to the Lender, and hereby grants to the Lender, a continuing,
security interest in, all of the following, whether now owned or hereafter
acquired:

(i)     all Vehicles leased under the AESOP I Operating Lease, and all
Certificates of Title with respect thereto;

(ii)     all right, title and interest of each of AESOP Leasing, PVHC
and Quartx in and to each Manufacturer Program, including any amendments
thereof, and all monies due and to become due under or in connection with
each such Manufacturer Program, in each case in respect of Vehicles
leased under the AESOP I Operating Lease (other than Relinquished
Property Proceeds), whether payable as Vehicle Repurchase Prices, auction
sales proceeds, fees, expenses, costs, indemnities, insurance recoveries,
damages for breach of the Manufacturer Programs or otherwise (but
excluding all incentive payments payable in respect of purchases of
Vehicles under the Manufacturer Programs) and all rights to compel
performance and otherwise exercise remedies thereunder;

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(iii)     all right, title and interest of each of AESOP Leasing, PVHC
and Quartx in, to and under the AESOP I Operating Lease, the related
Lessee Agreements (other than any right, title and interest of any of
AESOP Leasing, PVHC and Quartx with respect to
any Excluded Payments) and any other collateral (including the
Sublease Collateral) pledged to AESOP Leasing to secure the Lessee’s
obligations thereunder (the “Additional Lease Collateral”)
including, without limitation, all monies due and to become due to any of
AESOP Leasing, PVHC and Quartx from the Lessee, any Permitted Sublessee
or any of their assigns under or in connection with the AESOP I Operating
Lease, the related Lessee Agreements or any other agreements constituting
part of the Additional Lease Collateral, whether payable as principal,
interest, rent, fees, expenses, costs, indemnities, insurance recoveries,
damages for the breach of any of the AESOP I Operating Lease, the related
Lessee Agreements or any other agreements constituting part of the
Additional Lease Collateral or otherwise, and all rights, remedies,
powers, privileges and claims of each of AESOP Leasing, PVHC and Quartx
against any other party under or with respect to the AESOP I Operating
Lease, the related Lessee Agreements or any other agreements constituting
part of the Additional Lease Collateral (whether arising pursuant to the
terms of the AESOP I Operating Lease, the related Lessee Agreements or
any other agreements constituting part of the Additional Lease Collateral
or otherwise available to AESOP Leasing, PVHC or Quartx at law or in
equity), the right to enforce the AESOP I Operating Lease, the related
Lessee Agreements and any other agreements constituting part of the
Additional Lease Collateral as provided herein and to give or withhold
any and all consents, requests, notices, directions, approvals,
extensions or waivers under or with respect to the AESOP I Operating
Lease, the related Lessee Agreements and any other agreements
constituting part of the Additional Lease Collateral or the obligations
of any party thereunder;

(iv)     all right, title and interest of each of AESOP Leasing, PVHC
and Quartx in, to and under the Vehicle Title and Lienholder Nominee
Agreements and the Administration Agreement, including any amendments
thereof, and all monies due and to become due thereunder, in each case in
respect of Vehicles leased under the AESOP I Operating Lease, whether
payable as fees, expenses, costs, indemnities, insurance recoveries,
damages for the breach of any of the Vehicle Title and Lienholder Nominee
Agreements and the Administration Agreement or otherwise and all rights
to compel performance and otherwise exercise remedies thereunder;

(v)     all payments under insurance policies (whether or not the
Lessor, the Lender or the Trustee is named as the loss payee thereof) or
any warranty payable by reason of loss or damage to, or otherwise with
respect to, any of the Vehicles leased under the AESOP I Operating Lease;

(vi)     all right, title and interest of each of AESOP Leasing, PVHC
and Quartx in and to any proceeds from the sale of Vehicles leased under
the AESOP I Operating Lease, including all monies due in respect of such
Vehicles under the AESOP I Operating Lease, whether payable as the
purchase price of such Vehicles, auction sales proceeds, or as fees,
expenses, costs, indemnities, insurance recoveries, or otherwise
(including all upfront incentive payments payable by Manufacturers in
respect of purchases of

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Non-Program Vehicles, but excluding the proceeds from the sale of Vehicles
that are Relinquished Vehicles at the time of such sale);

(vii)     any assignment of a security interest in any Vehicle leased
under the AESOP I Operating Lease granted to any of AESOP Leasing, PVHC
and Quartx pursuant to the AESOP I Operating Lease or otherwise, and all
Certificates of Title with respect to each such Vehicle;

(viii)     all right, title and interest of AESOP Leasing in, to and
under the Master Exchange Agreement and the Escrow Agreement, including
any amendments thereof, all monies due and to become due to AESOP Leasing
thereunder, whether amounts payable to AESOP Leasing from the Joint
Collection Accounts or any Exchange Account by the Intermediary or
payable as damages for breach of the Master Exchange Agreement, the
Escrow Agreement or otherwise, and all other property released or to be
released by the Intermediary to AESOP Leasing thereunder and all rights
to compel performance and otherwise exercise remedies thereunder;
provided, however, that in the case of any property and
funds held in the Joint Collection Accounts or any Exchange Account that
constitute Relinquished Property Proceeds, such property shall not
constitute part of the AESOP I Operating Lease Loan Collateral until such
amounts are payable by the Intermediary to the Trustee pursuant to the
Master Exchange Agreement or the Escrow Agreement in accordance with the
terms thereof; and

(ix)     all products and Proceeds of all of the foregoing;

provided, however, that (A) the AESOP I Segregated Account shall
not be subject to the grant of a security interest by each of AESOP Leasing,
PVHC and Quartx pursuant to this Section 7.1(a) and shall not constitute
part of the AESOP I Operating Lease Loan Collateral and (B) the property
released from the security interest pursuant to Section 7.3 shall not
constitute part of the AESOP I Operating Lease Loan Collateral. Upon the
occurrence of an AESOP I Operating Lease Loan Agreement Event of Default, the
Lender and the Trustee, as assignee, shall have all of the rights and remedies
of a secured party, including without limitation, the rights and remedies
granted under the UCC.

(b)     To secure the CRCF Obligations, each of AESOP Leasing, PVHC and Quartx
hereby pledges, hypothecates, assigns, transfers and delivers to the Trustee,
on behalf of the Secured Parties, and hereby grants to the Trustee, on behalf
of the Secured Parties, a continuing, first-priority security interest in, all
of the AESOP I Operating Lease Loan Collateral, whether now owned or hereafter
acquired. 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 Trustee shall have all of the rights and remedies with respect
to the AESOP I Operating Lease Loan Collateral of a secured party, including,
without limitation, the rights and remedies granted under the UCC.

SECTION 7.2. Certificates of Title. AESOP Leasing shall
take, or shall cause to be taken, such action as shall be necessary to submit
all of the Certificates of Title for Vehicles leased under the AESOP I
Operating Lease (other than Certificates of Title with respect to Vehicles
titled in the states of Nebraska, Ohio and Oklahoma) to the appropriate state
authority

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for notation of the Trustee’s lien thereon. The original
Certificates of Title shall be held by (i) the Administrator, (ii) SGS
Automotive Services, Inc. (formerly known as and successor in interest to
Intermodal Transportation Services, Inc.), as agent to the Administrator, or
(iii) any other titling service, acting as agent for the Administrator, that is
approved in writing by the Required Noteholders of each Outstanding Series of
Notes. The Administrator, or its agent, shall hold such titles as agent for
AESOP Leasing, in trust for the benefit of the Lender and the Trustee.

SECTION 7.3. Release of AESOP I Operating Lease Loan Collateral.
The Lender shall request the Trustee in writing to release its Lien on a
Vehicle (including a Relinquished Vehicle) leased under the AESOP I Operating
Lease and the Certificate of Title therefor upon the earliest of (i) in the
case of a Program Vehicle or a Non-Program Vehicle subject to a Guaranteed
Depreciation Program, the date of the sale of such Vehicle by an auction dealer
to a third party, and in the case of a Program Vehicle or a Non-Program Vehicle
subject to a Repurchase Program, the Turnback Date for such Vehicle, (ii)
voluntary prepayment in full of the principal amount of the Loan to which such
Vehicle relates in accordance with Section 5.2, as noted in records
maintained by the Trustee, (iii) receipt of proceeds from an ordinary course
sale of such Vehicle in an amount at least equal to the Termination Value of
such Vehicle; provided, however, that if such an ordinary course
sale occurs during the Repurchase Period with respect to a Program Vehicle,
AESOP Leasing shall only sell or permit a sale of such Program Vehicle for a
purchase price, together with any amounts payable by a Manufacturer as a result
of or in connection with such sale, equal to or greater than the Repurchase
Price that it would have received if it had turned back such Program Vehicle to
the Manufacturer and (iv) receipt of proceeds from an ordinary course sale of a
Vehicle subject to a Casualty in an amount at least equal to the Termination
Value of such Vehicle. With respect to Vehicles leased under the AESOP I
Operating Lease (including Relinquished Vehicles), from and after the earliest
of (a) in the case of a Program Vehicle or a Non-Program Vehicle subject to a
Guaranteed Depreciation Program, the date of the sale of such Vehicle by an
auction dealer to a third party, and in the case of a Program Vehicle or a
Non-Program Vehicle subject to a Repurchase Program, the Turnback Date for such
Vehicle, (b) a prepayment of the principal amount of the Loan to which such
Vehicle relates and (c) receipt of the purchase price for a Vehicle by AESOP
Leasing, or by the Trustee on the Lender’s behalf, in the case of (b) and (c),
in an amount at least equal to the Termination Value of such Vehicle, such
Vehicle and such Certificate of Title shall be deemed to be released from the
Lien of this Agreement, and the Lender and the Trustee shall execute such
documents and instruments as AESOP Leasing may reasonably request (including a
power of attorney of the Trustee appointing the Administrator to act as the
agent of the Trustee in releasing the Lien of the Trustee on Vehicles turned
back or sold pursuant to the provisions of this Section 7.3; which power
of attorney shall be revocable by the Lender or the Trustee at any time
following the occurrence of a Liquidation Event of Default), at AESOP Leasing’s
expense, to evidence and/or accomplish such release.

SECTION 7.4. Change of Location or Name. So long as any of
its Liabilities shall remain outstanding or the Lender shall continue to have
any Loan Commitment, none of AESOP Leasing, PVHC or Quartx shall adopt or
utilize a trade name or change (i) the location of its records concerning its
business and financial affairs, (ii) its jurisdiction of organization or (iii) its
legal name, identity or corporate structure in each case without first giving
the Trustee and the Lender at least thirty (30) days’ advance written notice
thereof and having taken any and

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all action required to maintain and preserve
the first-priority perfected Lien of the Lender or the Trustee on the AESOP I
Operating Lease Loan Collateral (except, as to perfection and priority, with
respect to Vehicles titled in the states of Nebraska, Ohio and Oklahoma) free
and clear of any Lien whatsoever except for Permitted Liens; provided,
however, that notwithstanding the foregoing, none of AESOP Leasing, PVHC
or Quartx shall change the location of its records concerning its business and
financial affairs or its jurisdiction of organization to any place outside the
United States of America.

SECTION 7.5. Deliveries; Further Assurances. (a) Each of
AESOP Leasing, PVHC and Quartx agrees that it will, at its sole expense, (i)
immediately deliver or cause to be delivered to the Lender (or the Trustee on
behalf of the Secured Parties), in due form for transfer (i.e., endorsed
in blank), all securities, chattel paper, instruments and documents, if any, at
any time representing all or any of the AESOP I Operating Lease Loan
Collateral, other than the Certificates of Title which shall be delivered to
the Lender or the Trustee, as applicable, after the occurrence of a Liquidation
Event of Default, if such delivery is reasonably necessary or appropriate to
perfect or protect the Lender’s (or the Trustee’s on behalf of the Secured
Parties) security interest in such AESOP I Operating Lease Loan Collateral, and
(ii) execute and deliver, or cause to be executed and delivered, to the Lender
or the Trustee in due form for filing or recording (and pay the cost of filing
or recording the same in all public offices reasonably deemed necessary or
advisable by the Lender or the Trustee), such assignments, security agreements,
mortgages, consents, waivers, financing statements and other documents, and do
such other acts and things, all as may from time to time be reasonably
necessary or desirable to establish and maintain to the satisfaction of the
Lender (or the Trustee) a valid perfected Lien on and security interest in all
of the AESOP I Operating Lease Loan Collateral (except, as to perfection, with
respect to Vehicles titled in the states of Nebraska, Ohio and Oklahoma) now or
hereafter existing or acquired (free of all other Liens whatsoever other than
Permitted Liens) to secure payment and performance of its Liabilities.

(b)     AESOP Leasing hereby authorizes each of the Lender and the Trustee to
file (provided that the Trustee shall have no obligation to so file) financing
or continuation statements, and amendments thereto and assignments thereof,
under the UCC in order to perfect its interest in the AESOP I Operating Lease
Loan Collateral.

SECTION 7.6. [RESERVED].

SECTION 7.7. [RESERVED].

SECTION 7.8. AESOP I Segregated Account. AESOP Leasing has
established and shall maintain in its name an account entitled “AESOP Leasing
L.P. Account” (the “AESOP I Segregated Account”). The AESOP I
Segregated Account shall be maintained (i) with a Qualified Institution, or
(ii) as a segregated trust account with the corporate trust department of a depository
institution or trust company having corporate trust powers and acting as
trustee for funds deposited in the AESOP I Segregated Account. If the AESOP I
Segregated Account is not maintained in accordance with the previous sentence,
then within ten (10) Business Days after obtaining knowledge of such fact AESOP
Leasing shall establish a new AESOP I Segregated Account which complies with
such sentence and transfer into the new AESOP I Segregated Account all amounts
then on deposit in the non-qualifying AESOP I Segregated Account. The

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parties hereto acknowledge and agree that the monies held in the AESOP I Segregated
Account from time to time (i) are property of AESOP Leasing, (ii) are not being
pledged to secure any obligation to, or otherwise held in trust for, the Lender
or any of the persons specified in this Section 7.8 and (iii) are
available to satisfy the claims of creditors of AESOP Leasing generally;
provided, however, that nothing contained herein shall affect the
rights of the Lender to pursue all legal remedies available to it with respect
to any amounts payable by AESOP Leasing hereunder.

SECTION 8. REPRESENTATIONS AND WARRANTIES. To induce the
Lender to enter into this Agreement and to make Loans hereunder, AESOP Leasing
represents and warrants to the Lender as to itself, and each of PVHC and Quartx
represents and warrants to the Lender as to itself, as of the date hereof, as
of the date of each Loan made hereunder and as of each Series Closing Date
that:

SECTION 8.1. Organization; Ownership; Power; Qualification.
Each of AESOP Leasing, PVHC and Quartx (i) is a limited partnership or a
corporation, as the case may be, duly organized, validly existing and in good
standing under the laws of the jurisdiction of its formation, (ii) has the
power and authority to own its properties and to carry on its business as now
being and hereafter proposed to be conducted and (iii) is duly qualified, in
good standing and authorized to do business in each jurisdiction in which the
character of its properties or the nature of its businesses requires such
qualification or authorization.

SECTION 8.2. Authorization; Enforceability. Each of AESOP
Leasing, PVHC and Quartx has the power and has taken all necessary action to
authorize it to execute, deliver and perform this Agreement and each of the
other Related Documents to which it is a party in accordance with their
respective terms, and to consummate the transactions contemplated hereby and
thereby. This Agreement has been duly executed and delivered by each of AESOP
Leasing, PVHC and Quartx and is, and each of the other Related Documents to
which any of AESOP Leasing, PVHC or Quartx is a party is, a legal, valid and
binding obligation of such party enforceable in accordance with its terms.

SECTION 8.3. Compliance. The execution, delivery and
performance by each of AESOP Leasing, PVHC and Quartx of this Agreement and
each other Related Document to which it is a party, and the consummation of the
transactions contemplated hereby and thereby, do not and will not (i) require
any consent, approval, authorization or registration not already obtained or
effected, (ii) violate any applicable law with respect to AESOP Leasing, PVHC or Quartx,
as the case may be, which violation could result in a material adverse effect
on its financial condition, business, prospects or properties or a Material
Adverse Effect (as set forth in clauses (ii) and (iii) of the
definition thereof), (iii) conflict with, result in a breach of, or constitute
a default under the certificate of limited partnership or limited partnership
agreement of AESOP Leasing or under the certificate of incorporation, as
amended, or by-laws of each of PVHC and Quartx, or under any indenture,
agreement, or other instrument to which any of AESOP Leasing, PVHC or Quartx is
a party or by which its properties may be bound, or (iv) result in or require
the creation or imposition of any Lien upon or with respect to any property now
owned or hereafter acquired by any of AESOP Leasing, PVHC or Quartx except
Permitted Liens.

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SECTION 8.4. [RESERVED].

SECTION 8.5. Litigation. There is no action, suit or
proceeding pending against or, to the knowledge of any of AESOP Leasing, PVHC
or Quartx, threatened against or affecting any of AESOP Leasing, PVHC or Quartx
before any court or arbitrator or any Governmental Authority in which there is
a reasonable possibility of an adverse decision that could materially adversely
affect the financial position, results of operations, business, properties,
performance or condition (financial or otherwise) of AESOP Leasing, PVHC or
Quartx, as the case may be, or which in any manner draws into question the
validity or enforceability of this Agreement or any other Related Document or
the ability of any of AESOP Leasing, PVHC or Quartx to comply with any of the
respective terms hereunder or thereunder.

SECTION 8.6. Liens. The AESOP I Operating Lease Loan
Collateral is free and clear of all Liens other than (i) Permitted Liens and
(ii) Liens in favor of the Lender or the Trustee. The Lender (or the Trustee
on behalf of the Secured Parties) has obtained, as security for the
Liabilities, a first-priority perfected Lien on all AESOP I Operating Lease
Loan Collateral (except, with respect to perfection and priority, Vehicles
titled in the states of Nebraska, Ohio and Oklahoma). All Vehicle Perfection
and Documentation Requirements with respect to all Vehicles leased under the
AESOP I Operating Lease on or after the date hereof have and will continue to
be satisfied in accordance with the terms of this Agreement.

SECTION 8.7. Employee Benefit Plans. None of AESOP Leasing,
PVHC or Quartx have established and maintain or contribute to any employee
benefit plan that is covered by Title IV of ERISA, and none of AESOP Leasing,
PVHC or Quartx will do so, so long as the Loan Commitment has not expired, or
any amount is owing to the Lender hereunder.

SECTION 8.8. Investment Company Act. None of AESOP Leasing,
PVHC or Quartx is or is controlled by an “investment company”, within the
meaning of the Investment Company Act, and none of AESOP Leasing, PVHC or
Quartx is subject to any other statute which would impair or restrict its
ability to perform its obligations under this Agreement or the other Related
Documents, and neither the entering into or performance by any of AESOP
Leasing, PVHC or Quartx of this Agreement nor the issuance of the Loan Note
violates any provision of the Investment Company Act.

SECTION 8.9. Regulations T, U and X. None of AESOP Leasing,
PVHC or Quartx is engaged principally, or as one of its important activities,
in the business of extending credit for the purpose of purchasing or carrying
margin stock (within the meaning of Regulations T, U and X of the Board of
Governors of the Federal Reserve System). None of AESOP Leasing, PVHC or
Quartx, any Affiliate of any of AESOP Leasing, PVHC or Quartx or any Person
acting on its or their behalf has taken or will take action to cause the
execution, delivery or performance of this Agreement or the Loan Note, the
making or existence of the Loans or the use of proceeds of the Loans made
hereunder to violate Regulation T, U or X of the Board of Governors of the
Federal Reserve System.

SECTION 8.10. Proceeds. The proceeds of the Loans made
hereunder will be used solely to purchase or finance Eligible Vehicles that
will be leased under the AESOP I Operating Lease.

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SECTION 8.11. Legal Names; Record Locations; Jurisdiction of
Organization. Schedule 8.11 lists each of the locations where AESOP
Leasing, PVHC or Quartx maintains any records, and Schedule 8.11 also
lists the legal name of each of AESOP Leasing, PVHC and Quartx and each of
their respective jurisdictions of organization.

SECTION 8.12. Taxes. Each of AESOP Leasing, PVHC and Quartx
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), and
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, to
the best of AESOP Leasing’s, PVHC’s and Quartx’s knowledge, there is no
unresolved claim by a taxing authority concerning AESOP Leasing’s, PVHC’s or
Quartx’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.

SECTION 8.13. Governmental Authorizations. Each of AESOP
Leasing, PVHC and Quartx 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 have a material adverse
effect on its financial condition, business, prospects or properties or a
Material Adverse Effect (as set forth in clauses (ii) and (iii)
of the definition thereof).

SECTION 8.14. Compliance with Laws. Each of AESOP Leasing,
PVHC and Quartx: (i) is not in violation of any law, ordinance, rule,
regulation or order of any Governmental Authority applicable to it or its
property, which violation would have a material adverse effect on its financial
condition, business, prospects or properties or a Material Adverse Effect (as
set forth in clauses (ii) and (iii) of the definition thereof)
and no such violation has 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 where failure to make such filings would not have a material
adverse effect on its financial condition, business, prospects or properties or
a Material Adverse Effect (as set forth in clauses (ii) and (iii)
of the definition thereof) and (iii) has retained all records and documents
required to be retained by it pursuant to any Requirement of Law, except where
failure to retain such records would not have a material adverse effect on its
financial condition, business, prospects or properties or a Material Adverse
Effect (as set forth in clauses (ii) and (iii) of the definition
thereof).

SECTION 8.15. Eligible Vehicles. Each Vehicle leased under
the AESOP I Operating Lease was, on the date of purchase or financing thereof
by AESOP Leasing, an Eligible Vehicle.

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SECTION 8.16. Manufacturer Programs. No Manufacturer Event
of Default has occurred and is continuing with respect to any Manufacturer of a
Program Vehicle.

SECTION 8.17. Absence of Default. AESOP Leasing is in
compliance with all of the provisions of its certificate of limited partnership
and limited partnership agreement and each of PVHC and Quartx is in compliance
with all provisions of its certificate of incorporation, as amended, 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
AESOP I Loan Event of Default or a Potential AESOP I Loan Event of Default or
(ii) a default or event of default by any of AESOP Leasing, PVHC or Quartx
under any indenture, agreement or other instrument, or any judgment, decree or
final order to which any of AESOP Leasing, PVHC or Quartx is a party or by
which any of AESOP Leasing, PVHC or Quartx or any of its properties may be
bound or affected.

SECTION 8.18. No Security Interest; Title to Assets. 
(a) This Agreement creates a valid and continuing security interest (as
defined in the UCC) in the AESOP I Operating Lease Loan Collateral, which
security interest is prior to all other Liens (other than Permitted Liens) and
is enforceable as such against the creditors of and purchasers from the
Borrower. The AESOP I Operating Lease Loan Collateral constitutes “accounts,”
“goods covered by certificates of title,” “chattel paper,” or “general
intangibles” or the “proceeds” thereof within the meaning of the UCC. All
action necessary (including the filing of UCC-1 financing statements, the
assignment of rights under the Manufacturer Programs to the Trustee, the
notation on Certificates of Title for all Vehicles leased under the AESOP I
Operating Lease (other than the Vehicles titled in the states of Nebraska, Ohio
and Oklahoma) of the Trustee’s lien for the benefit of the Noteholders) to
protect and perfect CRCF’s security interest in the AESOP I Operating Lease
Loan Collateral and the Trustee’s security interest on behalf of the Secured
Parties in the Collateral now in existence and hereafter acquired or created
has been duly and effectively taken.

(b)     The Borrower has caused the filing of all appropriate financing
statements in the appropriate jurisdictions under the applicable law in order
to perfect the security interest in the AESOP I Operating Lease Loan Collateral
that constitute “accounts,” “chattel paper” and “general intangibles” under the
UCC granted to the Trustee. The Borrower has caused each Certificate of Title
for every Vehicle (other than Certificates of Title with respect to Vehicles
titled in the States of Nebraska, Ohio and Oklahoma) to show the Trustee as the
sole lienholder on such Certificate of Title. The Borrower has taken all steps
necessary to perfect its security interest against the Lessee under the AESOP I
Operating Lease, the related Lessee Agreements and any other agreements
constituting part of the Additional Lease Collateral. The original copy of the
AESOP I Operating Lease (Counterpart No. 1) has been delivered to the Trustee.

(c)     Each of AESOP Leasing, PVHC and Quartx has good, legal and marketable
title to, or a valid leasehold interest in, all of its assets. None of such
properties or assets is subject to any Liens (except for Permitted Liens),
claims or encumbrances. Except for financing statements or other filings with
respect to or evidencing Permitted Liens, no financing statement under the UCC
of any state, application for a Certificate of Title or certificate of
ownership, or other filing which names any of AESOP Leasing, PVHC or Quartx as
debtor or which covers or purports to cover any of the assets of any of AESOP
Leasing, PVHC or Quartx

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is on file in any state or other jurisdiction, and none
of AESOP Leasing, PVHC or Quartx has signed any such financing statement,
application or instrument authorizing any secured party or creditor of such
Person thereunder to file any such financing statement, application or filing
other than with respect to Permitted Liens. No Person other than the Trustee
has been named on any Certificate of Title for any Vehicle as the holder of any
Lien on such Vehicle. The Borrower is not aware of any judgment or tax lien
filings against the Borrower. The AESOP I Operating Lease has no marks or
notations indicating that it has been pledged, assigned or otherwise conveyed
to any Person other than the Trustee.

SECTION 8.19. Accuracy of Information. All data,
certificates, reports, statements, opinions of counsel, documents and other
information furnished to the Lender or the Trustee by or on behalf of any of
AESOP Leasing, PVHC or Quartx 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, (i) be complete and correct
in all material respects to the extent necessary to give the Lender or the
Trustee, as the case may be, true and accurate knowledge of the subject matter
thereof, (ii) not contain any untrue statement of a material fact and (iii) not
omit to state a material fact necessary in order to make the statements
contained therein (in light of the circumstances in which they were made) not
misleading, and the furnishing of the same to the Lender or the Trustee, as the
case may be, shall constitute a representation and warranty by AESOP Leasing,
PVHC or Quartx, as the case may be, made on the date the same are furnished to
the Lender or the Trustee, as the case may be, to the effect specified in
clauses (i), (ii) and (iii) above.

SECTION 9. AFFIRMATIVE COVENANTS. Until the expiration or
termination of the Loan Commitment and thereafter until the Loan Note and all
other Liabilities are paid in full, each of AESOP Leasing, PVHC and Quartx
agrees that, unless at any time the Lender shall otherwise expressly consent in
writing:

SECTION 9.1. Existence; Foreign Qualification. Each of
AESOP Leasing, PVHC and Quartx will do and cause to be done at all times all
things necessary to (i) maintain and preserve its existence as a limited
partnership or a corporation, as the case may be, (ii) be, and ensure that it
is, duly qualified to do business and in good standing as a foreign limited
partnership or foreign corporation, as the case may be, in each jurisdiction
where the nature of its business makes such qualification necessary and the
failure to so qualify would have a material adverse effect on its financial
condition, business, prospects or properties or a Material Adverse Effect (as
set forth in clauses (ii) and (iii) of the definition thereof)
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, have a material adverse effect on its financial
condition, business, prospects or properties or a Material Adverse Effect (as
set forth in clauses (ii) and (iii) of the definition thereof).

SECTION 9.2. Books, Records and Inspections. AESOP Leasing
will maintain complete and accurate books and records with respect to the AESOP
I Operating Lease Loan Collateral and each of AESOP Leasing, PVHC and Quartx
will permit any Person designated by the Lender or the Trustee in writing to
visit and inspect any of its properties, corporate books and financial records
and to discuss its affairs, finances and accounts with its officers, its agents
and

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its independent public accountants, all at such reasonable times and as
often as the Lender or the Trustee may reasonably request.

SECTION 9.3. Insurance. AESOP Leasing will obtain and
maintain, or cause to be obtained and maintained, with respect to all Vehicles
leased under the AESOP I Operating Lease (i) vehicle liability insurance to the
full extent required by law and in any event not less than $500,000 per Person
and $1,000,000 per occurrence, (ii) property damage insurance with a limit of
$1,000,000 per occurrence and (iii) excess coverage public liability insurance
with a limit of not less than $50,000,000 or the limit maintained from time to
time by the Lessee at any time hereafter,
whichever is greater, with respect to all passenger cars and vans
comprising the Lessee’s rental fleet. The Lender acknowledges and agrees that
AESOP Leasing may, to the extent permitted by applicable law, allow the Lessee
to self-insure with respect to the Vehicles leased under the AESOP I Operating
Lease for the first $1,000,000 per occurrence, or a greater amount up to a
maximum of $3,000,000, with the consent of each Enhancement Provider, per
occurrence, of vehicle liability and property damage insurance which is
otherwise required to be insured hereunder. All such policies shall be from
financially sound and reputable insurers, shall name the Lender, Original
AESOP, PVHC, Quartx and the Trustee as additional insured parties and, in the
case of catastrophic physical damage insurance on such Vehicles, shall name the
Trustee as loss payee as its interest may appear and will provide that the
Lender and the Trustee shall receive at least ten (10) days’ prior written
notice of cancellation of such policies. AESOP Leasing will notify promptly
the Lender and the Trustee of any curtailment or cancellation of the Lessee’s
right to self-insure in any jurisdiction.

SECTION 9.4. Manufacturer Programs. AESOP Leasing will turn
in, or cause to be turned in, the Vehicles leased under the AESOP I Operating
Lease which are Program Vehicles (subject to the redesignation provisions of
Section 2.7 of the AESOP I Operating Lease) to the relevant Manufacturer
within the Repurchase Period therefor, including in a transaction with respect
to a Relinquished Vehicle pursuant to the Master Exchange Agreement (unless
AESOP Leasing pays in full the Loan with respect to a Program Vehicle pursuant
to Section 5.2 or sells a Program Vehicle and, prior to the end of the
Repurchase Period therefor, receives sales proceeds thereof in cash in an
amount equal to or greater than the repurchase price under such Manufacturer
Program); and will comply with all of its obligations under each Manufacturer
Program.

SECTION 9.5. Reporting Requirements. AESOP Leasing will
furnish, or cause to be furnished, to the Lender and the Trustee and, in the
case of items (ii) and (iii) below, each Rating Agency and each Enhancement
Provider:

(i)     Reports. All reports of the Lessee required to be
delivered to AESOP Leasing pursuant to Section 31.5 of the AESOP I
Operating Lease;

(ii)     AESOP I Loan Events of Default; Amortization Events;
Exchange Agreement Termination Events. As soon as possible but in
any event within two (2) Business Days after the occurrence thereof,
notice of (A) any Potential AESOP I Loan Event of Default or AESOP I Loan
Event of Default, a written statement of an Authorized Officer describing
such event and the action that AESOP Leasing proposes to take with
respect

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thereto; (B) any Potential Amortization Event or Amortization
Event; and (C) any Exchange Agreement Termination Event;

(iii)     Manufacturers. Promptly after obtaining actual
knowledge thereof, notice of any Manufacturer Event of Default or
termination or replacement of a Manufacturer Program;

(iv)     Notice of Liens and Vicarious Liability Claims. On each
Determination Date, AESOP Leasing shall forward to CRCF, the Trustee, the
Paying Agent, the Rating Agencies and each Enhancement Provider, (A) an
Officer’s Certificate of AESOP Leasing certifying as to whether, to the
knowledge of AESOP Leasing, (x) any Lien exists on any of the AESOP I
Operating Lease Loan Collateral or (y) any vicarious liability claims
shall have been made against AESOP Leasing as a result of its ownership
of the Vehicles leased under the AESOP I Operating Lease or against PVHC
or Quartx as a result of its holding legal title to the Vehicles leased
under the AESOP I Operating Lease and (B) a written statement of an
Authorized Officer summarizing each such Lien or claim and the action
that AESOP Leasing proposes to take with respect thereto; and

(v)     Other. Promptly, from time to time, such other
information, documents, or reports respecting the AESOP I Loan Collateral
or the condition or operations, financial or otherwise, of any of AESOP
Leasing, PVHC or Quartx as the Lender or the Trustee may from time to
time reasonably request in order to protect the interests of the Lender
or the Trustee under or as contemplated by this Agreement or any other
Related Document.

SECTION 9.6. Payment of Taxes; Removal of Liens. Each of
AESOP Leasing, PVHC and Quartx will pay when due all taxes, assessments, fees
and governmental charges of any kind whatsoever that may be at any time
lawfully assessed or levied against or with respect to AESOP Leasing, PVHC or
Quartx, as the case may be, 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, none of AESOP Leasing, PVHC
or Quartx shall 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 AESOP Leasing, PVHC or Quartx, as the case may be, shall contest, in
good faith, the amount or validity thereof, in an appropriate manner or by
appropriate proceedings. Each such contest shall be promptly prosecuted to
final conclusion (subject to the right of AESOP Leasing, PVHC or Quartx, as the
case may be, to settle any such contest).

SECTION 9.7. Business. Each of AESOP Leasing, PVHC and
Quartx will engage only in businesses conducted on the date hereof and that are
permitted by, in the case of AESOP Leasing, its limited partnership agreement
and, in the case of PVHC and Quartx, their respective Certificates of
Incorporation and By-Laws.

SECTION 9.8. Maintenance of the Vehicles. AESOP Leasing
will maintain or cause to be maintained in good repair, working order, and
condition all of the Vehicles leased under the AESOP I Operating Lease, 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

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Lender under this Agreement or the interests of the Secured Parties under the Indenture or
the likelihood of repayment of the Loans made hereunder.
From time to time AESOP Leasing will make or cause to be made all
appropriate repairs, renewals, and replacements with respect to the Vehicles
leased under the AESOP I Operating Lease.

SECTION 9.9. Maintenance of Separate Existence. AESOP
Leasing will do all things necessary to continue to be readily distinguishable
from CCRG, Original AESOP, AESOP Leasing II, CRCF, the Affiliates of the
foregoing or any other affiliated or unaffiliated entity and to maintain its
existence as a limited partnership separate and apart from that of Original
AESOP, AESOP Leasing II, CCRG, CRCF and Affiliates of the foregoing including,
without limitation:

(i)     practicing and adhering to organizational formalities, such as
maintaining appropriate books and records;

(ii)     observing all organizational formalities in connection with all
dealings between itself and CRCF, Original AESOP, AESOP Leasing II, CCRG,
the Affiliates of the foregoing or any other affiliated or unaffiliated
entity;

(iii)     observing all procedures required by its certificate of
limited partnership, its limited partnership agreement and the laws of
the State of Delaware;

(iv)     acting solely in its name and through its duly authorized
officers or agents in the conduct of its businesses;

(v)     managing its business and affairs by or under the direction of
its general partner;

(vi)     ensuring that its general partner duly authorizes all of its
actions;

(vii)     ensuring the receipt of proper authorization, when necessary,
from its limited partner(s) for its actions;

(viii)     requiring its general partner to maintain at least two
corporate directors who are Independent Directors;

(ix)     owning or leasing (including through shared arrangements with
Affiliates) all office furniture and equipment necessary to operate its
business;

(x)     not (A) having or incurring any debt or obligations to any of
Original AESOP, AESOP Leasing II, CRCF, CCRG, the Affiliates of the
foregoing or any other affiliated or unaffiliated entity, except for the
obligations to CRCF under the AESOP I Loan Agreements or other
obligations incurred on an arm’s-length basis and permitted under the
Related Documents; (B) having obligations guaranteed by Original AESOP,
AESOP Leasing II, CCRG or CRCF or any Affiliates of the foregoing; (C)
holding itself out as responsible for debts of Original AESOP, AESOP
Leasing II, CRCF or CCRG or any Affiliates of the foregoing or for
decisions or actions with respect to the affairs of Original AESOP, AESOP
Leasing II, CCRG or CRCF or any Affiliates of the foregoing;

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(D) failing to correct any known misrepresentation with respect to
the statement in clause (B); (E) operating or purporting to
operate as an integrated, single economic unit with respect to Original
AESOP, AESOP Leasing II, CRCF, CCRG, the Affiliates of the foregoing or
any other affiliated or unaffiliated entity; (F) seeking to obtain credit
or incur any obligation to any third party based upon the assets of
Original AESOP, AESOP Leasing II, CRCF, CCRG, the Affiliates of the
foregoing or any other affiliated or unaffiliated entity; (G) inducing
any such third party to reasonably rely on the creditworthiness of
Original AESOP, AESOP Leasing II, CRCF, CCRG, the Affiliates of the
foregoing or any other affiliated or unaffiliated entity; and (H) being
directly or indirectly named as a direct or contingent beneficiary or
loss payee on any insurance policy of Original AESOP, AESOP Leasing II,
CRCF or CCRG or any Affiliates of the foregoing other than as required by
the Related Documents with respect to insurance on the Vehicles;

(xi)     other than as provided in the Related Documents, maintaining
its deposit and other bank accounts and all of its assets separate from
those of any other Person;

(xii)     maintaining its financial records separate and apart from
those of any other Person;

(xiii)     disclosing in its annual financial statements the effects of
the transactions contemplated by the Related Documents in accordance with
GAAP, applied on a consistent basis;

(xiv)     setting forth clearly in its financial statements its separate
assets and liabilities and the fact that the Vehicles leased under the
AESOP I Operating Lease are owned by AESOP Leasing;

(xv)     not suggesting in any way, within its financial statements,
that its assets are available to pay the claims of creditors of Original
AESOP, AESOP Leasing II, CRCF, CCRG, the Affiliates of the foregoing or
any other affiliated or unaffiliated entity;

(xvi)     compensating all its employees, officers, consultants and
agents for services provided to it by such Persons out of its own funds;

(xvii)     maintaining office space separate and apart from that of
Original AESOP, AESOP Leasing II, CRCF, CCRG or any Affiliates of the
foregoing (even if such office space is subleased from or is on or near
premises occupied by Original AESOP, AESOP Leasing II, CRCF, CCRG or any
Affiliates of the foregoing) and a telephone number separate and apart
from that of Original AESOP, AESOP Leasing II, CRCF, CCRG or any
Affiliates of the foregoing;

(xviii)     conducting all oral and written communications, including,
without limitation, letters, invoices, purchase orders, contracts,
statements, and applications solely in its own name;

(xix)     having separate stationery from Original AESOP, AESOP Leasing
II, CRCF, CCRG, the Affiliates of the foregoing or any other affiliated
or unaffiliated entity;

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(xx)     accounting for and managing all of its liabilities separately
from those of Original AESOP, AESOP Leasing II, CRCF, CCRG or any
Affiliates of the foregoing;

(xxi)     allocating, on an arm’s-length basis, all shared operating
services, leases and expenses, including, without limitation, those
associated with the services of shared consultants and agents and shared
computer and other office equipment and software; and otherwise
maintaining an arm’s-length relationship with each of Original AESOP,
AESOP Leasing II, CRCF, CCRG, the Affiliates of the foregoing or any
other affiliated or unaffiliated entity;

(xxii)     refraining from filing or otherwise initiating or supporting
the filing of a motion in any bankruptcy or other insolvency proceeding
involving Original AESOP, AESOP Leasing II, CRCF, AESOP Leasing, CCRG or
any Affiliate of CCRG, to substantively consolidate Original AESOP, AESOP
Leasing II, CRCF, AESOP Leasing with CCRG or any Affiliate of CCRG;

(xxiii)     remaining solvent and assuring adequate capitalization for
the business in which it is engaged; and

(xxiv)     conducting all of its business (whether written or oral)
solely in its own name so as not to mislead others as to the identity of
each of Original AESOP, AESOP Leasing II, AESOP Leasing, CRCF, CCRG and
the Affiliates of the foregoing or any other affiliated or unaffiliated
entity.

AESOP Leasing acknowledges its receipt of a copy of those certain opinion
letters issued by White & Case LLP dated the date hereof addressing the issue
of substantive consolidation as they may relate to CCRG and each affiliate of
CCRG on the one hand and any of Original AESOP, AESOP Leasing II, CRCF and
AESOP Leasing on the other hand and as among Original AESOP, AESOP Leasing II,
AESOP Leasing and CRCF. AESOP Leasing 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 letters and relating to it.

SECTION 9.10. Manufacturer Payments; Sales Proceeds. AESOP
Leasing will cause each Manufacturer and auction dealer to make all payments
under the Manufacturer Programs with respect to Program Vehicles, including all
payments with respect to Relinquished Vehicles, directly to the Collection
Account or a Joint Collection Account, as applicable. Any such payments from
Manufacturers or related auction dealers received directly by AESOP Leasing,
will be, within two (2) Business Days of receipt, deposited into the Collection
Account or a Joint Collection Account. AESOP Leasing shall, within two (2)
Business Days of receipt thereof, deposit into the Collection Account or a
Joint Collection Account, as applicable, all amounts representing the proceeds
from sales of Program Vehicles by auction dealers under a Guaranteed
Depreciation Program and sales of Vehicles (including amounts paid by a
Manufacturer as a result of the sale of such Vehicle outside such
Manufacturer’s Manufacturer Program) to third parties (other than under any
related Manufacturer Program) and all payments with respect to other AESOP I
Loan Collateral (other than the AESOP I Loan Collateral described in the last
sentence of this paragraph). Insurance proceeds and warranty payments with
respect to Vehicles will only be
deposited into the Collection Account if an Amortization

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Event or Potential
Amortization Event shall have occurred and be continuing. AESOP Leasing
acknowledges that payments received from or on behalf of Manufacturers under
the Manufacturer Programs with respect to Relinquished Vehicles shall be
disbursed in accordance with the Master Exchange Agreement and the Escrow
Agreement.

SECTION 9.11. Maintenance of Properties. Each of AESOP
Leasing, PVHC and Quartx will maintain or cause to be maintained in the
ordinary course of business in good repair, working order and condition
(reasonable wear and tear excepted) all properties, including, without
limitation, vehicles necessary for the operation of its businesses (whether
owned or held under lease), and from time to time make or cause to be made all
needed and appropriate repairs, renewals, replacements, additions, betterments
and improvements thereto, except to the extent no material adverse effect on
its financial condition, business, prospects or properties or a Material
Adverse Effect (as set forth in clauses (ii) and (iii) of the
definition thereof) could result, and maintain good, legal and marketable title
to, or a valid leasehold interest in, all of its assets, free and clear of all
Liens except for Permitted Liens, and except to the extent sold or otherwise
disposed of in accordance with this Agreement or any other Related Document.

SECTION 9.12. Verification of Title. AESOP Leasing will, on
an annual basis, cause a title check to be performed by an independent
nationally recognized firm of certified public accountants acceptable to the
Trustee and each Enhancement Provider on a statistical sample of all Vehicles
leased under the Leases designed to provide a ninety-five percent (95%)
confidence level that no more than five percent (5%) of the Certificates of
Title for such Vehicles did not correctly reference the Trustee, as first
lienholder, and the Lessor of such Vehicle or its Permitted Nominee or, in the
case of Financed Vehicles, CCRG, a Permitted Sublessee or any of their
respective Permitted Nominees, as owner, and cause such party to deliver a
report stating that, within the confidence level set forth above, no more than
five percent (5%) of the Certificates of Title did not correctly reference the
lienholder or owner of the Vehicles described in the immediately preceding
clause.

SECTION 9.13. [RESERVED].

SECTION 9.14. Delivery of Information. Each of AESOP
Leasing, PVHC and Quartx will provide to the Lender any information or
materials necessary for the Lender to comply with its obligations under the
Indenture.

SECTION 9.15. Master Exchange Agreement and Escrow Agreement.
AESOP Leasing will comply in all material respects with all of its
obligations under the Master Exchange Agreement and the Escrow Agreement.

SECTION 9.16. Vehicles. AESOP Leasing will maintain good
and marketable title to each Vehicle purchased by AESOP Leasing with the
proceeds of Loans made hereunder and leased under the AESOP I Operating Lease,
free and clear of all Liens and encumbrances, other than any Permitted Liens.

SECTION 9.17. Assignments. AESOP Leasing will deliver to the
Trustee on or prior to the Restatement Effective Date, and thereafter, as
necessary to comply with the terms of the Related Documents, executed
counterparts of the Assignment Agreements related to the

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assignment of rights
under each Manufacturer Program to which any Vehicle leased under the AESOP I
Operating Lease is subject in accordance herewith, duly executed by CRCF, AESOP
Leasing, BRAC, ARAC, AESOP Leasing II, CCRG, the Intermediary, the Trustee and
each applicable Manufacturer.

SECTION 9.18. Notation of Liens. AESOP Leasing shall have
delivered to the Lender and the Trustee on or prior to the Restatement
Effective Date and will deliver on an ongoing basis, as applicable, evidence
(which, in the case of the filing of financing statements on form UCC-1, may be
telephonic confirmation of such filing, followed by prompt written
confirmation) that it has caused or is causing the Trustee’s name to be noted
on the Certificate of Title for each Vehicle leased under the AESOP I Operating
Lease (other than Certificates of Title for Vehicles titled in the states of
Nebraska, Ohio and Oklahoma) in accordance herewith and all filings (including
filings of financing statements on form UCC-1) and recordings have been
accomplished as may be required by law to establish, perfect (other than
perfection of the security interest of the Trustee in Vehicles by notation of
the lien of the Trustee on the Certificates of Title for Vehicles titled in the
states of Nebraska, Ohio and Oklahoma), protect and preserve the rights,
titles, interests, remedies, powers, privileges, licenses and security interest
of the Trustee in such Vehicles and other AESOP I Operating Lease Loan
Collateral for the benefit of the Secured Parties.

SECTION 9.19. Replacement of Intermediary. If at any time,
JPMorgan Chase Bank does not have a short-term indebtedness rating of “P-1”
from Moody’s and at least “A-1” from S&P and a long-term indebtedness rating of
at least “A2” from Moody’s and at least “A” from S&P, AESOP Leasing shall,
within thirty (30) days thereafter, (x) replace the Intermediary with a Person
that is a bankruptcy-remote special purpose entity, all of the equity, in which
is owned either (1) by a Person that has a short-term indebtedness rating of
“P-1” from Moody’s and at least “A-1” from S&P and a long-term indebtedness
rating of at least “A2” from Moody’s and at least “A” from S&P or (2) directly
and indirectly (to the extent any such indirect owner has a greater than 10%
indirect ownership interest in the Intermediary) solely by Persons that are
eligible to be debtors under the Bankruptcy Code and satisfy the Rating Agency
Consent Condition with respect to such replacement or (y) satisfy the Rating
Agency Consent Condition with respect to the Intermediary continuing as the
Intermediary under the Master Exchange Agreement.

SECTION 9.20. [RESERVED]

SECTION 9.21. [RESERVED]

SECTION 9.22. Non-Program Vehicle Report. On or before the
second Determination Date immediately following June 30 and December 31 of each
calendar year, AESOP Leasing shall cause a firm of nationally recognized
independent public accountants (who may also render other services to AESOP
Leasing or CCRG and who is acceptable to the Rating Agencies and each
Enhancement Provider) to furnish a report to the Lender, the Trustee, each
Enhancement Provider and the Rating Agencies to the effect that they have
performed certain agreed upon procedures (which shall be acceptable to each
Enhancement Provider) with respect to the calculation of (i) the Disposition
Proceeds obtained from the sale or other disposition of all Non-Program
Vehicles (other than Casualties) sold or otherwise disposed of during each
Related

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Month in such period, (ii) the respective Net Book Values of such
Non-Program Vehicles, and (iii) the Non-Program Fleet Market Value and compared
such calculations with the corresponding amounts set forth in the Monthly
Certificates prepared pursuant to Section 4.1(b) of the Base Indenture
and that on the basis of such comparison such accountants are of the opinion
that such amounts are in agreement, except for such exceptions as they believe
to be immaterial and such other exceptions as shall be set forth in such
report. With respect to the calculations described in the foregoing clause
(iii), such report shall make the comparison described with respect to the
Non-Program Fleet Market Value only as of the last Determination Date in the
period as to which the report is made. On or before the second Determination
Date immediately following March 31 and September 30 of each calendar year,
AESOP Leasing shall furnish an Officer’s Certificate of AESOP Leasing to the
Lender, the Trustee, each Enhancement Provider and the Rating Agencies to the
effect that the officer making such certification has compared or caused to be
compared the calculations described in clauses (i) and (ii) above
with the corresponding amounts set forth in the Monthly Certificates prepared
pursuant to Section 4.1(b) of the Base Indenture, and has compared or
caused to be compared the calculation described in clause (iii) above
with the corresponding amount set forth in the Monthly Certificate prepared
pursuant to Section 4.1(b) of the Base Indenture as of the last
Determination Date in the period as to which the Officer’s Certificate is
given, and that on the basis of such comparison such officer is of the opinion
that such amounts are in agreement, except for such exceptions as shall be set
forth in such Officer’s Certificate.

SECTION 9.23. Sale of Non-Program Vehicles Returned to AESOP
Leasing. In the event that any Non-Program Vehicle leased under the
AESOP I Operating Lease is returned to AESOP Leasing in accordance with
Section 2.6(b) of the AESOP I Operating Lease, AESOP Leasing shall use
commercially reasonable efforts to arrange for the sale of such Vehicle, either
directly itself or through the Intermediary, and to maximize the sale price
thereof. AESOP Leasing shall not return or cause to be returned a Non-Program
Vehicle to a Manufacturer under a Manufacturer Program unless the conditions
set forth in Section 2.6(b)(ii) of the AESOP I Operating Lease shall
have been satisfied with respect to such disposition.

SECTION 9.24. UCC Filings. On or before the third (3rd) Business Day following the Restatement
Effective Date, AESOP Leasing shall file or cause to be filed with the
Secretary of State of the State of Delaware the UCC financing statements and
the amendments to UCC financing statements delivered in accordance with Section
11.1(h).

SECTION 10. NEGATIVE COVENANTS. Until the expiration or
termination of the Loan Commitment and thereafter until the Loan Note and all
other Liabilities are paid in full, each of AESOP Leasing, PVHC and Quartx
agrees that, unless at any time the Lender shall otherwise expressly consent in
writing, it will not:

SECTION 10.1. Liens. Create, incur, assume or permit to
exist any Lien upon any of its Assets (including the AESOP I Collateral), other
than Permitted Liens.

SECTION 10.2. Other Indebtedness. Create, assume, incur,
suffer to exist or otherwise become or remain liable in respect of any
Indebtedness other than (i) Indebtedness hereunder and (ii) Indebtedness
permitted under any other Related Document.

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SECTION 10.3. Mergers, Consolidations. Except as may be
permitted by the express written approval of the Trustee and the Lender, merge
with or into, enter into any joint venture or other association with, or
consolidate with, any other Person.

SECTION 10.4. Sales of Assets. Sell, lease, transfer,
liquidate or otherwise dispose of any Assets, except as contemplated by the
Related Documents.

SECTION 10.5. Acquisition of Assets. Acquire, by long-term
or operating lease or otherwise, any Assets except pursuant to the terms of the
Related Documents.

SECTION 10.6. Dividends, Officers’ Compensation, etc. (i)
Declare or pay any distributions on any of its partnership interests or capital
stock, as the case may be, or make any other distribution on, or any purchase,
redemption or other acquisition of, any of its partnership interests or any
shares of its capital stock, as the case may be, except, in the case of AESOP
Leasing, AESOP Leasing may make distributions out of funds in the AESOP I
Segregated Account or on its partnership interests provided that no
Amortization Event, Potential Amortization Event, AESOP I Operating Lease
Vehicle Deficiency, Aggregate Asset Amount Deficiency, Enhancement Deficiency,
Event of Default,
Liquidation Event of Default, Limited Liquidation Event of Default,
Potential Enhancement Agreement Event of Default, Enhancement Agreement Event
of Default, Potential AESOP I Operating Lease Event of Default, AESOP I
Operating Lease Event of Default, Potential AESOP I Operating Lease Loan Event
of Default or AESOP I Operating Lease Loan Event of Default has occurred or is
continuing or would result therefrom, or (ii) pay any wages or salaries or
other compensation to officers, employees or others except out of earnings
computed in accordance with GAAP applied on a consistent basis and, in the case
of AESOP Leasing, only from funds in the AESOP I Segregated Account.

SECTION 10.7. Organizational Documents. Amend any of its
organizational documents, including its certificate of limited partnership or
limited partnership agreement or certificate of incorporation or by-laws, as
the case may be, unless prior to such amendment, the Rating Agency Consent
Condition has been met with respect to such amendment.

SECTION 10.8. Investments. Make, incur, or suffer to exist
any loan, advance, extension of credit or other investment in any Person other
than pursuant to the Related Documents.

SECTION 10.9. Regulations T, U and X. Use or permit any
proceeds of the Loans made hereunder to be used, either directly or indirectly,
for the purpose, whether immediate, incidental or ultimate, of “purchasing or
carrying margin stock” within the meaning of Regulations T, U and X of the
Board of Governors of the Federal Reserve System, as amended from time to time.

SECTION 10.10. Other Agreements. Enter into any agreement
containing any provision which would be violated or breached by the performance
of its obligations hereunder or under any instrument or document delivered or
to be delivered by it hereunder or in connection herewith.

SECTION 10.11. Use of Vehicles. Use or allow the Vehicles
leased under the AESOP I Operating Lease to be used (i) in any manner that
would make Program Vehicles

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ineligible for repurchase under an Eligible
Manufacturer Program, (ii) for any illegal purposes or (iii) in any manner that
could subject the Vehicles to confiscation.

SECTION 10.12. Use of Proceeds. Use or permit the proceeds
of the Loans made hereunder to be used for any purpose other than to purchase
or finance Eligible Vehicles that will be leased under the AESOP I Operating
Lease.

SECTION 10.13. Limitations on the Acquisition or Redesignation of
Certain Vehicles. Unless otherwise specified in the related
Supplement or unless waived by the Required Noteholders as specified in the
related Supplement, permit (a) the Non-Eligible Manufacturer Amount as of any
Payment Date to exceed any applicable Maximum Non-Eligible Manufacturer Amount,
(b) the Financed Vehicle Amount as of any Payment Date to exceed any applicable
Maximum Financed Vehicle Amount, (c) the Non-Program Vehicle Amount as of any
Payment Date to exceed any applicable Maximum Non-Program Vehicle Amount, (d)
the aggregate Net Book Value of all Vehicles leased under the Leases and
manufactured by a particular Manufacturer or group of Manufacturers as of any
Payment Date to exceed any applicable Maximum Manufacturer Amount and (e) the
Specified States Amount as of any Payment Date to exceed any applicable Maximum
Specified States Amount.

SECTION 10.14. Maximum Vehicle Age. Permit at any time the
age of any Non-Program Vehicle leased under the AESOP I Operating Lease,
calculated from the date of the original manufacturer invoice for such Vehicle,
to exceed eighteen (18) months.

SECTION 10.15. Master Exchange Agreement. (i) Consent to
any amendment or modification to, or waiver of, any provision of the Master
Exchange Agreement, the Escrow Agreement or any Sublease, or (ii) appoint a
successor or replacement to the Person acting as Intermediary under the Master
Exchange Agreement, or to the Person acting as escrow agent under the Escrow
Agreement, in each case without (x) the prior written consent of the Trustee
and (y) the satisfaction of the Rating Agency Consent Condition.

SECTION 11. CONDITIONS.

SECTION 11.1. Effectiveness of Amended and Restated Agreement.
The effectiveness of this Agreement shall be subject to the prior or
concurrent (i) delivery of each of the following documents to the Lender and,
if not otherwise required to be delivered to the Trustee by any other Related
Document, to the Trustee and any Enhancement Provider, as applicable (in form
and substance satisfactory to the Lender and, if applicable, the Trustee and
any Enhancement Provider) and (ii) satisfaction of the following conditions, as
applicable:

(a)     Certificate of Limited Partnership; Certificates of
Incorporation. The certificate of limited partnership of AESOP Leasing,
duly certified by the Secretary of State of the State of Delaware, together
with a copy of the limited partnership agreement of AESOP Leasing, duly
certified by the Secretary or an Assistant Secretary of Original AESOP. The
certificate of incorporation of each of Original AESOP, PVHC and Quartx, duly
certified by the Secretary of State of the State of Delaware, together with a
copy of the by-laws of each of Original AESOP, PVHC and Quartx, duly certified
by the Secretary or an Assistant Secretary of Original AESOP, PVHC and Quartx,
as the case may be;

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(b)     Resolutions. Copies of resolutions of the Board of Directors
of each of Original AESOP, PVHC and Quartx, authorizing or ratifying the
execution, delivery and performance of those documents and matters required of
it with respect to this Agreement, duly certified by the Secretary or an
Assistant Secretary of Original AESOP, PVHC and Quartx, as the case may be;

(c)     Consents, etc. Certified copies of all documents evidencing
any necessary limited partnership or corporate action, consents and
governmental approvals (if any) with respect to this Agreement;

(d)     Incumbency and Signatures. A certificate of the Secretary or
an Assistant Secretary of each of Original AESOP, PVHC and Quartx certifying
the names of the individual or individuals authorized to sign this Agreement
and the other Related Documents to be executed by it, together with a sample of
the true signature of each such individual (the Lender may conclusively rely on
each such certificate until formally advised by a like certificate of any
changes therein);

(e)     Opinions of Counsel. The opinions of counsel required to be
delivered by Section 2.2 of the Base Indenture;

(f)     Good Standing Certificates. Certificates of good standing for
each of AESOP Leasing, Original AESOP, PVHC and Quartx in the jurisdiction of
its organization and the jurisdiction of its principal place of business;

(g)     Search Reports. A written search report from a Person
satisfactory to the Lender and the Trustee listing all effective financing
statements that name any of AESOP Leasing, PVHC or Quartx, as debtor or
assignor, and that are filed and the jurisdictions in which filings were made
pursuant to subsection (h) below, together with copies of such financing
statements, and tax and judgment lien search reports from a Person satisfactory
to the Lender and the Trustee showing no evidence of such liens filed against
AESOP Leasing, PVHC or Quartx;

(h)     Financing Statements. Draft financing statements or amendments
to financing statements previously filed, naming (1) AESOP Leasing as debtor,
(2) PVHC as debtor and (3) Quartx as debtor, and the Lender as secured party
and the Trustee as assignee or other, similar instruments or documents, if any,
as may be necessary or, in the reasonable opinion of the Lender and the
Trustee, desirable under the UCC of all applicable jurisdictions to perfect the
Lender’s and the Trustee’s interest in the AESOP I Loan Collateral;

(i)     Enhancement. The Enhancement Amount with respect to any Series
of Notes Outstanding as of the Restatement Effective Date is equal to or
exceeds the Required Enhancement Amount for such Series;

(j)     Leases. An executed copy of the Second Amended and Restated
AESOP I Operating Lease and all documents required to be delivered by the
Lessee to the Lessor pursuant thereto, and all conditions to the effectiveness
thereof shall have been satisfied;

(k)     Assignment Agreement. An executed copy of an Assignment
Agreement with respect to each Manufacturer Program to which any Vehicle leased
under the AESOP I Operating Lease is subject as of the Restatement Effective
Date and an Officer’s Certificate, duly

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executed by an Authorized Officer of
AESOP Leasing, certifying that each such copy is true, correct and complete as
of the Restatement Effective Date, that such Manufacturer Program shall be in
full force and effect and enforceable against the related Manufacturer and that
a copy of such Manufacturer Program shall have been delivered to the Trustee;

(l)     Indenture. The Base Indenture, dated the Restatement Effective
Date, duly executed by the Lender and the Trustee, and all conditions to the
effectiveness thereof shall have been satisfied in all respects;

(m)     Master Exchange Agreement and Related Documents. Executed
copies of the Master Exchange Agreement and the Escrow Agreement; and all
conditions to the effectiveness of each such agreement shall have been
satisfied;

(n)     Loan Agreements. Each of the other Loan Agreements, as amended
and restated as of the Restatement Effective Date, shall have become effective
simultaneously with this Agreement; and

(o)     Other. Such other documents as the Trustee or the Lender may
reasonably request.

SECTION 11.2. All Loans. All Loans hereunder shall be
subject to the further conditions precedent that (a) if the amount of
Enhancement with respect to any Series of Notes is increased or if the current
Enhancement with respect to any Series of Notes is replaced, to the extent such
additional or replacement Enhancement is in the form of an unfunded commitment
(including, without limitation, a letter of credit), AESOP Leasing shall cause
the delivery to the Lender, the Trustee, the Enhancement Providers, if any, for
any Series of Notes issued and outstanding on the date of such opinion(s),
Placement Agents, if any, and the Rating Agencies on or prior to the
effectiveness of such additional or replacement Enhancement of opinion(s) of
counsel as to the enforceability of such additional or replacement Enhancement
substantially similar to the original opinions delivered with respect to such
Enhancement, (b) the Lender shall have received a completed Loan Request
therefor and a copy of the related Vehicle Order, (c) all conditions precedent
to the issuance of any Series of Notes after the Initial Closing Date shall
have been satisfied in accordance with the related Supplement and (d) on the
date of such Loan the following statements shall be true (and AESOP Leasing, by
accepting the amount of such Loan, shall be deemed to have represented and
warranted that): (i) the representations and warranties contained in
Section 8 are true and correct on and as of such date with the same
effect as though made on and as of such date and shall be deemed to have been
made on such date and (ii) no Potential AESOP I Operating Lease Loan Event of
Default or AESOP I Operating Lease Loan Event of Default has occurred and is continuing or would result from
the making of such Loan or from the application of the proceeds of such Loan.

SECTION 11.3. All Transactions Under Master Exchange Agreement.
Each transfer by AESOP Leasing of a Relinquished Vehicle to the
Intermediary pursuant to the Master Exchange Agreement shall be subject to the
satisfaction of each of the following conditions: (a) no Manufacturer Event of
Default with respect to the Manufacturer Program pursuant to which such
Relinquished Vehicle is intended to be transferred pursuant to the Master
Exchange Agreement shall have occurred and be continuing at the time of such
transfer; (b) in connection

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with the transfer of any Program Vehicle to the
Intermediary, AESOP Leasing shall have contracted to sell such Program Vehicle
pursuant to an Eligible Manufacturer Program (the Manufacturer party to which
shall have consented to the purchase and sale of Vehicles by the Intermediary
pursuant to an Assignment Agreement, which consent shall not have been revoked)
and shall have directed the Intermediary to sell such Program Vehicle pursuant
to such Eligible Manufacturer Program on the date such Program Vehicle becomes
Relinquished Property pursuant to the Master Exchange Agreement; (c) on the
date of any transfer of any Relinquished Vehicle to the Intermediary, the only
obligations or liabilities, if any, secured by such Relinquished Vehicle are
the Loans and/or any other obligations or liabilities arising under the Related
Documents (d) on the date of any such transfer, no QI Parent Downgrade Event
has occurred (unless the Rating Agency Consent Condition has been satisfied
with respect to such transfers continuing with the Intermediary); and (e) on
the date of any such transfer, the following statements shall be true: (i) the
representations and warranties of AESOP Leasing in Section 8 hereof are
true and correct on and as of such date and shall be deemed to have been made
on such date with the same effect as though made on and as of such date, (ii)
no Potential Loan Event of Default or Loan Event of Default, no Potential
Amortization Event or Amortization Event and no Liquidation Event of Default or
Limited Liquidation Event of Default has occurred and is continuing or would
result from the making of such transfer, (iii) the Termination Date (as defined
in the Master Exchange Agreement) has not occurred and (iv) to AESOP Leasing’s
knowledge, the representations and warranties of the Intermediary in Article VI
of the Master Exchange Agreement are true and correct on and as of such date
and shall be deemed to have been made on and as of such date with the same
effect as though made on and as of such date.

SECTION 12. LOAN EVENTS OF DEFAULT AND THEIR EFFECT.

SECTION 12.1. AESOP I Operating Lease Loan Events of Default.
Each of the following shall constitute an AESOP I Operating Lease Loan
Event of Default under this Agreement:

12.1.1. Non-Payment of Loans.  Default in the payment when due of the principal amount of any Loan made
hereunder or the Monthly Loan Principal Amount hereunder, and the continuance
thereof for one (1) Business Day after the occurrence thereof, or the default
in the payment of any Loan Interest on any Loan made hereunder, and the
continuance thereof for five (5) Business Days after the occurrence thereof;
provided, however, that in the case of any failure to pay an
amount referred to in Section 5.1(B)(I)(iii) or 5.1(B)(I)(iv)(y),
an AESOP I Operating Lease Loan Event of Default shall occur only to the extent
that at the end of the applicable continuance period referred to above, an
Enhancement Deficiency exists with respect to any Series of Notes or an AESOP I
Operating Lease Vehicle Deficiency exists.

12.1.2. Non-Payment of Other Amounts. Default, and
continuance thereof for five (5) Business Days after notice thereof by the
Lender to AESOP Leasing, in the payment when due of any amount payable
hereunder (other than any amount described in Section 12.1.1).

12.1.3. Bankruptcy, Insolvency, etc. The occurrence of an
Event of Bankruptcy with respect to CCRG, AESOP Leasing, Original AESOP, PVHC,
Quartx, the Intermediary or any Permitted Sublessee.

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12.1.4. Non-Compliance With Provisions. Failure by AESOP
Leasing to comply with or to perform any provision of this Agreement (and not
constituting an AESOP I Operating Lease Loan Event of Default under any of the
other provisions of this Section 12.1) and, other than the failure to
comply with the provisions of Sections 10.1, 10.2 and
10.15 hereof, the continuance of such failure for thirty (30) days after
the earlier of the date of the receipt of written notice thereof from the
Lender or the Trustee to AESOP Leasing and the date AESOP Leasing learns of
such failure.

12.1.5. Warranties and Representations. Any warranty or
representation made by or on behalf of AESOP Leasing in connection herewith is
inaccurate or incorrect or is breached or false or misleading in any material
respect as of the date such warranty or representation is made; or any
schedule, certificate, financial statement, report, notice, or other writing
furnished by or on behalf of AESOP Leasing to the Lender is false or misleading
in any material respect on the date as of which the facts therein set forth are
stated or certified.

12.1.6. Lease Events of Default. The occurrence of a Lease
Event of Default.

12.1.7. Loan Events of Default Under Other Loan Agreements.
The occurrence of an AESOP I Finance Lease Loan Event of Default or an
AESOP II Loan Event of Default.

12.1.8. Judgments. Any final and unappealable (or, if
capable of appeal, such appeal is not being diligently pursued or enforcement
thereof has not been stayed) judgment or order for the payment of money in
excess of $100,000 which is not fully covered by insurance shall be rendered
against AESOP Leasing and such judgment or order shall continue unsatisfied and
unstayed for a period of thirty (30) days.

SECTION 12.2. Effect of AESOP I Operating Lease Loan Event of Default
or Liquidation Event of Default. If any AESOP I Operating Lease
Loan Event of Default described in Section 12.1.1 or 12.1.3 or
any Liquidation Event of Default shall occur, the Loan Commitment (if not
theretofore terminated) shall immediately terminate and (x) in the case of any
other AESOP I Operating Lease Loan Event of Default, the Lender may declare its
Loan Commitment (if not theretofore terminated) to be terminated and whereupon
it shall immediately terminate and (y) in either case may declare the Loan Note
and all other Liabilities to be due and payable, whereupon the Loan Note shall
become immediately due and payable.

SECTION 12.3. Rights of Lender and Trustee Upon Liquidation Event of
Default and Non-Performance of Certain Covenants. (a) If a
Liquidation Event of Default shall have occurred and be continuing the Lender
and the Trustee, to the extent provided in the Indenture, shall have all the
rights against AESOP Leasing, PVHC and Quartx and the Loan Collateral provided
in the Indenture upon a Liquidation Event of Default, including the right to
take (under the specified circumstances) possession of all Vehicles
immediately.

(b)     If (i) AESOP Leasing shall default in the due performance and
observance of any of its obligations under Section 9.3, 9.4,
9.5(iii), 9.8, 10.1 or 10.11 hereof, or (ii) the
Lessee shall default in the due performance and observance of its obligations
under Section 31.10 of the AESOP I Operating Lease, and such default
shall continue unremedied for a period of thirty (30) days after notice thereof
shall have been given to AESOP Leasing by the Lender,

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the Lender shall have the
ability to exercise all rights, remedies, powers, privileges and claims of
AESOP Leasing, PVHC or Quartx against the Manufacturers under or in connection
with the Manufacturer Programs with respect to (A) Program Vehicles leased
under the AESOP I Operating Lease that AESOP Leasing or the Lessee has
determined to turn back to the Manufacturers under such Manufacturer Programs
(excluding Relinquished Vehicles), and (B) whether or not AESOP Leasing or the
Lessee shall then have determined to turn back such Program Vehicles, any
Program Vehicles leased under the AESOP I Operating Lease for which the
applicable Repurchase Period will end within one week or less.

(c)     Upon a default in the performance (after giving effect to any grace
periods provided herein) by AESOP Leasing, PVHC or Quartx of its obligations
under Section 7.5 or 8.6 hereof with respect to certain Vehicles, the Lender
or the Trustee shall have the right to take actions reasonably necessary to
correct such default with respect to the subject Vehicles, including the
execution of UCC financing statements with respect to Manufacturer Programs and
other general intangibles and the completion of Vehicle Perfection and
Documentation Requirements on behalf of AESOP Leasing, PVHC, Quartx or the
Lender, as applicable.

(d)     Upon the occurrence of a Liquidation Event of Default, AESOP Leasing
will return all Program Vehicles leased under the AESOP I Operating Lease to
the related Manufacturer and shall sell all Non-Program Vehicles leased under
the AESOP I Operating Lease in accordance with the instructions of the Lender.
Upon the occurrence of a Limited Liquidation Event of Default with respect to
any Series of Notes, AESOP Leasing will return Program Vehicles leased under
the AESOP I Operating Lease to the related Manufacturer, and shall sell
Non-Program Vehicles leased under the AESOP I Operating Lease in accordance
with the instructions of the Lender, to generate proceeds in an amount which,
together with the proceeds of Vehicles returned pursuant to the AESOP I Finance
Lease Loan Agreement and the AESOP II Loan Agreement, will be sufficient to pay
all interest on and principal of such Series of Notes. To the extent any
Manufacturer fails to accept any such Vehicles under the terms of the
applicable Manufacturer Program, the Lender shall have the right to otherwise
dispose of such Vehicles and to direct AESOP Leasing to dispose of such
Vehicles in accordance with its instructions. In addition, the Lender shall
have all of the rights, remedies, powers, privileges and claims vis-à-vis AESOP
Leasing, PVHC and Quartx necessary or desirable to allow the Trustee to
exercise the rights, remedies, powers, privileges and claims given to the
Trustee pursuant to Sections 9.2 and 9.3 of the Base Indenture
and each of AESOP Leasing, PVHC and Quartx acknowledges that (x) it has hereby
granted the Lender all of the rights, remedies, powers, privileges and claims
granted to the Trustee pursuant to Article 9 of the Base Indenture and
that, under the circumstances set forth in the Base Indenture, the Trustee may
act in lieu of the Lender in the exercise of such rights, remedies, powers,
privileges and claims and (y) under certain circumstances the Trustee may act
in lieu of the Lender in the exercise of the rights, remedies, powers,
privileges and claims of the Lender hereunder.

SECTION 12.4. Application of Proceeds. The proceeds of any
sale or other disposition on any date pursuant to Section 12.3 shall be
applied in the following order: (i) to the reasonable costs and expenses
incurred by the Lender or the Trustee in connection with such sale or
disposition, including any reasonable costs associated with repairing any
Vehicles leased under the AESOP I Operating Lease, and reasonable attorneys’
fees in connection with the enforcement of this Agreement; (ii) to the payment
of accrued Loan Interest and outstanding

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Loan Principal Amount, and all other
amounts due hereunder in the Related Month; and (iii) any remaining amounts to
AESOP Leasing, or such Person as may be lawfully entitled thereto.

SECTION 12.5. Additional Agreements of AESOP Leasing. Upon
the occurrence of any Loan Event of Default, any Lease Event of Default, any
Amortization Event, any Liquidation Event of Default, any Limited Liquidation
Event of Default or any Exchange Agreement Termination Event, AESOP Leasing
immediately shall
cease any further transfer of Relinquished Property to the Intermediary
pursuant to the Master Exchange Agreement.

SECTION 13. GENERAL.

SECTION 13.1. Waiver; Amendments. No delay on the part of
the Lender or the holder of the Loan Note or other Liabilities in the exercise
of any rights, power or remedy shall operate as a waiver thereof, nor shall any
single or partial exercise by any of them of any right, power or remedy
preclude other or further exercise thereof, or the exercise of any other right,
power or remedy. No amendment, modification or waiver of, or consent with
respect to, any provision of this Agreement or the Loan Note shall in any event
be effective unless (i) the same shall be in writing and signed and delivered
by the Lender, AESOP Leasing, PVHC and Quartx and consented to in writing by
the Trustee and (ii) the Rating Agency Consent Condition shall have been
satisfied; provided that any amendment or modification of the Loan Note
need only be signed by AESOP Leasing.

SECTION 13.2. Confirmations. AESOP Leasing and the Lender
(or the holder of the Loan Note) agree from time to time, upon written request
received by it from the other, to confirm to the other in writing the aggregate
unpaid Loan Principal Amount.

SECTION 13.3. 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 below 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 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
transmission.

	 	 	 
	TRUSTEE:

	 	The Bank of New York
	

	 	c/o BNY Midwest Trust Company
	

	 	2 North La Salle Street
	

	 	10th Floor
	

	 	Chicago, Illinois 60602
	

	 	Attention:     Corporate Trust Office
	

	 	Telephone:    (312) 827-8569
	

	 	Fax:                 (312) 869-8562

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	LENDER:

	 	Cendant Rental Car Funding (AESOP) LLC
	

	 	c/o Lord Securities Corporation
	

	 	48 Wall Street
	

	 	New York, New York 10005
	

	 	Attention:   Benjamin B. Abedine
	

	 	Telephone:  (212) 346-9019
	

	 	Fax:    (212) 346-9012
	 
	 	 
	

	 	with a copy to:
	 
	 	 
	

	 	Cendant Car Rental Group, Inc.,
as Administrator
	

	 	6 Sylvan Way
	

	 	Parsippany, NJ 07054
	

	 	Telephone: (973) 496-5000
	

	 	Fax: (973) 494-5852
	 
	 	 
	BORROWER:

	 	AESOP Leasing L.P.
	

	 	c/o Lord Securities Corporation
	

	 	48 Wall Street
	

	 	New York, New York 10005
	

	 	Attention: Benjamin B. Abedine
	

	 	Telephone: (212) 346-9019
	

	 	Fax:(212) 346-9012
	 
	 	 
	

	 	with a copy to:
	 
	 	 
	

	 	Cendant Car Rental Group, Inc.,
as Administrator
	

	 	6 Sylvan Way
	

	 	Parsippany, NJ 07054
	

	 	Telephone: (973) 496-5000
	

	 	Fax: (973) 494-5852
	 
	 	 
	PERMITTED NOMINEES:

	 	Quartx Fleet Management, Inc.
	

	 	c/o Lord Securities Corporation
	

	 	48 Wall Street
	

	 	New York, New York 10005
	

	 	Attention: Benjamin B. Abedine
	

	 	Telephone: (212) 346-9019
	

	 	Fax:(212) 346-9012

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	PV Holding Corp.

	c/o Lord Securities Corporation

	48 Wall Street

	New York, New York 10005

	Attention: Benjamin B. Abedine

	Telephone: (212) 346-9019

	Fax:(212) 346-9012

SECTION 13.4. Taxes. AESOP Leasing agrees to pay, and to
save the Trustee and the Lender harmless from all liability for, any document,
stamp, filing, recording, mortgage or other taxes (other than net income taxes
of the Lender) which may be payable in connection with the borrowings hereunder
or the execution, delivery, recording or filing of this Agreement or of any
other instruments or documents provided for herein or delivered or to be
delivered hereunder or in connection herewith. All obligations provided for in
this Section 13.4 shall survive any termination of this Agreement.

SECTION 13.5. Indemnification. In consideration of the
Lender’s execution and delivery of this Agreement and the Lender’s extension of
the Loan Commitment, AESOP Leasing hereby agrees to:

(a)     indemnify, exonerate and hold the Lender and its officers,
directors, stockholders, employees, and agents (herein collectively
called “Lender Parties” and individually called a “Lender
Party”) free and harmless from and against any and all claims,
demands, actions, causes of action, suits, losses, costs, charges,
liabilities, damages, and expenses in connection therewith (irrespective
of whether such Lender Party is a party to the action for which
indemnification hereunder is sought), and including, without limitation,
reasonable attorneys’ fees and disbursements (called in this paragraph
the “Indemnified Liabilities”), incurred by Lender Parties or any
of them as a result of, or arising out of, or relating to (i) any
transaction financed or to be financed in whole or in part, directly or
indirectly, with the proceeds of any Loan made hereunder or involving any
Loan made hereunder, or (ii) the execution, delivery, performance or
enforcement of this Agreement and any instrument, document or agreement
executed pursuant hereto by any of the Lender Parties, or (iii) the
ownership, operation, maintenance, leasing, or titling of the Vehicles,
except in each case, for any such Indemnified Liabilities arising on
account of the relevant Lender Party’s gross negligence or willful
misconduct and, to the extent that the foregoing undertaking may be
unenforceable for any reason, AESOP Leasing agrees to make the maximum
contribution to the payment and satisfaction of each of the Indemnified
Liabilities which is permissible under applicable law; and

(b)     indemnify and hold harmless the Trustee (and its officers,
directors, employees and agents) from and against any loss, liability,
expense, damage or injury suffered or sustained by reason of, or arising
out of or in connection with: (i) any acts or omissions of AESOP Leasing
pursuant to this Agreement and (ii) the Trustee’s appointment under the
Indenture and the Trustee’s performance of its
obligations thereunder, or any document pertaining to any of the
foregoing to which the Trustee is a signatory, including, but not limited
to any judgment, award, settlement, reasonable attorneys’ fees

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and other
costs or expenses incurred in connection with the defense of any actual
or threatened action, proceeding or claim; provided,
however, AESOP Leasing shall have no duty to indemnify the Trustee
to the extent such loss, liability, expense, damage or injury suffered or
sustained is due to the Trustee’s negligence or willful misconduct.

AESOP Leasing agrees that the indemnification provided for in this
Section 13.5 shall run directly to and be enforceable by an indemnified
party subject to the limitations hereof. The indemnification provided for in
this Section 13.5 shall survive the termination of this Agreement, the
Indenture and the resignation or removal of the Trustee.

SECTION 13.6. Bankruptcy Petition. (a) Each of AESOP
Leasing, PVHC and Quartx hereby covenants and agrees that, prior to the date
which is one year and one day after the payment in full of (i) all Series of
Notes Outstanding and (ii) all Loans outstanding under the AESOP I Loan
Agreements, it will not institute against, or join any other Person in
instituting against, CRCF 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
AESOP Leasing, PVHC or Quartx takes action in violation of this Section
13.6, CRCF agrees, for the benefit of the Noteholders that it shall file an
answer with the bankruptcy court or otherwise properly contest the filing of
such a petition by AESOP Leasing, PVHC or Quartx against CRCF or commencement
of such action and raise the defense that each of AESOP Leasing, PVHC and
Quartx has agreed in writing not to take such action and should be estopped and
precluded therefrom and such other defenses, if any, as its counsel advises
that it may assert. The provisions of this Section 13.6 shall survive
the termination of this Agreement.

(b)     CRCF hereby covenants and agrees that, prior to the date which is one
year and one day after the payment in full of (i) all Series of Notes
Outstanding and (ii) all Loans outstanding under the AESOP I Loan Agreements,
it will not institute against, or join any other Person in instituting against,
AESOP Leasing, Original AESOP, AESOP Leasing II, the Intermediary, PVHC or
Quartx 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 CRCF takes action with
respect to AESOP Leasing, PVHC or Quartx in violation of this Section
13.6, each of AESOP Leasing, PVHC and Quartx agrees, for the benefit of the
Noteholders that it shall file an answer with the bankruptcy court or otherwise
properly contest the filing of such a petition by CRCF against AESOP Leasing,
PVHC or Quartx or commencement of such action and raise the defense that CRCF
has agreed in writing not to take such action and should be estopped and
precluded therefrom and such other defenses, if any, as its counsel advises
that it may assert. The provisions of this Section 13.6 shall survive
the termination of this Agreement.

SECTION 13.7. Submission to Jurisdiction. The Lender may enforce any claim arising out of this Agreement or the Loan
Note in any state or federal court having subject matter jurisdiction and
located in New York, New York. For the purpose of any action or proceeding
instituted with respect to any such claim, AESOP Leasing hereby irrevocably
submits to the jurisdiction of such courts. Each of AESOP Leasing, PVHC and
Quartx irrevocably consents to the service of process out of said courts by
mailing a copy thereof, by registered mail, postage prepaid, to AESOP Leasing,
PVHC or Quartx, as the case may be, and agrees that such service,

-36-

 

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
Lender to serve process in any other manner permitted by law or preclude the
Lender from bringing an action or proceeding in respect hereof in any other
country, state or place having jurisdiction over such action. Each of AESOP
Leasing, PVHC and Quartx 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 New York, New York and any claim that any such suit, action or
proceeding brought in such a court has been brought in an inconvenient forum.

SECTION 13.8. Governing Law. THIS AGREEMENT AND THE LOAN
NOTE SHALL BE A CONTRACT MADE UNDER AND GOVERNED BY THE 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 AESOP
Leasing, PVHC and Quartx and rights of the Lender and the holder of the Loan
Note or Liability 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 relating to any of the Liabilities.

SECTION 13.9. 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.

SECTION 13.10. Successors and Assigns. This Agreement shall
be binding upon AESOP Leasing, PVHC, Quartx, the Lender and their respective
successors and assigns, and shall inure to the benefit of AESOP
Leasing, PVHC, Quartx, the Lender, the Trustee as a third party
beneficiary and their respective successors and assigns; provided,
however, that none of AESOP Leasing, PVHC or Quartx shall have the right
to assign its rights or delegate its duties under this Agreement without (i)
the Lender’s, each Enhancement Provider’s and the Trustee’s prior written
consent and (ii) satisfaction of the Rating Agency Consent Condition with
respect thereto. Each of AESOP Leasing, PVHC and Quartx acknowledges that this
Agreement and the Loan Note will be assigned by the Lender to the Trustee
pursuant to the Indenture, and hereby agrees that, subject to the terms of the
Indenture, the Trustee may exercise all of the Lender’s rights hereunder. This
Agreement and the other Related Documents contain the entire agreement of the
parties hereto with respect to the matters covered hereby.

SECTION 13.11. Tax Treatment of Loans. It is the intention
of the parties hereto that for U.S. federal income tax purposes each Loan made
hereunder will constitute indebtedness

-37-

 

of AESOP Leasing to the Lender and that
AESOP Leasing shall be the owner of the Vehicles that are subject to the AESOP
I Operating Lease. The parties agree to take no position in any tax return,
filing or proceeding inconsistent with this provision.

SECTION 13.12. No Recourse. The obligations of CRCF, AESOP
Leasing, PVHC and Quartx under this Agreement are solely the corporate
obligations of CRCF, AESOP Leasing, PVHC and Quartx, respectively. No recourse
shall be had for the payment of any obligation or claim arising out of or based
upon this Agreement against any shareholder, employee, officer, director,
partner or incorporator of CRCF, AESOP Leasing, PVHC or Quartx.

SECTION 13.13. Effect of Amendment. This Agreement shall
not be construed in any manner to constitute a novation. Except to the extent
amended hereby, each of the Prior AESOP I Loan Agreement and the Loans
thereunder are in all respects ratified and confirmed and in full force and
effect. From and after the date hereof, all references in the Related
Documents to the AESOP I Operating Lease Loan Agreement shall mean such
agreement as amended and restated hereby, unless the context otherwise
requires.

-38-

 

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.

	 	 	 	 	 
	

	 	AESOP LEASING L.P.
	 
	 	 	 	 
	

	 	By:
	 	AESOP LEASING CORP.
	

	 	 	 	   its general partner
	 
	 	 	 	 
	

	 	By:
	 	    /s/ Lori Gebron
	

	 	 	 	 
	

	 	 	 	Name: Lori Gebron
	

	 	 	 	Title: Vice President
	 
	 	 	 	 
	

	 	 	 	PV HOLDING CORP.
	 
	 	 	 	 
	

	 	By:
	 	    /s/ Lori Gebron
	

	 	 	 	 
	

	 	 	 	Name: Lori Gebron
	

	 	 	 	Title: Vice President
	 
	 	 	 	 
	

	 	QUARTX FLEET MANAGEMENT, INC.
	 
	 	 	 	 
	

	 	By:
	 	    /s/ Lori Gebron
	

	 	 	 	 
	

	 	 	 	Name: Lori Gebron
	

	 	 	 	Title: Vice President
	 
	 	 	 	 
	

	 	CENDANT RENTAL CAR FUNDING (AESOP) LLC
	 
	 	 	 	 
	

	 	By:
	 	    /s/ Orlando Figueroa
	

	 	 	 	 
	

	 	 	 	Name: Orlando Figueroa
	

	 	 	 	Title: President

Acknowledged and consented to:

	 	 	 
	THE BANK OF NEW YORK,
	 
	 	as Trustee
	 
	 

	By:
	   /s/ Mary L. Collier
	 
	 	 
	 
	 	Name: Mary L. Collier
	 
	 	Title: Agent
	 

 

 

	 
	EXHIBIT A

	TO THE LOAN

	AGREEMENT

	 

COPY OF LOAN NOTE

 

 

	 
	EXHIBIT B

	TO THE LOAN

	AGREEMENT

	 

FORM OF LOAN REQUEST

Cendant Rental Car Funding (AESOP) LLC

c/o Lord Securities Corporation

48 Wall Street

New York, New York 10005

Attention: Benjamin B. Abedine

Ladies and Gentlemen:

This Loan Request is delivered to you pursuant to Section 3.2 of
that certain Second Amended and Restated AESOP I Operating Lease Loan
Agreement, dated as of June 3, 2004 (as amended, supplemented, restated or
otherwise modified from time to time, the “Loan Agreement”), among AESOP
Leasing L.P., a Delaware limited partnership (“AESOP Leasing”), PV
Holding Corp. and Quartx Fleet Management, Inc., as Permitted Nominees of AESOP
Leasing, and Cendant Rental Car Funding (AESOP) LLC, a Delaware limited
liability company (the “Lender”). Unless otherwise defined herein or
the context otherwise requires, terms used herein have the meanings provided in
the Loan Agreement.

AESOP Leasing hereby requests that a Loan be made in the amount of
$                                    on
                                    , 20   .

AESOP Leasing hereby acknowledges that the delivery of this Loan Request
and the acceptance by AESOP Leasing of the proceeds of the Loan requested
hereby constitute a representation and warranty by AESOP Leasing that, on the
date of such Loan, and before and after giving effect thereto and to the
application of the proceeds therefrom, all conditions set forth in Section
11.2 of the Loan Agreement have been satisfied and all statements set forth
in Section 11.2 of the Loan Agreement are true and correct.

Attached hereto as Annex I is a true and correct copy of the
schedule required to be delivered in connection herewith pursuant to Section
3.2 of the Loan Agreement.

AESOP Leasing agrees that if prior to the time of the Loan requested
hereby any matter certified to herein by it will not be true and correct at
such time as if then made, it will immediately so notify the Lender. Except to
the extent, if any, that prior to the time of the Loan requested hereby the
Lender shall receive written notice to the contrary from AESOP Leasing, each
matter certified to herein shall be deemed once again to be certified as true
and correct at the date of such Loan as if then made.

Please wire transfer the proceeds of the Loan to the account of AESOP
Leasing at the financial institution set forth below:

 

 

Exhibit B-1
Page 2

	 	 	 	 	 	 	 
	 	Amount to be	 	 	 	Name, Address, etc.	 
	 	Name Account No.
	 	Person to be Paid
	 	Transferred
	 
	 	 	 	 	 	          
                    	 
	 	$          
                    	 	          
                    	 	          
                    	 
	 	 	 	 	 	Attention:                	 

AESOP Leasing has caused this Loan Request to be executed and delivered,
and the certification and warranties contained herein to be made, by its duly
Authorized Officer this [                  ], 20    .

	 	 	 	 	 
	
	 	AESOP LEASING L.P.
	 	 	 	 	 
	

	 	By:
	 	
	

	 	 	 	 
	

	 	 	 	Name:
	

	 	 	 	Title:

 

 

	 	 	 	 	 

ANNEX I

Vehicle Acquisition Schedule and Related Information

	1.	 	Principal amount of proposed Loan

	2.	 	Borrowing Date of proposed Loan

	3.	 	Vehicle Identification Number (VIN)

	4.	 	Summary of Vehicles being financed (including, for Program Vehicles subject
to the GM Repurchase Program, the Designated Period for such Program
Vehicles)

	5.	 	Program or Non-Program Vehicles

	6.	 	Capitalized Cost (New Vehicles)

 

 

	 
	EXHIBIT B-2

	TO THE LOAN

	AGREEMENT

	 

FORM OF LOAN REQUEST RESPONSE

AESOP Leasing L.P.

c/o Lord Securities Corporation

48 Wall Street

New York, New York 10005

Attention: Benjamin B. Abedine

_________________, 20__

Re: Loan Request Dated            , 20      

Ladies and Gentlemen:

This Loan Request Response is delivered to you pursuant to Section
4.1 of that certain Second Amended and Restated AESOP I Operating Lease
Loan Agreement, dated as of June 3, 2004 (as amended, supplemented, restated or
otherwise modified from time to time, the “Loan Agreement”), among AESOP
Leasing L.P., a Delaware limited partnership (“AESOP Leasing”), PV
Holding Corp. and Quartx Fleet Management, Inc., as Permitted Nominees of AESOP
Leasing, and Cendant Rental Car Funding (AESOP) LLC, a Delaware limited
liability company (the “Lender”). Unless otherwise defined herein or
the context otherwise requires, terms used herein have the meanings assigned to
such terms in the Loan Agreement.

Reference is hereby made to the Loan Request delivered to us today by
AESOP Leasing (the “Loan Request”). The applicable rate of Loan
Interest on each Loan requested in the Loan Request is      %; provided,
however, if the Lender’s Carrying Cost Interest Rate for the Related
Month is higher than the rate of Loan Interest specified herein, the Loan
Interest payable on such Loans shall be determined using the higher rate.

	 	 	 	 	 
	

	 	Very truly yours,
	 
	 	 	 	 
	

	 	CENDANT RENTAL CAR FUNDING
(AESOP) LLC
	 
	 	 	 	 
	

	 	By	 	 
	

	 	 	 	 
	

	 	 	 	Name:
	

	 	 	 	Title:

 

 

	 
	EXHIBIT C

	TO THE LOAN

	AGREEMENT

	 

FORM OF PAYMENT

DEFICIT NOTICE

The Bank of New York

c/o BNY Midwest Trust Company

2 North La Salle Street

10th Floor

Chicago, Illinois 60602

Attn: Indenture Trust Administration

[Related Enhancement Provider]

[Address]

[_____________________], 20__

Ladies and Gentlemen:

This Payment Deficit Notice is delivered to you pursuant to Section
6.4 of the Second Amended and Restated AESOP I Operating Lease Loan
Agreement, dated as of June 3, 2004 (as amended or modified from time to time,
the “Loan Agreement”) among Cendant Rental Car Funding (AESOP) LLC, a
Delaware limited liability company, as Lender, PV Holding Corp. and Quartx
Fleet Management, Inc., as Permitted Nominees of the Borrower, and AESOP
Leasing L.P. (“AESOP Leasing”), a Delaware limited partnership, as
Borrower. Terms used herein have the meanings provided in the Loan Agreement.

AESOP Leasing hereby notifies the Trustee and [Related Enhancement
Provider] that [a Lease Payment Deficit did not exist on                   , 20   ]
[there was a Lease Payment Deficit on                   , 20    as follows:

	 	 	 	 	 	 	 
	Series

	 	__________:	 	$	 	 
	 	 	 	 	 	 	 
	Series

	 	__________:	 	$	 	 
	

	 	 	 	 	 	 

	 	 	 	 	 
	
	 	AESOP LEASING L.P.
	 	 	 	 	 
	

	 	By:
	 	
	

	 	 	 	 
	

	 	 	 	Name:
	

	 	 	 	Title:

 

 

SCHEDULE 8.11

Legal Names; Records Locations; Jurisdiction of Organization

	 	 	 	 	 
	Legal Name	 	Records Location	 	Jurisdiction of Organization
	 
	 	 	 	 
	AESOP Leasing L.P.

	 	c/o Lord Securities	 	Delaware
	

	 	Corporation	 	 
	

	 	48 Wall Street	 	 
	

	 	New York, NY 10005	 	 
	 
	 	 	 	 
	Quartx Fleet

	 	c/o Lord Securities
	 	Delaware
	Management, Inc.

	 	Corporation	 	 
	

	 	48 Wall Street	 	 
	

	 	New York, NY 10005	 	 
	 
	 	 	 	 
	PV Holding Corp.

	 	c/o Lord Securities
	 	Delaware
	

	 	Corporation	 	 
	

	 	48 Wall Street	 	 
	

	 	New York, NY 10005

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