Document:

Exhibit

AVIS BUDGET RENTAL CAR FUNDING (AESOP) LLC, 
as Issuer
and
THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., 
as Trustee and Series 2019-1 Agent
_____________________
SERIES 2019-1 SUPPLEMENT 
dated as of 
February 13, 2019 
to
SECOND AMENDED AND RESTATED BASE INDENTURE 
dated as of June 3, 2004
_____________________

Series 2019-1 3.45% Rental Car Asset Backed Notes, Class A
Series 2019-1 3.70% Rental Car Asset Backed Notes, Class B
Series 2019-1 4.53% Rental Car Asset Backed Notes, Class C
Series 2019-1 6.192% Rental Car Asset Backed Notes, Class R

SERIES 2019-1 SUPPLEMENT, dated as of February 13, 2019 (this “Supplement”), among AVIS BUDGET RENTAL CAR FUNDING (AESOP) LLC, a special purpose limited liability company established under the laws of Delaware (“ABRCF”), THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A. (formerly known as The Bank of New York), a limited purpose national banking association with trust powers, as trustee (in such capacity, and together with its successors in trust thereunder as provided in the Base Indenture referred to below, the “Trustee”), and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A. (formerly known as The Bank of New York), as agent (in such capacity, the “Series 2019-1 Agent”) for the benefit of the Series 2019-1 Noteholders, to the Second Amended and Restated Base Indenture, dated as of June 3, 2004, between ABRCF and the Trustee (as amended, modified or supplemented from time to time, exclusive of Supplements creating a new Series of Notes, the “Base Indenture”).
PRELIMINARY STATEMENT
WHEREAS, Sections 2.2 and 12.1 of the Base Indenture provide, among other things, that ABRCF and the Trustee may at any time and from time to time enter into a supplement to the Base Indenture for the purpose of authorizing the issuance of one or more Series of Notes;
NOW, THEREFORE, the parties hereto agree as follows:
DESIGNATION
There is hereby created a Series of Notes to be issued pursuant to the Base Indenture and this Supplement, and such Series of Notes shall be designated generally as the “Series 2019-1 Rental Car Asset Backed Notes”.  The Series 2019-1 Notes shall be issued in up to five Classes, the first of which shall be known as the “Class A Notes”, the second of which shall be known as the “Class B Notes”, the third of which shall be known as the “Class C Notes”, the fourth of which shall be known as the “Class R Notes” and the fifth of which, if issued, shall be known as the “Class D Notes”.  
On the Series 2019-1 Closing Date, ABRCF shall issue (i) one tranche of Class A Notes, which shall be designated as the “Series 2019-1 3.45% Rental Car Asset Backed Notes, Class A”, (ii) one tranche of Class B Notes, which shall be designated as the “Series 2019-1 3.70% Rental Car Asset Backed Notes, Class B”, (iii) one tranche of Class C Notes, which shall be designated as the “Series 2019-1 4.53% Rental Car Asset Backed Notes, Class C” and (iv) one tranche of Class R Notes, which shall be designated the “Series 2019-1 6.192% Rental Car Asset Backed Notes, Class R”.     
Subsequent to the Series 2019-1 Closing Date, ABRCF may on any date during the Series 2019-1 Revolving Period offer and sell additional Series 2019-1 Notes subject to the conditions set forth in Section 5.15. Such additional Series 2019-1 Notes, if issued, shall be designated as the “Series 2019-1 Rental Car Asset Backed Notes, Class D” and shall be referred to herein as the “Class D Notes”.
The Class A Notes, Class B Notes, Class C Notes, Class D Notes, if issued, and Class R Notes collectively, constitute the Series 2019-1 Notes.  The Class B Notes shall be subordinated 

	
			
	 
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in right of payment to the Class A Notes, to the extent set forth herein.  The Class C Notes shall be subordinated in right of payment to the Class A Notes and Class B Notes, to the extent set forth herein. The Class D Notes, if issued, shall be subordinated in right of payment to the Class A Notes, Class B Notes and Class C Notes, to the extent set forth herein. The Class R Notes shall be subordinated to the Class A Notes, the Class B Notes, the Class C Notes and (if issued) the Class D Notes.  
The proceeds from the sale of the Class A Notes, Class B Notes, Class C Notes and Class R Notes shall be deposited in the Collection Account and shall be deemed to be Principal Collections.
The Series 2019-1 Notes are a non‐Segregated Series of Notes (as more fully described in the Base Indenture).  Accordingly, all references in this Supplement to “all” Series of Notes (and all references in this Supplement to terms defined in the Base Indenture that contain references to “all” Series of Notes) shall refer to all Series of Notes other than Segregated Series of Notes.
ARTICLE I 
 
DEFINITIONS
(a)    All capitalized terms not otherwise defined herein are defined in the Definitions List attached to the Base Indenture as Schedule I thereto.  All Article, Section, Subsection or Exhibit references herein shall refer to Articles, Sections, Subsections or Exhibits of this Supplement, except as otherwise provided herein.  Unless otherwise stated herein, as the context otherwise requires or if such term is otherwise defined in the Base Indenture, each capitalized term used or defined herein shall relate only to the Series 2019-1 Notes and not to any other Series of Notes issued by ABRCF.  In the event that a term used herein shall be defined both herein and in the Base Indenture, the definition of such term herein shall govern.
(b)    The following words and phrases shall have the following meanings with respect to the Series 2019-1 Notes and the definitions of such terms are applicable to the singular as well as the plural form of such terms and to the masculine as well as the feminine and neuter genders of such terms:
“ABCR” means Avis Budget Car Rental, LLC.
“Additional Class R Notes” has the meaning set forth in Section 5.15.
“Additional Notes Closing Date” has the meaning set forth in Section 5.15.
“Adjusted Net Book Value” means, as of any date of determination, with respect to each Adjusted Program Vehicle as of such date, the product of 0.965 and the Net Book Value of such Adjusted Program Vehicle as of such date.

	
			
	 
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“Applicable Distribution Date” means each Distribution Date occurring after the later of (i) the Optional Repurchase Distribution Date and (ii) the first Distribution Date occurring during the Series 2019-1 Controlled Amortization Period.
“Business Day” means any day other than (a) a Saturday or a Sunday or (b) a day on which banking institutions in New York City or in the city in which the corporate trust office of the Trustee is located are authorized or obligated by law or executive order to close.
“Certificate of Lease Deficit Demand” means a certificate substantially in the form of Annex A to the Series 2019-1 Letters of Credit.
“Certificate of Termination Date Demand” means a certificate substantially in the form of Annex D to the Series 2019-1 Letters of Credit.
“Certificate of Termination Demand” means a certificate substantially in the form of Annex C to the Series 2019-1 Letters of Credit.
“Certificate of Unpaid Demand Note Demand” means a certificate substantially in the form of Annex B to the Series 2019-1 Letters of Credit.
“Class” means a class of the Series 2019-1 Notes, which may be the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes (if issued) or the Class R Notes.
“Class A Carryover Controlled Amortization Amount” means, with respect to any Related Month during the Series 2019-1 Controlled Amortization Period, the amount, if any, by which the portion of the Monthly Total Principal Allocation paid to the Class A Noteholders pursuant to Section 2.5(e)(i) for the previous Related Month was less than the Class A Controlled Distribution Amount for the previous Related Month; provided, however, that for the first Related Month in the Series 2019-1 Controlled Amortization Period, the Class A Carryover Controlled Amortization Amount shall be zero.
“Class A Controlled Amortization Amount” means, with respect to any Related Month during the Series 2019-1 Controlled Amortization Period, $82,400,000.
“Class A Controlled Distribution Amount” means, with respect to any Related Month during the Series 2019-1 Controlled Amortization Period, an amount equal to the sum of the Class A Controlled Amortization Amount and any Class A Carryover Controlled Amortization Amount for such Related Month.
“Class A Initial Invested Amount” means the aggregate initial principal amount of the Class A Notes, which is $494,400,000.
“Class A Invested Amount” means, when used with respect to any date, an amount equal to (a) the Class A Initial Invested Amount minus (b) the amount of principal payments made to Class A Noteholders on or prior to such date.

	
			
	 
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“Class A Monthly Interest” means, with respect to (i) the initial Series 2019-1 Interest Period, an amount equal to $1,753,060 and (ii) any other Series 2019-1 Interest Period, an amount equal to the product of (A) one-twelfth of the Class A Note Rate and (B) the Class A Invested Amount on the first day of such Series 2019-1 Interest Period, after giving effect to any principal payments made on such date.
“Class A Note” means any one of the Series 2019-1 3.45% Rental Car Asset Backed Notes, Class A, executed by ABRCF and authenticated by or on behalf of the Trustee, substantially in the form of Exhibit A‐1, Exhibit A-2 or Exhibit A-3.  Definitive Class A Notes shall have such insertions and deletions as are necessary to give effect to the provisions of Section 2.18 of the Base Indenture.
“Class A Note Rate” means 3.45% per annum.
“Class A Noteholder” means the Person in whose name a Class A Note is registered in the Note Register.
“Class A Shortfall” has the meaning set forth in Section 2.3(g)(i).
“Class B Carryover Controlled Amortization Amount” means, with respect to any Related Month during the Series 2019-1 Controlled Amortization Period, the amount, if any, by which the portion of the Monthly Total Principal Allocation paid to the Class B Noteholders pursuant to Section 2.5(e)(ii) for the previous Related Month was less than the Class B Controlled Distribution Amount for the previous Related Month; provided, however, that for the first Related Month in the Series 2019-1 Controlled Amortization Period, the Class B Carryover Controlled Amortization Amount shall be zero.
“Class B Controlled Amortization Amount” means, with respect to any Related Month during the Series 2019-1 Controlled Amortization Period, $9,600,000.
 “Class B Controlled Distribution Amount” means, with respect to any Related Month during the Series 2019-1 Controlled Amortization Period, an amount equal to the sum of the Class B Controlled Amortization Amount and any Class B Carryover Controlled Amortization Amount for such Related Month.
“Class B Initial Invested Amount” means the aggregate initial principal amount of the Class B Notes, which is $57,600,000.
“Class B Invested Amount” means, when used with respect to any date, an amount equal to (a) the Class B Initial Invested Amount minus (b) the amount of principal payments made to Class B Noteholders on or prior to such date.
“Class B Monthly Interest” means, with respect to (i) the initial Series 2019-1 Interest Period, an amount equal to $219,040 and (ii) any other Series 2019-1 Interest Period, an amount equal to the product of (A) one-twelfth of the Class B Note Rate and (B) the Class B Invested 

	
			
	 
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Amount on the first day of such Series 2019-1 Interest Period, after giving effect to any principal payments made on such date.
“Class B Note” means any one of the Series 2019-1 3.70% Rental Car Asset Backed Notes, Class B, executed by ABRCF and authenticated by or on behalf of the Trustee, substantially in the form of Exhibit B‐1, Exhibit B‐2 or Exhibit B‐3.  Definitive Class B Notes shall have such insertions and deletions as are necessary to give effect to the provisions of Section 2.18 of the Base Indenture.
“Class B Note Rate” means 3.70% per annum.
“Class B Noteholder” means the Person in whose name a Class B Note is registered in the Note Register.
“Class B Shortfall” has the meaning set forth in Section 2.3(g)(ii).
“Class C Carryover Controlled Amortization Amount” means, with respect to any Related Month during the Series 2019-1 Controlled Amortization Period, the amount, if any, by which the portion of the Monthly Total Principal Allocation paid to the Class C Noteholders pursuant to Section 2.5(e)(iii) for the previous Related Month was less than the Class C Controlled Distribution Amount for the previous Related Month; provided, however, that for the first Related Month in the Series 2019-1 Controlled Amortization Period, the Class C Carryover Controlled Amortization Amount shall be zero.
“Class C Controlled Amortization Amount” means, with respect to any Related Month during the Series 2019-1 Controlled Amortization Period, $8,000,000.
“Class C Controlled Distribution Amount” means, with respect to any Related Month during the Series 2019-1 Controlled Amortization Period, an amount equal to the sum of the Class C Controlled Amortization Amount and any Class C Carryover Controlled Amortization Amount for such Related Month.
“Class C Initial Invested Amount” means the aggregate initial principal amount of the Class C Notes, which is $48,000,000.
“Class C Invested Amount” means, when used with respect to any date, an amount equal to (a) the Class C Initial Invested Amount minus (b) the amount of principal payments made to Class C Noteholders on or prior to such date.
 “Class C Monthly Interest” means, with respect to (i) the initial Series 2019-1 Interest Period, an amount equal to $223,480 and (ii) any other Series 2019-1 Interest Period, an amount equal to the product of (A) one-twelfth of the Class C Note Rate and (B) the Class C Invested Amount on the first day of such Series 2019-1 Interest Period, after giving effect to any principal payments made on such date.
“Class C Note” means any one of the Series 2019-1 4.53% Rental Car Asset Backed Notes, Class C, executed by ABRCF and authenticated by or on behalf of the Trustee, substantially 

	
			
	 
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in the form of Exhibit C‐1, Exhibit C‐2 or Exhibit C‐3.  Definitive Class C Notes shall have such insertions and deletions as are necessary to give effect to the provisions of Section 2.18 of the Base Indenture.
“Class C Note Rate” means 4.53% per annum.
“Class C Noteholder” means the Person in whose name a Class C Note is registered in the Note Register.
“Class C Shortfall” has the meaning set forth in Section 2.3(g)(iii).
“Class D Noteholder” means the Person in whose name a Class D Note is registered in the Note Register.
“Class D Notes” has the meaning set forth in the preamble.
 “Class R Controlled Amortization Amount” means, (i) with respect to any Related Month during the Series 2019-1 Controlled Amortization Period other than the Related Month immediately preceding the Series 2019-1 Expected Final Distribution Date, $0 and (ii) with respect to the Related Month immediately preceding the Series 2019-1 Expected Final Distribution Date, the sum of (x) $33,000,000 and (y) the aggregate principal amount of any Additional Class R Notes.
 “Class R Initial Invested Amount” means the aggregate initial principal amount of the Class R Notes, which is $33,000,000.
“Class R Invested Amount” means, when used with respect to any date, an amount equal to (a) the Class R Initial Invested Amount plus (b) the aggregate principal amount of any Additional Class R Notes issued on or prior to such date minus (b) the amount of principal payments made to Class R Noteholders on or prior to such date. 
 “Class R Monthly Interest” means, with respect to (i) the initial Series 2019-1 Interest Period, an amount equal to $210,012 and (ii) any other Series 2019-1 Interest Period, an amount equal to the product of (A) one-twelfth of the Class R Note Rate and (B) the Class R Invested Amount on the first day of such Series 2019-1 Interest Period, after giving effect to any principal payments made on such date.
“Class R Note” means any one of the Series 2019-1 6.192% Rental Car Asset Backed Notes, Class R, executed by ABRCF and authenticated by or on behalf of the Trustee, substantially in the form of Exhibit D‐1, Exhibit D‐2 or Exhibit D‐3.  Definitive Class R Notes shall have such insertions and deletions as are necessary to give effect to the provisions of Section 2.18 of the Base Indenture.
“Class R Note Rate” means 6.192% per annum
“Class R Noteholder” means the Person in whose name a Class R Note is registered in the Note Register.

	
			
	 
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“Class R Shortfall” has the meaning set forth in Section 2.3(g)(iv). 
“Clean-up Repurchase” means any optional repurchase pursuant to Section 5.1(a).
“Clean-up Repurchase Distribution Date” has the meaning set forth in Section 5.1(a).
“Confirmation Condition” means, with respect to any Bankrupt Manufacturer which is a debtor in Chapter 11 Proceedings, a condition that shall be satisfied upon the bankruptcy court having competent jurisdiction over such Chapter 11 Proceedings issuing an order that remains in effect approving (i) the assumption of such Bankrupt Manufacturer’s Manufacturer Program (and the related Assignment Agreements) by such Bankrupt Manufacturer or the trustee in bankruptcy of such Bankrupt Manufacturer under Section 365 of the Bankruptcy Code and at the time of such assumption, the payment of all amounts due and payable by such Bankrupt Manufacturer under such Manufacturer Program and the curing of all other defaults by the Bankrupt Manufacturer thereunder or (ii) the execution, delivery and performance by such Bankrupt Manufacturer of a new post‐petition Manufacturer Program (and the related Assignment Agreements) on the same terms and covering the same Vehicles as such Bankrupt Manufacturer’s Manufacturer Program (and the related Assignment Agreements) in effect on the date such Bankrupt Manufacturer became subject to such Chapter 11 Proceedings and, at the time of the execution and delivery of such new post‐petition Manufacturer Program, the payment of all amounts due and payable by such Bankrupt Manufacturer under such Manufacturer Program and the curing of all other defaults by the Bankrupt Manufacturer thereunder; provided, however, that notwithstanding the foregoing, the Confirmation Condition shall be deemed satisfied until the 90th calendar day following the initial filing in respect of such Chapter 11 Proceedings.
“DBRS” means DBRS, Inc.
“DBRS Equivalent Rating” means, with respect to any Person not rated by DBRS, (i) if such Person is rated by all three of Moody’s, Standard & Poor’s and Fitch (together, the “Equivalent Rating Agencies”), either (A) if at least two Equivalent Rating Agencies have provided equivalent ratings with respect to such Person, the DBRS equivalent of such equivalent ratings (regardless of any rating from another Equivalent Rating Agency) or (B) otherwise, the median of the DBRS equivalents of the ratings for such Person provided by each of the three Equivalent Rating Agencies, (ii) if such Person is rated by any two of the Equivalent Rating Agencies, the DBRS equivalent of the lower of the ratings for such Person provided by the relevant Equivalent Rating Agencies or (iii) if such Person is rated by only one of the Equivalent Rating Agencies,  the DBRS equivalent of the rating for such Person provided by such Equivalent Rating Agency.
“DBRS Excluded Manufacturer Amount” means, as of any date of determination, an amount equal to the excess, if any, of (x) the sum of the following amounts with respect to each DBRS Non-Investment Grade Manufacturer as of such date: the product of (i) to the extent such amounts are included in the calculation of AESOP I Operating Lease Loan Agreement Borrowing Base as of such date, all amounts receivable as of such date by AESOP Leasing or the Intermediary from such DBRS Non-Investment Grade Manufacturer and (ii) the DBRS Excluded Manufacturer Receivable Specified Percentage for such DBRS Non-Investment Grade Manufacturer as of such date over (y) the sum of the following amounts with respect to each DBRS Non-Investment Grade 

	
			
	 
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Manufacturer as of such date: the product of (i) the aggregate Net Book Value of any Vehicles subject to a Manufacturer Program from such Manufacturer that have had a Turnback Date but for which (A) AESOP Leasing or its Permitted Nominee continues to be named as the owner of the Vehicle on the Certificate of Title for such Vehicle and (B) AESOP Leasing or its agent continues to hold the Certificate of Title for such Vehicle and (ii) the DBRS Turnback Vehicle Specified Percentage for such DBRS Non-Investment Grade Manufacturer as of such date.
“DBRS Excluded Manufacturer Receivable Specified Percentage” means, as of any date of determination, with respect to each DBRS Non-Investment Grade Manufacturer as of such date, the percentage (not to exceed 100%) most recently specified in writing by DBRS to ABRCF and the Trustee and consented to by the Requisite Series 2019-1 Noteholders with respect to such DBRS Non-Investment Grade Manufacturer; provided, however, that as of the Series 2019-1 Closing Date the DBRS Excluded Manufacturer Receivable Specified Percentage for each DBRS Non-Investment Grade Manufacturer shall be 100%; provided, further, that the initial DBRS Excluded Manufacturer Receivable Specified Percentage with respect to any Manufacturer that becomes a DBRS Non-Investment Grade Manufacturer after the Series 2019-1 Closing Date shall be 100%.
“DBRS Non-Investment Grade Manufacturer” means, as of any date of determination, any Manufacturer that (i) is not a Bankrupt Manufacturer and (ii) does not have a long-term senior unsecured debt rating from DBRS (or, if such Manufacturer is not rated by DBRS, a DBRS Equivalent Rating) of at least “BBB (low)”; provided, however, that any Manufacturer whose long-term senior unsecured debt rating from DBRS (or, if such Manufacturer is not rated by DBRS, its DBRS Equivalent Rating) is downgraded from at least “BBB (low)” to below “BBB (low)” after the Series 2019-1 Closing Date shall not be deemed a DBRS Non-Investment Grade Manufacturer until the thirtieth (30th) calendar day following such downgrade.
“DBRS Turnback Vehicle Specified Percentage” means, as of any date of determination: (i) with respect to each Manufacturer that has a long-term senior unsecured debt rating from DBRS (or, if such Manufacturer is not rated by DBRS, a DBRS Equivalent Rating) on such date of determination of at least “BB (low)” but less than “BBB (low)”, 65%; (ii) with respect to each Manufacturer that has a long-term senior unsecured debt rating from DBRS (or, if such Manufacturer is not rated by DBRS, a DBRS Equivalent Rating) on such date of determination of at least “B (low)” but less than “BB (low)”, 25%; and (iii) with respect to each Manufacturer that has a long-term senior unsecured debt rating from DBRS (or, if such Manufacturer is not rated by DBRS, a DBRS Equivalent Rating) on such date of determination of “CCC” or below (or is not rated by DBRS or any Equivalent Rating Agency on such date of determination), 0%; provided, however, that any Manufacturer whose long-term senior unsecured debt rating from DBRS is downgraded after the Series 2019-1 Closing Date (or, if such Manufacturer is not rated by DBRS, its DBRS Equivalent Rating is lowered as a result of such Manufacturer being downgraded by an Equivalent Rating Agency after the Series 2019-1 Closing Date) shall be deemed to retain its long-term senior unsecured debt rating from DBRS (or, if such Manufacturer is not rated by DBRS, its DBRS Equivalent Rating) in effect immediately prior to such downgrade until the thirtieth (30th) calendar day following such downgrade.

	
			
	 
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“Demand Note Issuer” means each issuer of a Series 2019-1 Demand Note.
“Disbursement” means any Lease Deficit Disbursement, any Unpaid Demand Note Disbursement, any Termination Date Disbursement or any Termination Disbursement under a Series 2019-1 Letter of Credit, or any combination thereof, as the context may require.
“Discounted Value” means, for each Remaining Distribution Amount, the amount obtained by discounting such Remaining Distribution Amount from the applicable Distribution Date to the Optional Repurchase Distribution Date in accordance with accepted financial practice and at a discount factor equal to the Reinvestment Yield with respect to such Remaining Distribution Amount.
“Excluded Manufacturer Amount” means, as of any date of determination, the greater of the Moody’s Excluded Manufacturer Amount and the DBRS Excluded Manufacturer Amount as of such date.
“Finance Guide” means the Black Book Official Finance/Lease Guide.
“Fitch” means Fitch Ratings, Inc.
“Lease Deficit Disbursement” means an amount drawn under a Series 2019-1 Letter of Credit pursuant to a Certificate of Lease Deficit Demand.
“Make Whole Payment” means, with respect to any Series 2019-1 Note on any Optional Repurchase Distribution Date, the pro rata share with respect to such Series 2019-1 Note of the excess, if any, of (x) the sum of the Discounted Values for each Remaining Distribution Amount with respect to each Applicable Distribution Date over (y) the Series 2019-1 Invested Amount as of such Optional Repurchase Distribution Date (determined after giving effect to any payments made pursuant to Section 2.5(a) on such Distribution Date).
 “Market Value Average” means, as of any day, the percentage equivalent of a fraction, the numerator of which is the average of the Selected Fleet Market Value as of the preceding Determination Date and the two Determination Dates precedent thereto and the denominator of which is the sum of (a) the average of the aggregate Net Book Value of all Non‐Program Vehicles (excluding (i) any Unaccepted Program Vehicles, (ii) any Excluded Redesignated Vehicles and (iii) any other Non‐Program Vehicles that are subject to a Manufacturer Program with an Eligible Non‐Program Manufacturer with respect to which no Manufacturer Event of Default has occurred and is continuing) and (b) the average of the aggregate Adjusted Net Book Value of all Adjusted Program Vehicles, in the case of each of clause (a) and (b) leased under the AESOP I Operating Lease and the Finance Lease as of the preceding Determination Date and the two Determination Dates precedent thereto.
“Monthly Total Principal Allocation” means for any Related Month the sum of all Series 2019-1 Principal Allocations with respect to such Related Month.

	
			
	 
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“Moody’s Excluded Manufacturer Amount” means, as of any date of determination, an amount equal to the excess, if any, of (x) the sum of the following amounts with respect to each Moody’s Non-Investment Grade Manufacturer as of such date: the product of (i) to the extent such amounts are included in the calculation of AESOP I Operating Lease Loan Agreement Borrowing Base as of such date, all amounts receivable as of such date by AESOP Leasing or the Intermediary from such Moody’s Non-Investment Grade Manufacturer and (ii) the Moody’s Excluded Manufacturer Receivable Specified Percentage for such Moody’s Non-Investment Grade Manufacturer as of such date over (y) the sum of the following amounts with respect to each Moody’s Non-Investment Grade Manufacturer as of such date: the product of (i) the aggregate Net Book Value of any Vehicles subject to a Manufacturer Program from such Manufacturer that have had a Turnback Date but for which (A) AESOP Leasing or its Permitted Nominee continues to be named as the owner of the Vehicle on the Certificate of Title for such Vehicle and (B) AESOP Leasing or its agent continues to hold the Certificate of Title for such Vehicle and (ii) the Moody’s Turnback Vehicle Specified Percentage for such Moody’s Non-Investment Grade Manufacturer as of such date.
“Moody’s Excluded Manufacturer Receivable Specified Percentage” means, as of any date of determination, with respect to each Moody’s Non‐Investment Grade Manufacturer as of such date, the percentage (not to exceed 100%) most recently specified in writing by Moody’s to ABRCF and the Trustee and consented to by the Requisite Series 2019-1 Noteholders with respect to such Moody’s Non‐Investment Grade Manufacturer; provided, however, that as of the Series 2019-1 Closing Date the Moody’s Excluded Manufacturer Receivable Specified Percentage for each Moody’s Non‐Investment Grade Manufacturer shall be 100%; provided, further, that the initial Moody’s Excluded Manufacturer Receivable Specified Percentage with respect to any Manufacturer that becomes a Moody’s Non‐Investment Grade Manufacturer after the Series 2019-1 Closing Date shall be 100%.
“Moody’s Non‐Investment Grade Manufacturer” means, as of any date of determination, any Manufacturer that (i) is not a Bankrupt Manufacturer and (ii) does not have either (A) a long-term corporate family rating of at least “Baa3” from Moody’s or (B) if such Manufacturer does not have a long-term corporate family rating from Moody’s as of such date, a long-term senior unsecured debt rating of at least “Ba1” from Moody’s; provided, however, that any Manufacturer whose long-term corporate family rating is downgraded from at least “Baa3” to below “Baa3” by Moody’s or whose long-term senior unsecured debt rating is downgraded from at least “Ba1” to below “Ba1” by Moody’s, as applicable, after the Series 2019-1 Closing Date shall not be deemed a Moody’s Non-Investment Grade Manufacturer until the thirtieth (30th) calendar day following such downgrade.
“Moody’s Turnback Vehicle Specified Percentage” means, as of any date of determination: (i) with respect to each Moody’s Non-Investment Grade Manufacturer that has a long-term corporate family rating from Moody’s on such date of determination of at least “Ba3” (or, if such Moody’s Non-Investment Grade Manufacturer does not have a long-term corporate family rating from Moody’s as of such date, a long-term senior unsecured debt rating of at least “B1”), 65%; (ii) with respect to each Moody’s Non-Investment Grade Manufacturer that has a long-term corporate family rating from Moody’s on such date of determination of at least “B3” but less than 

	
			
	 
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“Ba3” (or, if such Moody’s Non-Investment Grade Manufacturer does not have a long-term corporate family rating from Moody’s as of such date, a long-term senior unsecured debt rating of at least “Caa1” but less than “B1”), 25%; and (iii) with respect to any other Moody’s Non-Investment Grade Manufacturer, 0%; provided, however, that any Manufacturer whose long-term corporate family rating or long-term senior unsecured debt rating from Moody’s is downgraded after the Series 2019-1 Closing Date shall be deemed to retain its long-term corporate family rating or long-term senior unsecured debt rating, as applicable, from Moody’s in effect immediately prior to such downgrade until the thirtieth (30th) calendar day following such downgrade.
“Optional Repurchase” is defined in Section 5.1(b).
“Optional Repurchase Distribution Date” is defined in Section 5.1(b).
“Past Due Rent Payment” is defined in Section 2.2(g).
“Permanent Global Class A Note” is defined in Section 4.2.
“Permanent Global Class B Note” is defined in Section 4.2.
“Permanent Global Class C Note” is defined in Section 4.2.
“Permanent Global Class R Note” is defined in Section 4.2.
“Permanent Global Series 2019-1 Notes” is defined in Section 4.2.
“Pre‐Preference Period Demand Note Payments” means, as of any date of determination, the aggregate amount of all proceeds of demands made on the Series 2019-1 Demand Notes included in the Series 2019-1 Demand Note Payment Amount as of the Series 2019-1 Letter of Credit Termination Date that were paid by the Demand Note Issuers more than one year before such date of determination; provided, however, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of sixty (60) consecutive days) with respect to a Demand Note Issuer occurs during such one‐year period, (x) the Pre‐Preference Period Demand Note Payments as of any date during the period from and including the date of the occurrence of such Event of Bankruptcy to and including the conclusion or dismissal of the proceedings giving rise to such Event of Bankruptcy without continuing jurisdiction by the court in such proceedings shall equal the Pre‐Preference Period Demand Note Payments as of the date of such occurrence for all Demand Note Issuers and (y) the Pre‐Preference Period Demand Note Payments as of any date after the conclusion or dismissal of such proceedings shall equal the Series 2019-1 Demand Note Payment Amount as of the date of the conclusion or dismissal of such proceedings.
“Principal Deficit Amount” means, as of any date of determination, the excess, if any, of (i) the Series 2019-1 Senior Invested Amount on such date (after giving effect to the distribution of the Monthly Total Principal Allocation for the Related Month if such date is a Distribution Date) over (ii) the Series 2019-1 AESOP I Operating Lease Loan Agreement Borrowing Base on such date; provided, however, that the Principal Deficit Amount on any date occurring 

	
			
	 
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during the period commencing on and including the date of the filing by any of the Lessees of a petition for relief under Chapter 11 of the Bankruptcy Code to but excluding the date on which each of the Lessees shall have resumed making all payments of the portion of Monthly Base Rent relating to Loan Interest required to be made under the AESOP I Operating Lease, shall mean the excess, if any, of (x) the Series 2019-1 Senior Invested Amount on such date (after giving effect to the distribution of Monthly Total Principal Allocation for the Related Month if such date is a Distribution Date) over (y) the sum of (1) the Series 2019-1 AESOP I Operating Lease Loan Agreement Borrowing Base on such date and (2) the lesser of (a) the Series 2019-1 Liquidity Amount on such date and (b) the Series 2019-1 Required Liquidity Amount on such date.
“Proposed Class D Notes” has the meaning set forth in Section 5.15.
“Pro Rata Share” means, with respect to any Series 2019-1 Letter of Credit Provider as of any date, the fraction (expressed as a percentage) obtained by dividing (A) the available amount under such Series 2019-1 Letter of Credit Provider’s Series 2019-1 Letter of Credit as of such date by (B) an amount equal to the aggregate available amount under all Series 2019-1 Letters of Credit as of such date; provided, however, that only for purposes of calculating the Pro Rata Share with respect to any Series 2019-1 Letter of Credit Provider as of any date, if such Series 2019-1 Letter of Credit Provider has not complied with its obligation to pay the Trustee the amount of any draw under its Series 2019-1 Letter of Credit made prior to such date, the available amount under such Series 2019-1 Letter of Credit Provider’s Series 2019-1 Letter of Credit as of such date shall be treated as reduced (for calculation purposes only) by the amount of such unpaid demand and shall not be reinstated for purposes of such calculation unless and until the date as of which such Series 2019-1 Letter of Credit Provider has paid such amount to the Trustee and been reimbursed by the Lessee or the applicable Demand Note Issuer, as the case may be, for such amount (provided, however, that the foregoing calculation shall not in any manner reduce the undersigned’s actual liability in respect of any failure to pay any demand under its Series 2019-1 Letter of Credit).
“Reinvestment Yield” means, with respect to any Remaining Distribution Amount, the sum of (i) 0.25% and (ii) the greater of (x) 0% and (y) the U.S. Treasury Rate with respect to such Remaining Distribution Amount.
“Remaining Distribution Amount” means, with respect to each Applicable Distribution Date, the sum of (i) the sum of (x) an amount equal to the Class A Controlled Amortization Amount with respect to the Related Month immediately preceding such Applicable Distribution Date (or, if the Optional Repurchase Distribution Date occurs after the October 2021 Distribution Date, the Class A Controlled Distribution Amount with respect to the Related Month preceding the first such Applicable Distribution Date) and (y) the interest that will accrue on such amount from the Optional Repurchase Distribution Date to such Applicable Distribution Date at the Class A Note Rate, (ii) the sum of (x) an amount equal to the Class B Controlled Amortization Amount with respect to the Related Month immediately preceding such Applicable Distribution Date (or, if the Optional Repurchase Distribution Date occurs after the October 2021 Distribution Date, the Class B Controlled Distribution Amount with respect to the Related Month preceding the first such Applicable Distribution Date) and (y) the interest that will accrue on such amount from the Optional Repurchase Distribution Date to such Applicable Distribution Date at the Class B Note 

	
			
	 
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Rate, (iii) the sum of (x) an amount equal to the Class C Controlled Amortization Amount with respect to the Related Month immediately preceding such Applicable Distribution Date (or, if the Optional Repurchase Distribution Date occurs after the October 2021 Distribution Date, the Class C Controlled Distribution Amount with respect to the Related Month preceding the first such Applicable Distribution Date) and (y) the interest that will accrue on such amount from the Optional Repurchase Distribution Date to such Applicable Distribution Date at the Class C Note Rate and (iv) the sum of (x) an amount equal to the Class R Controlled Amortization Amount with respect to the Related Month immediately preceding such Applicable Distribution Date (or, if the Optional Repurchase Distribution Date occurs after the October 2021 Distribution Date, the Class R Controlled Amortization Amount with respect to the Related Month preceding the first such Applicable Distribution Date) and (y) the interest that will accrue on such amount from the Optional Repurchase Distribution Date to such Applicable Distribution Date at the Class R Note Rate.  
“Required Controlling Class Series 2019-1 Noteholders” means (i) for so long as any Class A Notes are outstanding, Class A Noteholders holding more than 50% of the Class A Invested Amount, (ii) if no Class A Notes are outstanding and for so long as any Class B Notes are outstanding, Class B Noteholders holding more than 50% of the Class B Invested Amount, (iii) if no Class A Notes or Class B Notes are outstanding, Class C Noteholders holding more than 50% of the Class C Invested Amount (excluding, for the purposes of making any of the foregoing calculations, any Series 2019-1 Notes held by ABCR or any Affiliate of ABCR unless ABCR or such Affiliate is the sole Series 2019-1 Noteholder) and (iv) if no Class A Notes, Class B Notes or Class C Notes are outstanding, Class R Noteholders holding more than 50% Class R Invested Amount (excluding, for the purposes of making any of the foregoing calculations, any Series 2019-1 Notes held by ABCR or any Affiliate of ABCR unless ABCR or such Affiliate is the sole Series 2019-1 Noteholder).  
“Requisite Series 2019-1 Noteholders” means Class A Noteholders, Class B Noteholders, Class C Noteholders and/or Class R Noteholders holding, in the aggregate, more than 50% of the Series 2019-1 Invested Amount (excluding, for the purposes of making the foregoing calculation, any Series 2019-1 Notes held by ABCR or any Affiliate of ABCR or such Affiliate unless ABCR is the sole Series 2019-1 Noteholder).
“Restricted Global Class A Note” is defined in Section 4.1.
“Restricted Global Class B Note” is defined in Section 4.1.
“Restricted Global Class C Note” is defined in Section 4.1.
“Restricted Global Class R Note” is defined in Section 4.1.
“Selected Fleet Market Value” means, with respect to all Adjusted Program Vehicles and all Non‐Program Vehicles (excluding (i) any Unaccepted Program Vehicles, (ii) any Excluded Redesignated Vehicles and (iii) any other Non‐Program Vehicles that are subject to a Manufacturer Program with an Eligible Non‐Program Manufacturer with respect to which no Manufacturer Event of Default has occurred and is continuing) as of any date of determination, the sum of the respective Market Values of each such Adjusted Program Vehicle and each such Non‐Program Vehicle, in 

	
			
	 
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each case subject to the AESOP I Operating Lease or the Finance Lease as of such date.  For purposes of computing the Selected Fleet Market Value, the “Market Value” of an Adjusted Program Vehicle or a Non‐Program Vehicle means the market value of such Vehicle as specified in the most recently published NADA Guide for the model class and model year of such Vehicle based on the average equipment and the average mileage of each Vehicle of such model class and model year then leased under the AESOP I Operating Lease and the Finance Lease; provided, however, that if the NADA Guide is not being published or the NADA Guide is being published but such Vehicle is not included therein, the Market Value of such Vehicle shall be based on the market value specified in the most recently published Finance Guide for the model class and model year of such Vehicle based on the average equipment and the average mileage of each Vehicle of such model class and model year then leased under the AESOP I Operating Lease or the Finance Lease; provided, further, that if the Finance Guide is being published but such Vehicle is not included therein, the Market Value of such Vehicle shall mean (x) in the case of an Adjusted Program Vehicle, the Adjusted Net Book Value of such Adjusted Program Vehicle and (y) in the case of a Non‐Program Vehicle, the Net Book Value of such Non‐Program Vehicle provided, further, that if the Finance Guide is not being published, the Market Value of such Vehicle shall be based on an independent third‐party data source selected by the Administrator and approved by each Rating Agency that is rating any Series of Notes at the request of ABRCF based on the average equipment and average mileage of each Vehicle of such model class and model year then leased under the AESOP I Operating Lease or the Finance Lease; provided, further, that if no such third‐party data source or methodology shall have been so approved or any such third‐party data source or methodology is not available, the Market Value of such Vehicle shall be equal to a reasonable estimate of the wholesale market value of such Vehicle as determined by the Administrator, based on the Net Book Value of such Vehicle and any other factors deemed relevant by the Administrator.
 “Series 2010-6 Notes” means the Series of Notes designated as the Series 2010-6 Notes.
 “Series 2011-4 Notes” means the Series of Notes designated as the Series 2011-4 Notes.
“Series 2013-2 Notes” means the Series of Notes designated as the Series 2013-2 Notes.
“Series 2014-1 Notes” means the Series of Notes designated as the Series 2014-1 Notes. 
“Series 2014-2 Notes” means the Series of Notes designated as the Series 2014-2 Notes. 
“Series 2015-1 Notes” means the Series of Notes designated as the Series 2015-1 Notes.
“Series 2015-2 Notes” means the Series of Notes designated as the Series 2015-2 Notes.

	
			
	 
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“Series 2015-3 Notes” means the Series of Notes designated as the Series 2015-3 Notes.
“Series 2016-1 Notes” means the Series of Notes designated as the Series 2016-1 Notes.
“Series 2016-2 Notes” means the Series of Notes designated as the Series 2016-2 Notes.
“Series 2017-1 Notes” means the Series of Notes designated as the Series 2017-1 Notes.
“Series 2017-2 Notes” means the Series of Notes designated as the Series 2017-2 Notes.
“Series 2018-1 Notes” means the Series of Notes designated as the Series 2018-1 Notes.
“Series 2018-2 Notes” means the Series of Notes designated as the Series 2018-2 Notes.
“Series 2019-1 Accounts” means each of the Series 2019-1 Distribution Account, the Series 2019-1 Reserve Account, the Series 2019-1 Collection Account, the Series 2019-1 Excess Collection Account and the Series 2019-1 Accrued Interest Account.
“Series 2019-1 Accrued Interest Account” is defined in Section 2.1(b).
“Series 2019-1 AESOP I Operating Lease Loan Agreement Borrowing Base” means, as of any date of determination, the product of (a) the Series 2019-1 AESOP I Operating Lease Vehicle Percentage as of such date and (b) the excess of (i) the AESOP I Operating Lease Loan Agreement Borrowing Base as of such date over (ii) the Excluded Manufacturer Amount as of such date.
“Series 2019-1 AESOP I Operating Lease Vehicle Percentage” means, as of any date of determination, a fraction, expressed as a percentage (which percentage shall never exceed 100%), the numerator of which is the Series 2019-1 Required AESOP I Operating Lease Vehicle Amount as of such date and the denominator of which is the sum of the Required AESOP I Operating Lease Vehicle Amounts for all Series of Notes as of such date.
“Series 2019-1 Agent” is defined in the recitals hereto.
“Series 2019-1 Available Cash Collateral Account Amount” means, as of any date of determination, the amount on deposit in the Series 2019-1 Cash Collateral Account (after giving effect to any deposits thereto and withdrawals and releases therefrom on such date).

	
			
	 
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“Series 2019-1 Available Reserve Account Amount” means, as of any date of determination, the amount on deposit in the Series 2019-1 Reserve Account (after giving effect to any deposits thereto and withdrawals and releases therefrom on such date).
“Series 2019-1 Cash Collateral Account” is defined in Section 2.8(f).
“Series 2019-1 Cash Collateral Account Collateral” is defined in Section 2.8(a).
“Series 2019-1 Cash Collateral Account Surplus” means, with respect to any Distribution Date, the lesser of (a) the Series 2019-1 Available Cash Collateral Account Amount and (b) the lesser of (A) the excess, if any, of the Series 2019-1 Liquidity Amount (after giving effect to any withdrawal from the Series 2019-1 Reserve Account on such Distribution Date) over the Series 2019-1 Required Liquidity Amount on such Distribution Date and (B) the excess, if any, of the Series 2019-1 Enhancement Amount (after giving effect to any withdrawal from the Series 2019-1 Reserve Account on such Distribution Date) over the Series 2019-1 Required Enhancement Amount on such Distribution Date; provided, however, that, on any date after the Series 2019-1 Letter of Credit Termination Date, the Series 2019-1 Cash Collateral Account Surplus shall mean the excess, if any, of (x) the Series 2019-1 Available Cash Collateral Account Amount over (y) the Series 2019-1 Demand Note Payment Amount minus the Pre‐Preference Period Demand Note Payments as of such date.
“Series 2019-1 Cash Collateral Percentage” means, as of any date of determination, the percentage equivalent of a fraction, the numerator of which is the Series 2019-1 Available Cash Collateral Account Amount as of such date and the denominator of which is the Series 2019-1 Letter of Credit Liquidity Amount as of such date.
“Series 2019-1 Closing Date” means February 13, 2019.
“Series 2019-1 Collateral” means the Collateral, each Series 2019-1 Letter of Credit, each Series 2019-1 Demand Note, the Series 2019-1 Distribution Account Collateral, the Series 2019-1 Cash Collateral Account Collateral and the Series 2019-1 Reserve Account Collateral.
“Series 2019-1 Collection Account” is defined in Section 2.1(b).
“Series 2019-1 Controlled Amortization Period” means the period commencing upon the close of business on August 31, 2021 (or, if such day is not a Business Day, the Business Day immediately preceding such day) and continuing to the earliest of (i) the commencement of the Series 2019-1 Rapid Amortization Period, (ii) the date on which the Series 2019-1 Notes are fully paid and (iii) the termination of the Indenture.
“Series 2019-1 DBRS Highest Enhanced 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 Vehicles leased under the AESOP I Operating Lease that were manufactured by a Manufacturer that does not have a long-term senior unsecured debt rating from DBRS (or, if such Manufacturer is not rated by DBRS, a DBRS Equivalent Rating) of at least “BBB (low)” as 

	
			
	 
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of such date and (b) the denominator of which is the aggregate Net Book Value of all Vehicles leased under the AESOP I Operating Lease as of such date.  
“Series 2019-1 DBRS Highest Enhancement Rate” means, as of any date of determination, the sum of (a) 26.85% and (b) the highest, for any calendar month within the preceding twelve (12) calendar months, of the greater of (x) an amount (not less than zero) equal to 100% minus the Measurement Month Average for the immediately preceding Measurement Month and (y) an amount (not less than zero) equal to 100% minus the Market Value Average as of the Determination Date within such calendar month (excluding the Market Value Average for any Determination Date which has not yet occurred).
“Series 2019-1 DBRS Intermediate Enhanced Vehicle Percentage” means, as of any date of determination, 100% minus the sum of (a) the Series 2019-1 DBRS Lowest Enhanced Vehicle Percentage and (b) the Series 2019-1 DBRS Highest Enhanced Vehicle Percentage.
“Series 2019-1 DBRS Intermediate Enhancement Rate” means, as of any date of determination, the sum of (a) 20.85% and (b) the highest, for any calendar month within the preceding twelve (12) calendar months, of the greater of (x) an amount (not less than zero) equal to 100% minus the Measurement Month Average for the immediately preceding Measurement Month and (y) an amount (not less than zero) equal to 100% minus the Market Value Average as of the Determination Date within such calendar month (excluding the Market Value Average for any Determination Date which has not yet occurred).
“Series 2019-1 DBRS Lowest Enhanced Vehicle Percentage” means, as of any date of determination, a fraction, expressed as a percentage, (a) the numerator of which is the sum, without duplication, of (1) the aggregate Net Book Value of all Program Vehicles leased under the AESOP I Operating Lease that are manufactured by Eligible Program Manufacturers having long-term senior unsecured debt ratings from DBRS (or, with respect to any Manufacturer that is not rated by DBRS, a DBRS Equivalent Rating) of “BBB (low)” or higher as of such date, and (2) so long as any Eligible Non-Program Manufacturer has a long-term senior unsecured debt rating from DBRS (or, if any such Manufacturer is not rated by DBRS, a DBRS Equivalent Rating) of “BBB (low)” or higher and no Manufacturer Event of Default has occurred and is continuing with respect to such Eligible Non-Program Manufacturer, the aggregate Net Book Value of all Non-Program Vehicles leased under the AESOP I Operating Lease manufactured by each such Eligible Non-Program Manufacturer that are subject to a Manufacturer Program and remain eligible for repurchase thereunder as of such date and (b) the denominator of which is the aggregate Net Book Value of all Vehicles leased under the AESOP I Operating Lease as of such date.
“Series 2019-1 DBRS Lowest Enhancement Rate” means, as of any date of determination, 9.85%.
“Series 2019-1 DBRS Required Enhancement Amount” means, as of any date of determination, the product of (i) the Series 2019-1 DBRS Required Enhancement Percentage as of such date and (ii) the Series 2019-1 Senior Invested Amount as of such date.

	
			
	 
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“Series 2019-1 DBRS Required Enhancement Percentage” means, as of any date of determination, the sum of (i) the product of (A) the Series 2019-1 DBRS Lowest Enhancement Rate as of such date and (B) the Series 2019-1 DBRS Lowest Enhanced Vehicle Percentage as of such date, (ii) the product of (A) the Series 2019-1 DBRS Intermediate Enhancement Rate as of such date and (B) the Series 2019-1 DBRS Intermediate Enhanced Vehicle Percentage as of such date, and (iii) the product of (A) the Series 2019-1 DBRS Highest Enhancement Rate as of such date and (B) the Series 2019-1 DBRS Highest Enhanced Vehicle Percentage as of such date.
“Series 2019-1 Demand Note” means each demand note made by a Demand Note Issuer, substantially in the form of Exhibit E, as amended, modified or restated from time to time.
“Series 2019-1 Demand Note Payment Amount” means, as of the Series 2019-1 Letter of Credit Termination Date, the aggregate amount of all proceeds of demands made on the Series 2019-1 Demand Notes pursuant to Section 2.5(b) or (c) that were deposited into the Series 2019-1 Distribution Account and paid to the Series 2019-1 Noteholders during the one year period ending on the Series 2019-1 Letter of Credit Termination Date; provided, however, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of sixty (60) consecutive days) with respect to a Demand Note Issuer shall have occurred during such one year period, the Series 2019-1 Demand Note Payment Amount as of the Series 2019-1 Letter of Credit Termination Date shall equal the Series 2019-1 Demand Note Payment Amount as if it were calculated as of the date of such occurrence.
“Series 2019-1 Deposit Date” is defined in Section 2.2.
“Series 2019-1 Distribution Account” is defined in Section 2.9(a).
“Series 2019-1 Distribution Account Collateral” is defined in Section 2.9(d).
“Series 2019-1 Eligible Letter of Credit Provider” means a Person satisfactory to ABCR and the Demand Note Issuers and having, at the time of the issuance of the related Series 2019-1 Letter of Credit, a long‐term senior unsecured debt rating (or the equivalent thereof) of at least “A1” from Moody’s, at least “A (high)” from DBRS and at least “A+” from Fitch and a short term senior unsecured debt rating of at least “P‐1” from Moody’s, at least “R-1” from DBRS and at least “F1” from Fitch that is (a) a commercial bank having total assets in excess of $500,000,000, (b) a finance company, insurance company or other financial institution that in the ordinary course of business issues letters of credit and has total assets in excess of $200,000,000 or (c) any other financial institution; provided, however, that if a Person is not a Series 2019-1 Letter of Credit Provider (or a letter of credit provider under the Supplement for any other Series of Notes), then such Person shall not be a Series 2019-1 Eligible Letter of Credit Provider until ABRCF has provided ten (10) days’ prior notice to the Rating Agencies that such Person has been proposed as a Series 2019-1 Letter of Credit Provider.
“Series 2019-1 Enhancement” means the Series 2019-1 Cash Collateral Account Collateral, the Series 2019-1 Letters of Credit, the Series 2019-1 Demand Notes, the Series 2019-1 Overcollateralization Amount and the Series 2019-1 Required Reserve Account Amount.

	
			
	 
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“Series 2019-1 Enhancement Amount” means, as of any date of determination, the sum of (i) the Series 2019-1 Overcollateralization Amount as of such date, (ii) the Series 2019-1 Letter of Credit Amount as of such date, (iii) the Series 2019-1 Available Reserve Account Amount as of such date and (iv) the amount of cash and Permitted Investments on deposit in the Series 2019-1 Collection Account (not including amounts allocable to the Series 2019-1 Accrued Interest Account) and the Series 2019-1 Excess Collection Account as of such date.
“Series 2019-1 Enhancement Deficiency” means, on any date of determination, the amount by which the Series 2019-1 Enhancement Amount is less than the Series 2019-1 Required Enhancement Amount as of such date.
“Series 2019-1 Excess Collection Account” is defined in Section 2.1(b).
“Series 2019-1 Expected Final Distribution Date” means the March 2022 Distribution Date.
“Series 2019-1 Final Distribution Date” means the March 2023 Distribution Date.
“Series 2019-1 Interest Period” means a period commencing on and including a Distribution Date and ending on and including the day preceding the next succeeding Distribution Date; provided, however, that the initial Series 2019-1 Interest Period shall commence on and include the Series 2019-1 Closing Date and end on and include March 19, 2019.
 “Series 2019-1 Invested Amount” means, as of any date of determination, the sum of the Class A Invested Amount as of such date, the Class B Invested Amount as of such date, the Class C Invested Amount as of such date and the Class R Invested Amount as of such date.
“Series 2019-1 Invested Percentage” means as of any date of determination:
(a)    when used with respect to Principal Collections, the percentage equivalent (which percentage shall never exceed 100%) of a fraction, the numerator of which shall be equal to the sum of the Series 2019-1 Invested Amount and the Series 2019-1 Overcollateralization Amount, determined during the Series 2019-1 Revolving Period as of the end of the Related Month (or, until the end of the initial Related Month, on the Series 2019-1 Closing Date), or, during the Series 2019-1 Controlled Amortization Period and the Series 2019-1 Rapid Amortization Period, as of the end of the Series 2019-1 Revolving Period, and the denominator of which shall be the greater of (I) the Aggregate Asset Amount as of the end of the Related Month or, until the end of the initial Related Month, as of the Series 2019-1 Closing Date, and (II) as of the same date as in clause (I), the sum of the numerators used to determine the invested percentages for allocations with respect to Principal Collections (for all Series of Notes and all classes of such Series of Notes); and
(b)    when used with respect to Interest Collections, the percentage equivalent (which percentage shall never exceed 100%) of a fraction, the numerator of which shall be the Accrued Amounts with respect to the Series 2019-1 Notes on such date of determination, and the 

	
			
	 
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denominator of which shall be the aggregate Accrued Amounts with respect to all Series of Notes on such date of determination.
“Series 2019-1 Lease Interest Payment Deficit” means, on any Distribution Date, an amount equal to the excess, if any, of (1) the excess, if any, of (a) the aggregate amount of Interest Collections which pursuant to Section 2.2(a), (b), (c) or (d) would have been allocated to the Series 2019-1 Accrued Interest Account if all payments of Monthly Base Rent required to have been made under the Leases from and excluding the preceding Distribution Date to and including such Distribution Date were made in full over (b) the aggregate amount of Interest Collections which pursuant to Section 2.2(a), (b), (c) or (d) have been allocated to the Series 2019-1 Accrued Interest Account (excluding any amounts paid into the Series 2019-1 Accrued Interest Account pursuant to the proviso in Sections 2.2(c)(ii) and/or 2.2(d)(ii)) from and excluding the preceding Distribution Date to and including the Business Day immediately preceding such Distribution Date over (2) the Class R Monthly Interest with respect to the Series 2019-1 Interest Period ended on the day preceding such Distribution Date. 
“Series 2019-1 Lease Payment Deficit” means either a Series 2019-1 Lease Interest Payment Deficit or a Series 2019-1 Lease Principal Payment Deficit.
“Series 2019-1 Lease Principal Payment Carryover Deficit” means (a) for the initial Distribution Date, zero and (b) for any other Distribution Date, the excess of (x) the Series 2019-1 Lease Principal Payment Deficit, if any, on the preceding Distribution Date over (y) the amount deposited in the Distribution Account on such preceding Distribution Date pursuant to Section 2.5(b) on account of such Series 2019-1 Lease Principal Payment Deficit.
“Series 2019-1 Lease Principal Payment Deficit” means on any Distribution Date, the sum of (a) the Series 2019-1 Monthly Lease Principal Payment Deficit for such Distribution Date and (b) the Series 2019-1 Lease Principal Payment Carryover Deficit for such Distribution Date.
“Series 2019-1 Letter of Credit” means an irrevocable letter of credit, if any, substantially in the form of Exhibit F issued by a Series 2019-1 Eligible Letter of Credit Provider in favor of the Trustee for the benefit of the Series 2019-1 Noteholders.
“Series 2019-1 Letter of Credit Amount” means, as of any date of determination, the lesser of (a) the sum of (i) the aggregate amount available to be drawn on such date under each Series 2019-1 Letter of Credit on which no draw has been made pursuant to Section 2.8(c), as specified therein, and (ii) if the Series 2019-1 Cash Collateral Account has been established and funded pursuant to Section 2.8, the Series 2019-1 Available Cash Collateral Account Amount on such date and (b) the aggregate outstanding principal amount of the Series 2019-1 Demand Notes on such date.
“Series 2019-1 Letter of Credit Expiration Date” means, with respect to any Series 2019-1 Letter of Credit, the expiration date set forth in such Series 2019-1 Letter of Credit, as such date may be extended in accordance with the terms of such Series 2019-1 Letter of Credit.

	
			
	 
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“Series 2019-1 Letter of Credit Liquidity Amount” means, as of any date of determination, the sum of (a) the aggregate amount available to be drawn on such date under each Series 2019-1 Letter of Credit on which no draw has been made pursuant to Section 2.8(c), as specified therein, and (b) if the Series 2019-1 Cash Collateral Account has been established and funded pursuant to Section 2.8, the Series 2019-1 Available Cash Collateral Account Amount on such date.
“Series 2019-1 Letter of Credit Provider” means the issuer of a Series 2019-1 Letter of Credit.
“Series 2019-1 Letter of Credit Termination Date” means the first to occur of (a) the date on which the Series 2019-1 Notes are fully paid and (b) the Series 2019-1 Termination Date.
“Series 2019-1 Limited Liquidation Event of Default” means, so long as such event or condition continues, any event or condition of the type specified in clauses (a) through (g) of Article III; provided, however, that any event or condition of the type specified in clauses (a) through (g) of Article III shall not constitute a Series 2019-1 Limited Liquidation Event of Default if the Trustee shall have received the written consent of the Requisite Series 2019-1 Noteholders waiving the occurrence of such Series 2019-1 Limited Liquidation Event of Default.  The Trustee shall promptly (but in any event within two (2) days) provide the Rating Agencies with written notice of such waiver.
“Series 2019-1 Liquidity Amount” means, as of any date of determination, the sum of (a) the Series 2019-1 Letter of Credit Liquidity Amount on such date and (b) the Series 2019-1 Available Reserve Account Amount on such date.
“Series 2019-1 Maximum Hyundai Amount” means, as of any day, an amount equal to 20% of the aggregate Net Book Value of all Vehicles leased under the Leases on such day.
“Series 2019-1 Maximum Individual Isuzu/Subaru Amount” means, as of any day, with respect to Isuzu or Subaru individually, an amount equal to 5% of the aggregate Net Book Value of all Vehicles leased under the Leases on such day.
“Series 2019-1 Maximum Kia Amount” means, as of any day, an amount equal to 10% of the aggregate Net Book Value of all Vehicles leased under the Leases on such day.
“Series 2019-1 Maximum Mitsubishi Amount” means, as of any day, an amount equal to 10% of the aggregate Net Book Value of all Vehicles leased under the Leases on such day.
“Series 2019-1 Maximum Non-Eligible Manufacturer Amount” means, as of any day, an amount equal to 3% of the aggregate Net Book Value of all Vehicles leased under the Leases on such day.
“Series 2019-1 Maximum Non-Program Vehicle Amount” means, as of any day, an amount equal to the Series 2019-1 Maximum Non-Program Vehicle Percentage of the aggregate Net Book Value of all Vehicles leased under the Leases on such day.

	
			
	 
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“Series 2019-1 Maximum Non-Program Vehicle Percentage” means, as of any date of determination, the sum of (a) 85% and (b) a fraction, expressed as a percentage, the numerator of which is the aggregate Net Book Value of all Redesignated Vehicles manufactured by a Bankrupt Manufacturer or a Manufacturer with respect to which a Manufacturer Event of Default has occurred, and in each case leased under the AESOP I Operating Lease or the Finance Lease as of such date, and the denominator of which is the aggregate Net Book Value of all Vehicles leased under the Leases as of such date.
“Series 2019-1 Maximum Specified States Amount” means, as of any day, an amount equal to 7.5% of the aggregate Net Book Value of all Vehicles leased under the Leases on such day.
“Series 2019-1 Maximum Suzuki Amount” means, as of any day, an amount equal to 7.5% of the aggregate Net Book Value of all Vehicles leased under the Leases on such day.
“Series 2019-1 Maximum Used Vehicle Amount” means, as of any day, an amount equal to 25% of the aggregate Net Book Value of all Vehicles leased under the Leases on such day.
“Series 2019-1 Monthly Lease Principal Payment Deficit” means, on any Distribution Date, an amount equal to the excess, if any, of (1) the excess, if any, of (a) the aggregate amount of Principal Collections which pursuant to Section 2.2(a), (b), (c) or (d) would have been allocated to the Series 2019-1 Collection Account if all payments required to have been made under the Leases from and excluding the preceding Distribution Date to and including such Distribution Date were made in full over (b) the aggregate amount of Principal Collections which pursuant to Section 2.2(a), (b), (c) or (d) have been allocated to the Series 2019-1 Collection Account (without giving effect to any amounts paid into the Series 2019-1 Accrued Interest Account pursuant to the proviso in Sections 2.2(c)(ii) and/or 2.2(d)(ii)) from and excluding the preceding Distribution Date to and including the Business Day immediately preceding such Distribution Date over (2) the principal due and payable with respect to the Class R Notes on such Distribution Date. 
“Series 2019-1 Moody’s Highest Enhanced Vehicle Percentage” means, as of any date of determination, a fraction, expressed as a percentage, (a) the numerator of which is the aggregate Net Book Value of all Vehicles leased under the AESOP I Operating Lease that are either not subject to a Manufacturer Program or not eligible for repurchase under a Manufacturer Program as of such date and (b) the denominator of which is the aggregate Net Book Value of all Vehicles leased under the AESOP I Operating Lease as of such date.
“Series 2019-1 Moody’s Highest Enhancement Rate” means, as of any date of determination, the sum of (a) 22.45% and (b) the highest, for any calendar month within the preceding twelve (12) calendar months, of the greater of (x) an amount (not less than zero) equal to 100% minus the Measurement Month Average for the immediately preceding Measurement Month and (y) an amount (not less than zero) equal to 100% minus the Market Value Average as of the Determination Date within such calendar month (excluding the Market Value Average for any Determination Date which has not yet occurred).

	
			
	 
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“Series 2019-1 Moody’s Intermediate Enhanced Vehicle Percentage” means, as of any date of determination, 100% minus the sum of (a) the Series 2019-1 Moody’s Lowest Enhanced Vehicle Percentage and (b) the Series 2019-1 Moody’s Highest Enhanced Vehicle Percentage.
“Series 2019-1 Moody’s Intermediate Enhancement Rate” means, as of any date of determination, 16.25%.
“Series 2019-1 Moody’s Lowest Enhanced Vehicle Percentage” means, as of any date of determination, a fraction, expressed as a percentage, (a) the numerator of which is the sum, without duplication, of (1) the aggregate Net Book Value of all Program Vehicles leased under the AESOP I Operating Lease that are manufactured by Eligible Program Manufacturers having a long‐term corporate family rating of “Baa3” or higher from Moody’s as of such date (or, if any Eligible Program Manufacturer does not have a long-term corporate family rating from Moody’s as of such date, a long-term senior unsecured debt rating of at least “Ba1” from Moody’s as of such date), and (2) so long as any Eligible Non‐Program Manufacturer has a long‐term corporate family rating of “Baa3” or higher from Moody’s as of such date (or, if any Eligible Non-Program Manufacturer does not have a long-term corporate family rating from Moody’s as of such date, a long-term senior unsecured debt rating of at least “Ba1” from Moody’s as of such date) and no Manufacturer Event of Default has occurred and is continuing with respect to such Eligible Non‐Program Manufacturer, the aggregate Net Book Value of all Non‐Program Vehicles leased under the AESOP I Operating Lease manufactured by each such Eligible Non‐Program Manufacturer that are subject to a Manufacturer Program and remain eligible for repurchase thereunder as of such date and (b) the denominator of which is the aggregate Net Book Value of all Vehicles leased under the AESOP I Operating Lease as of such date.
“Series 2019-1 Moody’s Lowest Enhancement Rate” means, as of any date of determination, 12.75%.
“Series 2019-1 Moody’s Required Enhancement Amount” means, as of any date of determination, the product of (i) the Series 2019-1 Moody’s Required Enhancement Percentage as of such date and (ii) the Series 2019-1 Senior Invested Amount as of such date.
“Series 2019-1 Moody’s Required Enhancement Percentage” means, as of any date of determination, the sum of (i) the product of (A) the Series 2019-1 Moody’s Lowest Enhancement Rate as of such date and (B) the Series 2019-1 Moody’s Lowest Enhanced Vehicle Percentage as of such date, (ii) the product of (A) the Series 2019-1 Moody’s Intermediate Enhancement Rate as of such date and (B) the Series 2019-1 Moody’s Intermediate Enhanced Vehicle Percentage as of such date, and (iii) the product of (A) the Series 2019-1 Moody’s Highest Enhancement Rate as of such date and (B) the Series 2019-1 Moody’s Highest Enhanced Vehicle Percentage as of such date.
“Series 2019-1 Note Owner” means each beneficial owner of a Series 2019-1 Note. 
“Series 2019-1 Noteholder” means any Class A Noteholder, any Class B Noteholder, any Class C Noteholder, any Class R Noteholder or, if the Class D Notes have been issued, any Class D Noteholder.

	
			
	 
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“Series 2019-1 Notes” means, collectively, the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes (if issued), and the Class R Notes. 
“Series 2019-1 Overcollateralization Amount” means the excess, if any, of (x) the Series 2019-1 AESOP I Operating Lease Loan Agreement Borrowing Base as of such date over (y) the Series 2019-1 Senior Invested Amount as of such date.
“Series 2019-1 Past Due Rent Payment” is defined in Section 2.2(g).
“Series 2019-1 Percentage” means, as of any date of determination, a fraction, expressed as a percentage, the numerator of which is the Series 2019-1 Invested Amount as of such date and the denominator of which is the Aggregate Invested Amount as of such date.
“Series 2019-1 Principal Allocation” is defined in Section 2.2(a)(ii).
“Series 2019-1 Rapid Amortization Period” means the period beginning at the close of business on the Business Day immediately preceding the day on which an Amortization Event is deemed to have occurred with respect to the Series 2019-1 Notes and ending upon the earliest to occur of (i) the date on which the Series 2019-1 Notes are fully paid, (ii) the Series 2019-1 Final Distribution Date and (iii) the termination of the Indenture.
“Series 2019-1 Reimbursement Agreement” means any and each agreement providing for the reimbursement of a Series 2019-1 Letter of Credit Provider for draws under its Series 2019-1 Letter of Credit as the same may be amended, supplemented, restated or otherwise modified from time to time.
“Series 2019-1 Repurchase Amount” is defined in Section 5.1(a). 
“Series 2019-1 Required AESOP I Operating Lease Vehicle Amount” means, as of any date of determination, the sum of the Series 2019-1 Invested Amount and the Series 2019-1 Required Overcollateralization Amount as of such date.
“Series 2019-1 Required Enhancement Amount” means, as of any date of determination, the sum of (i) the greater of (A) the Series 2019-1 Moody’s Required Enhancement Amount as of such date and (B) the Series 2019-1 DBRS Required Enhancement Amount as of such date, (ii) the Series 2019-1 AESOP I Operating Lease Vehicle Percentage as of the immediately preceding Business Day of the excess, if any, of the Non-Program Vehicle Amount as of such date over the Series 2019-1 Maximum Non-Program Vehicle Amount as of such date, (iii) the Series 2019-1 AESOP I Operating Lease Vehicle Percentage as of the immediately preceding Business Day of the excess, if any, of the aggregate Net Book Value of all Vehicles manufactured by Mitsubishi and leased under the Leases as of such date over the Series 2019-1 Maximum Mitsubishi Amount as of such date, (iv) the Series 2019-1 AESOP I Operating Lease Vehicle Percentage as of the immediately preceding Business Day of the excess, if any, of the aggregate Net Book Value of all Vehicles manufactured by Isuzu or Subaru, individually, and leased under the Leases as of such date over the Series 2019-1 Maximum Individual Isuzu/Subaru Amount as of such date, (v) the Series 2019-1 AESOP I Operating Lease Vehicle Percentage as of the immediately preceding 

	
			
	 
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Business Day of the excess, if any, of the aggregate Net Book Value of all Vehicles manufactured by Hyundai and leased under the Leases as of such date over the Series 2019-1 Maximum Hyundai Amount as of such date, (vi) the Series 2019-1 AESOP I Operating Lease Vehicle Percentage as of the immediately preceding Business Day of the excess, if any, of the aggregate Net Book Value of all Vehicles manufactured by Kia and leased under the Leases as of such date over the Series 2019-1 Maximum Kia Amount as of such date, (vii) the Series 2019-1 AESOP I Operating Lease Vehicle Percentage as of the immediately preceding Business Day of the excess, if any, of the aggregate Net Book Value of all Vehicles manufactured by Suzuki and leased under the Leases as of such date over the Series 2019-1 Maximum Suzuki Amount as of such date, (viii) the Series 2019-1 AESOP I Operating Lease Vehicle Percentage as of the immediately preceding Business Day of the excess, if any, of the Specified States Amount as of such date over the Series 2019-1 Maximum Specified States Amount as of such date, (ix) the Series 2019-1 AESOP I Operating Lease Vehicle Percentage as of the immediately preceding Business Day of the excess, if any, of the Non-Eligible Manufacturer Amount as of such date over the Series 2019-1 Maximum Non-Eligible Manufacturer Amount as of such date and (x) the Series 2019-1 AESOP I Operating Lease Vehicle Percentage as of the immediately preceding Business Day of the excess, if any, of the Net Book Value of all Vehicles leased under the Leases as of such date that were used vehicles at the time of acquisition over the Series 2019-1 Maximum Used Vehicle Amount as of such date.
“Series 2019-1 Required Liquidity Amount” means, as of any date of determination, an amount equal to the product of 2.50% and the Series 2019-1 Senior Invested Amount as of such date. 
“Series 2019-1 Required Overcollateralization Amount” means, as of any date of determination, the excess, if any, of the Series 2019-1 Required Enhancement Amount over the sum of (i) the Series 2019-1 Letter of Credit Amount as of such date, (ii) the Series 2019-1 Available Reserve Account Amount on such date and (iii) the amount of cash and Permitted Investments on deposit in the Series 2019-1 Collection Account (not including amounts allocable to the Series 2019-1 Accrued Interest Account) and the Series 2019-1 Excess Collection Account on such date.
“Series 2019-1 Required Reserve Account Amount” means, for any date of determination, an amount equal to the greater of (a) the excess, if any, of the Series 2019-1 Required Liquidity Amount as of such date over the Series 2019-1 Letter of Credit Liquidity Amount as of such date and (b) the excess, if any, of the Series 2019-1 Required Enhancement Amount as of such date over the Series 2019-1 Enhancement Amount (excluding therefrom the Series 2019-1 Available Reserve Account Amount and calculated after giving effect to any payments of principal to be made on the Series 2019-1 Notes) as of such date.
“Series 2019-1 Reserve Account” is defined in Section 2.7(a).
“Series 2019-1 Reserve Account Collateral” is defined in Section 2.7(d).
“Series 2019-1 Reserve Account Surplus” means, with respect to any Distribution Date, the excess, if any, of the Series 2019-1 Available Reserve Account Amount over the Series 2019-1 Required Reserve Account Amount on such Distribution Date.

	
			
	 
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“Series 2019-1 Revolving Period” means the period from and including the Series 2019-1 Closing Date to the earlier of (i) the commencement of the Series 2019-1 Controlled Amortization Period and (ii) the commencement of the Series 2019-1 Rapid Amortization Period.
“Series 2019-1 Senior Invested Amount” means, on any date, the sum of the Class A Invested Amount on such date, the Class B Invested Amount on such date and the Class C Invested Amount on such date. 
“Series 2019-1 Senior Monthly Interest” means, with respect to any Distribution Date, the sum of the Class A Monthly Interest, the Class B Monthly Interest and the Class C Monthly Interest, in each case with respect to the Series 2019-1 Interest Period ended on the day preceding such Distribution Date.
“Series 2019-1 Senior Notes” means, collectively, the Class A Notes, the Class B Notes and the Class C Notes.  
“Series 2019-1 Shortfall” means, on any Distribution Date, the sum of the Class A Shortfall, the Class B Shortfall and the Class C Shortfall on such Distribution Date.
“Series 2019-1 Termination Date” means the March 2023 Distribution Date.
“Series 2019-1 Trustee’s Fees” means, for any Distribution Date during the Series 2019-1 Rapid Amortization Period on which there exists a Series 2019-1 Lease Interest Payment Deficit, a portion of the fees payable to the Trustee in an amount equal to the product of (i) the Series 2019-1 Percentage as of the beginning of the Series 2019-1 Interest Period ending on the day preceding such Distribution Date and (ii) the fees owing to the Trustee under the Base Indenture; provided, however, that the Series 2019-1 Trustee’s Fees in the aggregate for all Distribution Dates shall not exceed 1.1% of the Series 2019-1 Required AESOP I Operating Lease Vehicle Amount as of the last day of the Series 2019-1 Revolving Period.
 “Supplement” is defined in the preamble hereto.
“Temporary Global Class A Note” is defined in Section 4.2.
“Temporary Global Class B Note” is defined in Section 4.2.
“Temporary Global Class C Note” is defined in Section 4.2.
“Temporary Global Class R Note” is defined in Section 4.2.
“Temporary Global Series 2019-1 Notes” is defined in Section 4.2.
“Termination Date Disbursement” means an amount drawn under a Series 2019-1 Letter of Credit pursuant to a Certificate of Termination Date Demand.
“Termination Disbursement” means an amount drawn under a Series 2019-1 Letter of Credit pursuant to a Certificate of Termination Demand.

	
			
	 
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“Trustee” is defined in the recitals hereto.
“Unpaid Demand Note Disbursement” means an amount drawn under a Series 2019-1 Letter of Credit pursuant to a Certificate of Unpaid Demand Note Demand.
“U.S. Risk Retention Rules” means the federal interagency credit risk retention rules, codified at 17 C.F.R. Part 246.
“U.S. Treasury Rate” means, with respect to any Remaining Distribution Amount, a rate determined one Business Day prior to the Optional Repurchase Distribution Date that is equal to the U.S. Treasury rate on such date (determined by reference to Bloomberg Financial Markets Commodities News) with a maturity equal to the period from such Optional Repurchase Distribution Date to the Applicable Distribution Date with respect to such Remaining Distribution Amount (or, if such maturity is unavailable, such rate shall be determined by linear interpolation using the U.S. Treasury rates with the two closest maturities to such period).
(c)    Any amounts calculated by reference to the Series 2019-1 Invested Amount (or any component thereof) on any date shall, unless otherwise stated, be calculated after giving effect to any payment of principal made to the applicable Class A Noteholders, applicable Class B Noteholders, applicable Class C Noteholders and applicable Class R Noteholders on such date.
ARTICLE II 
 
SERIES 2019-1 ALLOCATIONS
With respect to the Series 2019-1 Notes, the following shall apply:
Section 2.1.    Establishment of Series 2019-1 Collection Account, Series 2019-1 Excess Collection Account and Series 2019-1 Accrued Interest Account.  
(a)    All Collections allocable to the Series 2019-1 Notes shall be allocated to the Collection Account.
(b)    The Trustee will create three administrative subaccounts within the Collection Account for the benefit of the Series 2019-1 Noteholders: the Series 2019-1 Collection Account (such sub‐account, the “Series 2019-1 Collection Account”), the Series 2019-1 Excess Collection Account (such sub‐account, the “Series 2019-1 Excess Collection Account”) and the Series 2019-1 Accrued Interest Account (such sub‐account, the “Series 2019-1 Accrued Interest Account”).
Section 2.2.    Allocations with Respect to the Series 2019-1 Notes.  The net proceeds from the initial sale of the Class A Notes, Class B Notes, Class C Notes and Class R Notes will be deposited into the Collection Account on the Series 2019-1 Closing Date and the net proceeds from any issuance of Class D Notes and Additional Class R Notes shall be deposited into the Collection Account on the Additional Notes Closing Date.  On each Business Day on which Collections are deposited into the Collection Account (each such date, a “Series 2019-1 Deposit 

	
			
	 
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Date”), the Administrator will direct the Trustee in writing pursuant to the Administration Agreement to allocate all amounts deposited into the Collection Account in accordance with the provisions of this Section 2.2.
(a)    Allocations of Collections During the Series 2019-1 Revolving Period.  During the Series 2019-1 Revolving Period, the Administrator will direct the Trustee in writing pursuant to the Administration Agreement to allocate, prior to 11:00 a.m. (New York City time) on each Series 2019-1 Deposit Date, all amounts deposited into the Collection Account as set forth below:
(i)    allocate to the Series 2019-1 Collection Account an amount equal to the Series 2019-1 Invested Percentage (as of such day) of the aggregate amount of Interest Collections on such day.  All such amounts allocated to the Series 2019-1 Collection Account shall be further allocated to the Series 2019-1 Accrued Interest Account; and
(ii)    allocate to the Series 2019-1 Excess Collection Account an amount equal to the Series 2019-1 Invested Percentage (as of such day) of the aggregate amount of Principal Collections on such day (for any such day, the “Series 2019-1 Principal Allocation”).
(b)    Allocations of Collections During the Series 2019-1 Controlled Amortization Period.  With respect to the Series 2019-1 Controlled Amortization Period, the Administrator will direct the Trustee in writing pursuant to the Administration Agreement to allocate, prior to 11:00 a.m.  (New York City time) on any Series 2019-1 Deposit Date, all amounts deposited into the Collection Account as set forth below:
(i)    allocate to the Series 2019-1 Collection Account an amount determined as set forth in Section 2.2(a)(i) above for such day, which amount shall be further allocated to the Series 2019-1 Accrued Interest Account; and
(ii)    allocate to the Series 2019-1 Collection Account an amount equal to the Series 2019-1 Principal Allocation for such day, which amount shall be used to make principal payments in respect of the Series 2019-1 Notes in accordance with Section 2.5, (A) first, in respect of the Class A Notes in an amount equal to the Class A Controlled Distribution Amount, (B) second, in respect of the Class B Notes in an amount equal to the Class B Controlled Distribution Amount, (C) third, in respect of the Class C Notes in an amount equal to the Class C Controlled Distribution Amount and (D) fourth, in respect of the Class R Notes in an amount equal to the Class R Controlled Amortization Amount, in each case with respect to the Related Month; provided, however, that if the Monthly Total Principal Allocation exceeds the sum of the Class A Controlled Distribution Amount, the Class B Controlled Distribution Amount, the Class C Controlled Distribution Amount and the Class R Controlled Amortization Amount, in each case with respect to the Related Month, then the amount of such excess shall be allocated to the Series 2019-1 Excess Collection Account.

	
			
	 
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(c)    Allocations of Collections During the Series 2019-1 Rapid Amortization Period.  With respect to the Series 2019-1 Rapid Amortization Period, other than after the occurrence of an Event of Bankruptcy with respect to ABCR, any other Lessee or any Permitted Sublessee, the Administrator will direct the Trustee in writing pursuant to the Administration Agreement to allocate, prior to 11:00 a.m. (New York City time) on any Series 2019-1 Deposit Date, all amounts deposited into the Collection Account as set forth below:
(i)    allocate to the Series 2019-1 Collection Account an amount determined as set forth in Section 2.2(a)(i) above for such day, which amount shall be further allocated to the Series 2019-1 Accrued Interest Account; and
(ii)    allocate to the Series 2019-1 Collection Account an amount equal to the Series 2019-1 Principal Allocation for such day, which amount shall be used in accordance with Section 2.5 to make principal payments in respect of the Class A Notes until the Class A Notes have been paid in full, and after the Class A Notes have been paid in full shall be used to make principal payments in respect of the Class B Notes until the Class B Notes have been paid in full, and after the Class A Notes and Class B Notes have been paid in full shall be used to make principal payments in respect of the Class C Notes until the Class C Notes have been paid in full, and after the Class A Notes, the Class B Notes and the Class C Notes have been paid in full (including interest thereon) shall be used to make principal payments in respect of the Class R Notes until the Class R Notes have been paid in full; provided, however, that if on any Determination Date (A) the Administrator determines that the amount anticipated to be available from Interest Collections allocable to the Series 2019-1 Notes and other amounts available pursuant to Section 2.3 to pay the sum of (x) the Series 2019-1 Senior Monthly Interest for the next succeeding Distribution Date and (y) any unpaid Series 2019-1 Shortfall on such Distribution Date (together with interest on such Series 2019-1 Shortfall) will be less than the sum of (I) the Series 2019-1 Senior Monthly Interest for such Distribution Date and (II) such Series 2019-1 Shortfall (together with interest thereon) and (B) the Series 2019-1 Enhancement Amount is greater than zero, then the Administrator shall direct the Trustee in writing to reallocate a portion of the Principal Collections allocated to the Series 2019-1 Notes during the Related Month equal to the lesser of such insufficiency and the Series 2019-1 Enhancement Amount to the Series 2019-1 Accrued Interest Account to be treated as Interest Collections on such Distribution Date;  provided further, however, that if on any Determination Date the Administrator determines that, after giving effect the preceding proviso, the amount anticipated to be available from Interest Collections allocable to the Series 2019-1 Notes and other amounts available pursuant to Section 2.3 to pay the sum of (x) the Series 2019-1 Senior Monthly Interest for the next succeeding Distribution Date and (y) any unpaid Series 2019-1 Shortfall on such Distribution Date (together with interest on such Series 2019-1 Shortfall) will be less than the sum of (I) the Series 2019-1 Senior Monthly Interest for such Distribution Date and (II) such Series 2019-1 Shortfall (together with interest thereon),  then the Administrator shall direct the Trustee in writing to reallocate a portion of the Principal Collections allocated to the Series 2019-1 Notes during the Related Month equal to the lesser of (1) the amount of such Principal Collections that is anticipated to remain after the payment of the Series 2019-1 Senior Invested Amount in full, and (2) any such interest due and owing 

	
			
	 
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in respect of the Class A Notes, the Class B Notes or the Class C Notes to the 2019-1 Accrued Interest Account to be treated as Interest Collections on such Distribution Date.
(d)    Allocations of Collections after the Occurrence of an Event of Bankruptcy.  After the occurrence of an Event of Bankruptcy with respect to ABCR, any other Lessee or any Permitted Sublessee, the Administrator will direct the Trustee in writing pursuant to the Administration Agreement to allocate, prior to 11:00 a.m.  (New York City time) on any Series 2019-1 Deposit Date, all amounts attributable to the AESOP I Operating Lease Loan Agreement deposited into the Collection Account as set forth below:
(i)    allocate to the Series 2019-1 Collection Account an amount equal to the Series 2019-1 AESOP I Operating Lease Vehicle Percentage as of the date of the occurrence of such Event of Bankruptcy of the aggregate amount of Interest Collections made under the AESOP I Operating Lease Loan Agreement for such day. All such amounts allocated to the Series 2019-1 Collection Account shall be further allocated to the Series 2019-1 Accrued Interest Account; and
(ii)    allocate to the Series 2019-1 Collection Account an amount equal to the Series 2019-1 AESOP I Operating Lease Vehicle Percentage as of the date of the occurrence of such Event of Bankruptcy of the aggregate amount of Principal Collections made under the AESOP I Operating Lease Loan Agreement, which amount shall be used in accordance with Section 2.5, to make principal payments in respect of the Class A Notes until the Class A Notes have been paid in full, and after the Class A Notes have been paid in full shall be used to make principal payments in respect of the Class B Notes until the Class B Notes have been paid in full, and after the Class A Notes and the Class B Notes have been paid in full shall be used to make principal payments in respect of the Class C Notes until the Class C Notes have been paid in full and after the Class A Notes, the Class B Notes and the Class C Notes have been paid in full (including interest thereon), shall be used to make principal payments in respect of the Class R Notes until the Class R Notes have been paid in full; provided, however, that if on any Determination Date (A) the Administrator determines that the amount anticipated to be available from Interest Collections allocable to the Series 2019-1 Notes and other amounts available pursuant to Section 2.3 to pay the sum of (x) the Series 2019-1 Senior Monthly Interest for the next succeeding Distribution Date and (y) any unpaid Series 2019-1 Shortfall on such Distribution Date (together with interest on such Series 2019-1 Shortfall) will be less than the sum of (I) the Series 2019-1 Senior Monthly Interest for such Distribution Date and (II) such Series 2019-1 Shortfall (together with interest thereon) and (B) the Series 2019-1 Enhancement Amount is greater than zero, then the Administrator shall direct the Trustee in writing to reallocate a portion of the Principal Collections allocated to the Series 2019-1 Notes during the Related Month equal to the lesser of such insufficiency and the Series 2019-1 Enhancement Amount to the Series 2019-1 Accrued Interest Account to be treated as Interest Collections on such Distribution Date; provided further, however, that if on any Determination Date the Administrator determines that, after giving effect the preceding proviso, the amount anticipated to be available from Interest Collections allocable to the Series 2019-1 Notes and other amounts available pursuant to Section 2.3 to pay the sum of 

	
			
	 
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(x) the Series 2019-1 Senior Monthly Interest for the next succeeding Distribution Date and (y) any unpaid Series 2019-1 Shortfall on such Distribution (together with interest in such Series 2019-1 Shortfall), will be less than the sum of (I) the Series 2019-1 Senior Monthly Interest for such Distribution Date and (II) such Series 2019-1 Shortfall (together with interest thereon),  then the Administrator shall direct the Trustee in writing to reallocate any portion of the Principal Collections allocated to the Series 2019-1 Notes during the Related Month equal to the lesser of (1) the amount of such Principal Collections that is anticipated to remain after the payment of the Series 2019-1 Senior Invested Amount in full, and (2) any such interest due and owing in respect of the Class A Notes, the Class B Notes or the Class C Notes to the 2019-1 Accrued Interest Account to be treated as Interest Collections on such Distribution Date.
(e)    Series 2019-1 Excess Collection Account.  Amounts allocated to the Series 2019-1 Excess Collection Account on any Series 2019-1 Deposit Date will be (w) first, deposited in the Series 2019-1 Reserve Account in an amount up to the excess, if any, of the Series 2019-1 Required Reserve Account Amount for such date over the Series 2019-1 Available Reserve Account Amount for such date, (x) second, used to pay the principal amount of other Series of Notes that are then in amortization, (y) third, released to AESOP Leasing in an amount equal to the product of (A) the Loan Agreement’s Share with respect to the AESOP I Operating Lease Loan Agreement as of such date and (B) 100% minus the Loan Payment Allocation Percentage with respect to the AESOP I Operating Lease Loan Agreement as of such date and (C) the amount of any remaining funds and (z) fourth, paid to ABRCF for any use permitted by the Related Documents including to make Loans under the Loan Agreements to the extent the Borrowers have requested Loans thereunder and Eligible Vehicles are available for financing thereunder; provided, however, that in the case of clauses (x), (y) and (z), that no Amortization Event, Series 2019-1 Enhancement Deficiency or AESOP I Operating Lease Vehicle Deficiency would result therefrom or exist immediately thereafter.  Upon the occurrence of an Amortization Event and once a Trust Officer has actual knowledge of the Amortization Event, funds on deposit in the Series 2019-1 Excess Collection Account will be withdrawn by the Trustee, deposited in the Series 2019-1 Collection Account and allocated as Principal Collections to reduce the Series 2019-1 Invested Amount on the immediately succeeding Distribution Date.
(f)    Allocations From Other Series.  Amounts allocated to other Series of Notes that have been reallocated by ABRCF to the Series 2019-1 Notes (i) during the Series 2019-1 Revolving Period shall be allocated to the Series 2019-1 Excess Collection Account and applied in accordance with Section 2.2(e) and (ii) during the Series 2019-1  Controlled Amortization Period or the Series 2019-1 Rapid Amortization Period shall be allocated to the Series 2019-1 Collection Account and applied in accordance with Section 2.2(b) or 2.2(c), as applicable, to make principal payments in respect of the Series 2019-1 Notes.
(g)    Past Due Rent Payments.  Notwithstanding the foregoing, if in the case of Section 2.2(a) or (b), after the occurrence of a Series 2019-1 Lease Payment Deficit, the Lessees shall make payments of Monthly Base Rent or other amounts payable by the Lessees under the Leases on or prior to the fifth Business Day after the occurrence of such Series 2019-1 Lease Payment Deficit (a “Past Due Rent Payment”), the Administrator shall direct the Trustee in writing pursuant 

	
			
	 
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to the Administration Agreement to allocate to the Series 2019-1 Collection Account an amount equal to the Series 2019-1 Invested Percentage as of the date of the occurrence of such Series 2019-1 Lease Payment Deficit of the Collections attributable to such Past Due Rent Payment (the “Series 2019-1 Past Due Rent Payment”).  The Administrator shall instruct the Trustee in writing pursuant to the Administration Agreement to withdraw from the Series 2019-1 Collection Account and apply the Series 2019-1 Past Due Rent Payment in the following order:
(i)    if the occurrence of such Series 2019-1 Lease Payment Deficit resulted in one or more Lease Deficit Disbursements being made under the Series 2019-1 Letters of Credit, pay to each Series 2019-1 Letter of Credit Provider who made such a Lease Deficit Disbursement for application in accordance with the provisions of the applicable Series 2019-1 Reimbursement Agreement an amount equal to the lesser of (x) the unreimbursed amount of such Series 2019-1 Letter of Credit Provider’s Lease Deficit Disbursement and (y) such Series 2019-1 Letter of Credit Provider’s Pro Rata Share of the Series 2019-1 Past Due Rent Payment;
(ii)    if the occurrence of such Series 2019-1 Lease Payment Deficit resulted in a withdrawal being made from the Series 2019-1 Cash Collateral Account, deposit in the Series 2019-1 Cash Collateral Account an amount equal to the lesser of (x) the amount of the Series 2019-1 Past Due Rent Payment remaining after any payment pursuant to clause (i) above and (y) the amount withdrawn from the Series 2019-1 Cash Collateral Account on account of such Series 2019-1 Lease Payment Deficit;
(iii)    if the occurrence of such Series 2019-1 Lease Payment Deficit resulted in a withdrawal being made from the Series 2019-1 Reserve Account pursuant to Section 2.3(d), deposit in the Series 2019-1 Reserve Account an amount equal to the lesser of (x) the amount of the Series 2019-1 Past Due Rent Payment remaining after any payments pursuant to clauses (i) and (ii) above and (y) the excess, if any, of the Series 2019-1 Required Reserve Account Amount over the Series 2019-1 Available Reserve Account Amount on such day; 
(iv)    allocate to the Series 2019-1 Accrued Interest Account the amount, if any, by which the Series 2019-1 Lease Interest Payment Deficit, if any, relating to such Series 2019-1 Lease Payment Deficit exceeds the amount of the Series 2019-1 Past Due Rent Payment applied pursuant to clauses (i), (ii) and (iii) above; and 
(v)    treat the remaining amount of the Series 2019-1 Past Due Rent Payment as Principal Collections allocated to the Series 2019-1 Notes in accordance with Section 2.2(a)(ii) or 2.2(b)(ii), as the case may be.
Section 2.3.    Payments to Noteholders.  On each Determination Date, as provided below, the Administrator shall instruct the Paying Agent in writing pursuant to the Administration Agreement to withdraw, and on the following Distribution Date the Paying Agent, acting in accordance with such instructions, shall withdraw the amounts required to be withdrawn from the Collection Account pursuant to Section 2.3(a) below in respect of all funds available from Interest 

	
			
	 
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Collections processed since the preceding Distribution Date and allocated to the holders of the Series 2019-1 Notes.
(a)    Note Interest with Respect to the Series 2019-1 Notes.  On each Determination Date, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement as to the amount to be withdrawn and paid pursuant to Section 2.4 from the Series 2019-1 Accrued Interest Account to the extent funds are anticipated to be available from Interest Collections allocable to the Series 2019-1 Notes processed from but not including the preceding Distribution Date through the succeeding Distribution Date in respect of (i) an amount equal to the Class A Monthly Interest for the Series 2019-1 Interest Period ending on the day preceding the related Distribution Date, (ii) an amount equal to the amount of any unpaid Class A Shortfall as of the preceding Distribution Date (together with any accrued interest on such Class A Shortfall), (iii) an amount equal to the Class B Monthly Interest for the Series 2019-1 Interest Period ending on the day preceding the related Distribution Date, (iv) an amount equal to the amount of any unpaid Class B Shortfall as of the preceding Distribution Date (together with any accrued interest on such Class B Shortfall), (v) an amount equal to the Class C Monthly Interest for the Series 2019-1 Interest Period ending on the day preceding the related Distribution Date, (vi) an amount equal to the amount of any unpaid Class C Shortfall as of the preceding Distribution Date (together with any accrued interest on such Class C Shortfall), (vii) an amount equal to the Class R Monthly Interest for the Series 2019-1 Interest Period ending on the day preceding the related Distribution Date and (viii) an amount equal to the amount of any unpaid Class R Shortfall as of the preceding Distribution Date (together with any accrued interest on such Class R Shortfall).  On the following Distribution Date, the Trustee shall withdraw the amounts described in the first sentence of this Section 2.3(a) from the Series 2019-1 Accrued Interest Account and deposit such amounts in the Series 2019-1 Distribution Account.
(b)    Lease Payment Deficit Notice.  On or before 3:00 p.m. (New York City time) on the Business Day immediately preceding each Distribution Date, the Administrator shall notify the Trustee of the amount of any Series 2019-1 Lease Payment Deficit, such notification to be in the form of Exhibit G (each a “Lease Payment Deficit Notice”).
(c)    Draws on Series 2019-1 Letters of Credit For Series 2019-1 Lease Interest Payment Deficits.  If the Administrator determines on the Business Day immediately preceding any Distribution Date that on such Distribution Date there will exist a Series 2019-1 Lease Interest Payment Deficit, the Administrator shall, on or prior to 3:00 p.m. (New York City time) on such Business Day, instruct the Trustee in writing to draw on the Series 2019-1 Letters of Credit, if any, and, the Trustee shall, by 5:00 p.m. (New York City time) on such Business Day draw an amount as set forth in such notice equal to the least of (i) such Series 2019-1 Lease Interest Payment Deficit, (ii) the excess, if any, of the sum of (A) the amounts described in clauses (i) through (vi) of Section 2.3(a) above for such Distribution Date and (B) during the Series 2019-1 Rapid Amortization Period, the Series 2019-1 Trustee’s Fees for such Distribution Date, over the amounts available from the Series 2019-1 Accrued Interest Account and (iii) the Series 2019-1 Letter of Credit Liquidity Amount on the Series 2019-1 Letters of Credit by presenting to each Series 2019-1 Letter of Credit Provider a draft accompanied by a Certificate of Lease Deficit Demand and shall cause the Lease Deficit Disbursements to be deposited in the Series 2019-1 Distribution Account on such date; provided, 

	
			
	 
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however, that if the Series 2019-1 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 2019-1 Cash Collateral Account and deposit in the Series 2019-1 Distribution Account an amount equal to the lesser of (x) the Series 2019-1 Cash Collateral Percentage on such date of the least of the amounts described in clauses (i), (ii) and (iii) above and (y) the Series 2019-1 Available Cash Collateral Account Amount on such date and draw an amount equal to the remainder of such amount on the Series 2019-1 Letters of Credit.
(d)    Withdrawals from Series 2019-1 Reserve Account.  If the Administrator determines on any Distribution Date that the amounts available from the Series 2019-1 Accrued Interest Account plus the amount, if any, to be drawn under the Series 2019-1 Letters of Credit and/or withdrawn from the Series 2019-1 Cash Collateral Account pursuant to Section 2.3(c) are insufficient to pay the sum of (A) the amounts described in clauses (i) through (vi) of Section 2.3(a) above on such Distribution Date and (B) during the Series 2019-1 Rapid Amortization Period, the Series 2019-1 Trustee’s Fees for such Distribution Date, the Administrator shall instruct the Trustee in writing to withdraw from the Series 2019-1 Reserve Account and deposit in the Series 2019-1 Distribution Account on such Distribution Date an amount equal to the lesser of the Series 2019-1 Available Reserve Account Amount and such insufficiency.  The Trustee shall withdraw such amount from the Series 2019-1 Reserve Account and deposit such amount in the Series 2019-1 Distribution Account.
(e)    [RESERVED].
(f)    Balance.  On or prior to the second Business Day preceding each Distribution Date, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement to pay the balance (after making the payments required in Section 2.4), if any, of the amounts available from the Series 2019-1 Accrued Interest Account and the Series 2019-1 Distribution Account, plus the amount, if any, drawn under the Series 2019-1 Letters of Credit and/or withdrawn from the Series 2019-1 Cash Collateral Account pursuant to Section 2.3(c) plus the amount, if any, withdrawn from the Series 2019-1 Reserve Account pursuant to Section 2.3(d) as follows:
(i)    on each Distribution Date during the Series 2019-1 Revolving Period or the Series 2019-1 Controlled Amortization Period, (1) first, to the Administrator, an amount equal to the Series 2019-1 Percentage as of the beginning of the Series 2019-1 Interest Period ending on the day preceding such Distribution Date of the portion of the Monthly Administration Fee payable by ABRCF (as specified in clause (iii) of the definition thereof) for such Series 2019-1 Interest Period, (2) second, to the Trustee, an amount equal to the Series 2019-1 Percentage as of the beginning of such Series 2019-1 Interest Period of the fees owing to the Trustee under the Base Indenture for such Series 2019-1 Interest Period, (3) third to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2019-1 Percentage as of the beginning of such Series 2019-1 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2019-1 Interest Period and (4) fourth, the balance, if any, shall be withdrawn by the Paying Agent from the 

	
			
	 
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Series 2019-1 Collection Account and deposited in the Series 2019-1 Excess Collection Account; and
(ii)    on each Distribution Date during the Series 2019-1 Rapid Amortization Period, (1) first, to the Trustee, an amount equal to the Series 2019-1 Percentage as of the beginning of such Series 2019-1 Interest Period ending on the day preceding such Distribution Date of the fees owing to the Trustee under the Base Indenture for such Series 2019-1 Interest Period, (2) second, to the Administrator, an amount equal to the Series 2019-1 Percentage as of the beginning of such Series 2019-1 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by ABRCF for such Series 2019-1 Interest Period, (3) third, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2019-1 Percentage as of the beginning of such Series 2019-1 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2019-1 Interest Period and (4) fourth, so long as the Series 2019-1 Invested Amount is greater than the Monthly Total Principal Allocations for the Related Month, an amount equal to the excess of the Series 2019-1 Invested Amount over the Monthly Total Principal Allocations for the Related Month shall be treated as Principal Collections.
(g)    Shortfalls.  
(i)      If the amounts described in Section 2.3 are insufficient to pay the Class A Monthly Interest on any Distribution Date, payments of interest to the Class A Noteholders will be reduced on a pro rata basis by the amount of such deficiency.  The aggregate amount, if any, of such deficiency on any Distribution Date, together with the aggregate unpaid amount of any such deficiencies with respect to all prior Distribution Dates, shall be referred to as the “Class A Shortfall”.  Interest shall accrue on the Class A Shortfall at the Class A Note Rate.  
(ii)    If the amounts described in Section 2.3 are insufficient to pay the amounts described in clauses (i) and (ii) of Section 2.3(a) and the Class B Monthly Interest on any Distribution Date, payments of interest to the Class B Noteholders will be reduced on a pro rata basis by the amount of such deficiency.  The aggregate amount, if any, of such deficiency on any Distribution Date (which deficiency on any Distribution Date shall not exceed the Class B Monthly Interest for the Series 2019-1 Interest Period ended on the day preceding such Distribution Date), together with the aggregate unpaid amount of any such deficiencies with respect to all prior Distribution Dates, shall be referred to as the “Class B Shortfall”.  Interest shall accrue on the Class B Shortfall at the Class B Note Rate.
(iii)    If the amounts described in Section 2.3 are insufficient to pay the amounts described in clauses (i) through (iv) of Section 2.3(a) and the Class C Monthly Interest on any Distribution Date, payments of interest to the Class C Noteholders will be reduced on a pro rata basis by the amount of such deficiency. The aggregate amount, if any, of such deficiency on any Distribution Date (which deficiency on any Distribution Date shall not exceed the Class C Monthly Interest for the Series 2019-1 Interest Period ended on the day preceding such Distribution Date), together with the aggregate unpaid amount 

	
			
	 
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of any such deficiencies with respect to all prior Distribution Dates, shall be referred to as the “Class C Shortfall”.  Interest shall accrue on the Class C Shortfall at the Class C Note Rate.
(iv)    If the amounts described in Section 2.3 are insufficient to pay the amounts described in clauses (i) through (vi) of Section 2.3(a) and the Class R Monthly Interest on any Distribution Date, payments of interest to the Class R Noteholders will be reduced on a pro rata basis by the amount of such deficiency. The aggregate amount, if any, of such deficiency on any Distribution Date (which deficiency on any Distribution Date shall not exceed the Class R Monthly Interest for the Series 2019-1 Interest Period ended on the day preceding such Distribution Date), together with the aggregate unpaid amount of any such deficiencies with respect to all prior Distribution Dates, shall be referred to as the “Class R Shortfall”.  Interest shall accrue on the Class R Shortfall at the Class R Note Rate.
Section 2.4.    Payment of Note Interest.  (a)  On each Distribution Date, subject to Section 9.8 of the Base Indenture, the Paying Agent shall, in accordance with Section 6.1 of the Base Indenture, pay the following amounts in the following order of priority from amounts deposited into the Series 2019-1 Distribution Account pursuant to Section 2.3:
(i)    first, to the Class A Noteholders, the amounts due to the Class A Noteholders described in Sections 2.3(a)(i) and (ii); 
(ii)    second, to the Class B Noteholders, the amounts due to the Class B Noteholders described in Sections 2.3(a)(iii) and (iv); 
(iii)    third, to the Class C Noteholders, the amounts due to the Class C Noteholders described in Sections 2.3(a)(v) and (vi); and
(iv)    fourth, to the Class R Noteholders, the amounts due to the Class R Noteholders described in Sections 2.3(a)(vii) and (viii).
Section 2.5.    Payment of Note Principal. 
(a)    Monthly Payments During Controlled Amortization Period or Rapid Amortization Period. On each Determination Date, commencing on the second Determination Date during the Series 2019-1 Controlled Amortization Period or the first Determination Date after the commencement of the Series 2019-1 Rapid Amortization Period, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement and in accordance with this Section 2.5 as to (1) the amount allocated to the Series 2019-1 Notes during the Related Month pursuant to Section 2.2(b)(ii), (c)(ii) or (d)(ii), as the case may be, (2) any amounts to be drawn on the Series 2019-1 Demand Notes and/or on the Series 2019-1 Letters of Credit (or withdrawn from the Series 2019-1 Cash Collateral Account) pursuant to this Section 2.5 and (3) any amounts to be withdrawn from the Series 2019-1 Reserve Account pursuant to this Section 2.5 and deposited into the Series 2019-1 Distribution Account.  On the Distribution Date following each such Determination Date, the Trustee shall withdraw the amount allocated to the Series 2019-1 

	
			
	 
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Notes during the Related Month pursuant to Section 2.2(b)(ii), (c)(ii) or (d)(ii), as the case may be, from the Series 2019-1 Collection Account and deposit such amount in the Series 2019-1 Distribution Account, to be paid to the holders of the Series 2019-1 Notes.
(b)    Principal Draws on Series 2019-1 Letters of Credit.  If the Administrator determines on the Business Day immediately preceding any Distribution Date during the Series 2019-1 Rapid Amortization Period that on such Distribution Date there will exist a Series 2019-1 Lease Principal Payment Deficit, the Administrator shall instruct the Trustee in writing to draw on the Series 2019-1 Letters of Credit, if any, as provided below.  Upon receipt of a notice by the Trustee from the Administrator in respect of a Series 2019-1 Lease Principal Payment Deficit on or prior to 3:00 p.m. (New York City time) on the Business Day immediately preceding a Distribution Date, the Trustee shall, by 5:00 p.m. (New York City time) on such Business Day draw an amount as set forth in such notice equal to the least of (i) such Series 2019-1 Lease Principal Payment Deficit, (ii) the Principal Deficit Amount for such Distribution Date and (iii) the Series 2019-1 Letter of Credit Liquidity Amount on the Series 2019-1 Letters of Credit by presenting to each Series 2019-1 Letter of Credit Provider a draft accompanied by a Certificate of Lease Deficit Demand and shall cause the Lease Deficit Disbursements to be deposited in the Series 2019-1 Distribution Account on such date; provided, however, that if the Series 2019-1 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 2019-1 Cash Collateral Account and deposit in the Series 2019-1 Distribution Account an amount equal to the lesser of (x) the Series 2019-1 Cash Collateral Percentage for such date of the lesser of the Series 2019-1 Lease Principal Payment Deficit and the Principal Deficit Amount for such Distribution Date and (y) the Series 2019-1 Available Cash Collateral Account Amount on such date and draw an amount equal to the remainder of such amount on the Series 2019-1 Letters of Credit.  Notwithstanding any of the preceding to the contrary, during the period after the date of the filing by any of the Lessees of a petition for relief under Chapter 11 of the Bankruptcy Code until the date on which each of the Lessees shall have resumed making all payments of the portion of Monthly Base Rent relating to Loan Interest required to be made under the AESOP I Operating Lease, the Administrator shall only instruct the Trustee to draw on the Series 2019-1 Letters of Credit (or withdraw from the Series 2019-1 Cash Collateral Account, if applicable) pursuant to this Section 2.5(b), and the Trustee shall only draw (or withdraw), an amount equal to the lesser of (i) the amount determined as provided in the preceding sentence and (ii) the excess, if any, of (x) the Series 2019-1 Liquidity Amount on such date over (y) the Series 2019-1 Required Liquidity Amount on such date.
(c)    Final Distribution Date.  Each of the entire Class A Invested Amount, the entire Class B Invested Amount, the entire Class C Invested Amount and the entire Class R Invested Amount shall be due and payable on the Series 2019-1 Final Distribution Date.  In connection therewith:
(i)    Demand Note Draw.  If the amount to be deposited in the Series 2019-1 Distribution Account in accordance with Section 2.5(a) together with any amounts to be deposited therein in accordance with Section 2.5(b) on the Series 2019-1 Final Distribution Date is less than the Series 2019-1 Senior Invested Amount and there are any Series 2019-1 Letters of Credit on such date, then, prior to 10:00 a.m. (New York City time) on the second Business Day prior to the Series 2019-1 Final Distribution Date, the 

	
			
	 
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Administrator shall instruct the Trustee in writing to make a demand (a “Demand Notice”) substantially in the form attached hereto as Exhibit H on the Demand Note Issuers for payment under the Series 2019-1 Demand Notes in an amount equal to the lesser of (i) such insufficiency and (ii) the Series 2019-1 Letter of Credit Amount.  The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Series 2019-1 Final Distribution Date deliver such Demand Notice to the Demand Note Issuers; provided, however, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of sixty (60) consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the Trustee shall not be required to deliver such Demand Notice to such Demand Note Issuer.  The Trustee shall cause the proceeds of any demand on the Series 2019-1 Demand Notes to be deposited into the Series 2019-1 Distribution Account.
(ii)    Letter of Credit Draw.  In the event that either (x) on or prior to 10:00 a.m. (New York City time) on the Business Day immediately preceding the Series 2019-1 Final Distribution Date a Demand Notice has been transmitted by the Trustee to the Demand Note Issuers pursuant to clause (i) of this Section 2.5(c) and any Demand Note Issuer shall have failed to pay to the Trustee or deposit into the Series 2019-1 Distribution Account the amount specified in such Demand Notice in whole or in part or (y) due to the occurrence of an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of sixty (60) consecutive days) with respect to one or more of the Demand Note Issuers, the Trustee shall not have delivered such Demand Notice to any Demand Note Issuer on the second Business Day preceding the Series 2019-1 Final Distribution Date, then, in the case of (x) or (y) the Trustee shall draw on the Series 2019-1 Letters of Credit by 12:00 noon (New York City time) on such Business Day an amount equal to the lesser of (a) the amount that the Demand Note Issuers so failed to pay under the Series 2019-1 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) and (b) the Series 2019-1 Letter of Credit Amount on such Business Day by presenting to each Series 2019-1 Letter of Credit Provider a draft accompanied by a Certificate of Unpaid Demand Note Demand; provided, however, that if the Series 2019-1 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 2019-1 Cash Collateral Account and deposit in the Series 2019-1 Distribution Account an amount equal to the lesser of (x) the Series 2019-1 Cash Collateral Percentage on such Business Day of the amount that the Demand Note Issuers so failed to pay under the Series 2019-1 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) and (y) the Series 2019-1 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of the amount that the Demand Note Issuers failed to pay under the Series 2019-1 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) on the Series 2019-1 Letters of Credit.  The Trustee shall deposit, or cause the deposit of, the proceeds of any draw on the Series 2019-1 Letters of Credit and the proceeds of any withdrawal from the Series 2019-1 Cash Collateral Account to be deposited in the Series 2019-1 Distribution Account.
(iii)    Reserve Account Withdrawal.  If, after giving effect to the deposit into the Series 2019-1 Distribution Account of the amount to be deposited in accordance 

	
			
	 
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with Section 2.5(a) and the amounts described in clauses (i) and (ii) of this Section 2.5(c), the amount to be deposited in the Series 2019-1 Distribution Account with respect to the Series 2019-1 Final Distribution Date is or will be less than the Series 2019-1 Senior Invested Amount, then, prior to 12:00 noon (New York City time) on the second Business Day prior to such Series 2019-1 Final Distribution Date, the Administrator shall instruct the Trustee in writing to withdraw from the Series 2019-1 Reserve Account, an amount equal to the lesser of the Series 2019-1 Available Reserve Account Amount and such remaining insufficiency and deposit it in the Series 2019-1 Distribution Account on such Series 2019-1 Final Distribution Date.
(d)    Principal Deficit Amount.  On each Distribution Date, other than the Series 2019-1 Final Distribution Date, on which the Principal Deficit Amount is greater than zero, amounts shall be transferred to the Series 2019-1 Distribution Account as follows: 
(i)    Demand Note Draw.  If on any Determination Date, the Administrator determines that the Principal Deficit Amount with respect to the next succeeding Distribution Date will be greater than zero and there are any Series 2019-1 Letters of Credit on such date, prior to 10:00 a.m. (New York City time) on the second Business Day prior to such Distribution Date, the Administrator shall instruct the Trustee in writing to deliver a Demand Notice to the Demand Note Issuers demanding payment of an amount equal to the lesser of (A) the Principal Deficit Amount and (B) the Series 2019-1 Letter of Credit Amount.  The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Distribution Date, deliver such Demand Notice to the Demand Note Issuers; provided, however, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of sixty (60) consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the Trustee shall not be required to deliver such Demand Notice to such Demand Note Issuer.  The Trustee shall cause the proceeds of any demand on the Series 2019-1 Demand Note to be deposited into the Series 2019-1 Distribution Account.  
(ii)    Letter of Credit Draw.  In the event that either (x) on or prior to 10:00 a.m. (New York City time) on the Business Day prior to such Distribution Date, any Demand Note Issuer shall have failed to pay to the Trustee or deposit into the Series 2019-1 Distribution Account the amount specified in such Demand Notice in whole or in part or (y) due to the occurrence of an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of sixty (60) consecutive days) with respect to any Demand Note Issuer, the Trustee shall not have delivered such Demand Notice to any Demand Note Issuer on the second Business Day preceding such Distribution Date, then, in the case of (x) or (y) the Trustee shall on such Business Day draw on the Series 2019-1 Letters of Credit an amount equal to the lesser of (i) Series 2019-1 Letter of Credit Amount and (ii) the aggregate amount that the Demand Note Issuers failed to pay under the Series 2019-1 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) by presenting to each Series 2019-1 Letter of Credit Provider a draft accompanied by a Certificate of Unpaid Demand Note Demand; provided, however, that if the Series 2019-1 Cash Collateral Account has been established and funded, 

	
			
	 
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the Trustee shall withdraw from the Series 2019-1 Cash Collateral Account and deposit in the Series 2019-1 Distribution Account an amount equal to the lesser of (x) the Series 2019-1 Cash Collateral Percentage on such Business Day of the aggregate amount that the Demand Note Issuers so failed to pay under the Series 2019-1 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) and (y) the Series 2019-1 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of the aggregate amount that the Demand Note Issuers failed to pay under the Series 2019-1 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) on the Series 2019-1 Letters of Credit.  The Trustee shall deposit into, or cause the deposit of, the proceeds of any draw on the Series 2019-1 Letters of Credit and the proceeds of any withdrawal from the Series 2019-1 Cash Collateral Account to be deposited in the Series 2019-1 Distribution Account.
(iii)    Reserve Account Withdrawal.  If the Series 2019-1 Letter of Credit Amount will be less than the Principal Deficit Amount on any Distribution Date, then, prior to 12:00 noon (New York City time) on the second Business Day prior to such Distribution Date, the Administrator shall instruct the Trustee in writing to withdraw from the Series 2019-1 Reserve Account, an amount equal to the lesser of (x) the Series 2019-1 Available Reserve Account Amount and (y) the amount by which the Principal Deficit Amount exceeds the amounts to be deposited in the Series 2019-1 Distribution Account in accordance with clauses (i) and (ii) of this Section 2.5(d) and deposit it in the Series 2019-1 Distribution Account on such Distribution Date.  
(e)    Distributions.  
(i)    Class A Notes.  On each Distribution Date occurring on or after the date a withdrawal is made from the Series 2019-1 Collection Account pursuant to Section 2.5(a) or amounts are deposited in the Series 2019-1 Distribution Account pursuant to Section 2.5(b), (c) or (d) the Paying Agent shall, in accordance with Section 6.1 of the Base Indenture, pay pro rata to each Class A Noteholder from the Series 2019-1 Distribution Account the amount deposited therein pursuant to Section 2.5(a), (b), (c) or (d), to the extent necessary to pay the Class A Controlled Distribution Amount during the Series 2019-1 Controlled Amortization Period or to the extent necessary to pay the Class A Invested Amount during the Series 2019-1 Rapid Amortization Period.
(ii)    Class B Notes.  On each Distribution Date occurring on or after the date a withdrawal is made from the Series 2019-1 Collection Account pursuant to Section 2.5(a) or amounts are deposited in the Series 2019-1 Distribution Account pursuant to Section 2.5(b), (c) or (d) the Paying Agent shall, in accordance with Section 6.1 of the Base Indenture, pay pro rata to each Class B Noteholder from the Series 2019-1 Distribution Account the amount deposited therein pursuant to Section 2.5(a), (b), (c) or (d) less the aggregate amount applied to make the payments required pursuant to Section 2.5(e)(i), to the extent necessary to pay the Class B Controlled Distribution Amount during the Series 2019-1 Controlled Amortization Period or to the extent necessary to pay the Class B Invested Amount during the Series 2019-1 Rapid Amortization Period.

	
			
	 
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(iii)    Class C Notes.  On each Distribution Date occurring on or after the date a withdrawal is made from the Series 2019-1 Collection Account pursuant to Section 2.5(a) or amounts are deposited in the Series 2019-1 Distribution Account pursuant to Section 2.5(b), (c) or (d) the Paying Agent shall, in accordance with Section 6.1 of the Base Indenture, pay pro rata to each Class C Noteholder from the Series 2019-1 Distribution Account the amount deposited therein pursuant to Section 2.5(a), (b), (c) or (d) less the aggregate amount applied to make the payments required pursuant to Section 2.5(e)(i) and Section 2.5(e)(ii), to the extent necessary to pay the Class C Controlled Distribution Amount during the Series 2019-1 Controlled Amortization Period or to the extent necessary to pay the Class C Invested Amount during the Series 2019-1 Rapid Amortization Period.
(iv)    Class R Notes.  On each Distribution Date occurring on or after the date a withdrawal is made from the Series 2019-1 Collection Account pursuant to Section 2.5(a) the Paying Agent shall, in accordance with Section 6.1 of the Base Indenture, pay pro rata to each Class R Noteholder from the Series 2019-1 Distribution Account the amount deposited therein pursuant to Section 2.5(a) less the aggregate amount applied to make the payments required pursuant to Section 2.5(e)(i), Section 2.5(e)(ii) and Section 2.5(e)(iii), to the extent necessary to pay the Class R Controlled Amortization Amount during the Series 2019-1 Controlled Amortization Period or to the extent necessary to pay the Class R Invested Amount during the Series 2019-1 Rapid Amortization Period.
Section 2.6.    Administrator’s Failure to Instruct the Trustee to Make a Deposit or Payment.  
(a)    If the Administrator fails to give notice or instructions to make any payment from or deposit into the Collection Account required to be given by the Administrator, at the time specified in the Administration Agreement or any other Related Document (including applicable grace periods), the Trustee shall make such payment or deposit into or from the Collection Account without such notice or instruction from the Administrator; provided, however, that the Administrator, upon request of the Trustee, promptly provides the Trustee with all information necessary to allow the Trustee to make such a payment or deposit.  When any payment or deposit hereunder or under any other Related Document is required to be made by the Trustee or the Paying Agent at or prior to a specified time, the Administrator shall deliver any applicable written instructions with respect thereto reasonably in advance of such specified time.
Section 2.7.    Series 2019-1 Reserve Account. 
(a)    Establishment of Series 2019-1 Reserve Account.  ABRCF shall establish and maintain in the name of the Series 2019-1 Agent for the benefit of the Class A Noteholders, the Class B Noteholders and the Class C Noteholders, or cause to be established and maintained, an account (the “Series 2019-1 Reserve Account”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Class A Noteholders, the Class B Noteholders and the Class C Noteholders.  The Series 2019-1 Reserve Account shall be maintained (i) with a Qualified Institution, or (ii) as a segregated trust account with the corporate trust department of a depository institution or trust company having corporate trust powers and acting as trustee for funds deposited in the Series 2019-1 Reserve Account; provided, however, that, if at any time such 

	
			
	 
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Qualified Institution is no longer a Qualified Institution or the credit rating of any securities issued by such depositary institution or trust company shall be reduced to below “BBB (low)” by DBRS, “Baa3” by Moody’s or “BBB-” by Fitch, then ABRCF shall, within thirty (30) days of such reduction, establish a new Series 2019-1 Reserve Account with a new Qualified Institution.  If the Series 2019-1 Reserve Account is not maintained in accordance with the previous sentence, ABRCF shall establish a new Series 2019-1 Reserve Account, within ten (10) Business Days after obtaining knowledge of such fact, which complies with such sentence, and shall instruct the Series 2019-1 Agent in writing to transfer all cash and investments from the non‐qualifying Series 2019-1 Reserve Account into the new Series 2019-1 Reserve Account.  Initially, the Series 2019-1 Reserve Account will be established with The Bank of New York Mellon Trust Company, N.A.  
(b)    Administration of the Series 2019-1 Reserve Account.  The Administrator may instruct the institution maintaining the Series 2019-1 Reserve Account to invest funds on deposit in the Series 2019-1 Reserve Account from time to time in Permitted Investments; provided, however, that any such investment shall mature not later than the Business Day prior to the Distribution Date following the date on which such funds were received, unless any Permitted Investment held in the Series 2019-1 Reserve Account is held with the Paying Agent, then such investment may mature on such Distribution Date and such funds shall be available for withdrawal on or prior to such Distribution Date; provided further, that in the case of Permitted Investments held in the Series 2019-1 Reserve Account and so long as any Series 2019-1 Note is rated by Fitch (x) any Permitted Investment set forth in clauses (ii), (iii), (vi) and (vii) of the definition thereof will have a rating of “AA-” or “F1+” by Fitch and (y) any Permitted Investment set forth in clause (v) of the definition thereof will either have a rating of “AAAmmf” by Fitch or, if such fund is not rated by Fitch, the then highest rating from two nationally recognized investment rating agencies (other than Fitch).  All such Permitted Investments will be credited to the Series 2019-1 Reserve Account and any such Permitted Investments that constitute (i) physical property (and that is not either a United States security entitlement or a security entitlement) shall be physically delivered to the Trustee; (ii) United States security entitlements or security entitlements shall be controlled (as defined in Section 8‐106 of the New York UCC) by the Trustee pending maturity or disposition, and (iii) uncertificated securities (and not United States security entitlements) shall be delivered to the Trustee by causing the Trustee to become the registered holder of such securities.  The Trustee shall, at the expense of ABRCF, take such action as is required to maintain the Trustee’s security interest in the Permitted Investments credited to the Series 2019-1 Reserve Account.  ABRCF shall not direct the Trustee to dispose of (or permit the disposal of) any Permitted Investment prior to the maturity thereof to the extent such disposal would result in a loss of the purchase price of such Permitted Investment.  In the absence of written investment instructions hereunder, funds on deposit in the Series 2019-1 Reserve Account shall remain uninvested.
(c)    Earnings from Series 2019-1 Reserve Account.  All interest and earnings (net of losses and investment expenses) paid on funds on deposit in the Series 2019-1 Reserve Account shall be deemed to be on deposit therein and available for distribution.
(d)    Series 2019-1 Reserve Account Constitutes Additional Collateral for Series 2019-1 Senior Notes.  In order to secure and provide for the repayment and payment of the ABRCF Obligations with respect to the Series 2019-1 Senior Notes, ABRCF hereby grants a security interest 

	
			
	 
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in and assigns, pledges, grants, transfers and sets over to the Trustee, for the benefit of the Class A Noteholders, the Class B Noteholders and the Class C Noteholders, all of ABRCF’s right, title and interest in and to the following (whether now or hereafter existing or acquired):  (i) the Series 2019-1 Reserve Account, including any security entitlement thereto; (ii) all funds on deposit therein from time to time; (iii) all certificates and instruments, if any, representing or evidencing any or all of the Series 2019-1 Reserve Account or the funds on deposit therein from time to time; (iv) all investments made at any time and from time to time with monies in the Series 2019-1 Reserve Account, whether constituting securities, instruments, general intangibles, investment property, financial assets or other property; (v) all interest, dividends, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for the Series 2019-1 Reserve Account, the funds on deposit therein from time to time or the investments made with such funds; and (vi) all proceeds of any and all of the foregoing, including, without limitation, cash (the items in the foregoing clauses (i) through (vi) are referred to, collectively, as the “Series 2019-1 Reserve Account Collateral”).  The Trustee shall possess all right, title and interest in and to all funds on deposit from time to time in the Series 2019-1 Reserve Account and in all proceeds thereof, and shall be the only person authorized to originate entitlement orders in respect of the Series 2019-1 Reserve Account.  The Series 2019-1 Reserve Account Collateral shall be under the sole dominion and control of the Trustee for the benefit of the Class A Noteholders, the Class B Noteholders and the Class C Noteholders.  The Series 2019-1 Agent hereby agrees (i) to act as the securities intermediary (as defined in Section 8‐102(a)(14) of the New York UCC) with respect to the Series 2019-1 Reserve Account; (ii) that its jurisdiction as securities intermediary is New York; (iii) that each item of property (whether investment property, financial asset, security, instrument or cash) credited to the Series 2019-1 Reserve Account shall be treated as a financial asset (as defined in Section 8‐102(a)(9) of the New York UCC) and (iv) to comply with any entitlement order (as defined in Section 8‐102(a)(8) of the New York UCC) issued by the Trustee.
(e)    Series 2019-1 Reserve Account Surplus.  In the event that the Series 2019-1 Reserve Account Surplus on any Distribution Date, after giving effect to all withdrawals from the Series 2019-1 Reserve Account, is greater than zero, if no Series 2019-1 Enhancement Deficiency or AESOP I Operating Lease Vehicle Deficiency would result therefrom or exist thereafter, the Trustee, acting in accordance with the written instructions of the Administrator pursuant to the Administration Agreement, shall withdraw from the Series 2019-1 Reserve Account an amount equal to the Series 2019-1 Reserve Account Surplus and shall pay such amount to ABRCF.
(f)    Termination of Series 2019-1 Reserve Account.  Upon the termination of the Indenture pursuant to Section 11.1 of the Base Indenture, the Trustee, acting in accordance with the written instructions of the Administrator, after the prior payment of all amounts owing to the Series 2019-1 Noteholders and payable from the Series 2019-1 Reserve Account as provided herein, shall withdraw from the Series 2019-1 Reserve Account all amounts on deposit therein for payment to ABRCF.
Section 2.8.    Series 2019-1 Letters of Credit and Series 2019-1 Cash Collateral Account. 

	
			
	 
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(a)    Series 2019-1 Letters of Credit and Series 2019-1 Cash Collateral Account Constitute Additional Collateral for Series 2019-1 Senior Notes.  In order to secure and provide for the repayment and payment of the ABRCF Obligations with respect to the Series 2019-1 Senior Notes, ABRCF hereby grants a security interest in and assigns, pledges, grants, transfers and sets over to the Trustee, for the benefit of the holders of the Class A Noteholders, the Class B Noteholders and the Class C Noteholders, all of ABRCF’s right, title and interest in and to the following (whether now or hereafter existing or acquired):  (i) each Series 2019-1 Letter of Credit; (ii) the Series 2019-1 Cash Collateral Account, including any security entitlement thereto; (iii) all funds on deposit in the Series 2019-1 Cash Collateral Account from time to time; (iv) all certificates and instruments, if any, representing or evidencing any or all of the Series 2019-1 Cash Collateral Account or the funds on deposit therein from time to time; (v) all investments made at any time and from time to time with monies in the Series 2019-1 Cash Collateral Account, whether constituting securities, instruments, general intangibles, investment property, financial assets or other property; (vi) all interest, dividends, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for the Series 2019-1 Cash Collateral Account, the funds on deposit therein from time to time or the investments made with such funds; and (vii) all proceeds of any and all of the foregoing, including, without limitation, cash (the items in the foregoing clauses (ii) through (vii) are referred to, collectively, as the “Series 2019-1 Cash Collateral Account Collateral”).  The Trustee shall, for the benefit of the Class A Noteholders, the Class B Noteholders and the Class C Noteholders, possess all right, title and interest in all funds on deposit from time to time in the Series 2019-1 Cash Collateral Account and in all proceeds thereof, and shall be the only person authorized to originate entitlement orders in respect of the Series 2019-1 Cash Collateral Account.  The Series 2019-1 Cash Collateral Account shall be under the sole dominion and control of the Trustee for the benefit of the Class A Noteholders, the Class B Noteholders and the Class C Noteholders. The Series 2019-1 Agent hereby agrees (i) to act as the securities intermediary (as defined in Section 8‐102(a)(14) of the New York UCC) with respect to the Series 2019-1 Cash Collateral Account; (ii) that its jurisdiction as a securities intermediary is New York, (iii) that each item of property (whether investment property, financial asset, security, instrument or cash) credited to the Series 2019-1 Cash Collateral Account shall be treated as a financial asset (as defined in Section 8‐102(a)(9) of the New York UCC) and (iv) to comply with any entitlement order (as defined in Section 8‐102(a)(8) of the New York UCC) issued by the Trustee.
(b)    Series 2019-1 Letter of Credit Expiration Date.  If prior to the date which is ten (10) days prior to the then‐scheduled Series 2019-1 Letter of Credit Expiration Date with respect to any Series 2019-1 Letter of Credit, excluding the amount available to be drawn under such Series 2019-1 Letter of Credit but taking into account each substitute Series 2019-1 Letter of Credit which has been obtained from a Series 2019-1 Eligible Letter of Credit Provider and is in full force and effect on such date, the Series 2019-1 Enhancement Amount would be equal to or more than the Series 2019-1 Required Enhancement Amount and the Series 2019-1 Liquidity Amount would be equal to or greater than the Series 2019-1 Required Liquidity Amount, then the Administrator shall notify the Trustee in writing no later than two (2) Business Days prior to such Series 2019-1 Letter of Credit Expiration Date of such determination.  If prior to the date which is ten (10) days prior to the then‐scheduled Series 2019-1 Letter of Credit Expiration Date with respect to any Series 2019-1 Letter of Credit, excluding the amount available to be drawn under such Series 2019-1 Letter of 

	
			
	 
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Credit but taking into account a substitute Series 2019-1 Letter of Credit which has been obtained from a Series 2019-1 Eligible Letter of Credit Provider and is in full force and effect on such date, the Series 2019-1 Enhancement Amount would be less than the Series 2019-1 Required Enhancement Amount or the Series 2019-1 Liquidity Amount would be less than the Series 2019-1 Required Liquidity Amount, then the Administrator shall notify the Trustee in writing no later than two (2) Business Days prior to such Series 2019-1 Letter of Credit Expiration Date of (x) the greater of (A) the excess, if any, of the Series 2019-1 Required Enhancement Amount over the Series 2019-1 Enhancement Amount, excluding the available amount under such expiring Series 2019-1 Letter of Credit but taking into account any substitute Series 2019-1 Letter of Credit which has been obtained from a Series 2019-1 Eligible Letter of Credit Provider and is in full force and effect, on such date, and (B) the excess, if any, of the Series 2019-1 Required Liquidity Amount over the Series 2019-1 Liquidity Amount, excluding the available amount under such expiring Series 2019-1 Letter of Credit but taking into account any substitute Series 2019-1 Letter of Credit which has been obtained from a Series 2019-1 Eligible Letter of Credit Provider and is in full force and effect, on such date, and (y) the amount available to be drawn on such expiring Series 2019-1 Letter of Credit on such date.  Upon receipt of such notice by the Trustee on or prior to 10:00 a.m. (New York City time) on any Business Day, the Trustee shall, by 12:00 noon (New York City time) on such Business Day (or, in the case of any notice given to the Trustee after 10:00 a.m. (New York City time), by 12:00 noon (New York City time) on the next following Business Day), draw the lesser of the amounts set forth in clauses (x) and (y) above on such expiring Series 2019-1 Letter of Credit by presenting a draft accompanied by a Certificate of Termination Demand and shall cause the Termination Disbursement to be deposited in the Series 2019-1 Cash Collateral Account.
If the Trustee does not receive the notice from the Administrator described in the first paragraph of this Section 2.8(b) on or prior to the date that is two (2) Business Days prior to each Series 2019-1 Letter of Credit Expiration Date, the Trustee shall, by 12:00 noon (New York City time) on such Business Day draw the full amount of such Series 2019-1 Letter of Credit by presenting a draft accompanied by a Certificate of Termination Demand and shall cause the Termination Disbursement to be deposited in the Series 2019-1 Cash Collateral Account.
(c)    Series 2019-1 Letter of Credit Providers.  The Administrator shall notify the Trustee in writing within one (1) Business Day of becoming aware that (i) the long‐term senior unsecured debt credit rating of any Series 2019-1 Letter of Credit Provider has fallen below “A (high)” as determined by DBRS or “A1” as determined by Moody’s or “A+” as determined by Fitch or (ii) the short‐term senior unsecured debt credit rating of any Series 2019-1 Letter of Credit Provider has fallen below “R-1” as determined by DBRS or “P‐1” as determined by Moody’s or “F1” as determined by Fitch.  At such time the Administrator shall also notify the Trustee of (i) the greater of (A) the excess, if any, of the Series 2019-1 Required Enhancement Amount over the Series 2019-1 Enhancement Amount, excluding the available amount under the Series 2019-1 Letter of Credit issued by such Series 2019-1 Letter of Credit Provider, on such date, and (B) the excess, if any, of the Series 2019-1 Required Liquidity Amount over the Series 2019-1 Liquidity Amount, excluding the available amount under such Series 2019-1 Letter of Credit, on such date, and (ii) the amount available to be drawn on such Series 2019-1 Letter of Credit on such date.  Upon receipt of such notice by the Trustee on or prior to 10:00 a.m. (New York City time) on any Business Day, the Trustee shall, by 12:00 noon (New York City time) on such Business Day (or, in the case of any 

	
			
	 
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notice given to the Trustee after 10:00 a.m. (New York City time), by 12:00 noon (New York City time) on the next following Business Day), draw on such Series 2019-1 Letter of Credit in an amount equal to the lesser of the amounts in clause (i) and clause (ii) of the immediately preceding sentence on such Business Day by presenting a draft accompanied by a Certificate of Termination Demand and shall cause the Termination Disbursement to be deposited in the Series 2019-1 Cash Collateral Account.
(d)    Termination Date Demands on the Series 2019-1 Letters of Credit.  Prior to 10:00 a.m. (New York City time) on the Business Day immediately succeeding the Series 2019-1 Letter of Credit Termination Date, the Administrator shall determine the Series 2019-1 Demand Note Payment Amount, if any, as of the Series 2019-1 Letter of Credit Termination Date and, if the Series 2019-1 Demand Note Payment Amount is greater than zero, instruct the Trustee in writing to draw on the Series 2019-1 Letters of Credit.  Upon receipt of any such notice by the Trustee on or prior to 11:00 a.m. (New York City time) on a Business Day, the Trustee shall, by 12:00 noon (New York City time) on such Business Day draw an amount equal to the lesser of (i) the Series 2019-1 Demand Note Payment Amount and (ii) the Series 2019-1 Letter of Credit Liquidity Amount on the Series 2019-1 Letters of Credit by presenting to each Series 2019-1 Letter of Credit Provider a draft accompanied by a Certificate of Termination Date Demand and shall cause the Termination Date Disbursement to be deposited in the Series 2019-1 Cash Collateral Account; provided, however, that if the Series 2019-1 Cash Collateral Account has been established and funded, the Trustee shall draw an amount equal to the product of (a) 100% minus the Series 2019-1 Cash Collateral Percentage and (b) the lesser of the amounts referred to in clause (i) and (ii) on such Business Day on the Series 2019-1 Letters of Credit as calculated by the Administrator and provided in writing to the Trustee.
(e)    Draws on the Series 2019-1 Letters of Credit.  If there is more than one Series 2019-1 Letter of Credit on the date of any draw on the Series 2019-1 Letters of Credit pursuant to the terms of this Supplement, the Administrator shall instruct the Trustee, in writing, to draw on each Series 2019-1 Letter of Credit in an amount equal to the Pro Rata Share of the Series 2019-1 Letter of Credit Provider issuing such Series 2019-1 Letter of Credit of the amount of such draw on the Series 2019-1 Letters of Credit.
(f)    Establishment of Series 2019-1 Cash Collateral Account.  On or prior to the date of any drawing under a Series 2019-1 Letter of Credit pursuant to Section 2.8(b), (c) or (d) above, ABRCF shall establish and maintain in the name of the Trustee for the benefit of the Class A Noteholders, the Class B Noteholders and the Class C Noteholders, or cause to be established and maintained, an account (the “Series 2019-1 Cash Collateral Account”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Class A Noteholders, the Class B Noteholders and the Class C Noteholders.  The Series 2019-1 Cash Collateral Account shall be maintained (i) with a Qualified Institution, or (ii) as a segregated trust account with the corporate trust department of a depository institution or trust company having corporate trust powers and acting as trustee for funds deposited in the Series 2019-1 Cash Collateral Account; provided, however, that if at any time such Qualified Institution is no longer a Qualified Institution or the credit rating of any securities issued by such depository institution or trust company shall be reduced to below “BBB (low)” by DBRS, “Baa3” by Moody’s or “BBB-” by Fitch, then ABRCF shall, within thirty (30) days of such reduction, establish a new Series 2019-1 Cash Collateral Account 

	
			
	 
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with a new Qualified Institution or a new segregated trust account with the corporate trust department of a depository institution or trust company having corporate trust powers and acting as trustee for funds deposited in the Series 2019-1 Cash Collateral Account.  If a new Series 2019-1 Cash Collateral Account is established, ABRCF shall instruct the Trustee in writing to transfer all cash and investments from the non‐qualifying Series 2019-1 Cash Collateral Account into the new Series 2019-1 Cash Collateral Account.
(g)    Administration of the Series 2019-1 Cash Collateral Account.  ABRCF may instruct (by standing instructions or otherwise) the institution maintaining the Series 2019-1 Cash Collateral Account to invest funds on deposit in the Series 2019-1 Cash Collateral Account from time to time in Permitted Investments; provided, however, that any such investment shall mature not later than the Business Day prior to the Distribution Date following the date on which such funds were received, unless any Permitted Investment held in the Series 2019-1 Cash Collateral Account is held with the Paying Agent, in which case such investment may mature on such Distribution Date so long as such funds shall be available for withdrawal on or prior to such Distribution Date; provided further, that in the case of Permitted Investments held in the Series 2019-1 Cash Collateral Account and so long as any Series 2019-1 Note is rated by Fitch (x) any Permitted Investment set forth in clauses (ii), (iii), (vi) and (vii) of the definition thereof will have a rating of “AA-” or “F1+” by Fitch and (y) any Permitted Investment set forth in clause (v) of the definition thereof will either have a rating of “AAAmmf” by Fitch or, if such fund is not rated by Fitch, the then highest rating from two nationally recognized investment rating agencies (other than Fitch).  All such Permitted Investments will be credited to the Series 2019-1 Cash Collateral Account and any such Permitted Investments that constitute (i) physical property (and that is not either a United States security entitlement or a security entitlement) shall be physically delivered to the Trustee; (ii) United States security entitlements or security entitlements shall be controlled (as defined in Section 8‐106 of the New York UCC) by the Trustee pending maturity or disposition, and (iii) uncertificated securities (and not United States security entitlements) shall be delivered to the Trustee by causing the Trustee to become the registered holder of such securities.  The Trustee shall, at the expense of ABRCF, take such action as is required to maintain the Trustee’s security interest in the Permitted Investments credited to the Series 2019-1 Cash Collateral Account.  ABRCF shall not direct the Trustee to dispose of (or permit the disposal of) any Permitted Investment prior to the maturity thereof to the extent such disposal would result in a loss of the purchase price of such Permitted Investment.  In the absence of written investment instructions hereunder, funds on deposit in the Series 2019-1 Cash Collateral Account shall remain uninvested.
(h)    Earnings from Series 2019-1 Cash Collateral Account.  All interest and earnings (net of losses and investment expenses) paid on funds on deposit in the Series 2019-1 Cash Collateral Account shall be deemed to be on deposit therein and available for distribution.
(i)    Series 2019-1 Cash Collateral Account Surplus.  In the event that the Series 2019-1 Cash Collateral Account Surplus on any Distribution Date (or, after the Series 2019-1 Letter of Credit Termination Date, on any date) is greater than zero, the Trustee, acting in accordance with the written instructions of the Administrator, shall withdraw from the Series 2019-1 Cash Collateral Account an amount equal to the Series 2019-1 Cash Collateral Account Surplus and shall pay such amount:  first, to the Series 2019-1 Letter of Credit Providers to the extent of any unreimbursed 

	
			
	 
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drawings under the related Series 2019-1 Reimbursement Agreement, for application in accordance with the provisions of the related Series 2019-1 Reimbursement Agreement, and, second, to ABRCF any remaining amount.
(j)    Termination of Series 2019-1 Cash Collateral Account.  Upon the termination of this Supplement in accordance with its terms, the Trustee, acting in accordance with the written instructions of the Administrator, after the prior payment of all amounts owing to the Series 2019-1 Noteholders and payable from the Series 2019-1 Cash Collateral Account as provided herein, shall withdraw from the Series 2019-1 Cash Collateral Account all amounts on deposit therein (to the extent not withdrawn pursuant to Section 2.8(i) above) and shall pay such amounts:  first, to the Series 2019-1 Letter of Credit Providers to the extent of any unreimbursed drawings under the related Series 2019-1 Reimbursement Agreement, for application in accordance with the provisions of the related Series 2019-1 Reimbursement Agreement, and, second, to ABRCF any remaining amount.
Section 2.9.    Series 2019-1 Distribution Account.  
(a)    Establishment of Series 2019-1 Distribution Account.  ABRCF shall establish and maintain in the name of the Trustee for the benefit of the Series 2019-1 Noteholders, or cause to be established and maintained, an account (the “Series 2019-1 Distribution Account”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 2019-1 Noteholders.  The Series 2019-1 Distribution Account shall be maintained (i) with a Qualified Institution, or (ii) as a segregated trust account with the corporate trust department of a depository institution or trust company having corporate trust powers and acting as trustee for funds deposited in the Series 2019-1 Distribution Account; provided, however, that if at any time such Qualified Institution is no longer a Qualified Institution or the credit rating of any securities issued by such depositary institution or trust company shall be reduced to below “BBB (low)” by DBRS or “Baa3” by Moody’s, then ABRCF shall, within thirty (30) days of such reduction, establish a new Series 2019-1 Distribution Account with a new Qualified Institution.  If the Series 2019-1 Distribution Account is not maintained in accordance with the previous sentence, ABRCF shall establish a new Series 2019-1 Distribution Account, within ten (10) Business Days after obtaining knowledge of such fact, which complies with such sentence, and shall instruct the Series 2019-1 Agent in writing to transfer all cash and investments from the non‐qualifying Series 2019-1 Distribution Account into the new Series 2019-1 Distribution Account.  Initially, the Series 2019-1 Distribution Account will be established with The Bank of New York Mellon Trust Company, N.A.
(b)    Administration of the Series 2019-1 Distribution Account.  The Administrator may instruct the institution maintaining the Series 2019-1 Distribution Account to invest funds on deposit in the Series 2019-1 Distribution Account from time to time in Permitted Investments; provided, however, that any such investment shall mature not later than the Business Day prior to the Distribution Date following the date on which such funds were received, unless any Permitted Investment held in the Series 2019-1 Distribution Account is held with the Paying Agent, then such investment may mature on such Distribution Date and such funds shall be available for withdrawal on or prior to such Distribution Date.  All such Permitted Investments will be credited to the Series 2019-1 Distribution Account and any such Permitted Investments that constitute 

	
			
	 
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(i) physical property (and that is not either a United States security entitlement or a security entitlement) shall be physically delivered to the Trustee; (ii) United States security entitlements or security entitlements shall be controlled (as defined in Section 8‐106 of the New York UCC) by the Trustee pending maturity or disposition, and (iii) uncertificated securities (and not United States security entitlements) shall be delivered to the Trustee by causing the Trustee to become the registered holder of such securities.  The Trustee shall, at the expense of ABRCF, take such action as is required to maintain the Trustee’s security interest in the Permitted Investments credited to the Series 2019-1 Distribution Account.  ABRCF shall not direct the Trustee to dispose of (or permit the disposal of) any Permitted Investment prior to the maturity thereof to the extent such disposal would result in a loss of the purchase price of such Permitted Investment.  In the absence of written investment instructions hereunder, funds on deposit in the Series 2019-1 Distribution Account shall remain uninvested.
(c)    Earnings from Series 2019-1 Distribution Account.  All interest and earnings (net of losses and investment expenses) paid on funds on deposit in the Series 2019-1 Distribution Account shall be deemed to be on deposit and available for distribution.
(d)    Series 2019-1 Distribution Account Constitutes Additional Collateral for Series 2019-1 Notes.  In order to secure and provide for the repayment and payment of the ABRCF Obligations with respect to the Series 2019-1 Notes, ABRCF hereby grants a security interest in and assigns, pledges, grants, transfers and sets over to the Trustee, for the benefit of the Series 2019-1 Noteholders, all of ABRCF’s right, title and interest in and to the following (whether now or hereafter existing or acquired):  (i) the Series 2019-1 Distribution Account, including any security entitlement thereto; (ii) all funds on deposit therein from time to time; (iii) all certificates and instruments, if any, representing or evidencing any or all of the Series 2019-1 Distribution Account or the funds on deposit therein from time to time; (iv) all investments made at any time and from time to time with monies in the Series 2019-1 Distribution Account, whether constituting securities, instruments, general intangibles, investment property, financial assets or other property; (v) all interest, dividends, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for the Series 2019-1 Distribution Account, the funds on deposit therein from time to time or the investments made with such funds; and (vi) all proceeds of any and all of the foregoing, including, without limitation, cash (the items in the foregoing clauses (i) through (vi) are referred to, collectively, as the “Series 2019-1 Distribution Account Collateral”).  The Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Series 2019-1 Distribution Account and in and to all proceeds thereof, and shall be the only person authorized to originate entitlement orders in respect of the Series 2019-1 Distribution Account.  The Series 2019-1 Distribution Account Collateral shall be under the sole dominion and control of the Trustee for the benefit of the Series 2019-1 Noteholders.  The Series 2019-1 Agent hereby agrees (i) to act as the securities intermediary (as defined in Section 8‐102(a)(14) of the New York UCC) with respect to the Series 2019-1 Distribution Account; (ii) that its jurisdiction as securities intermediary is New York, (iii) that each item of property (whether investment property, financial asset, security, instrument or cash) credited to the Series 2019-1 Distribution Account shall be treated as a financial asset (as defined in Section 8‐102(a)(9) of the New York UCC) and (iv) to comply with any entitlement order (as defined in Section 8‐102(a)(8) of the New York UCC) issued by the Trustee.

	
			
	 
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Section 2.10.    Series 2019-1 Accounts Permitted Investments.  ABRCF shall not, and shall not permit, funds on deposit in the Series 2019-1 Accounts to be invested in: 
(i)    Permitted Investments that do not mature at least one (1) Business Day before the next Distribution Date; 
(ii)    demand deposits, time deposits or certificates of deposit with a maturity in excess of 360 days; 
(iii)    commercial paper which is not rated “P‐1” by Moody’s; 
(iv)    money market funds or eurodollar time deposits which are not rated at least “P-1” by Moody’s; 
(v)    eurodollar deposits that are not rated “P‐1” by Moody’s or that are with financial institutions not organized under the laws of a G‐7 nation; or 
(vi)    any investment, instrument or security not otherwise listed in clause (i) through (vi) of the definition of “Permitted Investments” in the Base Indenture.
Section 2.11.    Series 2019-1 Demand Notes Constitute Additional Collateral for Series 2019-1 Senior Notes.  In order to secure and provide for the repayment and payment of the ABRCF Obligations with respect to the Series 2019-1 Senior Notes, ABRCF hereby grants a security interest in and assigns, pledges, grants, transfers and sets over to the Trustee, for the benefit of the Class A Noteholders, the Class B Noteholders and the Class C Noteholders, all of ABRCF’s right, title and interest in and to the following (whether now or hereafter existing or acquired):  (i) the Series 2019-1 Demand Notes; (ii) all certificates and instruments, if any, representing or evidencing the Series 2019-1 Demand Notes; and (iii) all proceeds of any and all of the foregoing, including, without limitation, cash.  On the date hereof, ABRCF shall deliver to the Trustee, for the benefit of the Class A Noteholders, the Class B Noteholders and the Class C Noteholders, each Series 2019-1 Demand Note, endorsed in blank.  The Trustee, for the benefit of the Class A Noteholders, the Class B Noteholders and the Class C Noteholders, shall be the only Person authorized to make a demand for payments on the Series 2019-1 Demand Notes.
Section 2.12.    Subordination of the Class B Notes, Class C Notes, Class D Notes and the Class R Notes.  
(a)    Notwithstanding anything to the contrary contained in this Supplement, the Base Indenture or in any other Related Document, the Class B Notes will be subordinate in all respects to the Class A Notes as and to the extent set forth in this Section 2.12(a).  No payments on account of principal shall be made with respect to the Class B Notes on any Distribution Date during the Series 2019-1 Controlled Amortization Period unless an amount equal to the Class A Controlled Distribution Amount for the Related Month shall have been paid to the Class A Noteholders and no payments on account of principal shall be made with respect to the Class B Notes during the Series 2019-1 Rapid Amortization Period or on the Series 2019-1 Final Distribution Date until the Class A Notes have been paid in full.  No payments on account of interest shall be made with respect 

	
			
	 
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to the Class B Notes on any Distribution Date until all payments of interest then due and payable with respect to the Class A Notes (including, without limitation, all accrued interest, all Class A Shortfall and all interest accrued on such Class A Shortfall) have been paid in full.
(b)    Notwithstanding anything to the contrary contained in this Supplement, the Base Indenture or in any other Related Document, the Class C Notes will be subordinate in all respects to the Class A Notes and the Class B Notes as and to the extent set forth in this Section 2.12(b).  No payments on account of principal shall be made with respect to the Class C Notes on any Distribution Date during the Series 2019-1 Controlled Amortization Period unless an amount equal to the Class A Controlled Distribution Amount for the Related Month shall have been paid to the Class A Noteholders and an amount equal to the Class B Controlled Distribution Amount for the Related Month shall have been paid to the Class B Noteholders. No payments on account of principal shall be made with respect to the Class C Notes during the Series 2019-1 Rapid Amortization Period or on the Series 2019-1 Final Distribution Date until the Class A Notes and the Class B Notes have been paid in full.  No payments on account of interest shall be made with respect to the Class C Notes on any Distribution Date until all payments of interest then due and payable with respect to the Class A Notes and Class B Notes (including, without limitation, all accrued interest, all Class A Shortfall, all interest accrued on such Class A Shortfall, all Class B Shortfall and all interest accrued on such Class B Shortfall) have been paid in full.
(c)    Notwithstanding anything to the contrary contained in this Supplement, the Base Indenture or in any other Related Document, the Class D Notes, if issued, will be subordinate in all respects to the Class A Notes, the Class B Notes and the Class C Notes as and to the extent set forth in this Section 2.12(c).  No payments on account of principal shall be made with respect to the Class D Notes on any Distribution Date during the Series 2019-1 Controlled Amortization Period unless an amount equal to the Class A Controlled Distribution Amount for the Related Month shall have been paid to the Class A Noteholders, an amount equal to the Class B Controlled Distribution Amount for the Related Month shall have been paid to the Class B Noteholders and an amount equal to the Class C Controlled Distribution Amount for the Related Month shall have been paid to the Class C Noteholders. No payments on account of principal shall be made with respect to the Class D Notes during the Series 2019-1 Rapid Amortization Period or on the Series 2019-1 Final Distribution Date until the Class A Notes, the Class B Notes and the Class C Notes have been paid in full. No payments on account of interest shall be made with respect to the Class D Notes on any Distribution Date until all payments of interest then due and payable with respect to the Class A Notes, Class B Notes and Class C Notes (including, without limitation, all accrued interest, all Class A Shortfall, all interest accrued on such Class A Shortfall, all Class B Shortfall, all interest accrued on such Class B Shortfall, all Class C Shortfall and all interest accrued on such Class C Shortfall) have been paid in full.
(d)    Notwithstanding anything to the contrary contained in this Supplement, the Base Indenture or in any other Related Document, the Class R Notes will be subordinate in all respects to the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes (if issued), as and to the extent set forth in this Section 2.12(d). No payments on account of principal shall be made with respect to the Class R Notes during the Series 2019-1 Controlled Amortization Period or the Series 2019-1 Rapid Amortization Period or on the Series 2019-1 Final Distribution Date 

	
			
	 
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until the Class A Notes, the Class B Notes, the Class C Notes and, if issued, the Class D Notes have been paid in full. No payments on account of interest shall be made with respect to the Class R Notes on any Distribution Date until all payments of interest and principal due and payable on such Distribution Date with respect to the Class A Notes, the Class B Notes, the Class C Notes and, if issued, Class D Notes (including, without limitation, all accrued interest, all Class A Shortfall, all interest accrued on such Class A Shortfall, all Class B Shortfall, all interest accrued on such Class B Shortfall, all Class C Shortfall, all interest accrued on such Class C Shortfall, all due and unpaid interest on the Class D Notes (if issued) and all interest accrued on such unpaid amounts) have been paid in full.
ARTICLE III 
 
AMORTIZATION EVENTS
In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 2019-1 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 2019-1 Notes (without notice or other action on the part of the Trustee or any holders of the Series 2019-1 Notes):
(a)    a Series 2019-1 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 2019-1 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b)    the Series 2019-1 Liquidity Amount shall be less than the Series 2019-1 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c)    the Collection Account, the Series 2019-1 Collection Account, the Series 2019-1 Excess Collection Account or the Series 2019-1 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d)    all principal of and interest on any Class of the Series 2019-1 Notes is not paid in full on or before the Series 2019-1 Expected Final Distribution Date;
(e)    any Series 2019-1 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 2019-1 Enhancement Deficiency would result from excluding such Series 2019-1 Letter of Credit from the Series 2019-1 Enhancement Amount or (y) the Series 2019-1 Liquidity Amount, excluding therefrom the available amount under such Series 2019-1 Letter of Credit, would be less than the Series 2019-1 Required Liquidity Amount;

	
			
	 
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(f)    from and after the funding of the Series 2019-1 Cash Collateral Account, the Series 2019-1 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 2019-1 Enhancement Deficiency would result from excluding the Series 2019-1 Available Cash Collateral Account Amount from the Series 2019-1 Enhancement Amount or (y) the Series 2019-1 Liquidity Amount, excluding therefrom the Series 2019-1 Available Cash Collateral Account Amount, would be less than the Series 2019-1 Required Liquidity Amount; and
(g)    an Event of Bankruptcy shall have occurred with respect to any Series 2019-1 Letter of Credit Provider or any Series 2019-1 Letter of Credit Provider repudiates its Series 2019-1 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 2019-1 Enhancement Deficiency would result from excluding such Series 2019-1 Letter of Credit from the Series 2019-1 Enhancement Amount or (y) the Series 2019-1 Liquidity Amount, excluding therefrom the available amount under such Series 2019-1 Letter of Credit, would be less than the Series 2019-1 Required Liquidity Amount.
ARTICLE IV 
 
FORM OF SERIES 2019-1 NOTES
Section 4.1.    Restricted Global Series 2019-1 Notes.  Each Class of the Series 2019-1 Notes to be issued in the United States will be issued in book‐entry form and represented by one or more permanent global Notes in fully registered form without interest coupons (each, a “Restricted Global Class A Note”, a “Restricted Global Class B Note”, a “Restricted Global Class C Note” or a “Restricted Global Class R Note”, as the case may be), substantially in the form set forth in Exhibits A‐1, B-1, C‐1 and D-1, with such legends as may be applicable thereto as set forth in the Base Indenture, and will be sold only in the United States (1) initially to institutional accredited investors within the meaning of Regulation D under the Securities Act in reliance on an exemption from the registration requirements of the Securities Act and (2) thereafter to qualified institutional buyers within the meaning of, and in reliance on, Rule 144A under the Securities Act and shall be deposited on behalf of the purchasers of such Class of the Series 2019-1 Notes represented thereby, with the Trustee as custodian for DTC, and registered in the name of Cede as DTC’s nominee, duly executed by ABRCF and authenticated by the Trustee in the manner set forth in Section 2.4 of the Base Indenture.
Section 4.2.    Temporary Global Series 2019-1 Notes; Permanent Global Series 2019-1 Notes.  Each Class of the Series 2019-1 Notes to be issued outside the United States will be issued and sold in transactions outside the United States in reliance on Regulation S under the Securities Act, as provided in the applicable note purchase agreement, and shall initially be issued in the form of one or more temporary notes in registered form without interest coupons (each, a “Temporary Global Class A Note”, a “Temporary Global Class B Note”, a “Temporary Global Class C Note” or a “Temporary Global Class R Note”, as the case may be, and collectively the “Temporary Global Series 2019-1 Notes”), substantially in the form set forth in Exhibits A‐2, B-2 , C‐2 and D-2 which shall be deposited on behalf of the purchasers of such Class of the Series 2019-1 Notes represented thereby with a custodian for, and registered in the name of a nominee of DTC, for the 

	
			
	 
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account of Euroclear Bank S.A./N.V., as operator of the Euroclear System, or for Clearstream Banking, société anonyme, duly executed by ABRCF and authenticated by the Trustee in the manner set forth in Section 2.4 of the Base Indenture.  Interests in each Temporary Global Series 2019-1 Note will be exchangeable, in whole or in part, for interests in one or more permanent global notes in registered form without interest coupons (each, a “Permanent Global Class A Note”, a “Permanent Global Class B Note”, a “Permanent Global Class C Note” or a “Permanent Global Class R Note”, as the case may be, and collectively the “Permanent Global Series 2019-1 Notes”), substantially in the form of Exhibits A‐3, B-3 , C‐3 and D-3 in accordance with the provisions of such Temporary Global Series 2019-1 Note and the Base Indenture (as modified by this Supplement).  Interests in a Permanent Global Series 2019-1 Note will be exchangeable for a definitive Series 2019-1 Note in accordance with the provisions of such Permanent Global Series 2019-1 Note and the Base Indenture (as modified by this Supplement).
ARTICLE V 
 
GENERAL
Section 5.1.    Optional Repurchase.  
(a)     The Series 2019-1 Notes shall be subject to repurchase by ABRCF at its option in accordance with Section 6.3 of the Base Indenture on any Distribution Date (any such Distribution Date, a “Clean-up Repurchase Distribution Date”) after the Series 2019-1 Invested Amount is reduced to an amount less than or equal to 10% of the sum of the Class A Initial Invested Amount, the Class B Initial Invested Amount, the Class C Initial Invested Amount, the initial invested amount of the Class D Notes (if issued), the Class R Initial Invested Amount and the aggregate principal amount of any Additional Class R Notes (the “Series 2019-1 Repurchase Amount”). The repurchase price for any Series 2019-1 Note subject to a Clean-up Repurchase shall equal the aggregate outstanding principal balance of such Series 2019-1 Note (determined after giving effect to any payments of principal and interest on such Distribution Date), plus accrued and unpaid interest on such outstanding principal balance.
(b)    The Series 2019-1 Notes shall also be subject to repurchase at the election of the ABRCF in accordance with Section 6.3 of the Base Indenture, in whole but not in part, on any Distribution Date (any such Distribution Date, an “Optional Repurchase Distribution Date”) that occurs prior to the earlier to occur of (x) the commencement of the Series 2019-1 Rapid Amortization Period and (y) the Clean-up Repurchase Distribution Date (any such repurchase, an “Optional Repurchase”). The repurchase price for any Series 2019-1 Note subject to an Optional Repurchase shall equal (1) the aggregate outstanding principal balance of such Series 2019-1 Note (determined after giving effect to any payments made pursuant to Section 2.5(a) on such Distribution Date), plus (2) accrued and unpaid interest on such outstanding principal balance (determined after giving effect to any payments made pursuant to Section 2.4 on such Distribution Date) plus (3) the Make Whole Payment with respect to such Series 2019-1 Note.
Section 5.2.    Information.  The Trustee shall provide to the Series 2019-1 Noteholders, or their designated agent, copies of all information furnished to the Trustee or ABRCF 

	
			
	 
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pursuant to the Related Documents, as such information relates to the Series 2019-1 Notes or the Series 2019-1 Collateral.  
Section 5.3.    Exhibits.  The following exhibits attached hereto supplement the exhibits included in the Base Indenture.
	
			
	Exhibit A‐1:
	Form of Restricted Global Class A Note
	 

	Exhibit A‐2:
	Form of Temporary Global Class A Note
	 

	Exhibit A‐3:
	Form of Permanent Global Class A Note
	 

	Exhibit B‐1:
	Form of Restricted Global Class B Note
	 

	Exhibit B‐2:
	Form of Temporary Global Class B Note
	 

	Exhibit B‐3:
	Form of Permanent Global Class B Note
	 

	Exhibit C‐1:
	Form of Restricted Global Class C Note
	 

	Exhibit C‐2:
	Form of Temporary Global Class C Note
	 

	Exhibit C‐3:
	Form of Permanent Global Class C Note
	 

	Exhibit D‐1:
	Form of Restricted Global Class R Note
	 

	Exhibit D‐2:
	Form of Temporary Global Class R Note
	 

	Exhibit D‐3:
	Form of Permanent Global Class R Note
	 

	Exhibit E:
	Form of Series 2019-1 Demand Note
	 

	Exhibit F:
	Form of Letter of Credit
	 

	Exhibit G:
	Form of Lease Payment Deficit Notice
	 

	Exhibit H:
	Form of Demand Notice
	 

	Exhibit I:
	Form of Supplemental Indenture No. 4 to the Base Indenture
	 

	Exhibit J:
	Form of Amendment to the AESOP I Operating Lease
	 

	Exhibit K:
	Form of Amendment to the Finance Lease

	Exhibit L:
	Form of Amendment to the AESOP I Operating Lease Loan Agreement

	Exhibit M:
	Form of Amendment to the AESOP I Finance Lease Loan Agreement

Section 5.4.    Ratification of Base Indenture.  As supplemented by this Supplement, the Base Indenture is in all respects ratified and confirmed and the Base Indenture as so supplemented by this Supplement shall be read, taken, and construed as one and the same instrument.
Section 5.5.    Counterparts.  This Supplement may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all of such counterparts shall together constitute but one and the same instrument.
Section 5.6.    Governing Law.  This Supplement shall be construed in accordance with the law of the State of New York, and the obligations, rights and remedies of the parties hereto shall be determined in accordance with such law.

	
			
	 
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Section 5.7.    Amendments.  This Supplement may be modified or amended from time to time in accordance with the terms of the Base Indenture; provided, however, that if, pursuant to the terms of the Base Indenture or this Supplement, the consent of the Required Noteholders is required for an amendment or modification of this Supplement or any other Related Document, such requirement shall be satisfied if such amendment or modification is consented to by the Requisite Series 2019-1 Noteholders; provided, further, that, so long as (i) no Amortization Event has occurred and is continuing and (ii) the Rating Agency Consent Condition is met with respect to the outstanding Series 2019-1 Notes, ABRCF shall be able to (x) increase the Series 2019-1 Maximum Hyundai Amount up to an amount not to exceed 30% of the aggregate Net Book Value of all Vehicles leased under the Leases and/or (y) increase the Series 2019-1 Maximum Kia Amount up to an amount not to exceed 15% of the aggregate Net Book Value of all Vehicles leased under the Leases at any time without the consent of the Series 2019-1 Noteholders by giving written notice of such increase to the Trustee along with an Officer’s Certificate certifying that no Amortization Event has occurred and is continuing; provided, further, that, notwithstanding anything in this Section 5.7 or Article 8 or Article 12 of the Base Indenture to the contrary, this Supplement and any Related Documents relating solely to the Series 2019-1 Notes may be amended to provide for the issuance of any Class D Notes or Additional Class R Notes in accordance with Section 5.15 without the consent of any Class A Noteholder, any Class B Noteholder, any Class C Noteholder or any Class R Noteholder.
Section 5.8.    Discharge of Base Indenture.  Notwithstanding anything to the contrary contained in the Base Indenture, no discharge of the Indenture pursuant to Section 11.1(b) of the Base Indenture will be effective as to the Series 2019-1 Notes without the consent of the Requisite Series 2019-1 Noteholders.
Section 5.9.    Notice to Rating Agencies.  The Trustee shall provide to each Rating Agency a copy of each notice, opinion of counsel, certificate or other item delivered to, or required to be provided by, the Trustee pursuant to this Supplement or any other Related Document.    
Section 5.10.    Capitalization of ABRCF.  ABRCF agrees that on the Series 2019-1 Closing Date it will have capitalization in an amount equal to or greater than 3% of the sum of (x) the Series 2019-1 Invested Amount and (y) the invested amount of the Series 2010-6 Notes, the Series 2011-4 Notes, the Series 2013-2 Notes, the Series 2014-1 Notes, the Series 2014-2 Notes, the Series 2015-1 Notes, Series 2015-2 Notes, the Series 2015-3 Notes, the Series 2016-1 Notes, the Series 2016-2 Notes, the 2017-1 Notes, the 2017-2 Notes, the 2018-1 Notes and the Series 2018-2 Notes.
Section 5.11.    Required Noteholders.  Subject to Section 5.7 above, any action pursuant to Section 5.6, Section 8.13 or Article 9 of the Base Indenture that requires the consent of, or is permissible at the direction of, the Required Noteholders with respect to the Series 2019-1 Notes pursuant to the Base Indenture shall only be allowed with the consent of, or at the direction of, the Required Controlling Class Series 2019-1 Noteholders. Any other action pursuant to any Related Document which requires the consent or approval of, or the waiver by, the Required Noteholders with respect to the Series 2019-1 Notes shall require the consent or approval of, or waiver by, the Requisite Series 2019-1 Noteholders; provided, however, that, notwithstanding 

	
			
	 
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anything in this Section 5.11 or Article 8 or Article 12 of the Base Indenture to the contrary, any Related Document relating solely to the Series 2019-1 Notes may be amended to provide for the issuance of any Class D Notes or Additional Class R Notes in accordance with Section 5.15 without the consent of any Class A Noteholder, any Class B Noteholder, any Class C Noteholder or any Class R Noteholder. 
Section 5.12.    Series 2019-1 Demand Notes.  Other than pursuant to a demand thereon pursuant to Section 2.5, ABRCF shall not reduce the amount of the Series 2019-1 Demand Notes or forgive amounts payable thereunder so that the outstanding principal amount of the Series 2019-1 Demand Notes after such reduction or forgiveness is less than the Series 2019-1 Letter of Credit Liquidity Amount. ABRCF shall not agree to any amendment of the Series 2019-1 Demand Notes without first satisfying the Rating Agency Confirmation Condition and the Rating Agency Consent Condition.
Section 5.13.    Termination of Supplement.  This Supplement shall cease to be of further effect when all outstanding Series 2019-1 Notes theretofore authenticated and issued have been delivered (other than destroyed, lost, or stolen Series 2019-1 Notes which have been replaced or paid) to the Trustee for cancellation, ABRCF has paid all sums payable hereunder, and, if the Series 2019-1 Demand Note Payment Amount on the Series 2019-1 Letter of Credit Termination Date was greater than zero, all amounts have been withdrawn from the Series 2019-1 Cash Collateral Account in accordance with Section 2.8(i).
Section 5.14.    Noteholder Consent to Certain Amendments.  Each Series 2019-1 Noteholder, upon any acquisition of a Series 2019-1 Note, will be deemed to agree and consent to (i) the execution by ABRCF of a Supplemental Indenture to the Base Indenture substantially in the form of Exhibit I hereto, (ii) the execution of an amendment to the AESOP I Operating Lease substantially in the form of Exhibit J hereto, (iii) the execution of an amendment to the Finance Lease substantially in the form of Exhibit K hereto, (iv) the execution of an amendment to the AESOP I Operating Lease Loan Agreement substantially in the form of Exhibit L hereto and (v) the execution of an amendment to the AESOP I Finance Lease Loan Agreement substantially in the form of Exhibit M hereto. Such deemed consent will apply to each proposed amendment set forth in Exhibits I, J, K, L and M individually, and the failure to adopt any of the amendments set forth therein will not revoke the consent with respect to any other amendment.
Section 5.15.    Issuance of Class D Notes and Additional Class R Notes.  No Class D Notes shall be issued on the Series 2019-1 Closing Date.  On any date during the Series 2019-1 Revolving Period, ABRCF may (i) issue Class D Notes and (ii) issue additional Class R Notes in connection with the issuance of Class D Notes, to the extent that ABRCF determines such issuance is required to comply with the U.S. Risk Retention Rules (such notes, the “Additional Class R Notes”), subject to satisfaction of the following conditions precedent:
(a)    ABRCF and the Trustee shall have entered into an amendment to this Supplement (i) providing that the Class D Notes will bear a fixed rate of interest, determined on or prior the Additional Notes Closing Date, (ii) providing that the expected final payment date for the Class D Notes will be the Series 2019-1 Expected Final Distribution Date, (iii) providing that the principal amount of the Class D Notes will be due and payable on the Series 2019-1 Final Distribution 

	
			
	 
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Date, (iv) providing that the controlled amortization period with respect to the Class D Notes will be the Series 2019-1 Controlled Amortization Period and (v) providing for payment mechanics with respect to the Class D Notes substantially similar to those with respect to the Class A Notes, the Class B Notes and the Class C Notes (other than as set forth below) and consistent with Section 2.12 and such other provisions with respect to the Class D Notes and the Additional Class R Notes as may be required for such issuance;
(b)    The Trustee shall have received a Company Request at least two (2) Business Days (or such shorter time as is acceptable to the Trustee) in advance of the proposed closing date for the issuance of the Class D Notes and the Additional Class R Notes (if any) (the “Additional Notes Closing Date”) requesting that the Trustee authenticate and deliver the Class D Notes specified in such Company Request (such specified Class D Notes, the “Proposed Class D Notes”) and the Additional Class R Notes, if any, specified in such Company Request;
(c)    The Trustee shall have received a Company Order authorizing and directing the authentication and delivery of the Proposed Class D Notes and the Additional Class R Notes, if any, by the Trustee and specifying the designation of the Proposed Class D Notes, the initial aggregate principal amount of the Proposed Class D Notes to be authenticated, the Note Rate with respect to the Proposed Class D Notes and the initial aggregate principal amount of the Additional Class R Notes;
(d)    The Trustee shall have received written confirmation that the Rating Agency Confirmation Condition shall have been satisfied with respect to the issuance of the Proposed Class D Notes and Additional Class R Notes (if any) (including with respect to the Class A Notes, the Class B Notes and the Class C Notes);
(e)    The Trustee shall have received an Officer’s Certificate of ABRCF dated as of the Additional Notes Closing Date to the effect that (i) no Amortization Event with respect to the Series 2019-1 Notes, Aggregate Asset Amount Deficiency, Series 2019-1 Enhancement Deficiency, Loan Event of Default, AESOP I Operating Lease Vehicle Deficiency, Manufacturer Event of Default, Lease Event of Default, Potential Amortization Event with respect to the Series 2019-1 Notes, 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 Proposed Class D Notes and Additional Class R Notes (if any), (ii) the issuance of the Proposed Class D Notes and Additional Class R Notes (if any) 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 ABRCF 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 ABRCF 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 Supplement and the Base Indenture with respect to the authentication and delivery of the Proposed Class D Notes and Additional Class R Notes (if any) have been complied with and (iv) the issuance of the Proposed Class D Notes and Additional Class R Notes (if any) and any related amendments to this Supplement and any Related Document relating solely to the Series 2019-1 Notes will not reduce 

	
			
	 
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the availability of the Series 2019-1 Enhancement to support the payment of interest on or principal of the Class A Notes, the Class B Notes or the Class C Notes in any material respect;
(f)    No amendments to this Supplement or any Related Document relating solely to the Series 2019-1 Notes in connection with the issuance of the Proposed Class D Notes and the Additional Class R Notes, if any, may provide for (i) the application of amounts available under the Series 2019-1 Letters of Credit or the Series 2019-1 Reserve Account to support the payment of interest on or principal of the Class D Notes while any Class A Notes, Class B Notes or Class C Notes remain outstanding, (ii) any voting rights in respect of the Class D Notes for so long as any Class A Notes, Class B Notes, Class C Notes or Class R Notes are outstanding, other than with respect to any amendments to the Indenture or any Related Document pursuant to clauses (i) and (ii) of Section 12.2 of the Base Indenture, (iii) the addition of any Amortization Event with respect to the Series 2019-1 Notes other than those related to payment defaults on the Class D Notes similar to those in respect of the Class A Notes, the Class B Notes, the Class C Notes or the Class R Notes and enhancement or liquidity deficiencies in respect of the credit enhancement supporting the Class D Notes similar to those in respect of the Class A Notes, the Class B Notes and the Class C Notes or (iv) the reallocation of Principal Collections allocable to the Series 2019-1 Notes to pay interest on the Class D Notes while the Class A Notes, Class B Notes or the Class C Notes remain outstanding.
(g)    The Trustee shall have received opinions of counsel substantially similar to those received in connection with the offering and sale of the Class A Notes, the Class B Notes, the Class C Notes and the Class R Notes, including, without limitation, opinions to the effect that:
(i)    (x) the Proposed Class D Notes should be treated as indebtedness of ABRCF for federal and New York state income tax purposes and (y) the issuance of the Proposed Class D Notes and Additional Class R Notes (if any) will not result in any of the Class A Notes, the Class B Notes, the Class C Notes or any other outstanding Series of Notes (excluding the Class R Notes and any other Series identified as “Class R”) failing to be characterized as debt for federal or New York state income tax purposes;
(ii)    all conditions precedent provided for in the Base Indenture and this Supplement with respect to the authentication and delivery of the Proposed Class D Notes and Additional Class R Notes (if any) has been complied with in all material respects; and
(iii)    the Proposed Class D Notes and Additional Class R Notes (if any) have been duly authorized and executed and, when authenticated and delivered in accordance with the provisions of the Base Indenture and this Supplement, will constitute valid, binding and enforceable obligations of ABRCF entitled to the benefits of the Base Indenture and this 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.
Section 5.16.    Confidential Information.  
(a)    The Trustee and each Series 2019-1 Note Owner agrees, by its acceptance and holding of a beneficial interest in a Series 2019-1 Note, to maintain the confidentiality of all 

	
			
	 
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Confidential Information in accordance with procedures adopted by the Trustee or such Series 2019-1 Note Owner in good faith to protect confidential information of third parties delivered to such Person; provided, however, that such Person may deliver or disclose Confidential Information to:  (i) such Person’s directors, trustees, officers, employees, agents, attorneys, independent or internal auditors and affiliates who agree to hold confidential the Confidential Information substantially in accordance with the terms of this Section 5.16; (ii) such Person’s financial advisors and other professional advisors who agree to hold confidential the Confidential Information substantially in accordance with the terms of this Section 5.16; (iii) any other Series 2019-1 Note Owner; (iv) any Person of the type that would be, to such Person’s knowledge, permitted to acquire an interest in the Series 2019-1 Notes in accordance with the requirements of the Indenture to which such Person sells or offers to sell any such Series 2019-1 Note or any part thereof and that agrees to hold confidential the Confidential Information substantially in accordance with this Section 5.16 (or in accordance with such other confidentiality procedures as are acceptable to ABRCF); (v) any federal or state or other regulatory, governmental or judicial authority having jurisdiction over such Person; (vi) the National Association of Insurance Commissioners or any similar organization, or any nationally recognized rating agency that requires access to information about the investment portfolio of such Person, (vii) any reinsurers or liquidity or credit providers that agree to hold confidential the Confidential Information substantially in accordance with this Section 5.16 (or in accordance with such other confidentiality procedures as are acceptable to ABRCF); (viii) any other Person with the consent of ABRCF; or (ix) any other Person to which such delivery or disclosure may be necessary or appropriate (A) to effect compliance with any law, rule, regulation, statute or order applicable to such Person, (B) in response to any subpoena or other legal process upon prior notice to ABRCF (unless prohibited by applicable law, rule, order or decree or other requirement having the force of law), (C) in connection with any litigation to which such Person is a party upon prior notice to ABRCF (unless prohibited by applicable law, rule, order or decree or other requirement having the force of law) or (D) if an Amortization Event with respect to the Series 2019-1 Notes has occurred and is continuing, to the extent such Person may reasonably determine such delivery and disclosure to be necessary or appropriate in the enforcement or for the protection of the rights and remedies under the Series 2019-1 Notes, the Indenture or any other Related Document; provided, further, that delivery to any Series 2019-1 Note Owner of any report or information required by the terms of the Indenture to be provided to such Series 2019-1 Note Owner shall not be a violation of this Section 5.16.  Each Series 2019-1 Note Owner agrees, by acceptance of a beneficial interest in a Series 2019-1 Note, except as set forth in clauses (v), (vi) and (ix) above, that it shall use the Confidential Information for the sole purpose of making an investment in the Series 2019-1 Notes or administering its investment in the Series 2019-1 Notes.  In the event of any required disclosure of the Confidential Information by such Series 2019-1 Note Owner, such Series 2019-1 Note Owner agrees to use reasonable efforts to protect the confidentiality of the Confidential Information.
(b)    For the purposes of this Section 5.16, “Confidential Information” means information delivered to the Trustee or any Series 2019-1 Note Owner by or on behalf of ABRCF in connection with and relating to the transactions contemplated by or otherwise pursuant to the Indenture and the Related Documents; provided, however, that such term does not include information that:  (i) was publicly known or otherwise known to the Trustee or such Series 2019-1 Note Owner prior to the time of such disclosure; (ii) subsequently becomes publicly known through 

	
			
	 
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no act or omission by the Trustee, any Series 2019-1 Note Owner or any person acting on behalf of the Trustee or any Series 2019-1 Note Owner; (iii) otherwise is known or becomes known to the Trustee or any Series 2019-1 Note Owner other than (x) through disclosure by ABRCF or (y) as a result of the breach of a fiduciary duty to ABRCF or a contractual duty to ABRCF; or (iv) is allowed to be treated as non‐confidential by consent of ABRCF.
Section 5.17.    Capitalized Cost Covenant.   ABRCF hereby agrees that it shall not permit the aggregate Capitalized Cost for all Vehicles purchased in any model year that are not subject to a Manufacturer Program to exceed 85% of the aggregate MSRP (Manufacturer Suggested Retail Price) of all such Vehicles; provided, however, that ABRCF shall not modify the customary buying patterns or purchasing criteria used by the Administrator and its Affiliates with respect to the Vehicles if the primary purpose of such modification is to comply with this covenant.
Section 5.18.    Further Limitation of Liability.  Notwithstanding anything in this Supplement to the contrary, in no event shall the Trustee or its directors, officers, agents or employees be liable under this Supplement for special, indirect, punitive or consequential loss or damage of any kind whatsoever (including, but not limited to, lost profits), even if the Trustee or its directors, officers, agents or employees have been advised of the likelihood of such loss or damage and regardless of the form of action.
Section 5.19.    Series 2019-1 Agent.  The Series 2019-1 Agent shall be entitled to the same rights, benefits, protections, indemnities and immunities hereunder as are granted to the Trustee under the Base Indenture as if set forth fully herein.
Section 5.20.    Force Majeure.  In no event shall the Trustee be liable for any failure or delay in the performance of its obligations under this Supplement because of circumstances beyond the Trustee’s control, including, but not limited to, a failure, termination, suspension of a clearing house, securities depositary, settlement system or central payment system in any applicable part of the world or acts of God, flood, war (whether declared or undeclared), civil or military disturbances or hostilities, nuclear or natural catastrophes, political unrest, explosion, severe weather or accident, earthquake, terrorism, fire, riot, labor disturbances, strikes or work stoppages for any reason, embargo, government action, including any laws, ordinances, regulations or the like (whether domestic, federal, state, county or municipal or foreign) which delay, restrict or prohibit the providing of the services contemplated by this Supplement, or the unavailability of communications or computer facilities, the failure of equipment or interruption of communications or computer facilities, or the unavailability of the Federal Reserve Bank wire or telex or other wire or communication facility, or any other causes beyond the Trustee’s control whether or not of the same class or kind as specified above.
Section 5.21.    Waiver of Jury Trial, etc.  EACH OF THE PARTIES HERETO HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES (TO THE EXTENT PERMITTED BY APPLICABLE LAW) ANY RIGHTS IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS SUPPLEMENT, THE SERIES 2019-1 NOTES, THE SERIES 2019-1 DEMAND NOTES, THE SERIES 2019-1 LETTER OF CREDIT AND ANY OTHER RELATED DOCUMENTS EXECUTED IN CONNECTION WITH THE ISSUANCE OF 

	
			
	 
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THE SERIES 2019-1 NOTES, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN), OR ACTIONS OF THE PARTIES HERETO.  THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE PARTIES HERETO TO ENTER INTO THIS SUPPLEMENT.
Section 5.22.    Submission to Jurisdiction.  EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY SUBMITS (TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW) TO THE NON-EXCLUSIVE JURISDICTION OF ANY NEW YORK STATE OR FEDERAL COURT SITTING IN THE BOROUGH OF MANHATTAN, NEW YORK CITY, STATE OF NEW YORK, OVER ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS SUPPLEMENT, THE SERIES 2019-1 NOTES, THE SERIES 2019-1 DEMAND NOTES, THE SERIES 2019-1 LETTER OF CREDIT AND ANY OTHER RELATED DOCUMENTS EXECUTED IN CONNECTION WITH THE ISSUANCE OF THE SERIES 2019-1 NOTES AND EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE OR FEDERAL COURT.  EACH OF THE PARTIES HERETO EACH HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION EACH MAY NOW OR HEREAFTER HAVE, TO THE LAYING OF VENUE IN ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT AS WELL AS ANY RIGHT EACH MAY NOW OR HEREAFTER HAVE, TO REMOVE ANY SUCH ACTION OR PROCEEDING, ONCE COMMENCED, TO ANOTHER COURT ON THE GROUNDS OF FORUM NON CONVENIENS OR OTHERWISE.  NOTHING CONTAINED HEREIN SHALL PRECLUDE ANY PARTY HERETO FROM BRINGING AN ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS SUPPLEMENT, THE SERIES 2019-1 NOTES, THE SERIES 2019-1 DEMAND NOTES, THE SERIES 2019-1 LETTER OF CREDIT AND ANY OTHER RELATED DOCUMENTS EXECUTED IN CONNECTION WITH THE ISSUANCE OF THE SERIES 2019-1 NOTES IN ANY OTHER COUNTRY, STATE OR PLACE HAVING JURISDICTION OVER SUCH ACTION OR PROCEEDING.

Section 5.23.    Additional Terms of the Series 2019-1 Notes. Solely with respect to this Supplement and the Series 2019-1 Notes: 

(a)    The Opinion of Counsel set forth in Section 2.2(f)(i)(x) of the Base Indenture shall not be required with respect to the Class R Notes. The Opinion of Counsel set forth in Section 2.2(f)(i)(y) of the Base Indenture shall not be required with respect to the Class R Notes for any Series issued after the date hereof.

(b)  The terms Rating Agency Confirmation Condition and Rating Agency Consent Condition shall be deemed to be satisfied with respect to Fitch if ABRCF notifies Fitch of the applicable action at least ten (10) calendar days prior to such action (or, if Fitch agrees to less than ten (10) calendar days’ notice, such lesser period) and Fitch has not notified ABRCF and the Trustee in writing that such action will result in a reduction or withdrawal of the rating given to the Class 

	
			
	 
	62
	 

A Notes, the Class B Notes or the Class C Notes by Fitch within such ten (10) calendar day (or lesser) period.

	
			
	 
	63
	 

IN WITNESS WHEREOF, ABRCF and the Trustee have caused this Supplement to be duly executed by their respective officers thereunto duly authorized as of the day and year first above written.
	
		
	AVIS BUDGET RENTAL CAR FUNDING (AESOP) LLC

	By:
	/s/ Rochelle Tarlowe

	Name:
	Rochelle Tarlowe

	Title:
	Senior Vice President and Treasurer

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

	By:
	/s/ Mitchell L. Brumwell

	Name:
	Mitchell L. Brumwell

	Title:
	Vice President

	
		
	THE BANK OF NEW YORK MELLON TRUST   COMPANY, N.A., as Series 2019-1 Agent

	By:
	/s/ Mitchell L. Brumwell

	Name:
	Mitchell L. Brumwell

	Title:
	Vice President

   

	
			
	TABLE OF CONTENTS
	Page

	ARTICLE I DEFINITIONS
	2

	ARTICLE II SERIES 2019-1 ALLOCATIONS
	27

	Section 2.1.
	Establishment of Series 2019-1 Collection Account, Series 2019-1 Excess Collection Account and Series 2019-1 Accrued Interest Account
	27

	Section 2.2.
	Allocations with Respect to the Series 2019-1 Notes
	27

	Section 2.3.
	Payments to Noteholders
	32

	Section 2.4.
	Payment of Note Interest
	36

	Section 2.5.
	Payment of Note Principal
	36

	Section 2.6.
	Administrator’s Failure to Instruct the Trustee to Make a Deposit or Payment
	41

	Section 2.7.
	Series 2019-1 Reserve Account
	41

	Section 2.8.
	Series 2019-1 Letters of Credit and Series 2019-1 Cash Collateral Account
	43

	Section 2.9.
	Series 2019-1 Distribution Account
	48

	Section 2.10.
	Series 2019-1 Accounts Permitted Investments
	49

	Section 2.11.
	Series 2019-1 Demand Notes Constitute Additional Collateral for Series 2019-1 Senior Notes
	50

	Section 2.12.
	Subordination of the Class B Notes, Class C Notes, Class D Notes and the Class R Notes
	50

	ARTICLE III AMORTIZATION EVENTS
	51

	ARTICLE IV FORM OF SERIES 2019-1 NOTES
	53

	Section 4.1.
	Restricted Global Series 2019-1 Notes
	53

	Section 4.2.
	Temporary Global Series 2019-1 Notes; Permanent Global Series 2019-1 Notes
	53

	ARTICLE V GENERAL
	54

	Section 5.1.
	Optional Repurchase
	54

	Section 5.2.
	Information
	54

	Section 5.3.
	Exhibits
	54

	Section 5.4.
	Ratification of Base Indenture
	55

	Section 5.5.
	Counterparts
	55

	Section 5.6.
	Governing Law
	55

	Section 5.7.
	Amendments
	55

	Section 5.8.
	Discharge of Base Indenture
	56

	Section 5.9.
	Notice to Rating Agencies
	56

	Section 5.10.
	Capitalization of ABRCF
	56

	Section 5.11.
	Required Noteholders
	56

	Section 5.12.
	Series 2019-1 Demand Notes
	56

	Section 5.13.
	Termination of Supplement
	57

	Section 5.14.
	Noteholder Consent to Certain Amendments
	57

	Section 5.15.
	Issuance of Class D Notes and Additional Class R Notes
	57

	Section 5.16.
	Confidential Information
	59

	Section 5.17.
	Capitalized Cost Covenant
	60

	Section 5.18.
	Further Limitation of Liability
	61

	
			
	Section 5.19.
	Series 2019-1 Agent
	61

	Section 5.20.
	Force Majeure
	61

	Section 5.21.
	Waiver of Jury Trial, etc.
	61

	Section 5.22.
	Submission to Jurisdiction
	61

	Section 5.23.
	Additional Terms of the Series 2019-1 Notes
	62Exhibit

Exhibit 10.68

SECOND AMENDED AND RESTATED EMPLOYMENT AGREEMENT
This SECOND AMENDED AND RESTATED EMPLOYMENT AGREEMENT (the “Agreement”), effective as of January 25, 2019 by and between Lantheus Medical Imaging, Inc., a Delaware corporation (the “Company”) and Mary Anne Heino (“Executive”), amends and restates in its entirety her employment agreement, as previously amended and restated and subsequently amended, and as in effect immediately prior to giving effect hereto (collectively, the “Existing Agreement”).
In consideration of the premises and mutual covenants herein and for other good and valuable consideration, the parties agree as follows:
		
	1.
	At-Will Employment. Executive’s employment with the Company commenced as of April 15, 2013.  Such employment shall be “at-will” employment. Subject to the terms of this Agreement, the Company may terminate Executive’s employment and this Agreement for any reason at any time, with or without prior notice and with or without Cause (as defined herein), but subject to certain terms set forth in Section 8 below. Similarly, subject to the terms of this Agreement, Executive may terminate her employment at any time, subject to Section 8 below.

		
	2.
	Position.

		
	(a)
	Executive shall serve as the Company’s President and Chief Executive Officer and as a member of the Board of Directors of Lantheus Holdings, Inc. (the “Board”). In such capacities, Executive shall report to the Board, and Executive shall have such duties and responsibilities as are consistent with such titles and positions and/or such other duties and responsibilities as may be assigned from time to time by the Board. If requested, Executive shall serve as an officer or a member of the Board of Directors of any of the Company’s subsidiaries or affiliates without additional compensation.

		
	(b)
	Executive will devote Executive’s full business time and best efforts to the performance of Executive’s duties hereunder and will not engage in any other business, profession or occupation for compensation or otherwise which would conflict or interfere with the rendition of such services either directly or indirectly, without the prior written consent of the Board; provided that nothing herein shall preclude Executive, subject to the prior approval of the Board, from accepting appointment to or continuing to serve on any board of directors or trustees of any business corporation or any charitable organization; provided in each case, and in the aggregate, that such activities do not conflict or interfere with the performance of Executive’s duties hereunder or conflict with Section 9.

		
	3.
	Base Salary. During Executive’s employment hereunder, the Company shall pay Executive a base salary at the annualized rate of $675,000, payable in regular installments in accordance with the Company’s payment practices from time to time. Executive shall be entitled to annual performance and salary review, and any increase in base salary shall be in the sole discretion of the Compensation Committee of the Board. Executive’s annual base salary, as in effect from time to time, is hereinafter referred to as the “Base Salary”.

		
	4.
	Annual Bonus. With respect to each full fiscal year ending during Executive’s employment hereunder, Executive shall be eligible to earn an annual bonus award of eighty-five percent (85%) of Executive’s Base Salary (the “Target”) based upon achievement of annual EBITDA and/or other performance targets established by the Compensation Committee of the Board within the first three months of each fiscal year (the “Annual Bonus”). Annual Bonuses, if any, are generally paid in March of the year following the year to which such Annual Bonus relates, by the 15th of that month; provided, that Executive is an active employee in good standing with the Company on such date of payment.

		
	5.
	Equity. Executive shall be eligible to receive future equity awards from time to time pursuant to the Lantheus MI Holdings, Inc. 2015 Equity Incentive Plan, commensurate with Executive’s level of responsibilities and the level of awards for similarly situated executives, as determined by the Compensation Committee of the Board in its sole discretion. The terms and conditions of any such equity awards shall be set forth in a separate award agreement.

		
	6.
	Employee Benefits. During Executive’s employment hereunder, Executive shall be entitled to participate in the Company’s health, life and disability insurance, and retirement and fringe employee benefit plans as in effect from time to time (collectively “Employee Benefits”), on the same basis as those benefits are generally made available to other similarly situated executives of the Company.

		
	7.
	Business Expenses. During Executive’s employment hereunder, reasonable business expenses incurred by Executive in the performance of Executive’s duties hereunder shall be reimbursed by the Company in accordance with Company policies.

		
	8.
	Termination of Employment.

		
	(a)
	Termination By the Company Without Cause. If Executive’s employment is terminated by the Company without Cause or Executive terminates for Good Reason, executive shall receive the following, subject to Section 8(g):

		
	(i)
	an amount equal to the sum of (A) one times (1x) the Executive’s annual base salary and (B) a pro-rata portion of Executive’s target annual bonus (prorated based on the percentage of the fiscal year that shall have elapsed through the Separation Date), in each case, as in effect on the Separation Date (or, if a reduction in Executive’s annual base salary gave rise to Good Reason under this Agreement, as in effect immediately prior to such reduction) (the “Severance Payment”);

		
	(ii)
	provided that Executive timely and properly elects to purchase continued healthcare coverage under COBRA, a monthly amount equal to the employer portion of the monthly premiums paid under the Company’s group health plans as of the Separation Date, for the period ending on the earliest of (i) the one-year anniversary of the Separation Date, (ii) the date on which Executive becomes covered under another employer’s health plan and (iii) the expiration of the maximum COBRA continuation coverage period for which Executive is eligible under federal law.  For the avoidance of doubt, Executive will be responsible for paying the applicable COBRA premiums directly to the Company’s COBRA administrator (the “COBRA Payment”);

		
	(iii)
	a lump sum amount equal to any earned, but unpaid, Annual Cash Bonus, if any, for the year prior to the year of termination, less taxes and withholdings, which shall be payable on the 60th day following Executive’s termination of employment;

		
	(iv)
	a lump sum amount equal to any earned, but unpaid, Base Salary, if any, through the date of Executive’s termination of employment, less taxes and withholdings, which shall be payable with the Company’s first payroll after Executive’s termination of employment; and

		
	(v)
	a lump sum amount equal to any unreimbursed business expenses, if any, pursuant to and in accordance with Section 7, incurred through the date of Executive’s termination of employment.

The Severance Payment and COBRA Payment (to the extent payable as described above) will be paid in substantially equal installments over a period of twelve (12) months following the Separation Date in accordance with the Company’s regular payroll practices, beginning on the Company’s first regular payroll date following the date that the Separation Agreement (as defined below) becomes fully effective and irrevocable (and the first installment will include all amounts that would have been paid on the regular payroll dates of the Company following the Separation Date prior to such date), except as described in Section 13(h) below; provided, however, to the extent any severance payments or benefits that Executive was entitled to receive under this Agreement were subject to Section 409A (as determined in good faith by the Company with the advice of outside counsel), the Severance Payment shall be paid on the schedule set forth in the Existing Agreement to the extent required to prevent any accelerated or additional tax or adverse consequences under Section 409A.
		
	(b)
	Termination Without Cause or For Good Reason following a Change of Control. If, within 12 months following the occurrence of a Change of Control, Executive terminates her employment for Good Reason or the Company terminates Executive’s employment with the Company without Cause, Executive shall receive the following, subject to Section 8(g) and in lieu of the payments described in Section 8(a):

		
	(i)
	an amount equal to two times (2x) the sum of Executive’s annual base salary and target annual bonus, in each case, as in effect on the Separation Date (or, if a reduction in Executive’s annual base salary gave rise to Good Reason under this Agreement, as in effect immediately prior to such reduction);

		
	(ii)
	an aggregate amount equal to the employer portion of the monthly premiums paid under the Company’s group health plans as of the Separation Date multiplied by twenty four (24) (the sum of (i) and (ii), “Change in Control Severance Payment”);

		
	(iii)
	a lump sum amount equal to any earned, but unpaid, Annual Cash Bonus, if any, for the year prior to the year of termination, less taxes and withholdings, which shall be payable on the 60th day following Executive’s termination of employment;

		
	(iv)
	a lump sum amount equal to any earned, but unpaid, Base Salary, if any, through the date of Executive’s termination of employment, less taxes and withholdings, which shall be payable on the first payroll date after Executive’s termination of employment;

		
	(v)
	a lump sum amount equal to any unreimbursed business expenses, if any, pursuant to and in accordance with Section 7, incurred through the date of Executive’s termination of employment. Executive acknowledges and agrees that, in connection with any Change of Control transaction, except as otherwise provided in a separate agreement, Executive shall not be entitled to receive, and shall not be paid, any transaction, success, sale or similar bonus or payment; and

		
	(vi)
	any stock options or other equity-based award that Executive holds on the Separation Date, to the extent then-unvested, shall vest in full, with performance-based awards vesting at target, and, in the case of stock options, shall remain exercisable as provided in the equity plan or award agreement under which they were granted.

The Change in Control Severance Payment will be paid in substantially equal installments over a period of twelve (12) months following the Separation Date in accordance with the Company’s regular payroll practices, beginning on the Company’s first regular payroll date following the date that the Separation Agreement becomes fully effective and irrevocable (and the first installment will include all amounts that would have been paid on the regular payroll dates of the Company following the Separation Date prior to such date), except as described in Section 13(h) below; provided, however, that the Company shall pay the greatest portion of the Change in Control Severance Payment that is permissible under Section 409A (as determined in good faith by the Company with the advice of outside counsel) without resulting in any accelerated or additional tax or other adverse consequences under Section 409A in a lump sum on the Company’s first regular payroll date following the date that the Separation Agreement becomes fully effective and irrevocable (and will include all amounts that would have been paid on the regular payroll dates of the Company following the Separation Date prior to such date), but in no event will be paid later than March 15th of the year following the year in which the Separation Date occurs.
		
	(c)
	Termination Due to Death or Permanent Disability.  Executive’s employment with the Company shall terminate automatically on Executive’s death. In the event of Executive’s Permanent Disability, the Company shall be entitled to terminate her employment.

For purposes of this Agreement, the “Permanent Disability” of Executive shall mean Executive’s inability, because of mental or physical illness or incapacity, whether total or partial, to perform one or more of the material functions of Executive’s position with or without reasonable accommodation, for a period of: (i) 90 consecutive calendar days or (ii) an aggregate of 120 days out of any consecutive 12 month period, and which entitles Executive to receive benefits under a disability plan provided by the Company.
In the event of a termination of employment under this section, Executive shall be entitled to following, subject to Section 8(g): 
		
	(i)
	a lump sum amount equal to any earned, but unpaid, Annual Cash Bonus, if any, for the year prior to the year of termination, less taxes and withholdings, payable on the sixtieth (60th) day following Executive’s termination of employment; 

		
	(ii)
	a lump sum amount equal to any earned, but unpaid, Base Salary, if any, through the date of Executive’s termination of employment, less taxes and withholdings, which shall be payable on the first payroll date after Executive’s termination of employment; 

		
	(iii)
	a lump sum amount equal to any unreimbursed business expenses, if any, pursuant to and in accordance with Section 7, incurred through the date of Executive’s termination of employment; and 

		
	(iv)
	a pro rata portion of Executive’s target annual bonus for the year of termination, based on the percentage of the fiscal year that shall have elapsed through the Separation Date, payable in a lump sum on the Company’s first regular payroll date following the date that the Separation Agreement becomes fully effective and irrevocable (and will include all amounts that would have been paid on the regular payroll dates of the Company following the Separation Date prior to such date).

		
	(d)
	Other Terminations. Executive shall not be entitled to the post-termination benefits set forth in Section 8(a), Section 8(b) or Section 8(c) above if her employment with the Company ceases for any reason other than her termination by the Company without Cause, her resignation for Good Reason or her termination as a result of her death or Permanent Disability; it being understood that if Executive’s employment with the Company ceases or terminates for any other reason, he will not be entitled to any severance or post-termination benefits or payments, whether hereunder or pursuant to any policy of the Company, other than a lump sum amount equal to any earned, but unpaid, Base Salary, if any, through the date of Executive’s termination of employment, less taxes and withholdings (payable on the first payroll date after Executive’s termination of employment), and a lump sum amount equal to any unreimbursed business expenses, if any, pursuant to and in accordance with Section 3(e), incurred through the date of Executive’s termination of employment; provided, that this paragraph shall not alter Executive’s rights or obligations he may have or be subject to in connection with or with respect to her equity interests in Holdings, and Executive’s indemnification rights shall continue to be governed in accordance with any Directors and Officers Liability Insurance Policy that the Company may maintain and/or with the Company’s certificate of incorporation or by-bylaws or similar governing document, and otherwise in accordance with Section 7.

		
	(e)
	Cause Definition. For purposes of this Agreement, “Cause” means (i) material failure by Executive to perform Executive’s employment duties (other than as a consequence of any illness, accident or disability), (ii) continued, willful failure of Executive to carry out any reasonable lawful direction of the Company, (iii) material failure of Executive to comply with any of the applicable rules of the Company contained in its Employee Handbook or any other Company policy, (iv) fraud, willful malfeasance, gross negligence or recklessness of Executive in the performance of employment duties, (v) willful failure of Executive to comply with any of the material terms of this Agreement, (vi) other serious, willful misconduct of Executive which causes material injury to the Company or its reputation, including, but not limited to, willful or gross misconduct toward any of the Company’s other employees, and (vii) conviction of a crime (or a pleading of guilty or nolo contendere), other than one which in the opinion of the Board does not affect Executive’s position as an employee of the Company.

		
	(f)
	Good Reason Definition.  For purposes of this Agreement, “Good Reason” means, without the Executive’s consent (i) a material decrease in Executive’s base salary or failure to pay salary when due; (ii) a material diminution in Executive’s duties or responsibilities (provided however, that a mere change in Executive’s title or reporting relationship alone shall not constitute “Good Reason”); (iii) the failure of the Company to cause the transferee or successor to all or substantially all of the assets of the Company or line of business to which Executive’s employment principally relates to assume by operation of law or contractually the Company’s obligations hereunder; or (iv) the relocation of Executive’s principal work location to a location more than fifty (50) miles from its current location; provided, in each case, that (A) Executive provides written notice to the Company, setting forth in reasonable detail the event giving rise to Good Reason within thirty (30) days following the initial occurrence of such event, (B) such event is not cured by the Company within thirty (30) days following its receipt of such written notice, and (C) Executive actually terminates Executive’s employment not later than thirty (30) days following the expiration of such cure period.

		
	(g)
	Separation Agreement and General Release. The payments and benefits set forth in Sections 8(a), 8(b) and 8(c) above shall be expressly conditioned upon Executive’s (or her estate or legal representatives, in the case of Section 4(c)) execution and delivery to the Company of a Separation Agreement and General Release in a form that is acceptable to the Company (the “Separation Agreement”) and such Separation Agreement becoming irrevocable within sixty (60) days following Executive’s termination of employment. For the avoidance of doubt, the payments and benefits set forth in Sections 8(a), 8(b) and 8(c) above shall be forfeited if such Separation Agreement has not been executed, delivered and become irrevocable within such sixty (60) day period. Such Separation Agreement shall contain release language substantially similar to the language set forth in Exhibit A attached hereto.

		
	(h)
	Board/Committee Resignation. Upon termination of Executive’s employment for any reason, Executive agrees to resign, as of the date of such termination and to the extent applicable, from the Board (and any committees thereof) and the Board of Directors (and any committees thereof) of any of the Company’s subsidiaries or affiliates.

		
	(i)
	Beneficial Owner Definition.  For purposes of this Agreement, “Beneficial Owner” has the meaning ascribed to such term in Rule 13d-3 under the Securities Exchange Act of 1934, as amended.

		
	(j)
	Change of Control Definition.  For purposes of this Agreement, “Change in Control” means any of the following:

		
	(i)
	Any Person becomes the Beneficial Owner, directly or indirectly, of more than fifty percent (50%) of the combined voting power, excluding any Person who is the Beneficial Owner of fifty percent (50%) or more of the voting power on the date this Agreement is accepted and agreed to by Executive, of the then outstanding voting securities of the Company entitled to vote generally in the election of its directors (the “Outstanding Company Voting Securities”), including by way of merger, consolidation or otherwise; provided, however, that for purposes of this definition, the following acquisitions shall not constitute a Change in Control: (i) any acquisition of Outstanding Company Voting Securities directly from the Company, including, without limitation, in a public offering of securities, or (ii) any acquisition of Outstanding Company Voting Securities by the Company or any of its subsidiaries, including, without limitation, an acquisition by any employee benefit plan or related trust sponsored or maintained by the Company or any of its subsidiaries.

		
	(ii)
	Consummation of a reorganization, merger, or consolidation to which the Company is a party or a sale or other disposition of all or substantially all of the assets of the Company or the line of business to which Executive’s employment principally relates (a “Business Combination”), unless, following such Business Combination: (i) any Persons who were the Beneficial Owners of Outstanding Company Voting Securities immediately prior to such Business Combination are the Beneficial Owners, directly or indirectly, of more than fifty percent (50%) of the combined voting power of the outstanding voting securities entitled to vote generally in the election of directors (or election of members of a comparable governing body) of the entity resulting from the Business Combination (including, without limitation, an entity which, as a result of such transaction, owns all or substantially all of the Company or all or substantially all of the Company’s assets, either directly or through one or more subsidiaries) (the “Successor Entity”) in substantially the same proportions as their ownership immediately prior to such Business Combination; or (ii) no Person (excluding any Successor Entity or any employee benefit plan or related trust of the Company, any of its subsidiaries, such Successor Entity or any of its subsidiaries) is the Beneficial Owner, directly or indirectly, of more than fifty percent (50%) of the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors (or comparable governing body) of the Successor Entity, except to the extent that such ownership of the Company existed prior to the Business Combination.

		
	(iii)
	Approval by the shareholders of the Company of a complete liquidation or dissolution of the Company.

		
	(k)
	Separation Date Definition.  For purposes of this Agreement, “Separation Date” means the date Executive’s employment with the Company terminates.

		
	9.
	Non-Competition.

		
	(a)
	Executive acknowledges and recognizes the highly competitive nature of the businesses of the Company and its affiliates and accordingly agrees as follows:

		
	(i)
	During Executive’s employment with the Company and, for a period of one year following the date Executive ceases to be employed by the Company (the “Restricted Period”), Executive will not, whether on Executive’s own behalf or on behalf of or in conjunction with any person, firm, partnership, joint venture, association, corporation or other business organization, entity or enterprise whatsoever (“Person”), directly or indirectly solicit or assist in soliciting in competition with the Company, the business of any client or prospective client:

		
	(1)
	with whom Executive had personal contact or dealings on behalf of the Company during the one-year period preceding Executive’s termination of employment;

		
	(2)
	with whom employees reporting to Executive had personal contact or dealings on behalf of the Company during the one year immediately preceding the Executive’s termination of employment; or

		
	(3)
	for whom Executive had direct or indirect responsibility during the one year immediately preceding Executive’s termination of employment.

		
	(ii)
	During the Restricted Period, Executive will not directly or indirectly:

		
	(1)
	engage in any business that competes with the business or businesses of the Company or any of its affiliates, namely in the testing, development and manufacturing services for the development, manufacture, distribution, marketing or sale of radiopharmaceutical products, contrast imaging agents and/or radioactive generators for the global medical imaging and pharmaceutical industries, and including, without limitation, businesses which the Company or its affiliates have specific plans to conduct in the future and as to which Executive is aware of such planning (a “Competitive Business”);

		
	(2)
	enter the employ of, or render any services to, any Person (or any division or controlled or controlling affiliate of any Person) who or which engages in a Competitive Business;

		
	(3)
	acquire a financial interest in, or otherwise become actively involved with, any Competitive Business, directly or indirectly, as an individual, partner, shareholder, officer, director, principal, agent, trustee or consultant; or

		
	(4)
	interfere with, or attempt to interfere with, business relationships (whether formed before, on or after the date of this Agreement) between the Company or any of its affiliates and customers, clients, suppliers, partners, members or investors of the Company or its affiliates.

		
	(iii)
	Notwithstanding anything to the contrary in this Agreement, Executive may, directly or indirectly, own, solely as an investment, securities of any Person engaged in the business of the Company or its affiliates which are publicly traded on a national or regional stock exchange or on the over-the-counter market if Executive (i) is not a controlling person of, or a member of a group which controls, such Person and (ii) does not, directly or indirectly, own 5% or more of any class of securities of such Person. 

		
	(iv)
	During the Restricted Period, Executive will not, whether on Executive’s own behalf or on behalf of or in conjunction with any Person, directly or indirectly:

		
	(1)
	solicit or encourage any employee or consultant of the Company or its affiliates to leave the employment of, or cease providing services to, the Company or its affiliates; or

		
	(2)
	hire any such employee or consultant who was employed by or providing services to the Company or its affiliates as of the date of Executive’s termination of employment with the Company or who left the employment of or ceased providing services to the Company or its affiliates coincident with, or within one year prior to or after, the termination of Executive’s employment with the Company.

		
	(3)
	It is expressly understood and agreed that although Executive and the Company consider the restrictions contained in this Section 9 to be reasonable, if a final judicial determination is made by a court of competent jurisdiction that the time or territory or any other restriction contained in this Agreement is an unenforceable restriction against Executive, the provisions of this Agreement shall not be rendered void but shall be deemed amended to apply as to such maximum time and territory and to such maximum extent as such court may judicially determine or indicate to be enforceable. Alternatively, if any court of competent jurisdiction finds that any restriction contained in this Agreement is 

unenforceable, and such restriction cannot be amended so as to make it enforceable, such finding shall not affect the enforceability of any of the other restrictions contained herein.
		
	(b)
	The provisions of this Section 9 shall survive the termination of this Agreement and Executive’s employment for any reason.

		
	10.
	Non-Disparagement. The Executive shall not at any time (whether during or after Executive’s employment with the Company) make, or cause to be made, any statement or communicate any information (whether oral or written) that disparages or reflects negatively on the Company or any of its affiliates, except for truthful statements that may be made pursuant to legal process, including without limitation in litigation, arbitration or similar dispute resolution proceedings. This Section 10 shall survive the termination of this Agreement and Executive’s employment for any reason.

		
	11.
	Confidentiality; Intellectual Property.

		
	(a)
	Confidentiality.

		
	(i)
	Executive will not at any time (whether during or after Executive’s employment with the Company) (x) retain or use for the benefit, purposes or account of Executive or any other Person; or (y) disclose, divulge, reveal, communicate, share, transfer or provide access to any Person outside the Company (other than its professional advisers who are bound by confidentiality obligations), any non-public, proprietary or confidential information - including, without limitation, trade secrets, know-how, research and development, software, databases, inventions, processes, formulae, technology, designs and other intellectual property, information concerning finances, investments, profits, pricing, costs, products, services, vendors, customers, clients, partners, investors, personnel, compensation, recruiting, training, advertising, sales, marketing, promotions, government and regulatory activities and approvals - concerning the past, current or future business, activities and operations of the Company, its subsidiaries or affiliates and/or any third party that has disclosed or provided any of same to the Company on a confidential basis (“Confidential Information”) without the prior written authorization of the Board.

		
	(ii)
	Confidential Information shall not include any information that is (A) generally known to the industry or the public other than as a result of Executive’s breach of this covenant or any breach of other confidentiality obligations by third parties; (B) made legitimately available to Executive by a third party without breach of any confidentiality obligation; or (C) required by law to be disclosed; provided that Executive shall give prompt written notice to the Company of such requirement, disclose no more information than is so required, and cooperate with any attempts by the Company to obtain a protective order or similar treatment.

		
	(iii)
	Except as required by law, Executive will not disclose to anyone, other than Executive’s immediate family and legal or financial advisors, the existence or contents of this Agreement; provided that Executive may disclose to any prospective future employer the provisions of Sections 9, 10 and 11 of this Agreement provided they agree to maintain the confidentiality of such terms.

		
	(iv)
	Upon termination of Executive’s employment with the Company for any reason, Executive shall (x) cease and not thereafter commence use of any Confidential Information or intellectual property (including without limitation, any patent, invention, copyright, trade secret, trademark, trade name, logo, domain name or other source indicator) owned or used by the Company, its subsidiaries or affiliates; (y) immediately return to the Company all Company property and destroy, delete, or return to the Company, at the Company’s option, all originals and copies in any form or medium (including memoranda, books, papers, plans, computer files, letters and other data) in Executive’s possession or control (including any of the foregoing stored or located in Executive’s office, home, laptop or other computer, whether or not Company property) that contain Confidential Information or otherwise relate to the business of the Company, its affiliates and subsidiaries, except that Executive may retain only those portions of any personal notes, notebooks and diaries that do not contain any Confidential Information; and (z) notify and fully cooperate with the Company regarding the delivery or destruction of any other Confidential Information of which Executive is or becomes aware and promptly return any other Company property in Executive’s possession.

		
	(b)
	Intellectual Property.

		
	(i)
	If Executive has created, invented, designed, developed, contributed to or improved any works of authorship, inventions, intellectual property, materials, documents or other work product (including without limitation, research, reports, software, databases, systems, applications, presentations, textual works, content, or audiovisual materials) (“Works”), either alone or with third parties, prior to Executive’s employment by the Company, that are relevant to or implicated by such employment (“Prior Works”), Executive hereby grants the Company a perpetual, nonexclusive, royalty-free, worldwide, assignable, sublicensable license under all rights and intellectual property rights (including rights under patent, industrial property, copyright, trademark, trade secret, unfair competition and related laws) therein for all purposes in connection with the Company’s current and future business. A list of all such material Works as of the date hereof is attached hereto as Exhibit B.

		
	(ii)
	If Executive creates, invents, designs, develops, contributes to or improves any Works, either alone or with third parties, at any time during Executive’s employment by the Company and within the scope of such employment and/or with the use of any Company resources (“Company Works”), Executive shall promptly and fully disclose such works to the Company and hereby irrevocably assigns, transfers and conveys, to the maximum extent permitted by applicable law, all rights and intellectual property rights therein (including rights under patent, industrial property, copyright, trademark, trade secret, unfair competition and related laws) to the Company to the extent ownership of any such rights does not vest originally in the Company. 

		
	(iii)
	Executive agrees to keep and maintain adequate and current written records (in the form of notes, sketches, drawings, and any other form or media requested by the Company) of all Company Works. The records will be available to and remain the sole property and intellectual property of the Company at all times.

		
	(iv)
	Executive shall take all requested actions and execute all requested documents (including any licenses or assignments required by a government contract) at the Company’s expense (but without further remuneration) to assist the Company in validating, maintaining, protecting, enforcing, perfecting, recording, patenting or registering any of the Company’s rights in the Prior Works and Company Works. If the Company is unable for any other reason to secure Executive’s signature on any document for this purpose, then Executive hereby irrevocably designates and appoints the Company and its duly authorized officers and agents as Executive’s agent and attorney-in-fact, to act for and on Executive’s behalf to execute any documents and to do all other lawfully permitted acts in connection with the foregoing.

		
	(v)
	Executive shall not improperly use for the benefit of, bring to any premises of, divulge, disclose, communicate, reveal, transfer or provide access to, or share with the Company any confidential, proprietary or non-public information or intellectual property relating to a former employer or other third party without the prior written permission of such third party. Executive hereby indemnifies, holds harmless and agrees to defend the Company and its officers, directors, partners, employees, agents and representatives from any breach of the foregoing covenant. Executive shall comply with all relevant policies and guidelines of the Company, including regarding the protection of confidential information and intellectual property and potential conflicts of interest. Executive acknowledges that the Company may amend any such policies and guidelines from time to time, and that Executive remains at all times bound by their most current version.

		
	(c)
	The provisions of this Section 11 shall survive the termination of this Agreement and Executive’s employment for any reason.

		
	12.
	Specific Performance. ·Executive acknowledges and agrees that the Company’s remedies at law for a breach or threatened breach of any of the provisions of Section 9, Section 10 or Section 11 would be inadequate and the Company would suffer irreparable damages as a result of such breach or threatened breach. In recognition of this fact, Executive agrees that, in the event of such a breach or threatened breach, in addition to any remedies at law, the Company, without posting any bond, shall be entitled to cease making any payments or providing any benefit otherwise required by this Agreement and obtain equitable relief in the form of specific performance, temporary restraining order, temporary or permanent injunction or any other equitable remedy which may then be available.

		
	13.
	Miscellaneous.

		
	(a)
	Governing Law. This Agreement shall be governed by, construed and interpreted in all respects, in accordance with the laws of the State of New York, without regard to conflicts of laws principles thereof.

		
	(b)
	Entire Agreement/Amendments. This Agreement contains the entire understanding of the parties with respect to the employment of Executive by the Company and supersedes all prior agreements, understandings, discussions, negotiations and undertakings, whether written or oral between the Executive and the Company or any of its affiliates with respect to the Executive’s employment.  There are no restrictions, agreements, promises, warranties, covenants or undertakings between the parties with respect to the subject matter herein other than those expressly set forth herein. This Agreement may not be altered, modified, or amended except by written instrument signed by the parties hereto.

		
	(c)
	No Waiver. The failure of a party to insist upon strict adherence to any term of this Agreement on any occasion shall not be considered a waiver of such party’s rights or deprive such party of the right thereafter to insist upon strict adherence to that term or any other term of this Agreement.

		
	(d)
	Severability. In the event that any one or more of the provisions of this Agreement shall be or become invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions of this Agreement shall not be affected thereby.

		
	(e)
	Assignment. This Agreement, and all of Executive’s rights and duties hereunder, shall not be assignable or delegable by Executive. Any purported assignment or delegation by Executive in violation of the foregoing shall be null and void ab initio and of no force and effect. This Agreement may be assigned by the Company to a person or entity which is an affiliate or a successor in interest to substantially all of the business operations of the Company. Upon such assignment, the rights and obligations of the Company hereunder shall become the rights and obligations of such affiliate or successor person or entity.

		
	(f)
	Set Off.  The Company’s obligation to pay Executive the amounts provided and to make the arrangements provided hereunder shall be subject to set-off, counterclaim or recoupment of amounts owed by Executive to the Company or its affiliates.

		
	(g)
	Dispute Resolution. Except with respect to Sections 9, 10, 11 and 12 hereof, any controversy or claim arising out of or related to any provision of this Agreement that cannot be mutually resolved by the parties hereto shall be settled by final, binding and nonappealable arbitration in New York, NY by a single mutually-acceptable arbitrator.  Subject to the following provisions, the arbitration shall be conducted in accordance with the applicable rules of American Arbitration Association then in effect. Any award entered by the arbitrator shall be final, binding and nonappealable and judgment may be entered thereon by either party in accordance with applicable law in any court of competent jurisdiction. This arbitration provision shall be specifically enforceable. The arbitrator shall have no authority to modify any provision of this Agreement or to award a remedy for a dispute involving this Agreement other than a benefit specifically provided under or by virtue of the Agreement. Each party shall be responsible for its own expenses relating to the conduct of the arbitration or litigation (including attorney’s fees and expenses) and shall share the fees of the American Arbitration Association and the arbitrator equally.

		
	(h)
	Compliance with Section 409A of the Code.

		
	(i)
	The intent of the parties is that the payments and benefits under this Agreement comply with or be exempt from Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in compliance therewith. To the extent that any provision hereof is modified in order to comply with or be exempt from Section 409A, such modification shall be made in good faith and shall, to the maximum extent reasonably possible, maintain the original intent and economic benefit to Executive and the Company of the applicable provision without violating the provisions of Code Section 409A (“Section 409A”).

		
	(ii)
	If any payment, compensation or other benefit provided to Executive under this Agreement in connection with Executive’s “separation from service” (within the meaning of Section 409A) is determined, in whole or in part, to constitute “nonqualified deferred compensation” (within the 

meaning of Section 409A) and Executive is a specified employee (as defined in Code Section 409A(a)(2)(B)(i)) at the time of separation from service, no part of such payments shall be paid before the day that is six months plus one day after the date of separation or, if earlier, ten business days following Executive’s death (the “New Payment Date”). The aggregate of any payments and benefits that otherwise would have been paid and/or provided to Executive during the period between the date of separation of service and the New Payment Date shall be paid to Executive in a lump sum on such New Payment Date. Thereafter, any payments and/or benefits that remain outstanding as of or following the New Payment Date shall be paid without delay over the time period originally scheduled, in accordance with the terms of this Agreement.
		
	(iii)
	A termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of any amounts or benefits subject to Section 409A upon or following a termination of employment unless such termination is also a “separation from service” (within the meaning of Section 409A), and for purposes of any such provision of this Agreement, references to a “resignation,” “termination,” “terminate,” “termination of employment” or like terms shall mean separation from service (within the meaning of Section 409A).

		
	(iv)
	All expenses or other reimbursements as provided herein shall be payable in accordance with the Company’s policies in effect from time to time, but in any event shall be made on or prior to the last day of the taxable year following the taxable year in which such expenses were incurred by Executive. With regard to any provision herein that provides for reimbursement of costs and expenses or in-kind benefits, except as permitted by Section 409A: (i) the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit; and (ii) the amount of expenses eligible for reimbursements or in-kind benefits provided during any taxable year shall not affect the expenses eligible for reimbursement or in-kind benefits to be provided in any other taxable year.

		
	(v)
	For purposes of Section 409A, Executive’s right to receive any installment payments pursuant to this Agreement shall be treated as a right to receive a series of separate and distinct payments. Whenever a payment under this Agreement specifies a payment period with reference to a number of days (e.g., payment shall be made within 30 days following the date of termination), the actual date of payment within the specified period shall be within the sole discretion of the Company.

		
	(vi)
	To the extent required to comply with Section 409A, a Change in Control will not be deemed to occur for purposes of this Agreement unless it is a “change in control event” as defined in Section 1.409A-3(i)(5)(i) of the Treasury Regulations, and if it is not a “change in control event,” payment of the severance described in Section 8(b) of this Agreement shall instead be paid as provided under Section 8(a) of this Agreement (unless the severance, or portion thereof, could be paid earlier without resulting in adverse tax consequences under Section 409A).

		
	(i)
	Successors; Binding Agreement. This Agreement shall inure to the benefit of and be binding upon personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees of the parties hereto.

		
	(j)
	Notice. For the purpose of this Agreement, notices and all other communications provided for in the Agreement shall be in writing and shall be deemed to have been duly given when delivered by hand or overnight courier or three days after it has been mailed by United States registered mail, return receipt requested, postage prepaid, addressed to the respective addresses set forth below in this Agreement, or to such other address as either party may have furnished to the other in writing in accordance herewith, except that notice of change of address shall be effective only upon receipt,    

If to the Company:     Lantheus Medical Imaging, Inc.    
331 Treble Cove Rd.    
Bldg. 600-2    
N. Billerica, MA 01862    
Attention: Michael Duffy,     
Senior Vice President and General Counsel    
Email: Michael.Duffy@lantheus.com    

If to Executive:     To Executive’s address on file with the Company
		
	(k)
	Executive Representation.  Executive hereby represents to the Company that (i) Executive has been provided with sufficient opportunity to review this Agreement and has been advised by the Company to conduct such review with an attorney of her choice, and (ii) the execution and delivery of this Agreement by Executive and the Company and the performance by Executive of Executive’s duties hereunder shall not constitute a breach of, or otherwise contravene, the terms of any employment agreement or other agreement or policy to which Executive is a party or otherwise bound.

		
	(l)
	Cooperation.  Executive shall provide Executive’s reasonable cooperation in connection with any action or proceeding (or any appeal from any action or proceeding) which relates to events occurring during Executive’s employment hereunder. This provision shall survive any termination of this Agreement or Executive’s employment.

		
	(m)
	Withholding Taxes. The Company may withhold from any amounts payable under this Agreement such Federal, state and local taxes as may be required to be withheld pursuant to any applicable law or regulation.

		
	(n)
	Counterparts. This Agreement may be signed in counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument.

		
	14.
	

		
	(a)
	Anything in this Agreement to the contrary notwithstanding, in the event that the receipt of all payments or distributions by the Company in the nature of compensation to or for the Executive’s benefit, whether paid or payable pursuant to this Agreement or otherwise (a “Payment”), would subject the Executive to the excise tax under Section 4999 of the Code, the accounting firm which audited the Company prior to the corporate transaction which results in the application of such excise tax (the “Accounting Firm”) shall determine whether to reduce any of the Payments to the Reduced Amount (as defined below). The Payments shall be reduced to the Reduced Amount only if the Accounting Firm determines that the Executive would have a greater Net After-Tax Receipt (as defined below) of aggregate Payments if the Executive’s Payments were reduced to the Reduced Amount. If such a determination is not made by the Accounting Firm, the Executive shall receive all Payments to which the Executive is entitled.

		
	(b)
	If the Accounting Firm determines that aggregate Payments should be reduced to the Reduced Amount, the Company shall promptly give the Executive notice to that effect and a copy of the detailed calculation thereof. All determinations made by the Accounting Firm under this Section 14 shall be made as soon as reasonably practicable and in no event later than sixty (60) days following the date of termination or such earlier date as requested by the Company. For purposes of reducing the Payments to the Reduced Amount, such reduction shall be implemented by determining the Parachute Payment Ratio (as defined below) for each Payment and then reducing the Payments in order beginning with the Payment with the highest Parachute Payment Ratio. For Payments with the same Parachute Payment Ratio, such Payments shall be reduced based on the time of payment of such Payments, with amounts having later payment dates being reduced first. For Payments with the same Parachute Payment Ratio and the same time of payment, such Payments shall be reduced on a pro rata basis (but not below zero) prior to reducing Payments with a lower Parachute Payment Ratio. In all cases, the reduction of Payments shall be implemented in a manner that complies with Section 409A of the Code. All other provisions of any agreement embodying the Payments shall remain in full force and effect. All fees and expenses of the Accounting Firm shall be borne solely by the Company.

		
	(c)
	As a result of the uncertainty in the application of Section 4999 of the Code at the time of the initial determination by the Accounting Firm hereunder, it is possible that amounts will have been paid or distributed by the Company to or for the benefit of the Executive pursuant to this Agreement or otherwise which should not have been so paid or distributed (the “Overpayment”) or that additional amounts which will have not been paid or distributed by the Company to or for the benefit of the Executive pursuant to this Agreement or otherwise could have been so paid or distributed (the “Underpayment”), in each case, consistent with the calculation of the Reduced Amount hereunder. In the event that the Accounting Firm, based upon the assertion of a deficiency by the Internal Revenue Service against either the Company or the Executive which the Accounting Firm believes has a high probability of success, determines that an Overpayment has been made, the Executive shall pay any such Overpayment to the Company together with 

interest at the applicable federal rate provided for in Section 7872(f)(2) of the Code; provided, however, that no amount shall be payable by the Executive to the Company if and to the extent such payment would not either reduce the amount on which the Executive is subject to tax under Section 1 and Section 4999 of the Code or generate a refund of such taxes. In the event that the Accounting Firm, based upon controlling precedent or substantial authority, determines that an Underpayment has occurred, any such Underpayment shall be paid promptly (and in no event later than sixty (60) days following the date on which the Underpayment is determined) by the Company to or for the benefit of the Executive together with interest at the applicable federal rate provided for in Section 7872(f)(2) of the Code.
		
	(d)
	For purposes hereof, the following terms have the meanings set forth below: (i) “Reduced Amount” shall mean the greatest amount of Payments that can be paid that would not result in the imposition of the excise tax under Section 4999 of the Code if the Accounting Firm determines to reduce Payments pursuant to this Section 14, (ii) “Net After-Tax Receipt” shall mean the present value (as determined in accordance with Sections 280G(b)(2)(A)(ii) and 280G(d)(4) of the Code) of a Payment net of all taxes imposed on the Executive with respect thereto under Sections 1 and 4999 of the Code and under applicable state and local laws, determined by applying the highest marginal rate under Section 1 of the Code and under state and local laws which applied to the Executive’s taxable income for the immediately preceding taxable year, or such other rate(s) as the Executive certifies, in the Executive’s sole discretion, as likely to apply to the Executive in the relevant tax year(s), and (iii) “Parachute Payment Ratio” shall mean a fraction the numerator of which is the present value (as determined in accordance with Sections 280G(b)(2)(A)(ii) and 280G(d)(4) of the Code) of the applicable Payment for purposes of Section 280G and the denominator of which is the intrinsic value of such Payment.

[Signatures on following page]

IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the day and year first above written.
Lantheus Medical Imaging, Inc.

/s/ Michael P. Duffy                        /s/ Mary Anne Heino        
By:    Michael P. Duffy                                  Mary Anne Heino
Title:    Senior Vice President, General Counsel                                
and Secretary

EXHIBIT A
RELEASE

This RELEASE (“Release”) dated as of ____________, 20____between Lantheus Medical Imaging, Inc., a Delaware corporation (the “Company”), and __________________ (the “Executive”).
WHEREAS, the Company and the Executive previously entered into an employment agreement dated __________, 20__ (the “Employment Agreement”); and
WHEREAS, the Executive’s employment with the Company has terminated effective _______ ____, 20_____;
NOW, THEREFORE, in consideration of the premises and mutual agreements contained herein and in the Employment Agreement, the Company and the Executive agree as follows:
		
	1.
	Executive agrees to and does waive any claims Executive may have for employment by the Company.  Executive, on her own behalf and on behalf of Executive’s heirs, estate and beneficiaries, further does hereby release the Company, and in those capacities, any of its Affiliates, and each of their respective past, present and future officers, directors, agents, employees, shareholders, investors, employee benefit plans and their administrators, trustees or fiduciaries, insurers of any of those entities, and its and their successors and assigns and others related to those entities (collectively, the “Released Parties”) from any and all claims made, to be made, or which might have been made of whatever nature, whether known or unknown, from the beginning of time, including those that arose as a consequence of Executive’s employment with the Company, or arising out of the termination of Executive’s employment with the Company, or any act committed or omitted during or after the existence of that employment relationship, all up through and including the date on which this Release is executed, including, but not limited to, those which were, could have been or could be the subject of an administrative or judicial proceeding filed by Executive or on her behalf under federal, state or local law, whether by statute, regulation, in contract or tort, and including, but not limited to, for front pay, back pay, wages, bonus, fringe benefit, any form of discrimination, wrongful termination, tort, emotional distress, pain and suffering, breach of contract, fraud, defamation, compensatory or punitive damages, interest, attorney’s fees, reinstatement or reemployment, and any rights or claims under the Civil Rights Act of 1866, the Age Discrimination in Employment Act of 1967, 29 U.S.C. sec. 621, et seq., the Older Workers Benefit Protection Act, the Americans with Disabilities Act, the Family and Medical Leave Act, the Civil Rights Act of 1964, Title VII, the Civil Rights Act of 1991, the Employee Retirement Income Security Act of 1974, the Equal Pay Act, the Worker Adjustment and Retraining Notification Act, the Massachusetts Fair Employment Practices Act (M.G.L. c.151B), the Massachusetts Civil Rights Act, the Massachusetts Equal Pay and Maternity Benefits Law, the Massachusetts Equal Rights for Elderly and Disabled Law, the Massachusetts Small Necessities Leave Act, the Massachusetts Age Discrimination Law, the Massachusetts Wage Payment Statutes (M.G.L. c.149, 148, 150), the Massachusetts Earned Sick Tim Law (MGL Ch. 149, Section 148C) and any other federal, state or local law, in each case, as amended, relating to employment, discrimination in employment, termination of employment, wages, benefits or otherwise.  Executive acknowledges and agrees that even though claims and facts in addition to those now known or believed by her to exist may subsequently be discovered, it is Executive’s intention to fully settle and release all claims she may have against the Company and the Released Parties, whether known, unknown or suspected.  The Released Parties who are not party to this Release will be third-party beneficiaries of this Section 1.

		
	2.
	Notwithstanding the generality of the foregoing, Executive does not waive her right to (i) have a complaint, charge or related lawsuit filed with the Equal Employment Opportunity Commission (“EEOC”) or any similar state or local governmental agency by her or by anyone on her behalf or to participate in an investigation conducted by the EEOC or any similar state or local governmental agency; however, Executive expressly waives her right to recover any personal relief, recovery or monies should Executive or anyone on her behalf pursue any of those complaints, claims or related lawsuits; or (ii) pursue a claim that cannot be waived by law, such as a claim for unemployment benefit rights.

		
	3.
	The Company and Executive acknowledge and agree that the release contained in Section 1 above does not, and will not be construed to, release or limit the scope of any existing obligation of the Company and/or any of its Affiliates (i) if and as applicable, to indemnify Executive for her acts as an officer or director of the Company and/or its Affiliates in accordance with their respective charters or bylaws or under an indemnification agreement to which Executive and the Company or any of its Affiliates are parties or under any applicable Directors and Officers insurance policies or under any applicable law; or (ii) to Executive and her eligible, participating dependents or 

beneficiaries under the terms of any existing group welfare (excluding severance) or retirement plan of the Company in which Executive and/or any of those dependents or beneficiaries are participants.
		
	4.
	The Executive acknowledges and agrees that before entering into this Release, she has had the opportunity to consult with any attorney or other advisor of her choice, and Executive is hereby advised to consult with an attorney.  Executive further acknowledges and agrees that by signing this Release, Executive does so of her own free will and act, that it is her intention to be legally bound by its terms, and that no promises or representations have been made to her by any person to induce her to enter into this Release other than the express terms set forth herein.  Executive further acknowledges and agrees that Executive has carefully read this Release, know and understand its contents and its binding legal effect, including the waiver and release of claims set forth in Section 1 above.

		
	5.
	The Executive acknowledges that she has been provided at least 21 days to review the Release. In the event the Executive elects to sign this Release prior to this 21 day period, she agrees that it is a knowing and voluntary waiver of her right to wait the full 21 days. The Executive further understand that she has 7 days after the signing hereof to revoke this Release by so notifying the Company, Lantheus Medical Imaging, Inc., 331 Treble Cove Rd., Bldg. 600-2, N. Billerica, MA 01862, Attention: General Counsel in writing, such notice to be received by the Company within the 7 day period. This Release shall not become effective or enforceable, and no payments or benefits under Sections 8(a), (b) or (c) of the Employment Agreement, as applicable, shall be made or provided, until this seven (7) day revocation period expires without the Executive having revoked this Release.

[Signatures on following page]

IN WITNESS WHEREOF, the parties have executed this Release on the date first above written.
Lantheus Medical Imaging, Inc.

By: ___________________________
       Name:
       Title:

        ____________________________
       Employee Name

EXHIBIT B
PRIOR WORKS

[None]

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