Document:

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                                                                     EXHIBIT 4.4

               MASTER MOTOR VEHICLE LEASE AND SERVICING AGREEMENT
                           dated as of August 30, 2002

                                      among

               NATIONAL CAR RENTAL FINANCING LIMITED PARTNERSHIP,
                               as Group IV Lessor,

                        NATIONAL CAR RENTAL SYSTEM, INC.,
                               as Group IV Lessee,

                             and those subsidiaries
                            of ANC Rental Corporation
                                from time to time
                       becoming Group IV Lessees hereunder

                                       and

                             ANC RENTAL CORPORATION,
                            as Guarantor and Servicer

AS SET FORTH IN SECTION 21 HEREOF, THE GROUP IV LESSOR HAS ASSIGNED TO THE
TRUSTEE (AS DEFINED HEREIN) ALL OF THE GROUP IV LESSOR'S RIGHT, TITLE AND
INTEREST IN AND TO THIS LEASE. TO THE EXTENT, IF ANY, THAT THIS LEASE
CONSTITUTES CHATTEL PAPER (AS SUCH TERM IS DEFINED IN THE UNIFORM COMMERCIAL
CODE AS IN EFFECT IN ANY APPLICABLE JURISDICTION), NO SECURITY INTEREST IN THIS
LEASE MAY BE CREATED THROUGH THE TRANSFER OR POSSESSION OF ANY COUNTERPART OTHER
THAN THE ORIGINAL EXECUTED COUNTERPART, WHICH SHALL BE IDENTIFIED AS THE
COUNTERPART CONTAINING THE RECEIPT THEREFOR EXECUTED BY THE TRUSTEE ON THE
SIGNATURE PAGE THEREOF.

               THIS IS NOT THE ORIGINAL EXECUTED COUNTERPART NO. 1

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SECTION 1             CERTAIN DEFINITIONS...............................................................2

Section 1.1.               Certain Definitions..........................................................2

Section 1.2.               Accounting and Financial Determinations......................................2

Section 1.3.               Cross References; Headings...................................................3

Section 1.4.               Interpretation...............................................................3

SECTION 2             GENERAL AGREEMENT.................................................................4

Section 2.1.               Leasing of Group IV Vehicles.................................................4

Section 2.2.               Right of Group IV Lessee to Act as Group IV Lessor's Agent;
                           Titling of Vehicles in the Name of Nominees..................................6

Section 2.3.               Payment of Purchase Price by Group IV Lessor; Certain Additional
                           Payments to the Servicer.....................................................7

Section 2.4.               Non-liability of Group IV Lessor.............................................9

SECTION 3             TERM.............................................................................10

Section 3.1.               Vehicle Lease Commencement Date.............................................10

Section 3.2.               Lease Commencement Date.....................................................10

SECTION 4             CONDITIONS PRECEDENT.............................................................10

Section 4.1.               Conditions to Effectiveness of this Lease...................................10

Section 4.2.               Conditions to Each Lease of Group IV Vehicles...............................13

Section 4.3.               Additional Conditions to Leases of Group IV Refinanced Vehicles
                           and Group IV Eligible Receivables...........................................14

Section 4.4.               Additional Conditions to Lease of Group IV Financed Vehicles................16

SECTION 5             RENT AND CHARGES.................................................................16

Section 5.1.               Payment of Rent.............................................................16

Section 5.2.               Reserved....................................................................16

Section 5.3.               Payment of Monthly Supplemental Payments....................................16

Section 5.4.               Payment of Termination Payments and Group IV Casualty Payments..............16

Section 5.5.               Late Payment................................................................16

Section 5.6.               Making of Payments..........................................................16

SECTION 6             RESERVED.........................................................................17

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SECTION 7             GROUP IV CASUALTY AND INELIGIBLE VEHICLES........................................17

SECTION 8             VEHICLE USE......................................................................18

SECTION 9             REGISTRATION; LICENSE; TRAFFIC SUMMONSES; PENALTIES AND FINES....................19

SECTION 10            MAINTENANCE AND REPAIRS..........................................................20

SECTION 11            MANUFACTURER WARRANTIES..........................................................21

SECTION 12            VEHICLE RETURN GUIDELINES........................................................21

Section 12.1.              Vehicle Turn-in Condition...................................................21

Section 12.2.              Disposition Procedure.......................................................21

Section 12.3.              Termination Payments for Group IV Acquired Vehicles.........................22

SECTION 13            Reserved.........................................................................23

SECTION 14            REDESIGNATION OF GROUP IV VEHICLES...............................................23

SECTION 15            GENERAL INDEMNITY AND PAYMENT OF EXPENSES........................................24

Section 15.1.              Indemnity and Payment of Expenses by the Group IV Lessees...................24

Section 15.2.              Reimbursement Obligation by the Group IV Lessees............................26

Section 15.3.              Notice to Group IV Lessee of Claims.........................................26

Section 15.4.              Defense of Claims...........................................................27

SECTION 16            SUCCESSORS AND ASSIGNS; ASSIGNMENT...............................................27

SECTION 17            DEFAULT AND REMEDIES THEREFOR....................................................28

Section 17.1.              Events of Default...........................................................28

Section 17.2.              Effect of Lease Event of Default; Limited Liquidation Event of Default or
                           Liquidation Event of Default................................................29

Section 17.3.              Rights of Group IV Lessor and Trustee Upon Lease Event of Default,
                           Liquidation Event of Default or Limited Liquidation Event of Default........30

Section 17.4.              Measure of Damages..........................................................33

Section 17.5.              Application of Proceeds.....................................................34

SECTION 18            MANUFACTURER EVENTS OF DEFAULT...................................................35

SECTION 19            CERTIFICATION OF TRADE OR BUSINESS USE...........................................35

SECTION 20            SURVIVAL.........................................................................35
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SECTION 21            RIGHTS OF GROUP IV LESSOR PLEDGED TO MASTER COLLATERAL AGENT AND TRUSTEE.........35

SECTION 22            MODIFICATION AND SEVERABILITY....................................................38

SECTION 23            CERTAIN REPRESENTATIONS AND WARRANTIES...........................................38

Section 23.1.              Organization; Power; Qualification..........................................38

Section 23.2.              Authorization; Enforceability...............................................39

Section 23.3.              Compliance..................................................................39

Section 23.4.              Financial Information; Financial Condition..................................39

Section 23.5.              Litigation..................................................................40

Section 23.6.              Liens.......................................................................40

Section 23.7.              Employee Benefit Plans......................................................40

Section 23.8.              Securities Laws.............................................................40

Section 23.9.              Regulations T, U and X......................................................41

Section 23.10.             Business Locations; Trade Names.............................................41

Section 23.11.             Taxes.......................................................................41

Section 23.12.             Governmental Authorizations.................................................41

Section 23.13.             Group IV Eligible Vehicles; Fleet Sharing Parties...........................41

Section 23.14.             Accuracy of Information.....................................................42

Section 23.15.             Reserved....................................................................42

Section 23.16.             Ownership...................................................................42

Section 23.17.             Necessary Actions...........................................................42

Section 23.18.             Supplemental Documents True and Correct.....................................42

SECTION 24            CERTAIN AFFIRMATIVE COVENANTS....................................................43

Section 24.1.              Corporate Existence; Foreign Qualification..................................43

Section 24.2.              Books, Records and Inspections..............................................43

Section 24.3.              Accounting Methods; Financial Records.......................................44

Section 24.4.              Insurance...................................................................44

Section 24.5.              Manufacturer Programs.......................................................45

Section 24.6.              Reporting Requirements......................................................45
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Section 24.7.              Taxes and Liabilities.......................................................49

Section 24.8.              Maintenance of the Group IV Vehicles........................................49

Section 24.9.              Maintenance of Separate Existence...........................................49

Section 24.10.             Repurchase Payments; Sales Proceeds.........................................50

Section 24.11.             Certificates of Title; Verification of Titles...............................50

Section 24.12.             Master Collateral Agency Agreement..........................................51

Section 24.13.             Compliance with Laws........................................................51

Section 24.14.             Delivery of Information.....................................................51

Section 24.15.             Deliveries: Further Assurances..............................................51

Section 24.16.             Additional Actions..........................................................52

Section 24.17.             Fleet Sharing Agreements....................................................52

Section 24.18.             Minimum Depreciation Rate...................................................52

Section 24.19.             Filing of a Plan of Reorganization..........................................53

SECTION 25            CERTAIN NEGATIVE COVENANTS.......................................................53

Section 25.1.              Mergers, Consolidations.....................................................53

Section 25.2.              Regulations T, U and X......................................................53

Section 25.3.              Liens.......................................................................53

Section 25.4.              Use of Group IV Vehicles....................................................53

Section 25.5.              Change of Location or Name..................................................53

SECTION 26            SERVICING COMPENSATION; EXPENSES OF SERVICER; DELEGATION OF SERVICING DUTIES.....54

SECTION 27            RELEASE OF GROUP IV COLLATERAL...................................................54

SECTION 28            GUARANTY.........................................................................56

Section 28.1.              Guaranty....................................................................56

Section 28.2.              Scope of Guarantor's Liability..............................................56

Section 28.3.              Group IV Lessor's Right to Amend this Lease.................................57

Section 28.4.              Waiver of Certain Rights by Guarantor.......................................57

Section 28.5.              Group IV Lessees' Obligations to Guarantor and Guarantor's
                           Obligations to Group IV Lessees Subordinated................................58

Section 28.6.              Guarantor to Pay Group IV Lessor's Expenses.................................60
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Section 28.7.              Reinstatement...............................................................60

Section 28.8.              Pari Passu Indebtedness.....................................................60

Section 28.9.              Third-Party Beneficiaries...................................................60

SECTION 29            ADDITIONAL GROUP IV LESSEES......................................................60

Section 29.1.              Additional Subsidiary Group IV Lessees......................................61

SECTION 30            BANKRUPTCY PETITION AGAINST GROUP IV LESSOR......................................62

section 31            FORUM SELECTION AND CONSENT TO JURISDICTION......................................63

SECTION 32            GOVERNING LAW....................................................................63

SECTION 33            JURY TRIAL.......................................................................64

SECTION 34            NOTICES..........................................................................64

SECTION 35            HEADINGS.........................................................................64

SECTION 36            EXECUTION IN COUNTERPARTS........................................................64

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                                    EXHIBITS

ANNEX A          -    Group IV Operating Lease Annex
ANNEX B          -    Group IV Financing Lease Annex

SCHEDULE 23.10   -    Business Locations

ATTACHMENT A-1   -    Information on Group IV Refinanced Vehicles and
                      Group IV Eligible Receivables
ATTACHMENT A-2   -    Vehicle Order
ATTACHMENT B     -    Form of Power of Attorney
ATTACHMENT C     -    Form of Certification of Trade or Business Use
ATTACHMENT D     -    Form of Affiliate Joinder in Lease

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                  [CERTAIN PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED PURSUANT
TO A REQUEST FOR CONFIDENTIAL TREATMENT AS INDICATED BY AN * AND HAVE BEEN
SEPARATELY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION.]

               MASTER MOTOR VEHICLE LEASE AND SERVICING AGREEMENT

                  This Master Motor Vehicle Lease and Servicing Agreement (the
"BASE LEASE" and, as supplemented by the Group IV Lease Annex delivered
hereunder, this "LEASE" or the "GROUP IV LEASE"), dated as of August 30, 2002,
is by and among NATIONAL CAR RENTAL FINANCING LIMITED PARTNERSHIP, a special
purpose Delaware limited partnership (the "GROUP IV LESSOR"), NATIONAL CAR
RENTAL SYSTEM, INC., a Delaware corporation (together with its successors and
permitted assigns, "NATIONAL"), as a Group IV Lessee, and those subsidiaries of
ANC Rental Corporation, from time to time becoming Group IV Lessees hereunder
pursuant to SECTION 29 hereof (each, an "ADDITIONAL GROUP IV LESSEE"), as Group
IV Lessees (National and each of the Additional Group IV Lessees, in its
respective capacity as a Group IV Lessee, a "GROUP IV LESSEE" and, collectively,
the "GROUP IV LESSEES") and ANC RENTAL CORPORATION, a Delaware corporation
("ANC"), as servicer (in such capacity, the "SERVICER") and as guarantor (in
such capacity, the "GUARANTOR").

                              W I T N E S S E T H:
                               - - - - - - - - - -

                  WHEREAS, the Group IV Lessor (such capitalized term, together
with each other capitalized term used herein, having the meaning assigned
thereto in SECTION 1) intends to purchase Group IV Eligible Vehicles with the
proceeds obtained by the issuance of its Series 2002-3 Notes and, if any, each
other Series of Notes secured by the Group IV Collateral (collectively, the
"GROUP IV NOTES") issued pursuant to the Second Indenture and the increase from
time to time in the Group IV Invested Amounts thereof and with certain other
funds; and

                  WHEREAS, the Group IV Lessor desires to lease to the Group IV
Lessees and the Group IV Lessees desire to lease from the Group IV Lessor, Group
IV Vehicles for use in the domestic daily rental car operations of the Group IV
Lessees and their Fleet Sharing Parties; and

                  WHEREAS, on November 13, 2001, ANC and certain of its
affiliates (ANC and such affiliates are collectively referred to herein as, the
"DEBTORS") filed with the United States Bankruptcy Court for the District of
Delaware (the "BANKRUPTCY COURT") voluntary petitions for relief under Chapter
11 of Title 11 of the United States Code, 11 U.S.C. ss.ss. 101, et seq. (the
"BANKRUPTCY CODE"), Case No. 01-11200 (the "BANKRUPTCY PROCEEDING"), and the
Debtors have continued in possession of their assets pursuant to Sections 1107
and 1108 of the Bankruptcy Code. The Debtors' Chapter 11 proceedings are being
jointly administered;

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                  WHEREAS, although this Lease contains provisions relating to
Group IV Financed Vehicles, Group IV Refinanced Vehicles, Group IV Financial
Receivables, a Group IV Initial Fleet and Fleet Purchase Transactions, the Group
IV Lessor does not intend that any of those types of transactions will occur
under this Lease; and

                  WHEREAS, the Group IV Lessor will pledge and grant a security
interest to the Trustee, for the benefit solely of the holders of the Series
2002-3 Noteholder, in its rights under this Lease.

                  NOW, THEREFORE, in consideration of the foregoing premises,
and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties hereto hereby agree as follows:

         SECTION 1 CERTAIN DEFINITIONS.

         Section 1.1. CERTAIN DEFINITIONS. As used in this Lease and unless the
context requires a different meaning, capitalized terms not otherwise defined
herein or in the Annex hereto shall have the meanings assigned to such terms in
the Series Supplement, of even date herewith, by and between the Group IV Lessor
and the Bank of New York, as trustee, relating to the issuance of the Series
2002-3 Notes (the "Series 2002-3 Supplement" and, together with other Series
Supplements relating to Group IV Notes, the "Group IV Supplements"), as the same
may be amended, supplemented or otherwise modified from time to time in
accordance with its terms, and to the extent not defined therein, shall have the
meanings assigned to such terms in the Definitions List, attached as Schedule 1
to the Base Indenture, dated as of May 6, 2002, as such agreement may be
amended, supplemented, restated or otherwise modified from time to time in
accordance with its terms, the "Second Base Indenture" and, together with the
Series 2002-3 Supplement, the "Second Indenture"), between the Group IV Lessor
and The Bank of New York, as trustee, as in effect on the date hereof.
Capitalized terms not defined herein and defined in an applicable Group IV
Supplement as well as Schedule 1 to the Second Base Indenture shall, unless the
context otherwise requires, have the meanings assigned to such terms in such
Group IV Supplement.

         Section 1.2. ACCOUNTING AND FINANCIAL DETERMINATIONS. Where the
character or amount of any asset or liability or item of income or expense is
required to be determined, or any accounting computation is required to be made,
for the purpose of this Lease, such determination or calculation shall, to the
extent applicable, be made in accordance with GAAP applied on a Consistent Basis
except insofar as:

                  (a) a Group IV Lessee or the Guarantor shall have elected
(with the concurrence of its independent public accountants and upon prior
written notification to the Group IV Lessor and the Trustee) to adopt more
recently promulgated GAAP (which election shall continue to be effective for
subsequent years); and

                  (b) the Group IV Lessor shall have consented to such election.

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                  Upon a change in GAAP which becomes effective after the Group
IV Initial Closing Date and which would have a material effect on a Group IV
Lessee's or the Guarantor's consolidated financial statements and the assets and
liabilities reflected therein or otherwise affect the application or effect of
the terms of this Lease, such change shall not be given effect for purposes
hereof until sixty (60) days from the otherwise effective date of such change.
Prior to such effectiveness, the Trustee, the Group IV Lessor, the Guarantor and
the Group IV Lessees shall, as applicable, in good faith negotiate to amend the
pertinent provisions of this Lease to account for such change to the extent
appropriate to effect the substance thereof as of the Group IV Initial Closing
Date. If such an amendment, if applicable, is not entered into with respect to
any such change, such change shall not be given effect for purposes hereof.

         Section 1.3. CROSS REFERENCES; HEADINGS. The words "hereof", "herein"
and "hereunder" and words of similar import when used in this Lease shall refer
to this Lease as a whole and not to any particular provision of this Lease.
Annex, Section, Schedule and Exhibit references contained in this Lease are
references to Annexes, Sections, Schedules and Exhibits in or to this Lease
unless otherwise specified. Any reference in any Section or definition to any
clause is, unless otherwise specified, to such clause of such Section or
definition. The various headings in this Lease are inserted for convenience only
and shall not affect the meaning or interpretation of this Lease or any
provision hereof.

         Section 1.4. INTERPRETATION. In this Lease, unless the context
otherwise requires:

                  (a) the singular includes the plural and VICE VERSA;

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

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

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

                  (e) "including" (and, with correlative meaning, "include")
means including without limiting the generality of any description preceding
such term;

                  (f) "or" is not exclusive;

                  (g) provisions apply to successive events and transactions;
and

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                  (h) with respect to the determination of any period of time,
"from" means "from and including" and "to" means "to but excluding."

         SECTION 2 GENERAL AGREEMENT. (a) As specified in the Group IV Lease
Annexes, the Group IV Lessees and the Group IV Lessor intend that this Lease be
(i) a true lease with respect to the Group IV Acquired Vehicles and (ii) a
financing arrangement with respect to the Group IV Financed Vehicles.

                  (b) It is the intention of the parties that this Lease
together with the Master Collateral Agency Agreement, as such agreements apply
to the Group IV Acquired Vehicles, shall constitute a true lease for commercial
law and bankruptcy purposes. It is also the intention of the parties that this
Lease together with the Master Collateral Agency Agreement, as such agreements
apply to the Group IV Financed Vehicles and the Group IV Eligible Receivables
financed hereunder, shall in all events constitute a security agreement under
applicable law. Each Group IV Lessee hereby acknowledges that it has granted to
the Master Collateral Agent, pursuant to the Master Collateral Agency Agreement,
a first priority security interest in all of such Group IV Lessee's right, title
and interest in and to the portion of the Lessee Grantor Master Collateral (as
defined therein) in respect of which the Trustee (on behalf of the Holders of
the Group IV Notes (the "GROUP IV NOTEHOLDERS") has been designated as the
Financing Source and the ARG II Trustee and any Additional Permitted Beneficiary
has been designated as the Beneficiary, as collateral security for the prompt
and complete payment and performance when due (whether at stated maturity, by
acceleration or otherwise) of all of the obligations and liabilities of such
Group IV Lessee to the Group IV Lessor and the Trustee, whether direct or
indirect, absolute or contingent, due or to become due, or now existing or
hereafter incurred (including interest accruing after the Lease Expiration Date
and interest accruing after the filing of any petition in bankruptcy, or the
commencement of any insolvency, reorganization or like proceeding), which may
arise under, out of, or in connection with, this Lease and any other document
made, delivered or given by such Group IV Lessee in connection herewith, whether
on account of rent, principal, interest, reimbursement obligations, fees,
indemnities, costs or expenses (including all fees and disbursements of counsel
to the Group IV Lessor or the Trustee that are required to be paid by such Group
IV Lessee pursuant to the terms hereof).

         Section 2.1. LEASING OF GROUP IV VEHICLES. (a) GENERAL. From time to
time, subject to the terms and conditions hereof, the Group IV Lessor agrees to
lease to each Group IV Lessee and each Group IV Lessee agrees to lease from the
Group IV Lessor the Group IV Refinanced Vehicles and each additional Group IV
Acquired Vehicle or Group IV Financed Vehicle identified in Vehicle Orders (as
defined below) produced from time to time by such Group IV Lessee, listing Group
IV Vehicles ordered by such Group IV Lessee from Manufacturers, dealers or other
sellers, for itself or as agent for the Group IV Lessor, pursuant to the terms
of any applicable Manufacturer Programs or otherwise. The Group IV Lessor shall
make available to the Group IV Lessees under this Lease financing for Group IV
Financed Vehicles and Group IV Eligible Receivables, and Group IV Acquired

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Vehicles for lease to the Group IV Lessees hereunder, in each case subject to
and in accordance with the terms hereof (including SECTIONS 2.3 and 4 hereof)
and of the Second Indenture. Notwithstanding anything to the contrary contained
in this Lease, the Group IV Lessor shall lease to the Group IV Lessees, and the
Group IV Lessees shall lease from the Group IV Lessor pursuant to this Lease,
only Group IV Vehicles that are Group IV Eligible Vehicles which are Group IV
Acquired Vehicles.

                  (b) GROUP IV REFINANCED VEHICLES AND GROUP IV ELIGIBLE
RECEIVABLES. On or prior to the applicable Vehicle Funding Date, each of the
Group IV Lessor, if it desires to lease Group IV Refinanced Vehicles to a Group
IV Lessee under this Lease, and any Group IV Lessee, if it desires to refinance
Group IV Refinanced Vehicles and Group IV Eligible Receivables under this Lease,
shall prepare or, as applicable, cause the Group IV Lessee to prepare, and upon
request of the Group IV Lessor, make available to the Group IV Lessor, a
schedule as set forth in Attachment A-1 hereto containing information concerning
the Group IV Refinanced Vehicles of the Group IV Lessor to be leased to such
Group IV Lessee under this Lease on such Vehicle Funding Date or the Group IV
Refinanced Vehicles of such Group IV Lessee and the Group IV Eligible
Receivables to be refinanced by such Group IV Lessee under this Lease on such
Vehicle Funding Date (each such schedule, a "Group IV Refinanced Vehicle
Schedule").

                  (c) PROGRAM VEHICLES. On or prior to the applicable Vehicle
Funding Date, each Group IV Lessee desiring to lease Program Vehicles (other
than Group IV Refinanced Vehicles) under this Lease shall prepare and, upon
request of the Group IV Lessor, make available to the Group IV Lessor (i) a
summary of each such additional Program Vehicle to be leased hereunder by such
Group IV Lessee (including, in the case of each such Program Vehicle subject to
the GM Repurchase Program, the Designated Period for such Program Vehicle) and
the Capitalized Cost thereof, (ii) a schedule containing the information with
respect to the Group IV Vehicles included within the related Vehicle order
summaries in the form set forth in ATTACHMENT A-2 hereto, or in such form as is
otherwise requested by the Group IV Lessor (each such Group IV Vehicle order
summary and each Group IV Refinanced Vehicle Schedule, a "VEHICLE ORDER"), and
(iii) the Manufacturer's invoice and the date of original invoicing. In
addition, the applicable Group IV Lessee shall provide such other information
regarding Program Vehicles as the Group IV Lessor may reasonably require from
time to time. This Lease, together with the Manufacturer Programs and other
incentive programs relating to such Group IV Vehicles and any other related
documents attached to this Lease or submitted with a Vehicle Order
(collectively, the "SUPPLEMENTAL DOCUMENTS"), will constitute the entire
agreement regarding the leasing of Program Vehicles by the Group IV Lessor to
the Group IV Lessees.

                  (d) NON-PROGRAM VEHICLES. On or prior to the applicable
Vehicle Funding Date, each Group IV Lessee desiring to lease Non-Program
Vehicles (other than Group IV Refinanced Vehicles or Used Vehicles) under this
Lease shall prepare and, upon request of the Group IV Lessor, make available to
the Group IV Lessor (i) a summary of each such additional Non-Program Vehicle to
be leased hereunder by such Group IV Lessee and the Capitalized Cost thereof,
(ii) a Vehicle Order for such Non-Program Vehicles and (iii) an invoice for the
Capitalized Cost of such Non-Program Vehicles and the date of original
invoicing. In addition, the applicable Group IV Lessee shall provide such other

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information regarding Non-Program Vehicles as the Group IV Lessor may reasonably
require from time to time. This Lease, together with any Supplemental Documents
related to or submitted with a Vehicle Order will constitute the entire
agreement regarding the leasing of such Non-Program Vehicles by the Group IV
Lessor to the Group IV Lessees.

                  (e) USED VEHICLES. Either concurrently with the execution and
delivery of this Lease or after the date of this Lease on or prior to the
applicable Vehicle Funding Date, any Group IV Lessee may request that the Group
IV Lessor purchase, or finance the Group IV Lessee's purchase of, a used
Non-Program Vehicle (other than a Group IV Refinanced Vehicle) from a licensed
independent automobile dealer, through an auction, from a manufacturer or
pursuant to another vehicle sale (a "USED VEHICLE") for a purchase price equal
to the Capitalized Cost of such Used Vehicle, in which event such Group IV
Lessee shall, immediately upon the consummation of such sale, lease such Used
Vehicle from the Group IV Lessor pursuant to this Lease (each such transaction
is referred to as a "USED VEHICLE TRANSACTION"). In connection with each Used
Vehicle Transaction, to evidence the conveyance of the Used Vehicles from the
applicable seller to the Group IV Lessor (in the case of Group IV Acquired
Vehicles and Company Vehicles) or the applicable Group IV Lessee (in the case of
Group IV Financed Vehicles other than Company Vehicles), the applicable Group IV
Lessee shall have obtained the original Certificate of Title for each Used
Vehicle and shall prepare or obtain and, upon request of the Group IV Lessor,
make available to the Group IV Lessor, the following:

                           (i) a Vehicle Order with respect to all Used Vehicles
                  covered by such Used Vehicle Transaction; and

                           (ii) a bill of sale or other instrument of transfer
                  customarily used in the wholesale motor vehicle resale market,
                  conveying title to the Used Vehicles, and copies of any
                  certificate given by the related auction house regarding the
                  absence of liens and/or the ownership of each such Used
                  Vehicle.

After any purchase of Used Vehicles by the Group IV Lessor or a Group IV Lessee
under this SECTION 2.1(E), such Used Vehicles will be subject to all the terms
and conditions of this Agreement. Promptly following such Used Vehicle
Transaction, the applicable Group IV Lessee shall complete and deliver an
application to retitle such Used Vehicle in the name of the Group IV Lessor (in
the case of Group IV Acquired Vehicles and Company Vehicles) or such Group IV
Lessee (in the case of Group IV Financed Vehicles other than Company Vehicles)
and to have noted thereon the Master Collateral Agent's security interest in
such Used Vehicle pursuant to the Master Collateral Agency Agreement.

         Section 2.2. RIGHT OF GROUP IV LESSEE TO ACT AS GROUP IV LESSOR'S
AGENT; TITLING OF VEHICLES IN THE NAME OF NOMINEES. (a) The Group IV Lessor
agrees that each Group IV Lessee and the Servicer may act as the Group IV
Lessor's agent in placing Vehicle Orders on behalf of the Group IV Lessor,
conducting pre-delivery inspection, titling and liening of Vehicles, filing

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claims on behalf of the Group IV Lessor for damage in transit, and other
delivery claims related to the Vehicles leased hereunder, facilitating payment
for Vehicles leased hereunder and performing any other duties of the Servicer
hereunder; PROVIDED, HOWEVER, that the Group IV Lessor may hold the applicable
Group IV Lessee or the Servicer liable for losses due to such Group IV Lessee's
or the Servicer's actions in performing as the Group IV Lessor's agent
hereunder. In addition, the Group IV Lessor agrees that each Group IV Lessee may
make arrangements for delivery of Vehicles leased by such Group IV Lessee
hereunder to a location selected by such Group IV Lessee at such Group IV
Lessee's expense to the extent that any such expense has not been included in
the Capitalized Cost of such Vehicle. Each Group IV Lessee agrees to accept
Vehicles leased by such Group IV Lessee as produced and delivered, except that
each Group IV Lessee will have the option to reject upon delivery any such
Program Vehicle that may be rejected pursuant to the terms of the applicable
Manufacturer Program, or any such Non-Program Vehicle in accordance with the
Group IV Lessee's customary business practices, and any such Group IV Vehicle,
if rejected, will be deemed a Group IV Casualty hereunder to the extent the
Group IV Lessor has paid the Capitalized Cost thereof to the Manufacturer,
dealer or other seller thereof or to the applicable Group IV Lessee. Each Group
IV Lessee or the Servicer (as applicable), acting as agent for the Group IV
Lessor, shall be responsible for pursuing any rights of the Group IV Lessor with
respect to the return of any such related Group IV Vehicle to the Manufacturer,
dealer or other seller thereof pursuant to the preceding sentence. Each of the
Group IV Lessees and the Servicer agrees that all Program Vehicles ordered as
provided herein shall be ordered utilizing the procedures consistent with the
applicable Manufacturer Program.

                  (b) Notwithstanding any provision in this Lease to the
contrary, any Group IV Vehicle titled in the name of a nominee for the Group IV
Lessor or any Group IV Lessee pursuant to a vehicle title nominee agreement with
respect to which the Rating Agency Confirmation Condition has been satisfied
with respect to each Series of Group IV Notes shall nonetheless be deemed for
purposes of this Lease to be titled in the name of the Group IV Lessor or such
Group IV Lessee, as the case may be.

         Section 2.3. PAYMENT OF PURCHASE PRICE BY GROUP IV LESSOR; CERTAIN
ADDITIONAL PAYMENTS TO THE SERVICER. 2.3.1. GROUP IV REFINANCED VEHICLES AND
GROUP IV ELIGIBLE RECEIVABLES ON LEASE COMMENCEMENT DATE. With respect to the
Group IV Refinanced Vehicles being refinanced on the Lease Commencement Date,
subject to satisfaction of the requirements of SECTION 4, the Group IV Lessor
shall, on the Lease Commencement Date, pay to the party specified in the Payoff
Letter an amount equal to the sum of (x) the aggregate Group IV Net Book Value
as of the Lease Commencement Date of the Group IV Refinanced Vehicles which are
designated in the Payoff Letter as being refinanced hereunder on the Lease
Commencement Date and (y) the face amount of the Group IV Eligible Receivables
being refinanced hereunder on the Lease Commencement Date.

                                       7
<PAGE>

                  (a) OTHER GROUP IV REFINANCED VEHICLES AND GROUP IV ELIGIBLE
RECEIVABLES. On any Vehicle Funding Date after the Lease Commencement Date on
which the Group IV Lessor or a Group IV Lessee (including any Additional Group
IV Lessee) desires to refinance Group IV Refinanced Vehicles and, in the case of
such Group IV Lessee, related Group IV Eligible Receivables, the Group IV Lessor
shall, subject to satisfaction of the requirements of SECTION 4, on the related
Vehicle Funding Date, pay to or as directed by the related Beneficiary (in the
case of a refinancing of Group IV Acquired Vehicles by the Group IV Lessor) or
pay to or as directed by such Group IV Lessee (in the case of a refinancing by
such Group IV Lessee) an amount equal to (x) the aggregate Group IV Net Book
Value as of such Vehicle Funding Date of such Group IV Refinanced Vehicles and,
as applicable, (y) the face amount of the Group IV Eligible Receivables being
refinanced by such Group IV Lessee on such Vehicle Funding Date.

                  (b) GROUP IV VEHICLES OTHER THAN GROUP IV REFINANCED VEHICLES.
Upon satisfaction of the requirements of SECTION 2.1 in respect of any Group IV
Vehicle, then on or prior to the Vehicle Funding Date proposed in the related
Vehicle Order for such Group IV Vehicle, but not more than five Business Days
prior to such proposed Vehicle Funding Date, the Group IV Lessor or its agent
shall, subject to satisfaction of the requirements of SECTION 4, pay or cause to
be paid the Capitalized Cost of such Group IV Vehicle to the Manufacturer,
dealer or other seller of such Group IV Vehicle or reimburse or cause to be
reimbursed the applicable Group IV Lessee for funds expended by such Group IV
Lessee to purchase such Group IV Vehicle. Such payment to a Manufacturer, dealer
or other seller shall be made in accordance with the payment terms of such
Manufacturer, dealer or other seller, as applicable. The Servicer or the
applicable Group IV Lessee, as agent of the Group IV Lessor, shall be authorized
to transfer funds of the Group IV Lessor (but not funds in any account in which
the Trustee has a Lien or other interest) representing the amount payable by the
Group IV Lessor in accordance with the foregoing by check, wire transfer or
other electronic funds transfer to the Manufacturer, dealer or other seller of
such Group IV Vehicle or to reimburse the applicable Group IV Lessee for funds
expended by such Group IV Lessee to purchase such Group IV Vehicle. The Group IV
Lessee leasing such Group IV Vehicle shall pay all applicable costs and expenses
of freight, packing, handling, storage, shipment and delivery of such Group IV
Vehicle, and sales and use tax (if any), to the extent that the same have not
been included within the Capitalized Cost.

                  (c) EXCLUDED PAYMENTS. All amounts paid by the Manufacturer,
dealer or other seller on account of vehicle preparation services or work
covered by warranty performed by a Group IV Lessee or the Servicer with respect
to Group IV Vehicles acquired, financed or refinanced pursuant to this Lease or
as incentive payments (other than incentive payments for selling Program
Vehicles outside the related Manufacturer Program) shall inure to the benefit of
such Group IV Lessee or the Servicer and, to the extent any such payments are

                                       8
<PAGE>

received by the Group IV Lessor, the Trustee or the Master Collateral Agent,
shall promptly be paid over to such Group IV Lessee or the Servicer, subject in
each case to SECTION 24.10 hereof and Section 2.5(c) of the Master Collateral
Agency Agreement.

         Section 2.4. NON-LIABILITY OF GROUP IV LESSOR. The Group IV Lessor
shall not be liable to any Group IV Lessee for any failure or delay in obtaining
Group IV Vehicles or making delivery thereof. AS BETWEEN THE GROUP IV LESSOR AND
ANY GROUP IV LESSEE, ACCEPTANCE FOR LEASE OF THE GROUP IV VEHICLES LEASED BY
SUCH GROUP IV LESSEE SHALL CONSTITUTE THE GROUP IV LESSEE'S ACKNOWLEDGMENT AND
AGREEMENT THAT SUCH GROUP IV LESSEE HAS FULLY INSPECTED SUCH GROUP IV VEHICLES,
THAT SUCH GROUP IV VEHICLES ARE IN GOOD ORDER AND CONDITION AND ARE OF THE
MANUFACTURE, DESIGN, SPECIFICATIONS AND CAPACITY SELECTED BY SUCH GROUP IV
LESSEE, THAT SUCH GROUP IV LESSEE IS SATISFIED THAT THE SAME ARE SUITABLE FOR
THIS USE AND THAT THE GROUP IV LESSOR IS NOT A MANUFACTURER, AN AGENT OF THE
MANUFACTURER OR OTHERWISE ENGAGED IN THE SALE OR DISTRIBUTION OF GROUP IV
VEHICLES, AND HAS NOT MADE AND DOES NOT HEREBY MAKE ANY REPRESENTATION, WARRANTY
OR COVENANT, EXPRESS OR IMPLIED, WITH RESPECT TO MERCHANTABILITY, FITNESS FOR A
PARTICULAR PURPOSE, CONDITION, QUALITY, CAPABILITY, WORKMANSHIP, DURABILITY OR
SUITABILITY OF SUCH GROUP IV VEHICLES IN ANY RESPECT OR IN CONNECTION WITH OR
FOR THE PURPOSES OR USES OF SUCH GROUP IV LESSEE, OR ANY WARRANTY THAT SUCH
LEASED GROUP IV VEHICLES WILL SATISFY THE REQUIREMENTS OF ANY LAW OR ANY
CONTRACT SPECIFICATION, OR ANY OTHER REPRESENTATION, WARRANTY OR COVENANT OF ANY
KIND OR CHARACTER, EXPRESS OR IMPLIED, WITH RESPECT THERETO, AND AS BETWEEN THE
GROUP IV LESSOR AND SUCH GROUP IV LESSEE, SUCH GROUP IV LESSEE AGREES TO BEAR
ALL SUCH RISKS AT ITS SOLE COST AND EXPENSE. EACH GROUP IV LESSEE SPECIFICALLY
WAIVES ALL RIGHTS TO MAKE CLAIMS AGAINST THE GROUP IV LESSOR AND ANY LEASED
GROUP IV VEHICLE FOR BREACH OF ANY WARRANTY OF ANY KIND WHATSOEVER AND, AS TO
THE GROUP IV LESSOR, EACH GROUP IV LESSEE LEASES THE LEASED GROUP IV VEHICLES
"AS IS." The Group IV Lessor shall not be liable for any failure or delay in
delivering any Group IV Vehicle ordered for lease pursuant to this Lease, or for
any failure to perform any provision hereof, resulting from fire or other
casualty, natural disaster, riot, strike or other labor difficulty, governmental
regulation or restriction, or any cause beyond the Group IV Lessor's direct
control. IN NO EVENT SHALL THE GROUP IV LESSOR BE LIABLE FOR ANY INCONVENIENCE,
LOSS OF PROFITS OR ANY OTHER CONSEQUENTIAL, INCIDENTAL OR SPECIAL DAMAGES,
WHATSOEVER OR HOWSOEVER CAUSED, WHETHER RESULTING FROM ANY DEFECT IN OR ANY
THEFT, DAMAGE, LOSS OR FAILURE OF ANY GROUP IV VEHICLE, OR OTHERWISE, AND THERE
SHALL BE NO ABATEMENT OF RENT OR OTHER AMOUNTS PAYABLE HEREUNDER BECAUSE OF THE
SAME.

                                       9
<PAGE>

         SECTION 3 TERM.

         Section 3.1. VEHICLE LEASE COMMENCEMENT DATE. The "VEHICLE LEASE
COMMENCEMENT DATE" shall mean, (i) for each Group IV Vehicle leased under this
Lease as of the Group IV Initial Closing Date, the Group IV Initial Closing
Date, or with respect to each Group IV Vehicle in the Group IV Initial Fleet of
an Additional Group IV Lessee, the Additional Group IV Lessee Closing Date, or
with respect to each Group IV Vehicle included in the Group IV Initial Fleet of
a Group IV Lessee pursuant to a Fleet Purchase Transaction, the Vehicle Funding
Date for such Group IV Vehicle, and (ii) for each other Group IV Vehicle,
including Group IV Refinanced Vehicles that are not in an Group IV Initial
Fleet, the date referenced in the Vehicle Order with respect to such Group IV
Vehicle, but in no event later than the date that funds are expended by the
Group IV Lessor to acquire, finance the acquisition of or refinance such Group
IV Vehicle (such date, the "VEHICLE FUNDING DATE" for such Group IV Vehicle). A
vehicle shall be deemed to be a Group IV Vehicle leased under this Lease on each
day during the period (the "GROUP IV VEHICLE TERM") from and including the
Vehicle Lease Commencement Date for such Group IV Vehicle to but excluding the
Vehicle Lease Expiration Date for such Group IV Vehicle.

         Section 3.2. LEASE COMMENCEMENT DATE. The "LEASE COMMENCEMENT DATE"
shall mean the Group IV Initial Closing Date. The "LEASE EXPIRATION DATE" shall
mean the later of (i) the date of the final payment in full of the last Group IV
Note outstanding, and all outstanding Group IV Carrying Charges, and (ii) the
Vehicle Lease Expiration Date for the last Group IV Vehicle subject to lease by
any Group IV Lessee hereunder. The "TERM" of this Lease shall mean the period
commencing on the Lease Commencement Date and ending on the Lease Expiration
Date.

         SECTION 4 CONDITIONS PRECEDENT.

         Section 4.1. CONDITIONS TO EFFECTIVENESS OF THIS LEASE. It shall be a
condition precedent to the leasing of any Group IV Vehicles under this Lease
that this Lease shall have become effective in accordance with this SECTION 4.1.
This Lease shall become effective on the Lease Commencement Date, subject to the
satisfaction of the following conditions:

                  (a) All conditions to the effectiveness of the Series 2002-3
Supplement and the issuance of the Series 2002-3 Notes thereunder and the Master
Collateral Agency Agreement shall have been satisfied in all respects; and

                  (b) The prior or concurrent delivery by the Group IV Lessees
to the Group IV Lessor, the Master Collateral Agent and the Trustee of each of
the following documents (in form and substance satisfactory to the Group IV
Lessor, the Master Collateral Agent and the Trustee):

                           (i) RESOLUTIONS. Copies of resolutions of the Board
                  of Directors of the Guarantor and each Group IV Lessee
                  authorizing or ratifying the execution, delivery and

                                       10
<PAGE>

                  performance of this Lease and the other Group IV Related
                  Documents to which it is party and those other documents and
                  matters required of it, in its capacity as Guarantor, Group IV
                  Lessee, Servicer or otherwise, with respect to this Lease and
                  such other Group IV Related Documents, duly certified by the
                  Secretary or an Assistant Secretary thereof;

                           (ii) CONSENTS, ETC. Certified copies of all documents
                  evidencing any necessary corporate action, consents and
                  governmental approvals (if any) with respect to this Lease and
                  the other Group IV Related Documents to which the Guarantor or
                  any Group IV Lessee is party;

                           (iii) INCUMBENCY AND SIGNATURES. A certificate of the
                  Secretary or an Assistant Secretary of the Guarantor and each
                  Group IV Lessee certifying the names of the individual or
                  individuals authorized to sign this Lease and the other Group
                  IV Related Documents to which it is party, together with a
                  sample of the true signature of each such individual (the
                  Group IV Lessor, the Master Collateral Agent and the Trustee
                  may conclusively rely on each such certificate until formally
                  advised by a like certificate of any changes therein);

                           (iv) OPINIONS OF COUNSEL. The opinions of Weil,
                  Gotshal & Manges LLP, special New York counsel for the Group
                  IV Lessees and the Guarantor, addressed to the Group IV
                  Lessor, the Trustee, the Master Collateral Agent and the
                  Rating Agencies and satisfactory in form and substance to the
                  addressees thereof;

                           (v) GOOD STANDING CERTIFICATES. Certificates of good
                  standing for the Guarantor and each Group IV Lessee in the
                  jurisdiction of its organization and the jurisdiction of its
                  principal place of business;

                           (vi) SEARCH REPORTS. A written search report or
                  reports (which may include reports previously delivered by a
                  Group IV Lessee) from a Person satisfactory to the Group IV
                  Lessor, the Master Collateral Agent and the Trustee, listing
                  all effective financing statements that name any Group IV
                  Lessee as debtor or assignor and that are filed in the
                  jurisdictions in which filings were made pursuant to
                  SUBSECTION (VII) below and in the jurisdiction of such Group
                  IV Lessee's principal place of business, together with copies
                  of such financing statements, and tax and judgment lien search
                  reports from a Person satisfactory to the Group IV Lessor, the
                  Master Collateral Agent and the Trustee showing no evidence of
                  such liens filed against any Group IV Lessee and covering any
                  Collateral or any Master Collateral for which the ARG II
                  Trustee is designated as a Beneficiary (other than liens filed
                  in connection with any Group IV Related Documents);

                                       11
<PAGE>

                           (vii) FINANCING STATEMENTS. Proper financing
                  statements on Form UCC-1 with respect to each Group IV Lessee
                  as of the Lease Commencement Date (which financing statements
                  may include previously filed financing statements), (i) naming
                  such Group IV Lessee as debtor and the Master Collateral Agent
                  as secured party, or other, similar instruments or documents,
                  as may be necessary or, in the reasonable opinion of the Group
                  IV Lessor, the Master Collateral Agent or the Trustee,
                  desirable under the UCC of all applicable jurisdictions to (as
                  applicable) perfect and maintain the perfection of the Master
                  Collateral Agent's interest in the Master Collateral with
                  respect to which the ARG II Trustee is designated as the
                  Beneficiary and (ii) naming such Group IV Lessee as debtor,
                  the Group IV Lessor as secured party and the Master Collateral
                  Agent as assignee, as may be necessary or desirable under the
                  UCC of all applicable jurisdictions to (as applicable) perfect
                  and maintain the perfection of the security interest of the
                  Group IV Lessor hereunder and the assignment of the same to
                  the Master Collateral Agent;

                           (viii) THE SERIES 2002-3 SUPPLEMENT. An executed copy
                  of the Series 2002-3 Supplement;

                           (ix) SECOND INDENTURE. An executed copy of the Second
                  Base Indenture;

                           (x) MASTER COLLATERAL AGENCY AGREEMENT. An executed
                  copy of the Master Collateral Agency Agreement and the Trustee
                  shall have been designated as the Financing Source for the
                  Group IV Master Collateral and the ARG II Trustee shall have
                  been designated as the Beneficiary for the Group IV Master
                  Collateral pursuant to a Financing Source and Beneficiary
                  Supplement;

                           (xi) GROUP IV ASSIGNMENT AGREEMENT. An executed copy
                  of the Group IV Assignment Agreement of each Manufacturer of
                  Program Vehicles (including Group IV Refinanced Vehicles)
                  which will be leased under this Lease on the Group IV Initial
                  Closing Date;

                           (xii) CERTIFIED COPY OF MANUFACTURER PROGRAM. A copy
                  of each Manufacturer Program (and, to the extent required by a
                  Rating Agency, an opinion of counsel to such Manufacturer or
                  Officer's Certificate on behalf of such Manufacturer as to the
                  enforceability thereof in form satisfactory to the Trustee and
                  the Group IV Lessor and addressed to the Master Collateral
                  Agent) relating to Program Vehicles which will be leased
                  hereunder on the Group IV Initial Closing Date and, from each
                  Group IV Lessee, an Officer's Certificate, dated as of the
                  Group IV Initial Closing Date, and duly executed by an
                  Authorized Officer of such Group IV Lessee, certifying that
                  each such copy is true, correct and complete as of the Group
                  IV Initial Closing Date; and

                                       12
<PAGE>

                           (xiii) OTHER. Such other documents as the Master
                  Collateral Agent, the Trustee or the Group IV Lessor may
                  reasonably request to be delivered on or prior to the Group IV
                  Initial Closing Date.

         Section 4.2. CONDITIONS TO EACH LEASE OF GROUP IV VEHICLES. The
agreement of the Group IV Lessor to make available any Group IV Acquired
Vehicles for lease to a Group IV Lessee as described in a Vehicle Order, to make
available financing for the acquisition or refinancing of any Group IV Financed
Vehicles for lease to a Group IV Lessee as described in a Vehicle Order, and/or
to make available funding for the financing or refinancing of Group IV
Refinanced Vehicles and Group IV Eligible Receivables, is subject to the terms
and conditions of the Second Indenture and the following conditions precedent as
of the Vehicle Funding Date for such Group IV Vehicles, and each Group IV Lessee
hereby agrees that each acceptance of Group IV Refinanced Vehicles for leasing
hereunder and each acceptance of funds for the acquisition of Group IV Acquired
Vehicles, or the financing or refinancing of Group IV Financed Vehicles or Group
IV Eligible Receivables, in respect of any applicable Vehicle Orders, shall be
deemed hereunder to constitute a representation and warranty by it, to and in
favor of the Group IV Lessor and the Trustee, that all the conditions precedent
to the acquisition, financing or refinancing and leasing of the Group IV
Vehicles and Group IV Eligible Receivables identified in such Vehicle Order will
have been satisfied as of such Vehicle Funding Date. Such Group IV Vehicle will
be leased pursuant to Annex A hereof.

                  (a) VEHICLE ORDER. The applicable Group IV Lessee shall have
complied with the applicable provisions of SECTION 2.1 of this Lease.

                  (b) NO DEFAULT. No Potential Lease Event of Default or Lease
Event of Default shall have occurred and be continuing on such date or would
result from the acquisition, financing or refinancing and leasing of such Group
IV Vehicles and Group IV Eligible Receivables.

                  (c) FUNDING. The aggregate amount of funds to be expended by
the Group IV Lessor on any one date to acquire, finance the acquisition of or
refinance such Group IV Vehicles and Group IV Eligible Receivables shall not
exceed the sum of (a) the aggregate Group IV Net Book Value of all such Group IV
Vehicles plus (b) the aggregate face amount of any related Group IV Eligible
Receivables being refinanced on such date.

                  (d) GROUP IV RELATED DOCUMENTS. The leasing of such Group IV
Vehicles shall not be prohibited by the provisions of this Lease, and sufficient
proceeds shall be available therefor under the Group IV Supplements.

                  (e) TITLE. On or prior to the applicable Vehicle Funding Date,
the Group IV Lessor or, with respect to Group IV Financed Vehicles (other than
the Company Vehicles), the applicable Group IV Lessee, as the case may be, shall
have good and marketable title to each such Group IV Vehicle, free and clear of
all Liens and encumbrances, other than any Permitted Liens.

                                       13
<PAGE>

                  (f) MASTER COLLATERAL AGENT. Each Group IV Lessee and the
Group IV Lessor shall have granted to the Master Collateral Agent, for the
benefit of the Trustee on behalf of the Group IV Noteholders, a first priority
security interest in all Group IV Vehicles and Group IV Eligible Receivables now
or hereafter purchased, financed or refinanced by the Group IV Lessor.

                  (g) GROUP IV ASSIGNMENT AGREEMENTS. On or prior to the
applicable Vehicle Funding Date, the Trustee shall have received executed
counterparts of the Group IV Assignment Agreements related to the assignment of
rights under each Manufacturer Program under which such Group IV Vehicles will
be or have been purchased and are proposed to be leased under this Lease, dated
as of the Group IV Initial Closing Date (or, if later, on or prior to such
Vehicle Funding Date), duly executed by the applicable Group IV Lessee and/or
the Group IV Lessor, as assignor, and the Master Collateral Agent, as assignee.

                  (h) MANUFACTURER PROGRAMS. On or prior to the applicable
Vehicle Funding Date, the Trustee shall have received a copy of each
Manufacturer Program under which such Group IV Vehicles will be or have been
purchased and are proposed to be leased under this Lease and an Officer's
Certificate, dated the Group IV Initial Closing Date (or, if later, on or prior
to such Vehicle Funding Date), and duly executed by an Authorized Officer of the
Group IV Lessor, certifying that each such copy is true, correct and complete as
of the Group IV Initial Closing Date (or, if later, on or prior to such Vehicle
Funding Date). Each Manufacturer Program covering Program Vehicles identified in
such Vehicle Order shall be in full force and effect, and shall be enforceable
against the related Manufacturer in accordance with its terms.

                  (i) GROUP IV ELIGIBLE VEHICLE. Each Group IV Vehicle
identified in such Vehicle Order shall be a Group IV Eligible Vehicle.

         Section 4.3. ADDITIONAL CONDITIONS TO LEASES OF GROUP IV REFINANCED
VEHICLES AND GROUP IV ELIGIBLE RECEIVABLES. In addition to the conditions set
forth in SECTION 4.2 above, in connection with the leasing of Group IV
Refinanced Vehicles and refinancing of related Group IV Eligible Receivables
(including the refinancing of Group IV Eligible Receivables owned by the Group
IV Lessor under the Second Indenture), to evidence the refinancing of such Group
IV Refinanced Vehicles and related Group IV Eligible Receivables on the
applicable Vehicle Funding Date and the conveyance on such date of a security
interest in such Group IV Refinanced Vehicles and related Group IV Eligible
Receivables to the Master Collateral Agent, the Group IV Lessor and/or the
applicable Group IV Lessees shall have prepared or caused to be prepared and, as
applicable, made available to the Group IV Lessor on or prior to the applicable
Vehicle Funding Date the following:

                                       14
<PAGE>

                  (a) a Group IV Refinanced Vehicle Schedule concerning such
Group IV Refinanced Vehicles and related Group IV Eligible Receivables being
refinanced on such Vehicle Funding Date;

                  (b) a report of the results of a search of the appropriate
records of each state in which the Group IV Lessor and/or each Group IV Lessee
holding title to such Group IV Refinanced Vehicles does business and the county
and state in which, as applicable, the Group IV Lessor's and/or each such Group
IV Lessee's principal office is located and the jurisdiction of organization of,
as applicable, the Group IV Lessor and/or each such Group IV Lessee, which shall
show no liens or other security interests (other than Permitted Liens) with
respect to such Group IV Vehicles and the related Manufacturer Programs (to the
extent not already liened and assigned to the Master Collateral Agent) or, in
the event that such search reveals any such non-permitted Lien or security
interest, there shall be delivered to the Trustee a termination of such Lien or
security interest together with appropriate UCC termination statements or UCC
partial releases thereof;

                  (c) confirmation from each lender (or the agent or assignee
thereof) holding a security interest in any such Group IV Refinanced Vehicle
and/or Group IV Eligible Receivable stating unconditionally (A) that, if any
sums are to be paid to such lender (or such agent or assignee) in connection
with the lease of such Group IV Refinanced Vehicle and the refinancing of the
related Group IV Eligible Receivables, such lender (or such agent or assignee)
has been paid the full amount due to it in connection with such refinancing and
(B) that any lien or security interest of such lender (or any such agent or
assignee) in such Group IV Refinanced Vehicle and/or related Group IV Eligible
Receivable has been released;

                  (d) a fully executed assignment agreement granting and
assigning to the Master Collateral Agent (to the extent not already granted and
assigned) a first priority security interest in each such Group IV Refinanced
Vehicle and Group IV Eligible Receivables, the related Manufacturer Programs, if
any, and any other Master Collateral relating to such Group IV Refinanced
Vehicles and Group IV Eligible Receivables;

                  (e) with respect to any of such Group IV Refinanced Vehicles
which are in an Group IV Initial Fleet, each Group IV Lessee thereof shall have
delivered to the Master Collateral Agent a duly executed Vehicle Assignment and
Nominee Agreement in form reasonably satisfactory to the Group IV Lessor and the
Trustee;

                  (f) fully executed UCC-1 Financing Statements as necessary to
perfect (if not already perfected) the interests of the Master Collateral Agent
in the Group IV Eligible Receivables;

                  (g) an Officer's Certificate stating that all the conditions
precedent under this Lease to the leasing of such Group IV Refinanced Vehicles
and financing of the Group IV Eligible Receivables under this Lease have been

                                       15
<PAGE>

satisfied, including (as applicable) a representation that each such receivable
is an Group IV Eligible Receivable.

         Section 4.4. ADDITIONAL CONDITIONS TO LEASE OF GROUP IV FINANCED
VEHICLES. Notwithstanding the inclusion of Annex B and the references herein to
Group IV Financed Vehicles, no Group IV Financed Vehicles may be leased
hereunder.

         SECTION 5 RENT AND CHARGES. Each Group IV Lessee will pay Rent and
certain other charges on a monthly basis as set forth in this SECTION 5.

         Section 5.1. PAYMENT OF RENT. On each Payment Date, and on each other
date on which interest is due and payable under the terms of a Group IV
Supplement, each Group IV Lessee shall pay to the Group IV Lessor the aggregate
of all Rent payable on such Payment Date or other date, as the case may be, with
respect to the Group IV Vehicles leased by such Group IV Lessee, as provided in
the related Group IV Lease Annexes.

         Section 5.2. RESERVED

         Section 5.3. PAYMENT OF MONTHLY SUPPLEMENTAL PAYMENTS. On each Payment
Date, each Group IV Lessee shall pay to the Group IV Lessor the portion of the
Monthly Supplemental Payment that has accrued during the Related Month with
respect to the Group IV Financed Vehicles and Group IV Eligible Receivables
previously leased or financed by such Group IV Lessee under the Group IV
Financing Lease, as provided in Sections 6 and 7 of ANNEX B.

         Section 5.4. PAYMENT OF TERMINATION PAYMENTS AND GROUP IV CASUALTY
PAYMENTS. On each Payment Date, each Group IV Lessee shall pay to the Group IV
Lessor all Group IV Casualty Payments and Termination Payments that have accrued
with respect to the Group IV Vehicles leased hereunder by such Group IV Lessee,
as provided in, respectively, SECTIONS 7 and 12.3 of this Lease.

         Section 5.5. LATE PAYMENT. In the event any Group IV Lessee fails to
remit payment of any amount due under this Lease on or before the Payment Date
therefor or when otherwise due and payable hereunder, the amount not paid will
be considered delinquent and such Group IV Lessee will pay a late charge on each
Payment Date with respect to the related Interest Period equal to the product of
(a) the Group IV VFR for such Interest Period (converted to a rate per annum)
PLUS 1%, TIMES (b) the delinquent amount for the period during such Interest
Period from the Payment Date (or other date) on which such payment was due until
the date such delinquent amount (with accrued interest) is received by the
Trustee TIMES (c) the actual number of days elapsed during such Interest Period
or such relevant portion thereof DIVIDED by 360.

         Section 5.6. MAKING OF PAYMENTS. All payments of Rent and of all other
Liabilities shall be made by the applicable Group IV Lessee to, or for the
account of, the Group IV Lessor (or, in the case of any payment pursuant to
SECTION 15, the applicable Indemnified Person) in immediately available funds,

                                       16
<PAGE>

without setoff, counterclaim or deduction of any kind. All such payments shall
be made to the Group IV Collection Account or, in the case of payments made
pursuant to SECTION 24.10(III) or (IV), the Master Collateral Account (or, in
each such case, such other account as the Trustee may from time to time specify
to the Group IV Lessees) or, in the case of any such payment pursuant to SECTION
15 to, or for the account of, any Indemnified Person other than the Group IV
Lessor, to the account designated by such Indemnified Person to the applicable
Group IV Lessee, in each case with such payment to be made not later than 12:00
noon, New York City time, on the date due; and funds received after that hour
shall be deemed to have been received by or for the account of the Indemnified
Person on the next following Business Day. The Group IV Lessor hereby specifies
that all (i) payments made in respect of Program Vehicles by the Manufacturers
and related auction dealers under the Manufacturer Programs, (ii) amounts
representing the proceeds from sales of Program Vehicles and Non-Program
Vehicles (including amounts paid to a Group IV Lessee or the Group IV Lessor by
a Manufacturer as a result of the sale of any such Group IV Vehicle outside such
Manufacturer's Manufacturer Program) to third parties (other than under any
related Manufacturer Program) and (iii) payments with respect to any other
Master Collateral for the Group IV Notes (other than certain amounts as and to
the extent described in SECTION 2.3(d)), shall be deposited in the Master
Collateral Account for the benefit of the Trustee (on behalf of the Group IV
Noteholders) and the Additional Permitted Beneficiaries. If any payment of Rent
(or other Liability) falls due on a day which is not a Business Day, then such
due date shall be extended to the next following Business Day and Monthly
Finance Rent and Monthly Variable Rent (as the case may be) shall accrue through
such Business Day.

         SECTION 6 RESERVED.

         SECTION 7 GROUP IV CASUALTY AND INELIGIBLE VEHICLES. If a Group IV
Vehicle suffers a Group IV Casualty or ceases to be a Group IV Eligible Vehicle,
then the Group IV Lessee thereof shall (a) cause the Servicer to include notice
of such occurrence in the next related Monthly Certificate required to be
delivered by the Servicer under SECTION 24.6(VI), and (b) on the Payment Date
next succeeding the last day of the Related Month in which such Group IV Lessee
obtained actual knowledge that such Group IV Vehicle has suffered a Group IV
Casualty or ceased to be a Group IV Eligible Vehicle, pay to the Group IV Lessor
an amount (a "GROUP IV CASUALTY PAYMENT") equal to the Termination Value of such
Group IV Vehicle, calculated as of the first day of the Related Month in which
such Group IV Lessee obtained actual knowledge that such Group IV Vehicle
suffered a Group IV Casualty or ceased to be a Group IV Eligible Vehicle (net of
Monthly Base Rent and Monthly Supplemental Payments made in respect of such
Group IV Vehicle during such Related Month). Upon payment by the applicable
Group IV Lessee to the Group IV Lessor in accordance herewith of the Group IV
Casualty Payment for any Group IV Vehicle that has suffered a Group IV Casualty
or ceased to be a Group IV Eligible Vehicle, (i) the Group IV Lessor, if

                                       17
<PAGE>

requested by such Group IV Lessee, shall cause title to any such Group IV
Vehicle that is a Group IV Acquired Vehicle to be transferred to such Group IV
Lessee to facilitate liquidation of such Group IV Vehicle by the Group IV
Lessee, (ii) such Group IV Lessee shall be entitled to any physical damage
insurance proceeds applicable to such Group IV Vehicle (if at such time such
Group IV Lessee carries such insurance coverage), and (iii) the Lien of the
Master Collateral Agent on such Group IV Vehicle shall automatically be released
thereby.

         SECTION 8 VEHICLE USE. Each Group IV Lessee shall use Group IV Vehicles
leased hereunder solely for such Group IV Lessee's domestic daily rental car
operations, whether through Fleet Sharing Parties or directly; PROVIDED that a
Group IV Lessee (the "NAMED GROUP IV LESSEE") may permit (i) another Group IV
Lessee or (ii) a Group IV Lessee under any other Group IV Leasing Company Lease
or ANC Rental (each, an "OTHER PERMITTED USER") to use Group IV Vehicles leased
by the Named Group IV Lessee hereunder in the ordinary course of the domestic
daily rental car operations of such Other Permitted User (but the Named Group IV
Lessee shall remain fully liable for its obligations under this Lease and the
other Group IV Related Documents); PROVIDED FURTHER that a Group IV Lessee may,
from time to time, permit Fleet Sharing Parties to use Group IV Vehicles leased
by such Group IV Lessee hereunder pursuant to Group IV Lessee Agreements,
including Fleet Sharing Agreements, used in the ordinary course of the Group IV
Lessee's business, and each such Fleet Sharing Party shall rent Group IV
Vehicles used by it pursuant to a Fleet Sharing Agreement to consumers in the
ordinary course of such Fleet Sharing Party's domestic daily rental car
operations; PROVIDED FURTHER, HOWEVER, that the aggregate Group IV Net Book
Value of all Group IV Vehicles subject to Fleet Sharing Agreements on any day
plus the aggregate Group IV Net Book Value (as defined in the applicable Group
IV Leasing Company Lease) of all Group IV Vehicles (as defined in the applicable
Group IV Leasing Company Lease) leased under all other Group IV Leasing Company
Leases subject to Fleet Sharing Agreements (as defined in the applicable Group
IV Leasing Company Lease) on such day shall not exceed an amount equal to the
greater of (a) 10% of the sum of the aggregate Group IV Net Book Value of all
Group IV Vehicles leased under this Lease and the aggregate Group IV Net Book
Value (as defined in the applicable Group IV Leasing Company Lease) of all Group
IV Vehicles (as defined in the applicable Group IV Leasing Company Lease) leased
under all such other Group IV Leasing Company Leases on such day, and (b) such
greater amount in respect of which the Rating Agency Confirmation Condition with
respect to each Series of Group IV Notes shall have been satisfied; PROVIDED,
HOWEVER, any such Rating Agency Confirmation Condition in respect of Moody's
shall be satisfied if Moody's has given its prior written notice of the
intention to increase the preceding 10% limitation to a greater amount pursuant
to clause (b). Notwithstanding any such Group IV Lessee Agreement, each Group IV
Lessee shall remain fully liable for its obligations under this Lease and the
other Group IV Related Documents (including any obligation hereunder or
thereunder that it may cause any Fleet Sharing Party to perform or fulfill).
Each Group IV Lessee shall promptly and duly execute, deliver, file and record
all such documents, statements, filings and registrations, and take such further
actions as the Group IV Lessor, the Master Collateral Agent, the Servicer or the
Trustee shall from time to time reasonably request in order (x) to establish,
perfect and maintain the Group IV Lessor's title to and interest in the Group IV
Acquired Vehicles and Company Vehicles and the related Certificates of Title and
the Group IV Lessee's title to and interest in all other Group IV Vehicles and
the related Certificates of Title as against any third party in any applicable
jurisdiction and (y) to establish, perfect and maintain the Master Collateral

                                       18
<PAGE>

Agent's lien on all Group IV Vehicles as noted (other than in respect of any
Group IV Initial Fleet) on the related Certificates of Title as a perfected
first-priority lien in any applicable jurisdiction. A Group IV Lessee may, at
the Group IV Lessee's sole expense, change the place of principal location of
any Group IV Vehicles. Within sixty (60) days after any such change of location,
the Group IV Lessee shall take all actions necessary (i) to maintain the
perfected first-priority Lien of the Master Collateral Agent on such Group IV
Vehicles as noted (other than in respect of any Group IV Initial Fleet) on the
Certificates of Title with respect to such Group IV Vehicles and the Group IV
Lessor shall cooperate to the extent required for the Group IV Lessee to do so,
and (ii) to meet all material legal requirements applicable to such Group IV
Vehicles in connection with, or as a result of, such change of location.
Following a Lease Event of Default or Manufacturer Event of Default, and upon
the Group IV Lessor's request, each Group IV Lessee shall advise the Group IV
Lessor in writing where all Group IV Vehicles leased hereunder as of such date
are principally located. No Group IV Lessee shall knowingly use any Group IV
Vehicles, or knowingly permit the same to be used, for any unlawful purpose.
Each Group IV Lessee shall and shall require the Fleet Sharing Parties to use
reasonable precautions to prevent loss or damage to Group IV Vehicles. Each
Group IV Lessee shall or shall cause the Fleet Sharing Parties to comply in all
material respects with all applicable statutes, decrees, ordinances and
regulations regarding acquiring, titling, registering, leasing, insuring and
disposing of Group IV Vehicles and shall and shall require the Fleet Sharing
Parties to take reasonable steps to ensure that operators are licensed. Each
Group IV Lessee shall or shall cause each applicable Fleet Sharing Party to
perform, at its own expense, such vehicle preparation and conditioning services
with respect to Group IV Vehicles leased by it as are customary.

         SECTION 9 REGISTRATION; LICENSE; TRAFFIC SUMMONSES; PENALTIES AND
FINES. Each Group IV Lessee, at its expense, shall be responsible for proper
registration and licensing of Group IV Vehicles leased by it hereunder, for
submitting the appropriate documentation to the appropriate state authorities to
obtain Certificates of Title for Group IV Vehicles reflecting the name of the
Group IV Lessor (in the case of Group IV Acquired Vehicles and Company Vehicles)
or such Group IV Lessee (in the case of all other Group IV Financed Vehicles),
in each case (other than with respect to Group IV Vehicles in an Group IV
Initial Fleet) with the Lien of the Master Collateral Agent noted thereon as
first lienholder, and where required, such Group IV Lessee shall or shall cause
the related Fleet Sharing Parties to have Group IV Vehicles inspected by any
appropriate governmental authority; PROVIDED, HOWEVER, that possession of all
Certificates of Title shall remain with the Servicer or an Affiliate thereof
(including the related Sub-Servicer) unless a Liquidation Event of Default or
Limited Liquidation Event of Default shall have occurred and be continuing, in
which event, upon the request of the Trustee or the Master Collateral Agent,
each Group IV Lessee shall deliver the Certificates of Title for the Group IV
Vehicles leased by it to the Master Collateral Agent. Each Group IV Lessee shall
pay or cause to be paid all registration fees, title fees, license fees, traffic
summonses, penalties, judgments and fines and other similar amounts incurred
with respect to any Group IV Vehicle during the Group IV Vehicle Term for such
Group IV Vehicle or imposed during the Group IV Vehicle Term for such Group IV
Vehicle by any governmental authority or any court of law or equity in
connection with the Group IV Lessee's operation of Group IV Vehicles, and any

                                       19
<PAGE>

such amounts paid by the Group IV Lessor on a Group IV Lessee's behalf, in its
discretion upon at least fifteen (15) days' prior notice to such Group IV
Lessee, will be reimbursed within thirty (30) days of the Group IV Lessor
notifying such Group IV Lessee of such payment; PROVIDED, HOWEVER, that the
Group IV Lessor shall not pay on any Group IV Lessee's behalf any traffic
summons, or any penalty, judgment or fine for so long as such amount is being
contested by such Group IV Lessee in good faith and by appropriate proceedings
with respect to which adequate reserves have been established, and are being
maintained, in accordance with GAAP and provided that such Group IV Lessee has
agreed in writing to indemnify and hold the Group IV Lessor harmless from and
against all loss, liability and expense arising out of such unpaid amounts (and,
in any case, for so long as forfeiture of any Group IV Vehicles or other Master
Collateral will not result from the failure to pay any such amounts). The Group
IV Lessor agrees to execute a power of attorney substantially in the form of
ATTACHMENT B hereto (a "POWER OF ATTORNEY"), and such other documents as may be
necessary in order to allow the Group IV Lessees to title, register and dispose
of the Group IV Acquired Vehicles and the Company Vehicles leased hereunder; and
each Group IV Lessee acknowledges and agrees that with respect to the Group IV
Acquired Vehicles, it has no right, title or interest in or with respect to any
Certificate of Title. Notwithstanding anything herein to the contrary, the Group
IV Lessor may terminate such Power of Attorney as provided in SECTION 17.3(VII).

         SECTION 10 MAINTENANCE AND REPAIRS. Each Group IV Lessee shall or shall
cause the related Fleet Sharing Parties to pay for all maintenance and repairs
to keep Group IV Vehicles leased by it hereunder in good working order and
condition, and shall or shall cause such Fleet Sharing Parties to take
reasonable steps to maintain such Group IV Vehicles as required in order to keep
the Manufacturer's warranty in force. Each Group IV Lessee shall or shall cause
the related Fleet Sharing Parties to return each Group IV Vehicle to an
authorized Manufacturer facility or the applicable Manufacturer's authorized
warranty station (which may be a facility of any Group IV Lessee) for warranty
work. Each Group IV Lessee shall or shall cause the related Fleet Sharing
Parties to take reasonable steps to comply with any Manufacturer's recall of any
Group IV Vehicle. Each Group IV Lessee shall or shall cause the related Fleet
Sharing Parties to pay, or cause to be paid, all usual and routine expenses
incurred in the use and operation of Group IV Vehicles leased by it hereunder
including, but not limited to, fuel, lubricants, and coolants. The Group IV
Lessor, upon thirty (30) days' prior notice to the applicable Group IV Lessee,
may pay any such expenses that have not otherwise been paid by, or on behalf of,
such Group IV Lessee (including any failure by a Fleet Sharing Party to pay any

                                       20
<PAGE>

such expenses), and any expenses paid by the Group IV Lessor on a Group IV
Lessee's behalf for maintenance, repair, operation or use by the Group IV Lessee
of Group IV Vehicles will promptly be reimbursed (in any event no later than the
next Payment Date following such payment) by such Group IV Lessee to the Group
IV Lessor. No Group IV Lessee shall, without the prior consent of the Group IV
Lessor, make any material alterations to (i) any Group IV Vehicle which is a
Program Vehicle which would result in a reduction of the Repurchase Price for
such Group IV Vehicle or make the Group IV Vehicle no longer eligible for
repurchase or sale under the applicable Manufacturer Program or (ii) any Group
IV Vehicle which is a Non-Program Vehicle which is likely to materially
adversely affect the resale value of such Non-Program Vehicle. Any improvements
or additions to a Group IV Acquired Vehicle shall become and remain the property
of the Group IV Lessor, except that any addition or improvement to a Group IV
Acquired Vehicle made by a Group IV Lessee shall remain the property of such
Group IV Lessee if it can be disconnected or removed from the Group IV Vehicle
without impairing the functioning or resale value thereof, other than any
function or value provided by such addition or improvement.

         SECTION 11 MANUFACTURER WARRANTIES. If a Group IV Vehicle leased
hereunder is covered by a manufacturer's warranty, the Group IV Lessee thereof,
during the Group IV Vehicle Term, shall have the right to make any claims under
such warranty which the Group IV Lessor could make and to receive related
proceeds directly.

         SECTION 12 VEHICLE RETURN GUIDELINES.

         Section 12.1. VEHICLE TURN-IN CONDITION. As used herein "VEHICLE
TURN-IN CONDITION" with respect to each Program Vehicle leased hereunder shall
mean a set of criteria for evaluating such Group IV Vehicle upon its delivery at
the end of its Group IV Vehicle Term, which criteria will be determined in
accordance with the related Manufacturer Program. Each Program Vehicle not
meeting the applicable Manufacturer Program's vehicle turn-in condition
requirements will, unless redesignated as a Non-Program Vehicle in accordance
with SECTION 14, be purchased (or will otherwise be the subject of a Group IV
Casualty Payment) by the related Group IV Lessee as if it were a Group IV
Casualty in accordance with the procedure set forth in SECTION 7.

         Section 12.2. DISPOSITION PROCEDURE. (a) PROGRAM VEHICLES. Unless such
Group IV Vehicle is redesignated as a Non-Program Vehicle in accordance with
SECTION 14 or the Group IV Lessee thereof exercises its option to purchase such
Group IV Vehicle as permitted by, and pursuant to the requirements of, this
Lease, or such Group IV Vehicle is sold in the ordinary course outside the
Manufacturer Program for proceeds that equal or exceed the payment that would be
obtained from the Manufacturer under the Manufacturer Program as contemplated by
SECTION 27, then prior to the end of the Group IV Vehicle Term, each Group IV
Lessee will or will cause the related Fleet Sharing Party to deliver each
Program Vehicle leased by it hereunder (other than a Group IV Casualty or a
Group IV Vehicle that has ceased to be a Group IV Eligible Vehicle) to the
nearest related Manufacturer official auction or other facility designated by
such Manufacturer at the Group IV Lessee's sole expense and in accordance with
the terms of the applicable Manufacturer Program; PROVIDED, that the timing of

                                       21
<PAGE>

such delivery by the Group IV Lessee will be at its option so long as such
delivery is made in accordance with SECTION 24.5 hereof. Any transportation
allowance (for delivery costs), auction assistance allowance and any other
allowances offered under a Manufacturer Program, and any rebates or credits
applicable to the unexpired term of any license plates for a Group IV Vehicle
shall inure to the benefit of the Group IV Lessee thereof and, to the extent
received by the Group IV Lessor, the Trustee or the Master Collateral Agent,
shall promptly be paid over to the applicable Group IV Lessee. Each Group IV
Lessee will comply with the requirements of law and the requirements of the
Manufacturer Programs in connection with, among other things, the delivery of
Certificates of Title, documents of transfer signed as necessary, signed
Condition Reports, and signed odometer statements for the Group IV Vehicles.

                  (b) NON-PROGRAM VEHICLES. Each Group IV Lessee agrees to use
commercially reasonable efforts to dispose of, at its own expense, on behalf of
the Group IV Lessor in the case of Non-Program Group IV Acquired Vehicles, each
Group IV Vehicle that is a Non-Program Vehicle (i) in a manner reasonably likely
to maximize proceeds from such disposition and consistent with industry practice
and (ii) prior to the expiration of the Non-Program Maximum Term for such
Non-Program Vehicle; PROVIDED that Group IV Lessee may commence such efforts, at
its option, any time prior to the expiration of the Non-Program Maximum Term.

         Section 12.3. TERMINATION PAYMENTS FOR GROUP IV ACQUIRED VEHICLES. (a)
PROGRAM GROUP IV VEHICLE TERMINATION PAYMENTS. On the first Payment Date on or
after the earlier of (i) the last day of the Related Month in which the
Repurchase Price with respect to any Program Vehicle that is a Group IV Acquired
Vehicle that has been accepted for repurchase or sale pursuant to the applicable
Manufacturer Program is received by the applicable Group IV Lessee, the Group IV
Lessor, the Master Collateral Agent or the Trustee by deposit into the Master
Collateral Account or the Group IV Collection Account (PROVIDED that, if for any
reason the Repurchase Price has been received directly by a Group IV Lessee,
then such Repurchase Price shall be deemed "received" for purposes of this
SECTION 12.3 on the earlier of (a) the date on which such Repurchase Price has
been deposited into the Group IV Collection Account or Master Collateral
Account, in accordance with the Master Collateral Agency Agreement and (b) the
second Business Day after receipt by such Group IV Lessee) and (ii) the
thirtieth (30th) day after the expiration of the Repurchase Period for such
Group IV Acquired Vehicle, the applicable Group IV Lessee shall pay to the Group
IV Lessor in respect of such Group IV Acquired Vehicle any Excess Damage
Charges, Excess Mileage Charges, early turnback surcharges and any other similar
charges and penalties (collectively a "PROGRAM GROUP IV VEHICLE TERMINATION
Payment") as determined by the Manufacturer or its agent in accordance with the
applicable Manufacturer Program.

                  (b) NON-PROGRAM GROUP IV VEHICLE TERMINATION PAYMENTS. On the
first Payment Date on or after the earlier of (i) the last day of the Related
Month in which the Disposition Proceeds from the sale or other disposition of a
Group IV Acquired Vehicle that is a Non-Program Vehicle (other than a Group IV
Casualty or a Group IV Vehicle that has ceased (prior to such sale or
disposition) to be a Group IV Eligible Vehicle or that has been repurchased by
the Group IV Lessee thereof in accordance with this Lease) are received by the
applicable Group IV Lessee, the Group IV Lessor, the Master Collateral Agent or
the Trustee by deposit into the Master Collateral Account or the Group IV
Collection Account (PROVIDED that, if for any reason the Disposition Proceeds
have been received directly by a Group IV Lessee, then, such Disposition
Proceeds shall be deemed "received" for purposes of this SECTION 12.3 on the
earlier of (a) the date on which such Disposition Proceeds have been deposited

                                       22
<PAGE>

into the Group IV Collection Account or the Master Collateral Account, in
accordance with the Master Collateral Agency Agreement and (b) the second
Business Day after receipt by such Group IV Lessee) and (ii) the thirtieth
(30th) day after the Disposition Date for such Group IV Acquired Vehicle, the
applicable Group IV Lessee shall pay to the Group IV Lessor in respect of such
Group IV Acquired Vehicle an amount (a "NON-PROGRAM GROUP IV VEHICLE TERMINATION
PAYMENT") equal to (A) the sum of all Program Group IV Vehicle Termination
Payments due on the Payment Date that occurred in the second preceding calendar
month to the calendar month during which the Vehicle Lease Expiration Date with
respect to such Group IV Acquired Vehicle was sold or disposed of, DIVIDED BY
(B) the number of Group IV Acquired Vehicles previously leased under this Lease
in respect of which such Program Group IV Vehicle Termination Payments were
payable (or, if there are no Group IV Acquired Vehicles in respect of which
Program Group IV Vehicle Termination Payments were payable on such Payment Date,
an amount equal to (A) the sum of all "Program Group IV Vehicle Termination
Payments" paid or payable under (and as defined in) each other Group IV Leasing
Company Lease with respect to the Payment Date (as defined in such other Group
IV Leasing Company Lease) that occurred in the second preceding calendar month
to the calendar month during which the Vehicle Lease Expiration Date for such
Group IV Acquired Vehicle was sold or disposed of, DIVIDED BY (B) the number of
Group IV Acquired Vehicles (as defined in such other Group IV Leasing Company
Lease) previously leased under (and as defined in) each such other Group IV
Leasing Company Lease in respect of which such Program Group IV Vehicle
Termination Payments were paid or were payable) (Program Group IV Vehicle
Termination Payments and Non-Program Group IV Vehicle Termination Payments being
referred to collectively as "TERMINATION PAYMENTS"). If a Group IV Vehicle's age
is unknown as of its Vehicle Lease Commencement Date, such age (in months) shall
be the lesser of (i) the number obtained by dividing the number of miles on the
odometer of such Group IV Vehicle at the Vehicle Lease Commencement Date by
1,500 and (ii) the number of months in the period commencing on September 1 of
the calendar year prior to the model year of such Group IV Vehicle through the
Vehicle Lease Commencement Date for such Group IV Vehicle. The provisions of
this SECTION 12.3 will survive the expiration or earlier termination of the Term
of this Lease.

         SECTION 13 RESERVED.

         SECTION 14 REDESIGNATION OF GROUP IV VEHICLES. (a) At any time,
including upon the occurrence of a Manufacturer Event of Default with respect to
the Manufacturer of any Program Vehicle or any such Group IV Vehicle's becoming
ineligible for repurchase by its Manufacturer or for sale at Auction under the
applicable Manufacturer Program, due to physical damage, repair charges or
accrued mileage, in each case in excess of that permitted under the related
Manufacturer Program, or due to any failure or inability to return the Group IV
Vehicle to the Manufacturer or the designated auction prior to the expiration of

                                       23
<PAGE>

the Repurchase Period, or due to any other event or circumstance, the Servicer
(or the related Sub-Servicer) may designate the related Group IV Vehicle as a
Non-Program Vehicle; PROVIDED THAT no Amortization Event or Potential
Amortization Event with respect to any Series of Group IV Notes or the Group IV
ARG II Notes has occurred and is continuing or would be caused by such
redesignation; and PROVIDED FURTHER, in each case, that any additional Monthly
Base Rent due with respect to such Group IV Vehicle, relating to the decrease,
if any, of the Group IV Net Book Value of such Group IV Vehicle under the newly
applicable Depreciation Schedule, shall be paid on the next succeeding Payment
Date. Subsequent to the occurrence of a Manufacturer Event of Default pursuant
to clause (ii) of the definition thereof with respect to the Manufacturer of any
Program Vehicle, the Servicer (or the related Sub-Servicer) shall promptly
notify the Rating Agencies with respect to each Series of Group IV Notes of any
redesignation of Program Vehicles of such Manufacturer as Non-Program Vehicles
pursuant to this SECTION 14.

                  (b) At any time, the Servicer (or the related Sub-Servicer)
may designate a Non-Program Vehicle as a Program Vehicle if the related
Manufacturer has acknowledged that such Group IV Vehicle is entitled to the
benefits of its Manufacturer Program; PROVIDED FURTHER, in each case, that any
additional Monthly Base Rent due with respect to such Group IV Vehicle, relating
to the decrease, if any, of the Group IV Net Book Value of such Group IV Vehicle
under the newly applicable depreciation schedule specified under such
Manufacturer Program, shall be paid on the next succeeding Payment Date.

         SECTION 15 GENERAL INDEMNITY AND PAYMENT OF EXPENSES.

         Section 15.1. INDEMNITY AND PAYMENT OF EXPENSES BY THE GROUP IV
LESSEES. Each Group IV Lessee agrees jointly and severally to indemnify and hold
harmless the Group IV Lessor and the Trustee, and each of their respective
directors, officers, agents and employees (collectively, together with the
Persons subject to indemnity under SECTION 15.2, the "INDEMNIFIED PERSONS")
against any and all claims, demands, actions, causes of action, losses, costs,
liabilities and damages of whatsoever nature, and all reasonable expenses
incurred in connection therewith (including reasonable fees and disbursements of
counsel), relating to or in any way arising out of:

                  15.1.1. the ordering, delivery, acquisition, title on
acquisition, rejection, installation, possession, ownership, titling, retitling,
registration, re-registration, custody by the Group IV Lessee of title and
registration documents, use, non-use, misuse, operation, leasing, deficiency,
defect, transportation, repair, maintenance, control or disposition of any Group
IV Vehicle leased hereunder or to be leased hereunder, including, without
limitation, any such Group IV Vehicle shared with a Fleet Sharing Party. The
foregoing shall include, without limitation, any liability (or any alleged

                                       24
<PAGE>

liability) of the Group IV Lessor or any other Indemnified Person to any third
party arising out of any of the foregoing, including, without limitation, all
reasonable legal fees, costs and disbursements arising out of such liability (or
alleged liability);

                  15.1.2. all (i) federal, state, county, municipal, foreign or
other fees and taxes of whatsoever nature, including but not limited to license,
qualification, registration, sales, use, gross receipts, ad valorem, business,
property (real or personal), excise, motor vehicle, and occupation fees and
taxes, with respect to any Group IV Vehicle or the acquisition, purchase, sale,
lease, rental, use, operation, control, ownership or disposition of any Group IV
Vehicle by any Person or measured in any way by the value thereof or by the
business of, investment by, or ownership by the Group IV Lessor or a Group IV
Lessee with respect thereto, (ii) federal, state, local and foreign income taxes
and penalties and interest thereon, whether assessed, levied against or payable
by the Group IV Lessor or otherwise as a result of its being a member of any
group of corporations including any Group IV Lessee that files any tax returns
on a consolidated or combined basis, and (iii) documentary, stamp, filing,
recording, mortgage or other taxes, if any, which may be payable by the Group IV
Lessor, a Group IV Lessee or any other Indemnified Person in connection with the
execution, delivery, recording or filing of this Lease or the other Group IV
Related Documents or the leasing of any Group IV Vehicles hereunder and any
penalties or interest with respect thereto; PROVIDED, HOWEVER, that the
following taxes are excluded from the indemnity provided in CLAUSES (I) through
(III) above:

                           (A) any franchise tax or tax on, based on, with
                  respect to, or measured by, the net income of such Indemnified
                  Person (including federal alternative minimum tax) other than
                  any taxes or other charges which may be imposed as a result of
                  any determination by a taxing authority that the Group IV
                  Lessor is not the owner for tax purposes of the Group IV
                  Acquired Vehicles leased hereunder or that the Operating Lease
                  is not a "true lease" for tax purposes or that depreciation
                  deductions that would be available to the owner of such Group
                  IV Acquired Vehicles are disallowed, or that the Group IV
                  Lessor is not entitled to include the full purchase price for
                  any such Group IV Vehicle in basis including any amounts
                  payable in respect of interest charges, additions to tax and
                  penalties that may be imposed, and all attorneys' and
                  accountants' fees and expenses and all other fees and expenses
                  that may be incurred in defending against or contesting any
                  such determination; and

                           (B) any tax with respect to any Group IV Acquired
                  Vehicle leased by a Group IV Lessee hereunder or any
                  transaction relating to such Group IV Acquired Vehicle to the
                  extent it covers any period beginning after the earlier of (A)
                  the discharge in full of such Group IV Lessee's obligation to
                  pay Monthly Base Rent, Monthly Variable Rent and any other
                  amount payable hereunder with respect to such Group IV
                  Acquired Vehicle or (B) the expiration or other termination of
                  this Agreement with respect to such Group IV Acquired Vehicle,

                                       25
<PAGE>

                  unless such tax accrues in respect of any period during which
                  such Group IV Lessee holds over such Group IV Acquired
                  Vehicle;

                  15.1.3. any violation by a Group IV Lessee of this Lease or of
any Group IV Related Documents to which a Group IV Lessee is a party or by which
it is bound or any laws, rules, regulations, orders, writs, injunctions,
decrees, consents, approvals, exemptions, authorizations, licenses and
withholdings of objection of any governmental or public body or authority and
all other requirements having the force of law applicable at any time to any
Group IV Vehicle or any action or transaction by a Group IV Lessee with respect
thereto or pursuant to this Lease; and

                  15.1.4. all costs, fees, expenses, damages and liabilities
(including, without limitation, the reasonable fees and out-of-pocket expenses
of counsel) in connection with, or arising out of, any claim made by any third
party against the Group IV Lessor for any reason (including, without limitation,
in connection with any audit or investigation conducted by a Manufacturer under
its Manufacturer Program).

                  All obligations provided for in this SECTION 15 shall survive
any termination of this Lease, and, to the extent that any of such obligations
are unenforceable for any reason, each Group IV Lessee agrees to the payment and
satisfaction of each such obligation which is permissible under applicable law.

                  Notwithstanding the foregoing, the Group IV Lessees shall have
no duty to indemnify any Indemnified Person for any claim, demand, liability,
cost, or expense to the extent such claim, demand, liability, cost or expense
arises out of or is due to such Person's gross negligence or willful misconduct.

         Section 15.2. REIMBURSEMENT OBLIGATION BY THE GROUP IV LESSEES. Each
Group IV Lessee shall forthwith upon demand reimburse each Indemnified Person
for any sum or sums expended with respect to any of the foregoing, or shall pay
such amounts directly upon request from such Indemnified Person; PROVIDED,
HOWEVER, that, if so requested by a Group IV Lessee, such Indemnified Person
shall submit to such Group IV Lessee a statement documenting in reasonable
detail any such demand for reimbursement or payment. To the extent that a Group
IV Lessee in fact indemnifies any Indemnified Person under the indemnity
provisions of this Lease, such Group IV Lessee shall be subrogated to the rights
of such Indemnified Person, in the affected transaction and shall have a right
to determine the settlement of claims therein. The obligations of each Group IV
Lessee contained in this SECTION 15 shall survive the expiration or earlier
termination of this Lease or any lease of any Group IV Vehicle hereunder;
PROVIDED, HOWEVER, that, in the case of indemnities relating to the acquisition
or leasing of Group IV Vehicles, the factual or legal circumstances giving rise
to the Group IV Lessor's or any other Indemnified Person's exposure to liability
occur during the period that this Lease is in effect as to the Group IV Vehicle
for which such exposure to liability arose.

         Section 15.3. NOTICE TO GROUP IV LESSEE OF CLAIMS. Each applicable
Indemnified Person, shall promptly notify the Group IV Lessee in writing (a

                                       26
<PAGE>

"NOTICE OF CLAIM") of the pendency of any such claim, action or facts referred
to in this SECTION 15 for which indemnity may be required.

         Section 15.4. DEFENSE OF CLAIMS. Defense of any claim referred to in
this SECTION 15 for which indemnity may be required shall, at the option and
request of any applicable Group IV Lessee, be conducted by such Group IV Lessee.
Following receipt of any Notice of Claim, such Group IV Lessee will inform the
Indemnified Person of its election to defend such claim. Such Indemnified Person
may participate in any such defense at its own expense, provided such
participation, in such Group IV Lessee's reasonable opinion, does not interfere
with such Group IV Lessee's defense. Each Group IV Lessee agrees that no
Indemnified Person will be liable to the Group IV Lessees for any claim caused
directly or indirectly by the inadequacy of any Group IV Vehicle for any purpose
or any deficiency or defect therein or the use or maintenance thereof or any
repairs, servicing or adjustments thereto or any delay in providing or failure
to provide such or any interruption or loss of service or use thereof or any
loss of business, all of which shall be the risk and responsibility of the Group
IV Lessees, except to the extent that any of the foregoing is caused by the
gross negligence or willful misconduct of such Indemnified Person. The rights
and indemnities of each Indemnified Person hereunder are expressly made for the
benefit of, and will be enforceable by, each Indemnified Person notwithstanding
the fact that such Indemnified Person is not or is no longer a party to (or
entitled to receive the benefits of) this Lease. This general indemnity shall
not affect any claims of the type discussed above, or otherwise, which a Group
IV Lessee may have against any Manufacturer.

         SECTION 16 SUCCESSORS AND ASSIGNS; ASSIGNMENT. This Lease shall be
binding upon the Group IV Lessor, the Group IV Lessees, the Servicer, the
Guarantor and their respective successors and assigns, and shall inure to the
benefit of the Group IV Lessees, the Group IV Lessor, the Servicer, the
Guarantor and the Trustee (for the benefit of the Group IV Noteholders), the
Additional Permitted Beneficiaries, the Master Collateral Agent (for the benefit
of the Trustee on behalf of the Group IV Noteholders), any other Indemnified
Person, and their respective successors and assigns; PROVIDED, HOWEVER, that
neither the Guarantor nor any Group IV Lessee shall have the right to assign its
rights or delegate its duties under this Lease without (i) the prior written
consent of the Group IV Lessor and the Trustee and (ii) the Rating Agency
Confirmation Condition, if any, with respect to each Series of Group IV Notes
having been satisfied prior thereto; provided, further, however, that nothing
herein contained shall be deemed to restrict (w) the right of any Group IV
Lessee to rent Group IV Vehicles to customers in the ordinary course of its
domestic daily rental businesses, (x) the right of any Named Group IV Lessee to
permit an Other Permitted User to use Group IV Vehicles leased by the Named

                                       27
<PAGE>

Group IV Lessee hereunder in the ordinary course of the domestic daily rental
car operations of such Other Permitted User in accordance with the terms of this
Lease (but the Named Group IV Lessee shall remain fully liable for its
obligations under this Lease and the other Group IV Related Documents), (y) the
right of any Group IV Lessee to share certain of the Group IV Vehicles leased by
it with Fleet Sharing Parties (subject to the limitations specified in SECTION
8), for use in the ordinary course of the domestic daily rental businesses of
such Fleet Sharing Parties in accordance with the terms of this Lease or (z) the
right of the Servicer to perform its obligations as Servicer through a
Sub-Servicer, subject to the limitations specified in SECTION 26 and provided
that the Servicer shall remain fully liable for its obligations under this Lease
and the other Related Documents. Any purported assignment in violation of this
SECTION 16 shall be void and of no force or effect. Nothing contained herein
shall be deemed to restrict the right of any Group IV Lessee to acquire or
dispose of, by purchase, lease, financing, or otherwise, motor vehicles that are
not subject to the provisions of this Lease.

         SECTION 17 DEFAULT AND REMEDIES THEREFOR.

         Section 17.1. EVENTS OF DEFAULT. Any one or more of the following will
constitute an event of default (a "LEASE EVENT OF DEFAULT") as that term is used
herein:

                  17.1.1. NON-PAYMENT OF LIABILITIES. The occurrence of (i) a
default in the payment when due of any Monthly Base Rent, Additional Base Rent,
Monthly Variable Rent, Monthly Finance Rent, Termination Payment, Group IV
Casualty Payment or Monthly Supplemental Payment, and the continuance thereof
for, except in the case of any Monthly Variable Rent or Monthly Finance Rent,
two (2) Business Days and, in the case of any Monthly Variable Rent or Monthly
Finance Rent, five (5) Business Days, or (ii) a default by any Group IV Lessee
or the Guarantor in the payment when due of any amount payable under this Lease
(other than amounts described in CLAUSE (I) above) and the continuance thereof
for five (5) Business Days;

                  17.1.2. UNAUTHORIZED ASSIGNMENT. Any unauthorized assignment
or transfer of this Lease by a Group IV Lessee occurs;

                  17.1.3. NON-PERFORMANCE OF COVENANTS AND OBLIGATIONS. Any
Group IV Lessee, the Servicer or the Guarantor fails to comply with or perform
any covenant, condition, agreement or provision of this Lease (which failure
does not constitute a Lease Event of Default under any of the other provisions
of this SECTION 17) and the continuance of such failure (other than any such
failure to comply with the provisions of SECTION 25.1 or 25.2 hereof, as to
which there shall be no cure period) for thirty (30) days after the earlier of
(x) the date the Group IV Lessor, the Master Collateral Agent, the Trustee or
any Group IV Noteholder delivers written notice thereof to such Group IV Lessee,
the Servicer or the Guarantor and (y) the date such Group IV Lessee, the
Servicer or the Guarantor obtains actual knowledge thereof;

                  17.1.4. BREACH OF REPRESENTATION OR WARRANTY. Any
representation or warranty made by a Group IV Lessee, the Servicer or the
Guarantor in this Lease or any Group IV Related Document is incorrect in any
material respect (to the extent that such representation or warranty does not
incorporate a materiality limitation in its terms (and otherwise, is incorrect
in any respect)) as of the date such warranty or representation is made and
continues to be incorrect in any material respect (to the extent that such
warranty or representation does not incorporate a materiality limitation in its
terms (and otherwise, continues to be incorrect in any respect)) for a period of
thirty (30) days after the earlier of (i) the date on which written notice
thereof shall have been given to such Group IV Lessee, the Servicer or the
Guarantor by the Group IV Lessor, the Master Collateral Agent, any Group IV
Noteholder or the Trustee, and (ii) the date on which such Group IV Lessee, the
Servicer or the Guarantor obtains actual knowledge thereof; or any schedule,

                                       28
<PAGE>

certificate, financial statement, report, notice, or other material writing
furnished by a Group IV Lessee, the Servicer or the Guarantor to the Group IV
Lessor or the Trustee is false or misleading in any material respect on the date
as of which the facts therein set forth are stated or certified and which
continues to be incorrect in any material respect for a period of ten (10) days
after the earlier of (a) the date on which written notice thereof shall have
been given to such Group IV Lessee, the Servicer or the Guarantor by the Group
IV Lessor, the Master Collateral Agent, the Trustee or any Group IV Noteholder,
and (b) the date on which such Group IV Lessee, the Servicer or the Guarantor
obtains actual knowledge thereof;

                  17.1.5. BANKRUPTCY RELATED EVENTS PRIOR TO THE EFFECTIVE DATE.
Prior to the Effective Date (i) the entry of an order in the current case in
Bankruptcy Court with respect to the Guarantor or the Group IV Lessee converting
such case from a Chapter 11 case to a Chapter 7 case; (ii) the appointment, in
such case, of a bankruptcy trustee or examiner with expanded powers or (iii) *;

                  17.1.6. INVALIDITY OF GROUP IV RELATED DOCUMENTS. All or any
portion of this Lease shall at any time and for any reason not be in full force
and effect or be declared to be null and void, or a proceeding shall be
commenced by a Group IV Lessee or the Guarantor, or by any governmental
authority having jurisdiction over the Group IV Lessee or the Guarantor, as
applicable, seeking to establish the invalidity or unenforceability thereof
(exclusive of questions of interpretation of any provision thereof);

                  17.1.7. CERTAIN AMORTIZATION EVENTS. The occurrence of an
Amortization Event under SECTION 9.1(C) of the Second Base Indenture or under
Section 6.1(i) of the Series 2002-3 Supplement or a Liquidation Event of Default
which in any such case continues beyond any applicable cure period specified in
the Second Indenture; and

                  17.1.8. BANKRUPTCY RELATED EVENTS AFTER THE EFFECTIVE DATE. On
or after the Effective Date a Bankruptcy Event of a Group IV Lessee or the
Guarantor occurs.

         Section 17.2. EFFECT OF LEASE EVENT OF DEFAULT; LIMITED LIQUIDATION
EVENT OF DEFAULT OR LIQUIDATION EVENT OF DEFAULT. (a) If a Lease Event of
Default described in SECTION *, *, *, *, * and * shall occur, then the Monthly
Base Rent, Additional Base Rent, Monthly Supplemental Payments, Group IV
Casualty Payments (in each case calculated as if all Group IV Financed Vehicles
had suffered Casualties or had ceased to be Group IV Eligible Vehicles during
the Related Month), the Monthly Variable Rent, the Monthly Finance Rent (in each
case calculated as if the full amount of interest, principal and other charges

                                       29
<PAGE>

under the Group IV Notes were then due and payable in full), Termination
Payments and all other charges, payments and amounts payable under this Lease
shall, subject to SECTION 17.4, automatically, without further action by the
Group IV Lessor or the Trustee, become immediately due and payable.

                  (b) If a Limited Liquidation Event of Default shall occur with
respect to any Series of Group IV Notes, then, the Monthly Base Rent, Additional
Base Rent, the Monthly Supplemental Payments and Group IV Casualty Payments (in
each case, calculated as if each Group IV Financed Vehicle with respect to which
the Group IV Lessor has terminated the applicable Group IV Lessee's right to
possession pursuant to SECTION 17.3(II) or (III) had suffered a Group IV
Casualty or had ceased to be a Group IV Eligible Vehicle during the Related
Month), the Monthly Variable Rent and the Monthly Finance Rent (in each case
calculated as if the full amount of interest, principal and other charges under
such Group IV Notes were then due and payable in full) and Termination Payments
(in each case, with respect to each Group IV Vehicle with respect to which the
Group IV Lessor has terminated the applicable Group IV Lessee's right to
possession pursuant to SECTION 17.3(II) or (III)) shall, subject to SECTION
17.4, automatically, without further action by the Group IV Lessor or the
Trustee, become immediately due and payable.

                  (c) If any Lease Event of Default (other than one described in
PARAGRAPH (A) above) or a Liquidation Event of Default shall occur, then the
Trustee may declare the Rent and all other charges, amounts and payments
(calculated as described in PARAGRAPH (A) above) to be due and payable,
whereupon such Rent and such other charges, amounts and payments (as so
calculated) shall, subject to SECTION 17.4, become immediately due and payable.

         Section 17.3. RIGHTS OF GROUP IV LESSOR AND TRUSTEE UPON LEASE EVENT OF
DEFAULT, LIQUIDATION EVENT OF DEFAULT OR LIMITED LIQUIDATION EVENT OF DEFAULT.
If a Lease Event of Default, Liquidation Event of Default or Limited Liquidation
Event of Default shall occur:

                           (i) In the case of a Lease Event of Default that
                  shall have occurred and be continuing, the Group IV Lessor, if
                  and as directed by the Trustee, shall proceed by appropriate
                  court action or actions, either at law or in equity, to
                  enforce performance by the applicable Group IV Lessee of the
                  applicable covenants and terms of this Lease or to recover
                  damages for the breach hereof calculated in accordance with
                  SECTION 17.4;

                           (ii) In the case of a Liquidation Event of Default or
                  a Limited Liquidation Event of Default that shall have
                  occurred and be continuing, the Group IV Lessor and the
                  Trustee, to the extent provided in the Second Indenture and
                  subject to SECTION 17.4, shall have all the rights against the
                  Group IV Lessees and the Group IV Collateral provided in the
                  Second Indenture upon such a Liquidation Event of Default or a
                  Limited Liquidation Event of Default, as the case may be,
                  including the right to take (under the specified

                                       30
<PAGE>

                  circumstances) possession of Group IV Vehicles (to the extent
                  specified in this Lease or the Second Indenture, as
                  applicable) immediately;

                           (iii) In the case of a Liquidation Event of Default
                  that shall have occurred and be continuing, the Trustee may,
                  by notice in writing to the Group IV Lessees, terminate this
                  Lease in its entirety and/or the right of possession hereunder
                  of the Group IV Lessees as to the Group IV Vehicles, and the
                  Group IV Lessor may direct delivery by the Group IV Lessees of
                  documents of title to the Group IV Vehicles, whereupon all
                  rights and interests of the Group IV Lessees to the Group IV
                  Vehicles (except as otherwise provided herein) will cease and
                  terminate (but the Group IV Lessees will remain liable
                  hereunder as herein provided, calculated in accordance with
                  SECTION 17.4); and, in the case of a Limited Liquidation Event
                  of Default that shall have occurred and be continuing, the
                  Trustee may, by notice in writing to the Group IV Lessees,
                  terminate the right of possession hereunder of any Group IV
                  Lessee as to such number of Group IV Vehicles as will generate
                  proceeds from liquidation in an amount sufficient to pay all
                  principal of and interest on (and all other amounts due to the
                  holders of) the applicable Group IV Notes or to pay such
                  lesser amount as is required to be paid pursuant to the
                  applicable Group IV Supplement, and the Group IV Lessor may
                  direct delivery by such Group IV Lessees of documents of title
                  to such Group IV Vehicles, whereupon all right, title and
                  interest of such Group IV Lessees to such Group IV Vehicles
                  (except as otherwise provided herein) will cease and terminate
                  (but such Group IV Lessees will remain liable hereunder as
                  herein provided, calculated in accordance with SECTION 17.4).
                  Upon any termination of the right to possession of any one or
                  more Group IV Lessees pursuant to the previous sentence, the
                  Group IV Lessor or its agents may peaceably enter upon the
                  premises of any such Group IV Lessee or other premises where
                  such Group IV Vehicles may be located and take possession of
                  them and thenceforth hold, possess and enjoy the same free
                  from any right of any such Group IV Lessee, or its successors
                  or assigns, to employ such Group IV Vehicles for any purpose
                  whatsoever consistent with the mitigation of losses and
                  damages, and the Group IV Lessor will, nevertheless, have a
                  right to recover from the applicable Group IV Lessee any and

                                       31
<PAGE>

                  all amounts which under the terms of SECTION 17.2 (as limited
                  by SECTION 17.4) of this Lease may be then due. The Group IV
                  Lessor will provide the Group IV Lessees with written notice
                  of the place and time of any sale of Group IV Financed
                  Vehicles pursuant to this SECTION 17.3 at least five (5) days
                  prior to the proposed sale, which notice period shall be
                  deemed commercially reasonable, and the applicable Group IV
                  Lessee may purchase the Group IV Vehicle(s) at the sale. Each
                  and every power and remedy hereby specifically given to the
                  Group IV Lessor will be in addition to every other power and
                  remedy hereby specifically given or now or hereafter existing
                  at law, in equity or in bankruptcy and each and every power
                  and remedy may be exercised from time to time and
                  simultaneously and as often and in such order as may be deemed
                  expedient by the Group IV Lessor; PROVIDED, HOWEVER, that the
                  measure of damages recoverable against the Group IV Lessees
                  will in any case be calculated in accordance with SECTION
                  17.4. All such powers and remedies will be cumulative, and the
                  exercise of one will not be deemed a waiver of the right to
                  exercise any other or others. No delay or omission of the
                  Group IV Lessor in the exercise of any such power or remedy
                  and no renewal or extension of any payments due hereunder will
                  impair any such power or remedy or will be construed to be a
                  waiver of any default or any acquiescence therein. Any
                  extension of time for payment hereunder or other indulgence
                  duly granted to any Group IV Lessee will not otherwise alter
                  or affect the rights of the Group IV Lessor or the obligations
                  hereunder of any Group IV Lessee. The acceptance by the Group
                  IV Lessor of any payment after it will have become due
                  hereunder will not be deemed to alter or affect the rights of
                  the Group IV Lessor hereunder with respect to any subsequent
                  payments or defaults therein;

                           (iv) (a) If a Group IV Lessee shall default in the
                  due performance and observance of any of its obligations under
                  SECTION 10, 24.4, 24.5, 24.6(IV), 24.6(VIII), 24.7 (only to
                  the extent such Group IV Lessee defaults in the performance of
                  its obligation to pay titling fees and registration fees with
                  respect to Group IV Vehicles under such SECTION 24.7) 24.8,
                  25.3 or 25.4 hereof, and such default shall continue
                  unremedied for a period of 30 days (other than in the case of
                  a default under SECTION 24.5, for which the period will be 10
                  days) after notice thereof shall have been given to such Group
                  IV Lessee by the Group IV Lessor or the Master Collateral
                  Agent or (b) a Group IV Affiliate Issuer Liquidation Event of
                  Default relating to an "Enhancement Deficiency" with respect
                  to any series of Group IV ARG II Notes secured by the Group IV
                  Notes shall have occurred, then the Group IV Lessor shall have
                  the ability to exercise all rights, remedies, powers,
                  privileges and claims of such Group IV Lessee against the
                  Manufacturers under or in connection with the Manufacturer
                  Programs with respect to (1) Group IV Vehicles such Group IV
                  Lessee has determined to turn back to the Manufacturers under
                  such Manufacturer Programs and (2) whether or not such Group
                  IV Lessee shall then have determined to turn back such Group
                  IV Vehicles, any Group IV Vehicles for which the applicable
                  Repurchase Period will end within one month or less;

                           (v) Upon a default in the performance (after giving
                  effect to any grace periods provided herein) by a Group IV
                  Lessee of its obligations or representations under SECTION
                  23.6 or 24.15 hereof with respect to any Group IV Vehicle, the
                  Group IV Lessor, the Master Collateral Agent or THE Trustee
                  shall have the right to take actions reasonably necessary to
                  correct such default with respect to the subject Group IV

                                       32
<PAGE>

                  Vehicle including the filing of UCC-1 financing statements
                  with respect to Manufacturer Programs and other general
                  intangibles and the completion of Vehicle Perfection and
                  Documentation Requirements on behalf of such Group IV Lessee
                  or the Group IV Lessor, as applicable;

                           (vi) Upon the occurrence of a Liquidation Event of
                  Default, the Servicer will return or cause to be returned all
                  Group IV Vehicles which are Program Vehicles to the related
                  Manufacturer and will otherwise dispose of Non-Program
                  Vehicles, in each case in accordance with the instructions of
                  the Group IV Lessor. Upon the occurrence of a Limited
                  Liquidation Event of Default, the Servicer will return or
                  cause to be returned Group IV VEHICLES which are Program
                  Vehicles to the related Manufacturer and will otherwise
                  dispose of Non-Program Vehicles, in each case to the extent
                  necessary to generate proceeds in an amount sufficient to pay
                  all interest on and principal of (and all other amounts due to
                  the holders of) the applicable Group IV Notes or to pay such
                  lesser amount as is required to be paid pursuant to the
                  applicable Group IV Supplement, in each case in accordance
                  with the instructions of the Group IV Lessor. To the extent
                  any Manufacturer fails to accept any such Group IV Vehicles
                  under the terms of the applicable Manufacturer Program, the
                  Group IV Lessor shall have the right otherwise to dispose of
                  such Group IV Vehicles and to direct the Servicer to dispose
                  of such Group IV Vehicles in accordance with its instructions.
                  In addition, the Group IV Lessor shall have all of the rights,
                  remedies, powers, privileges and claims vis-a-vis each Group
                  IV Lessee necessary or desirable to allow the Trustee to
                  exercise the rights, remedies, powers, privileges and claims
                  given to the Trustee pursuant to Sections 9.2 and 9.3 of the
                  Second Base Indenture and Sections 6.2 and 6.3 of the
                  applicable Group IV Supplement and the Guarantor and each
                  Group IV Lessee acknowledges that it has hereby granted the
                  Group IV Lessor all of the rights, remedies, powers,
                  privileges and claims granted to the Trustee pursuant to
                  Article 9 of the Second Base Indenture and that, under certain
                  circumstances set forth in the Second Base Indenture, the
                  Trustee may act in lieu of the Group IV Lessor in the exercise
                  of such rights, remedies, powers, privileges and claims; and

                           (vii) Upon the occurrence and during the continuation
                  of a Lease Event of Default, the Group IV Lessor by notice in
                  writing to a Group IV Lessee, may terminate the Power of
                  Attorney as to such Group IV Lessee (PROVIDED that, after any
                  such termination of the Power of Attorney, the Group IV LESSOR
                  will follow the direction of the Servicer to release liens on
                  Group IV Acquired Vehicles which liens are required to be
                  released under the terms of this Lease).

         Section 17.4. MEASURE OF DAMAGES. If a Lease Event of Default occurs
and the Group IV Lessor, the Master Collateral Agent or the Trustee exercises
the remedies granted to the Group IV Lessor, the Master Collateral Agent or the
Trustee under this SECTION 17 or under Section 9.2 of the Second Base Indenture

                                       33
<PAGE>

and Section 6.2 of the applicable Group IV Supplement, the amount that the Group
IV Lessor shall be permitted to recover from the proceeds of any rental, sale or
return of any Group IV Vehicles shall be equal to:

                           (i) all Rent and other charges, payments and amounts
                  owed under this Lease (calculated as provided in SECTION
                  17.2); PLUS

                           (ii) any reasonable out-of-pocket damages and
                  expenses which the Group IV Lessor, the Master Collateral
                  Agent or the Trustee shall have sustained by reason of such
                  Lease Event of Default, together with reasonable sums for such
                  attorneys' fees and such expenses as will be expended or
                  incurred in the seizure, storage, rental or sale of the Group
                  IV Vehicles or in the enforcement of any right or privilege
                  hereunder or in any consultation or action in such connection;
                  plus

                           (iii) without duplication of payments made pursuant
                  to SECTION 5.5, interest (calculated on the basis of a 360-day
                  year) from time to time on amounts due and unpaid under this
                  Lease for each Interest Period in the period from the date of
                  the Lease Event of Default or the date payments were
                  originally due the Group IV Lessor under this Lease or from
                  the date of each expenditure by the Group IV Lessor, the
                  Master Collateral Agent or the Trustee, as applicable, which
                  is recoverable from the Group IV Lessee pursuant to this
                  SECTION 17, as applicable, to and including the date payments
                  are made by the Group IV Lessee at a rate for each such
                  Interest Period equal to the Group IV VFR for such Interest
                  Period (converted to a rate per annum) PLUS 1%;

PROVIDED, HOWEVER, that, to avoid duplication of payments, to the extent any
amounts described in CLAUSES (I) through (III) above have been paid to the Group
IV Lessor, the Master Collateral Agent or the Trustee from the liquidation of
the Group IV Financed Vehicles leased hereunder (either by receipt of payment
from the Manufacturers under Manufacturer Programs, from sales of Group IV
Vehicles to third parties, or otherwise), such amounts shall be deducted from
amounts under this SECTION 17.4.

         Section 17.5. APPLICATION OF PROCEEDS. The proceeds of any sale or
other disposition of any Group IV Financed Vehicles pursuant to SECTION 17.3
shall be applied in the following order: (i) to the reasonable out-of-pocket
costs and expenses incurred by the Group IV Lessor or its agent in connection
with such sale or disposition, including any reasonable costs associated with
repairing such Group IV Vehicles, and reasonable attorneys' fees in connection
with the enforcement of this Lease, (ii) to the payment of outstanding Rent and
other charges, payments and amounts under this Lease (such proceeds to be
applied first, to outstanding Monthly Variable Rent and Monthly Finance Rent PRO
RATA, second, to outstanding Monthly Base Rent, Monthly Supplemental Payments
and Additional Base Rent, PRO RATA, third, to outstanding Termination Payments

                                       34
<PAGE>

and Group IV Casualty Payments PRO RATA and fourth, to outstanding late charges
pursuant to SECTIONS 5.5 and 17.4(III)), (iii) to the payment of all other
amounts due hereunder and (iv) any remaining proceeds to the applicable Group IV
Lessee or such Person as may be lawfully entitled thereto.

         SECTION 18 MANUFACTURER EVENTS OF DEFAULT. Upon the occurrence of a
Manufacturer Event of Default set forth in clauses (i) or (ii) of the definition
thereof with respect to a Manufacturer, the Group IV Lessees on behalf of the
Group IV Lessor (a) shall no longer place Vehicle Orders for additional Group IV
Vehicles from such Manufacturer (each, a "DEFAULTING MANUFACTURER"), and (b)
shall cancel any Vehicle Order for Group IV Vehicles of such Defaulting
Manufacturer to which a vehicle identification number (a "VIN") has not been
assigned as of the date of such Manufacturer Event of Default (to the extent
such Vehicle Order is cancelable, with or without penalty). Notwithstanding the
foregoing , upon the occurrence of a Manufacturer Event of Default set forth in
clause (iii) of the definition thereof with respect to a Manufacturer (each, a
"DEFAULTED MANUFACTURER"), the Group IV Lessees on behalf of the Group IV Lessor
(a) shall no longer place Vehicle Orders for additional Program Vehicles from
such Defaulted Manufacturer, and (b) shall cancel any Vehicle Order for Program
Vehicles of such Defaulted Manufacturer to which a VIN has not been assigned as
of the date of such Manufacturer Event of Default (to the extent such Vehicle
Order is cancelable, with or without penalty); PROVIDED that the Group IV
Lessees shall not be required to cancel Vehicle Orders for Non-Program Vehicles
of such Defaulted Manufacturer.

         SECTION 19 CERTIFICATION OF TRADE OR BUSINESS USE. Pursuant to Section
7701 of the Code, each Group IV Lessee will deliver to the Group IV Lessor a
certificate in the form of ATTACHMENT C hereto, warranting and certifying that
(1) such Group IV Lessee intends to use the Group IV Acquired Vehicles leased by
it hereunder in a trade or business of such Group IV Lessee, and (2) such Group
IV Lessee has been advised that it will not be treated as the owner of the Group
IV Acquired Vehicles leased by it hereunder for federal income tax purposes.

         SECTION 20 SURVIVAL. In the event that, during the term of this Lease,
a Group IV Lessee or the Guarantor becomes liable for the payment or
reimbursement of any obligations, claims or taxes pursuant to any provision
hereof, such liability will continue, notwithstanding the expiration or
termination of this Lease, until all such amounts are paid or reimbursed by such
Group IV Lessee or the Guarantor.

         SECTION 21 RIGHTS OF GROUP IV LESSOR PLEDGED TO MASTER COLLATERAL AGENT
AND TRUSTEE. Notwithstanding anything to the contrary contained in this Lease,
each Group IV Lessee and the Guarantor acknowledges that each of the Group IV
Lessees and the Group IV Lessor, pursuant to the Master Collateral Agency
Agreement, has granted a security interest to the Master Collateral Agent, for
the benefit of the Trustee (for the benefit of the Group IV Noteholders), in all
of its right, title and interest in, to and under the Group IV Vehicles, the
related Manufacturer Programs, the Master Collateral Account and all other
related Master Collateral specified in the Master Collateral Agency Agreement as

                                       35
<PAGE>

being pledged by any Group IV Lessee or the Group IV Lessor, and each Group IV
Lessee and the Guarantor further acknowledges that the Group IV Lessor, pursuant
to the Group IV Receivables Trust Agreement has conveyed to the Group IV
Receivables Trustee, all the Group IV Lessor's right, title and interest in
respect of the Group IV Lease Payment Rights and the Manufacturer Payment Rights
and that, pursuant to the Group IV Supplements and the Second Base Indenture,
the Group IV Lessor has granted a security interest to the Trustee (for the
benefit of the Group IV Noteholders) in all of its right, title and interest in,
to and under the Group IV Collateral Agreements (other than the Group IV Lease
Payment Rights, and the Manufacturer Payment Rights), the Group IV Receivables
Trust Agreement, the Beneficial Interest, the Group IV Collection Account and
the other Collateral described in the Group IV Supplements. Accordingly, each
Group IV Lessee and the Guarantor agree that:

                           (i) Subject to the terms of the Second Indenture, the
                  Trustee shall have all the rights, powers, privileges and
                  remedies of the Group IV Lessor hereunder. Specifically, each
                  Group IV Lessee and the Guarantor agrees that, upon the
                  occurrence of an Amortization Event, the Trustee or, with
                  respect to any Master Collateral, the Master Collateral Agent
                  (for and on behalf of the Trustee) may exercise any right or
                  remedy available upon the occurrence of the event or events
                  giving rise to such Amortization Event against any Group IV
                  Lessee or the Guarantor provided for herein or in the Second
                  Indenture or the Master Collateral Agency Agreement, as
                  applicable, and neither any Group IV Lessee nor the Guarantor
                  will interpose as a defense that such claim should have been
                  asserted by the Group IV Lessor;

                           (ii) Upon the delivery by the Master Collateral Agent
                  or the Trustee of any notice to a Group IV Lessee or the
                  Guarantor stating that a Lease Event of Default or any
                  Amortization Event has occurred, then the Group IV Lessee or
                  the Guarantor, will, if so requested by the Master Collateral
                  Agent (with respect to the Master Collateral) or the Trustee
                  (with respect to the Group IV Collateral), treat the Master
                  Collateral Agent or the Trustee, as the case may be, or the
                  designee of the Master Collateral Agent or the Trustee, as the
                  case may be, for all purposes as the Group IV Lessor hereunder
                  and in all respects comply with all obligations under this
                  Lease that are asserted by the Master Collateral Agent or the
                  Trustee (or such designee), as the case may be, as the
                  successor to the Group IV Lessor hereunder, irrespective of
                  whether the Group IV Lessee or the Guarantor has received any
                  such notice from the Group IV Lessor;

                           (iii) Each Group IV Lessee acknowledges that pursuant
                  to the Second Indenture, the Group IV Lessor has irrevocably
                  authorized and directed the Group IV Lessees to, and the Group
                  IV Lessees shall, make payments of Rent and other charges and
                  payments under this Lease by deposit directly to the Group IV
                  Collection Account established by the Trustee for receipt of

                                       36
<PAGE>

                  such payments pursuant to the Second Base Indenture and the
                  Group IV Supplements (or to such other account as the Trustee
                  may from time to time specify to the Group IV Lessees), and
                  such payments shall discharge the obligation of the Group IV
                  Lessees to the Group IV Lessor hereunder with respect to Rent
                  and other charges and payments to the extent of such payments;

                           (iv) Upon request made by the Master Collateral Agent
                  at any time, each Group IV Lessee will take such actions as
                  are requested by the Master Collateral Agent to maintain the
                  Master Collateral Agent's perfected first priority security
                  interest in the Group IV Vehicles leased by such Group IV
                  Lessee under this Lease, the Certificates of Title with
                  respect thereto and the Master Collateral pursuant to the
                  Master Collateral Agency Agreement;

                           (v) The Trustee is hereby irrevocably appointed the
                  true and lawful attorney-in-fact of each Group IV Lessee, in
                  its name and stead, to make all necessary deeds, bills of sale
                  and instruments of assignment and transfer of the property of
                  such Group IV Lessee sold pursuant to Section 9.2(c) of the
                  Second Base Indenture (including, without limitation, any
                  Group IV Financed Vehicles), and for such other purposes as
                  are necessary or desirable to effectuate the provisions of the
                  Second Indenture and for that purpose the Trustee may execute
                  and deliver all necessary deeds, bills of sale and instruments
                  of assignment and transfer, and may substitute one or more
                  Persons with like power, each Group IV Lessee hereby ratifying
                  and confirming all that its said attorney, or such substitute
                  or substitutes, shall lawfully do by virtue hereof, but if so
                  requested by the Trustee or by any purchaser, the Group IV
                  Lessee shall ratify and confirm any such sale or transfer by
                  executing and delivering to the Trustee or to such purchaser
                  all such property, deeds, bills of sale, instruments of
                  assignment and transfer and releases as may be designated in
                  any such request;

                           (vi) In the event that the Trustee determines to take
                  action pursuant to the provisions of Section 9.2(d) of the
                  Second Base Indenture, the Trustee may, without notice to the
                  Group IV Lessor (unless such notice is required by applicable
                  state law), the Servicer, any Group IV Lessee or the
                  Guarantor, direct the Master Collateral Agent to take legal
                  proceedings for the appointment of a receiver to take
                  possession of Group IV Vehicles pending the sale thereof and
                  in any such event the Trustee shall be entitled to the
                  appointment of a receiver for the Group IV Vehicles, and none
                  of the Group IV Lessor, the Servicer, any Group IV Lessee or
                  the Guarantor shall object to such appointment; and

                           (vii) Each Group IV Lessee hereby authorizes the
                  Group IV Lessor and the Trustee, as applicable, to give
                  directions to the Master Collateral Agent to perform any
                  obligation which such Group IV Lessee shall have failed to

                                       37
<PAGE>

                  perform under the Group IV Related Documents, including, but
                  not limited to, any directions permitted by Section 3.4 of the
                  Master Collateral Agency Agreement.

         SECTION 22 MODIFICATION AND SEVERABILITY. No delay on the part of the
Group IV Lessor, the Trustee or the Master Collateral Agent in the exercise of
any right, power or remedy shall operate as a waiver thereof, nor shall any
single or partial exercise by any of them of any right, power or remedy preclude
other or further exercise thereof, or the exercise of any other right, power or
remedy. No amendment, modification or waiver of, or consent with respect to, any
provision of this Lease shall in any event be effective unless the same shall be
in writing and signed and delivered by the Group IV Lessor, the Group IV
Lessees, and (except as to the matters referred to in SECTION 28.3) the
Guarantor.

         Notwithstanding the foregoing provisions of this SECTION 22, the Group
IV Lessor, the Group IV Lessees and the Guarantor may, at any time and from time
to time, without the consent of the Trustee or the Group IV Noteholders, enter
into any amendment, supplement or other modification to this Lease to cure any
apparent mistake, ambiguity or defect or to correct or supplement any provision
in this Lease that may be inconsistent with any other provision herein or to
make any other provisions with respect to matters or questions arising under
this Lease; PROVIDED, HOWEVER, that (i) any such action shall not have a
materially adverse effect on the interests of any Group IV Noteholders as set
forth, at the request of the Trustee, in an Opinion of Counsel and a certificate
of the Group IV Lessor and Group IV Lessees addressed to the Trustee and (ii) a
copy of such amendment, supplement or other modification is furnished to the
Trustee and (as applicable) each Rating Agency in accordance with the notice
provisions hereof not later than ten days prior to the execution thereof by the
Group IV Lessor, the Group IV Lessees and the Guarantor.

         SECTION 23 CERTAIN REPRESENTATIONS AND WARRANTIES. Each Group IV Lessee
and the Servicer represents and warrants to the Group IV Lessor, as to itself
and the Group IV Vehicles leased by it, and the Guarantor represents and
warrants to the Group IV Lessor as to itself and as to each Group IV Lessee and
the Servicer and as to all Group IV Vehicles, that, as of the Group IV Initial
Closing Date and, except to the extent such representation and warranty
expressly relates to an earlier date, (i) as of the date hereof, (ii) as of each
Vehicle Funding Date and (iii) as of the Closing Date with respect to each
subsequent Series of Group IV Notes:

         Section 23.1. ORGANIZATION; POWER; QUALIFICATION. The Guarantor and
each Group IV Lessee (i) is a corporation, limited liability company or
partnership, as applicable, duly organized, validly existing and in good
standing under the laws of the jurisdiction of its incorporation or
organization, as applicable, (ii) has the requisite power and authority to own
its properties and to carry on its business as now being and hereafter proposed
to be conducted, and (iii) is duly qualified, in good standing and authorized to
do business in each jurisdiction in which the character of its properties or the

                                       38
<PAGE>

nature of its businesses requires such qualification or authorization, except
where the failure to so qualify is not reasonably likely to have a Material
Adverse Effect.

         Section 23.2. AUTHORIZATION; ENFORCEABILITY. The Guarantor (in its
capacities as Guarantor and as Servicer) and each Group IV Lessee has the
requisite power and has taken all necessary corporate action to authorize it to
execute, deliver and perform this Lease and each of the other Group IV Related
Documents to which it is a party in accordance with their respective terms, and
to consummate the transactions contemplated hereby and thereby. This Lease has
been duly executed and delivered by the Guarantor and each Group IV Lessee and
is, and each of the other Group IV Related Documents to which any Group IV
Lessee or the Guarantor is a party is, a legal, valid and binding obligation of
such Group IV Lessee or the Guarantor, as applicable, enforceable in accordance
with its terms, except as the enforceability thereof may be limited by
bankruptcy, insolvency, reorganization and similar laws affecting creditors
generally and by the availability of equitable remedies.

         Section 23.3. COMPLIANCE. The execution, delivery and performance, in
accordance with their respective terms, by each Group IV Lessee and the
Guarantor (in its capacities as Guarantor and as Servicer) of this Lease and
each of the other Group IV Related Documents to which it is a party, and the
consummation of the transactions contemplated hereby and thereby, do not and
will not (i) require any consent, approval, authorization or registration not
already obtained or effected, except where the failure to obtain any such
consent, approval or authorization or to register is not reasonably likely to
have a Material Adverse Effect, (ii) violate any applicable law with respect to
any Group IV Lessee, the Servicer or the Guarantor or otherwise, as applicable,
which violation is reasonably likely to have a Material Adverse Effect, (iii)
conflict with, result in a breach of, or constitute a default under the
certificate of incorporation or by-laws or other organizational documents, if
applicable, of any Group IV Lessee, the Servicer or the Guarantor, or under any
indenture, agreement, or other instrument to which any Group IV Lessee (in its
capacities as Group IV Lessee or otherwise) or the Guarantor (in its capacities
as Guarantor or as Servicer), is a party or by which its properties may be
bound, which conflict, breach or default is reasonably likely to have a Material
Adverse Effect, or (iv) result in or require the creation or imposition of any
Lien upon or with respect to any property now owned or hereafter acquired by the
Guarantor or any Group IV Lessee, except Permitted Encumbrances.

         Section 23.4. FINANCIAL INFORMATION; FINANCIAL CONDITION. All financial
statements (including the notes thereto) referred to in the following sentence
and hereafter furnished to the Group IV Lessor, the Master Collateral Agent or
the Trustee pursuant to SECTION 24.6 hereof have been and will be prepared in
accordance with GAAP and do and will present fairly the financial condition of
the entities involved as of the dates thereof and the results of their
operations for the periods covered thereby, subject, in the case of all
unaudited statements, to normal year-end adjustments and lack of footnotes and
other presentation items. Such financial statements include the historical
consolidated balance sheet of the Guarantor and its Consolidated Subsidiaries as

                                       39
<PAGE>

of December 31, 2001 and the related statements of income, changes in
stockholders' equity and cash flow as of and for the fiscal year ending on such
date, which have been furnished to the Group IV Lessor and the Trustee on or
prior to the date hereof.

         Section 23.5. LITIGATION. Except for claims as to which the insurer has
admitted coverage in writing and which are fully covered by insurance, no claim,
litigation (including, without limitation, derivative actions, but excluding any
bankruptcy proceedings relating to the bankruptcy proceedings instituted before
the date hereof), arbitration, governmental investigation or proceeding or
inquiry is pending or, to the best of the Guarantor's and each Group IV Lessee's
knowledge, threatened against the Guarantor or any Group IV Lessee which is
reasonably likely to have a Material Adverse Effect.

         Section 23.6. LIENS. The Group IV Vehicles and other Master Collateral
are free and clear of all Liens other than Permitted Liens. The Group IV Lessor
(or the Master Collateral Agent on behalf of the Group IV Lessor) has obtained,
as security for the liabilities of the Group IV Lessees under this Lease, a
first priority perfected security interest on all Group IV Vehicles and all the
other Master Collateral with respect to which the ARG II Trustee and any
Additional Permitted Beneficiary is designated as the Beneficiary under the
Master Collateral Agency Agreement. All Vehicle Perfection and Documentation
Requirements with respect to all Group IV Vehicles on or after the date hereof
have been and will continue to be satisfied, except to the extent that the
failure to comply with such requirements does not, in the aggregate, materially
adversely affect either the interests of the Group IV Lessor or Group IV
Noteholders under this Lease or the Second Indenture or the likelihood of
payment of all Rent and other charges and payments due under this Lease.

         Section 23.7. EMPLOYEE BENEFIT PLANS. (a) (i) During the twelve
consecutive month period prior to the date hereof and prior to the Group IV
Initial Closing Date and the Closing Date for each other Series of Group IV
Notes, no steps have been taken by the Guarantor, any Group IV Lessee, or any
member of their Controlled Group, or to the knowledge of the Guarantor or any
Group IV Lessee, by any Person, to terminate any Pension Plan that could give
rise to any liability under Title IV of ERISA and (ii) no contribution failure
has occurred or exists with respect to any Pension Plan maintained or previously
maintained by the Guarantor, any Group IV Lessee, or any member of their
Controlled Group sufficient to give rise to a Lien under Section 302(f)(1) of
ERISA in connection with such Pension Plan; and (b) no condition exists or event
or transaction has occurred with respect to any Pension Plan which could
reasonably be expected to result in the incurrence by the Guarantor, any Group
IV Lessee, or any member of the Controlled Group of liabilities (including,
without limitation, Multiemployer Plan and Multiple Employer Plan withdrawal
liabilities), fines or penalties in an amount that will have a Material Adverse
Effect.

         Section 23.8. SECURITIES LAWS. Neither the Guarantor nor any Group IV
Lessee is an "investment company" or is a company "controlled" by an "investment
company", within the meaning of the Investment Company Act, and the entering
into or performance by the Guarantor and the Group IV Lessees of this Lease does
not violate any provision of such Act and does not require any consent, approval

                                       40
<PAGE>

or authorization of, or registration with, the Securities and Exchange
Commission or any other similar governmental or public body or authority.

         Section 23.9. REGULATIONS T, U AND X. Neither the Guarantor nor any
Group IV Lessee is engaged principally, or as one of its important activities,
in the business of extending credit for the purpose of purchasing or carrying
margin stock (within the meaning of Regulation T, U or X of the Board of
Governors of the Federal Reserve System). Neither the Guarantor nor any Group IV
Lessee nor any Person acting on behalf of any of them has taken or will take
action to cause the execution, delivery or performance of this Lease or the
financing or acquisition of the Group IV Vehicles to violate Regulation T, U or
X of the Board of Governors of the Federal Reserve System.

         Section 23.10. BUSINESS LOCATIONS; TRADE NAMES. SCHEDULE 23.10 lists
the jurisdiction under which each Group IV Lessee and the Guarantor is organized
and where each such entity maintains its chief executive office or sole place of
business as of the date hereof; and SCHEDULE 23.10 also lists as of the date
hereof the legal name of each Group IV Lessee and the Guarantor and each name
under or by which each Group IV Lessee conducts its business and each state in
which such Group IV Lessee conducts business.

         Section 23.11. TAXES. The Guarantor and each Group IV Lessee has filed
all material tax returns which have been required to be filed by it, and has
paid or provided in all material respects adequate reserves for the payment of
all taxes, including, without limitation, all payroll taxes and federal and
state withholding taxes, and all assessments payable by it that have become due,
other than those that are not yet delinquent or that are being contested in good
faith by appropriate proceedings and with respect to which adequate reserves
have been established, and are being maintained, in accordance with GAAP. As of
the date hereof, there is no ongoing audit (other than routine audits) or, to
the Guarantor's or any Group IV Lessee's knowledge, other governmental
investigation of the tax liability of the Guarantor or any Group IV Lessee and
there is no unresolved claim by a taxing authority concerning the Guarantor's or
any Group IV Lessee's tax liability for any period for which returns have been
filed or were due other than those contested in good faith by appropriate
proceedings and with respect to which, in all material respects, adequate
reserves have been established, and are being maintained, in accordance with
GAAP.

         Section 23.12. GOVERNMENTAL AUTHORIZATIONS. The Guarantor and each
Group IV Lessee has all licenses, franchises, permits and other governmental
authorizations necessary for all businesses presently carried on by it
(including owning and leasing the real and personal property owned and leased by
it), except where failure to obtain such licenses, franchises, permits and other
governmental authorizations is not reasonably likely to have a Material Adverse
Effect.

         Section 23.13. GROUP IV ELIGIBLE VEHICLES; FLEET SHARING PARTIES. Each
Group IV Vehicle is or will be, on the Vehicle Funding Date therefor hereunder,
a Group IV Eligible Vehicle, and each party sharing a Group IV Vehicle with a

                                       41
<PAGE>

Group IV Lessee (other than an Other Permitted User using, pursuant to SECTION
8, Group IV Vehicles leased by such Named Group IV Lessee) is or will be, as the
case may be, a Fleet Sharing Party on the date that the Fleet Sharing Agreement
applicable to such Group IV Vehicle commences.

         Section 23.14. ACCURACY OF INFORMATION. All certificates, reports,
statements, documents and other information furnished to the Group IV Lessor,
the Trustee or the Master Collateral Agent by the Guarantor or any Group IV
Lessee pursuant to any provision of any Group IV Related Document, or in
connection with or pursuant to any amendment or modification of, or waiver
under, any Group IV Related Document, shall, at the time the same are so
furnished, be complete and correct in all material respects to the extent
necessary to give the Group IV Lessor, the Trustee or the Master Collateral
Agent, as the case may be, true and accurate knowledge of the subject matter
thereof, and the furnishing of the same to the Group IV Lessor, the Trustee or
the Master Collateral Agent, as the case may be, shall constitute a
representation and warranty by the Guarantor or such Group IV Lessee, as
applicable, made on the date the same are furnished to the Group IV Lessor, the
Trustee or the Master Collateral Agent, as the case may be, to the effect
specified herein.

         Section 23.15. RESERVED.

         Section 23.16. OWNERSHIP. All partnership interests in the Group IV
Lessor, or stock of the General Partner, owned by the Guarantor or any Group IV
Lessee are owned free and clear of all Liens; except for the pledge of
National's partnership interest in the Group IV Lessor to Wilmington Trust
Company, in its capacity as collateral trustee on behalf of Lehman Commercial
Paper Inc. and Liberty Mutual Insurance Company under the Collateral Agreement,
dated as of August 30, 2001, among ANC and various of its affiliates and
Wilmington Trust Company, in its capacity as collateral trustee.

         Section 23.17. NECESSARY ACTIONS. Upon the Servicer causing the Lien of
the Master Collateral Agent to be noted on the Certificates of Title with
respect to the Group IV Vehicles (other than Group IV Vehicles in any Group IV
Initial Fleet) or as otherwise provided for by the Master Collateral Agency
Agreement or the Second Indenture, all filings, registrations and recordings
necessary or appropriate to create, preserve, protect and perfect the security
interest granted to the Master Collateral Agent in respect of the Master
Collateral have been accomplished and the security interest granted to the
Master Collateral Agent pursuant to the Master Collateral Agency Agreement in
and to the Master Collateral constitutes a perfected security interest therein
prior to the rights of all other Persons therein and subject to no other Liens
other than Permitted Liens and is entitled to all rights, priorities and
benefits afforded to perfected security interests by the UCC or other relevant
law as enacted in any relevant jurisdiction.

         Section 23.18. SUPPLEMENTAL DOCUMENTS TRUE AND CORRECT. All information
contained in any Vehicle Order or any other material Supplemental Document which
has been submitted, or which may hereafter be submitted by the Guarantor or any

                                       42
<PAGE>

Group IV Lessee to the Group IV Lessor is, or will be as of the date of such
Vehicle Order or other Supplemental Document, true, correct and complete in all
material respects.

         SECTION 24 CERTAIN AFFIRMATIVE COVENANTS. Each Group IV Lessee and, as
applicable, the Servicer and the Guarantor, covenants and agrees that, until the
expiration or termination of this Lease, and thereafter until the obligations of
such Group IV Lessee, the Servicer and the Guarantor under this Lease and the
Group IV Related Documents are satisfied in full, unless at any time the Group
IV Lessor, the Master Collateral Agent (solely in respect of SECTIONS 24.2 and
24.3 (as it relates to keeping adequate books and records of account in which
complete entries will be made), 24.5, clauses (iii) through (viii) of SECTION
24.6 and SECTIONS 24.7, 24.10, 24.11, 24.12 and 24.15) and the Trustee shall
otherwise expressly consent in writing, it will:

         Section 24.1. CORPORATE EXISTENCE; FOREIGN QUALIFICATION. Do and cause
to be done at all times all things necessary to (i) maintain and preserve its
(a) existence as a corporation, limited liability company or partnership, as
applicable, and (b) power and authority to own its properties and to carry on
its business, (ii) be duly qualified to do business and in good standing as a
foreign corporation in each jurisdiction where the nature of its business makes
such qualification necessary, except where the failure to so qualify is not
reasonably likely to have a Material Adverse Effect and (iii) comply with all
Contractual Obligations and Requirements of Law binding upon it, except to the
extent that the failure to comply therewith is not reasonably likely to, in the
aggregate, have a Material Adverse Effect.

         Section 24.2. BOOKS, RECORDS AND INSPECTIONS. (i) Maintain complete and
accurate books and records with respect to Group IV Vehicles leased under this
Lease and the other Master Collateral; (ii) at any time and from time to time
during regular business hours, upon not less than reasonable prior notice from
the Group IV Lessor, the Master Collateral Agent or the Trustee, permit the
Group IV Lessor, the Master Collateral Agent or the Trustee (or such other
person who may be designated from time to time by the Group IV Lessor, the
Master Collateral Agent or the Trustee), or its agents or representatives, to
examine and make copies of such books, records and documents in the possession
or under the control of such Group IV Lessee relating to the Group IV Vehicles
leased under this Lease and the other Master Collateral as the Group IV Lessor,
the Master Collateral Agent, the Trustee, or such person may reasonably request
(including in connection with the Group IV Lessor's, the Trustee's or the Master
Collateral Agent's satisfaction of any requests of a Manufacturer performing an
audit under its Manufacturer Program); (iii) permit the Group IV Lessor, the
Master Collateral Agent or the Trustee (or such other person who may be
designated from time to time by the Group IV Lessor, the Master Collateral Agent
or the Trustee), or its agents or representatives, to visit the office (which
office shall be in the continental United States and, if it is not the office
where such materials normally are kept, shall be accessible without unreasonable
effort or expense) and properties of such Group IV Lessee or the Servicer for
the purpose of examining such materials, and to discuss matters relating to the
Group IV Vehicles leased under this Lease and the other Master Collateral or
such Group IV Lessee's (or the Servicer's) performance under this Lease with
such Group IV Lessee's or Servicer's independent public accountants or with any

                                       43
<PAGE>

of the officers or employees of such Group IV Lessee or the Servicer having
knowledge of such matters; (iv) permit the Group IV Lessor, the Master
Collateral Agent or the Trustee or any authorized representative of the Group IV
Lessor, the Master Collateral Agent or the Trustee, during reasonable business
hours from time to time, upon reasonable prior notice, without disruption of
such Group IV Lessees' or the Fleet Sharing Parties' business and subject to
applicable law, to inspect Group IV Vehicles and registration certificates,
Certificates of Title and related documents covering Group IV Vehicles wherever
the same may be located; and (v) make reasonable efforts to confirm to the Group
IV Lessor, the Master Collateral Agent and the Trustee the location, mileage and
condition of each Group IV Vehicle and to make available for the Group IV
Lessor's, the Master Collateral Agent's or the Trustee's inspection (such
inspection to be conducted without disturbing the ordinary conduct of such Group
IV Lessee's business) within a reasonable time period, not to exceed forty-five
(45) days, the Group IV Vehicles at the location where the Group IV Vehicles are
normally domiciled; PROVIDED, HOWEVER, that in the case of CLAUSES (II), (III)
and (IV) above, any of the Master Collateral Agent and the Trustee and/or their
agents or representatives, as applicable, examining any such material on any
date shall perform such examination at the same time as the other such parties
performing such examination of such material on such date.

         Section 24.3. ACCOUNTING METHODS; FINANCIAL RECORDS. Maintain, and
cause its material Subsidiaries to maintain, a system of accounting established
and administered in accordance with GAAP, keep, and cause its material
Subsidiaries to keep, adequate records and books of account in which complete
entries will be made in accordance with such accounting principles and
reflecting all transactions required to be reflected by such accounting
principles and keep, and cause its material Subsidiaries to keep, accurate and
complete records of their respective properties and assets.

         Section 24.4. INSURANCE. (a) Maintain or cause to be maintained, with
financially sound and reputable insurers satisfactory to the Group IV Lessor and
the Trustee, (i) personal injury and damage insurance (including self-insurance)
with respect to the Group IV Vehicles and (ii) insurance with respect to its
properties and business against loss or damage of the kinds customarily insured
against by corporations of established reputation engaged in the same or similar
businesses and consistent with past practices, in each case, of such types and
in such amounts as are customarily carried under similar circumstances by such
other corporations, and the Guarantor and each Group IV Lessee shall, from time
to time, deliver to the Group IV Lessor and the Trustee (as the Group IV Lessor
or the Trustee shall request), copies of certificates describing all such
insurance then in effect; PROVIDED, HOWEVER, that any Group IV Lessee may
continue its current practices of self-insurance setting aside adequate reserves
to cover any and all losses: (x) which would otherwise be covered under any

                                       44
<PAGE>

standard comprehensive and collision policies of insurance; and (y) arising from
liability to third parties for bodily injuries, death, and property damage in an
aggregate amount reasonably determined by such Group IV Lessee and not less than
that which is customary for companies of a similar size or engaged in the same
or similar activities which relative to Group IV Vehicles registered, licensed,
rented or to be used in the state of Florida shall be in an amount which
contains limits of not less than $100,000 per claim and $300,000 per occurrence
for bodily injury liability and $50,000 property damage liability and bodily
injury liability; PROVIDED, FURTHER, HOWEVER, that the Group IV Lessees shall
obtain excess insurance coverage in an amount not less than $30,000,000 for any
claims of liability against the Group IV Lessees relating to their ownership or
use of Group IV Vehicles.

                  (b) Require that each insurance policy referred to in the
foregoing CLAUSE (A) provide for at least thirty (30) days' prior written notice
to the Master Collateral Agent of any termination of or proposed cancellation or
nonrenewal of such policy and that each insurance policy insuring assets pledged
to the Master Collateral Agent name the Master Collateral Agent as an additional
insured or additional loss payee, as appropriate, pursuant to certificates in
form and substance reasonably satisfactory to the Master Collateral Agent.

         Section 24.5. MANUFACTURER PROGRAMS. Turn in each Program Vehicle
leased by a Group IV Lessee hereunder to the relevant Manufacturer within the
Repurchase Period therefor pursuant to SECTION 12.2 (unless the Group IV Lessee
(i) sells such Group IV Vehicle pursuant to SECTION 27 or SECTION 8 of ANNEX A
hereto and, prior to the end of the Repurchase Period therefor, causes to be
deposited to the Master Collateral Account the sales proceeds therefor in cash
in the amount required pursuant to such applicable Section, (ii) purchases such
Group IV Vehicle as permitted by, and pursuant to the requirements of, this
Lease and, prior to the end of the Repurchase Period therefor, deposits to the
Group IV Collection Account the purchase price therefor in cash in the amount so
required, (iii) in the case of any Group IV Vehicle that suffers a Group IV
Casualty or ceases to be a Group IV Eligible Vehicle, deposits to the Group IV
Collection Account the Group IV Casualty Payment therefor in cash pursuant to
SECTION 7 or (iv) redesignates such Group IV Vehicle as a Non-Program Vehicle in
accordance with SECTION 14); and, with respect to each Program Vehicle leased by
the Group IV Lessee hereunder, comply in all material respects with all of its
obligations under the Manufacturer Program relating to such Group IV Vehicle.

         Section 24.6. REPORTING REQUIREMENTS. Except as otherwise specified
below, furnish, or cause to be furnished to the Group IV Lessor, the Master
Collateral Agent and the Trustee:

                           (i) AUDIT REPORT. As soon as available and in any
                  event within thirty (30) days after the Guarantor's filing of
                  an annual report with the Commission, (x) consolidated
                  financial statements, if any, consisting of a balance sheet of
                  the Guarantor and its Consolidated Subsidiaries as at the end
                  of such fiscal year and statements of income, stockholders'
                  equity and cash flows of the Guarantor and its Consolidated
                  Subsidiaries for such fiscal year, setting forth in
                  comparative form the corresponding figures for the preceding

                                       45
<PAGE>

                  fiscal year (if applicable), certified by and containing an
                  opinion, unqualified as to scope, of a firm of independent
                  certified public accountants of nationally recognized standing
                  selected by the Guarantor and acceptable to the Group IV
                  Lessor and the Trustee, and (y) an Officer's Certificate of an
                  Authorized Officer of the Guarantor, addressed to the Group IV
                  Lessor, the Trustee and the Master Collateral Agent stating
                  that such officer has reviewed the books and records of the
                  Guarantor and its Consolidated Subsidiaries, and certifying
                  that no Potential Lease Event of Default or Lease Event of
                  Default has occurred which was continuing at the close of such
                  fiscal year or on the date of such Officer's Certificate or,
                  if such an event has occurred and was continuing at the close
                  of such fiscal year or on the date of such Officer's
                  Certificate, the nature of such event;

                           (ii) QUARTERLY STATEMENTS. As soon as available and
                  in any event within thirty (30) days after the Guarantor's
                  filing of any quarterly statement with the Commission, (x)
                  financial statements, if any, consisting of consolidated
                  balance sheets of the Guarantor and its Consolidated
                  Subsidiaries as at the end of such quarter and statements of
                  income, stockholders' equity and cash flows of the Guarantor
                  and its Consolidated Subsidiaries for each such quarter,
                  setting forth in comparative form the corresponding figures
                  for the corresponding periods of the preceding fiscal year (if
                  applicable), all in reasonable detail and certified (subject
                  to normal year-end audit adjustments) by a senior financial
                  officer of the Guarantor as having been prepared in accordance
                  with GAAP, and (y) a letter from such officer addressed to the
                  Group IV Lessor, the Trustee and the Master Collateral Agent
                  stating that no Potential Lease Event of Default or Lease
                  Event of Default has come to his attention which was
                  continuing at the end of such quarter or on the date of his
                  letter, or, if such an event has come to his attention and was
                  continuing at the end of such quarter or on the date of his
                  letter, indicating the nature of such event and the action
                  which the Guarantor proposes to take with respect thereto;

                           (iii) LEASE EVENTS OF DEFAULT; AMORTIZATION EVENTS.
                  Promptly, but in any event within 5 Business Days, after
                  becoming aware thereof, (a) notice of the occurrence of any
                  Potential Lease Event of Default or Lease Event of Default,
                  together with a written statement of an Authorized Officer of
                  the Group IV Lessee describing such event and the action that
                  the Guarantor or the applicable Group IV Lessee proposes to
                  take with respect thereto, and (b) notice of any Potential
                  Amortization Event or Amortization Event;

                           (iv) MONTHLY VEHICLE STATEMENTS. To the Master
                  Collateral Agent, on or before each Determination Date, the
                  Servicer shall deliver a monthly vehicle statement (each, a
                  "Monthly Vehicle Statement") which shall specify (i) the last
                  eight digits of the VIN for each Group IV Vehicle leased
                  hereunder during the Related Month by each Group IV Lessee,
                  (ii) whether such Group IV Vehicle is leased under Annex A or

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                  Annex B hereto, (iii) the Capitalized Cost for each such Group
                  IV Vehicle and (iv) the aggregate Group IV Net Book Value of
                  such Group IV Vehicles as of the end of the Related Month;

                           (v) GROUP IV DAILY REPORTS. The Servicer shall
                  deliver to the Master Collateral Agent, on each Business Day,
                  a copy of the most recent Group IV Daily Report (as defined
                  below). On each Business Day commencing on the Lease
                  Commencement Date, the Servicer shall prepare or cause to be
                  prepared and maintain at its office a record (each, a "GROUP
                  IV DAILY REPORT") setting forth the aggregate of the amounts
                  deposited in the Group IV Collection Account on the
                  immediately preceding Business Day, which shall consist of:
                  (A) the aggregate amount of payments received from
                  Manufacturers and/or auction dealers under Manufacturer
                  Programs related to the Group IV Vehicles and deposited in the
                  Group IV Collection Account from the Master Collateral Account
                  or otherwise, PLUS (B) the aggregate amount of proceeds
                  received from third parties (other than Manufacturers and
                  auction dealers under Manufacturer Programs) with respect to
                  the sale of Group IV Vehicles and deposited in the Group IV
                  Collection Account from the Master Collateral Account or
                  otherwise, PLUS (C) the aggregate amount of other Group IV
                  Collections deposited in the Group IV Collection Account;

                           (vi) MONTHLY NOTEHOLDER'S STATEMENT. (a) On or before
                  each Determination Date, an Officer's Certificate of the
                  Servicer (each, a "MONTHLY NOTEHOLDER'S STATEMENT"), and (b)
                  no later than 4:00 p.m. (New York City time) on the day
                  preceding each Payment Date (PROVIDED, HOWEVER, that if such
                  day preceding a Payment Date is not a Business Day, then no
                  later than 10:00 a.m. (New York City time) on such Payment
                  Date), a supplementary Officer's Certificate of the Servicer
                  (each, a "SUPPLEMENTARY NOTEHOLDER'S STATEMENT"), in each
                  case, with respect to each Group IV Supplement in such form
                  and setting forth such information as such Group IV Supplement
                  requires with respect thereto;

                           (vii) NON-PROGRAM VEHICLE REPORT. On December 31,
                  2002, and on an annual basis thereafter on December 31 of each
                  year, or as otherwise agreed by Standard & Poor's, the
                  Servicer shall cause a firm of nationally recognized
                  independent public accountants (who may also render other
                  services to the Servicer and which is acceptable to Standard &
                  Poor's) to furnish a report with respect to each Group IV
                  Supplement (each, a "NON-PROGRAM VEHICLE REPORT") to the
                  Rating Agencies, with a copy furnished to the Group IV Lessor
                  and the Trustee, to the effect that they have performed
                  certain agreed upon procedures as are specified in such Group
                  IV Supplement;

                           (viii) MANUFACTURERS. Promptly, but in any event
                  within 5 Business Days, after obtaining actual knowledge
                  thereof, notice of any Manufacturer Event of Default or

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<PAGE>

                  termination or replacement of a Manufacturer Program or
                  prospective change in any Manufacturer Program;

                           (ix) GROUP IV DATA FILE. On the 12th day and the 27th
                  day of each month, the Servicer shall furnish to the Trustee a
                  data file (each, a "GROUP IV DATA FILE"), to the extent that
                  the Servicer maintains such a file in electronic format, for
                  every Group IV Vehicle leased by a Group IV Lessor and subject
                  to a Group IV Lease. Each Group IV Data File shall contain the
                  following information: (A) the VIN for each such Group IV
                  Vehicle, (B) the date on which depreciation begins in the
                  Servicer's computer systems for purposes of calculating Group
                  IV Net Book Value, (C) the manufacturer's or dealer's
                  "in-service date" or date on which depreciation begins for
                  purposes of calculating the price at which the manufacturer or
                  dealer will repurchase the Group IV Vehicle, if applicable,
                  (D) the Group IV Vehicle Lease Commencement Date, (E) the
                  state in which such Group IV Vehicle is registered, (F) the
                  manufacturer, model year, invoice date, delivery date, model
                  name, trim package, body style, color, titleholder,
                  lienholder, capitalized cost, current Group IV Net Book Value,
                  current mileage, current physical location (facility/outlet
                  name, street address, city, state, zip) of such Group IV
                  Vehicle, (G) the manufacturer program under which such Group
                  IV Vehicle is leased, (H) the Group IV Lessor of such Group IV
                  Vehicle, (I) for Group IV Vehicles in the "GMC matrix
                  program", the "tier #", (J) for Group IV Vehicles in the "GM
                  matrix program", the number of days in the "designated period"
                  and (K) if such Group IV Vehicle is a Non-Program Vehicle,
                  daily depreciation charge per the applicable "depreciation
                  schedule".

                           (x) LITIGATION. Promptly, but in any event within 5
                  Business Days, after becoming aware thereof, notice of any
                  claims, litigation, arbitration, governmental investigation or
                  proceeding or inquiry that is pending or, to the best of the
                  Guarantor's or any Group IV Lessee's knowledge, threatened
                  against the Guarantor or any Group IV Lessee which is
                  reasonably likely to have a Material Adverse Effect;

                           (xi) ERISA. With respect to any Pension Plan
                  maintained by any member of the Guarantor's or any Group IV
                  Lessee's Controlled Group, promptly, but in any event within 5
                  Business Days, after becoming aware thereof, notice of (x) the
                  termination of any such Pension Plan; (y) the failure to make
                  a contribution to any such Pension Plan sufficient to give
                  rise to a Lien under Section 302(f)(1) of ERISA; and (z) the
                  existence or occurrence of a condition, event or transaction
                  with respect to any such Pension Plan which could reasonably
                  be expected to result in the incurrence by the Guarantor, any
                  Group IV Lessee or any member of the Controlled Group of
                  liabilities, fines or penalties in an amount that is
                  reasonably likely to have a Material Adverse Effect;

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<PAGE>

                           (xii) NOTICE OF FINAL JUDGMENT. Promptly, but in any
                  event within 5 Business Days, upon becoming aware thereof,
                  provide to Moody's notice of any final judgment rendered
                  against the Group IV Lessor; and

                           (xiii) OTHER. Promptly, from time to time, such other
                  information, documents, or reports respecting the Group IV
                  Vehicles or the other Master Collateral or the condition,
                  financial or otherwise, or operations of the Guarantor, the
                  Group IV Lessees or the Servicer as the Group IV Lessor, the
                  Master Collateral Agent or the Trustee may from time to time
                  reasonably request in order to protect the interests of the
                  Group IV Lessor, the Master Collateral Agent or the Trustee
                  under or as contemplated by this Lease or any other Group IV
                  Related Document.

         Section 24.7. TAXES AND LIABILITIES. Pay when due all material taxes,
assessments and other material (determined on a consolidated basis) liabilities
(including titling fees and registration fees payable with respect to Group IV
Vehicles) except as contested in good faith and by appropriate proceedings with
respect to which in all material respects adequate reserves have been
established, and are being maintained, in accordance with GAAP and such
nonpayment is not reasonably likely to result in a Material Adverse Effect.

         Section 24.8. MAINTENANCE OF THE GROUP IV VEHICLES. (i) Maintain and
cause to be maintained in good repair, working order, and condition all of the
Group IV Vehicles in accordance with its ordinary business practices with
respect to all other vehicles owned by it and will use commercially reasonable
efforts to maintain each such Group IV Vehicle that is a Program Vehicle as an
eligible vehicle under the related Manufacturer Program, except in each case to
the extent that any such failure to comply with such requirements is not
reasonably likely to, in the aggregate, materially adversely affect the
interests of the Group IV Lessor, the Master Collateral Agent, the Group IV
Noteholders or the Trustee in, to and under this Lease, the Master Collateral
Agency Agreement and its supplements and addenda, the Second Base Indenture and
the Group IV Supplements then in effect or the likelihood of the Group IV
Lessee's payment of its obligations hereunder and (ii) perform (subject to any
applicable grace periods) all of its obligations as Servicer as set forth in the
Master Collateral Agency Agreement.

         Section 24.9. MAINTENANCE OF SEPARATE EXISTENCE. (i) Maintain in place
all policies and procedures, and take and continue to take all actions,
described in the factual assumptions set forth in those certain opinion letters
issued by Weil, Gotshal & Manges LLP, in each case dated August 30, 2002
addressing, respectively, the issue of substantive consolidation as it may
relate to the Guarantor, the Group IV Lessees and the Group IV Lessor and the
treatment of the Operating Lease as a true lease for bankruptcy purposes (a copy
of which opinion letters the Guarantor and each Group IV Lessee hereby
acknowledges it has received) and relating to it, and (ii) on a semi-annual
basis, provide to the Rating Agencies, the Trustee and the Master Collateral
Agent an Officer's Certificate certifying that it is in compliance with its
obligations under this SECTION 24.9.

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<PAGE>

         Section 24.10. REPURCHASE PAYMENTS; SALES PROCEEDS. (i) Direct each
Manufacturer to make all payments under the Manufacturer Programs with respect
to Program Vehicles leased under this Lease directly to the Master Collateral
Account; (ii) cause all payments by any other Persons (including payments
contemplated by SECTION 12.2) with respect to any Master Collateral to be made
(subject to the PROVISO to this Section) directly to the Master Collateral
Account; (iii) in the case of any such payments with respect to any Master
Collateral received directly by a Group IV Lessee, except as described in the
PROVISO to this Section, by the second Business Day following its receipt
thereof, deposit such payments into the Master Collateral Account; and (iv)
within two Business Days of a Group IV Lessee's receipt thereof, deposit all
amounts representing the proceeds from sales by auction dealers under a Group IV
Guaranteed Depreciation Program and sales (including amounts paid to such Group
IV Lessee by a Manufacturer as a result of such Group IV Lessee's sale of such
Group IV Vehicle outside such Manufacturer's Manufacturer Program) of Group IV
Vehicles by a Group IV Lessee to third parties (other than under any related
Manufacturer Program) into the Master Collateral Account; PROVIDED, HOWEVER,
that insurance proceeds with respect to Group IV Vehicles will only be deposited
into the Master Collateral Account if an Amortization Event or Potential
Amortization Event shall have occurred and be continuing.

         Section 24.11. CERTIFICATES OF TITLE; VERIFICATION OF TITLES. (i) Take,
or cause to be taken, such action as shall be necessary to submit all of the
Certificates of Title (except the Certificates of Title for Group IV Vehicles in
any Group IV Initial Fleet) to the appropriate state authority for notation of
the Master Collateral Agent's lien thereon (it being understood and agreed that
pursuant and subject to the Master Collateral Agency Agreement, the original
Certificates of Title relating to the Group IV Vehicles and reflecting such lien
notation by the appropriate state authority shall be held by the applicable
Sub-Servicer thereof or by the Servicer or by an Affiliate thereof, in trust for
the benefit of the Master Collateral Agent and the Trustee as assignee of the
Group IV Lessor, and the Certificates of Title shall be subject to all of the
provisions of the Master Collateral Agency Agreement); (ii) no more than
annually upon request of any one (but not more than one) of the Group IV Lessor,
the Trustee or the Master Collateral Agent, cause a title check of a statistical
sample of titles (such statistical sample to be compiled taking into account the
multiple locations at which the Certificates of Title with respect to the Group
IV Vehicles are held by the Sub-Servicers and/or the Servicer or such Affiliates
thereof) by the Servicer's primary certified public accountants or another
independent nationally recognized firm of certified public accountants
acceptable to the Group IV Noteholders, the Group IV Lessor, the Trustee and the
Master Collateral Agent designed to provide a 95% confidence level that no more
than five percent (5%) of the Certificates of Titles (other than titles of such
Group IV Vehicles in any Group IV Initial Fleet or any Group IV Refinanced
Vehicles) do not comply with the requirement that (1) the Master Collateral
Agent be noted as the first lienholder on such titles or (2) the Group IV Lessor
(or, in the case of the Group IV Financed Vehicles other than Company Vehicles,
the applicable Group IV Lessee) be listed as registered owner on such titles and

                                       50
<PAGE>

cause such accountants to deliver a report stating, with the confidence level of
at least 95%, that no more than five percent (5%) of the Certificates of Title
do not correctly reference the lienholder or owner of the Group IV Vehicles
described in the immediately preceding clause; and (iii) at any time, upon the
request of the Group IV Lessor, the Trustee or the Master Collateral Agent,
cause (at the requesting party's expense) a title check in accordance with the
above stated procedures to be performed on the Group IV Vehicles.

         Section 24.12. MASTER COLLATERAL AGENCY AGREEMENT. Concurrently with
each leasing of a Group IV Vehicle under this Lease or financing of a Group IV
Eligible Receivable under this Lease, indicate on its computer records that the
Master Collateral Agent as assignee of the Group IV Lessor or the applicable
Group IV Lessee, as the case may be, is the holder of a Lien on such Group IV
Vehicle or Group IV Eligible Receivable, as the case may be, for the benefit of
the ARG II Trustee and the Additional Permitted Beneficiaries pursuant to the
terms of the Master Collateral Agency Agreement. No Group IV Lessee shall
utilize selection procedures which it believes are adverse to the Group IV
Lessor or the Trustee in selecting the Group IV Vehicles or Group IV Eligible
Receivables, as the case may be, to be designated to the Trustee (on behalf of
the Group IV Noteholders), as a Financing Source, and the ARG II Trustee, as a
Beneficiary, under the Master Collateral Agreement or to the Additional
Permitted Beneficiaries.

         Section 24.13. COMPLIANCE WITH LAWS. (i) Not violate any law,
ordinance, rule, regulation or order of any Governmental Authority applicable to
it or its property, which violation is reasonably likely to have a Material
Adverse Effect, (ii) file in a timely manner all reports, documents and other
materials required to be filed by it with any governmental bureau, agency or
instrumentality, except where failure to make such filings is not reasonably
likely to have a Material Adverse Effect and (iii) retain all records and
documents required to be retained by it pursuant to any Requirement of Law,
except where failure to retain such records is not reasonably likely to have a
Material Adverse Effect.

         Section 24.14. DELIVERY OF INFORMATION. Provide the Group IV Lessor
with any information or materials reasonably necessary for the Group IV Lessor
to comply with its obligations under the Second Indenture, and provide any other
party to the Group IV Related Documents with any information or materials
reasonably necessary for such Person to comply with its obligations under the
Group IV Related Documents.

         Section 24.15. DELIVERIES: FURTHER ASSURANCES. At its sole expense, (i)
immediately deliver or cause to be delivered to the Group IV Lessor (or the
Master Collateral Agent on the Group IV Lessor's behalf), in due form for
transfer (i.e., endorsed in blank), all securities, chattel paper, instruments
and documents, if any, at any time representing all or any of the Master
Collateral with respect to which the ARG II Trustee and any Additional Permitted
Beneficiary, is designated as the Beneficiary (it being understood that the
Certificates of Title shall be held by the Servicer or an Affiliate thereof
(including the Sub-Servicer of such Group IV Vehicles) or the Master Collateral
Agent, as the case may be, pursuant to the provisions of the Master Collateral
Agency Agreement), and (ii) execute and deliver, or cause to be executed and
delivered, to the Group IV Lessor or the Master Collateral Agent, as the case
may be, in due form for filing or recording (and pay the cost of filing or

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<PAGE>

recording the same in all public offices reasonably deemed necessary or
advisable by the Group IV Lessor, the Master Collateral Agent or the Trustee, as
the case may be), such assignments, security agreements, mortgages, consents,
waivers, financing statements, and other documents, and do such other acts and
things, all as may from time to time be reasonably necessary or desirable to
establish and maintain to the satisfaction of the Group IV Lessor, the Master
Collateral Agent, the Trustee, the ARG II Trustee and each Additional Permitted
Beneficiary a valid perfected first-priority Lien on and security interest in
all of the Master Collateral with respect to which the ARG II Trustee and any
Additional Permitted Beneficiary, is designated as the Beneficiary now or
hereafter existing or acquired.

         Section 24.16. ADDITIONAL ACTIONS. The Servicer shall:

                  (a) instruct the Trustee or the Paying Agent, as applicable,
to make withdrawals and payments from the Group IV Collection Account, as
contemplated in the Group IV Supplement and the Second Indenture;

                  (b) at the request of the Trustee as required or permitted
upon or after the occurrence of events specified in the Group IV Supplement and
the Second Indenture and, to the extent permitted under and in compliance with
applicable laws and regulations, execute and deliver, for the benefit of the
Group IV Noteholders under the Group IV Supplement and the Second Indenture, any
and all instruments necessary or appropriate to commence or maintain enforcement
proceedings with respect to Manufacturer Programs or any Enhancement;

                  (c) upon the occurrence of a Lease Payment Deficit, deliver to
the Trustee a notice in the form attached as an exhibit to the series supplement
for each applicable series of Group IV ARG II Notes secured by the Group IV
Notes; and

                  (d) supervise the servicing of the Group IV Vehicles and
perform such other functions and take such other actions as it is designated to
perform or take pursuant to the terms and conditions of any Group IV Related
Document.

         Section 24.17. FLEET SHARING AGREEMENTS. Each Group IV Lessee agrees
that each Fleet Sharing Agreement will include provisions consistent with those
contained in SECTION 32 of this Lease pursuant to which, INTER ALIA, each Fleet
Sharing Party expressly and irrevocably submits to the non-exclusive
jurisdiction of all federal and state courts of the State of New York and shall
also include a provision whereby each Fleet Sharing Party agrees to be bound by
the provisions of Section 9.2(b) of the Second Base Indenture and Section 6.2 of
the Group IV Supplements.

         Section 24.18. MINIMUM DEPRECIATION RATE. The Servicer agrees that the
Depreciation Schedules with respect to Non-Program Vehicles leased under this
Lease shall be established such that the weighted average Depreciation Charges
accruing with respect to the Non-Program Vehicles during each Related Month

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<PAGE>

shall be at least equal to the lesser of (a) 1.25% and (b) such lower percentage
in respect of which the Rating Agency Confirmation and Consent Condition shall
have been satisfied.

         Section 24.19. FILING OF A PLAN OF REORGANIZATION. Each of the Servicer
and the Guarantor, as applicable, covenants and agrees that it shall not file
any plan of reorganization, and shall object to any plan of reorganization filed
by any other party, with the Bankruptcy Court which does not provide for
repayment or refinancing (including the remarketing) of the Group IV ARG II
Notes in full.

         SECTION 25 CERTAIN NEGATIVE COVENANTS. Until the expiration or
termination of this Lease and thereafter until the Liabilities are paid in full,
each Group IV Lessee agrees that, unless at any time the Group IV Lessor, the
Master Collateral Agent (other than in respect of Sections 25.1 and 25.2) and
the Trustee shall otherwise expressly consent in writing, it will not:

         Section 25.1. MERGERS, CONSOLIDATIONS. Be a party to any merger or
consolidation, other than a merger or consolidation of any Affiliate of a Group
IV Lessee into or with such Group IV Lessee (provided, that the Group IV Lessee
is the surviving entity or, if such Affiliate is also an Other Permitted User,
the Other Permitted User is the surviving entity).

         Section 25.2. REGULATIONS T, U AND X. Use or permit any amounts funded
by the Group IV Lessor pursuant to the Group IV Financing Lease to be used,
either directly or indirectly, for the purpose, whether immediate, incidental or
ultimate, of "purchasing or carrying margin stock" within the meaning of
Regulations T, U and X of the Board of Governors of the Federal Reserve System,
as amended from time to time.

         Section 25.3. LIENS. Create or permit to exist any Lien with respect to
any Master Collateral with respect to which the ARG II Trustee or any Additional
Permitted Beneficiary is designated as the Beneficiary, whether now or hereafter
existing or acquired, except Permitted Liens.

         Section 25.4. USE OF GROUP IV VEHICLES. Use or contractually permit any
Group IV Vehicles to be used in any manner (i) that would make such Group IV
Vehicles which are Program Vehicles ineligible for repurchase or auction under
the related Manufacturer Program (unless such Group IV Vehicles are redesignated
as Non-Program Vehicles pursuant to SECTION 14), (ii) for any illegal purposes
or (iii) that could subject any Group IV Vehicles to confiscation.

         Section 25.5. CHANGE OF LOCATION OR NAME. Change (a) the location of
its jurisdiction of organization or the location of its chief executive office
or sole place of business or (b) its legal name, identity or corporate structure
to such an extent that any Financing Statement filed hereunder would become
misleading, in each case without first giving the Master Collateral Agent, the
Trustee, the Rating Agencies and the Group IV Lessor at least fifteen (15) days'
advance written notice thereof and having taken any and all action required to

                                       53
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maintain and preserve the first priority perfected Lien of the Master Collateral
Agent in the Master Collateral and of the Trustee in the Group IV Collateral;
PROVIDED, HOWEVER, that notwithstanding the foregoing, the Group IV Lessee shall
not change the location of its jurisdiction of organization, chief executive
office or its consolidated records concerning its business and financial affairs
to any place outside the United States of America.

         SECTION 26 SERVICING COMPENSATION; EXPENSES OF SERVICER; DELEGATION OF
SERVICING DUTIES.

         Section 26.1. As compensation for its servicing activities hereunder
and reimbursement for its expenses as set forth in SECTION 26.2, the Servicer
shall be entitled to receive from the Group IV Lessor a monthly servicing fee
(the "SERIES MONTHLY SERVICING FEE"), payable in arrears on each Payment Date
prior to the termination of this Lease, the Second Indenture and the Master
Collateral Agency Agreement. Except as otherwise specified in the related Group
IV Supplement, the Series Monthly Servicing Fee for each Series of Group IV
Notes (each, a "SERIES MONTHLY SERVICING FEE") on each Payment Date shall be
equal to one-twelfth of the product of (i) the Servicing Fee Percentage for such
Series and (ii) the Group IV Invested Amount of such Series as of the preceding
Payment Date (after giving effect to any payments of principal on such date).
The Series Monthly Servicing Fee for each Series shall be paid to the Servicer
pursuant to the procedures set forth in the applicable Group IV Supplement.

         Section 26.2. The expenses of the Servicer include, and the Servicer
agrees to pay, the reasonable fees and disbursements of independent accountants
in connection with reports furnished pursuant to SECTIONS 24.6(I) and (II), plus
all other fees, expenses and indemnities by the Servicer in connection with the
Servicer's activities hereunder or under the Group IV Related Documents. The
Servicer, however, shall not be liable for any liabilities, costs or expenses of
the Group IV Lessor, the Trustee or the Noteholders arising under any tax law,
including without limitation any Federal, state or local income or franchise
taxes or any other tax imposed on or measured by income (or any interest or
penalties with respect thereto or arising from a failure to comply therewith),
except to the extent incurred as a result of the Servicer's violation of the
provisions of this Lease or of the Group IV Related Documents; PROVIDED,
HOWEVER, the foregoing provisions of this sentence shall not affect the
indemnification obligations of the Group IV Lessees under SECTION 15 of this
Lease.

         Section 26.3. The Servicer may delegate to a Group IV Lessee or another
Affiliate of the Servicer (each such delegate, in such capacity, a
"SUB-SERVICER") the performance of the Servicer's obligations as Servicer in
respect of Group IV Vehicles leased under this Lease (but the Servicer shall
remain fully liable for its obligations in respect of such Group IV Vehicles
under this Lease and the other Group IV Related Documents).

         SECTION 27 RELEASE OF GROUP IV COLLATERAL. The parties agree that
pursuant to the provisions of this SECTION 27 and Sections 2.3 and 2.7 of the
Master Collateral Agency Agreement, any and all Liens for the benefit of the ARG

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<PAGE>

II Trustee as Beneficiary under the Master Collateral Agency Agreement on the
Group IV Vehicles and the Certificates of Title therefor or Group IV Eligible
Receivables financed hereunder shall be released or deemed to be released, as
provided below. From and after the earliest of:

                  (a) in the case of a Group IV Vehicle subject to a Group IV
Guaranteed Depreciation Program, the date of the sale of such Group IV Vehicle
by an auction dealer to a third party, and in the case of any other Program
Vehicle, the Disposition Date for such Group IV Vehicle, and, in any case, in
accordance with SECTION 8 of ANNEX A, if applicable; or

                  (b) receipt of the purchase price by the Group IV Lessor or
the Trustee for a Group IV Vehicle sold in an ordinary course sale; or

                  (c) the payment in full of all obligations of the Servicer and
the applicable Group IV Lessee under this Lease with respect to a Group IV
Financed Vehicle or a Group IV Eligible Receivable (in the case of any Group IV
Eligible Receivables, pursuant to SECTION 12 of ANNEX B hereto),

any and all Liens for the benefit of the ARG II Trustee as Beneficiary under the
Master Collateral Agency Agreement on such Group IV Vehicle and the Certificate
of Title therefor or such Group IV Eligible Receivable, as applicable, shall be
deemed to be released; PROVIDED, HOWEVER, that no Lien for the benefit of the
ARG II Trustee as Beneficiary under the Master Collateral Agency Agreement on
the Group IV Vehicles and the Certificates of Title therefor shall be released
or deemed to be released if the release of such Lien would cause an
"Amortization Event" or "Potential Amortization Event" to occur with respect to
any series of Group IV ARG II Notes secured by the Group IV Notes. Subject to
the Servicer's and the applicable Sub-Servicer's right to redesignate Program
Vehicles as Non-Program Vehicles in accordance with SECTION 14, the Group IV
Lessor or the Servicer or applicable Sub-Servicer, acting as the agent of the
Group IV Lessor, may sell any Program Vehicle subject to this Lease that is a
Group IV Acquired Vehicle or direct a Group IV Lessee to sell any Program
Vehicle leased by it hereunder that is a Group IV Financed Vehicle during the
Repurchase Period therefor in an ordinary course sale, PROVIDED that, if such
sale is not made pursuant to the related Manufacturer Program, it is made in
accordance with the requirements of this SECTION 27. The Group IV Lessor and
each Group IV Lessee agree that for purposes of this SECTION 27 if an ordinary

                                       55
<PAGE>

course sale occurs during the Repurchase Period with respect to a Program
Vehicle that is a Group IV Acquired Vehicle, in the case of a sale by the Group
IV Lessor, or Program Vehicle that is a Group IV Financed Vehicle, in the case
of a sale by any Group IV Lessee, the Group IV Lessor or such Group IV Lessee,
as the case may be, shall only sell such Vehicle for a purchase price (including
any amounts paid by the Manufacturer as an incentive for selling such Group IV
Vehicle outside of the related Manufacturer Program), net of all fees and
expenses incurred in connection with such sale, equal to or greater than the
Repurchase Price that it would have received under the related Manufacturer
Program if it had turned back such Group IV Vehicle to the Manufacturer, net of
all fees and expenses that would have been incurred in connection with such
turn-back less reasonably predictable Excess Mileage Charges, Excess Damage
Charges and other similar charges payable by the Group IV Lessor or such Group
IV Lessee, as applicable, to such Manufacturer as a result of the Group IV
Lessor's or Group IV Lessee's sale of such Program Vehicle. In the case of a
sale or turn back of a Group IV Financed Vehicle by a Group IV Lessee, the Group
IV Lessor shall, and shall cause the Trustee and the Master Collateral Agent to,
execute such documents and instruments as such Group IV Lessee may reasonably
request (including a power of attorney of the Master Collateral Agent appointing
such Group IV Lessee to act as the agent of the Master Collateral Agent in
taking such actions as are required to evidence the release of the Lien of the
Master Collateral Agent on Group IV Vehicles leased by such Group IV Lessee
turned back or sold pursuant to the provisions of this SECTION 27, which power
of attorney shall be revocable pursuant to Section 2.7(c) of the Master
Collateral Agency Agreement).

         SECTION 28 GUARANTY.

         Section 28.1. GUARANTY. In order to induce the Group IV Lessor to
execute and deliver this Lease and to lease Group IV Vehicles to the Group IV
Lessees, and in consideration thereof, the Guarantor hereby (i) unconditionally
and irrevocably guarantees to the Group IV Lessor the obligations of the Group
IV Lessees to make any payments required to be made by them under this Lease,
(ii) agrees to cause the Group IV Lessees to perform and observe duly and
punctually all of the terms, conditions, covenants, agreements and indemnities
of the Group IV Lessees under this Lease, and (iii) agrees that, if for any
reason whatsoever, any Group IV Lessee fails to so perform and observe such
terms, conditions, covenants, agreements and indemnities, the Guarantor will
duly and punctually perform and observe the same (the obligations referred to in
CLAUSES (I) through (III) above are collectively referred to as the "GUARANTEED
OBLIGATIONS"). The liabilities and obligations of the Guarantor under the
guaranty contained in this SECTION 28 (this "GUARANTY") will be absolute and
unconditional under all circumstances. This Guaranty shall be a guaranty of
payment and not of collection, and the Guarantor hereby agrees that it shall not
be required that the Group IV Lessor or the Trustee assert or enforce any rights
against any of the Group IV Lessees or any other person before or as a condition
to the obligations of the Guarantor pursuant to this Guaranty.

         Section 28.2. SCOPE OF GUARANTOR'S LIABILITY. The Guarantor's
obligations hereunder are independent of the obligations of the Group IV
Lessees, any other guarantor or any other Person, and the Group IV Lessor may
enforce any of its rights hereunder independently of any other right or remedy
that the Group IV Lessor may at any time hold with respect to this Lease or any
security or other guaranty therefor. Without limiting the generality of the
foregoing, the Group IV Lessor may bring a separate action against the Guarantor
without first proceeding against any of the Group IV Lessees, any other
guarantor or any other Person, or any security held by the Group IV Lessor, and
regardless of whether the Group IV Lessees or any other guarantor or any other
Person is joined in any such action. The Guarantor's liability hereunder shall

                                       56
<PAGE>

at all times remain effective with respect to the full amount due from the Group
IV Lessees hereunder, notwithstanding any limitations on the liability of any
Group IV Lessee or the Servicer to the Group IV Lessor contained in any of the
Group IV Related Documents or elsewhere. The Group IV Lessor's rights hereunder
shall not be exhausted by any action taken by the Group IV Lessor until all
Guaranteed Obligations have been fully paid and performed.

         Section 28.3. GROUP IV LESSOR'S RIGHT TO AMEND THIS LEASE. The
Guarantor authorizes the Group IV Lessor, at any time and from time to time
without notice and, subject to the PROVISO to SECTION 28.4(A)(II), without
affecting the liability of the Guarantor hereunder, to: (a) alter the terms of
all or any part of the Guaranteed Obligations and any security and guaranties
therefor including without limitation modification of times for payment and
rates of interest; (b) accept new or additional instruments, documents,
agreements, security or guaranties in connection with all or any part of the
Guaranteed Obligations; (c) accept partial payments on the Guaranteed
Obligations; (d) waive, release, reconvey, terminate, abandon, subordinate,
exchange, substitute, transfer, compound, compromise, liquidate and enforce all
or any part of the Guaranteed Obligations and any security or guaranties
therefor, and apply any such security and direct the order or manner of sale
thereof (and bid and purchase at any such sale), as the Group IV Lessor in its
discretion may determine; (e) release any Group IV Lessee, any guarantor or any
other Person from any personal liability with respect to all or any part of the
Guaranteed Obligations; and (f) assign its rights under this Guaranty in whole
or in part.

         Section 28.4. WAIVER OF CERTAIN RIGHTS BY GUARANTOR. The Guarantor
hereby waives each of the following to the fullest extent allowed by law:

                           (a) any defense based upon:

                           (i) the unenforceability or invalidity of any
                  security or other guaranty for the Guaranteed Obligations or
                  the lack of perfection or failure of priority of any security
                  for the Guaranteed Obligations or any impairment of collateral
                  securing the Guaranteed Obligations; or

                           (ii) any act or omission of the Group IV Lessor or
                  any other Person that directly or indirectly results in the
                  discharge or release of any of the Group IV Lessees or any
                  other Person or any of the Guaranteed Obligations or any
                  security therefor; PROVIDED that the Guarantor's liability in
                  respect of this Guaranty shall be released to the extent the
                  Group IV Lessor expressly releases such Group IV Lessee or
                  other Person, in a writing conforming to the requirements of
                  SECTION 22, from any obligations with respect to any of the
                  foregoing; or

                           (iii) any disability or any other defense of any
                  Group IV Lessee or any other Person with respect to the
                  Guaranteed Obligations, whether consensual or arising by
                  operation of law or any bankruptcy, insolvency or
                  debtor-relief proceeding, or from any other cause;

                                       57
<PAGE>

                           (b) any right (whether now or hereafter existing) to
require the Group IV Lessor, as a condition to the enforcement of this Guaranty,
to:

                           (i) accelerate the Guaranteed Obligations;

                           (ii) give notice to the Guarantor of the terms, time
                  and place of any public or private sale of any security for
                  the Guaranteed Obligations; or

                           (iii) proceed against any Group IV Lessee, any other
                  guarantor or any other Person, or proceed against or exhaust
                  any security for the Guaranteed Obligations;

                           (c) presentment, demand, protest and notice of any
kind, including without limitation notices of default and notice of acceptance
of this Guaranty;

                           (d) all suretyship defenses and rights of every
nature otherwise available under New York law and the laws of any other
jurisdiction;

                           (e) any right that the Guarantor has or may have to
set-off with respect to any right to payment from any Group IV Lessee; and

                           (f) all other rights and defenses the assertion or
exercise of which would in any way diminish the liability of the Guarantor
hereunder in respect of the Guaranteed Obligations.

         Section 28.5. GROUP IV LESSEES' OBLIGATIONS TO GUARANTOR AND
GUARANTOR'S OBLIGATIONS TO GROUP IV LESSEES SUBORDINATED. Until all of the
Guaranteed Obligations have been paid in full, the Guarantor agrees that all
existing and future unsecured debts, obligations and liabilities of the Group IV
Lessees to the Guarantor or the Guarantor to any of the Group IV Lessees
(hereinafter collectively referred to as "SUBORDINATED DEBT") shall be and
hereby are expressly subordinated to the prior payment in full of the Guaranteed
Obligations, on the terms set forth in CLAUSES (A) through (E) below, and the
payment thereof is expressly deferred in right of payment to the prior payment
in full of the Guaranteed Obligations. For purposes of this SECTION 28.5, to the
extent the Guaranteed Obligations consist of the obligation to pay money, the
Guaranteed Obligations shall not be deemed paid in full unless and until paid in
full in cash.

                           (a) Upon any distribution of assets of the Guarantor
or any Group IV Lessee upon any dissolution, winding up, liquidation or
reorganization of the Guarantor or such Group IV Lessee, whether in bankruptcy,
insolvency, reorganization or receivership proceedings, or upon an assignment
for the benefit of creditors or any other marshaling of the assets and
liabilities of the Guarantor or such Group IV Lessee, or otherwise:

                                       58
<PAGE>

                           (i) the holders of the Guaranteed Obligations shall
                  be entitled to receive payment in full of the Guaranteed
                  Obligations before the Guarantor or the Group IV Lessee, as
                  the case may be, is entitled to receive any payment on account
                  of the Subordinated Debt;

                           (ii) any payment by, or distribution of assets of,
                  the Guarantor or such Group IV Lessee of any kind or
                  character, whether in cash, property or securities, to which
                  such Group IV Lessee or the Guarantor would be entitled except
                  for this subordination shall be paid or delivered by the
                  Person making such payment or distribution, whether a trustee
                  in bankruptcy, a receiver or liquidating trustee, or
                  otherwise, directly to the Trustee, for the benefit of the
                  holders of the Guaranteed Obligations, to be held as
                  additional security for the Guaranteed Obligations in an
                  interest bearing account until the Guaranteed Obligations have
                  been paid in full; and

                           (iii) if, notwithstanding the foregoing, any payment
                  by, or distribution of assets of, the Guarantor or such Group
                  IV Lessee of any kind or character, whether in cash, property
                  or securities, in respect of any Subordinated Debt shall be
                  received by such Group IV Lessee or the Guarantor before the
                  Guaranteed Obligations are paid in full, such payment or
                  distribution shall be held in trust in an interest bearing
                  account of the Guarantor or such Group IV Lessee, as
                  appropriate, and immediately paid over in kind to the holders
                  of the Guaranteed Obligations until the Guaranteed Obligations
                  have been paid in full.

                           (b) The Guarantor authorizes and directs each Group
IV Lessee and each Group IV Lessee authorizes and directs the Guarantor to take
such action as may be necessary or appropriate to effectuate and maintain the
subordination provided herein.

                           (c) No right of any holder of the Guaranteed
Obligations to enforce the subordination herein shall at any time or in any way
be prejudiced or impaired by any act or failure to act on the part of the
Guarantor, any Group IV Lessee, the Group IV Lessor or any other Person or by
any noncompliance by the Guarantor, any Group IV Lessee, the Group IV Lessor or
any other Person with the terms, provisions and covenants hereof or of the Group
IV Related Documents regardless of any knowledge thereof that any such holder of
the Guaranteed Obligations may have or be otherwise charged with.

                           (d) Except as provided in SECTION 28.9, nothing
express or implied in this SECTION 28 shall give any Person other than the Group
IV Lessees, the Group IV Lessor, the Trustee and the Guarantor any benefit or
any legal or equitable right, remedy or claim under this SECTION 28.

                                       59
<PAGE>

                           (e) If the Guarantor shall institute or participate
in any suit, action or proceeding against any Group IV Lessee or any Group IV
Lessee shall institute or participate in any suit, action or proceeding against
the Guarantor, in violation of the terms hereof, such Group IV Lessee or the
Guarantor, as the case may be, may interpose as a defense or dilatory plea this
subordination, and the holders of the Guaranteed Obligations are irrevocably
authorized to intervene and to interpose such defense or plea in their name or
in the name of such Group IV Lessee or the Guarantor, as the case may be.

         Section 28.6. GUARANTOR TO PAY GROUP IV LESSOR'S EXPENSES. The
Guarantor agrees to pay to the Group IV Lessor (or the Trustee), on demand, all
reasonable costs and expenses, including attorneys' fees, incurred by the Group
IV Lessor (or the Trustee) in exercising any right, power or remedy conferred by
this Guaranty, or in the enforcement of this Guaranty, whether or not any action
is filed in connection therewith. Until paid to the Group IV Lessor, such
amounts shall bear interest, commencing with the Group IV Lessor's demand
therefor, for each Interest Period during the period from the date of such
demand until paid, at the Group IV VFR for such Interest Period PLUS 1%
(calculated on the basis of a 360-day year).

         Section 28.7. REINSTATEMENT. This Guaranty shall continue to be
effective or be reinstated, as the case may be, and the rights of the Group IV
Lessor shall continue, if at any time payment of any of the amounts payable by
any Group IV Lessee under this Lease is rescinded or must otherwise be restored
or returned by the Group IV Lessor, upon an event of bankruptcy, dissolution,
liquidation or reorganization of any Group IV Lessee, the Guarantor, any other
guarantor or any other Person or upon or as a result of the appointment of a
receiver, intervenor or conservator of, or trustee or similar officer for, any
Group IV Lessee, the Guarantor, any other guarantor or any other Person, or any
substantial part of their respective property, or otherwise, all as though such
payment had not been made.

         Section 28.8. PARI PASSU INDEBTEDNESS. The Guarantor (i) represents and
warrants that, as of the date hereof, the obligations of the Guarantor under
this Guaranty will rank PARI PASSU with any existing unsecured indebtedness of
the Guarantor and (ii) covenants and agrees that from and after the date hereof
the obligations of the Guarantor under this Guaranty will rank PARI PASSU with
any unsecured indebtedness of the Guarantor incurred after the date hereof.

         Section 28.9. THIRD-PARTY BENEFICIARIES. The Guarantor acknowledges
that the Trustee (on behalf of the Group IV Noteholders) has accepted the
assignment of the Group IV Lessor's rights under this Lease as collateral for
the Group IV Notes in reliance on the Guaranty and that the Trustee (for the
benefit of the Group IV Noteholders) shall be a third-party beneficiary under
this SECTION 28.

         SECTION 29 ADDITIONAL GROUP IV LESSEES.

                                       60
<PAGE>

         Section 29.1. ADDITIONAL SUBSIDIARY GROUP IV LESSEES. Any direct or
indirect Subsidiary of the Guarantor (each, a "GUARANTOR SUBSIDIARY") shall have
the right to become a "Group IV Lessee" under and pursuant to the terms of this
Agreement by complying with the provisions of this SECTION 29.1. In the event a
Guarantor Subsidiary desires to become a "Group IV Lessee" under this Agreement,
then the Guarantor and such Guarantor Subsidiary shall execute (if appropriate)
and deliver to the Group IV Lessor and the Trustee:

                           (a) a Joinder in Lease Agreement in the form attached
hereto as ATTACHMENT D (each, an "AFFILIATE JOINDER IN LEASE");

                           (b) the certificate of incorporation for such
Guarantor Subsidiary, duly certified by the Secretary of State of the
jurisdiction of such Guarantor Subsidiary's incorporation, together with a copy
of the by-laws of such Guarantor Subsidiary, duly certified by a Secretary or
Assistant Secretary of such Guarantor Subsidiary;

                           (c) copies of resolutions of the Board of Directors
of such Guarantor Subsidiary authorizing or ratifying the execution, delivery
and performance, respectively, of those documents and matters required of it
with respect to this Agreement, duly certified by the Secretary or Assistant
Secretary of such Guarantor Subsidiary;

                           (d) a certificate of the Secretary or Assistant
Secretary of such Guarantor Subsidiary (or, as applicable, such Guarantor
Subsidiary's managing member, general partner or other Person charged with the
management of such Guarantor Subsidiary) certifying the names of the individual
or individuals authorized to sign the Affiliate Joinder in Lease Agreement and
the other Group IV Related Documents to be executed by it, together with samples
of the true signatures of each such individual;

                           (e) a good standing certificate for such Guarantor
Subsidiary in the jurisdiction of its incorporation and the jurisdiction of its
principal place of business;

                           (f) a written search report from a Person
satisfactory to the Group IV Lessor, the Master Collateral Agent and the Trustee
listing all effective financing statements that name such Guarantor Subsidiary
as debtor or assignor, and that are filed in the jurisdictions in which filings
were made pursuant to CLAUSE (G) below or in the jurisdiction of such Guarantor
Subsidiary's principal place of business, together with copies of such financing
statements, and tax and judgment lien search reports from a Person satisfactory
to the Group IV Lessor, the Master Collateral Agent and the Trustee showing no
evidence of liens filed against such Guarantor Subsidiary that purport to affect
any Group IV Vehicles leased hereunder or any other Master Collateral or Group
IV Collateral under the Second Indenture;

                           (g) evidence of the filing of proper financing
statements on Form UCC-1 (i) naming such Guarantor Subsidiary as debtor and the
Master Collateral Agent as secured party, and (ii) naming such Guarantor

                                       61
<PAGE>

Subsidiary as debtor, the Group IV Lessor as secured party and the Master
Collateral Agent as assignee, in each case covering the collateral described in
SECTION 2(B) hereof;

                           (h) an Officer's Certificate and an opinion of
counsel each stating that such joinder by such Guarantor Subsidiary complies
with this SECTION 29.1 that all conditions precedent herein provided for
relating to such transaction have been complied with in all material respects
and covering the same corporate and other matters covered in the Opinion of
Counsel for the Group IV Lessees delivered on the Group IV Initial Closing Date;

                           (i) as applicable, a statement from each of the
Rating Agencies that such Guarantor Subsidiary becoming a "Group IV Lessee"
under this Agreement will not cause a failure to meet the Rating Agency
Confirmation Condition with respect to each Series of Group IV Notes; and

                           (j) any additional documentation that the Group IV
Lessor, the Master Collateral Agent or the Trustee may reasonably require to
evidence the assumption by such Guarantor Subsidiary of the obligations and
liabilities set forth in this Agreement.

Upon satisfaction of the foregoing conditions and receipt by such Guarantor
Subsidiary of the applicable Affiliate Joinder in Lease executed by the Group IV
Lessor, such Guarantor Subsidiary shall for all purposes be deemed to be a
"Group IV Lessee" for purposes of this Agreement (including, without limitation,
the Guaranty) and shall be entitled to the benefits and subject to the
liabilities and obligations of a Group IV Lessee hereunder.

         SECTION 30 BANKRUPTCY PETITION AGAINST GROUP IV LESSOR. The Guarantor
and each Group IV Lessee hereby covenants and agrees that, prior to the date
which is one year and one day after the payment in full of all outstanding Group
IV Notes and all other obligations of the Group IV Lessor under the Group IV
Related Documents, it will not institute against, or join any other Person in
instituting against, the Group IV Lessor any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings or other similar proceeding
under the laws of the United States or any state of the United States. In the
event that the Guarantor or any Group IV Lessee takes action in violation of
this SECTION 30, the Group IV Lessor agrees, for the benefit of the Group IV
Noteholders, that it shall file an answer with the bankruptcy court or otherwise
properly contest the filing of such a petition by the Guarantor or such Group IV
Lessee against the Group IV Lessor or the commencement of such action and raise
the defense that the Guarantor or such Group IV Lessee has agreed in writing not
to take such action and should be estopped and precluded therefrom and such
other defenses, if any, as its counsel advises that it may assert. The
provisions of this SECTION 30 shall survive the termination of this Lease.

                                       62
<PAGE>

         SECTION 31. FORUM SELECTION AND CONSENT TO JURISDICTION. ANY LITIGATION
BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS LEASE, OR
ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN)
OR ACTIONS OF THE TRUSTEE, THE GROUP IV LESSOR, THE GUARANTOR, THE GROUP IV
LESSEES OR THE SERVICER SHALL BE BROUGHT AND MAINTAINED EXCLUSIVELY IN THE
COURTS OF THE STATE OF NEW YORK OR IN THE UNITED STATES DISTRICT COURT FOR THE
SOUTHERN DISTRICT OF NEW YORK; PROVIDED, HOWEVER, THAT ANY SUIT SEEKING
ENFORCEMENT AGAINST ANY GROUP IV VEHICLE, OTHER MASTER COLLATERAL OR OTHER
PROPERTY MAY BE BROUGHT, AT THE GROUP IV LESSOR'S OPTION, IN THE COURTS OF ANY
JURISDICTION WHERE SUCH GROUP IV VEHICLE, OTHER MASTER COLLATERAL OR OTHER
PROPERTY MAY BE FOUND. THE GUARANTOR AND EACH GROUP IV LESSEE (IN SUCH
CAPACITIES AND IN ALL OTHER APPLICABLE CAPACITIES) HEREBY EXPRESSLY AND
IRREVOCABLY SUBMIT TO THE NONEXCLUSIVE JURISDICTION OF ALL FEDERAL AND STATE
COURTS OF THE STATE OF NEW YORK FOR THE PURPOSE OF ANY SUCH LITIGATION AS SET
FORTH ABOVE AND IRREVOCABLY AGREES TO BE BOUND BY ANY JUDGMENT RENDERED THEREBY
IN CONNECTION WITH SUCH LITIGATION. THE GUARANTOR AND EACH GROUP IV LESSEE (IN
SUCH CAPACITIES AND IN ALL OTHER APPLICABLE CAPACITIES) FURTHER IRREVOCABLY
CONSENT TO THE SERVICE OF PROCESS BY REGISTERED MAIL, POSTAGE PREPAID, OR BY
PERSONAL SERVICE WITHIN OR WITHOUT THE STATE OF NEW YORK. THE GUARANTOR, EACH
GROUP IV LESSEE AND THE GROUP IV LESSOR HEREBY EXPRESSLY AND IRREVOCABLY WAIVE,
TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION WHICH THEY MAY HAVE OR
HEREAFTER MAY HAVE TO THE LAYING OF VENUE OF ANY SUCH LITIGATION BROUGHT IN ANY
SUCH COURT REFERRED TO ABOVE AND ANY CLAIM THAT ANY SUCH LITIGATION HAS BEEN
BROUGHT IN AN INCONVENIENT FORUM. TO THE EXTENT THAT THE GUARANTOR OR ANY GROUP
IV LESSEE (IN SUCH CAPACITIES AND IN ALL OTHER APPLICABLE CAPACITIES) HAS OR
HEREAFTER MAY ACQUIRE ANY IMMUNITY FROM JURISDICTION OF ANY COURT OR FROM ANY
LEGAL PROCESS (WHETHER THROUGH SERVICE OR NOTICE, ATTACHMENT PRIOR TO JUDGMENT,
ATTACHMENT IN AID OF EXECUTION OR OTHERWISE) WITH RESPECT TO ITSELF OR ITS
PROPERTY, IT HEREBY IRREVOCABLY WAIVES SUCH IMMUNITY IN RESPECT OF ITS
OBLIGATIONS UNDER THIS LEASE.

         SECTION 32 GOVERNING LAW. THIS LEASE SHALL BE A CONTRACT MADE UNDER AND
GOVERNED BY THE INTERNAL LAWS OF THE STATE OF NEW YORK. Whenever possible each
provision of this Lease shall be interpreted in such manner as to be effective
and valid under applicable law, but if any provision of this Lease shall be
prohibited by or invalid under applicable law, such provision shall be
ineffective to the extent of such prohibition or invalidity, without

                                       63
<PAGE>

invalidating the remainder of such provision or the remaining provisions of this
Lease. All obligations of the Guarantor and the Group IV Lessees and all rights
of the Group IV Lessor, the Master Collateral Agent or the Trustee expressed
herein shall be in addition to and not in limitation of those provided by
applicable law or in any other written instrument or agreement.

         SECTION 33 JURY TRIAL. EACH PARTY HERETO HEREBY EXPRESSLY WAIVES ANY
RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY
RIGHTS UNDER THIS LEASE OR UNDER ANY AMENDMENT, INSTRUMENT, DOCUMENT OR
AGREEMENT DELIVERED OR WHICH MAY IN THE FUTURE BE DELIVERED IN CONNECTION
HEREWITH OR ARISING FROM ANY RELATIONSHIP EXISTING IN CONNECTION WITH THIS LEASE
OR ANY RELATED TRANSACTION, AND AGREES THAT ANY SUCH ACTION OR PROCEEDING SHALL
BE TRIED BEFORE A COURT AND NOT BEFORE A JURY.

         SECTION 34 NOTICES. All notices, amendments, waivers, consents and
other communications provided to any party hereto under this Lease shall be in
writing and addressed, delivered or transmitted to such party at its address or
facsimile number set forth below its signature hereto or at such other address
or facsimile number as may be designated by such party in a notice to the other
parties. Any notice, if mailed by certified or registered mail and properly
addressed with postage prepaid or if properly addressed and sent by pre-paid
courier service, shall be deemed given when received; any notice, if transmitted
by facsimile, shall be deemed given when transmitted upon receipt of electronic
confirmation of such. In each case, a copy of all notices, requests and other
communications (other than any such notices, requests and other communications
in the ordinary course of business) that are sent by any party or signatory
hereunder shall be sent to the Trustee at the following address:

                  THE BANK OF NEW YORK
                  101 Barclay Street
                  New York, New York 10286
                  Attention:  Corporate Trust Administration
                  Telephone:  (212) 495-1784
                  Facsimile:  (212) 328-7623

         SECTION 35 HEADINGS. Section headings used in this Lease are for
convenience of reference only and shall not affect the construction of this
Lease.

         SECTION 36 EXECUTION IN COUNTERPARTS. This Lease may be executed in any
number of counterparts and by different parties hereto in separate counterparts,
each of which counterparts, when so executed and delivered, shall be deemed to

                                       64
<PAGE>

be an original and all of which counterparts, taken together, shall constitute
one and the same agreement; provided that such counterparts taken together shall
constitute the original executed Counterpart No. 1 only as specified on, and in
accordance with, the legend appearing on the cover page of this Lease (and only
if bearing original signatures).

                     [Remainder of Page Intentionally Blank]

                                       65
<PAGE>

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

                                GROUP IV LESSEE:
                                ---------------

                                NATIONAL CAR RENTAL SYSTEM, INC.

                                By:
                                   --------------------------------------------
                                     Name: Leland F. Wilson
                                     Title: Authorized Signatory

                                     Address: 200 South Andrews Avenue
                                              11th Floor
                                              Ft. Lauderdale, FL 33301
                                              Attention:  Leland F. Wilson

                                     Facsimile:  (954) 320-4530
                                     Telephone:  (954) 320-6751

                                GROUP IV LESSOR:
                                ---------------

                                NATIONAL CAR RENTAL FINANCING LIMITED
                                PARTNERSHIP

                                By: NATIONAL CAR RENTAL FINANCING CORPORATION,
                                    its general partner

                                By:
                                   --------------------------------------------
                                     Name:
                                     Title:

                                     Address: 7700 France Avenue South
                                              Minneapolis, Minnesota 55435
                                              Attention:  John M. Benzian

                                     Facsimile: (612) 830-2552
                                     Telephone: (612) 830-2087

                                       66
<PAGE>

                                GUARANTOR AND SERVICER:
                                ----------------------

                                ANC RENTAL CORPORATION

                                By:
                                   --------------------------------------------
                                     Name:
                                     Title:

                                     Address: 200 South Andrews Avenue
                                              11th Floor
                                              Ft. Lauderdale, FL 33301
                                              Attention:  Leland F. Wilson

                                     Facsimile: (954) 320-4530
                                     Telephone: (954) 320-6751

                                     with a copy to:

                                     Address: 200 South Andrews Avenue
                                              11th Floor
                                              Ft. Lauderdale, FL 33301
                                              Attention:  Leland F. Wilson

                                     Facsimile: (954) 320-4530
                                     Telephone: (954) 320-6751

Acknowledged by:

MASTER COLLATERAL AGENT:
-----------------------

CITIBANK, N.A.

By:
   -----------------------------------------
     Name:
     Title:

Address:   111 Wall Street
           14th Floor
           New York, NY 10043
           Attn: Agency and Trust

Telephone: (212) 657-5933
Facsimile: (212) 657-3866

                                       67
<PAGE>

                                     ANNEX A

                                     TO THE

               MASTER MOTOR VEHICLE LEASE AND SERVICING AGREEMENT

                           Dated as of August 30, 2002

                                      among

               NATIONAL CAR RENTAL FINANCING LIMITED PARTNERSHIP,
                               as Group IV Lessor,

                        NATIONAL CAR RENTAL SYSTEM, INC.,
                               as Group IV Lessee,

                             and those subsidiaries
                            of ANC Rental Corporation
                                from time to time
                       becoming Group IV Lessees hereunder

                                       and

                             ANC RENTAL CORPORATION,
                            as Guarantor and Servicer

<PAGE>

         1. SCOPE OF ANNEX. This Annex A shall apply only to the acquisition,
leasing and servicing of the Group IV Acquired Vehicles by the Group IV Lessor
pursuant to the Base Lease, as supplemented by this Group IV Lease Annex
(collectively, the "OPERATING LEASE").

         2. GENERAL AGREEMENT. The Group IV Lessor and the Group IV Lessee
intend that for all purposes (including, but not limited to, financial
accounting, regulatory accounting, franchise, sales, use and excise tax purposes
and for purposes of any foreign corporation, business registration or doing
business statutes), (A) the Group IV Lease with regard to Group IV Acquired
Vehicles will be treated as an "operating lease" pursuant to Statement of
Financial Accounting Standards No. 13, as amended, as well as for all tax
purposes, (B) the Group IV Lessor will be treated as the owner and Group IV
Lessor of the Group IV Acquired Vehicles, (C) the Group IV Lessee thereof will
be treated as the Group IV Lessee of the Group IV Acquired Vehicles, and (D) the
Group IV Lessor will be entitled to all tax benefits ordinarily available to an
owner of property similar to the Group IV Acquired Vehicles for such tax
purposes.

         3. OPERATING LEASE COMMITMENT. (a) Upon the execution and delivery of
this Operating Lease, the Group IV Lessor shall, subject to the terms and
conditions of the Agreement, purchase or refinance (as applicable) from time to
time on or after the Lease Commencement Date and prior to the Lease Expiration
Date, (i) all Group IV Refinanced Vehicles to be leased under this Operating
Lease and identified in Group IV Refinanced Vehicle Schedules for a purchase
price or refinancing payment amount equal to the aggregate Group IV Net Book
Value thereof, and (ii) all other Group IV Acquired Vehicles identified in
Vehicle Orders placed under this Operating Lease by a Group IV Lessee for a
purchase price equal to the Capitalized Cost thereof, and simultaneously
therewith, the Group IV Lessor shall under the Operating Lease enter into
operating leases with the applicable Group IV Lessee with respect to such Group
IV Vehicles.

         4. RESERVED.

         5. MAXIMUM VEHICLE LEASE TERM. The maximum Group IV Vehicle lease term
of the Operating Lease as it relates to each Group IV Acquired Vehicle leased
hereunder shall be from the Vehicle Lease Commencement Date to the date that is
thirty-six (36) months from the Vehicle Lease Commencement Date (PROVIDED,
HOWEVER, the maximum Group IV Vehicle lease term of the Operating Lease as it
relates to any Group IV Acquired Vehicle titled in the State of Illinois shall
be from the Vehicle Lease Commencement Date to the date that is three hundred
and sixty-four (364) days from the Vehicle Lease Commencement Date; PROVIDED,
FURTHER, that if on such three hundred sixty-fourth (364th) day, the Group IV
Vehicle lease term for any Group IV Acquired Vehicle titled in the State of
Illinois has not theretofore been terminated, and the Group IV Vehicle lease

                                      A-1
<PAGE>

term for such Group IV Acquired Vehicle has not previously been terminated and
renewed pursuant to this Paragraph 5, the Group IV Vehicle lease term as it
relates to such Group IV Acquired Vehicle shall be deemed to have been
terminated and renewed for an additional Group IV Vehicle lease term of up to
three hundred sixty-four (364) days. On the occurrence of such date for a Group
IV Vehicle not previously disposed of, the Group IV Lessee of such Group IV
Vehicle shall, (a) on behalf of the Group IV Lessor, promptly purchase or
dispose of such Group IV Vehicle in accordance with the terms of this Operating
Lease and in accordance with any instructions of the Group IV Lessor for such
disposition, which instructions shall not be inconsistent with the terms of this
Operating Lease, (b) in each case, provide that Disposition Proceeds be paid
directly to the Master Collateral Account for the benefit of the Trustee and (c)
pay to the Master Collateral Agent or the Trustee, in accordance with this
Operating Lease, any other amounts unpaid and owing from the Group IV Lessee
under the Group IV Lease in respect of such Group IV Vehicle.

         6. GROUP IV LESSEE'S RIGHTS TO PURCHASE GROUP IV VEHICLES. Each Group
IV Lessee will have the option, exercisable with respect to any Group IV
Acquired Vehicle leased by it hereunder during the Group IV Vehicle Term with
respect to such Group IV Acquired Vehicle, to purchase any such Group IV
Acquired Vehicles leased under this Operating Lease at the Vehicle Purchase
Price, in which event the Group IV Lessee will pay the Vehicle Purchase Price,
plus all accrued and unpaid Monthly Base Rent, Monthly Variable Rent and other
unpaid charges, payments and amounts due and payable with respect to such Group
IV Vehicle through the date of such purchase, to the Master Collateral Agent or
deposit such Vehicle Purchase Price directly into the Group IV Collection
Account on or before the Payment Date next succeeding such purchase by the Group
IV Lessee. In addition, each Group IV Lessee will have the option, exercisable
with respect to any Manufacturer Receivable related to a Group IV Acquired
Vehicle which was leased by such Group IV Lessee under this Operating Lease, to
purchase such Manufacturer Receivable for a price equal to the amount due from
the Manufacturer under such Manufacturer Receivable, in which event the Group IV
Lessee will pay such amount to the Master Collateral Agent or deposit such
amount into the Group IV Collection Account on or before the Payment Date next
succeeding such purchase by the Group IV Lessee. Upon receipt of such funds by
the Master Collateral Agent or the deposit of such funds in the Group IV
Collection Account, as the case may be, the Group IV Lessor, at the request of
such Group IV Lessee, shall cause title to any such Group IV Vehicle or
Manufacturer Receivable, as applicable, to be transferred to such Group IV
Lessee, the lien of the Master Collateral Agent in such Group IV Vehicle or
Manufacturer Receivable, as applicable, will automatically be released and, with
respect to a purchase of a Group IV Vehicle, the Servicer (or the Sub-Servicer
thereof) shall cause the Master Collateral Agent to cause the notation of its
lien to be removed from the Certificate of Title for such Group IV Vehicle,
concurrently with or promptly after the Vehicle Purchase Price for such Group IV
Vehicle (and any unpaid Monthly Base Rent, unpaid Monthly Variable Rent and
other unpaid charges, payments and amounts) is paid by the Group IV Lessee to
the Master Collateral Agent or the Trustee, as applicable.

         7. GROUP IV VEHICLE DISPOSITION. Subject to the Servicer's (and the
applicable Sub-Servicer's) right to redesignate Program Vehicles as Non-Program
Vehicles under Section 14 of the Base Lease, the Group IV Lessor and the Group
IV Lessees agree that, with respect to Group IV Acquired Vehicles leased
hereunder that are Program Vehicles, the applicable Group IV Lessee shall,
pursuant to Section 24.5 of the Base Lease (unless not required by such Section)
deliver each Program Vehicle for sale at auction or return each Program Vehicle
to the related Manufacturer, in each case in accordance with the applicable

                                      A-2
<PAGE>

Manufacturer Program during the Repurchase Period for such Group IV Vehicle;
PROVIDED, HOWEVER, if for any reason, the Group IV Lessee fails to deliver such
a Program Vehicle to the applicable Manufacturer for repurchase by the
Manufacturer or to an auction for sale, in each case in accordance with the
applicable Manufacturer Program, during the Repurchase Period, and such Group IV
Lessee does not or is not entitled to redesignate such Program Vehicle as a
Non-Program Vehicle in accordance with Section 14 of the Base Lease, then such
Group IV Lessee shall be obligated to pay a Group IV Casualty Payment in respect
of such Group IV Vehicle, as provided in Section 7 of the Base Lease. Each Group
IV Lessee shall, with respect to Group IV Acquired Vehicles which are Program
Vehicles leased by it hereunder, pay the Monthly Variable Rent accrued with
respect to such Group IV Vehicle through the Turnback Date, PLUS the equivalent
of the Monthly Base Rent for the remainder of the minimum holding period under
the applicable Manufacturer Program for Program Vehicles returned before the
expiration of such minimum holding period, regardless of actual usage, unless
such minimum holding period is waived by the Manufacturer or such a Group IV
Vehicle is a Group IV Casualty or has ceased to be a Group IV Eligible Vehicle,
in which case Section 7 of the Base Lease shall apply with respect to such Group
IV Vehicle. All Repurchase Prices and Disposition Proceeds due from the
disposition of Group IV Vehicles pursuant to this Section shall be due and
payable to the Group IV Lessor and shall be deposited to the Master Collateral
Account. The Group IV Lessor and the Group IV Lessee agree, with respect to
Group IV Acquired Vehicles that are Non-Program Vehicles, that the Group IV
Lessee thereof shall use commercially reasonable efforts to dispose of each
Non-Program Vehicle leased by it hereunder (a) in a manner reasonably likely to
maximize proceeds from such disposition and consistent with industry practice,
(b) within forty-two (42) months after the date of the original dealer invoice
for such Group IV Vehicle sold as a new vehicle and (c) prior to the expiration
of the maximum Group IV Vehicle lease term for such Group IV Vehicle. All
Disposition Proceeds due from the disposition of Non-Program Vehicles pursuant
to this Section shall be due and payable to the Group IV Lessor and shall be
deposited into the Master Collateral Account.

         8. GROUP IV LESSOR'S RIGHT TO CAUSE GROUP IV VEHICLES TO BE SOLD.
Notwithstanding anything to the contrary contained in this Operating Lease
(subject to the Servicer's (and the applicable Sub-Servicer's) right to
redesignate Program Vehicles as Non-Program Vehicles under Section 14 of the
Base Lease), the Group IV Lessor shall have the right, at any time after the
date fourteen (14) days prior to the expiration of the Repurchase Period for any
Program Vehicle leased under this Operating Lease, to require that the Group IV
Lessee thereof deliver such Program Vehicle to the Manufacturer for repurchase
or, as applicable, to the designated auction for sale, or exercise commercially
reasonable efforts to arrange for the sale of such Program Vehicle to a third
party for a price greater than the Group IV Net Book Value thereof, in which
event such Group IV Lessee shall, prior to the expiration of such Repurchase
Period, deliver such Group IV Vehicle to its Manufacturer or the designated
auction or arrange for the sale of such Group IV Vehicle to a third party for a

                                      A-3
<PAGE>

price greater than the Group IV Net Book Value (or purchase the Group IV Vehicle
itself from the Group IV Lessor for the Vehicle Purchase Price). If a sale of
such Program Vehicle to a third party is arranged by such Group IV Lessee prior
to the expiration of such Repurchase Period, then the Group IV Lessee shall
deliver such Program Vehicle to the purchaser thereof, the Lien of the Master
Collateral Agent in such Program Vehicle will automatically be released upon the
receipt of the purchase price by the Group IV Lessor or the Trustee and the
Servicer (or the Sub-Servicer thereof) shall cause the Master Collateral Agent
to cause the notation of its lien to be removed from the Certificate of Title
for such Program Vehicle, and such Group IV Lessee shall cause to be delivered
to the Group IV Lessor the funds paid for such Program Vehicle by the purchaser.
If the Group IV Lessor shall have directed such Group IV Lessee, and such Group
IV Lessee shall be unable, to arrange for a sale of such Program Vehicle at such
a price prior to the expiration of its Repurchase Period, then such Group IV
Lessee shall, if a Manufacturer Event of Default has not occurred with respect
to the applicable Manufacturer, cease attempting to arrange for such a sale and
shall return such Program Vehicle to such Manufacturer or tender such Program
Vehicle for auction or purchase such Group IV Vehicle as herein provided;
PROVIDED, HOWEVER, that if a Manufacturer Event of Default has occurred and is
continuing with respect to such Manufacturer, such Program Vehicle may be sold
or otherwise disposed of in accordance with the requirements applicable to
Non-Program Vehicles leased under the Operating Lease, including Section 12.2(b)
of the Base Lease. In no event may any Program Vehicle be sold pursuant to this
Section 8 (other than pursuant to a Manufacturer Program) unless such sale
complies with Section 12.2 of the Base Lease.

         9. CALCULATION OF RENT. Rent shall be due and payable on a monthly
basis as set forth in this SECTION 9:

                           "MONTHLY BASE RENT", with respect to each Payment
                  Date and each Group IV Acquired Vehicle leased under the
                  Operating Lease on any day during the Related Month, shall be
                  the sum of all Depreciation Charges that have accrued with
                  respect to such Group IV Vehicle during the Related Month.

                           "MONTHLY VARIABLE RENT", with respect to each Payment
                  Date and each Group IV Acquired Vehicle leased under the
                  Operating Lease on any day during the Related Month, shall
                  equal the product of (a) an amount equal to the sum, without
                  double counting, of (i) the interest accruing on all Group IV
                  Notes during the applicable interest period relating to such
                  Payment Date PLUS (ii) all Group IV Carrying Charges for the
                  Related Month, and (b) the quotient obtained by dividing the
                  Group IV Net Book Value as of the last day of the Related
                  Month (or, if earlier, the Disposition Date) of such Group IV
                  Acquired Vehicle by the Group IV Net Book Value as of the last
                  day of the Related Month (or, if earlier, the Disposition
                  Date) of all Group IV Vehicles leased under the Group IV Lease
                  on any day during the Related Month; PROVIDED, HOWEVER, that
                  if an Event of Bankruptcy with respect to any Group IV Lessee
                  or the Guarantor has occurred during or prior to the Related
                  Month, Monthly Variable Rent, with respect to each Payment
                  Date and each Group IV Acquired Vehicle leased under the
                  Operating Lease on any day during the Related Month, shall
                  equal the sum of (I) the product of (a) the aggregate amount
                  of interest accruing during the applicable interest period
                  relating to such Payment Date with respect to all Group IV
                  Notes that is allocated to the Group IV Acquired Vehicles (as
                  specified in the Monthly Noteholder's Statement with respect
                  to each Series of Group IV Notes delivered with respect to the
                  related Determination Date and the Supplementary Noteholder's

                                      A-4
<PAGE>

                  Statement with respect to each Series of Group IV Notes, if
                  any, delivered with respect to the related Payment Date) and
                  (b) the quotient obtained by dividing the Group IV Net Book
                  Value as of the last day of the Related Month (or, if earlier,
                  the Disposition Date) of such Group IV Acquired Vehicle by the
                  Group IV Net Book Value as of the last day of the Related
                  Month (or, if earlier, the Disposition Date) of all Group IV
                  Acquired Vehicles leased under the Operating Lease on any day
                  during the Related Month, PLUS (II) the product of (a) the sum
                  of all Group IV Carrying Charges for the Related Month and (b)
                  the quotient obtained by dividing the Group IV Net Book Value
                  as of the last day of the Related Month (or, if earlier, the
                  Disposition Date) of such Group IV Acquired Vehicle by the
                  Group IV Net Book Value as of the last day of the Related
                  Month (or, if earlier, the Disposition Date) of all Group IV
                  Vehicles leased under the Group IV Lease on any day during the
                  Related Month.

                           "RENT" means Monthly Base Rent PLUS Monthly Variable
                  Rent.

         10. PAYMENT OF RENT AND OTHER PAYMENTS.

                  (a) MONTHLY BASE RENT. On each Payment Date, after giving
credit for all prepayments on account thereof pursuant to CLAUSE (E) below, each
Group IV Lessee shall pay to the Group IV Lessor the Monthly Base Rents that
have accrued during the Related Month with respect to all Group IV Vehicles that
were leased by such Group IV Lessee under the Operating Lease on any day during
the Related Month;

                  (b) MONTHLY VARIABLE RENT. On each Payment Date, after giving
credit for all prepayments on account thereof pursuant to CLAUSE (E) below and
to payments previously made pursuant to the next following sentence, each Group
IV Lessee shall pay to the Group IV Lessor the Monthly Variable Rents that have
accrued during the Related Month with respect to all Group IV Vehicles that were
leased by such Group IV Lessee under the Operating Lease on any day during the
Related Month. On each other date on which interest is due and payable under the
terms of a Group IV Supplement, each Group IV Lessee shall pay to the Group IV
Lessor, as Monthly Variable Rent, an amount equal to the product of (x) the
quotient obtained by dividing the aggregate Group IV Net Book Value of all Group
IV Vehicles leased by such Group IV Lessee under the Operating Lease as of the
last day of the calendar month preceding the month in which such date occurs by
the aggregate Group IV Net Book Value of all Group IV Vehicles leased under the
Operating Lease and the Group IV Financing Lease as of the last day of the
calendar month preceding the month in which such date occurs and (y) the amount
of interest due and payable on such date in respect of the Group IV Notes.

                  (c) TERMINATION PAYMENTS AND GROUP IV CASUALTY PAYMENTS. On
each Payment Date, after giving credit for all prepayments on account thereof

                                      A-5
<PAGE>

pursuant to CLAUSE (E) below, each Group IV Lessee shall pay to the Group IV
Lessor all Termination Payments and Group IV Casualty Payments payable by such
Group IV Lessee as provided in Section 5.4 of the Base Lease; and

                  (d) CERTAIN OTHER PAYMENTS. After giving credit for all
prepayments on account thereof pursuant to CLAUSE (E) below, each Group IV
Lessee shall direct all Repurchase Prices and Disposition Proceeds payable in
respect of Group IV Acquired Vehicles to be deposited directly to the Master
Collateral Account for the benefit of the Trustee. The Servicer and each Group
IV Lessee agree that in the event that the Servicer or any such Group IV Lessee
shall receive directly any such payment, including cash, securities, obligations
or other property, the Servicer or Group IV Lessee, as the case may be, shall
accept the same as the agent of the Master Collateral Agent and shall hold the
same in trust on behalf of and for the benefit of the Master Collateral Agent,
and shall deposit the same, by the date required for such deposit in Section
24.10 of the Base Lease, into the Master Collateral Account in the same form
received, with the endorsement of the Servicer or Group IV Lessee, as the case
may be, when necessary or appropriate.

                  (e) PREPAYMENTS. On any date, a Group IV Lessee may prepay to
the Group IV Lessor, in whole or in part, the Rent or other payments accrued
during the Related Month with respect to any Group IV Acquired Vehicles leased
by such Group IV Lessee.

         11. NET LEASE. THE OPERATING LEASE SHALL BE A NET LEASE, AND EACH GROUP
IV LESSEE'S OBLIGATION TO PAY ALL RENT AND OTHER SUMS HEREUNDER SHALL BE
ABSOLUTE AND UNCONDITIONAL, AND SHALL NOT BE SUBJECT TO ANY ABATEMENT OR
REDUCTION FOR ANY REASON WHATSOEVER. The obligations and liabilities of each
Group IV Lessee hereunder shall in no way be released, discharged or otherwise
affected (except as may be expressly provided herein including, without
limitation, the right of such Group IV Lessee to reject Group IV Vehicles
pursuant to Section 2.2 of the Base Lease) for any reason, including without
limitation: (i) any defect in the condition, merchantability, quality or fitness
for use of the Group IV Vehicles or any part thereof; (ii) any damage to,
removal, abandonment, salvage, loss, scrapping or destruction of or any
requisition or taking of the Group IV Vehicles or any part thereof; (iii) any
restriction, prevention or curtailment of or interference with any use of the
Group IV Vehicles or any part thereof; (iv) any defect in, or any Lien on, title
to the Group IV Vehicles or any part thereof; (v) any change, waiver, extension,
indulgence or other action or omission in respect of any obligation or liability
of any Group IV Lessee or the Group IV Lessor; (vi) any bankruptcy, insolvency,
reorganization, composition, adjustment, dissolution, liquidation or other like
proceeding relating to any Group IV Lessee, the Group IV Lessor or any other
Person, or any action taken with respect to the Operating Lease by any trustee
or receiver of any Person mentioned above, or by any court; (vii) any claim that
any Group IV Lessee has or might have against any Person, including without

                                      A-6
<PAGE>

limitation the Group IV Lessor; (viii) any failure on the part of the Group IV
Lessor to perform or comply with any of the terms hereof or of any other
agreement; (ix) any invalidity or unenforceability or disaffirmance of the
Operating Lease or any provision hereof or any of the other Group IV Related
Documents or any provision thereof, in each case whether against or by any Group
IV Lessee or otherwise; (x) any insurance premiums payable by any Group IV
Lessee with respect to the Group IV Vehicles; or (xi) any other occurrence
whatsoever, whether similar or dissimilar to the foregoing, whether or not any
Group IV Lessee shall have notice or knowledge of any of the foregoing and
whether or not foreseen or foreseeable, in each case subject to applicable law.
The Operating Lease shall be noncancelable by the Group IV Lessees and, except
as expressly provided herein, each Group IV Lessee, to the extent permitted by
law, waives all rights now or hereafter conferred by statute or otherwise to
quit, terminate or surrender the Operating Lease, or to any diminution or
reduction of Rent payable by such Group IV Lessee hereunder. All payments by a
Group IV Lessee made hereunder shall be final (except to the extent of
adjustments provided for herein), absent manifest error and, except as otherwise
provided herein, no Group IV Lessee shall seek to recover any such payment or
any part thereof for any reason whatsoever, absent manifest error. If for any
reason whatsoever the Operating Lease shall be terminated in whole or in part by
operation of law or otherwise except as expressly provided herein, each Group IV
Lessee shall nonetheless pay an amount equal to each Rent payment at the time
and in the manner that such payment would have become due and payable under the
terms of the Operating Lease as if it had not been terminated in whole or in
part. All covenants and agreements of any Group IV Lessee herein shall be
performed at its cost, expense and risk unless expressly otherwise stated.

         12. LIENS. Except for Permitted Liens, each Group IV Lessee shall keep
all Group IV Vehicles leased by it free of all Liens arising during the Term of
this Operating Lease. Upon the Vehicle Lease Expiration Date for each Group IV
Vehicle leased hereunder, the Group IV Lessor may, in its discretion, remove any
such Lien and any sum of money that may be paid by the Group IV Lessor in
release or discharge thereof, including attorneys' fees and costs, will be paid
by the applicable Group IV Lessee upon demand by the Group IV Lessor. The Group
IV Lessor may grant security interests in the Group IV Vehicles and the other
Master Collateral to the Master Collateral Agent, and in this Operating Lease
and the other Group IV Collateral to the Trustee, in accordance with the Master
Collateral Agency Agreement and the Second Indenture, and each Group IV
Noteholder may grant security interests in its Group IV Notes, the related
Series Supplements and other Group IV Collateral to certain of its creditors and
their respective designees, without consent of any Group IV Lessee. Each Group
IV Lessee acknowledges that the granting of Liens and the taking of other
actions pursuant to the Second Indenture and the Group IV Related Documents does
not interfere with the rights of the Group IV Lessees under the Operating Lease.

         13. NON-DISTURBANCE. So long as each Group IV Lessee satisfies its
obligations hereunder, its quiet enjoyment, possession and use of the Group IV
Vehicles will not be disturbed during the Term of this Operating Lease subject,
however, to SECTION 8 of this ANNEX A and Section 17 of the Base Lease and
except that the Group IV Lessor, the Master Collateral Agent and the Trustee
each retains the right, but not the duty, to inspect the Group IV Vehicles
without disturbing the ordinary conduct of such Group IV Lessee's business in
accordance with Section 24.2 of the Base Lease.

                                      A-7
<PAGE>

         14. CERTAIN RISKS OF LOSS BORNE BY GROUP IV LESSEES. Upon delivery of
each Group IV Vehicle to the applicable Group IV Lessee, as between the Group IV
Lessor and such Group IV Lessee, such Group IV Lessee assumes and bears the risk
of loss, damage, theft, taking, destruction, attachment, seizure, confiscation
or requisition and all other risks and liabilities with respect to such Group IV
Vehicle, however caused or occasioned, including personal injury or death and
property damage, arising with respect to any Group IV Vehicle or the
manufacture, purchase, acceptance, rejection, delivery, leasing, possession,
use, inspection, registration, operation, condition, maintenance, repair or
storage of such Group IV Vehicle, howsoever arising.

         15. TITLE. This is an agreement to lease only, and title to the Group
IV Acquired Vehicles will at all times remain in the Group IV Lessor's name. No
Group IV Lessee will have any rights or interest in such Group IV Acquired
Vehicles whatsoever other than the rights of possession and use as provided by
this Operating Lease. In addition, each Group IV Lessee, by its execution
hereof, acknowledges and agrees that (i) the Group IV Lessor is the sole owner
and holder of all right, title and interest in and to the Manufacturer Programs
as they relate to the Group IV Acquired Vehicles leased hereunder and (ii) the
Group IV Lessees have no right, title or interest in any Manufacturer Program as
it relates to any Group IV Acquired Vehicle leased hereunder. To confirm the
foregoing, each Group IV Lessee, by its execution hereof, hereby assigns and
transfers to the Group IV Lessor any rights that such Group IV Lessee may have
in respect to any Manufacturer Programs as they relate to the Group IV Acquired
Vehicles leased hereunder.

                                      * * *

                                      A-8
<PAGE>

                                     ANNEX B

                                     TO THE

               MASTER MOTOR VEHICLE LEASE AND SERVICING AGREEMENT

                           Dated as of August 30, 2002

                                      among

               NATIONAL CAR RENTAL FINANCING LIMITED PARTNERSHIP,
                               as Group IV Lessor,

                        NATIONAL CAR RENTAL SYSTEM, INC.,
                               as Group IV Lessee,

                             and those subsidiaries
                            of ANC Rental Corporation
                                from time to time
                       becoming Group IV Lessees hereunder

                                       and

                             ANC RENTAL CORPORATION,
                            as Guarantor and Servicer

<PAGE>

         1. SCOPE OF ANNEX. This ANNEX B shall apply only to the acquisition or
financing, leasing and servicing of the Group IV Financed Vehicles by the Group
IV Lessees pursuant to the Base Lease, as supplemented by this Group IV Lease
Annex (collectively, the "GROUP IV FINANCING LEASE").

         2. GENERAL AGREEMENT. The Group IV Lessor and each Group IV Lessee
intend that for all purposes (including, but not limited to, financial
accounting, regulatory accounting, franchise, sales, use and excise tax purposes
and for purposes of any foreign corporation, business registration or doing
business statutes), (A) the Financing Lease with regard to Group IV Financed
Vehicles and Group IV Eligible Receivables will be treated as a financing
arrangement, (B) the Group IV Lessor will be treated as a lender making loans to
the Group IV Lessees in amounts equal to the Capitalized Costs or, in the case
of Group IV Refinanced Vehicles, the Group IV Net Book Values of Group IV
Financed Vehicles and the face amount of Group IV Eligible Receivables, which
loans are secured by the Group IV Financed Vehicles and Group IV Eligible
Receivables, (C) the Group IV Lessees will be treated as making payments of
principal and interest (denominated as Monthly Base Rent, Additional Base Rent
and Monthly Supplemental Payments, and Monthly Finance Rent, respectively) to
the Group IV Lessor and (D) each Group IV Lessee will be treated as the owner of
the Group IV Financed Vehicles leased by it and the Group IV Eligible
Receivables acquired by it and will be entitled to all tax benefits ordinarily
available to an owner of property similar to the Group IV Financed Vehicles and
Group IV Eligible Receivables for such tax purposes.

                  (b) It is the intention of the parties that the Group IV
Financing Lease together with the Master Collateral Agency Agreement shall
constitute a security agreement under applicable law.

         3. GROUP IV FINANCING LEASE COMMITMENT. Subject to the terms and
conditions of the Group IV Financing Lease, upon execution and delivery of the
Group IV Financing Lease, the Group IV Lessor shall from time to time on or
after the Lease Commencement Date and prior to the Lease Expiration Date (i)
refinance all Group IV Refinanced Vehicles and Group IV Eligible Receivables to
be leased under this Group IV Financing Lease and identified in Group IV
Refinanced Vehicle Schedules for a refinancing payment amount equal to the sum
of (x) the aggregate Group IV Net Book Value of such Group IV Refinanced
Vehicles and (y) the aggregate face amount of such Group IV Eligible
Receivables, and (ii) finance the purchase of all other Group IV Financed
Vehicles identified in Vehicle Orders placed by each Group IV Lessee for a
purchase price equal to the Capitalized Cost thereof, and in each case
simultaneously therewith enter into the Group IV Financing Lease with the
applicable Group IV Lessee with respect to such Group IV Refinanced Vehicles and
other Group IV Financed Vehicles, as the case may be.

         4. RESERVED.

         5. MAXIMUM VEHICLE LEASE TERM. The maximum Group IV Vehicle lease term
of the Group IV Financing Lease as it relates to each Group IV Financed Vehicle
leased hereunder shall be from the Vehicle Lease Commencement Date to the date
that is sixty (60) months from the Vehicle Lease Commencement Date. On the

                                      B-1
<PAGE>

occurrence of such date, the Group IV Lessee thereof shall pay to the Master
Collateral Agent or the Trustee, in accordance with this Group IV Financing
Lease, any amounts unpaid and owing under the Group IV Financing Lease in
respect of such Group IV Vehicle.

         6. CALCULATION OF RENT AND MONTHLY SUPPLEMENTAL PAYMENT. Rent and the
Monthly Supplemental Payment shall be due and payable on a monthly basis as set
forth in this SECTION 6:

                           "ADDITIONAL BASE RENT" with respect to the
                  Non-Program Vehicles leased under the Group IV Financing
                  Lease, with respect to each Payment Date, shall equal the
                  amount, if any, by which (a) 100% of the aggregate Group IV
                  Net Book Value of such Non-Program Vehicles leased under the
                  Group IV Financing Lease on the last day of the Related Month
                  exceeds (b) the three (3) month rolling average of the Fair
                  Market Value of such Non-Program Vehicles for the preceding
                  three (3) calendar months.

                           "MONTHLY BASE RENT", with respect to each Payment
                  Date and each Group IV Financed Vehicle leased under the Group
                  IV Financing Lease on any day during the Related Month, shall
                  be the sum of all Depreciation Charges that have accrued with
                  respect to such Group IV Vehicle during the Related Month.

                           "MONTHLY FINANCE RENT", with respect to each Payment
                  Date and each Group IV Financed Vehicle leased under the Group
                  IV Financing Lease on any day during the Related Month, shall
                  equal the product of (a) an amount equal to the sum, without
                  double counting, of (i) the interest accruing on all Group IV
                  Notes during the applicable interest period relating to such
                  Payment Date PLUS (ii) all Group IV Carrying Charges for the
                  Related Month, and (b) the quotient obtained by dividing the
                  Group IV Net Book Value as of the last day of the Related
                  Month (or, if earlier, the Disposition Date) of such Group IV
                  Financed Vehicle by the Group IV Net Book Value as of the last
                  day of the Related Month (or, if earlier, the Disposition
                  Date) of all Group IV Vehicles leased under the Group IV Lease
                  on any day during the Related Month; PROVIDED, HOWEVER, that
                  if an Event of Bankruptcy with respect to any Group IV Lessee
                  or the Guarantor has occurred during or prior to the Related
                  Month, Monthly Finance Rent, with respect to each Payment Date
                  and each Group IV Financed Vehicle leased under the Group IV
                  Financing Lease on any day during the Related Month, shall
                  equal the sum of (I) the product of (a) the aggregate amount
                  of interest accruing during the applicable interest period
                  relating to such Payment Date with respect to all Group IV
                  Notes that is allocated to the Group IV Financed Vehicles (as
                  specified in the Monthly Noteholder's Statement with respect

                                      B-2
<PAGE>

                  to each Series of Group IV Notes delivered with respect to the
                  related Determination Date and the Supplementary Monthly
                  Noteholder's Statement with respect to each Series of Group IV
                  Notes, if any, delivered with respect to the related Payment
                  Date), and (b) the quotient obtained by dividing the Group IV
                  Net Book Value as of the last day of the Related Month (or, if
                  earlier, the Disposition Date) of such Group IV Financed
                  Vehicle by the Group IV Net Book Value as of the last day of
                  the Related Month (or, if earlier, the Disposition Date) of
                  all Group IV Financed Vehicles leased under the Group IV
                  Financing Lease on any day during the Related Month, PLUS (II)
                  the product of (a) the sum of all Group IV Carrying Charges
                  for the Related Month and (b) the quotient obtained by
                  dividing the Group IV Net Book Value as of the last day of the
                  Related Month (or, if earlier, the Disposition Date) of such
                  Group IV Financed Vehicle by the Group IV Net Book Value as of
                  the last day of the Related Month (or, if earlier, the
                  Disposition Date) of all Group IV Vehicles leased under the
                  Group IV Lease on any day during the Related Month.

                           "MONTHLY SUPPLEMENTAL PAYMENT", with respect to each
                  Payment Date and all Group IV Vehicles that were leased under
                  the Group IV Financing Lease on any day during the Related
                  Month, shall be an amount equal to the sum of (i) the
                  aggregate Termination Values (each as of the first date on
                  which such Group IV Financed Vehicle is no longer a Group IV
                  Eligible Vehicle or suffers a Group IV Casualty, as
                  applicable) of all the Group IV Financed Vehicles financed
                  under this Group IV Financing Lease at any time during such
                  Related Month that, without double counting, while so financed
                  either are no longer Group IV Eligible Vehicles or have
                  suffered a Group IV Casualty during the Related Month, PLUS
                  (ii) the aggregate Termination Values (each as of the date on
                  which such Group IV Financed Vehicle is sold or returned by
                  the Group IV Lessee thereof) of all the Group IV Financed
                  Vehicles financed under the Group IV Financing Lease at any
                  time during such Related Month that, without double counting,
                  are sold or returned by the Group IV Lessees during the
                  Related Month (it being understood that each Group IV Lessee
                  has agreed to sell Group IV Financed Vehicles only in a manner
                  consistent with the provisions hereof and of the Group IV
                  Related Documents) to any Person (including any Group IV
                  Lessee) other than to a Manufacturer pursuant to such
                  Manufacturer's Manufacturer Program or to a third party
                  pursuant to an auction conducted through a Manufacturer's
                  Manufacturer Program PLUS (iii) the aggregate Termination
                  Values (each as of the applicable Disposition Date) of all the
                  Group IV Financed Vehicles financed under this Group IV
                  Financing Lease that while so financed were returned to (a) a
                  Manufacturer whose Manufacturer Program is a Group IV
                  Guaranteed Depreciation Program by the Group IV Lessee thereof
                  with respect to which, during the Related Month, (x) the

                                      B-3
<PAGE>

                  Repurchase Price has been deposited in the Master Collateral
                  Account or, if for any reason the Repurchase Price has been
                  received directly by a Group IV Lessee, and such Repurchase
                  Price has not theretofore been deposited in the Master
                  Collateral Account, the two Business Day period referred to in
                  Section 24.10 of the Base Lease has expired during the Related
                  Month or (y) a Manufacturer Event of Default has occurred or
                  (z) the one hundredth (100th) day after the Due Date with
                  respect thereto has occurred and the Repurchase Price has not
                  been received or (b) any other applicable Manufacturer by the
                  Group IV Lessee thereof with respect to which, during the
                  Related Month, (1) such Repurchase Price has been deposited in
                  the Master Collateral Account during the Related Month or, if
                  for any reason the Repurchase Price has been received directly
                  by a Group IV Lessee and such Repurchase Price has not
                  theretofore been deposited in the Master Collateral Account,
                  the two Business Day period referred to in Section 24.10 of
                  the Base Lease has expired during the Related Month or (2) a
                  Manufacturer Event of Default has occurred or (3) the one
                  hundredth (100th) day after the Due Date with respect thereto
                  has occurred and the Repurchase Price has not been received,
                  PLUS (iv) the aggregate face amount of all Group IV Eligible
                  Receivables financed under this Group IV Financing Lease with
                  respect to which, during the Related Month, (a) payment from
                  the obligor thereon has been deposited in the Master
                  Collateral Account during the Related Month or, if for any
                  reason such payment has been received directly by a Group IV
                  Lessee and such payment has not theretofore been deposited in
                  the Master Collateral Account, the two Business Day period
                  referred to in Section 24.10 of the Base Lease has expired
                  during the Related Month or (b) a Manufacturer Event of
                  Default has occurred with respect to the obligor or (c) the
                  one hundredth (100th) day after the Due Date with respect
                  thereto has occurred and the payment due from the obligor
                  thereon has not been received, MINUS (v) any amounts received
                  by the Group IV Lessor or the Trustee, or deposited into the
                  Group IV Collection Account, during the Related Month
                  representing (a) Repurchase Prices for repurchases of Group IV
                  Financed Vehicles or (b) the sales proceeds (including amounts
                  paid to a Group IV Lessee by a Manufacturer as a result of the
                  Group IV Lessee's sale of such Group IV Vehicle outside such
                  Manufacturer's Manufacturer Program) for sales of Group IV
                  Financed Vehicles financed at the time of such sale under this
                  Group IV Financing Lease to a third party other than (1) to a
                  Manufacturer or (2) through an auction dealer of a
                  Manufacturer whose Manufacturer Program is a "guaranteed
                  depreciation program" or (c) payments from obligors on Group
                  IV Eligible Receivables financed under the Group IV Financing
                  Lease.

                           "RENT" means Monthly Base Rent PLUS Monthly Finance
                  Rent PLUS Additional Base Rent PLUS Monthly Supplemental
                  Payments.

         7. PAYMENT OF RENT AND OTHER PAYMENTS. On each Payment Date:

                  MONTHLY BASE RENT. After giving credit for all prepayments on
account thereof pursuant to CLAUSE (C) below, each Group IV Lessee shall pay to
the Group IV Lessor the Monthly Base Rents that have accrued during the Related
Month with respect to all Group IV Vehicles that were leased by such Group IV
Lessee under the Group IV Financing Lease on any day during the Related Month.

                                      B-4
<PAGE>

                  MONTHLY FINANCE RENT. After giving credit for all prepayments
on account thereof pursuant to CLAUSE (C) below and to any payments previously
made pursuant to the next following sentence, each Group IV Lessee shall pay to
the Group IV Lessor the Monthly Finance Rents that have accrued during the
Related Month with respect to all Group IV Vehicles that were leased by such
Group IV Lessee under the Group IV Financing Lease on any day during the Related
Month. On each other date on which interest is due and payable under the terms
of a Group IV Supplement, each Group IV Lessee shall pay to the Group IV Lessor,
as Monthly Finance Rent, an amount equal to the product of (x) the quotient
obtained by dividing the aggregate Group IV Net Book Value of all Group IV
Vehicles leased by such Group IV Lessee under the Group IV Financing Lease as of
the last day of the calendar month preceding the month in which such date occurs
by the aggregate Group IV Net Book Value of all Group IV Vehicles leased under
the Operating Lease and the Group IV Financing Lease as of the last day of the
calendar month preceding the month in which such date occurs and (y) the amount
of interest due and payable on such date in respect of the Group IV Notes.

                  ADDITIONAL BASE RENT. After giving credit for all prepayments
on account thereof pursuant to CLAUSE (C) below, each Group IV Lessee shall pay
to the Group IV Lessor the monthly Additional Base Rent that has accrued during
the Related Month with respect to the Non-Program Vehicles leased under the
Group IV Financing Lease by such Group IV Lessee; and

                  MONTHLY SUPPLEMENTAL PAYMENT. After giving credit for all
prepayments on account thereof pursuant to CLAUSE (C) below, each Group IV
Lessee shall pay to the Group IV Lessor the portion of the Monthly Supplemental
Payment that has accrued during the Related Month with respect to the Group IV
Financed Vehicles and Group IV Eligible Receivables previously leased or
financed by such Group IV Lessee under this Group IV Financing Lease.

                  On the expiration of the term of the Group IV Financing Lease
with respect to a Group IV Financed Vehicle, any remaining Group IV Base Amount,
plus all other amounts payable by the Group IV Lessee thereof under the Group IV
Financing Lease with respect to such Group IV Vehicle, shall be immediately due
and payable.

                  On any date, a Group IV Lessee may prepay to the Group IV
Lessor, in whole or in part, the Rent or other payments accrued during the
Related Month with respect to any Group IV Financed Vehicles leased by such
Group IV Lessee. In addition, a Group IV Lessee may from time to time prepay the
Group IV Base Amount allocable to any Group IV Financed Vehicle, in whole or in
part, on any date, PROVIDED that such Group IV Lessee shall give the Group IV
Lessor and the Trustee not less than three (3) Business Days' prior notice of
any such prepayment, specifying the date and amount of such prepayment, and the
Group IV Financed Vehicle or Vehicles to which such prepayment relates.

         8. RISK OF LOSS BORNE BY GROUP IV LESSEES. Upon delivery of each
Vehicle to the applicable Group IV Lessee, as between the Group IV Lessor and
such Group IV Lessee, such Group IV Lessee assumes and bears the risk of loss,
damage, theft, taking, destruction, attachment, seizure, confiscation or

                                      B-5
<PAGE>

requisition with respect to such Group IV Vehicle, however caused or occasioned,
and all other risks and liabilities, including personal injury or death and
property damage, arising with respect to any Group IV Vehicle or the
manufacture, purchase, acceptance, rejection, ownership, delivery, leasing,
possession, use, inspection, registration, operation, condition, repair,
storage, sale, return or other disposition of such Group IV Vehicle, howsoever
arising.

         9. MANDATORY REPURCHASE OF COMPANY VEHICLES. Prior to the Vehicle Lease
Expiration Date with respect to each Company Vehicle (other than a Vehicle Lease
Expiration Date arising in connection with the purchase of such Company Vehicle
pursuant to this SECTION 9), the Group IV Lessee of a Company Vehicle shall
purchase such Company Vehicle (including any such Group IV Vehicle which has
suffered a Group IV Casualty or has ceased to be a Group IV Eligible Vehicle) at
a purchase price equal to the Group IV Net Book Value of such Group IV Vehicle
calculated as of the date of purchase (or, in the case of a Group IV Casualty or
a Group IV Vehicle that has ceased to be a Group IV Eligible Vehicle, at a
purchase price equal to the Monthly Supplemental Payments accruing in respect of
such Group IV Vehicle during the Related Month in which such Group IV Vehicle
suffered a Group IV Casualty or ceased to be a Group IV Eligible Vehicle), which
shall be payable to the Master Collateral Agent by deposit to the Master
Collateral Account (together with all accrued and unpaid Rent and other charges
and payments due and payable on such Payment Date with respect to such Company
Vehicle through the date of such purchase, each of which shall be payable in
accordance with the Group IV Financing Lease) on or prior to the Payment Date
next succeeding such purchase by such Group IV Lessee. Upon receipt of such
purchase price by the Group IV Lessor or the Master Collateral Agent, the Group
IV Lessor shall, at the request of such Group IV Lessee, cause title to such
Company Vehicle to be transferred to such Group IV Lessee, the lien of the
Master Collateral Agent in such Company Vehicle will automatically be released
and the Servicer shall cause the Master Collateral Agent to cause the notation
of its lien to be removed from the Certificate of Title for such Group IV
Vehicle, concurrently with or promptly after such purchase price for such
Company Vehicle (and any such unpaid Rent, charges and payments) is paid by such
Group IV Lessee to the Master Collateral Agent or the Trustee, as applicable.
Notwithstanding anything to the contrary in this Group IV Financing Lease, no
Company Vehicle may be sold or otherwise disposed of (other than pursuant to
Section 17.3 of the Base Lease), including at auction or by return to its
Manufacturer pursuant to a Manufacturer Program, prior to its purchase by the
Group IV Lessee thereof pursuant to and in accordance with this SECTION 9.

         10. NET LEASE. THE GROUP IV FINANCING LEASE SHALL BE A NET LEASE, AND
EACH GROUP IV LESSEE'S OBLIGATION TO PAY ALL RENT AND OTHER SUMS HEREUNDER SHALL
BE ABSOLUTE AND UNCONDITIONAL, AND SHALL NOT BE SUBJECT TO ANY ABATEMENT OR
REDUCTION FOR ANY REASON WHATSOEVER. The obligations and liabilities of each
Group IV Lessee hereunder shall in no way be released, discharged or otherwise
affected (except as may be expressly provided herein including, without
limitation, the right of such Group IV Lessee to reject Group IV Vehicles
pursuant to Section 2.2 of the Base Lease) for any reason, including without
limitation: (i) any defect in the condition, merchantability, quality or fitness

                                      B-6
<PAGE>

for use of the Group IV Vehicles or any part thereof; (ii) any damage to,
removal, abandonment, salvage, loss, scrapping or destruction of or any
requisition or taking of the Group IV Vehicles or any part thereof; (iii) any
restriction, prevention or curtailment of or interference with any use of the
Group IV Vehicles or any part thereof; (iv) any defect in, or any Lien on, title
to the Group IV Vehicles or any part thereof; (v) any change, waiver, extension,
indulgence or other action or omission in respect of any obligation or liability
of any Group IV Lessee or the Group IV Lessor; (vi) any bankruptcy, insolvency,
reorganization, composition, adjustment, dissolution, liquidation or other like
proceeding relating to any Group IV Lessee, the Group IV Lessor or any other
Person, or any action taken with respect to the Group IV Financing Lease by any
trustee or receiver of any Person mentioned above, or by any court; (vii) any
claim that any Group IV Lessee has or might have against any Person, including
without limitation the Group IV Lessor; (viii) any failure on the part of the
Group IV Lessor to perform or comply with any of the terms hereof or of any
other agreement; (ix) any invalidity or unenforceability or disaffirmance of the
Group IV Financing Lease or any provision hereof or any of the other Group IV
Related Documents or any provision thereof, in each case whether against or by
any Group IV Lessee or otherwise; (x) any insurance premiums payable by any
Group IV Lessee with respect to the Group IV Vehicles; or (xi) any other
occurrence whatsoever, whether similar or dissimilar to the foregoing, whether
or not any Group IV Lessee shall have notice or knowledge of any of the
foregoing and whether or not foreseen or foreseeable, in each case subject to
applicable law. The Group IV Financing Lease shall be noncancelable by the Group
IV Lessees and, except as expressly provided herein, each Group IV Lessee, to
the extent permitted by law, waives all rights now or hereafter conferred by
statute or otherwise to quit, terminate or surrender the Group IV Financing
Lease, or to any diminution or reduction of Rent payable by such Group IV Lessee
hereunder. All payments by a Group IV Lessee made hereunder shall be final
(except to the extent of adjustments provided for herein), absent manifest error
and, except as otherwise provided herein, no Group IV Lessee shall seek to
recover any such payment or any part thereof for any reason whatsoever, absent
manifest error. If for any reason whatsoever the Group IV Financing Lease shall
be terminated in whole or in part by operation of law or otherwise except as
expressly provided herein, each Group IV Lessee shall nonetheless pay an amount
equal to each Rent payment at the time and in the manner that such payment would
have become due and payable under the terms of the Group IV Financing Lease as
if it had not been terminated in whole or in part. All covenants and agreements
of any Group IV Lessee herein shall be performed at its cost, expense and risk
unless expressly otherwise stated.

         11. NON-DISTURBANCE. Subject to Section 17 of the Base Lease, so long
as each Group IV Lessee satisfies its obligations hereunder, its quiet
enjoyment, possession and use of the Group IV Financed Vehicles will not be
disturbed during the Term of this Group IV Financing Lease, except that the
Group IV Lessor, the Master Collateral Agent, and the Trustee each retains the
right, but not the duty, to inspect the Group IV Vehicles without disturbing the
ordinary conduct of such Group IV Lessee's business in accordance with Section
24.2 of the Base Lease.

                                      B-7
<PAGE>

         12. LIENS. Except for Permitted Liens, each Group IV Lessee shall keep
all Vehicles leased by it free of all Liens arising during the Term of this
Group IV Financing Lease. The Group IV Lessor may grant security interests in
the Master Collateral to the Master Collateral Agent, and in this Group IV
Financing Lease and the other Group IV Collateral to the Trustee, in accordance
with the Master Collateral Agency Agreement and the Second Indenture, and each
Group IV Noteholder may grant security interests in its Group IV Notes, the
related Series Supplements and other Group IV Collateral to certain of its
creditors and their respective designees without consent of any Group IV Lessee.
Each Group IV Lessee acknowledges that the granting of Liens and the taking of
other actions pursuant to the Second Indenture and the Group IV Related
Documents does not interfere with the rights of the Group IV Lessees under the
Group IV Financing Lease.

         13. GROUP IV LESSEE'S RIGHTS TO PAY OFF FINANCING OF MANUFACTURER
RECEIVABLES. In addition, each Group IV Lessee will have the option, exercisable
with respect to any Manufacturer Receivable related to a Group IV Financed
Vehicle which was leased by such Group IV Lessee under this Group IV Financing
Lease, to repay or refinance such Manufacturer Receivable upon payment of an
amount equal to the amount due from the Manufacturer under such Manufacturer
Receivable, in which event such Group IV Lessee will pay such amount to the
Master Collateral Agent on or before the Payment Date next succeeding such
repayment by such Group IV Lessee. Upon receipt of such funds by the Master
Collateral Agent, the Group IV Lessor, at the request of such Group IV Lessee,
shall cause title to any such Manufacturer Receivable to be transferred to such
Group IV Lessee, and the lien of the Master Collateral Agent in such
Manufacturer Receivable will automatically be released concurrently with or
promptly after the payment for such Manufacturer Receivable (and any unpaid
Monthly Base Rent, unpaid Monthly Variable Rent and other unpaid charges,
payments and amounts) is made by the Group IV Lessee to the Master Collateral
Agent or the Trustee, as applicable.

                                      * * *

                                      B-8
<PAGE>

                                                                  SCHEDULE 23.10
                               BUSINESS LOCATIONS
<TABLE>
<CAPTION>

                            CHIEF EXECUTIVE OFFICE       STATE OF PRINCIPAL       JURISDICTION OF     STATES IN WHICH IT
     LEGAL NAME               BUSINESS LOCATION           PLACE OF BUSINESS        ORGANIZATION        CONDUCTS BUSINESS
----------------------   -----------------------------  ----------------------   ------------------   --------------------
<S>                      <C>                                 <C>                     <C>                      <C>
National Car Rental      7700 France Avenue South             Minnesota              Delaware                 All
System, Inc.             Minneapolis, MN 55435

ANC Rental               200 South Andrews Avenue              Florida               Delaware                 All
Corporation              Fort Lauderdale, FL 33301

</TABLE>

<PAGE>

                                 ATTACHMENT A-1

  INFORMATION ON GROUP IV REFINANCED VEHICLES AND GROUP IV ELIGIBLE RECEIVABLES

GROUP IV REFINANCED VEHICLES

1        Vehicle Group Number (Vehicle Model)
2        Vehicle Identification Number (last eight digits) (VIN)
3        Vehicle Lease Commencement Date
4        Capitalized Cost
5        Monthly Base Rent
6        Garaging State
7        Designated Period
8        Lienholder
9        Amount to pay off existing indebtedness

GROUP IV ELIGIBLE RECEIVABLES

1        Identity of Obligor
2        Amount of Receivable
3        Date of Origination of Receivable
4        Vehicle Identification Number (VIN) of Group IV Vehicles to
         which receivable relates

                    (grouped by obligor)

<PAGE>

                                 ATTACHMENT A-2

                                  VEHICLE ORDER

1        Vehicle Group Number (Vehicle Model)
2        Vehicle Identification Number (last eight digits) (VIN)
3        Vehicle Lease Commencement Date
4        Capitalized Cost
5        Monthly Base Rent
6        Garaging State
7        Designated Period

<PAGE>

                                  ATTACHMENT B

                            FORM OF POWER OF ATTORNEY

                  KNOW ALL MEN BY THESE PRESENTS, that National Car Rental
Financing Limited Partnership does hereby make, constitute and appoint each of
ANC Rental Corporation and National Car Rental System, Inc., its true and lawful
Attorney-in-Fact for it and in its name, stead, and behalf, to execute any and
all documents pertaining to the titling of motor vehicles in the name of
National Car Rental Financing Limited Partnership, the noting of the lien of
Citibank, N.A., as Master Collateral Agent, as the first lienholder on
certificates of title, the licensing and registration of motor vehicles and the
transfer of title of motor vehicles. This power is limited to the foregoing and
specifically does not authorize the creation of any other liens or encumbrances
on any of said motor vehicles, other than Permitted Liens (as defined in
Schedule I to the Base Indenture, dated as of May 6, 2002, as supplemented by
the Series 2002-3 Supplement thereto, dated as of August 30, 2002 and as such
agreement may be amended, supplemented, restated or otherwise modified from time
to time in accordance with the terms thereof, between National Car Rental
Financing Limited Partnership, as issuer, and The Bank of New York, as trustee).

                  The powers and authority granted hereunder shall, unless
sooner terminated, revoked or extended, cease five years from the date of
execution as set forth below.

                  IN WITNESS WHEREOF, National Car Rental Financing Limited
Partnership has caused this instrument to be executed on its behalf by its duly
authorized representative as of the ______ day of __________ 200_.

                             NATIONAL CAR RENTAL FINANCING LIMITED PARTNERSHIP

                             By:
                                -----------------------------------------------
                                  Name:
                                  Title:

State of          )
         ---------

County of         )
          --------

                  Subscribed and sworn before me, a notary public, in and for
said county and state, this _________ day of ___________ 200_.

                                                 -----------------------
                                                      Notary Public

                                               My Commission Expires:_________

<PAGE>

                                  ATTACHMENT C

                 FORM OF CERTIFICATION OF TRADE OR BUSINESS USE

                  The undersigned, __________________________ of [Name of Group
IV Lessee], a [ ] corporation, hereby warrants and certifies, that (1) the Group
IV Lessee intends to use the Group IV Acquired Vehicles in a trade or business
of the Group IV Lessee, and (2) the Group IV Lessee has been advised that it
will not be treated as the owner of the Group IV Acquired Vehicles for federal
income tax purposes.

                  Defined terms otherwise not defined herein shall have the
meanings assigned to such terms in Schedule 1 to the Base Indenture, dated as of
May 6, 2002, as supplemented by the Series 2002-3 Supplement thereto, dated as
of August 30, 2002 and as such agreement may be amended, supplemented, restated
or otherwise modified from time to time in accordance with the terms thereof,
between National Car Rental Financing Limited Partnership as issuer, and The
Bank of New York, as trustee.

                  IN WITNESS WHEREOF, the undersigned has caused this
certificate to be executed as of the __ day of ____________ 200_.

                                                     [GROUP IV LESSEE]

                                                     By:
                                                        -----------------------
                                                          Name:
                                                          Title:

<PAGE>

                                  ATTACHMENT D

                       FORM OF AFFILIATE JOINDER IN LEASE

                  THIS AFFILIATE JOINDER IN LEASE AGREEMENT (this "JOINDER") is
executed as of _______________ ___, 200_, by _______________, a
____________________________ ("JOINING PARTY"), and delivered to National Car
Rental Financing Limited Partnership, a Delaware limited partnership ("GROUP IV
LESSOR"), as Group IV Lessor pursuant to the Master Motor Vehicle Lease and
Servicing Agreement dated as of August 30, 2002 (as amended, supplemented or
otherwise modified from time to time in accordance with the terms thereof, the
"GROUP IV LEASE"), among National Car Rental Financing Limited Partnership, as
Group IV Lessor, National Car Rental System, Inc., as Group IV Lessee, and those
subsidiaries and affiliates of ANC Rental Corporation from time to time becoming
Group IV Lessees thereunder (individually, a "GROUP IV LESSEE" and,
collectively, the "GROUP IV LESSEES"), and ANC Rental Corporation, as guarantor
and servicer. Capitalized terms used herein but not defined herein shall have
the meanings provided for in the Group IV Lease.

                                R E C I T A L S:
                                 - - - - - - - -

                  WHEREAS, the Joining Party is a direct or indirect Subsidiary
of ANC; and

                  WHEREAS, the Joining Party desires to become a "Group IV
Lessee" under and pursuant to the Group IV Lease.

                  NOW, THEREFORE, the Joining Party agrees as follows:

                               A G R E E M E N T:
                                - - - - - - - - -

                  1. The Joining Party hereby represents and warrants to and in
favor of Group IV Lessor and the Trustee that (i) the Joining Party is a direct
or indirect Subsidiary of ANC, (ii) all of the conditions required to be
satisfied pursuant to Section 29.1 of the Group IV Lease in respect of the
Joining Party becoming a Group IV Lessee thereunder have been satisfied, and
(iii) all of the representations and warranties contained in Section 23 of the
Group IV Lease with respect to the Group IV Lessees are true and correct as
applied to the Joining Party as of the date hereof.

                  2. The Joining Party hereby agrees to assume all of the
obligations of a "Group IV Lessee" under the Group IV Lease and agrees to be
bound by all of the terms, covenants and conditions therein.

                  By its execution and delivery of this Joinder, the Joining
Party hereby becomes a Group IV Lessee for all purposes under the Group IV
Lease. By its execution and delivery of this Joinder, Group IV Lessor
acknowledges that the Joining Party is a Group IV Lessee for all purposes under
the Group IV Lease.

<PAGE>

                  IN WITNESS WHEREOF, the Joining Party has caused this Joinder
to be duly executed as of the day and year first above written.

                                               [Name of Joining Party]

                                                By:
                                                   ----------------------------
                                                     Name:
                                                     Title:

Accepted and Acknowledged by:

NATIONAL CAR RENTAL FINANCING
LIMITED PARTNERSHIP

By:  NATIONAL CAR RENTAL FINANCING
        CORPORATION, its general partner

By:
   ---------------------------------------
      Name:
      Title:

ANC RENTAL CORPORATION
as Guarantor

By:
   ---------------------------------------
      Name:
      Title:

                                       2<PAGE>
                                                                     Exhibit 4.5

                                                                  EXECUTION COPY

                              ARG FUNDING CORP. II,

                                    as Issuer

                                       and

                              THE BANK OF NEW YORK,

                                   as Trustee

                            SERIES 2002-2 SUPPLEMENT

                           dated as of August 30, 2002

                                       to

                       AMENDED AND RESTATED BASE INDENTURE

                           dated as of August 30, 2002

 $432,900,000 Series 2002-2 Rental Car Asset Backed Notes, Class A
 $60,000,000 Series 2002-2 Rental Car Asset Backed Notes, Class B
 $60,000,000 Series 2002-2 Rental Car Asset Backed Notes, Class C
 $47,100,000 Series 2002-2 Rental Car Asset Backed Notes, Class D

<PAGE>

                                TABLE OF CONTENTS
<TABLE>
<CAPTION>

                                                                                                      PAGE
<S>                                                                                                   <C>
PRELIMINARY STATEMENT...................................................................................1

DESIGNATION.............................................................................................1

ARTICLE I             DEFINITIONS.......................................................................2

ARTICLE II            ARTICLE II.......................................................................56

         Section 2.1         Grant of Security Interest................................................56

ARTICLE III           SERIES 2002-2 ALLOCATIONS........................................................58

         Section 3.1         Establishment and Administration of Series 2002-2 Collection Account,
                             Series 2002-2 Accrued Interest Account and Series 2002-2 Excess
                             Collection Account........................................................58

         Section 3.2         Allocations with Respect to the Series 2002-2 Notes.......................62

         Section 3.3         Distribution Dates........................................................64

         Section 3.4         Payment of Note Interest..................................................69

         Section 3.5         Payment of Note Principal.................................................70

         Section 3.6         Servicer's Failure to Instruct the Trustee to Make a Deposit or Payment...78

         Section 3.7         Series 2002-2 Reserve Account.............................................78

         Section 3.8         Series 2002-2 Letters of Credit and Series 2002-2 Cash Collateral
                             Account...................................................................80

         Section 3.9         Series 2002-2 Distribution Account........................................85

         Section 3.10        Series 2002-2 Demand Note and Series 2002-2 Interest Rate Cap Constitute
                             Additional Collateral for Series 2002-2 Notes.............................87

         Section 3.11        Series 2002-2 Interest Rate Cap...........................................87

         Section 3.12        Subordination of Class B Notes............................................89

         Section 3.13        Subordination of Class C Notes............................................89

         Section 3.14        Subordination of Class D Notes............................................89

ARTICLE IV            AMORTIZATION EVENTS..............................................................90

ARTICLE V             RIGHT TO WAIVE PURCHASE RESTRICTIONS.............................................94

ARTICLE VI            FORM OF SERIES 2002-2 NOTES......................................................96

         Section 6.1         Restricted Global Series 2002-2 Notes.....................................96

         Section 6.2         Temporary Global Series 2002-2 Notes; Permanent
                             Global Series 2002-2 Notes................................................96
</TABLE>

                                        i

<PAGE>
                                TABLE OF CONTENTS
                                   (CONTINUED)

<TABLE>
<CAPTION>

                                                                                                      PAGE
<S>                                                                                                   <C>
ARTICLE VII           TERMINATION OF SERIES SUPPLEMENT.................................................97

         Section 7.1         Termination of Series Supplement..........................................97

         Section 7.2         Application of Trust Money................................................98

ARTICLE VIII          ALLOCATION AND APPLICATION OF GROUP IV COLLECTIONS...............................99

         Section 8.1         Group IV Collection Account...............................................99

         Section 8.2         Group IV Collections and Allocations.....................................100

ARTICLE IX            GENERAL.........................................................................102

         Section 9.1         Optional Repurchase......................................................102

         Section 9.2         Issuances of Additional Series 2002-2 Notes..............................104

         Section 9.3         Information..............................................................104

         Section 9.4         Series 2002-2 Demand Note................................................107

         Section 9.5         Exhibits.................................................................107

         Section 9.6         Ratification of Base Indenture...........................................108

         Section 9.7         Notice to Rating Agencies................................................108

         Section 9.8         Counterparts.............................................................108

         Section 9.9         Governing Law............................................................108

         Section 9.10        Amendments...............................................................108

         Section 9.11        Trustee's Duties to Cooperate in the Preparation and Filing of
                             Financing or Continuation Statements.....................................109

         Section 9.12        Remedies.................................................................109

ARTICLE X             COVENANTS.......................................................................109

         Section 10.1        Additional Leasing Companies.............................................109

         Section 10.2        Approvals relating to Group IV Financing Leases..........................114

ARTICLE XI            RIGHT TO WAIVE EMERGENCE EVENT..................................................114
</TABLE>

                                       ii

<PAGE>

                  [CERTAIN PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED PURSUANT
TO A REQUEST FOR CONFIDENTIAL TREATMENT AS INDICATED BY AN * AND HAVE BEEN
SEPARATELY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION.]

                  SERIES 2002-2 SUPPLEMENT, dated as of August 30, 2002 (as
amended, modified, restated or supplemented from time to time in accordance with
the terms hereof, this "SERIES SUPPLEMENT") between ARG Funding Corp. II, a
special purpose corporation established under the laws of Delaware ("ARG II"),
and The Bank of New York, a New York banking corporation, as trustee (together
with its successors in trust under the Amended and Restated Base Indenture
referred to below, the "TRUSTEE"), to the Amended and Restated Base Indenture,
dated as of August 30, 2002, between ARG II and the Trustee (as amended,
modified, restated or supplemented from time to time, exclusive of Series
Supplements, the "BASE INDENTURE").

                              PRELIMINARY STATEMENT

                  WHEREAS, Sections 2.2 and 12.1 of the Base Indenture provide,
among other things, that ARG II 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 Group IV Series of Notes to be
issued pursuant to the Base Indenture and this Series Supplement and such Group
IV Series of Notes shall be designated generally as "Rental Car Asset Backed
Notes, Series 2002-2". The Series 2002-2 Notes shall be issued in four classes:
(i) Series 2002-2 Rental Car Asset Backed Notes, Class A, which shall be
designated generally as the "Class A Notes", (ii) Series 2002-2 Rental Car Asset
Backed Notes, Class B, which shall be designated generally as the "Class B
Notes", (iii) Series 2002-2 Rental Car Asset Backed Notes, Class C, which shall
be designated generally as the "Class C Notes" and (iv) Series 2002-2 Rental Car
Asset Backed Notes Class D, which shall be designated generally as the "Class D
Notes" (and, together with the Class A Notes, the Class B Notes and the Class C
Notes, the "SERIES 2002-2 NOTES").

                  The Series 2002-2 Notes shall be issued in minimum
denominations of $200,000 and integral multiples of $1,000 in excess thereof.

                  The Class B Notes are subordinated in right of payment to the
Class A Notes, to the extent set forth herein. The Class C Notes are
subordinated in right of payment to the Class A Notes and the Class B Notes, to
the extent set forth herein. The Class D Notes are subordinated in right of
payment to the Class A Notes, the Class B Notes and the Class C Notes, to the
extent set forth herein.
<PAGE>

                  The proceeds from the sale of the Series 2002-2 Notes shall be
deposited in the Group IV Collection Account and used to fund increases in the
principal amounts of the Group IV Leasing Company Notes and/or to reduce the
principal amount of other Series of Notes.

                  The Series 2002-2 Notes are a Segregated Series of Notes (as
more fully described in the Base Indenture) sharing in the Group IV Collateral
and excluding any other Group-Specific Collateral that is not Group IV
Collateral under the Base Indenture. Accordingly, all references in this Series
Supplement to "all" Series of Notes (and all references in this Series
Supplement to terms defined in the Base Indenture that contain references to
"all" Series of Notes) shall refer to all Series of Notes sharing in the Group
IV Collateral and shall exclude each other Series of Notes (whether a Segregated
Series secured by collateral other than the Group IV Collateral or a
non-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 1
thereto, as amended, modified, restated or supplemented from time to time in
accordance with the terms of the Base Indenture (exclusive of any Series
Supplements). All Article, Section or subsection references herein shall refer
to Articles, Sections or subsections of the Base Indenture, except as otherwise
provided herein. Unless otherwise stated herein, as the context otherwise
requires or if such term is otherwise defined in the Base Indenture, each
capitalized term used or defined herein shall relate only to the Series 2002-2
Notes and not to any other Series of Notes issued by ARG II. For the avoidance
of doubt, terms contained herein which relate to the Group IV Vehicles shall
apply solely to the Group IV Vehicles and not to the Group III Vehicles.

                  (b) For purposes of the Series 2002-2 Notes, any reference in
the Base Indenture to (i) the term "Certificated Securities Collateral" shall be
deemed to be a reference to the Group IV Certificated Securities Collateral and
(ii) the term "General Intangibles Collateral" shall be deemed to be a reference
to the Group IV General Intangibles Collateral. For the purposes of any Series
Supplement relating to a Series of Notes issued under the Base Indenture that
are not Group IV Notes, the terms contained therein shall not refer to the
corresponding Group IV terms.

                  (c) The following words and phrases shall have the following
meanings with respect to the Series 2002-2 Notes and the definitions of such
terms are applicable to the singular as well as the plural form of such terms
and to the masculine as well as the feminine and neuter genders of such terms.

                                       2
<PAGE>

                  "ADDITIONAL CLASS A NOTES" means, with respect to the Class A
Notes, any additional Class A Notes issued or proposed to be issued within such
Class after the Series 2002-2 Closing Date.

                  "ADDITIONAL CLASS B NOTES" means, with respect to the Class B
Notes, any additional Class B Notes issued or proposed to be issued within such
Class after the Series 2002-2 Closing Date.

                  "ADDITIONAL CLASS C NOTES" means, with respect to the Class C
Notes, any additional Class C Notes issued or proposed to be issued within such
Class after the Series 2002-2 Closing Date.

                  "ADDITIONAL CLASS D NOTES" means, with respect to the Class D
Notes, any additional Class D Notes issued or proposed to be issued within such
Class after the Series 2002-2 Closing Date.

                  "ADDITIONAL LEASING COMPANY" means a special purpose
wholly-owned Subsidiary of ANC which is engaged in the business of acquiring,
financing, refinancing and leasing Group IV Vehicles pursuant to an Additional
Leasing Company Group IV Lease and which has issued an Additional Leasing
Company Group IV Note to ARG II pursuant to an Additional Leasing Company Group
IV Indenture, as supplemented by an Additional Leasing Company Group IV
Supplement, that has been included in the Group IV Collateral in accordance with
the requirements of SECTION 10.1 of this Series Supplement.

                  "ADDITIONAL LEASING COMPANY GROUP IV INDENTURE" means a Base
Indenture between an Additional Leasing Company and the Additional Leasing
Company Group IV Trustee party thereto pursuant to which such Additional Leasing
Company has issued an Additional Leasing Company Group IV Note, as the same may
be amended, restated, modified or supplemented from time to time in accordance
with its terms (exclusive of any supplement thereto creating a Series of Notes
that is not an Additional Leasing Company Group IV Note).

                  "ADDITIONAL LEASING COMPANY GROUP IV LEASE" means a Master
Motor Vehicle Lease and Servicing Agreement (inclusive of any annexes thereto)
among an Additional Leasing Company, one or more Additional Leasing Company
Lessees and ANC, as servicer and guarantor, that is security for the obligations
of such Additional Leasing Company under an Additional Leasing Company Group IV
Note, as the same may be amended, restated, modified or supplemented from time
to time in accordance with its terms.

                  "ADDITIONAL LEASING COMPANY GROUP IV LESSEE" means a
wholly-owned direct or indirect Subsidiary of ANC which regularly operates a
United States domestic daily car rental business and which has entered into an
Additional Leasing Company Group IV Lease with an Additional Leasing Company.

                                       3
<PAGE>

                  "ADDITIONAL LEASING COMPANY GROUP IV NOTE" means a Variable
Funding Rental Car Asset Backed Note issued to ARG II pursuant to an Additional
Leasing Company Group IV Indenture, as supplemented by an Additional Leasing
Company Group IV Supplement, which has been pledged by ARG II to the Trustee for
the benefit of the Group IV Secured Parties in accordance with the Granting
Clause of this Series Supplement and each other Group IV Series Supplement, as
the same may be amended, restated, modified or supplemented from time to time in
accordance with its terms.

                  "ADDITIONAL LEASING COMPANY GROUP IV RECEIVABLES TRUST
AGREEMENT" means a trust agreement between an Additional Leasing Company, as
grantor, and the trustee party thereto, that is security for the obligations of
such Additional Leasing Company under an Additional Leasing Company Group IV
Note, as the same may be amended, restated, modified or supplemented from time
to time in accordance with its terms.

                  "ADDITIONAL LEASING COMPANY GROUP IV RELATED DOCUMENTS" means,
with respect to any Additional Leasing Company, the Additional Leasing Company
Group IV Note issued by such Additional Leasing Company, the Additional Leasing
Company Group IV Indenture, as supplemented by the Additional Leasing Company
Group IV Supplement, pursuant to which such Additional Leasing Company Group IV
Note was issued and the Additional Leasing Company Group IV Receivables Trust
Agreement.

                  "ADDITIONAL LEASING COMPANY GROUP IV SUPPLEMENT" means a
Series Supplement to an Additional Leasing Company Group IV Indenture pursuant
to which an Additional Leasing Company has issued an Additional Leasing Company
Group IV Note, as the same may be amended, restated, modified or supplemented
from time to time in accordance with its terms.

                  "ADDITIONAL LEASING COMPANY GROUP IV TRUSTEE" means the party
named as the trustee in an Additional Leasing Company Group IV Indenture until a
successor replaces it in accordance with the applicable provisions of such
Additional Leasing Company Group IV Indenture and thereafter means the successor
serving thereunder.

                  "ADDITIONAL GROUP IV LESSEE CLOSING DATE" means the initial
Group IV Vehicle Funding Date with respect to Group IV Vehicles (including Group
IV Refinanced Vehicles) leased by an Additional Group IV Lessee.

                  "ADDITIONAL GROUP IV LESSEES" means those Subsidiaries of ANC
from time to time becoming lessees under a Group IV Lease in accordance with the
requirements of such Group IV Lease.

                  "ADDITIONAL SERIES 2002-2 NOTES" means, collectively the
Additional Class A Notes, the Additional Class B Notes, the Additional Class C
Notes and the Additional Class D Notes.

                                       4
<PAGE>

                  "ANC" means ANC Rental Corporation, a Delaware corporation.

                  "ANC HISTORICAL DEPRECIATION RATE" means, as of any date of
determination, the weighted average Group IV Depreciation Charge accruing with
respect to Group IV Non-Program Vehicles during the six calendar months
preceding such date.

                  "BANKRUPTCY COURT" means the United States Bankruptcy Court
for the District of Delaware.

                  "CERTIFICATE OF LEASE DEFICIT DEMAND" means a certificate in
the form of ANNEX A to a Series 2002-2 Letter of Credit.

                  "CERTIFICATE OF TERMINATION DATE DEMAND" means a certificate
in the form of ANNEX D to a Series 2002-2 Letter of Credit.

                  "CERTIFICATE OF TERMINATION DEMAND" means a certificate in the
form of ANNEX C to a Series 2002-2 Letter of Credit.

                  "CERTIFICATE OF UNPAID DEMAND NOTE DEMAND" means a certificate
in the form of ANNEX B to a Series 2002-2 Letter of Credit.

                  "CLASS A CARRYOVER CONTROLLED AMORTIZATION AMOUNT" means, for
any Group IV Related Month during the Class A Controlled Amortization Period,
the amount, if any, by which the portion of the Monthly Total Principal
Allocation allocable to the Class A Notes for the previous Group IV Related
Month was less than the Class A Controlled Distribution Amount for the previous
Group IV Related Month; PROVIDED, HOWEVER, that for the first Group IV Related
Month in the Class A Controlled Amortization Period, the Class A Carryover
Controlled Amortization Amount shall be zero.

                  "CLASS A CONTROLLED AMORTIZATION AMOUNT" means with respect to
any Group IV Related Month during the Class A Controlled Amortization Period,
$144,300,000.

                  "CLASS A CONTROLLED AMORTIZATION PERIOD" means the period
commencing at the opening of business on July 31, 2004 (or, if such day is not a
Business Day, the Business Day immediately preceding such day) and continuing to
the earliest of (i) the date on which the Class A Notes, together with all
accrued interest thereon, are fully paid, (ii) the termination of this Series
Supplement in accordance with its terms and (iii) the commencement of the Series
2002-2 Rapid Amortization Period.

                  "CLASS A CONTROLLED DISTRIBUTION AMOUNT" means, with respect
to any Group IV Related Month during the Class A 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 Group IV Related
Month.

                                       5
<PAGE>

                  "CLASS A DEFICIENCY AMOUNT" at any time prior to the Series
2002-2 Rapid Amortization Period, has the meaning specified in SECTION 3.3(E) of
this Series Supplement, and at any time during the Series 2002-2 Rapid
Amortization Period, has the meaning specified in SECTION 3.3(F) of this Series
Supplement.

                  "CLASS A EXPECTED FINAL DISTRIBUTION DATE" means the November
2004 Distribution Date.

                  "CLASS A FINAL DISTRIBUTION DATE" means the February 2006
Distribution Date.

                  "CLASS A INITIAL INVESTED AMOUNT" means, $432,900,000.

                  "CLASS A INVESTED AMOUNT" means when used with respect to any
date, an amount equal to the Class A Initial Invested Amount PLUS the initial
principal amount of any Additional Class A Notes issued hereunder on or prior to
such date MINUS the amount of any principal payments made to Class A Noteholders
on or prior to such date.

                  "CLASS A MONTHLY INTEREST" means, with respect to any Series
2002-2 Interest Period, the product of (i) the Class A Note Rate for such Series
2002-2 Interest Period, (ii) the Class A Invested Amount on the first day of
such Series 2002-2 Interest Period or, in the case of the initial Series 2002-2
Interest Period, the Class A Initial Invested Amount and (iii) a fraction, the
numerator of which is the number of days in such Series 2002-2 Interest Period,
and the denominator of which is 360.

                  "CLASS A NOTEHOLDER" means the person in whose name a Class A
Note is registered in the Note Register.

                  "CLASS A NOTE RATE" means with respect to each Series 2002-2
Interest Period, a rate per annum equal to LIBOR for such Series 2002-2 Interest
Period plus 1.25% per annum.

                  "CLASS A NOTES" means any one of the Series 2002-2 Floating
Rate Rental Car Asset Backed Notes, Class A, executed by ARG II and
authenticated by or on behalf of the Trustee, substantially in the form of
EXHIBIT A-L, 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 PREPAYMENT PREMIUM" has the meaning specified in
SECTION 9.1(A) of this Series Supplement.

                  "CLASS B CARRYOVER CONTROLLED AMORTIZATION AMOUNT" means, for
any Group IV Related Month during the Class B Controlled Amortization Period,
the amount, if any, by which the portion of the Monthly Total Principal
Allocation allocable to the Class B Notes for the previous Group IV Related
Month was less than the Class B Controlled Distribution Amount for the previous
Group IV Related Month; PROVIDED,

                                       6
<PAGE>

HOWEVER, that for the first Group IV Related Month in the Class B Controlled
Amortization Period, the Class B Carryover Controlled Amortization Amount shall
be zero.

                  "CLASS B CONTROLLED AMORTIZATION AMOUNT" means with respect to
any Group IV Related Month during the Class B Controlled Amortization Period,
$60,000,000.

                  "CLASS B CONTROLLED AMORTIZATION PERIOD" means the period
commencing at the opening of business on November 30, 2004 (or, if such day is
not a Business Day, the Business Day immediately preceding such day) and
continuing to the earliest of (i) the date on which the Class B Notes, together
with all accrued interest thereon, are fully paid, (ii) the termination of this
Series Supplement in accordance with its terms and (iii) the commencement of the
Series 2002-2 Rapid Amortization Period.

                  "CLASS B CONTROLLED DISTRIBUTION AMOUNT" means, with respect
to any Group IV Related Month during the Class B 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 Group IV Related
Month.

                  "CLASS B DEFICIENCY AMOUNT" at any time prior to the Series
2002-2 Rapid Amortization Period, has the meaning specified in SECTION 3.3(E) of
this Series Supplement, and at any time during the Series 2002-2 Rapid
Amortization Period, has the meaning specified in SECTION 3.3(F) of this Series
Supplement.

                  "CLASS B EXPECTED FINAL DISTRIBUTION DATE" means the December
2004 Distribution Date.

                  "CLASS B FINAL DISTRIBUTION DATE" means the February 2006
Distribution Date.

                  "CLASS B INITIAL INVESTED AMOUNT" means, $60,000,000.

                  "CLASS B INVESTED AMOUNT" means when used with respect to any
date, an amount equal to the Class B Initial Invested Amount PLUS the initial
principal amount of any Additional Class B Notes issued hereunder on or prior to
such date MINUS the amount of any principal payments made to Class B Noteholders
on or prior to such date.

                  "CLASS B MONTHLY INTEREST" means, with respect to any Series
2002-2 Interest Period, the product of (i) the Class B Note Rate for such Series
2002-2 Interest Period, (ii) the Class B Invested Amount on the first day of
such Series 2002-2 Interest Period or, in the case of the initial Series 2002-2
Interest Period, the Class B Initial Invested Amount and (iii) a fraction, the
numerator of which is the number of days in such Series 2002-2 Interest Period,
and the denominator of which is 360.

                                       7
<PAGE>

                  "CLASS B NOTEHOLDER" means the person in whose name a Class B
Note is registered in the Note Register.

                  "CLASS B NOTE RATE" means with respect to each Series 2002-2
Interest Period, a rate per annum equal to LIBOR for such Series 2002-2 Interest
Period plus 1.90% per annum.

                  "CLASS B NOTES" means any one of the Series 2002-2 Floating
Rate Rental Car Asset Backed Notes, Class B, executed by ARG II 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 PREPAYMENT PREMIUM" has the meaning specified in
SECTION 9.1(B) of this Series Supplement.

                  "CLASS C CARRYOVER CONTROLLED AMORTIZATION AMOUNT" means, for
any Group IV Related Month during the Class C Controlled Amortization Period,
the amount, if any, by which the portion of the Monthly Total Principal
Allocation allocable to the Class C Notes for the previous Group IV Related
Month was less than the Class C Controlled Distribution Amount for the previous
Group IV Related Month; PROVIDED, HOWEVER, that for the first Group IV Related
Month in the Class C Controlled Amortization Period, the Class C Carryover
Controlled Amortization Amount shall be zero.

                  "CLASS C CONTROLLED AMORTIZATION AMOUNT" means with respect to
any Group IV Related Month during the Class C Controlled Amortization Period,
$60,000,000.

                  "CLASS C CONTROLLED AMORTIZATION PERIOD" means the period
commencing at the opening of business on December 31, 2004 (or, if such day is
not a Business Day, the Business Day immediately preceding such day) and
continuing to the earliest of (i) the date on which the Class C Notes, together
with all accrued interest thereon, are fully paid, (ii) the termination of this
Series Supplement in accordance with its terms and (iii) the commencement of the
Series 2002-2 Rapid Amortization Period.

                  "CLASS C CONTROLLED DISTRIBUTION AMOUNT" means, with respect
to any Group IV Related Month during the Class C 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 Group IV Related
Month.

                  "CLASS C DEFICIENCY AMOUNT" at any time prior to the Series
2002-2 Rapid Amortization Period, has the meaning specified in SECTION 3.3(E) of
this Series Supplement, and at any time during the Series 2002-2 Rapid
Amortization Period, has the meaning specified in SECTION 3.3(F) of this Series
Supplement.

                                       8
<PAGE>

                  "CLASS C EXPECTED FINAL DISTRIBUTION DATE" means the January
2005 Distribution Date.

                  "CLASS C FINAL DISTRIBUTION DATE" means the February 2006
Distribution Date.

                  "CLASS C INITIAL INVESTED AMOUNT" means, $60,000,000.

                  "CLASS C INVESTED AMOUNT" means when used with respect to any
date, an amount equal to the Class C Initial Invested Amount PLUS the initial
principal amount of any Additional Class C Notes issued hereunder on or prior to
such date MINUS the amount of any principal payments made to Class C Noteholders
on or prior to such date.

                  "CLASS C MONTHLY INTEREST" means, with respect to any Series
2002-2 Interest Period, the product of (i) the Class C Note Rate for such Series
2002-2 Interest Period, (ii) the Class C Invested Amount on the first day of
such Series 2002-2 Interest Period or, in the case of the initial Series 2002-2
Interest Period, the Class C Initial Invested Amount and (iii) a fraction, the
numerator of which is the number of days in such Series 2002-2 Interest Period,
and the denominator of which is 360.

                  "CLASS C NOTEHOLDER" means the person in whose name a Class C
Note is registered in the Note Register.

                  "CLASS C NOTE RATE" means with respect to each Series 2002-2
Interest Period, a rate per annum equal to LIBOR for such Series 2002-2 Interest
Period plus 2.75% per annum.

                  "CLASS C NOTES" means any one of the Series 2002-2 Floating
Rate Rental Car Asset Backed Notes, Class C, executed by ARG II and
authenticated by or on behalf of the Trustee, substantially 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 PREPAYMENT PREMIUM" has the meaning specified in
SECTION 9.1(C) of this Series Supplement.

                  "CLASS D CARRYOVER CONTROLLED AMORTIZATION AMOUNT" means, for
any Group IV Related Month during the Class D Controlled Amortization Period,
the amount, if any, by which the portion of the Monthly Total Principal
Allocation allocable to the Class D Notes for the previous Group IV Related
Month was less than the Class D Controlled Distribution Amount for the previous
Group IV Related Month; PROVIDED, HOWEVER, that for the first Group IV Related
Month in the Class D Controlled Amortization Period, the Class D Carryover
Controlled Amortization Amount shall be zero.

                                       9
<PAGE>

                  "CLASS D CONTROLLED AMORTIZATION AMOUNT" means with respect to
any Group IV Related Month during the Class D Controlled Amortization Period,
$47,100,000.

                  "CLASS D CONTROLLED AMORTIZATION PERIOD" means the period
commencing at the opening of business on January 31, 2005 (or, if such day is
not a Business Day, the Business Day immediately preceding such day) and
continuing to the earliest of (i) the date on which the Class D Notes, together
with all accrued interest thereon, are fully paid, (ii) the termination of this
Series Supplement in accordance with its terms and (iii) the commencement of the
Series 2002-2 Rapid Amortization Period.

                  "CLASS D CONTROLLED DISTRIBUTION AMOUNT" means, with respect
to any Group IV Related Month during the Class D Controlled Amortization Period,
an amount equal to the sum of the Class D Controlled Amortization Amount and any
Class D Carryover Controlled Amortization Amount for such Group IV Related
Month.

                  "CLASS D DEFICIENCY AMOUNT" at any time prior to the Series
2002-2 Rapid Amortization Period, has the meaning specified in SECTION 3.3(E) of
this Series Supplement, and at any time during the Series 2002-2 Rapid
Amortization Period, has the meaning specified in SECTION 3.3(F) of this Series
Supplement.

                  "CLASS D EXPECTED FINAL DISTRIBUTION DATE" means the February
2005 Distribution Date.

                  "CLASS D FINAL DISTRIBUTION DATE" means the February 2006
Distribution Date.

                  "CLASS D INITIAL INVESTED AMOUNT" means, $47,100,000.

                  "CLASS D INVESTED AMOUNT" means when used with respect to any
date, an amount equal to the Class D Initial Invested Amount PLUS the initial
principal amount of any Additional Class D Notes issued hereunder on or prior to
such date MINUS the amount of any principal payments made to Class D Noteholders
on or prior to such date.

                  "CLASS D MONTHLY INTEREST" means, with respect to any Series
2002-2 Interest Period, the product of (i) the Class D Note Rate for such Series
2002-2 Interest Period, (ii) the Class D Invested Amount on the first day of
such Series 2002-2 Interest Period or, in the case of the initial Series 2002-2
Interest Period, the Class D Initial Invested Amount and (iii) a fraction, the
numerator of which is the number of days in such Series 2002-2 Interest Period,
and the denominator of which is 360.

                  "CLASS D NOTEHOLDER" means the person in whose name a Class D
Note is registered in the Note Register.

                                       10
<PAGE>

                  "CLASS D NOTE RATE" means with respect to each Series 2002-2
Interest Period, a rate per annum equal to LIBOR for such Series 2002-2 Interest
Period plus 6.28% per annum.

                  "CLASS D NOTES" means any one of the Series 2002-2 Floating
Rate Rental Car Asset Backed Notes, Class D, executed by ARG II 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 D 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 D PREPAYMENT PREMIUM" has the meaning specified in
SECTION 9.1(D) of this Series Supplement.

                  "CONSENT" has the meaning set forth in ARTICLE V of this
Series Supplement.

                  "CONSENT PERIOD EXPIRATION DATE" has the meaning set forth in
ARTICLE V of this Series Supplement.

                  "CONTROLLING CLASS" shall mean, on any date of determination,
the Class A Notes as long as any Class A Notes are outstanding, the Class B
Notes for so long as any Class B Notes are outstanding, the Class C Notes for so
long as any Class C Notes are outstanding and the Class D Notes for so long as
any Class D Notes are outstanding, excluding, in each case, Series 2002-2 Notes
held by ARG II, the Servicer or their respective affiliates.

                  "DESIGNATED AMOUNTS" has the meaning set forth in ARTICLE V of
this Series Supplement.

                  "DISBURSEMENT" means any Lease Deficit Disbursement, any
Unpaid Demand Note Disbursement, any Termination Disbursement or any Termination
Date Disbursement under a Series 2002-2 Letter of Credit, or any combination
thereof, as the context may require.

                  "DISPOSITION PROCEEDS" means the net proceeds (other than (i)
the portion of the Repurchase Price payable by the Manufacturer pursuant to a
Group IV Manufacturer Program or (ii) with respect to Series 2002-2 Non-Program
Vehicles, the portion of the net proceeds payable by any Lessee pursuant to the
applicable Lease) from the sale or disposition of a Group IV Vehicle to any
Person, whether at an auction or otherwise.

                  "EFFECTIVE DATE" has the meaning specified in ARTICLE XI of
this Series Supplement.

                  "EMERGENCE EVENT" has the meaning specified in ARTICLE XI of
this Series Supplement.

                                       11
<PAGE>

                  "EMERGENCE EVENT CONSENT" has the meaning specified in ARTICLE
XI of this Series Supplement.

                  "EMERGENCE EVENT CONSENT PERIOD EXPIRATION DATE" has the
meaning specified in ARTICLE XI of this Series Supplement.

                  "EMERGENCE REQUEST" has the meaning specified in ARTICLE XI of
this Series Supplement.

                  "EXPECTED FINAL DISTRIBUTION DATE" means, the Class A Expected
Final Distribution Date, the Class B Expected Final Distribution Date, the Class
C Expected Final Distribution Date and the Class D Expected Final Distribution
Date, as applicable.

                  "FAIR MARKET VALUE" means, with respect to any Group IV
Vehicle as of any date of determination, the wholesale market value of such
Group IV Vehicle as specified in the Group IV Related Month's Lease Guide, for
the model class and model year of such Group IV Vehicle based on the average
equipment and the average mileage of each vehicle of such model class and model
year; PROVIDED, that if the Lease Guide is not being published or the Lease
Guide is being published but such Group IV Vehicle is not included therein, the
Finance Guide at the beginning of the model year shall be used to estimate the
wholesale market value of the Vehicle, based on the Group IV Vehicle's model
class and model year or the closest model class and model year thereto and a
vehicle condition of "average" (as defined in the Finance Guide); PROVIDED,
FURTHER, that if the Finance Guide is not being published or the Finance Guide
is being published but such Group IV Vehicle is not included therein, the
wholesale market value of such Group IV Vehicle shall be based on an independent
third-party data source, and determined in accordance with a methodology, with
respect to which the Series 2002-2 Rating Agency Confirmation Condition shall
have been satisfied; PROVIDED, FURTHER, that if no such third-party data source
or methodology shall have been so approved or any such third-party source or
methodology is not available, the wholesale market value of such Group IV
Vehicle shall be the Capitalized Cost of such Group IV Vehicle less depreciation
charges at a rate equal to the ANC Historical Depreciation Rate as of such date
of the Capitalized Cost of such Group IV Vehicle since the date of such Group IV
Vehicle's purchase.

                  "FAIR MARKET VALUE AVERAGE" means, as of any day, the
percentage equivalent of a fraction, the numerator of which is the average of
the sum of the respective Fair Market Values of each Series 2002-2 Non-Program
Vehicle subject to the Group IV Operating Leases as of such Determination Date
and the two Determination Dates precedent thereto and the denominator of which
is the average of the aggregate Group IV Net Book Value of each Series 2002-2
Non-Program Vehicle leased under the Group IV Operating Leases as of such
Determination Date and the two Determination Dates precedent thereto.

                                       12
<PAGE>

                  "FINAL DISTRIBUTION DATE" means, the Class A Final
Distribution Date, the Class B Final Distribution Date, the Class C Final
Distribution Date and the Class D Final Distribution Date, as applicable.

                  "GROUP IV ACQUIRED VEHICLE" means a Group IV Eligible Vehicle
that is acquired or owned by, and titled in the name of, a Leasing Company and
leased to a Group IV Lessee under a Group IV Operating Lease on or after the
Group IV Lease Commencement Date.

                  "GROUP IV AGGREGATE ASSET AMOUNT" means, for any date of
determination, the sum, rounded to the nearest $100,000, of (i) the Group IV Net
Book Value of all Group IV Program Vehicles that are Group IV Eligible Vehicles
leased under the Group IV Leases as of such date and not turned in to the
Manufacturer thereof pursuant to its Group IV Manufacturer Program, not
delivered for Group IV Auction pursuant to any such Group IV Manufacturer
Program or not otherwise sold or deemed to be sold under the related Group IV
Leasing Company Related Documents, PLUS (ii) the Group IV Net Book Value of all
Group IV Non-Program Vehicles that are Group IV Eligible Vehicles leased under
the Group IV Leases as of such date and not otherwise sold or deemed to be sold
under the related Group IV Leasing Company Related Documents, PLUS (iii) all
amounts receivable by any Leasing Company as of such date from Manufacturers
which are Group IV Eligible Program Manufacturers under Group IV Manufacturer
Programs with such Manufacturers (other than Group IV Excluded Payments) with
respect to Group IV Eligible Vehicles (other than Group IV Exchanged Vehicles)
turned in to such Manufacturers pursuant to any such Group IV Manufacturer
Program or delivered for Group IV Auction pursuant to any such Group IV
Manufacturer Program and the aggregate of all Group IV Eligible Receivables
owned by a Leasing Company financed under the related Group IV Leasing Company
Indenture, and owed by Manufacturers which are Group IV Eligible Program
Manufacturers, PLUS (iv) with regard to Group IV Eligible Vehicles leased under
the Group IV Leases that have been delivered for Group IV Auction pursuant to a
Group IV Manufacturer Program with a Manufacturer which is a Group IV Eligible
Program Manufacturer, all amounts receivable (other than amounts specified in
CLAUSE (III) above) from any person or entity in connection with the Group IV
Auction of such Group IV Eligible Vehicles as of such date, PLUS (v) with regard
to Group IV Eligible Vehicles leased under the Group IV Leases that have been
turned in to the Manufacturer, delivered for Group IV Auction or otherwise sold,
any Group IV Casualty Payments or Group IV Termination Payments with respect to
such Group IV Eligible Vehicles due and payable as of such date under the Group
IV Leases, PLUS (vi) with regard to Group IV Eligible Vehicles leased under the
Group IV Leases that have been turned in to the Manufacturer, delivered for
Group IV Auction or otherwise sold, any accrued and unpaid Group IV Monthly Base
Rent under the Group IV Leases with respect to such Group IV Eligible Vehicles
(net of amounts set forth in CLAUSES (III), (IV) and (V) above), PLUS (vii) cash
and Permitted Investments on deposit in the Group IV Leasing Company Collection
Accounts, MINUS (viii) any Group IV Ineligible Asset Amount on such date.

                                       13
<PAGE>

                  "GROUP IV AGGREGATE ASSET AMOUNT DEFICIENCY" means, as of any
date of determination, the amount by which the Group IV Required Aggregate Asset
Amount as of such date exceeds the Group IV Aggregate Asset Amount as of such
date.

                  "GROUP IV ALAMO LEASE" means the Master Motor Vehicle Lease
and Servicing Agreement, dated as of August 30, 2002 (inclusive of any annexes
thereto), among Alamo Leasing, Alamo and the Additional Group IV Lessees, if
any, as the lessees thereunder, and ANC, as guarantor and servicer, as the same
may be amended, restated, modified or supplemented from time to time in
accordance with its terms.

                  "GROUP IV ALAMO LEASING INDENTURE" means the Base Indenture,
dated as of May 6, 2002, between Alamo Leasing and the Group IV Leasing Company
Trustee party thereto, as amended to date and as supplemented by the Series
2002-3 Supplement, dated as of August 30, 2002, as each may be amended,
restated, modified or supplemented from time to time in accordance with its
terms (exclusive of any supplement thereto creating a Series of Notes that is
not a Group IV Leasing Company Note).

                  "GROUP IV ALAMO LEASING NOTE" means the Variable Funding
Rental Car Asset Backed Note issued to ARG II pursuant to the Group IV Alamo
Leasing Indenture as the same may be amended, restated, modified or supplemented
from time to time in accordance with the terms of the Group IV Alamo Leasing
Indenture and any successor note thereto.

                  "GROUP IV ALAMO RECEIVABLES TRUST AGREEMENT" means a trust
agreement, dated as of August 30, 2002, between Alamo Leasing, as grantor, and
The Bank of New York (Delaware), as the same may be amended, restated, modified
or supplemented from time to time in accordance with its terms.

                  "GROUP IV ARG II OBLIGATIONS" means all principal and
interest, at any time and from time to time, owing by ARG II on the Group IV
Notes and all costs, fees and expenses payable by, or obligations of, ARG II
under the Indenture and/or the Related Documents (other than Related Documents
relating solely to a Series of Notes not secured by the Group IV Collateral).

                  "GROUP IV ARG II RECEIVABLES TRUST AGREEMENT" means the trust
agreement dated as of August 30, 2002 between ARG II, as grantor, and The Bank
of New York (Delaware), as trustee.

                  "GROUP IV AUCTION" means the set of procedures specified in a
Group IV Guaranteed Depreciation Program for sale or disposition of Group IV
Program Vehicles through auctions and at auction sites designated by such Group
IV Vehicles' Manufacturer pursuant to such Group IV Manufacturer Program.

                  "GROUP IV AUTHORIZED FLEET PURCHASER" means a Person
authorized by a Manufacturer to acquire Group IV Vehicles pursuant to, and to
enforce such

                                       14
<PAGE>

Manufacturer's obligations under, the Group IV Manufacturer Program of such
Manufacturer.

                  "GROUP IV BENEFICIAL INTEREST" means the 100% interest owned
by ARG II in the Group IV Receivables Trust.

                  "GROUP IV CARTEMPS LEASE" means the Master Motor Vehicle Lease
and Servicing Agreement, dated as of August 30, 2002 (inclusive of any annexes
thereto), among CarTemps Leasing, CarTemps and the Additional Group IV Lessees,
if any, as the lessees thereunder, and ANC as guarantor and servicer, as the
same may be amended, restated, modified or supplemented from time to time in
accordance with its terms.

                  "GROUP IV CARTEMPS LEASING INDENTURE" means the Base
Indenture, dated as of May 6, 2002, between CarTemps Leasing and the Group IV
Leasing Company Trustee party thereto, as amended to date and as supplemented by
the Series 2002-3 Supplement, dated as of August 30, 2002, as each may be
amended, restated, modified or supplemented from time to time in accordance with
its terms (exclusive of any supplement thereto creating a Series of Notes that
is not a Group IV Leasing Company Note).

                  "GROUP IV CARTEMPS LEASING NOTE" means the Variable Funding
Rental Car Asset Backed Note issued to ARG II pursuant to the Group IV CarTemps
Leasing Indenture as the same may be amended, restated, modified or supplemented
from time to time in accordance with the terms of the Group IV CarTemps Leasing
Indenture and any successor note thereto.

                  "GROUP IV CARTEMPS RECEIVABLES TRUST AGREEMENT" means a trust
agreement, dated as of August 30, 2002, between CarTemps Leasing, as grantor,
and The Bank of New York (Delaware), as the same may be amended, restated,
modified or supplemented from time to time in accordance with its terms.

                  "GROUP IV CASUALTY" means, with respect to any Group IV
Vehicle, that (i) such Group IV Vehicle is lost, converted or stolen for a
period of at least 90 days, (ii) such Group IV Vehicle is destroyed, seized or
otherwise rendered permanently unfit or unavailable for use (including vehicles
that are rejected pursuant to Section 2.2 of the Group IV Leases) or (iii) in
the case of a Group IV Program Vehicle not redesignated under Section 14 of the
Group IV Leases, the return of such Group IV Vehicle cannot be, or is not,
effected for any reason or the Manufacturer thereof did not accept such Group IV
Vehicle for repurchase or Group IV Auction under the terms of the applicable
Group IV Manufacturer Program, in either case, for any reason other than the
Manufacturer's willful refusal or inability to comply with its obligations under
its Group IV Manufacturer Program.

                  "GROUP IV CASUALTY PAYMENT" is defined in Section 7 of each of
the Group IV Leases.

                                       15
<PAGE>

                  "GROUP IV CERTIFICATED SECURITIES COLLATERAL" means the Group
IV Leasing Company Notes.

                  "GROUP IV COLLATERAL" is defined in SECTION 2.1 of this Series
Supplement.

                  "GROUP IV COLLECTION ACCOUNT" has the meaning specified in
SECTION 8.1 of this Series Supplement.

                  "GROUP IV COLLECTIONS" means all payments by, or on behalf of,
any Leasing Company under any Group IV Leasing Company Note or Group IV Leasing
Company Indenture and (ii) all amounts earned on Permitted Investments of funds
in the Group IV Collection Account (including any subaccount thereof).

                  "GROUP IV DEPRECIATION CHARGE" means, with respect to (a) any
Group IV Program Vehicle subject to the Group IV GM Repurchase Program, the rate
determined by dividing (x) 100% MINUS the repurchase price percentage specified
in respect of such Group IV Vehicle pursuant to the terms of the Group IV GM
Repurchase Program for the Group IV Designated Period applicable to such Group
IV Vehicle by (y) the number of days in such Group IV Designated Period (or, if
such Group IV Vehicle is held past the Group IV Designated Period set forth in
the Group IV Vehicle Order relating to such Group IV Vehicle, the applicable
depreciation charge set forth in the Group IV GM Repurchase Program for such
Group IV Vehicle calculated on a daily basis), (b) any Group IV Program Vehicle
subject to a Group IV Manufacturer Program other than the Group IV GM Repurchase
Program (but including any other Group IV Manufacturer Program provided by GM),
the applicable depreciation charge set forth in the related Group IV
Manufacturer Program for such Group IV Vehicle with respect to such Group IV
Vehicle calculated on a daily basis and (c) any Group IV Non-Program Vehicle,
the scheduled daily depreciation charge for such Group IV Vehicle set forth by
or on behalf of the Servicer in the Group IV Depreciation Schedule for such
Group IV Vehicle. If such charge is expressed as a percentage, the daily Group
IV Depreciation Charge for such Group IV Vehicle shall be such percentage
multiplied by the Capitalized Cost for such Group IV Vehicle calculated on a
daily basis. For Group IV Vehicles not held for a full month in the month of
acquisition, the Group IV Depreciation Charges shall be prorated by multiplying
the applicable depreciation amount by a fraction, the numerator of which is the
number of days from the date depreciation related to such Group IV Vehicle
begins to the first day of the next month and the denominator of which is the
number of days in such month. For the month in which a Group IV Program Vehicle
is turned back to the applicable Manufacturer, the Group IV Depreciation Charge
shall be prorated by multiplying the applicable depreciation amount by a
fraction, the numerator of which is the number of days from the first day of
such month to the Group IV Turnback Date for such Group IV Vehicle and the
denominator of which is the number of days in such month. In the event a Group
IV Vehicle is sold (other than pursuant to the Group IV Manufacturer Program of
a Manufacturer), the Group IV Depreciation Charge for the month in which such
Group IV Vehicle is sold shall be prorated by multiplying the applicable
depreciation amount by a fraction, the numerator of which is the number of days

                                       16
<PAGE>

from the first day of such month to the date proceeds were received by the
Trustee from the sale of such Group IV Vehicle and the denominator of which is
the number of days in such month.

                  "GROUP IV DEPRECIATION SCHEDULE" means the initial schedule of
estimated daily depreciation prepared by the Servicer with respect to each type
of Group IV Non-Program Vehicle that is a Group IV Eligible Vehicle, as revised
from time to time by the Servicer thereof in its sole discretion, taking into
consideration the Fair Market Value of such Group IV Non-Program Vehicle,
subject to the terms of the applicable Group IV Lease and any applicable Series
Supplement.

                  "GROUP IV DESIGNATED PERIOD" means, with respect to any Group
IV Program Vehicle subject to the Group IV GM Repurchase Program, the period
designated by or on behalf of the Servicer in the applicable Group IV Vehicle
Order relating to such Group IV Vehicle as the period of time for which the
Servicer expects such Group IV Vehicle to be subject to the applicable Group IV
Lease.

                  "GROUP IV DESIGNATED VEHICLE" means a Group IV Vehicle with
respect to which the Master Collateral Agent has been notified in writing that
such Group IV Vehicle has been designated to be exchanged for one or more Group
IV Replacement Vehicles or released for exchange pursuant to a Group IV Exchange
Agreement.

                  "GROUP IV DISPOSITION DATE" means with respect to any Group IV
Program Vehicle or Group IV Non-Program Vehicle, (i) if such Group IV Vehicle
was sold at Group IV Auction pursuant to a Group IV Guaranteed Depreciation
Program or returned to a Manufacturer for repurchase pursuant to a Group IV
Repurchase Program, the Group IV Turnback Date, (ii) if such Group IV Vehicle is
a Group IV Exchanged Vehicle, the date on which such Group IV Vehicle became a
Group IV Exchanged Vehicle, (iii) if such Group IV Vehicle was sold to any
Person (other than to a Manufacturer pursuant to such Manufacturer's Group IV
Repurchase Program or to a third party through an auction conducted by or
through or arranged by the Manufacturer pursuant to its Group IV Guaranteed
Depreciation Program), the date on which the proceeds of such sale are received
by the applicable Leasing Company, the Master Collateral Agent or the Group IV
Leasing Company Trustee or (iv) if such Group IV Vehicle becomes a Group IV
Casualty or otherwise ceases to be a Group IV Eligible Vehicle (except as a
result of a sale thereof), the date on which a Group IV Casualty Payment is
received by the applicable Leasing Company or the Group IV Leasing Company
Trustee.

                  "GROUP IV DUE DATE" means, with respect to any payment due
from a Manufacturer or auction dealer in respect of a Group IV Program Vehicle
turned back for repurchase pursuant to the terms of the related Group IV
Manufacturer Program, the thirtieth (30th) day after the Group IV Disposition
Date for such Group IV Vehicle.

                                       17
<PAGE>

                  "GROUP IV ELIGIBLE PROGRAM MANUFACTURER" means, as of any date
of determination, a Manufacturer who is an "Eligible Program Manufacturer" under
the Series Supplements with respect to each Outstanding Group IV Series of Notes
as of such date.

                  "GROUP IV ELIGIBLE RECEIVABLE" means a legal, valid and
binding receivable (a) due from a Manufacturer under a Group IV Manufacturer
Program (other than Group IV Excluded Payments) to any Leasing Company or any
Group IV Lessee, (b) in respect of a Group IV Program Vehicle purchased by such
Manufacturer or sold at auction pursuant to such Manufacturer's Group IV
Manufacturer Program, and with respect to which the Lien of the Master
Collateral Agent was noted on the certificate of title at the time of such
purchase, (c) owned by the Lessor free and clear of all Liens other than
Permitted Liens and (d) the right to payments in respect of which has been
assigned by the payee thereof to the Master Collateral Agent and with respect to
which the Trustee is designated as the Beneficiary pursuant to the Master
Collateral Agency Agreement; PROVIDED that no amount receivable from a
Manufacturer under a Group IV Manufacturer Program shall be a Group IV Eligible
Receivable at the time of being financed or refinanced if such amount remains
unpaid more than ten (10) days after the Group IV Due Date in respect of such
payment.

                  "GROUP IV ELIGIBLE VEHICLE" means, on any date of
determination, a Group IV Vehicle (i) that either is a Group IV Program Vehicle
or a Group IV Non-Program Vehicle, in each case at the time of leasing under the
related Group IV Lease, (ii) that is not older than forty-eight (48) months from
the date of the original manufacturer invoice therefor, (iii) that is owned by
the related Leasing Company or the related Group IV Lessee free and clear of all
Liens other than Permitted Liens, (iv) other than to the extent permitted under
the related Group IV Lease, with respect to which the Master Collateral Agent is
noted as the first lienholder on the Certificate of Title therefor, or the
Certificate of Title has been submitted to the appropriate state authorities for
such notation and (v) that is a Related Vehicle (as defined in the Master
Collateral Agency Agreement) with the Trustee designated as the Beneficiary
pursuant to the Master Collateral Agency Agreement.

                  "GROUP IV EXCESS DAMAGE CHARGES" means, with respect to any
Group IV Program Vehicle, the amount charged to the related Leasing Company (or
any Group IV Lessee) or deducted from the Group IV Repurchase Price, by the
Manufacturer of such Group IV Vehicle due to (i) damage over a prescribed limit,
(ii) if applicable, damage not subject to a prescribed limit and (iii) missing
equipment, in each case with respect to such Group IV Vehicle at the time that
such Group IV Vehicle is turned in to such Manufacturer or its agent or designee
for repurchase or auction pursuant to the applicable Group IV Manufacturer
Program.

                  "GROUP IV EXCESS MILEAGE CHARGES" means, with respect to any
Group IV Program Vehicle, the amount charged to the related Leasing Company (or
any Group IV Lessee) or deducted from the Group IV Repurchase Price, by the

                                       18
<PAGE>

Manufacturer of such Group IV Vehicle due to the fact that such Group IV Vehicle
has mileage over a prescribed limit at the time that such Group IV Vehicle is
turned in to such Manufacturer or its agent or designee for repurchase or
auction pursuant to the applicable Group IV Manufacturer Program.

                  "GROUP IV EXCHANGE AGREEMENT" means an agreement among any
Leasing Company, any Group IV Lessee and a Group IV Qualified Intermediary which
provides for the assignment by such Leasing Company and such Group IV Lessee,
respectively, to such Group IV Qualified Intermediary of (a) Group IV Exchanged
Vehicles, (b) all Group IV Exchanged Vehicle Repurchase Rights, (c) all right,
title and interest of such Leasing Company or such Group IV Lessee, as
applicable, in, to and under any contracts for the sale of any Group IV
Exchanged Vehicles and (d) all right, title and interest of such Leasing Company
or such Group IV Lessee, as applicable, in, to and under any contracts for the
purchase of Group IV Replacement Vehicles; PROVIDED that any such Group IV
Exchange Agreement will not become effective with respect to Group IV Vehicles
subject to the Group IV Leases until (i) satisfaction of the Rating Agency
Confirmation and Consent Condition with respect to each Outstanding Series of
Group IV Notes with respect thereto and (ii) ARG II shall have received opinions
of counsel with respect to perfection, priority and nonconsolidation in
substantially the same form as those delivered on the Initial Closing Date.

                  "GROUP IV EXCHANGED VEHICLE" means a Group IV Designated
Vehicle that (a) (i) if subject to a Group IV Manufacturer Program, has been
accepted for repurchase by the Manufacturer under the related Group IV
Repurchase Program, or (ii) if not subject to a Group IV Repurchase Program, has
been sold to a third party, (b) (i) with respect to which any Leasing Company or
Group IV Lessee has received or concurrently receives delivery of one or more
Group IV Replacement Vehicles with an aggregate Group IV Net Book Value equal to
or greater than the Group IV Termination Value of such Group IV Designated
Vehicles or (ii) with respect to which the release of the Lien of the Master
Collateral Agent thereon would not cause a Group IV Leasing Company Amortization
Event or a Group IV Potential Leasing Company Amortization Event with respect to
any series of Group IV Leasing Company Notes or an Amortization Event or
Potential Amortization Event with respect to any Series of Notes to exist and
(c) with respect to which the Lien of the Master Collateral Agent has been
released in accordance with the Master Collateral Agency Agreement.

                  "GROUP IV EXCHANGED VEHICLE REPURCHASE RIGHTS" means, with
respect to each Group IV Exchanged Vehicle that is a Group IV Program Vehicle,
all right, title and interest of any Leasing Company or any Group IV Lessee in,
to and under each Group IV Manufacturer Program associated with such Group IV
Exchanged Vehicle, to the extent such right, title and interest relate to such
Group IV Exchanged Vehicle, including any amendments thereof and all monies due
and to become due in respect of such Group IV Exchanged Vehicle under or in
connection with such Group IV Manufacturer Program, whether payable as Group IV
Vehicle repurchase prices, auction sales proceeds, fees, expenses, costs,
indemnities, insurance recoveries, damages for breach of the Group IV

                                       19
<PAGE>

Manufacturer Program or otherwise and all rights to compel performance and
otherwise exercise remedies thereunder.

                  "GROUP IV EXCLUDED PAYMENTS" means the following amounts
payable to any Group IV Lessee or Leasing Company (whether payable under the
Group IV Manufacturer Programs or otherwise): (i) all incentive payments payable
to such Group IV Lessee or Leasing Company to purchase Group IV Vehicles (but
not any amounts payable to such Group IV Lessee or Leasing Company by a
Manufacturer as an incentive for selling Group IV Program Vehicles outside of
the related Group IV Manufacturer Program), (ii) all amounts payable to such
Group IV Lessee or Leasing Company as compensation for the preparation by such
Group IV Lessee or Leasing Company of newly delivered Group IV Vehicles and
(iii) all amounts payable to such Group IV Lessee or Leasing Company in
reimbursement for warranty work performed by such Group IV Lessee or Leasing
Company on the Group IV Vehicles.

                  "GROUP IV GENERAL INTANGIBLES COLLATERAL" means ARG II's
right, title and interest in and to all of the assets, property and interests in
property, whether now owned or hereafter acquired or created, together with the
portion of the Master Collateral with respect to which the Trustee in favor of
the Group IV Secured Parties is named as a Beneficiary in SECTION 2.1(A)(I)
(other than the Group IV Leasing Company Notes), (II), and (III) of this Series
Supplement.

                  "GROUP IV GM REPURCHASE PROGRAM" means the Group IV
Manufacturer Program titled "General Motors Corporation 2002 Model Year Daily
Rental Purchase Guidelines" and any substantially similar Group IV Manufacturer
Program of GM for any other model years, pursuant to which the repurchase price
for any Group IV Program Vehicle subject thereto is calculated based upon a
specified percentage of the capitalized cost of such Group IV Vehicle and the
month of return as set forth in such Group IV Manufacturer Program.

                  "GROUP IV GUARANTEED DEPRECIATION PROGRAM" means a guaranteed
depreciation program pursuant to which a Manufacturer has agreed with a Leasing
Company or a Group IV Lessee to (a) cause Group IV Vehicles manufactured by it
or one of its Affiliates that are turned back during a specified period to be
sold by an auction dealer, (b) cause the proceeds of any such sale to be paid to
such Leasing Company or Group IV Lessee by such auction dealer after such sale
and (c) pay to such Leasing Company or such Group IV Lessee the excess, if any,
of the guaranteed payment amount with respect to any such Group IV Vehicle
calculated as of the date such Group IV Vehicle was accepted by such
Manufacturer in accordance with the provisions of such guaranteed depreciation
program over the amount paid to such Leasing Company or such Group IV Lessee by
an auction dealer pursuant to CLAUSE (B) above.

                  "GROUP IV INELIGIBLE ASSET AMOUNT" means, as of any date of
determination, an amount equal to the sum (without duplication) of the following
amounts to the extent that such amounts are included in clauses (i) through (vi)

                                       20
<PAGE>

of the definition of "Group IV Aggregate Asset Amount" for such date: (a) the
aggregate of all amounts receivable (other than Group IV Excluded Payments and
amounts receivable in respect of Group IV Exchanged Vehicles) as of such date by
a Leasing Company or a Group IV Lessee under a Group IV Manufacturer Program
with respect to Group IV Eligible Vehicles turned in pursuant to such Group IV
Manufacturer Program or delivered for Group IV Auction pursuant to such Group IV
Manufacturer Program from a Manufacturer which was a Group IV Eligible Program
Manufacturer with respect to which a Group IV Manufacturer Event of Default
specified in CLAUSE (I) or (II) of the definition of "Group IV Manufacturer
Event of Default" has occurred, PLUS (b) the aggregate of all Group IV Eligible
Receivables as of such date owned by a Leasing Company or a Group IV Lessee
financed under the related Group IV Leasing Company Indenture or Group IV Lease,
as applicable, and owed by a Manufacturer which was a Group IV Eligible Program
Manufacturer with respect to which a Group IV Manufacturer Event of Default
specified in CLAUSE (I) or (II) of the definition of "Group IV Manufacturer
Event of Default" has occurred, PLUS (c) the aggregate of all amounts receivable
(other than Group IV Excluded Payments and amounts receivable in respect of
Group IV Exchanged Vehicles) as of such date by a Leasing Company or a Group IV
Lessee under a Group IV Manufacturer Program with respect to Group IV Eligible
Vehicles turned in pursuant to such Group IV Manufacturer Program or delivered
for Group IV Auction pursuant to such Group IV Manufacturer Program from a
Manufacturer which is a Group IV Eligible Program Manufacturer which amounts are
unpaid more than one hundred (100) days past the applicable Group IV Due Date,
PLUS (d) the aggregate of all Group IV Eligible Receivables as of such date
owned by a Leasing Company or a Group IV Lessee financed under the related Group
IV Leasing Company Indenture or Group IV Lease, as applicable, and owed by a
Manufacturer which is a Group IV Eligible Program Manufacturer which amounts are
unpaid more than one hundred (100) days past the applicable Group IV Due Date,
*, PLUS (f) the aggregate of all amounts specified in CLAUSES (V) and (VI) of
the definition of "Group IV Aggregate Asset Amount" which are past due as of
such date and in respect of which any grace period provided for in the
applicable Group IV Lease for the making of such payments has expired.

                  "GROUP IV INELIGIBLE PROGRAM VEHICLE" means, as of any date of
determination, a Group IV Vehicle that is subject to a Group IV Manufacturer
Program offered by a Group IV Manufacturer that is not a Group IV Eligible
Program Manufacturer.

                  "GROUP IV INITIAL DETERMINATION DATE" means, with respect to
any Group IV Vehicle, the Determination Date with respect to the Group IV
Related Month in which the Group IV Vehicle Lease Commencement Date for such
Group IV Vehicle occurs.

                  "GROUP IV INITIAL FLEET" means on the date any Additional
Group IV Lessee is added pursuant to a Group IV Lease, the Group IV Eligible
Vehicles titled in the name of such Additional Group IV Lessee prior to the date
such party becomes an
                                       21
<PAGE>

Additional Group IV Lessee which are refinanced by the applicable Leasing
Company under such Group IV Lease.

                  "GROUP IV INTEREST COLLECTIONS" means on any date of
determination, all Group IV Collections which represent interest payments on the
Group IV Leasing Company Notes PLUS any amounts earned on Permitted Investments
in the Group IV Collection Account which are available for distribution on such
date.

                  "GROUP IV LEASE COMMENCEMENT DATE" is defined in each of the
Group IV Leases.

                  "GROUP IV LEASE EVENT OF DEFAULT" means a "Lease Event of
Default" as defined in any Group IV Lease.

                  "GROUP IV LEASES" means each of the Group IV Alamo Lease, the
Group IV CarTemps Lease, the Group IV National Lease and any Additional Leasing
Company Group IV Lease.

                  "GROUP IV LEASING COMPANY AMORTIZATION EVENT" means an
"Amortization Event" as defined in any Group IV Leasing Company Indenture.

                  "GROUP IV LEASING COMPANY COLLECTION ACCOUNT" means each of
the "Group IV Collection Accounts" established under the Group IV Leasing
Company Indentures.

                  "GROUP IV LEASING COMPANY INDENTURE" means each of the Group
IV Alamo Leasing Indenture, the Group IV CarTemps Leasing Indenture, the Group
IV NFLP Leasing Indenture and any Additional Leasing Company Group IV Indenture.

                  "GROUP IV LEASING COMPANY NOTE" means each of the Group IV
Alamo Leasing Note, the Group IV CarTemps Leasing Note, the Group IV NFLP
Leasing Note and any Additional Leasing Company Group IV Note.

                  "GROUP IV LEASING COMPANY RECEIVABLES TRUST AGREEMENTS" means
each of the Group IV Alamo Receivables Trust Agreement, the Group IV CarTemps
Receivables Trust Agreement, the Group IV NFLP Receivables Trust Agreement and
any Additional Leasing Company Group IV Receivables Trust Agreement.

                  "GROUP IV LEASING COMPANY RELATED DOCUMENTS" means,
collectively the Group IV Leasing Company Notes, the Group IV Leasing Company
Indentures, the Group IV Leases, the Group IV Leasing Company Receivables Trust
Agreements and the Master Collateral Agency Agreement.

                  "GROUP IV LEASING COMPANY TRUSTEE" means each of the parties
named as trustee in the Group IV Leasing Company Indentures until a successor

                                       22
<PAGE>

replaces it in accordance with the applicable provisions of such Group IV
Leasing Company Indenture and thereafter means the successor serving thereunder.

                  "GROUP IV LESSEE" means each of Alamo, CarTemps, National, any
Additional Leasing Company Lessee and each Additional Group IV Lessee.

                  "GROUP IV MANUFACTURER EVENT OF DEFAULT" means, with respect
to a Manufacturer, (i) the failure by such Manufacturer (or if such
Manufacturer's Group IV Manufacturer Program is a Group IV Guaranteed
Depreciation Program, such Manufacturer or any related Group IV Auction dealers)
to pay any amount due under such Manufacturer's Group IV Manufacturer Program
with respect to a Group IV Program Vehicle turned in to such Manufacturer and
such failure continues for more than one hundred (100) days following the Group
IV Due Date ("PAST DUE AMOUNTS") and the aggregate Past Due Amounts owing from
such Manufacturer (or if applicable, any related Group IV Auction dealer) are
equal to or in excess of the lesser of (x) $25 million and (y) then outstanding
aggregate amount of repurchase obligations of such Manufacturer under its Group
IV Manufacturer Program in respect of Group IV Program Vehicles, in each case
net of Past Due Amounts, aggregating no more than $50 million, (A) that are the
subject of a good faith dispute as evidenced in a writing by any of the Group IV
Lessees or the Leasing Companies, as applicable, or the Manufacturer questioning
the accuracy of amounts paid or payable in respect of certain Group IV Program
Vehicles tendered for repurchase under a Group IV Manufacturer Program (as
distinguished from any dispute relating to the repudiation by such Manufacturer
generally of its obligations under such Group IV Manufacturer Program or the
assertion by such Manufacturer of the invalidity or unenforceability as against
it of such Group IV Manufacturer Program) and (B) with respect to which the
applicable Group IV Lessee or Leasing Company has provided adequate reserves as
reasonably determined by such Group IV Lessee or Leasing Company, (ii) the
occurrence of an Event of Bankruptcy with respect to such Manufacturer or (iii)
the termination of such Manufacturer's Group IV Manufacturer Program or the
failure of such Manufacturer's Group IV Repurchase Program or Group IV
Guaranteed Depreciation Program to meet the requirements of a Group IV
Manufacturer Program.

                  "GROUP IV MANUFACTURER PROGRAM" means, at any time, any Group
IV Repurchase Program or Group IV Guaranteed Depreciation Program that is in
full force and effect with a Manufacturer (i) pursuant to which the repurchase
price or guaranteed auction sale price is at least equal to (a) with respect to
the Group IV GM Repurchase Program, a specified percentage of the Capitalized
Cost of each Group IV Vehicle, such percentage being determined for each Group
IV Vehicle based upon the model year of such Group IV Vehicle and the calendar
month in which such Group IV Vehicle is returned to the Manufacturer, MINUS
Group IV Excess Mileage Charges, minus Group IV Excess Damage Charges MINUS
other similar charges, or (b) with respect to any Group IV Manufacturer Program
other than the Group IV GM Repurchase Program (but including any other Group IV
Manufacturer Program provided by GM), the Capitalized Cost of each Group IV
Vehicle, MINUS all depreciation charges accrued with respect to such

                                       23
<PAGE>

Group IV Vehicle under such Group IV Manufacturer Program prior to the date that
the Group IV Vehicle is submitted for repurchase or auction, MINUS Group IV
Excess Mileage Charges, MINUS Group IV Excess Damage Charges MINUS other similar
charges, (ii) that cannot be amended or terminated with respect to any Group IV
Vehicle after the purchase of that Group IV Vehicle, and (iii) under which the
related Leasing Company or the related Group IV Lessee is a Group IV Authorized
Fleet Purchaser and, in each case, the assignment of the benefits of which to
the Master Collateral Agent has been acknowledged in writing by the related
Manufacturer pursuant to an Assignment Agreement and the related Leasing
Company, the Master Collateral Agent and the related Group IV Leasing Company
Trustee have been provided with an officer's certificate or opinion of counsel
reasonably satisfactory to them that such Leasing Company (and the Master
Collateral Agent on behalf of such Leasing Company and such Group IV Leasing
Company Trustee) can enforce the applicable Manufacturer's obligations
thereunder with respect to Group IV Program Vehicles.

                  "GROUP IV MONTHLY BASE RENT" is defined in the Annexes to each
of the Group IV Leases.

                  "GROUP IV NATIONAL LEASE" means the Master Motor Vehicle Lease
and Servicing Agreement, dated as of August 30, 2002 (inclusive of any annexes
thereto), among NFLP, National and the Additional Group IV Lessees, if any, as
the lessees thereunder, and ANC, as guarantor and servicer, as the same may be
amended, restated, modified or supplemented from time to time in accordance with
its terms.

                  "GROUP IV NET BOOK VALUE" means, with respect to any Group IV
Vehicle being leased under a Group IV Lease (a) as of any date of determination
during the period from the Group IV Vehicle Lease Commencement Date for such
Group IV Vehicle to but excluding the Group IV Initial Determination Date for
such Group IV Vehicle, the Capitalized Cost of such Group IV Vehicle, (b) as of
the Group IV Initial Determination Date for such Group IV Vehicle, (i) the
Capitalized Cost for such Group IV Vehicle MINUS (ii) the aggregate Group IV
Depreciation Charges accrued with respect to such Group IV Vehicle through the
last day of the Group IV Related Month in which the Group IV Vehicle Lease
Commencement Date for such Group IV Vehicle occurred, (c) as of any
Determination Date after the Group IV Initial Determination Date, (i) the Group
IV Net Book Value of such Group IV Vehicle as calculated on the immediately
preceding Determination Date MINUS (ii) the aggregate Group IV Depreciation
Charges accrued with respect to such Group IV Vehicle during the Group IV
Related Month (through the last day thereof). After the Group IV Initial
Determination Date, on any day which is not a Determination Date, the Group IV
Net Book Value of a Group IV Vehicle shall be the Group IV Net Book Value
calculated for such Group IV Vehicle on the most recent Determination Date.

                  "GROUP IV NFLP LEASING INDENTURE" means the Base Indenture,
dated as May 6, 2002, between NFLP and the Group IV Leasing Company Trustee
party thereto, as amended to date and as supplemented by the Series 2002-3
Supplement, dated as of

                                       24
<PAGE>

August 30, 2002, as each may be amended, restated, modified or supplemented from
time to time in accordance with its terms (exclusive of any supplement thereto
creating a Series of Notes that is not a Group IV Leasing Company Note).

                  "GROUP IV NFLP LEASING NOTE" means the Variable Funding Rental
Car Asset Backed Note issued to ARG II pursuant to the Group IV NFLP Leasing
Indenture as the same may be amended, restated, modified or supplemented from
time to time in accordance with the terms of the Group IV NFLP Leasing Indenture
and any successor note thereto.

                  "GROUP IV NFLP RECEIVABLES TRUST AGREEMENT" means a trust
agreement, dated as of August 30, 2002, between NFLP, as grantor, and The Bank
of New York (Delaware), as the same may be amended, restated, modified or
supplemented from time to time in accordance with its terms.

                  "GROUP IV NON-PROGRAM VEHICLE" means a Group IV Vehicle which
is not subject to a Group IV Manufacturer Program at the time of its leasing
under the related Group IV Lease or which is redesignated as a Group IV
Non-Program Vehicle pursuant to the related Group IV Lease.

                  "GROUP IV NOTE PAYMENT RIGHTS" means all rights of ARG II
under any Group IV Leasing Company Note or Group IV Leasing Company Indenture to
receive payments.

                  "GROUP IV OPERATING LEASE" means each of the Group IV Leases
as supplemented by Annex A to such Group IV Lease.

                  "GROUP IV POTENTIAL LEASE EVENT OF DEFAULT" means any
occurrence or event which, with the giving of notice, the passage of time, or
both, would constitute a Group IV Lease Event of Default.

                  "GROUP IV POTENTIAL LEASING COMPANY AMORTIZATION EVENT" means
any occurrence or event which, with the giving of notice, the passage of time or
both, would constitute a Group IV Leasing Company Amortization Event.

                  "GROUP IV PRINCIPAL COLLECTIONS" means any Group IV
Collections other than Group IV Interest Collections.

                  "GROUP IV PROGRAM VEHICLE" means a Group IV Vehicle eligible
under, and subject to, a Group IV Manufacturer Program.

                  "GROUP IV QUALIFIED INTERMEDIARY" means a party, rated not
less than "A" by Standard & Poor's and "A2" by Moody's, designated in a Group IV
Exchange Agreement as an intermediary for exchanges of Group IV Vehicles by any
Leasing Company or any Group IV Lessee pursuant to such Group IV Exchange
Agreement.

                                       25
<PAGE>

                  "GROUP IV RECEIVABLES TRUST" means the trust created under and
pursuant to the Group IV ARG II Receivables Trust Agreement.

                  "GROUP IV RECEIVABLES TRUSTEE" means The Bank of New York
(Delaware), in its capacity as trustee under the Group IV ARG II Receivables
Trust Agreement.

                  "GROUP IV RELATED DOCUMENTS" means the Group IV Leasing
Company Related Documents, the Base Indenture, this Series Supplement, the
Series 2002-2 Notes, any Enhancement Agreement, any Swap Agreement (including a
Series 2002-2 Interest Rate Cap), the Group IV Issuer Receivables Trust
Agreement and any agreements relating to the issuance or the purchase of any of
the Series 2002-2 Notes or the Group IV Leasing Company Notes.

                  "GROUP IV RELATED MONTH" means, (i) with respect to any
Payment Date, Determination Date or Distribution Date, the most recently ended
calendar month and (ii) with respect to an Interest Period, the month in which
such Interest Period commences; PROVIDED, HOWEVER, that with respect to the
above CLAUSE (I), the initial Group IV Related Month shall be the period from
and including the date of issuance of the first Group IV Series of Notes to and
including the last day of the calendar month in which such issuance occurs.

                  "GROUP IV REPLACEMENT VEHICLE" means a Group IV Eligible
Vehicle (i) which is owned by any Leasing Company or any Group IV Lessee, (ii)
which is in the possession of any Leasing Company or any Group IV Lessee, (iii)
with respect to which the Group IV Vehicle Perfection and Documentation
Requirements have been satisfied, (iv) which is subject to no Liens other than
the Lien of the Master Collateral Agent and (v) which (a) has been acquired
pursuant to a Group IV Exchange Agreement as a Group IV Replacement Vehicle for
a Group IV Designated Vehicle or Group IV Designated Vehicles, (b) (1) has a
Group IV Net Book Value equal to or greater than the aggregate Group IV
Termination Value of the Group IV Designated Vehicle or Group IV Designated
Vehicles which it replaces or (2) has a Group IV Net Book Value when aggregated
with the Group IV Net Book Value of one or more other Group IV Replacement
Vehicles tendered in exchange for a Group IV Designated Vehicle equal to or
greater than the Group IV Termination Value for such Group IV Designated Vehicle
and (c) has been designated on the Servicer's computer system as a Group IV
Related Vehicle with respect to the Beneficiary to which the related Group IV
Designated Vehicle or Group IV Designated Vehicles are designated.

                  "GROUP IV REPURCHASE PRICE" with respect to any Group IV
Vehicle (i) subject to a Group IV Repurchase Program means the price paid or
payable by the Manufacturer thereof to repurchase such Group IV Vehicle pursuant
to its Group IV Manufacturer Program and (ii) subject to a Group IV Guaranteed
Depreciation Program means the amount which the Manufacturer thereof guarantees
will be paid to any of the Group IV Lessees or the Leasing Companies as the
seller of such Group IV Vehicle by

                                       26
<PAGE>

such Manufacturer and/or the related auction dealers upon the disposition of
such Group IV Vehicle pursuant to its Group IV Manufacturer Program.

                  "GROUP IV REPURCHASE PROGRAM" means a program pursuant to
which a Manufacturer has agreed with a Group IV Lessee or the related Leasing
Company to repurchase Group IV Vehicles manufactured by such Manufacturer or one
of its Affiliates during a specified period.

                  "GROUP IV REQUIRED AGGREGATE ASSET AMOUNT" means, on any date
of determination, the sum of the Invested Amounts and Required
Overcollateralization Amounts for all Group IV Series of Notes on such date.

                  "GROUP IV SECURED PARTIES" is defined in SECTION 2.1 of this
Series Supplement.

                  "GROUP IV SERIES SUPPLEMENT" means a Series Supplement
pursuant to which a Segregated Series of Notes are issued which are ratably
secured by the Group IV Collateral.

                  "GROUP IV TERMINATION PAYMENT" means "Termination Payments" as
defined in Section 12.3(b) of each of the Group IV Leases.

                  "GROUP IV TERMINATION VALUE" means, with respect to any Group
IV Vehicle, as of any date, an amount equal to (i) the Capitalized Cost of such
Group IV Vehicle, MINUS (ii) unless otherwise deducted in the calculation of
"Capitalized Cost", all Group IV Depreciation Charges for such Group IV Vehicle
accrued prior to such date.

                  "GROUP IV TURNBACK DATE" means, with respect to any Group IV
Program Vehicle, the date on which such Group IV Vehicle is accepted for return
by a Manufacturer or its agent pursuant to its Group IV Manufacturer Program and
the Group IV Depreciation Charges cease to accrue pursuant to its Group IV
Manufacturer Program.

                  "GROUP IV VEHICLE" means a passenger automobile or light truck
purchased, financed or refinanced by a Leasing Company under a Group IV Lease
and pledged under the Master Collateral Agency Agreement for the benefit of the
Trustee hereunder, but solely during the Group IV Vehicle Term for such Group IV
Vehicle.

                  "GROUP IV VEHICLE FUNDING DATE" means the "Vehicle Funding
Date" as defined in Section 3.1 of each of the Group IV Leases.

                  "GROUP IV VEHICLE LEASE COMMENCEMENT DATE" means the "Vehicle
Lease Commencement Date" as defined in Section 3.1 of each of the Group IV
Leases.
                  "GROUP IV VEHICLE ORDER" means a "Vehicle Order" as defined in
Section 2.1(c) of each of the Group IV Leases.

                                       27
<PAGE>

                  "GROUP IV VEHICLE PERFECTION AND DOCUMENTATION REQUIREMENTS"
means, with respect to a Group IV Vehicle, submission within the applicable
statutory period of an application for the issuance of a certificate of title
for such Group IV Vehicle with the department of registry of motor vehicles of
the applicable state in which such Group IV Vehicle is to be registered, which
application shall reflect the following: any Leasing Company, as the registered
owner, and the Master Collateral Agent as the first lienholder.

                  "HYUNDAI" means Hyundai Motor Company, a California
corporation.

                  "INTEREST RATE CAP COUNTERPARTY" means ARG II's counterparty
under a Series 2002-2 Interest Rate Cap.

                  "ISUZU" means American Isuzu Motors, Inc., a California
corporation.

                  "LEASE DEFICIT DISBURSEMENT" means an amount drawn under a
Series 2002-2 Letter of Credit pursuant to a Certificate of Lease Deficit
Demand.

                  "LEASE PAYMENT DEFICIT NOTICE" has the meaning specified in
SECTION 3.3(C) of this Series Supplement.

                  "LIBOR" means, with respect to each Series 2002-2 Interest
Period, a rate per annum to be determined by the Trustee as follows:

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

                  If, on any LIBOR Determination Date, such rate does not appear
on Telerate Page 3750, the Trustee will request the principal London offices of
each of four major banks in the London interbank market selected by the Trustee
to provide the Trustee with offered quotations for deposits in U.S. dollars for
a period of one month, commencing on the first day of such Series 2002-2
Interest Period, to prime banks in the London interbank market at approximately
11:00 a.m., London time, on such LIBOR Determination Date and in a principal
amount equal to an amount of not less than $250,000 that is representative of a
single transaction in such market at such time. If at least two such quotations
are provided, "LIBOR" for such Series 2002-2 Interest Period will be the
arithmetic mean of such quotations (rounded upwards to the nearest one
sixty-fourth of one percent (1/64%)); or

                  If fewer than two such quotations are provided, "LIBOR" for
such Series 2002-2 Interest Period will be the arithmetic mean of rates quoted
by three major banks in The City of New York selected by the Trustee at
approximately 11:00 a.m., New York City time, on such LIBOR Determination Date
for loans in U.S. dollars to leading European banks, for a period of one month,
commencing on the first day of such Series 2002-2 Interest Period, and in a
principal amount equal to an amount of not less than

                                       28
<PAGE>

$250,000 that is representative of a single transaction in such market at such
time; PROVIDED, HOWEVER, that if the banks selected as aforesaid by such Trustee
are not quoting rates as mentioned in this sentence, "LIBOR" for such Series
2002-2 Interest Period will be the same as "LIBOR" for the immediately preceding
Series 2002-2 Interest Period.

                  "LIBOR DETERMINATION DATE" means, with respect to any Series
2002-2 Interest Period, the second London Banking Day preceding the first day of
such Series 2002-2 Interest Period.

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

                  "MAZDA" means Mazda Motor of America, Inc.

                  "MEASUREMENT MONTH" means, on any date, each calendar month,
or the smallest number of consecutive calendar months, preceding such date, in
which at least the lesser of the following (a) and (b) were sold at auction
(excluding salvage sales): (a) the number of Group IV Non-Program Vehicles that
constitute one-twelfth of the aggregate Group IV Net Book Value of the Series
2002-2 Non-Program Vehicles as of the last day of such calendar month or
consecutive calendar months and (b) 2,000 Group IV Non-Program Vehicles were
sold at auction during such calendar month or consecutive calendar months;
PROVIDED HOWEVER, that for the purposes of (a) above, no calendar month included
in a Measurement Month shall be included in any other Measurement Month;
PROVIDED FURTHER, HOWEVER, that no calendar month or consecutive calendar months
shall constitute a "Measurement Month" unless at least 750 Group IV Non-Program
Vehicles were sold at auction during such calendar month or consecutive calendar
months, as the case may be.

                  "MEASUREMENT MONTH AVERAGE" means, with respect to any
Measurement Month, the percentage equivalent of a fraction, the numerator of
which is the average of the aggregate amount of Disposition Proceeds and Group
IV Termination Payments paid or payable in respect of all Series 2002-2
Non-Program Vehicles (excluding salvage sales) that are sold at auction or
otherwise during such Measurement Month and the two Measurement Months preceding
such Measurement Month, and the denominator of which is the Group IV Net Book
Value of such Series 2002-2 Non-Program Vehicles (excluding salvage sales) that
are sold at auction or otherwise during such Measurement Month and the two
Measurement Months preceding such Measurement Month, measured as of the dates of
their respective sales.

                  "MITSUBISHI" means Mitsubishi Motors Corp.

                  "MONTHLY TOTAL PRINCIPAL ALLOCATION" means for any Group IV
Related Month the sum of all Series 2002-2 Principal Allocations with respect to
such Group IV Related Month.

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

                                       29
<PAGE>

                  "MOODY'S QUALIFIED INTEREST RATE CAP COUNTERPARTY" shall mean
(i) at the time of entering into the related Series 2002-2 Interest Rate Cap, a
bank or other financial institution having a short-term senior unsecured debt
rating of "P-1" from Moody's or having a long-term senior unsecured debt rating
of at least "A1" from Moody's and (ii) at any other time, (A) a bank or other
financial institution having a short-term unsecured senior debt rating of "P-1"
from Moody's or having a long-term unsecured senior debt rating of at least "A1"
from Moody's or (B) a bank or other financial institution without either a
short-term unsecured senior debt rating of "P-1" from Moody's or a long-term
unsecured senior debt rating of at least "A1" from Moody's who has provided
collateral for its obligations under the related Series 2002-2 Interest Rate
Cap; PROVIDED that at no time shall a bank or other financial institution with a
long-term unsecured senior debt rating which has been withdrawn or is less than
"A2" from Moody's be a Moody's Qualified Interest Rate Cap Counterparty.

                  "NISSAN" means, collectively, Nissan North America, Inc., a
California corporation, and Nissan Motor Corporation in Hawaii, Ltd., a Hawaii
corporation.

                  "NOTE RATE" means the Class A Note Rate, the Class B Note
Rate, the Class C Note Rate or the Class D Note Rate, as applicable.

                  "OUTSTANDING" means with respect to the Series 2002-2 Notes,
all Series 2002-2 Notes theretofore authenticated and delivered under the
Indenture, EXCEPT (a) Series 2002-2 Notes theretofore cancelled or delivered to
the Registrar for cancellation, (b) Series 2002-2 Notes which have not been
presented for payment but funds for the payment of which are on deposit in the
Series 2002-2 Distribution Account and are available for payment of such Series
2002-2 Notes, and Series 2002-2 Notes which are considered paid pursuant to
Section 8.1 of the Base Indenture, or (c) Series 2002-2 Notes in exchange for or
in lieu of other Series 2002-2 Notes which have been authenticated and delivered
pursuant to the Indenture unless proof satisfactory to the Trustee is presented
that any such Series 2002-2 Notes are held by a purchaser for value.

                  "PERMANENT GLOBAL NOTE" has the meaning specified in SECTION
6.2 of this Series Supplement.

                  "POTENTIAL AMORTIZATION EVENT" means an event that, with the
giving of notice or passage of time or both, would constitute an Amortization
Event (other than an Amortization Event as set forth in clauses (n) and (o) of
Article IV).

                  "PREPAYMENT PREMIUM" means the Class A Prepayment Premium,
Class B Prepayment Premium, Class C Prepayment Premium and Class D Prepayment
Premium, collectively.

                  "PROPOSED EMERGENCE AMENDMENTS" has the meaning specified in
ARTICLE XI of this Series Supplement.

                                       30
<PAGE>

                  "PROPOSED PLAN" has the meaning specified in ARTICLE XI of
this Series Supplement.

                  "PRO RATA SHARE" means, with respect to any Series 2002-2
Letter of Credit Provider as of any date, the fraction (expressed as a
percentage) obtained by dividing (A) the available amount under such Series
2002-2 Letter of Credit Provider's Series 2002-2 Letter of Credit as of such
date by (B) an amount equal to the aggregate available amount under all Series
2002-2 Letters of Credit as of such date; PROVIDED, that only for purposes of
calculating the Pro Rata Share with respect to any Series 2002-2 Letter of
Credit Provider as of any date, if such Series 2002-2 Letter of Credit Provider
has not complied with its obligation to pay the Trustee the amount of any draw
under its Series 2002-2 Letter of Credit made prior to such date, the available
amount under such Series 2002-2 Letter of Credit Provider's Series 2002-2 Letter
of Credit as of such date shall be treated as reduced (for calculation purposes
only) by the amount of such unpaid demand and shall not be reinstated for
purposes of such calculation unless and until the date as of which such Series
2002-2 Letter of Credit Provider has paid such amount to the Trustee and been
reimbursed by any of the Lessees or ANC, as the case may be, for such amount
(PROVIDED that the foregoing calculation shall not in any manner reduce the
undersigned's actual liability in respect of any failure to pay any demand under
its Series 2002-2 Letter of Credit).

                  "QUALIFIED INTEREST RATE CAP COUNTERPARTY" means a
counterparty to a Series 2002-2 Interest Rate Cap which is (i) a Standard &
Poor's Qualified Interest Rate Cap Counterparty and (ii) a Moody's Qualified
Interest Rate Cap Counterparty.

                  "RATING AGENCIES" means, with respect to the Series 2002-2
Notes, Standard & Poor's, Moody's and any other nationally recognized rating
agency rating the Series 2002-2 Notes at the request of ARG II.

                  "RECORD DATE" means, with respect to any Distribution Date,
the last day of the Group IV Related Month.

                  "REMARKETING AGENT" means, Deutsche Bank Securities Inc.

                  "REQUIRED NOTEHOLDERS" means with respect to the Series 2002-2
Notes, Series 2002-2 Noteholders holding more than 50% of the Series 2002-2
Invested Amount (excluding any Series 2002-2 Notes held by ARG II or any
Affiliate of ARG II).

                  "RESTRICTED GLOBAL CLASS A NOTE" has the meaning specified in
SECTION 6.1 of this Series Supplement.

                  "RESTRICTED GLOBAL CLASS B NOTE" has the meaning specified in
SECTION 6.1 of this Series Supplement.

                  "RESTRICTED GLOBAL CLASS C NOTE" has the meaning specified in
SECTION 6.1 of this Series Supplement.

                                       31
<PAGE>

                  "RESTRICTED GLOBAL CLASS D NOTE" has the meaning specified in
SECTION 6.1 of this Series Supplement.

                  "RESTRICTED GLOBAL NOTE" shall mean a Restricted Global Class
A Note, a Restricted Global Class B Note, a Restricted Global Class C Note or a
Restricted Global Class D Note, as applicable.

                  "SERIES 2002-2 ACCRUED AMOUNTS" means, on any date of
determination, the sum of (i) accrued and unpaid interest on the Series 2002-2
Notes as of such date and (ii) the product of (A) the Carrying Charges payable
on such date times (B) the Series 2002-2 Percentage as of the immediately
preceding Distribution Date.

                  "SERIES 2002-2 ACCRUED INTEREST ACCOUNT" has the meaning
specified in SECTION 3.1(B) of this Series Supplement.

                  "SERIES 2002-2 ADDITIONAL ACCOUNT COLLATERAL" has the meaning
specified in SECTION 3.1(G) of this Series Supplement.

                  "SERIES 2002-2 AGGREGATE HYUNDAI/ISUZU/SUBARU/SUZUKI AMOUNT"
means, as of any date of determination, an amount equal to the sum, rounded to
the nearest $100,000, of the following amounts to the extent that such amounts
are included in the definition of "Group IV Aggregate Asset Amount" for such
date: (i) the Group IV Net Book Value of all Group IV Vehicles that are Group IV
Eligible Vehicles leased under the Group IV Operating Leases as of such date
that were manufactured by Hyundai, Isuzu, Subaru or Suzuki and not turned in to
Hyundai, Isuzu, Subaru or Suzuki, as the case may be, pursuant to its Group IV
Manufacturer Program, if any, not delivered for Group IV Auction pursuant to its
Group IV Manufacturer Program, if any, or not otherwise sold or deemed to be
sold under the related Group IV Leasing Company Related Documents, PLUS (ii) all
amounts receivable by a Leasing Company as of such date (other than Excluded
Payments) from Hyundai, Isuzu, Subaru or Suzuki under Manufacturer Programs with
respect to Group IV Eligible Vehicles (other than Exchanged Vehicles) leased
under the Group IV Operating Leases (as of the applicable disposition date) that
were manufactured by Hyundai, Isuzu, Subaru or Suzuki, as the case may be, and
turned in to such Manufacturers pursuant to any such Group IV Manufacturer
Program or delivered for Group IV Auction pursuant to any such Group IV
Manufacturer Program and the aggregate of all Group IV Eligible Receivables
owned by a Leasing Company, financed under the related Group IV Leasing Company
Indenture and owed by Hyundai, Isuzu, Subaru or Suzuki under and in accordance
with a Group IV Manufacturer Program, PLUS (iii) with regard to Group IV
Eligible Vehicles leased under the Group IV Operating Leases (as of the
applicable disposition date) that were manufactured by Hyundai, Isuzu, Subaru or
Suzuki that have been delivered for Group IV Auction pursuant to a Group IV
Manufacturer Program with Hyundai, Isuzu, Subaru or Suzuki, as the case may be,
all amounts receivable (other than amounts specified in CLAUSE (II) above) from
any person or entity in connection with the Auction of such Group IV Eligible
Vehicles as of such date PLUS (iv) with regard to Group IV Eligible Vehicles

                                       32
<PAGE>

leased under the Group IV Operating Leases (as of the applicable disposition
date) that were manufactured by Hyundai, Isuzu, Subaru or Suzuki that have been
turned in to the Manufacturer, delivered for Group IV Auction or otherwise sold,
any Group IV Casualty Payments or Group IV Termination Payments with respect to
such Group IV Eligible Vehicles due and payable as of such date under the Group
IV Operating Leases, PLUS (v) with regard to Group IV Eligible Vehicles leased
under the Group IV Operating Leases (as of the applicable disposition date) that
were manufactured by Hyundai, Isuzu, Subaru or Suzuki that have been turned in
to the Manufacturer, delivered for Group IV Auction or otherwise sold, any
accrued and unpaid Group IV Monthly Base Rent under the Group IV Operating
Leases with respect to such Group IV Eligible Vehicles (net of amounts set forth
in CLAUSES (II), (III) and (IV) above).

                  "SERIES 2002-2 ARG II LIQUIDATION EVENT" means, so long as
such event or condition continues, (i) the occurrence of an Amortization Event
described in Sections * and * of the Base Indenture or (ii) any event or
condition of the type specified in CLAUSES (*) through (*) and CLAUSES (*)
through (*), (*), (*), (*), (*), (*) and (*) of ARTICLE IV of this Series
Supplement; PROVIDED, HOWEVER, that any event or condition of the type specified
in CLAUSES (*) through (*), (*), (*), (*), (*), (*) or (*) of ARTICLE IV of this
Series Supplement shall not constitute a Series 2002-2 ARG II Liquidation Event
if within such thirty (30) day period, such Amortization Event shall have been
cured and the Trustee shall have received the written consent of 100% of the
Series 2002-2 Noteholders waiving the occurrence of such Series 2002-2
Amortization Event.

                  "SERIES 2002-2 AVAILABLE CASH COLLATERAL ACCOUNT AMOUNT"
means, as of any date of determination, the amount on deposit in the Series
2002-2 Cash Collateral Account (after giving effect to any deposits thereto and
withdrawals and releases therefrom on such date).

                  "SERIES 2002-2 AVAILABLE RESERVE ACCOUNT AMOUNT" means, as of
any date of determination, the amount on deposit in the Series 2002-2 Reserve
Account (after giving effect to any deposits thereto and withdrawals and
releases therefrom on such date).

                  "SERIES 2002-2 CAP EXTENSION EVENT" means the Issuer shall
have either (i) extended the term of each Series 2002-2 Interest Rate Cap to or
beyond February 2006 or (ii) purchased one or more replacement Series 2002-2
Interest Rate Caps from a Qualified Interest Rate Cap Counterparty with an
aggregate notional amount equal to at least the Series 2002-2 Invested Amount at
such time, a strike rate equal to at most *% per annum and a termination date no
earlier than February 2006.

                  "SERIES 2002-2 CASH COLLATERAL ACCOUNT" has the meaning
specified in SECTION 3.8(F) of this Series Supplement.

                  "SERIES 2002-2 CASH COLLATERAL ACCOUNT COLLATERAL" has the
meaning specified in SECTION 3.8(A) of this Series Supplement.

                                       33
<PAGE>

                  "SERIES 2002-2 CASH COLLATERAL ACCOUNT SURPLUS" means, with
respect to any Distribution Date, the lesser of (a) the Series 2002-2 Available
Cash Collateral Account Amount and (b) the lesser of (A) the excess, if any, of
the Series 2002-2 Liquidity Amount over the Series 2002-2 Required Liquidity
Amount on such Distribution Date (after giving effect to any withdrawal from the
Series 2002-2 Reserve Account on such Distribution Date) and (B) the excess, if
any, of the Series 2002-2 Enhancement Amount over the Series 2002-2 Required
Enhancement Amount on such Distribution Date (after giving effect to any
withdrawal from the Series 2002-2 Reserve Account on such Distribution Date).

                  "SERIES 2002-2 CASH COLLATERAL PERCENTAGE" means, as of any
date of determination, the percentage equivalent of a fraction, the numerator of
which is the Series 2002-2 Available Cash Collateral Amount as of such date and
the denominator of which is the Series 2002-2 Letter of Credit Liquidity Amount
as of such date.

                  "SERIES 2002-2 CLOSING DATE" means August 30, 2002.

                  "SERIES 2002-2 COLLATERAL" means the Group IV Collateral, each
Series 2002-2 Letter of Credit, the Series 2002-2 Demand Note, the Series 2002-2
Interest Rate Cap, the Series 2002-2 Cash Collateral Account Collateral, the
Series 2002-2 Distribution Account Collateral, the Series 2002-2 Excess
Collection Account Collateral, the Series 2002-2 Additional Account Collateral
and the Series 2002-2 Reserve Account Collateral.

                  "SERIES 2002-2 COLLECTION ACCOUNT" has the meaning specified
in SECTION 3.1(B) of this Series Supplement.

                  "SERIES 2002-2 CONTROLLED AMORTIZATION PERIOD" means, the
Class A Controlled Amortization Period, the Class B Controlled Amortization
Period, the Class C Controlled Amortization Period or the Class D Controlled
Amortization Period, as applicable.

                  "SERIES 2002-2 DEMAND NOTE" means the demand note made by ANC
to ARG II in the principal amount of $3,000,000, substantially in the form of
EXHIBIT E to this Series Supplement, as amended, modified or restated from time
to time.

                  "SERIES 2002-2 DEMAND NOTE PAYMENT AMOUNT" means, as of the
Series 2002-2 Letter of Credit Termination Date, the aggregate amount of all
proceeds of demands made on the Series 2002-2 Demand Note pursuant to SECTION
3.5(B) or (C) of this Series Supplement that were deposited into the Series
2002-2 Distribution Account and paid to the Series 2002-2 Noteholders during the
one year period ending on the Series 2002-2 Letter of Credit Termination Date;
PROVIDED, HOWEVER, that if an Event of Bankruptcy (or the occurrence of an event
described in clause (a) of the definition thereof, without the lapse of a period
of 60 consecutive days) with respect to ANC shall have occurred during such one
year period, the Series 2002-2 Demand Note Payment Amount as of the Series
2002-2 Letter of Credit Termination Date shall equal the Series 2002-2 Demand

                                       34
<PAGE>

Note Payment Amount as if it were calculated as of the date of such occurrence.

                  "SERIES 2002-2 DEPOSIT DATE" has the meaning specified in
SECTION 3.2 of this Series Supplement.

                  "SERIES 2002-2 DISTRIBUTION ACCOUNT" has the meaning specified
in SECTION 3.9(A) of this Series Supplement.

                  "SERIES 2002-2 DISTRIBUTION ACCOUNT COLLATERAL" has the
meaning specified in SECTION 3.9(D) of this Series Supplement.

                  "SERIES 2002-2 ELIGIBLE LETTER OF CREDIT PROVIDER" means (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, and with respect to which providing or becoming an assignee of the
obligations of the Series 2002-2 Letter of Credit Provider would not constitute
a prohibited transaction under Section 4975 of ERISA, or (c) any other financial
institution, in each case, satisfactory to ARG II, and having, at the time of
the issuance of the related Series 2002-2 Letter of Credit, a long-term debt
rating of at least "AA-" from Standard & Poor's and at least "Al" from Moody's.

                  "SERIES 2002-2 ELIGIBLE MANUFACTURER PROGRAM" means, at any
time, a Group IV Manufacturer Program that is in full force and effect with a
Series 2002-2 Eligible Program Manufacturer; PROVIDED that with respect to any
new Group IV Manufacturer Program (including a new model year Manufacturer
Program of a Series 2002-2 Eligible Program Manufacturer and a Group IV
Manufacturer Program of a new Manufacturer) that is proposed for consideration
after the date hereof as a Series 2002-2 Eligible Manufacturer Program, prior to
such new Group IV Manufacturer Program constituting a "Series 2002-2 Eligible
Manufacturer Program" hereunder, ARG II shall have satisfied the Series 2002-2
Rating Agency Confirmation Condition with respect to such Series 2002-2 Eligible
Manufacturer Program; and PROVIDED FURTHER that, if there is a material change
to a Group IV Manufacturer Program during a model year, ARG II shall have
satisfied the Series 2002-2 Rating Agency Confirmation Condition with respect to
such change prior to such Group IV Manufacturer Program, as changed,
constituting a "Series 2002-2 Eligible Manufacturer Program."

                  "SERIES 2002-2 ELIGIBLE NON-PROGRAM MANUFACTURER" means (a)
each Manufacturer listed on EXHIBIT F-1 to this Series Supplement, and (b) any
other Manufacturer with respect to which ARG II has satisfied the Series 2002-2
Rating Agency Confirmation Condition, unless, in each case, (i) a Manufacturer
Event of Default has occurred pursuant to CLAUSE (I) of the definition thereof
with respect to such Manufacturer and such Manufacturer is not generally paying
its debts as they are due or (ii) such Manufacturer has experienced an Event of
Bankruptcy.

                                       35
<PAGE>

                  "SERIES 2002-2 ELIGIBLE PROGRAM MANUFACTURER" means each
Manufacturer (a) (i) who is listed on EXHIBIT F-2 to this Series Supplement,
(ii) who, at the time that the Manufacturer Program to which such Manufacturer
is a party is proposed for consideration as a Series 2002-2 Eligible
Manufacturer Program, is rated or whose parent is rated at least "BBB" by
Standard & Poor's and "Baa3" by Moody's or (iii) with respect to which ARG II
has satisfied the Series 2002-2 Rating Agency Confirmation Condition, (b) who
has a Group IV Manufacturer Program and (c) who has not experienced a
Manufacturer Event of Default which is continuing.

                  "SERIES 2002-2 ENHANCEMENT" means the Series 2002-2 Cash
Collateral Account Collateral, each Series 2002-2 Letter of Credit, the Series
2002-2 Overcollateralization Amount and the Series 2002-2 Reserve Account.

                  "SERIES 2002-2 ENHANCEMENT AMOUNT" means, as of any date of
determination, the sum of (i) the Series 2002-2 Overcollateralization Amount,
(ii) the Series 2002-2 Letter of Credit Amount, (iii) the Series 2002-2
Available Reserve Account Amount and (iv) the amount of cash and Permitted
Investments on deposit in the Series 2002-2 Excess Collection Account.

                  "SERIES 2002-2 ENHANCEMENT DEFICIENCY" means, as of any date
of determination, the amount by which the Series 2002-2 Enhancement Amount is
less than the Series 2002-2 Required Enhancement Amount as of such date.

                  "SERIES 2002-2 EXCESS COLLECTION ACCOUNT" has the meaning
specified in SECTION 3.1(B) of this Series Supplement.

                  "SERIES 2002-2 EXCESS COLLECTION ACCOUNT COLLATERAL" has the
meaning specified in SECTION 3.1(f) of this Series Supplement.

                  "SERIES 2002-2 HYUNDAI AMOUNT" means, as of any date of
determination, an amount equal to the sum, rounded to the nearest $100,000, of
the following amounts to the extent that such amounts are included in the
definition of "Group IV Aggregate Asset Amount" for such date: (i) the Group IV
Net Book Value of all Group IV Vehicles that are Group IV Eligible Vehicles
leased under the Group IV Operating Leases as of such date that were
manufactured by Hyundai and not turned in to Hyundai pursuant to its Group IV
Manufacturer Program, if any, not delivered for Group IV Auction pursuant to its
Group IV Manufacturer Program, if any, or not otherwise sold or deemed to be
sold under the related Group IV Leasing Company Related Documents, PLUS (ii) all
amounts receivable by a Leasing Company as of such date (other than Excluded
Payments) from Hyundai under Manufacturer Programs with respect to Group IV
Eligible Vehicles (other than Exchanged Vehicles) leased under the Group IV
Operating Leases (as of the applicable disposition date) that were manufactured
by Hyundai and turned in to Hyundai pursuant to any such Group IV Manufacturer
Program or delivered for Group IV Auction pursuant to any such Group IV
Manufacturer Program and the aggregate of all Group IV Eligible Receivables
owned by a Leasing Company, financed under the related Group IV Leasing Company

                                       36
<PAGE>

Indenture and owed by Hyundai under and in accordance with a Group IV
Manufacturer Program, PLUS (iii) with regard to Group IV Eligible Vehicles
leased under the Group IV Operating Leases (as of the applicable disposition
date) that were manufactured by Hyundai that have been delivered for Group IV
Auction pursuant to a Group IV Manufacturer Program with Hyundai, all amounts
receivable (other than amounts specified in CLAUSE (II) above) from any person
or entity in connection with the Group IV Auction of such Group IV Eligible
Vehicles as of such date, PLUS (iv) with regard to Group IV Eligible Vehicles
leased under the Group IV Operating Leases (as of the applicable disposition
date) that were manufactured by Hyundai that have been turned in to the
Manufacturer, delivered for Group IV Auction or otherwise sold, any Group IV
Casualty Payments or Group IV Termination Payments with respect to such Group IV
Eligible Vehicles due and payable as of such date under the Group IV Operating
Leases, PLUS (v) with regard to Group IV Eligible Vehicles leased under the
Group IV Operating Leases (as of the applicable disposition date) that were
manufactured by Hyundai that have been turned in to the Manufacturer, delivered
for Group IV Auction or otherwise sold, any accrued and unpaid Group IV Monthly
Base Rent under the Group IV Operating Leases with respect to such Group IV
Eligible Vehicles (net of amounts set forth in CLAUSES(II), and (III) and (IV)
above).

                  "SERIES 2002-2 INDENTURE PERCENTAGE" means, as of any date of
determination, the percentage equivalent of a fraction, the numerator of which
is the sum of (i) the Series 2002-2 Invested Amount as of such date and (ii) the
Series 2002-2 Required Overcollateralization Amount as of such date, and the
denominator of which is equal to the sum of the Invested Amounts and Required
Overcollateralization Amounts for all Group IV Series of Notes as of such date.

                  "SERIES 2002-2 INELIGIBLE MANUFACTURER PROGRAM" means, at any
time, a Group IV Manufacturer Program that is in full force and effect with a
Series 2002-2 Ineligible Program Manufacturer.

                  "SERIES 2002-2 INELIGIBLE PROGRAM MANUFACTURER" means each
Series 2002-2 Eligible Non-Program Manufacturer, which is not a Series 2002-2
Eligible Program Manufacturer.

                  "SERIES 2002-2 INELIGIBLE PROGRAM VEHICLE" means a Group IV
Vehicle that is subject to a Series 2002-2 Ineligible Manufacturer Program.

                  "SERIES 2002-2 INELIGIBLE PROGRAM VEHICLE AMOUNT" means, as of
any date of determination, an amount equal to the sum, rounded to the nearest
$100,000, of the following amounts to the extent that such amounts are included
in the Group IV Aggregate Asset Amount as of such date: (i) the Group IV Net
Book Value of all Series 2002-2 Ineligible Program Vehicles that are Group IV
Eligible Vehicles leased under the Group IV Leases as of such date and not
turned in to the Manufacturer thereof pursuant to its Group IV Manufacturer
Program, if any, not delivered for Group IV Auction pursuant to its Group IV
Manufacturer Program, if any, or not otherwise sold or deemed

                                       37
<PAGE>

to be sold under the related Group IV Leasing Company Related Documents, PLUS
(ii) all amounts receivable by a Leasing Company, as of such date (other than
Group IV Excluded Payments) from Series 2002-2 Ineligible Program Manufacturers
under Group IV Manufacturer Programs with respect to Group IV Eligible Vehicles
that were Series 2002-2 Ineligible Program Vehicles (other than Group IV
Exchanged Vehicles) leased under the Group IV Leases (as of the applicable Group
IV Disposition Date) and turned in to such Manufacturers pursuant to any such
Group IV Manufacturer Program or delivered for Group IV Auction pursuant to any
such Group IV Manufacturer Program and the aggregate of all Group IV Eligible
Receivables owned by a Leasing Company, financed under the related Group IV
Leasing Company Indenture, and owed by Series 2002-2 Ineligible Program
Manufacturers under and in accordance with a Group IV Manufacturer Program, PLUS
(iii) with regard to Group IV Eligible Vehicles leased under the Group IV Leases
(as of the applicable Group IV Disposition Date) that were manufactured by
Series 2002-2 Ineligible Program Manufacturers that have been turned in to the
Manufacturer, delivered for Group IV Auction or otherwise sold, all amounts
receivable (other than amounts specified in CLAUSE (II) above) from any person
or entity in connection with the Group IV Auction of such Group IV Eligible
Vehicles as of such date, PLUS (iv) with regard to Group IV Eligible Vehicles
that were Series 2002-2 Ineligible Program Vehicles leased under the Group IV
Leases (as of the applicable Group IV Disposition Date) that have been turned in
to the Manufacturer, delivered for Group IV Auction or otherwise sold, any Group
IV Casualty Payments or Group IV Termination Payments with respect to such Group
IV Eligible Vehicles due and payable as of such date under the Group IV Leases,
PLUS (v) with regard to Group IV Eligible Vehicles leased under the Group IV
Leases (as of the applicable Group IV Disposition Date) that were Series 2002-2
Ineligible Program Vehicles that have been turned in to the Manufacturer,
delivered for Group IV Auction or otherwise sold, any and all accrued and unpaid
Group IV Monthly Base Rent under the Group IV Leases with respect to such Group
IV Eligible Vehicles as of such date (net of amounts set forth in CLAUSE (II),
(III) and (IV) above).

                  "SERIES 2002-2 INELIGIBLE PROGRAM VEHICLE PERCENTAGE" means,
as of any date of determination, the percentage equivalent of a fraction, the
numerator of which is the Series 2002-2 Ineligible Program Vehicle Amount as of
such date and the denominator of which is equal to the sum of (i) Series 2002-2
Program Vehicle Amount, (ii) the Series 2002-2 Ineligible Program Vehicle Amount
and (iii) the Series 2002-2 Non-Program Vehicle Amount.

                  "SERIES 2002-2 INITIAL INVESTED AMOUNT" means the sum of the
Class A Initial Invested Amount, the Class B Initial Invested Amount, the Class
C Initial Invested Amount and the Class D Initial Invested Amount.

                  "SERIES 2002-2 INTEREST PERIOD" means a period commencing on
and including a Distribution Date and ending on and including the day preceding
the next succeeding Distribution Date; PROVIDED, HOWEVER, that the initial
Series 2002-2 Interest

                                       38
<PAGE>

Period shall commence on and include the Series 2002-2 Closing Date and end on
and include October 20, 2002.

                  "SERIES 2002-2 INTEREST RATE CAP" has the meaning specified in
SECTION 3.11(A) of this Series Supplement.

                  "SERIES 2002-2 INVESTED AMOUNT" means, the sum of the Class A
Invested Amount, the Class B Invested Amount, the Class C Invested Amount and
the Class D Invested Amount.

                  "SERIES 2002-2 INVESTED PERCENTAGE" means as of any date of
determination:

                  (a) when used with respect to Group IV Principal Collections,
         the percentage equivalent (which percentage shall never exceed 100%) of
         a fraction, the numerator of which is equal to the sum of the Series
         2002-2 Invested Amount and the Series 2002-2 Overcollateralization
         Amount, determined during the Series 2002-2 Revolving Period as of the
         end of the Group IV Related Month (or, until the end of the initial
         Group IV Related Month, on the Series 2002-2 Closing Date), or, during
         the Series 2002-2 Controlled Amortization Period and the Series 2002-2
         Rapid Amortization Period, as of the end of the Series 2002-2 Revolving
         Period, and the denominator of which is the greater of (I) the Group IV
         Aggregate Asset Amount as of the end of the Group IV Related Month or,
         until the end of the initial Group IV Related Month, as of the Series
         2002-2 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 Group IV Principal Collections for all
         Group IV Series of Notes and all classes of such Group IV Series of
         Notes; and

                  (b) when used with respect to Group IV Interest Collections,
         the percentage equivalent (which percentage shall never exceed 100%) of
         a fraction, the numerator of which is the Series 2002-2 Accrued Amounts
         on such date of determination, and the denominator of which is the
         aggregate Accrued Amounts with respect to all Group IV Series of Notes
         on such date of determination.

                  "SERIES 2002-2 ISUZU AMOUNT" means, as of any date of
determination, an amount equal to the sum, rounded to the nearest $100,000, of
the following amounts to the extent that such amounts are included in the
definition of "Group IV Aggregate Asset Amount" for such date: (i) the Group IV
Net Book Value of all Group IV Vehicles that are Group IV Eligible Vehicles
leased under the Group IV Operating Leases as of such date that were
manufactured by Isuzu and not turned in to Isuzu pursuant to its Group IV
Manufacturer Program, if any, not delivered for Group IV Auction pursuant to its
Group IV Manufacturer Program, if any, or not otherwise sold or deemed to be
sold under the related Group IV Leasing Company Related Documents, PLUS (ii) all
amounts receivable by a Leasing Company as of such date (other than Excluded
Payments) from Isuzu under

                                       39
<PAGE>

Manufacturer Programs with respect to Group IV Eligible Vehicles (other than
Exchanged Vehicles) leased under the Group IV Operating Leases (as of the
applicable disposition date) that were manufactured by Isuzu and turned in to
Isuzu pursuant to any such Group IV Manufacturer Program or delivered for Group
IV Auction pursuant to any such Group IV Manufacturer Program and the aggregate
of all Group IV Eligible Receivables owned by a Leasing Company, financed under
the related Group IV Leasing Company Indenture and owed by Isuzu under and in
accordance with a Group IV Manufacturer Program, PLUS (iii) with regard to Group
IV Eligible Vehicles leased under the Group IV Operating Leases (as of the
applicable disposition date) that were manufactured by Isuzu that have been
turned in to the Manufacturer, delivered for Group IV Auction or otherwise sold,
all amounts receivable (other than amounts specified in CLAUSE (II) above) from
any person or entity in connection with the Group IV Auction of such Group IV
Eligible Vehicles as of such date, PLUS (iv) with regard to Group IV Eligible
Vehicles leased under the Group IV Operating Leases (as of the applicable
disposition date) that were manufactured by Isuzu that have been turned in to
the Manufacturer, delivered for Group IV Auction or otherwise sold, any Group IV
Casualty Payments or Group IV Termination Payments with respect to such Group IV
Eligible Vehicles due and payable as of such date under the Group IV Operating
Leases, PLUS (v) with regard to Group IV Eligible Vehicles leased under the
Group IV Operating Leases (as of the applicable disposition date) that were
manufactured by Isuzu that have been turned in to the Manufacturer, delivered
for Group IV Auction or otherwise sold, any accrued and unpaid Group IV Monthly
Base Rent under the Group IV Operating Leases with respect to such Group IV
Eligible Vehicles (net of amounts set forth in CLAUSES (II), (III) and (IV)
above).

                  "SERIES 2002-2 LEASE PAYMENT DEFICIT" means on any
Distribution Date an amount equal to the excess, if any, of the aggregate amount
of Group IV Interest Collections and Group IV Principal Collections which
pursuant to SECTION 3.2(A), (B), (C), (D) or (E) of this Series Supplement would
have been allocated to the Series 2002-2 Collection Account, the Series 2002-2
Accrued Interest Account or the Series 2002-2 Excess Collection Account if all
payments required under the Group IV Leases to have been made during the period
from and excluding the immediately preceding Distribution Date to and including
such Distribution Date were made in full, over the aggregate amount of Group IV
Interest Collections and Group IV Principal Collections which pursuant to
SECTION 3.2(A), (B), (C), (D) or (E) of this Series Supplement have been
allocated to the Series 2002-2 Collection Account, the Series 2002-2 Accrued
Interest Account or the Series 2002-2 Excess Collection Account during such
period.

                  "SERIES 2002-2 LETTER OF CREDIT" means an irrevocable letter
of credit, if any, substantially in the form of EXHIBIT G to this Series
Supplement issued by a Series 2002-2 Eligible Letter of Credit Provider in favor
of the Trustee for the benefit of the Series 2002-2 Noteholders.

                  "SERIES 2002-2 LETTER OF CREDIT AMOUNT" means, as of any date
of determination, (i) the amount available to be drawn on such date under each

                                       40
<PAGE>

Series 2002-2 Letter of Credit, as specified therein, and (ii) if the Series
2002-2 Cash Collateral Account has been established and funded pursuant to
SECTION 3.8 of this Series Supplement, the Series 2002-2 Available Cash
Collateral Account Amount on such date.

                  "SERIES 2002-2 LETTER OF CREDIT EXPIRATION DATE" means, with
respect to any Series 2002-2 Letter of Credit, the expiration date set forth in
such Series 2002-2 Letter of Credit, as such date may be extended in accordance
with the terms of such Series 2002-2 Letter of Credit.

                  "SERIES 2002-2 LETTER OF CREDIT LIQUIDITY AMOUNT" means, as of
any date of determination, the sum of (a) the aggregate amount available to be
drawn on such date under each Series 2002-2 Letter of Credit, as specified
therein, and (b) if the Series 2002-2 Cash Collateral Account has been
established and funded pursuant to SECTION 3.8 of this Series Supplement, the
Series 2002-2 Available Cash Collateral Account Amount on such date.

                  "SERIES 2002-2 LETTER OF CREDIT PROVIDER" means the issuer of
a Series 2002-2 Letter of Credit.

                  "SERIES 2002-2 LETTER OF CREDIT TERMINATION DATE" means the
first to occur of (a) the date on which the Series 2002-2 Notes are fully paid;
(b) the termination of this Series Supplement in accordance with its terms; and
(c) such earlier date consented to by the Rating Agencies.

                  "SERIES 2002-2 LIQUIDITY AMOUNT" means, as of any date of
determination, the sum of (a) the amount available to be drawn on such date
under the Series 2002-2 Letters of Credit, as specified therein, (b) if the
Series 2002-2 Cash Collateral Account has been established and funded pursuant
to SECTION 3.8 of this Series Supplement, the Series 2002-2 Available Cash
Collateral Account Amount on such date and (c) the Series 2002-2 Available
Reserve Account Amount on such date.

                  "SERIES 2002-2 MAXIMUM AGGREGATE HYUNDAI/ISUZU/SUBARU/SUZUKI
AMOUNT" means, as of any day, with respect to Hyundai, Isuzu, Subaru and Suzuki,
in the aggregate, an amount equal to *% of the Group IV Aggregate Asset Amount
as of such date.

                  "SERIES 2002-2 MAXIMUM AMOUNT" means any of the Series 2002-2
Maximum Aggregate Hyundai/Isuzu/Subaru/Suzuki Amount, the Series 2002-2 Maximum
Individual Hyundai/Isuzu/Subaru/Suzuki Amount, the Series 2002-2 Maximum Mazda
Program Vehicle Amount, the Series 2002-2 Maximum Non-Program Mazda Amount, the
Series 2002-2 Maximum Mitsubishi Amount, the Series 2002-2 Maximum Nissan
Amount, the Series 2002-2 Maximum Nissan Program Vehicle Amount, the Series
2002-2 Maximum Non-Eligible Manufacturer Amount, the Series 2002-2 Maximum
Ineligible Program Vehicle Amount and the Series 2002-2 Maximum Non-Program
Vehicle Amount.

                                       41
<PAGE>

                  "SERIES 2002-2 MAXIMUM INDIVIDUAL HYUNDAI/ISUZU/SUBARU/SUZUKI
AMOUNT" means, as of any day, with respect to Hyundai, Isuzu, Subaru or Suzuki,
individually, an amount equal to *% of the Group IV Aggregate Asset Amount as of
such date.

                  "SERIES 2002-2 MAXIMUM INELIGIBLE PROGRAM VEHICLE AMOUNT"
means, as of any day, an amount equal to *% of the Group IV Aggregate Asset
Amount as of such date.

                  "SERIES 2002-2 MAXIMUM MAZDA PROGRAM VEHICLE AMOUNT" means, as
of any day, an amount equal to (a) if Mazda is rated at least "BBB-" by Standard
& Poor's and "Baa3" by Moody's, *% of the Group IV Aggregate Asset Amount as of
such day and (b) if Mazda is not rated at least "BBB-" by Standard & Poor's and
"Baa3" by Moody's, *% of the Group IV Aggregate Asset Amount as of such day.

                  "SERIES 2002-2 MAXIMUM MITSUBISHI AMOUNT" means, as of any
day, an amount equal to *% of the Group IV Aggregate Asset Amount as of such
date.

                  "SERIES 2002-2 MAXIMUM NISSAN AMOUNT" means, as of any day, an
amount equal to *% of the Group IV Aggregate Asset Amount as of such date.

                  "SERIES 2002-2 MAXIMUM NISSAN PROGRAM VEHICLE AMOUNT" means,
as of any day, an amount equal to (a) if Nissan is rated greater than "BBB-" by
Standard & Poor's and greater than or equal to "Baa3" by Moody's, *% of the
Group IV Aggregate Asset Amount as of such day, (b) if Nissan is rated "BBB-" by
Standard & Poor's and "Baa3" by Moody's, *% of the Group IV Aggregate Asset
Amount as of such day, (c) if Nissan is rated at least "BBB-" by Standard &
Poor's and at least "Ba1" by Moody's, *% of the Group IV Aggregate Asset Amount
as of such day and (d) if Nissan is not rated at least "BBB-" by Standard &
Poor's and at least "Ba1" by Moody's, zero.

                  "SERIES 2002-2 MAXIMUM NON-ELIGIBLE MANUFACTURER AMOUNT"
means, as of any day, an amount equal to *% of the Group IV Aggregate Asset
Amount as of such date.

                  "SERIES 2002-2 MAXIMUM NON-PROGRAM MAZDA AMOUNT" means, as of
any day, an amount equal to *% of the Group IV Aggregate Asset Amount as of such
date.

                  "SERIES 2002-2 MAXIMUM NON-PROGRAM VEHICLE AMOUNT" means, as
of any day, an amount equal to *% of the Group IV Aggregate Asset Amount as of
such date.

                  "SERIES 2002-2 MAZDA AMOUNT" means, as of any date of
determination, an amount equal to the sum, rounded to the nearest $100,000, of
the following amounts to the extent that such amounts are included in the
definition of "Group IV Aggregate Asset Amount" for such date: (i) the Group IV
Net Book Value of all Group IV Non-Program Vehicles that are Group IV Eligible
Vehicles leased under the Group IV Operating

                                       42
<PAGE>

Leases as of such date that were manufactured by Mazda and not turned in to
Mazda pursuant to its Group IV Manufacturer Program, if any, not delivered for
Group IV Auction pursuant to its Group IV Manufacturer Program, if any, or not
otherwise sold or deemed to be sold under the related Group IV Leasing Company
Related Documents, PLUS (ii) with regard to Group IV Eligible Vehicles that were
Series 2002-2 Non-Program Vehicles leased under the Group IV Operating Leases
(as of the applicable disposition date) that have been turned in to the
Manufacturer, delivered for Group IV Auction or otherwise sold, any Group IV
Casualty Payments or Group IV Termination Payments with respect to such Group IV
Eligible Vehicles due and payable as of such date under the Group IV Operating
Leases, PLUS (iii) with regard to Group IV Eligible Vehicles that were Series
2002-2 Non-Program Vehicles leased under the Group IV Operating Leases (as of
the applicable disposition date) that were manufactured by Mazda that have been
turned in to the Manufacturer, delivered for Group IV Auction or otherwise sold,
any accrued and unpaid Group IV Monthly Base Rent under the Group IV Operating
Leases with respect to such Group IV Eligible Vehicles (net of amounts set forth
in CLAUSE (II) above).

                  "SERIES 2002-2 MAZDA PROGRAM VEHICLE AMOUNT" means, as of any
date of determination, an amount equal to the sum, rounded to the nearest
$100,000, of the following amounts to the extent that such amounts are included
in the definition of "Group IV Aggregate Asset Amount" for such date: (i) the
Group IV Net Book Value of all Series 2002-2 Program Vehicles that are Group IV
Eligible Vehicles leased under the Group IV Operating Leases as of such date
that were manufactured by Mazda and not turned in to Mazda pursuant to its Group
IV Manufacturer Program, if any, or delivered for Group IV Auction pursuant to
its Group IV Manufacturer Program, if any, or not otherwise sold or deemed to be
sold under the related Group IV Leasing Company Related Documents, plus (ii) all
amounts receivable by a Leasing Company as of such date (other than Excluded
Payments) from Mazda under Manufacturer Programs with respect to Group IV
Eligible Vehicles that were Series 2002-2 Program Vehicles (other than Exchanged
Vehicles) leased under the Group IV Operating Leases (as of the applicable
disposition date) that were manufactured by Mazda and turned in to Mazda
pursuant to any such Group IV Manufacturer Program or delivered for Group IV
Auction pursuant to any Manufacturer Program and the aggregate of all Group IV
Eligible Receivables owned by a Leasing Company, financed under the related
Group IV Leasing Company Indenture and owed by Mazda under and in accordance
with a Group IV Manufacturer Program, PLUS (iii) with regard to Group IV
Eligible Vehicles that were Series 2002-2 Program Vehicles leased under the
Group IV Operating Leases (as of the applicable disposition date) that were
manufactured by Mazda that have been delivered for Group IV Auction, all amounts
receivable (other than amounts specified in CLAUSE (II) above) from any person
or entity in connection with the Group IV Auction of such Group IV Eligible
Vehicles as of such date, PLUS (iv) with regard to Group IV Eligible Vehicles
that were Series 2002-2 Program Vehicles leased under the Group IV Operating
Leases (as of the applicable disposition date) that were manufactured by Mazda
that have been turned in to the Manufacturer, delivered for Group IV Auction or
otherwise sold, any Group IV Casualty Payments or Group IV Termination Payments
with respect to such

                                       43
<PAGE>

Group IV Eligible Vehicles due and payable as of such date under the Group IV
Operating Leases, PLUS (v) with regard to Group IV Eligible Vehicles that were
Series 2002-2 Program Vehicles leased under the Group IV Operating Leases (as of
the applicable disposition date) that were manufactured by Mazda that have been
turned in to the Manufacturer, delivered for Group IV Auction or otherwise sold,
any accrued and unpaid Group IV Monthly Base Rent under the Group IV Operating
Leases with respect to such Group IV Eligible Vehicles (net of amounts set forth
in CLAUSES (II), (III) and (IV) above).

                  "SERIES 2002-2 MITSUBISHI AMOUNT" means, as of any date of
determination, an amount equal to the sum, rounded to the nearest $100,000, of
the following amounts to the extent that such amounts are included in the
definition of "Group IV Aggregate Asset Amount" for such date: (i) the Group IV
Net Book Value of all Group IV Vehicles that are Group IV Eligible Vehicles
leased under the Group IV Operating Leases as of such date that were
manufactured by Mitsubishi and not turned in to Mitsubishi pursuant to its Group
IV Manufacturer Program, if any, not delivered for Group IV Auction pursuant to
its Group IV Manufacturer Program, if any, or not otherwise sold or deemed to be
sold under the related Group IV Leasing Company Related Documents, plus (ii) all
amounts receivable by a Leasing Company as of such date (other than Excluded
Payments) from Mitsubishi under Manufacturer Programs with respect to Group IV
Eligible Vehicles (other than Exchanged Vehicles) leased under the Group IV
Operating Leases (as of the applicable disposition date) that were manufactured
by Mitsubishi and turned in to Mitsubishi pursuant to any such Group IV
Manufacturer Program or delivered for Group IV Auction pursuant to any such
Group IV Manufacturer Program and the aggregate of all Group IV Eligible
Receivables owned by a Leasing Company, financed under the related Group IV
Leasing Company Indenture and owed by Mitsubishi under and accordance with a
Group IV Manufacturer Program, PLUS (iii) with regard to Group IV Eligible
Vehicles leased under the Group IV Operating Leases (as of the applicable
disposition date) that were manufactured by Mitsubishi that have been turned in
to the Manufacturer, delivered for Group IV Auction or otherwise sold, all
amounts receivable (other than amounts specified in CLAUSE (II) above) from any
person or entity in connection with the Group IV Auction of such Group IV
Eligible Vehicles as of such date, PLUS (iv) with regard to Group IV Eligible
Vehicles leased under the Group IV Operating Leases (as of the applicable
disposition date) that were manufactured by Mitsubishi that have been turned in
to the Manufacturer, delivered for Group IV Auction or otherwise sold, any Group
IV Casualty Payments or Group IV Termination Payments with respect to such Group
IV Eligible Vehicles due and payable as of such date under the Group IV
Operating Leases, PLUS (v) with regard to Group IV Eligible Vehicles leased
under the Group IV Operating Leases (as of the applicable disposition date) that
were manufactured by Mitsubishi that have been turned in to the Manufacturer,
delivered for Group IV Auction or otherwise sold, any accrued and unpaid Group
IV Monthly Base Rent under the Group IV Operating Leases with respect to such
Group IV Eligible Vehicles (net of amounts set forth in CLAUSES (II), (III) and
(IV) above).

                                       44
<PAGE>

                  "SERIES 2002-2 NISSAN AMOUNT" means, as of any date of
determination, an amount equal to the sum, rounded to the nearest $100,000, of
the following amounts to the extent that such amounts are included in the
definition of "Group IV Aggregate Asset Amount" for such date: (i) the Group IV
Net Book Value of all Group IV Vehicles that are Group IV Eligible Vehicles
leased under the Group IV Operating Leases as of such date that were
manufactured by Nissan and not turned in to Nissan pursuant to its Group IV
Manufacturer Program, if any, not delivered for Group IV Auction pursuant to its
Group IV Manufacturer Program, if any, or not otherwise sold or deemed to be
sold under the related Group IV Leasing Company Related Documents, PLUS (ii) all
amounts receivable by a Leasing Company as of such date (other than Excluded
Payments) from Nissan under Manufacturer Programs with respect to Group IV
Eligible Vehicles (other than Exchanged Vehicles) leased under the Group IV
Operating Leases (as of the applicable disposition date) that were manufactured
by Nissan and turned in to Nissan pursuant to any such Group IV Manufacturer
Program or delivered for Group IV Auction pursuant to any such Group IV
Manufacturer Program and the aggregate of all Group IV Eligible Receivables
owned by a Leasing Company, financed under the related Group IV Leasing Company
Indenture and owed by Nissan under and accordance with a Group IV Manufacturer
Program, PLUS (iii) with regard to Group IV Eligible Vehicles leased under the
Group IV Operating Leases (as of the applicable disposition date) that were
manufactured by Nissan that have been turned in to the Manufacturer, delivered
for Group IV Auction or otherwise sold, all amounts receivable (other than
amounts specified in CLAUSE (II) above) from any person or entity in connection
with the Group IV Auction of such Group IV Eligible Vehicles as of such date,
PLUS (iv) with regard to Group IV Eligible Vehicles leased under the Group IV
Operating Leases (as of the applicable disposition date) that were manufactured
by Nissan that have been turned in to the Manufacturer, delivered for Group IV
Auction or otherwise sold, any Group IV Casualty Payments or Group IV
Termination Payments with respect to such Group IV Eligible Vehicles due and
payable as of such date under the Group IV Operating Leases, PLUS (v) with
regard to Group IV Eligible Vehicles leased under the Group IV Operating Leases
(as of the applicable disposition date) that were manufactured by Nissan that
have been turned in to the Manufacturer, delivered for Group IV Auction or
otherwise sold, any accrued and unpaid Group IV Monthly Base Rent under the
Group IV Operating Leases with respect to such Group IV Eligible Vehicles (net
of amounts set forth in CLAUSES (II), (III) and (IV) above).

                  "SERIES 2002-2 NISSAN PROGRAM VEHICLE AMOUNT" means, as of any
date of determination, an amount equal to the sum, rounded to the nearest
$100,000, of the following amounts to the extent that such amounts are included
in the definition of "Group IV Aggregate Asset Amount" for such date: (i) the
Group IV Net Book Value of all Series 2002-2 Program Vehicles that are Group IV
Eligible Vehicles leased under the Group IV Operating Leases as of such date
that were manufactured by Nissan and not turned in to Nissan pursuant to its
Group IV Manufacturer Program, if any, not delivered for Group IV Auction
pursuant to its Group IV Manufacturer Program if any, or not otherwise sold or
deemed to be sold under the related Group IV Leasing Company Related Documents,
plus (ii) all amounts receivable by a Leasing Company as of such

                                       45
<PAGE>

date (other than Excluded Payments) from Nissan under Manufacturer Programs with
respect to Group IV Eligible Vehicles that were Series 2002-2 Program Vehicles
(other than Exchanged Vehicles) leased under the Group IV Operating Leases (as
of the applicable disposition date) that were manufactured by Nissan and turned
in to Nissan pursuant to any such Group IV Manufacturer Program or delivered for
Group IV Auction pursuant to any Manufacturer Program and the aggregate of all
Group IV Eligible Receivables owned by a Leasing Company, financed under the
related Group IV Leasing Company Indenture and owed by Nissan under and
accordance with a Group IV Manufacturer Program, PLUS (iii) with regard to Group
IV Eligible Vehicles that were Series 2002-2 Program Vehicles leased under the
Group IV Operating Leases (as of the applicable disposition date) that were
manufactured by Nissan that have been delivered for Group IV Auction, all
amounts receivable (other than amounts specified in CLAUSE (II) above) from any
person or entity in connection with the Group IV Auction of such Group IV
Eligible Vehicles as of such date, PLUS (iv) with regard to Group IV Eligible
Vehicles that were Series 2002-2 Program Vehicles leased under the Group IV
Operating Leases (as of the applicable disposition date) that were manufactured
by Nissan that have been turned in to the Manufacturer, delivered for Group IV
Auction or otherwise sold, any Group IV Casualty Payments or Group IV
Termination Payments with respect to such Group IV Eligible Vehicles due and
payable as of such date under the Group IV Operating Leases, PLUS (v) with
regard to Group IV Eligible Vehicles that were Series 2002-2 Program Vehicles
leased under the Group IV Operating Leases (as of the applicable disposition
date) that were manufactured by Nissan that have been turned in to the
Manufacturer, delivered for Group IV Auction or otherwise sold, any accrued and
unpaid Group IV Monthly Base Rent under the Group IV Operating Leases with
respect to such Group IV Eligible Vehicles (net of amounts set forth in CLAUSES
(II), (III) and (IV) above).

                  "SERIES 2002-2 NON-ELIGIBLE MANUFACTURER AMOUNT" means, as of
any date of determination, an amount equal to the sum, rounded to the nearest
$100,000, of the following amounts to the extent that such amounts are included
in the definition of "Group IV Aggregate Asset Amount" for such date: (i) the
Group IV Net Book Value of all Group IV Vehicles that are Group IV Eligible
Vehicles leased under the Group IV Operating Leases as of such date that were
manufactured by Manufacturers other than Series 2002-2 Eligible Program
Manufacturers or Series 2002-2 Eligible Non-Program Manufacturers and not turned
in to the Manufacturer thereof pursuant to its Group IV Manufacturer Program, if
any, not delivered for Group IV Auction pursuant to its Group IV Manufacturer
Program, if any, or not otherwise sold or deemed to be sold under the related
Group IV Leasing Company Related Documents, PLUS (ii) with regard to Group IV
Eligible Vehicles leased under the Group IV Operating Leases (as of the
applicable disposition date) that were manufactured by Manufacturers other than
Series 2002-2 Eligible Program Manufacturers or Series 2002-2 Eligible
Non-Program Manufacturers that have been turned in to the Manufacturer,
delivered for Group IV Auction or otherwise sold, any Group IV Casualty Payments
or Group IV Termination Payments with respect to such Group IV Eligible Vehicles
due and payable on such date under the Group IV Operating Leases, PLUS (iii)
with regard to Group IV Eligible Vehicles leased

                                       46
<PAGE>

under the Group IV Operating Leases (as of the applicable disposition date) that
were manufactured by Manufacturers other than Series 2002-2 Eligible Program
Manufacturers or Series 2002-2 Eligible Non-Program Manufacturers that have been
turned in to the Manufacturer, delivered for Group IV Auction or otherwise sold,
any accrued and unpaid Group IV Monthly Base Rent under the Group IV Operating
Leases with respect to such Group IV Eligible Vehicles (net of amounts set forth
in CLAUSE (II) above).

                  "SERIES 2002-2 NON-PROGRAM VEHICLE" means a Group IV Vehicle
that is not subject to a Series 2002-2 Eligible Manufacturer Program or a Series
2002-2 Ineligible Manufacturer Program.

                  "SERIES 2002-2 NON-PROGRAM VEHICLE AMOUNT" means, as of any
date of determination, an amount equal to the sum, rounded to the nearest
$100,000, of the following amounts to the extent that such amounts are included
in the definition of "Group IV Aggregate Asset Amount" for such date: (i) the
Group IV Net Book Value of all Series 2002-2 Non-Program Vehicles that are Group
IV Eligible Vehicles leased under the Group IV Operating Leases as of such date
and not turned in to the Manufacturer thereof pursuant to its Group IV
Manufacturer Program, if any, not delivered for Group IV Auction pursuant to its
Group IV Manufacturer Program, if any, or not otherwise sold or deemed to be
sold under the related Group IV Leasing Company Related Documents, PLUS (ii)
with regard to Group IV Eligible Vehicles that were Series 2002-2 Non-Program
Vehicles leased under the Group IV Operating Leases (as of the applicable
disposition date) that have been turned in to the Manufacturer, delivered for
Group IV Auction or otherwise sold, any Group IV Casualty Payments or Group IV
Termination Payments with respect to such Group IV Eligible Vehicles due and
payable as of such date under the Group IV Operating Leases, PLUS (iii) with
regard to Group IV Eligible Vehicles that were Series 2002-2 Non-Program
Vehicles leased under the Group IV Operating Leases (as of the applicable
disposition date) that have been turned in to the Manufacturer, delivered for
Group IV Auction or otherwise sold, any accrued and unpaid Group IV Monthly Base
Rent under the Group IV Operating Leases with respect to such Group IV Eligible
Vehicles (net of amounts set forth in CLAUSE (II) above).

                  "SERIES 2002-2 NON-PROGRAM VEHICLE PERCENTAGE" means, as of
any date of determination, the percentage equivalent of a fraction, the
numerator of which is the Series 2002-2 Non-Program Vehicle Amount as of such
date and the denominator of which is equal to the sum of (i) Series 2002-2
Program Vehicle Amount, (ii) the Series 2002-2 Ineligible Program Vehicle Amount
and (iii) the Series 2002-2 Non-Program Vehicle Amount.

                  "SERIES 2002-2 NOTEHOLDER" means the person in whose name a
Series 2002-2 Note is registered in the Note Register.

                  "SERIES 2002-2 NOTES" means any one of the Class A Notes, the
Class B Notes, the Class C Notes or the Class D Notes.

                                       47
<PAGE>

                  "SERIES 2002-2 OVERCOLLATERALIZATION AMOUNT" means, as of any
date of determination, the excess of (a) the product of the Series 2002-2
Indenture Percentage and the Group IV Aggregate Asset Amount, in each case as of
such date of determination, over (b) the Series 2002-2 Invested Amount as of
such date of determination minus the amount of cash and Permitted Investments on
deposit in the Series 2002-2 Excess Collection Account which is available for
reduction of (but has not been applied to reduce) the Series 2002-2 Invested
Amount as of such date of determination.

                  "SERIES 2002-2 PERCENTAGE" means, as of any date of
determination, the percentage equivalent of a fraction, the numerator of which
is the Series 2002-2 Invested Amount as of such date and the denominator of
which is the sum of the Invested Amounts for all Series of Notes as of such
date.

                  "SERIES 2002-2 PRINCIPAL ALLOCATION" has the meaning specified
in SECTION 3.2(A)(II) of this Series Supplement.

                  "SERIES 2002-2 PROGRAM VEHICLE" means a Group IV Vehicle
subject to a Series 2002-2 Eligible Manufacturer Program.

                  "SERIES 2002-2 PROGRAM VEHICLE AMOUNT" means, as of any date
of determination, an amount equal to the sum, rounded to the nearest $100,000,
of the following amounts to the extent that such amount are included in the
definition of "Group IV Aggregate Asset Amount" for such date: (i) the Group IV
Net Book Value of all Series 2002-2 Program Vehicles that are Group IV Eligible
Vehicles leased under the Group IV Operating Leases as of such date and not
turned in to the Manufacturer thereof pursuant to its Group IV Manufacturer
Program, if any, not delivered for Group IV Auction pursuant to its Group IV
Manufacturer Program, if any, or not otherwise sold or deemed to be sold under
the related Group IV Leasing Company Related Documents, PLUS (ii) all amounts
receivable by a Leasing Company as of such date (other than Excluded Payments)
from Manufacturers under Manufacturer Programs with respect to Group IV Eligible
Vehicles that were Series 2002-2 Program Vehicles (other than Exchanged
Vehicles) leased under the Group IV Operating Leases (as of the applicable Group
IV Disposition Date) and turned in to such Manufacturers pursuant to any such
Group IV Manufacturer Program or delivered for Group IV Auction pursuant to any
Manufacturer Program and the aggregate of all Group IV Eligible Receivables
owned by a Leasing Company, financed under the related Group IV Leasing Company
Indenture and owed by Series 2002-2 Eligible Program Manufacturers under and in
accordance with a Group IV Manufacturer Program, PLUS (iii) with regard to Group
IV Eligible Vehicles that were Series 2002-2 Program Vehicles leased under the
Group IV Operating Leases (as of the applicable Group IV Disposition Date) that
have been turned in to the Manufacturer, delivered for Group IV Auction or
otherwise sold, all amounts receivable (other than amounts specified in CLAUSE
(II) above) from any person or entity in connection with the Group IV Auction of
such Group IV Eligible Vehicles as of such date, PLUS (iv) with regard to Group
IV Eligible Vehicles that were Series 2002-2

                                       48
<PAGE>

Program Vehicles leased under the Group IV Operating Leases (as of the
applicable Group IV Disposition Date) that have been turned in to the
Manufacturer, delivered for Group IV Auction or otherwise sold, any Group IV
Casualty Payments or Group IV Termination Payments with respect to such Group IV
Eligible Vehicles due and payable as of such date under the Group IV Operating
Leases, PLUS (v) with regard to Group IV Eligible Vehicles that were Series
2002-2 Program Vehicles leased under the Group IV Operating Leases (as of the
applicable Group IV Disposition Date) that have been turned in to the
Manufacturer, delivered for Group IV Auction or otherwise sold, any accrued and
unpaid Group IV Monthly Base Rent under the Group IV Operating Leases with
respect to such Group IV Eligible Vehicles (net of amounts set forth in
CLAUSES(II), (III) and (IV) above).

                  "SERIES 2002-2 PROGRAM VEHICLE PERCENTAGE" means, as of any
date of determination, the percentage equivalent of a fraction, the numerator of
which is the Series 2002-2 Program Vehicle Amount as of such date and the
denominator of which is equal to the sum of (i) Series 2002-2 Program Vehicle
Amount, (ii) the Series 2002-2 Ineligible Program Vehicle Amount and (iii) the
Series 2002-2 Non-Program Vehicle Amount.

                  "SERIES 2002-2 RAPID AMORTIZATION PERIOD" means the period
beginning at the close of business on the Business Day immediately preceding the
day on which an Amortization Event is deemed to have occurred with respect to
the Series 2002-2 Notes and ending upon the earliest to occur of (i) the date on
which the Series 2002-2 Notes, together with all accrued interest thereon, and
all other amounts payable under the Series 2002-2 Supplement are fully paid and
(ii) the termination of this Series Supplement in accordance with its terms.

                  "SERIES 2002-2 RATING AGENCY CONFIRMATION AND CONSENT
CONDITION" means, with respect to the Series 2002-2 Notes and any action, that
(i) each Rating Agency shall have notified ARG II and the Trustee in writing
that such action will not result in a reduction or withdrawal of the ratings in
effect immediately before the taking of such action of the Series 2002-2 Notes
and (ii) the Noteholders representing more than 50% of the Invested Amount of
the Series 2002-2 Notes shall have consented in writing to such action.

                  "SERIES 2002-2 RATING AGENCY CONFIRMATION CONDITION" means,
with respect to the Series 2002-2 Notes and any action, including the issuance
of an additional Series of Notes, that each Rating Agency shall have notified
ARG II and the Trustee in writing that such action will not result in a
reduction or withdrawal of the ratings in effect immediately before the taking
of such action of the Series 2002-2 Notes.

                  "SERIES 2002-2 REIMBURSEMENT AGREEMENT" means any and each
agreement providing for the reimbursement of a Series 2002-2 Letter of Credit
Provider for draws under its Series 2002-2 Letter of Credit.

                                       49
<PAGE>

                  "SERIES 2002-2 REQUIRED ENHANCEMENT AMOUNT" means, as of any
date of determination, the sum of (i) the product of (x) the Series 2002-2
Required Enhancement Percentage as of such date and (y) the result of the Series
2002-2 Invested Amount as of such date MINUS the sum of (A) the amount of cash
and Permitted Investments on deposit in the Series 2002-2 Excess Collection
Account which is available for reduction of (but has not been applied to reduce)
the Series 2002-2 Invested Amount, (B) the amount of cash and Permitted
Investments on deposit in the Master Collateral Account (as defined in the
Master Collateral Agency Agreement) allocable to the Group IV Leasing Company
Trustee on behalf of the Issuer, as holder of the Group IV Leasing Company
Notes, which will be further allocated to the Series 2002-2 Notes and available
for reduction of the Series 2002-2 Invested Amount, (C) the product of (I) the
Series 2002-2 Indenture Percentage and (II) the amount of cash and Permitted
Investments on deposit in the Group IV Leasing Company Collection Accounts as of
such date and available for reduction of the Series 2002-2 Invested Amount, and
(D) the amount of cash and Permitted Investments on deposit in the Series 2002-2
Collection Account and available for reduction of the Series 2002-2 Invested
Amount, in each case as of such date and (ii) the Series 2002-2 Required
Enhancement Incremental Amount, as of such date; PROVIDED, HOWEVER, that
following the occurrence of a Series 2002-2 Amortization Event described in
CLAUSE (P), (R) or (W) of the definition thereof, the Series 2002-2 Required
Enhancement Amount, as of any date of determination following the date of such
occurrence, shall mean the sum of (i) the product of (x) the Series 2002-2
Required Enhancement Percentage as of such date of determination and (y) the
result of the Series 2002-2 Invested Amount as of the date of such occurrence
minus the sum of (A) the amount of cash and Permitted Investments on deposit in
the Series 2002-2 Excess Collection Account which is available for reduction of
(but has not been applied to reduce) the Series 2002-2 Invested Amount, (B) the
amount of cash and Permitted Investments on deposit in the Master Collateral
Account allocable to the Leasing Company Trustee on behalf of ARG II, as holder
of the Group IV Leasing Company Notes, which will be further allocated to the
Series 2002-2 Notes and available for reduction of the Series 2002-2 Invested
Amount, (C) the product of (I) the Series 2002-2 Indenture Percentage and (II)
the amount of cash and Permitted Investments on deposit in the Group IV Leasing
Company Collection Accounts and available for reduction of the Series 2002-2
Invested Amount, and (D) the amount of cash and Permitted Investments on deposit
in the Series 2002-2 Collection Account and available for reduction of the
Series 2002-2 Invested Amount, in each case as of such date of determination and
(ii) the Series 2002-2 Required Enhancement Incremental Amount, as of such date
of determination.

                  "SERIES 2002-2 REQUIRED ENHANCEMENT INCREMENTAL AMOUNT" means

                  (i) as of the Series 2002-2 Closing Date, $0;

                  (ii) as of any date thereafter, the product of (A) the Series
         2002-2 Indenture Percentage and (B) the sum of (l) the excess, if any,
         of the Series 2002-2 Non-Program Vehicle Amount over the Series 2002-2
         Maximum Non-Program

                                       50
<PAGE>

         Vehicle Amount as of such immediately preceding Business Day, (2) the
         excess, if any, of the Series 2002-2 Hyundai Amount over the Series
         2002-2 Maximum Individual Hyundai/Isuzu/Subaru/Suzuki Amount as of such
         immediately preceding Business Day, (3) the excess, if any, of the
         Series 2002-2 Isuzu Amount over the Series 2002-2 Maximum Individual
         Hyundai/Isuzu/Subaru/Suzuki Amount as of such immediately preceding
         Business Day, (4) the excess, if any, of the Series 2002-2 Mazda Amount
         over the Series 2002-2 Maximum Non-Program Mazda Amount as of such
         immediately preceding Business Day, (5) the excess, if any, of the
         Series 2002-2 Mazda Program Vehicle Amount over the Series 2002-2
         Maximum Mazda Program Vehicle Amount as of such immediately preceding
         Business Day, (6) the excess, if any, of the Series 2002-2 Mitsubishi
         Amount over the Series 2002-2 Maximum Mitsubishi Amount as of such
         immediately preceding Business Day, (7) the excess, if any, of the
         Series 2002-2 Nissan Amount over the Series 2002-2 Maximum Nissan
         Amount as of such immediately preceding Business Day, (8) the excess,
         if any, of the Series 2002-2 Nissan Program Vehicle Amount over the
         Series 2002-2 Maximum Nissan Program Vehicle Amount as of such
         immediately preceding Business Day, (9) the excess, if any, of the
         Series 2002-2 Subaru Amount over the Series 2002-2 Maximum Individual
         Hyundai/Isuzu/Subaru/Suzuki Amount as of such immediately preceding
         Business Day, (10) the excess, if any, of the Series 2002-2 Suzuki
         Amount over the Series 2002-2 Maximum Individual
         Hyundai/Isuzu/Subaru/Suzuki Amount as of such immediately preceding
         Business Day, (11) the excess, if any, of the Series 2002-2 Aggregate
         Hyundai/Isuzu/Subaru/Suzuki Amount over the Series 2002-2 Maximum
         Aggregate Hyundai/Isuzu/Subaru/Suzuki Amount as of such immediately
         preceding Business Day, (12) the excess, if any, of the Series 2002-2
         Ineligible Program Vehicle Amount over the Series 2002-2 Maximum
         Ineligible Program Vehicle Amount as of such immediately preceding
         Business Day and (13) the excess, if any, of the Series 2002-2
         Non-Eligible Manufacturer Amount over the Series 2002-2 Maximum
         Non-Eligible Manufacturer Amount as of such immediately preceding
         Business Day.

                  "SERIES 2002-2 REQUIRED ENHANCEMENT PERCENTAGE" means, as of
any date of determination on or subsequent to the Series 2002-2 Closing Date, a
percentage calculated with respect to the preceding day equal to the sum of (I)
the product of (A) the greater of (x) *% MINUS the percentage equivalent of a
fraction, the numerator of which shall be the sum of the Class B Invested
Amount, the Class C Invested Amount and the Class D Invested Amount as of such
date and the denominator of which shall be the Series 2002-2 Invested Amount as
of such date and (y) *%, times (B) the percentage of the Group IV Aggregate
Asset Amount attributable to Series 2002-2 Program Vehicles (the "Series 2002-2
Program Vehicle Percentage") as of such preceding day, (II) the product of (A)

                                       51
<PAGE>

the Series 2002-2 Required Non-Program Enhancement Percentage as of such
preceding day times (B) the percentage of the Group IV Aggregate Asset Amount
attributable to Series 2002-2 Non-Program Vehicles (the "Series 2002-2
Non-Program Vehicle Percentage") as of such preceding day and (III) the product
of (A) the Series 2002-2 Required Ineligible Program Enhancement Percentage as
of such preceding day times (B) the percentage of the Group IV Aggregate Asset
Amount attributable to Series 2002-2 Ineligible Program Vehicles (the "Series
2002-2 Ineligible Program Vehicle Percentage") as of such preceding day. The
Series 2002-2 Required Enhancement Percentage may change from and after the
Effective Date in order to maintain the ratings on each Class of Series 2002-2
Notes at the same level such Class was rated on the Series 2002-2 Closing Date.

                  "SERIES 2002-2 REQUIRED INELIGIBLE PROGRAM ENHANCEMENT
PERCENTAGE" means, as of any date of determination on or subsequent to the
Series 2002-2 Closing Date, the sum of (a) the greater of (i) *% MINUS the
percentage equivalent of a fraction, the numerator of which shall be the sum of
the Class B Invested Amount, the Class C Invested Amount and the Class D
Invested Amount as of such date and the denominator of which shall be the Series
2002-2 Invested Amount as of such date and (ii) *%, and (b) an amount (not less
than zero) equal to 100% minus the lesser of (x) the lowest Measurement Month
Average of any full Measurement Month within the preceding twelve calendar
months (or such fewer number of calendar months as have elapsed since the Series
2002-2 Closing Date) and (y) an amount (not less than zero) equal to the Fair
Market Value Average as of the immediately preceding Determination Date.

                  "SERIES 2002-2 REQUIRED LIQUIDITY AMOUNT" means, with respect
to any Distribution Date, an amount equal to *% of the Series 2002-2 Invested
Amount on such Distribution Date.

                  "SERIES 2002-2 REQUIRED NON-PROGRAM ENHANCEMENT PERCENTAGE"
means, as of any date of determination on or subsequent to the Series 2002-2
Closing Date, the sum of (a) the greater of (i) *% MINUS the percentage
equivalent of a fraction, the numerator of which shall be the sum of the Class B
Invested Amount, the Class C Invested Amount and the Class D Invested Amount as
of such date and the denominator of which shall be the Series 2002-2 Invested
Amount as of such date and (ii) *%, and (b) an amount equal to 100% minus the
lesser of (x) the lowest Measurement Month Average of any full Measurement Month
within the preceding twelve calendar months (or such fewer number of calendar
months as have elapsed since the Series 2002-2 Closing Date) and (y) an amount
(not less than zero) equal to the Fair Market Value Average as of the
immediately preceding Determination Date.

                  "SERIES 2002-2 REQUIRED OVERCOLLATERALIZATION AMOUNT" means,
as of any date of determination, the excess, if any, of (a) the Series 2002-2
Required Enhancement Amount as of such date over (b) the sum of (i) the Series
2002-2 Available Reserve Account Amount as of such date and (ii) the Series
2002-2 Letter of Credit Amount as of such date.

                  "SERIES 2002-2 REQUIRED RESERVE ACCOUNT AMOUNT" means, with
respect to any Distribution Date, an amount equal to the greater of (a) the
excess, if any, of the Series 2002-2 Required Liquidity Amount on such
Distribution Date over the Series

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2002-2 Liquidity Amount on such Distribution Date and (b) the excess, if any, of
the Series 2002-2 Required Enhancement Amount over the Series 2002-2 Enhancement
Amount.

                  "SERIES 2002-2 REQUISITE EMERGENCE EVENT CONSENTS" means at
least 25% of the holders of Series 2002-2 Notes representing each of (i) the
Class A Invested Amount, (ii) the Class B Invested Amount, (iii) the Class C
Invested Amount and (iv) the Class D Invested Amount with respect to the Class A
Notes, the Class B Notes, the Class C Notes and the Class D Notes, respectively,
has consented to the Proposed Emergence Amendments.

                  "SERIES 2002-2 RESERVE ACCOUNT" has the meaning specified in
SECTION 3.7(A) of this Series Supplement.

                  "SERIES 2002-2 RESERVE ACCOUNT COLLATERAL" has the meaning
specified in SECTION 3.7(D) of this Series Supplement.

                  "SERIES 2002-2 RESERVE ACCOUNT SURPLUS" means, with respect to
any Distribution Date, the excess, if any, of the Series 2002-2 Available
Reserve Account Amount over the Series 2002-2 Required Reserve Account Amount on
such Distribution Date.

                  "SERIES 2002-2 REVOLVING PERIOD" means the period from and
including the Series 2002-2 Closing Date to the earlier of (i) the commencement
of the Class A Controlled Amortization Period and (ii) the commencement of the
Series 2002-2 Rapid Amortization Period.

                  "SERIES 2002-2 SUBARU AMOUNT" means, as of any date of
determination, an amount equal to the sum, rounded to the nearest $100,000, of
the following amounts to the extent that such amounts are included in the
definition of "Group IV Aggregate Asset Amount for such date: (i) the Group IV
Net Book Value of all Group IV Vehicles that are Group IV Eligible Vehicles
leased under the Group IV Operating Leases as of such date that were
manufactured by Subaru and not turned in to Subaru pursuant to its Group IV
Manufacturer Program, if any, not delivered for Group IV Auction pursuant to its
Group IV Manufacturer Program, if any, or not otherwise sold or deemed to be
sold under the related Group IV Leasing Company Related Documents, PLUS (ii) all
amounts receivable by a Leasing Company as of such date (other than Excluded
Payments) from Subaru under Manufacturer Programs with respect to Group IV
Eligible Vehicles (other than Exchanged Vehicles) leased under the Group IV
Operating Leases (as of the applicable disposition date) that were manufactured
by Subaru and turned in to Subaru pursuant to any such Group IV Manufacturer
Program or delivered for Group IV Auction pursuant to any such Group IV
Manufacturer Program and the aggregate of all Group IV Eligible Receivables
owned by a Leasing Company, financed under the related Group IV Leasing Company
Indenture and owed by Subaru under and accordance with a Group IV Manufacturer
Program, PLUS (iii) with regard to Group IV Eligible Vehicles leased under the

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<PAGE>

Group IV Operating Leases (as of the applicable disposition date) that were
manufactured by Subaru that have been turned in to the Manufacturer, delivered
for Group IV Auction or otherwise sold, all amounts receivable (other than
amounts specified in CLAUSE (II) above) from any person or entity in connection
with the Group IV Auction of such Group IV Eligible Vehicles as of such date,
PLUS (iv) with regard to Group IV Eligible Vehicles leased under the Group IV
Operating Leases (as of the applicable disposition date) that were manufactured
by Subaru that have been turned in to the Manufacturer, delivered for Group IV
Auction or otherwise sold, any Group IV Casualty Payments or Group IV
Termination Payments with respect to such Group IV Eligible Vehicles due and
payable as of such date under the Group IV Operating Leases, PLUS (v) with
regard to Group IV Eligible Vehicles leased under the Group IV Operating Leases
(as of the applicable disposition date) that were manufactured by Subaru that
have been turned in to the Manufacturer, delivered for Group IV Auction or
otherwise sold, any accrued and unpaid Group IV Monthly Base Rent under the
Group IV Operating Leases with respect to such Group IV Eligible Vehicles (net
of amounts set forth in CLAUSES (II), (III) and (IV) above).

                  "SERIES 2002-2 SUZUKI AMOUNT" means, as of any date of
determination, an amount equal to the sum, rounded to the nearest $100,000, of
the following amounts to the extent that such amounts are included in the
definition of "Group IV Aggregate Asset Amount" for such date: (i) the Group IV
Net Book Value of all Group IV Vehicles that are Group IV Eligible Vehicles
leased under the Group IV Operating Leases as of such date that were
manufactured by Suzuki and not turned in to Suzuki pursuant to its Group IV
Manufacturer Program, if any, not delivered for Group IV Auction pursuant to its
Group IV Manufacturer Program, if any, or not otherwise sold or deemed to be
sold under the related Group IV Leasing Company Related Documents, PLUS (ii) all
amounts receivable by a Leasing Company as of such date (other than Excluded
Payments) from Suzuki under Manufacturer Programs with respect to Group IV
Eligible Vehicles (other than Exchanged Vehicles) leased under the Group IV
Operating Leases (as of the applicable disposition date) that were manufactured
by Suzuki and turned in to Suzuki pursuant to any such Group IV Manufacturer
Program or delivered for Group IV Auction pursuant to any such Group IV
Manufacturer Program and the aggregate of all Group IV Eligible Receivables
owned by a Leasing Company, financed under the related Group IV Leasing Company
Indenture and owed by Suzuki under and in accordance with a Group IV
Manufacturer Program, PLUS (iii) with regard to Group IV Eligible Vehicles
leased under the Group IV Operating Leases (as of the applicable disposition
date) that were manufactured by Suzuki that have been turned in to the
Manufacturer, delivered for Group IV Auction or otherwise sold, all amounts
receivable (other than amounts specified in CLAUSE (II) above) from any person
or entity in connection with the Group IV Auction of such Group IV Eligible
Vehicles as of such date, PLUS (iv) with regard to Group IV Eligible Vehicles
leased under the Group IV Operating Leases (as of the applicable disposition
date) that were manufactured by Suzuki that have been turned in to the
Manufacturer, delivered for Group IV Auction or otherwise sold, any Group IV
Casualty Payments or Group IV Termination Payments with respect to such Group IV
Eligible Vehicles due and payable as of such date under the Group IV Operating

                                       54
<PAGE>

Leases, PLUS (v) with regard to Group IV Eligible Vehicles leased under the
Group IV Operating Leases (as of the applicable disposition date) that were
manufactured by Suzuki that have been turned in to the Manufacturer, delivered
for Group IV Auction or otherwise sold, any accrued and unpaid Group IV Monthly
Base Rent under the Group IV Operating Leases with respect to such Group IV
Eligible Vehicles (net of amounts set forth in CLAUSES (II), (III) and (IV)
above).

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

                  "SERVICER" means ANC.

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

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

                  "SUBARU" means Subaru of America, Inc., a Hawaii corporation.

                  "SUPERMAJORITY NOTEHOLDERS" means, with respect to the Series
2002-2 Notes, Series 2002-2 Noteholders holding 662/3% or more of the Series
2002-2 Invested Amount (excluding any Series 2002-2 Notes held by ARG II or any
Affiliate of ARG II).

                  "SUZUKI" means American Suzuki Motor Corporation, a California
corporation.

                  "TELERATE PAGE 3750" has the meaning set forth in the
International Swaps and Derivatives Association, Inc. 1991 Interest Rate and
Currency Exchange Definitions.

                  "TEMPORARY GLOBAL CLASS A NOTE" has the meaning specified in
SECTION 6.1 of this Series Supplement.

                  "TEMPORARY GLOBAL CLASS B NOTE" has the meaning specified in
SECTION 6.1 of this Series Supplement.

                  "TEMPORARY GLOBAL CLASS C NOTE" has the meaning specified in
SECTION 6.1 of this Series Supplement.

                  "TEMPORARY GLOBAL CLASS D NOTE" has the meaning specified in
SECTION 6.1 of this Series Supplement.

                  "TEMPORARY GLOBAL NOTE" shall mean a Class A Temporary Global
Note, a Class B Temporary Global Note, the Class C Temporary Global Note or a
Class D Temporary Global Note, as applicable.

                                       55
<PAGE>

                  "TERMINATION DATE DISBURSEMENT" means an amount drawn under a
Series 2002-2 Letter of Credit pursuant to a Certificate of Termination Date
Demand.

                  "TERMINATION DISBURSEMENT" means an amount drawn under a
Series 2002-2 Letter of Credit pursuant to a Certificate of Termination Demand.

                  "UNPAID DEMAND NOTE DISBURSEMENT" means an amount drawn under
a Series 2002-2 Letter of Credit pursuant to a Certificate of Unpaid Demand Note
Demand.

                  "WAIVER EVENT" means the occurrence of the delivery of a
Waiver Request and the subsequent waiver of any Series 2002-2 Maximum Amount.

                  "WAIVER REQUEST" has the meaning set forth in ARTICLE V of
this Series Supplement.

                                   ARTICLE II

                  Section 2.1 GRANT OF SECURITY INTEREST.

                  (a) To secure the Group IV ARG II Obligations, ARG II hereby
         pledges, assigns, conveys, delivers, transfers and sets over to the
         Trustee, for the benefit of the Group IV Noteholders (the "GROUP IV
         SECURED PARTIES"), and hereby grants to the Trustee, for the benefit of
         the Group IV Secured Parties, a security interest in all of ARG II's
         right, title and interest in and to all of the following assets,
         property and interests in property, whether now or hereafter existing,
         acquired or created (all of such right, title and interest being
         referred to as the "GROUP IV COLLATERAL"):

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

                                       56
<PAGE>

                           (ii) the Group IV Leasing Company Related Documents,
         including, without limitation, all monies due and to become due to ARG
         II thereunder or in connection therewith, whether payable as fees,
         expenses, costs, indemnities, insurance recoveries, damages for the
         breach of any of the Group IV Leasing Company Related Documents or
         otherwise, and all rights, remedies, powers, privileges and claims of
         ARG II against any other party under or with respect to the Group IV
         Leasing Company Related Documents (whether arising pursuant to the
         terms of such Group IV Leasing Company Related Document or otherwise
         available to ARG II at law or in equity), the right to enforce any of
         the Group IV Leasing Company Related Documents as provided herein and
         to give or withhold any and all consents, requests, notices,
         directions, approvals, extensions or waivers under or with respect to
         the Group IV Leasing Company Related Documents or the obligations of
         any party thereunder;

                           (iii) all right, title and interest of ARG II in, to
         and under the Group IV Receivables Trust Agreement, the Group IV
         Beneficial Interest and the right to receive all distributions and
         payments pursuant thereto and in respect thereof;

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

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

                           (vi) all proceeds, products, rents or profits of any
         and all of the foregoing.

                  (b) To secure the Group IV ARG II Obligations, ARG II hereby
         confirms the grant, pledge, hypothecation, assignment, conveyance,
         delivery and transfer to the Group IV Receivables Trustee under the
         Group IV Receivables Trust Agreement, in exchange for the Group IV
         Beneficial Interest, of all ARG II's right, title and interest in, to
         the Group IV Note Payment Rights.

                  (c) The foregoing grant is made in trust to secure the Group
         IV ARG II Obligations and to secure compliance with the provisions of
         this Series Supplement. The Trustee, as Trustee on behalf of the Group
         IV Secured Parties, acknowledges such grant, accepts the trusts under
         this Series Supplement in accordance with the provisions of this Series
         Supplement and subject to Section 10.1 and 10.2 of the Base Indenture,
         agrees to perform its duties required in this Series Supplement and the

                                       57
<PAGE>

         Base Indenture so as to protect the interests of the Group IV Secured
         Parties. The Group IV Collateral shall secure the Group IV Notes
         equally and ratably without prejudice, priority (except, with respect
         to any Series of Group IV Notes, as otherwise stated in the applicable
         Series Supplement) or distinction.

                  For all purposes hereunder and for the avoidance of doubt, any
portion of the Master Collateral and any Group-Specific Collateral in respect of
which the Trustee has been named as a Beneficiary on behalf of the Noteholders
of a Segregated Series of Notes pledged to secure the obligations to such
Noteholders of a Segregated Series of Notes, in each case, as contemplated in
SECTION 3.3(B) hereof, will be held by the Trustee solely for the benefit of the
Noteholders of such Segregated Series of Notes and no other Noteholders shall be
considered a Secured Party with respect to such Master Collateral or
Group-Specific Collateral unless specifically provided in the Series Supplement
for such Series of Notes. Similarly, no Noteholder of a Series of Notes other
than a Group IV Series of Notes will be considered a Group IV Secured Party with
respect to the Group IV Collateral or Master Collateral in respect of which the
Trustee has been named as a Beneficiary on behalf of the Group IV Noteholders.
For the avoidance of doubt, if it is determined that the Group IV Secured
Parties have an interest in, to or under Group-Specific Collateral other than
the Group IV Collateral, then the Group IV Secured Parties agree that their
interest in, to or under such other Group-Specific Collateral shall be
subordinate in all respects to the claims or rights of the Noteholders with
respect to any Series of Notes entitled to the benefit of such other
Group-Specific Collateral. This Series Supplement shall constitute a
subordination agreement for purposes of Section 510(a) of the Bankruptcy Code.

                                  ARTICLE III

                            SERIES 2002-2 ALLOCATIONS

                  With respect to the Series 2002-2 Notes only, the following
shall apply:

                  Section 3.1 ESTABLISHMENT AND ADMINISTRATION OF SERIES 2002-2
COLLECTION ACCOUNT, SERIES 2002-2 ACCRUED INTEREST ACCOUNT AND SERIES 2002-2
EXCESS COLLECTION ACCOUNT.

                  (a) ALLOCATION OF GROUP IV COLLECTIONS. All Group IV
Collections allocable to the Series 2002-2 Notes pursuant to SECTION 3.2 of this
Series Supplement shall be allocated to the Group IV Collection Account.

                  (b) CREATION OF ACCOUNTS. The Trustee will establish as a
segregated trust account for the benefit of the Series 2002-2 Noteholders the
Series 2002-2 Excess Collection Account (such account, the "SERIES 2002-2 EXCESS
COLLECTION ACCOUNT"). The Trustee will also create or establish as either
Administrative Subaccounts within the Group IV Collection Account or as
segregated trust accounts, in each case for the benefit of the Series 2002-2

                                       58
<PAGE>

Noteholders, the Series 2002-2 Collection Account (such account, the "SERIES
2002-2 COLLECTION ACCOUNT") and the Series 2002-2 Accrued Interest Account (such
account, the "SERIES 2002-2 ACCRUED INTEREST ACCOUNT").

                  (c) ESTABLISHMENT OF THE SERIES 2002-2 COLLECTION ACCOUNT, THE
SERIES 2002-2 ACCRUED INTEREST ACCOUNT AND THE SERIES 2002-2 EXCESS COLLECTION
ACCOUNT. The Series 2002-2 Excess Collection Account and, if the Trustee
establishes the Series 2002-2 Collection Account and/or the Series 2002-2
Accrued Interest Account as segregated trust accounts, the Series 2002-2
Collection Account and/or the Series 2002-2 Accrued Interest Account, as the
case may be, shall be established and maintained by the Trustee as segregated
trust accounts in the name of the Trustee for the benefit of the Series 2002-2
Noteholders, each account bearing a designation clearly indicating that the
funds deposited therein are held for the benefit of the Series 2002-2
Noteholders. Each such account shall be maintained 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 such
account; provided, that, if at any time the credit rating of any securities
issued by such depository institution or trust company shall be reduced to below
"BBB" by Standard & Poor's or "A2" by Moody's or the short-term credit rating of
any securities issued by such depository institution or trust company shall be
reduced below "A3" by Standard & Poor's, then ARG II shall, within 10 Business
Days of such reduction, establish 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 such
account. If a new Series 2002-2 Collection Account, Series 2002-2 Accrued
Interest Account or Series 2002-2 Excess Collection Account is established, the
Trustee shall transfer all cash and investments from the previously existing
non-qualifying account into the newly established account. Initially, each of
the Series 2002-2 Collection Account, the Series 2002-2 Accrued Interest Account
and the Series 2002-2 Excess Collection Account will be established as a
segregated trust account with The Bank of New York.

                  (d) ADMINISTRATION OF THE SERIES 2002-2 COLLECTION ACCOUNT,
THE SERIES 2002-2 ACCRUED INTEREST ACCOUNT AND THE SERIES 2002-2 EXCESS
COLLECTION ACCOUNT. If the Series 2002-2 Collection Account and/or the Series
2002-2 Accrued Interest Account is an Administrative Subaccount, ARG II may
direct the investment of any funds on deposit therein in accordance with SECTION
8.1(C) of this Series Supplement. ARG II may instruct (by standing instructions
or otherwise) the institution maintaining the Series 2002-2 Excess Collection
Account and, if the Series 2002-2 Collection Account and/or the Series 2002-2
Accrued Interest Account is a segregated trust account, the Series 2002-2
Collection Account and/or the Series 2002-2 Accrued Interest Account, as the
case may be, to invest funds on deposit in each such account from time to time
in Permitted Investments; PROVIDED, HOWEVER, that any such investment shall
mature not later than the Business Day immediately prior to the Distribution
Date following the date on which such funds were received, unless any Permitted
Investment held in any such 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

                                       59
<PAGE>

to such Distribution Date. All such Permitted Investments in respect of each
such account will be credited to such 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) or Uncertificated Securities
(and not United States Security Entitlements) shall be delivered to the Trustee
in accordance with the definition of "Delivery" and shall be held by the Trustee
pending maturity or disposition and (ii) United States Security Entitlements or
Security Entitlements shall be Controlled by the Trustee pending maturity or
disposition. The Trustee shall, at the expense of ARG II, take such action as is
required to maintain the Trustee's security interest in the Permitted
Investments credited to the Series 2002-2 Collection Account, the Series 2002-2
Accrued Interest Account and the Series 2002-2 Excess Collection Account,
including entering into a securities account control agreement with respect to
the accounts. ARG II shall not direct the Trustee to dispose of (or permit the
disposal of) any Permitted Investments prior to the maturity thereof to the
extent such disposal would result in a loss in the amount expended when such
Permitted Investments were purchased. In the absence of written investment
instructions hereunder, funds on deposit in any of the Series 2002-2 Collection
Account, the Series 2002-2 Accrued Interest Account and the Series 2002-2 Excess
Collection Account shall remain uninvested.

                  (e) EARNINGS FROM THE SERIES 2002-2 COLLECTION ACCOUNT, THE
SERIES 2002-2 ACCRUED INTEREST ACCOUNT AND THE SERIES 2002-2 EXCESS COLLECTION
ACCOUNT. All interest and earnings (net of losses and investment expenses) paid
on funds on deposit in each of the Series 2002-2 Collection Account, the Series
2002-2 Accrued Interest Account and the Series 2002-2 Excess Collection Account
shall be deemed to be on deposit therein and available for distribution.

                  (f) SERIES 2002-2 EXCESS COLLECTION ACCOUNT CONSTITUTES
ADDITIONAL COLLATERAL FOR SERIES 2002-2 NOTES. In order to secure and provide
for the repayment and payment of the Group IV ARG II Obligations with respect to
the Series 2002-2 Notes, ARG II hereby grants a security interest in and
assigns, pledges, grants, transfers and sets over to the Trustee, for the
benefit of the Series 2002-2 Noteholders, all of ARG II's right, title and
interest in and to the following (whether now or hereafter existing or
acquired): (i) the Series 2002-2 Excess Collection Account, including any
security entitlement thereto; (ii) all funds on deposit in the Series 2002-2
Excess Collection Account from time to time; (iii) all certificates and
instruments, if any, representing or evidencing any or all of the Series 2002-2
Excess Collection 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 2002-2 Excess Collection Account, whether constituting securities,
instruments, general intangibles, investment property, financial assets or other
property; (v) all interests, dividends, cash, instruments and other property
from time to time received, receivable or otherwise distributed in respect of or
in exchange for the Series 2002-2 Excess Collection 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 2002-2 EXCESS COLLECTION ACCOUNT

                                       60
<PAGE>

COLLATERAL"). The Trustee, for the benefit of the Series 2002-2 Noteholders,
shall possess all right, title and interest in all funds on deposit from time to
time in the Series 2002-2 Excess Collection Account and in all proceeds thereof
and shall be the only person authorized to originate entitlement orders in
respect of the Series 2002-2 Excess Collection Account. The Series 2002-2 Excess
Collection Account shall be under the sole dominion and control of the Trustee,
for the benefit of the Series 2002-2 Noteholders.

                  (g) SERIES 2002-2 COLLECTION ACCOUNT AND SERIES 2002-2 ACCRUED
INTEREST ACCOUNT CONSTITUTE ADDITIONAL COLLATERAL FOR SERIES 2002-2 NOTES. In
order to secure and provide for the repayment and payment of the Group IV ARG II
Obligations with respect to the Series 2002-2 Notes, if the Series 2002-2
Collection Account and/or the Series 2002-2 Accrued Interest Account is
established as a segregated trust account, ARG II hereby grants a security
interest in and assigns, pledges, grants, transfers and sets over to the
Trustee, for the benefit of the Series 2002-2 Noteholders, all of ARG II's
right, title and interest in and to the following (whether now or hereafter
existing or acquired): (i) the Series 2002-2 Collection Account and/or the
Series 2002-2 Accrued Interest Account, as the case may be, including any
security entitlement thereto; (ii) all funds on deposit in the Series 2002-2
Collection Account and/or the Series 2002-2 Accrued Interest Account, as the
case may be, from time to time; (iii) all certificates and instruments, if any,
representing or evidencing any or all of the Series 2002-2 Collection Account
and/or the Series 2002-2 Accrued Interest Account, as the case may be, 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 2002-2 Collection Account
and/or the Series 2002-2 Accrued Interest Account, as the case may be, 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 2002-2
Collection Account and/or the Series 2002-2 Accrued Interest Account as the case
may be, 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 2002-2 ADDITIONAL
ACCOUNT COLLATERAL"). If any of the Series 2002-2 Collection Account and/or the
Series 2002-2 Accrued Interest Account is a segregated trust account, the
Trustee, for the benefit of the Series 2002-2 Noteholders, shall possess all
right, title and interest in all funds on deposit from time to time in such
trust account and in all proceeds thereof, and shall be the only person
authorized to originate entitlement orders in respect of each such account. The
Series 2002-2 Accrued Interest Account and/or the Series 2002-2 Collection
Account to the extent either or both is established as a segregated trust
account, shall be under the sole dominion and control of the Trustee, for the
benefit of the Series 2002-2 Noteholders.

                                       61
<PAGE>

                  Section 3.2 ALLOCATIONS WITH RESPECT TO THE SERIES 2002-2
NOTES.

                  The net proceeds from the issuance of the Series 2002-2 Notes
will be deposited into the Group IV Collection Account. On the Series 2002-2
Closing Date and each Business Day on which Group IV Collections are deposited
into the Group IV Collection Account (each such date, a "SERIES 2002-2 DEPOSIT
DATE"), the Servicer will direct the Trustee in writing to allocate all amounts
deposited into the Group IV Collection Account in accordance with the provisions
of this SECTION 3.2.

                  (a) ALLOCATIONS OF GROUP IV COLLECTIONS DURING THE SERIES
2002-2 REVOLVING PERIOD. During the Series 2002-2 Revolving Period, the Servicer
will direct the Trustee in writing to allocate, prior to 12:00 noon (New York
City time) on each Series 2002-2 Deposit Date, all amounts deposited into the
Group IV Collection Account as set forth below:

                  (i) allocate to the Series 2002-2 Collection Account an amount
         equal to the sum of (A) the Series 2002-2 Invested Percentage (as of
         such day) of the aggregate amount of Group IV Interest Collections on
         such day and (B) any amounts received by the Trustee in respect of the
         Series 2002-2 Interest Rate Cap. All such amounts allocated to the
         Series 2002-2 Collection Account shall be further allocated to the
         Series 2002-2 Accrued Interest Account; and

                  (ii) allocate to the Series 2002-2 Excess Collection Account
         an amount equal to the Series 2002-2 Invested Percentage (as of such
         day) of the aggregate amount of Group IV Principal Collections on such
         day and, on the Series 2002-2 Closing Date, the proceeds from the
         issuance of the Series 2002-2 Notes (for any such day, the "SERIES
         2002-2 PRINCIPAL ALLOCATION"); PROVIDED, HOWEVER, if a Waiver Event
         shall have occurred, then such allocation shall be modified as provided
         in ARTICLE V of this Series Supplement.

                  (b) ALLOCATIONS OF GROUP IV COLLECTIONS DURING ANY SERIES
2002-2 CONTROLLED AMORTIZATION PERIOD. With respect to any Series 2002-2
Controlled Amortization Period, the Servicer will direct the Trustee in writing
to allocate, prior to 12:00 noon (New York City time) on any Series 2002-2
Deposit Date, all amounts deposited into the Group IV Collection Account as set
forth below:

                  (i) allocate to the Series 2002-2 Collection Account an amount
         determined as set forth in SECTION 3.2(A)(I) above for such day, which
         amount shall be further allocated to the Series 2002-2 Accrued Interest
         Account; and

                  (ii) (a) during the Class A Controlled Amortization Period,
         allocate to the Series 2002-2 Collection Account an amount equal to the
         Series 2002-2 Principal Allocation for such day, which amount shall be
         used to make principal payments in respect of the Class A Notes;
         PROVIDED, that if the Monthly Total Principal Allocation exceeds the
         Class A Controlled Distribution Amount, then the amount of such excess
         shall be allocated to the Series 2002-2 Excess

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         Collection Account; and PROVIDED FURTHER that if a Waiver Event shall
         have occurred, then such allocation shall be modified as provided in
         ARTICLE V of this Series Supplement; (b) during the Class B Controlled
         Amortization Period, allocate to the Series 2002-2 Collection Account
         an amount equal to the Series 2002-2 Principal Allocation for such day,
         which amount shall be used to make principal payments in respect of the
         Class B Notes; PROVIDED, that if the Monthly Total Principal Allocation
         exceeds the Class B Controlled Distribution Amount, then the amount of
         such excess shall be allocated to the Series 2002-2 Excess Collection
         Account; and PROVIDED FURTHER that if a Waiver Event shall have
         occurred, then such allocation shall be modified as provided in ARTICLE
         V of this Series Supplement; (c) during the Class C Controlled
         Amortization Period, allocate to the Series 2002-2 Collection Account
         an amount equal to the Series 2002-2 Principal Allocation for such day,
         which amount shall be used to make principal payments in respect of the
         Class C Notes; PROVIDED, that if the Monthly Total Principal Allocation
         exceeds the Class C Controlled Distribution Amount, then the amount of
         such excess shall be allocated to the Series 2002-2 Excess Collection
         Account; and PROVIDED FURTHER that if a Waiver Event shall have
         occurred, then such allocation shall be modified as provided in ARTICLE
         V of this Series Supplement; and (d) during the Class D Controlled
         Amortization Period, allocate to the Series 2002-2 Collection Account
         an amount equal to the Series 2002-2 Principal Allocation for such day,
         which amount shall be used to make principal payments in respect of the
         Class D Notes; provided, that if the Monthly Total Principal Allocation
         exceeds the Class D Controlled Distribution Amount, then the amount of
         such excess shall be allocated to the Series 2002-2 Excess Collection
         Account; and PROVIDED FURTHER that if a Waiver Event shall have
         occurred, then such allocation shall be modified as provided in ARTICLE
         V of this Series Supplement.

                  (c) ALLOCATIONS OF GROUP IV COLLECTIONS DURING THE SERIES
2002-2 RAPID AMORTIZATION PERIOD. With respect to the Series 2002-2 Rapid
Amortization Period, the Servicer will direct the Trustee in writing to
allocate, prior to 12:00 noon (New York City time) on any Series 2002-2 Deposit
Date, all amounts deposited into the Group IV Collection Account as set forth
below:

                  (i) allocate to the Series 2002-2 Collection Account an amount
         determined as set forth in SECTION 3.2(A)(I) above for such day, which
         amount shall be further allocated to the Series 2002-2 Accrued Interest
         Account; and

                  (ii) allocate to the Series 2002-2 Collection Account an
         amount equal to the Series 2002-2 Principal Allocation for such day,
         which amount shall be used to make principal payments in respect of the
         Class A Notes, and after the Class A Notes have been paid in full shall
         be used to make principal payments to the Class B Notes, and after the
         Class B Notes have been paid in full shall be used to make principal
         payments to the Class C Notes, and after the Class C Notes have been

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<PAGE>

         paid in full shall be used to make principal payments to the Class D
         Notes.

                  (d) RESERVED.

                  (e) AMOUNTS ALLOCATED FROM OTHER SERIES. Amounts allocated
from all other Series of Notes pursuant to the applicable Series Supplement to
the payment of the principal of the Series 2002-2 Notes shall be allocated to
the Series 2002-2 Excess Collection Account and applied in accordance with
SECTION 3.2(F) of this Series Supplement.

                  (f) SERIES 2002-2 EXCESS COLLECTION ACCOUNT. Amounts allocated
to the Series 2002-2 Excess Collection Account on any Series 2002-2 Deposit Date
will be (w) FIRST, deposited in the Series 2002-2 Reserve Account in an amount
up to the excess, if any, of the Series 2002-2 Required Reserve Account Amount
for such date over the Series 2002-2 Available Reserve Account Amount for such
date, (x) SECOND, used to pay the principal amount of other Group IV Series of
Notes that are then required to be paid (PROVIDED that if the principal amount
of more than one other Group IV Series of Notes are required to be paid, then
amounts used pursuant to this SECTION 3.2(F)(X) of this Series Supplement shall
be allocated to such other Group IV Series of Notes pro rata on the basis of the
principal amount to be paid in respect of each such other Series) or, at the
option of ARG II, to pay the principal amount of other Series of Notes that may
be paid under the Indenture, in each case, only to the extent that no Series
2002-2 Enhancement Deficiency or other Amortization Event or Potential
Amortization Event exists or would result therefrom and (y) THIRD, any remaining
funds may be released to ARG II and used to fund increases in the principal
amounts of the Group IV Leasing Company Notes to the extent the Leasing
Companies have requested increases thereof or for any other purpose, only to the
extent that no Series 2002-2 Enhancement Deficiency or other Amortization Event
or Potential Amortization Event exists or would result therefrom.
Notwithstanding the foregoing, upon the occurrence of an Amortization Event, all
funds allocated to the Series 2002-2 Excess Collection Account will be allocated
as Group IV Principal Collections by the Trustee to the Series 2002-2 Collection
Account and applied to reduce the Series 2002-2 Invested Amount as specified in
SECTION 3.2(C) of this Series Supplement on the immediately succeeding
Distribution Date.

                  Section 3.3 DISTRIBUTION DATES.

                  (a) DETERMINATION DATES. On each Determination Date, as
provided in SECTION 3.3(B) below, the Servicer shall instruct the Trustee in
writing to withdraw, and on the following Distribution Date the Trustee, acting
in accordance with such instructions, shall withdraw the amounts required to be
withdrawn from the Series 2002-2 Accrued Interest Account pursuant to SECTIONS
3.3(B) and (H) below in respect of all funds available from Group IV Interest
Collections processed since the preceding Distribution Date and allocated to the
Series 2002-2 Noteholders, and all amounts received by the Trustee in respect of
the Series 2002-2 Interest Rate Cap.

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<PAGE>

                  (b) NOTE INTEREST WITH RESPECT TO THE SERIES 2002-2 NOTES.

                  (i) CLASS A NOTES. On each Determination Date, the Servicer
         shall instruct the Trustee and the Paying Agent in writing as to the
         amount to be withdrawn and paid pursuant to SECTION 3.4(A) of this
         Series Supplement from the Series 2002-2 Accrued Interest Account to
         the extent funds are anticipated to be available from Group IV Interest
         Collections allocable to the Series 2002-2 Notes processed from but not
         including the preceding Distribution Date through the succeeding
         Distribution Date and all amounts received by the Trustee in respect of
         the Series 2002-2 Interest Rate Cap, in respect of (x) first, an amount
         equal to the Class A Monthly Interest for the Series 2002-2 Interest
         Period ending on the day preceding such succeeding Distribution Date,
         and (y) second, an amount equal to the amount of any unpaid Class A
         Deficiency Amount, as of the preceding Distribution Date (together with
         accrued interest on such Class A Deficiency Amount). On the following
         Distribution Date, the Trustee shall withdraw the amounts described in
         the first sentence of this SECTION 3.3(B)(I) from the Series 2002-2
         Accrued Interest Account and deposit such amounts in the Series 2002-2
         Distribution Account.

                  (ii) CLASS B NOTES. On each Determination Date, subject to
         SECTION 3.12 of this Series Supplement, provided that all payments on
         account of interest that are required to be made to the Class A
         Noteholders are available in the Series 2002-2 Distribution Account
         (including, without limitation, all accrued interest, all interest
         accrued on such accrued interest and any Class A Deficiency Amounts),
         the Servicer shall instruct the Trustee and the Paying Agent in writing
         as to the amount to be withdrawn and paid pursuant to SECTION 3.4(B) of
         this Series Supplement from the Series 2002-2 Accrued Interest Account
         to the extent funds are anticipated to be available from Group IV
         Interest Collections allocable to the Series 2002-2 Notes processed
         from but not including the preceding Distribution Date through the
         succeeding Distribution Date and all amounts received by the Trustee in
         respect of the Series 2002-2 Interest Rate Cap, in respect of (x) an
         amount equal to the Class B Monthly Interest for the Series 2002-2
         Interest Period ending on the day preceding such succeeding
         Distribution Date and (y) second, an amount equal to the amount of any
         unpaid Class B Deficiency Amount, as of the preceding Distribution Date
         (together with accrued interest on such Class B Deficiency Amount). On
         the following Distribution Date, the Trustee shall withdraw the amounts
         described in the first sentence of this SECTION 3.3(B)(II) from the
         Series 2002-2 Accrued Interest Account and deposit such amounts in the
         Series 2002-2 Distribution Account.

                  (iii) CLASS C NOTES. On each Determination Date, subject to
         SECTION 3.13 of this Series Supplement, provided that all payments on
         account of interest that are required to be made to the Class A
         Noteholders and the Class B Noteholders are available in the Series
         2002-2 Distribution Account (including, without limitation, all accrued
         interest, all interest accrued on such accrued

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<PAGE>

         interest and any Class A Deficiency Amounts and any Class B Deficiency
         Amounts), the Servicer shall instruct the Trustee and the Paying Agent
         in writing as to the amount to be withdrawn and paid pursuant to
         SECTION 3.4(C) of this Series Supplement from the Series 2002-2 Accrued
         Interest Account to the extent funds are anticipated to be available
         from Group IV Interest Collections allocable to the Series 2002-2 Notes
         processed from but not including the preceding Distribution Date
         through the succeeding Distribution Date and all amounts received by
         the Trustee in respect of the Series 2002-2 Interest Rate Cap, in
         respect of (x) first, an amount equal to the Class C Monthly Interest
         for the Series 2002-2 Interest Period ending on the day preceding such
         succeeding Distribution Date and (y) second, an amount equal to the
         amount of any unpaid Class C Deficiency Amount, as of the preceding
         Distribution Date (together with accrued interest on such Class C
         Deficiency Amount). On the following Distribution Date, the Trustee
         shall withdraw the amounts described in the first sentence of this
         SECTION 3.3(B)(III) from the Series 2002-2 Accrued Interest Account and
         deposit such amounts in the Series 2002-2 Distribution Account.

                  (iv) CLASS D NOTES. On each Determination Date, subject to
         SECTION 3.14 of this Series Supplement, provided that all payments on
         account of interest that are required to be made to the Class A
         Noteholders, the Class B Noteholders and the Class C Noteholders are
         available in the Series 2002-2 Distribution Account (including, without
         limitation, all accrued interest, all interest accrued on such accrued
         interest and any Class A Deficiency Amounts, any Class B Deficiency
         Amounts and any Class C Deficiency Amounts), the Servicer shall
         instruct the Trustee and the Paying Agent in writing as to the amount
         to be withdrawn and paid pursuant to SECTION 3.4(D) of this Series
         Supplement from the Series 2002-2 Accrued Interest Account to the
         extent funds are anticipated to be available from Group IV Interest
         Collections allocable to the Series 2002-2 Notes processed from but not
         including the preceding Distribution Date through the succeeding
         Distribution Date and all amounts received by the Trustee in respect of
         the Series 2002-2 Interest Rate Cap, in respect of (x) first, an amount
         equal to the Class D Monthly Interest for the Series 2002-2 Interest
         Period ending on the day preceding such succeeding Distribution Date
         and (y) second, an amount equal to the amount of any unpaid Class D
         Deficiency Amount, as of the preceding Distribution Date (together with
         accrued interest on such Class D Deficiency Amount). On the following
         Distribution Date, the Trustee shall withdraw the amounts described in
         the first sentence of this SECTION 3.3(B)(IV) from the Series 2002-2
         Accrued Interest Account and deposit such amounts in the Series 2002-2
         Distribution Account.

                  (c) LEASE PAYMENT DEFICIT NOTICE. On or before 10:00 a.m. (New
York City time) on each Distribution Date, the Servicer shall notify the Trustee
of the amount of any Series 2002-2 Lease Payment Deficit, such notification to
be in the form of EXHIBIT I to this Series Supplement (each a "LEASE PAYMENT
DEFICIT NOTICE").

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<PAGE>

                  (d) WITHDRAWALS FROM SERIES 2002-2 RESERVE ACCOUNT. If the
Servicer determines on any Distribution Date that the amounts available from the
Series 2002-2 Accrued Interest Account are insufficient to pay the amounts
described in SECTIONS 3.3(B)(I), (II), (III) and (IV) above on such Distribution
Date, the Servicer shall instruct the Trustee in writing prior to 12:00 noon
(New York City time) to withdraw from the Series 2002-2 Reserve Account and
deposit in the Series 2002-2 Distribution Account on such Distribution Date an
amount equal to the lesser of the Series 2002-2 Available Reserve Account Amount
and such insufficiency. The Trustee shall withdraw such amount from the Series
2002-2 Reserve Account and deposit such amount in the Series 2002-2 Distribution
Account to be applied first, pursuant to SECTION 3.4(A) of this Series
Supplement, to the Class A Noteholders to pay the amounts described in SECTION
3.3(B)(I) of this Series Supplement, second, pursuant to SECTION 3.4(B) of this
Series Supplement, to the Class B Noteholders to pay the amounts described in
SECTION 3.3(B)(II) of this Series Supplement, third, pursuant to SECTION 3.4(C)
of this Series Supplement, to the Class C Noteholders to pay the amounts
described in SECTION 3.3(B)(III) of this Series Supplement, and fourth, pursuant
to SECTION 3.4(D) of this Series Supplement, to the Class D Noteholders to pay
the amounts described in SECTION 3.3(B)(IV) of this Series Supplement.

                  (e) DRAWS ON SERIES 2002-2 LETTERS OF CREDIT PRIOR TO THE
SERIES 2002-2 RAPID AMORTIZATION PERIOD. If the Servicer determines on any
Distribution Date prior to the commencement of the Series 2002-2 Rapid
Amortization Period that the sum of the amounts available from the Series 2002-2
Accrued Interest Account plus the amount, if any, to be withdrawn from the
Series 2002-2 Reserve Account pursuant to SECTION 3.3(D) above is insufficient
to pay the amounts described in SECTIONS 3.3(B)(I), (II), (III) and (IV) above
on such Distribution Date, the Servicer shall instruct the Trustee in writing to
draw on the Series 2002-2 Letters of Credit, if any, and, upon receipt of such
notice by the Trustee on or prior to 11:00 a.m. (New York City time) on such
Distribution Date, the Trustee shall, by 12:00 noon (New York City time) on such
Distribution Date draw an amount equal to the least of (i) such insufficiency,
(ii) the Series 2002-2 Lease Payment Deficit on such Distribution Date and (iii)
the Series 2002-2 Letter of Credit Liquidity Amount on the Series 2002-2 Letters
of Credit by presenting to each Series 2002-2 Letter of Credit Provider a draft
accompanied by a Certificate of Lease Deficit Demand and shall cause the Lease
Deficit Disbursement to be deposited in the Series 2002-2 Distribution Account
on such Distribution Date and applied first, pursuant to SECTION 3.4(A) of this
Series Supplement, to the Class A Noteholders to pay the amounts described in
SECTION 3.3(B)(I) of this Series Supplement, second, pursuant to SECTION 3.4(B)
of this Series Supplement, to the Class B Noteholders to pay the amounts
described in SECTION 3.3(B)(II) of this Series Supplement, third, pursuant to
SECTION 3.4(C) of this Series Supplement, to the Class C Noteholders to pay the
amounts described in SECTION 3.3(B)(III) of this Series Supplement, and fourth,
pursuant to SECTION 3.4(D) of this Series Supplement, to the Class D Noteholders
to pay the amounts described in SECTION 3.3(B)(IV) of this Series Supplement;
PROVIDED, HOWEVER that if the Series 2002-2 Cash Collateral Account has been
established and funded, the Trustee shall withdraw from the Series 2002-2 Cash
Collateral Account and deposit in the Series 2002-2 Distribution Account an

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<PAGE>

amount equal to the lesser of (x) the Series 2002-2 Cash Collateral Percentage
on such Distribution Date of the lesser of such insufficiency and the Series
2002-2 Lease Payment Deficit and (y) the Series 2002-2 Available Cash Collateral
Account Amount on such Distribution Date and draw an amount equal to the
remainder of such amount on the Series 2002-2 Letters of Credit. If the amounts
described in this SECTION 3.3(E) are insufficient to pay the amounts described
in SECTION 3.3(B)(I) of this Series Supplement for any Distribution Date, the
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 of any such
deficiency on any Distribution Date shall be referred to as the "CLASS A
DEFICIENCY AMOUNT". If the amounts described in this SECTION 3.3(E) are
insufficient to pay the amounts described in SECTION 3.3(B)(II) of this Series
Supplement for any Distribution Date, the 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 of any such deficiency on any Distribution Date
shall be referred to as the "CLASS B DEFICIENCY AMOUNT". If the amounts
described in this SECTION 3.3(E) are insufficient to pay the amounts described
in SECTION 3.3(B)(III) of this Series Supplement for any Distribution Date, the
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 of any such
deficiency on any Distribution Date shall be referred to as the "CLASS C
DEFICIENCY AMOUNT". If the amounts described in this SECTION 3.3(E) are
insufficient to pay the amounts described in SECTION 3.3(B)(IV) of this Series
Supplement for any Distribution Date, the payments of interest to the Class D
Noteholders will be reduced on a pro rata basis by the amount of such
deficiency. The aggregate amount of any such deficiency on any Distribution Date
shall be referred to as the "CLASS D DEFICIENCY AMOUNT".

                  (f) DRAWS ON SERIES 2002-2 LETTERS OF CREDIT DURING A SERIES
2002-2 RAPID AMORTIZATION PERIOD. If the Servicer determines on any Distribution
Date during the Series 2002-2 Rapid Amortization Period that there exists a
Series 2002-2 Lease Payment Deficit, the Servicer shall instruct the Trustee in
writing to draw on the Series 2002-2 Letters of Credit, if any, and, upon
receipt of such notice by the Trustee on or prior to 11:00 a.m. (New York City
time) on such Distribution Date, the Trustee shall, by 12:00 noon (New York City
time) on such Distribution Date draw an amount equal to the lesser of (i) such
Series 2002-2 Lease Payment Deficit and (ii) the Series 2002-2 Letter of Credit
Liquidity Amount on the Series 2002-2 Letters of Credit by presenting to each
Series 2002-2 Letter of Credit Provider a draft accompanied by a Certificate of
Lease Deficit Demand and shall cause the Lease Deficit Disbursement to be
deposited in the Series 2002-2 Collection Account such Distribution Date;
PROVIDED, HOWEVER that if the Series 2002-2 Cash Collateral Account has been
established and funded, the Trustee shall withdraw from the Series 2002-2 Cash
Collateral Account and deposit in the Series 2002-2 Collection Account an amount
equal to the lesser of (x) the Series 2002-2 Cash Collateral Percentage on such
Distribution Date of the Series 2002-2 Lease Payment Deficit and (y) the Series
2002-2 Available Cash Collateral Account Amount on such Distribution Date and
draw an amount equal to the remainder of such amount on the Series 2002-2
Letters of Credit. If the amounts described in this SECTION 3.3(F) are
insufficient to pay the amounts described in SECTION 3.3(B)(I) of this Series

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Supplement for any Distribution Date, the 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 of any such deficiency on any Distribution Date
shall be referred to as the "CLASS A DEFICIENCY AMOUNT". If the amounts
described in this SECTION 3.3(F) are insufficient to pay the amounts described
in SECTION 3.3(B)(II) of this Series Supplement for any Distribution Date, the
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 of any such
deficiency on any Distribution Date shall be referred to as the "CLASS B
DEFICIENCY AMOUNT". If the amounts described in this SECTION 3.3(F) are
insufficient to pay the amounts described in SECTION 3.3(B)(III) of this Series
Supplement for any Distribution Date, the 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 of any such deficiency on any Distribution Date
shall be referred to as the "CLASS C DEFICIENCY AMOUNT". If the amounts
described in this SECTION 3.3(F) are insufficient to pay the amounts described
in SECTION 3.3(B)(IV) of this Series Supplement for any Distribution Date, the
payments of interest to the Class D Noteholders will be reduced on a pro rata
basis by the amount of such deficiency. The aggregate amount of any such
deficiency on any Distribution Date shall be referred to as the "CLASS D
DEFICIENCY AMOUNT".

                  (g) RESERVED.

                  (h) BALANCE. On each Distribution Date, the Servicer shall
instruct the Trustee and the Paying Agent in writing to pay the balance in the
Series 2002-2 Accrued Interest Account (after making the payments required in
SECTIONS 3.3(B)(I), (II), (III) and (IV) above), if any, of amounts received by
the Trustee in respect of the Series 2002-2 Interest Rate Cap and the Group IV
Interest Collections allocated to the Series 2002-2 Noteholders since the
preceding Distribution Date: (i) FIRST, to the Trustee, in an amount equal to
the Series 2002-2 Percentage as of the immediately preceding Distribution Date
of the Trustee's fees for the Series 2002-2 Interest Period ending on such
Distribution Date, (ii) SECOND, to pay any Carrying Charges (other than Carrying
Charges provided for above) to the Persons to whom such amounts are owed, in an
amount equal to the Series 2002-2 Percentage as of the immediately preceding
Distribution Date of such Carrying Charges (other than Carrying Charges provided
for above) for such Series 2002-2 Interest Period and (iii) THIRD, the balance,
if any, shall be withdrawn by the Trustee from the Series 2002-2 Accrued
Interest Account and deposited in the Series 2002-2 Excess Collection Account.

                  Section 3.4 PAYMENT OF NOTE INTEREST.

                  (a) CLASS A NOTES. On each Distribution Date for the Class A
Notes, the Paying Agent shall, in accordance with Section 6.1 of the Base
Indenture, pay to the Class A Noteholders from the Series 2002-2 Distribution
Account the amount deposited in the Series 2002-2 Distribution Account for the
payment of interest pursuant to SECTIONS 3.3(B)(I), (D), (E) and (F) of this
Series Supplement.

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<PAGE>

                  (b) CLASS B NOTES. On each Distribution Date for the Class B
Notes, the Paying Agent shall, in accordance with Section 6.1 of the Base
Indenture, pay to the Class B Noteholders from the Series 2002-2 Distribution
Account the amount deposited in the Series 2002-2 Distribution Account for the
payment of interest pursuant to SECTIONS 3.3(B)(II), (D), (E) and (F) of this
Series Supplement.

                  (c) CLASS C NOTES. On each Distribution Date for the Class C
Notes, the Paying Agent shall, in accordance with Section 6.1 of the Base
Indenture, pay to the Class C Noteholders from the Series 2002-2 Distribution
Account the amount deposited in the Series 2002-2 Distribution Account for the
payment of interest pursuant to SECTIONS 3.3(B)(III), (D), (E) and (F) of this
Series Supplement.

                  (d) CLASS D NOTES. On each Distribution Date for the Class D
Notes, the Paying Agent shall, in accordance with Section 6.1 of the Base
Indenture, pay to the Class D Noteholders from the Series 2002-2 Distribution
Account the amount deposited in the Series 2002-2 Distribution Account for the
payment of interest pursuant to SECTIONS 3.3(B)(IV), (D), (E) and (F) of this
Series Supplement.

                  Section 3.5 PAYMENT OF NOTE PRINCIPAL.

                  (a) MONTHLY PAYMENTS ON THE CLASS A NOTES DURING CONTROLLED
AMORTIZATION PERIOD OR RAPID AMORTIZATION PERIOD. Commencing on the second
Determination Date to occur after the commencement of the Class A Controlled
Amortization Period or the first Determination Date after the commencement of
the Series 2002-2 Rapid Amortization Period and on each Determination Date
thereafter, the Servicer shall instruct the Trustee and the Paying Agent in
writing as to the amount allocated to the Class A Notes during the Group IV
Related Month pursuant to SECTION 3.2(B)(II)(A) or (C)(II), as the case may be,
of this Series Supplement and, as applicable, allocated pursuant to the last
sentence of SECTION 3.2(F) of this Series Supplement. On the Distribution Date
following each such Determination Date, the Trustee shall withdraw the amount
allocated to the Class A Notes during the Group IV Related Month pursuant to
SECTION 3.2(B)(II)(A) or (C)(II), as the case may be, of this Series Supplement
from the Series 2002-2 Collection Account and, as applicable, withdraw the
amount allocated pursuant to the last sentence of SECTION 3.2(F) of this Series
Supplement from the Series 2002-2 Excess Collection Account and deposit such
amounts in the Series 2002-2 Distribution Account, to be paid to the holders of
the Class A Notes.

                  (b) FINAL DISTRIBUTION DATE WITH RESPECT TO THE CLASS A NOTES.
If the amount to be deposited in the Series 2002-2 Distribution Account in
accordance with SECTION 3.5(A) of this Series Supplement with respect to the
Class A Final Distribution Date is less than the Class A Invested Amount as of
such date, prior to 10:00 a.m. (New York City time) on the second Business Day
prior to the Class A Final Distribution Date, the Servicer shall instruct the
Trustee to withdraw from the Series 2002-2 Reserve Account, an amount equal to
the lesser of the Series 2002-2 Available Reserve Account Amount and such
insufficiency and deposit it in the Series 2002-2 Distribution Account on the

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Class A Final Distribution Date. The Trustee shall withdraw such amount from the
Series 2002-2 Reserve Account and deposit such amount in the Series 2002-2
Distribution Account on or prior to the Class A Final Distribution Date. If the
Series 2002-2 Available Reserve Account Amount is less than such insufficiency
and there are any Series 2002-2 Letters of Credit on such date, prior to 10:00
a.m. (New York City time) on the second Business Day prior to such Class A Final
Distribution Date, the Servicer shall instruct the Trustee in writing to make a
demand (the notice of any such demand, a "DEMAND NOTICE") on ANC for payment
under the Series 2002-2 Demand Note in an amount equal to the least of (i) the
outstanding principal amount of the Series 2002-2 Demand Note, (ii) such
remaining insufficiency and (iii) the Series 2002-2 Letter of Credit Liquidity
Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the
second day preceding the Class A Final Distribution Date, deliver such Demand
Notice to ANC; PROVIDED, HOWEVER that if an Event of Bankruptcy (or the
occurrence of an event described in clause (a) of the definition thereof,
without the lapse of a period of 60 consecutive days) with respect to ANC shall
have occurred and be continuing, the Trustee shall not be required to deliver
such Demand Notice to ANC. The Trustee shall cause the proceeds of any demand on
the Series 2002-2 Demand Note to be deposited into the Series 2002-2
Distribution Account. In the event that either (x) on or prior to 10:00 a.m.
(New York City time) on the Business Day immediately preceding the Class A Final
Distribution Date, ANC shall have failed to pay to the Trustee or deposit into
the Series 2002-2 Distribution Account the amount specified in a Demand Notice
transmitted by the Trustee to ANC pursuant to this SECTION 3.5(B) in whole or in
part or (y) due to the occurrence of an Event of Bankruptcy (or the occurrence
of an event described in clause (a) of the definition thereof, without the lapse
of a period of 60 consecutive days) with respect to ANC, the Trustee shall not
have delivered such Demand Notice to ANC on the second Business Day preceding
the Class A Final Distribution Date, the Trustee shall draw on the Series 2002-2
Letters of Credit, if any, by 12:00 noon (New York City time) on such Business
Day an amount equal to the lesser of (a) the amount that ANC failed to pay under
the Series 2002-2 Demand Note (or, the amount that the Trustee failed to demand
for payment thereunder) and (b) the Series 2002-2 Letter of Credit Amount on
such Business Day by presenting to each Series 2002-2 Letter of Credit Provider
a draft accompanied by a Certificate of Unpaid Demand Note Demand; PROVIDED,
HOWEVER that if the Series 2002-2 Cash Collateral Account has been established
and funded, the Trustee shall withdraw from the Series 2002-2 Cash Collateral
Account and deposit in the Series 2002-2 Distribution Account an amount equal to
the lesser of (x) the Series 2002-2 Cash Collateral Percentage on such Business
Day of the amount that ANC failed to pay under the Series 2002-2 Demand Note
(or, the amount that the Trustee failed to demand for payment thereunder) and
(y) the Series 2002-2 Available Cash Collateral Account Amount on such Business
Day and draw an amount equal to the remainder of the amount that ANC failed to
pay under the Series 2002-2 Demand Note (or, the amount that the Trustee failed
to demand for payment thereunder) on the Series 2002-2 Letters of Credit. The
Trustee shall deposit, or cause the deposit of, the proceeds of any draw on the
Series 2002-2 Letters of Credit and the proceeds of any withdrawal from the
Series 2002-2 Cash Collateral Account to be deposited in, the Series 2002-2
Distribution Account. The entire principal amount of all

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Outstanding Class A Notes shall be due and payable on the Class A Final
Distribution Date.

                  (c) MONTHLY PAYMENTS ON THE CLASS B NOTES DURING CONTROLLED
AMORTIZATION PERIOD OR RAPID AMORTIZATION PERIOD. Commencing on the first
Determination Date to occur after the commencement of the Class B Controlled
Amortization Period or the first Determination Date after the commencement of
the Series 2002-2 Rapid Amortization Period, PROVIDED that in either case, the
Class A Notes have been paid in full, the Servicer shall instruct the Trustee
and the Paying Agent in writing as to the amount allocated to the Class B Notes
during the Group IV Related Month pursuant to SECTION 3.2(B)(II)(B) or (C)(II),
as the case may be, of this Series Supplement and, as applicable, allocated
pursuant to the last sentence of SECTION 3.2(F) of this Series Supplement. On
the Distribution Date following each such Determination Date, the Trustee shall
withdraw the amount allocated to the Class B Notes during the Group IV Related
Month pursuant to SECTION 3.2(B)(II)(B) or (C)(II), as the case may be, of this
Series Supplement from the Series 2002-2 Collection Account and, as applicable,
withdraw the amount allocated pursuant to the last sentence of SECTION 3.2(F) of
this Series Supplement from the Series 2002-2 Excess Collection Account and
deposit such amounts in the Series 2002-2 Distribution Account, to be paid to
the holders of the Class B Notes.

                  (d) FINAL DISTRIBUTION DATE WITH RESPECT TO THE CLASS B NOTES.
If the amount to be deposited in the Series 2002-2 Distribution Account in
accordance with SECTION 3.5(C) of this Series Supplement with respect to the
Class B Final Distribution Date is less than the Class B Invested Amount as of
such date, prior to 10:00 a.m. (New York City time) on the second Business Day
prior to the Class B Final Distribution Date, the Servicer shall instruct the
Trustee to withdraw from the Series 2002-2 Reserve Account, an amount equal to
the lesser of the Series 2002-2 Available Reserve Account Amount and such
insufficiency and deposit it in the Series 2002-2 Distribution Account on the
Class B Final Distribution Date. The Trustee shall withdraw such amount from the
Series 2002-2 Reserve Account and deposit such amount in the Series 2002-2
Distribution Account on or prior to the Class B Final Distribution Date. If the
Series 2002-2 Available Reserve Account Amount is less than such insufficiency
and there are any Series 2002-2 Letters of Credit on such date, prior to 10:00
a.m. (New York City time) on the second Business Day prior to such Class B Final
Distribution Date, the Servicer shall instruct the Trustee in writing to make a
demand on ANC for payment under the Series 2002-2 Demand Note in an amount equal
to the least of (i) the outstanding principal amount of the Series 2002-2 Demand
Note, (ii) such remaining insufficiency and (iii) the Series 2002-2 Letter of
Credit Liquidity Amount. The Trustee shall, prior to 12:00 noon (New York City
time) on the second day preceding the Class B Final Distribution Date, deliver
such Demand Notice to ANC; PROVIDED, HOWEVER that if an Event of Bankruptcy (or
the occurrence of an event described in clause (a) of the definition thereof,
without the lapse of a period of 60 consecutive days) with respect to ANC shall
have occurred and be continuing, the Trustee shall not be required to deliver
such Demand Notice to ANC. The Trustee shall cause the proceeds of any demand on

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the Series 2002-2 Demand Note to be deposited into the Series 2002-2
Distribution Account. In the event that either (x) on or prior to 10:00 a.m.
(New York City time) on the Business Day immediately preceding the Class B Final
Distribution Date, ANC shall have failed to pay to the Trustee or deposit into
the Series 2002-2 Distribution Account the amount specified in a Demand Notice
transmitted by the Trustee to ANC pursuant to this SECTION 3.5(D) in whole or in
part or (y) due to the occurrence of an Event of Bankruptcy (or the occurrence
of an event described in clause (a) of the definition thereof, without the lapse
of a period of 60 consecutive days) with respect to ANC, the Trustee shall not
have delivered such Demand Notice to ANC on the second Business Day preceding
the Class B Final Distribution Date, the Trustee shall draw on the Series 2002-2
Letters of Credit, if any, by 12:00 noon (New York City time) on such Business
Day an amount equal to the lesser of (a) the amount that ANC failed to pay under
the Series 2002-2 Demand Note (or, the amount that the Trustee failed to demand
for payment thereunder) and (b) the Series 2002-2 Letter of Credit Amount on
such Business Day by presenting to each Series 2002-2 Letter of Credit Provider
a draft accompanied by a Certificate of Unpaid Demand Note Demand; PROVIDED,
HOWEVER that if the Series 2002-2 Cash Collateral Account has been established
and funded, the Trustee shall withdraw from the Series 2002-2 Cash Collateral
Account and deposit in the Series 2002-2 Distribution Account an amount equal to
the lesser of (x) the Series 2002-2 Cash Collateral Percentage on such Business
Day of the amount that ANC failed to pay under the Series 2002-2 Demand Note
(or, the amount that the Trustee failed to demand for payment thereunder) and
(y) the Series 2002-2 Available Cash Collateral Account Amount on such Business
Day and draw an amount equal to the remainder of the amount that ANC failed to
pay under the Series 2002-2 Demand Note (or, the amount that the Trustee failed
to demand for payment thereunder) on the Series 2002-2 Letters of Credit. The
Trustee shall deposit, or cause the deposit of, the proceeds of any draw on the
Series 2002-2 Letters of Credit and the proceeds of any withdrawal from the
Series 2002-2 Cash Collateral Account to be deposited in, the Series 2002-2
Distribution Account. The entire principal amount of all Outstanding Class B
Notes shall be due and payable on the Class B Final Distribution Date.

                  (e) MONTHLY PAYMENTS ON THE CLASS C NOTES DURING CONTROLLED
AMORTIZATION PERIOD OR RAPID AMORTIZATION PERIOD. Commencing on the first
Determination Date to occur after the commencement of the Class C Controlled
Amortization Period or the first Determination Date after the commencement of
the Series 2002-2 Rapid Amortization Period, PROVIDED that in either case, the
Class A Notes and the Class B Notes have been paid in full, the Servicer shall
instruct the Trustee and the Paying Agent in writing as to the amount allocated
to the Class C Notes during the Group IV Related Month pursuant to SECTION
3.2(B)(II)(C) or (C)(II), as the case may be, of this Series Supplement and, as
applicable, allocated pursuant to the last sentence of SECTION 3.2(F) of this
Series Supplement. On the Distribution Date following each such Determination
Date, the Trustee shall withdraw the amount allocated to the Class C Notes
during the Group IV Related Month pursuant to SECTION 3.2(B)(II)(C) or (C)(II),
as the case may be, of this Series Supplement from the Series 2002-2 Collection
Account and, as applicable, withdraw the amount allocated pursuant to the last
sentence of SECTION

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<PAGE>

3.2(F) of this Series Supplement from the Series 2002-2 Excess Collection
Account and deposit such amounts in the Series 2002-2 Distribution Account, to
be paid to the holders of the Class C Notes.

                  (f) FINAL DISTRIBUTION DATE WITH RESPECT TO THE CLASS C NOTES.
If the amount to be deposited in the Series 2002-2 Distribution Account in
accordance with SECTION 3.5(E) of this Series Supplement with respect to the
Class C Final Distribution Date is less than the Class C Invested Amount as of
such date, prior to 10:00 a.m. (New York City time) on the second Business Day
prior to the Class C Final Distribution Date, the Servicer shall instruct the
Trustee to withdraw from the Series 2002-2 Reserve Account, an amount equal to
the lesser of the Series 2002-2 Available Reserve Account Amount and such
insufficiency and deposit it in the Series 2002-2 Distribution Account on the
Class C Final Distribution Date. The Trustee shall withdraw such amount from the
Series 2002-2 Reserve Account and deposit such amount in the Series 2002-2
Distribution Account on or prior to the Class C Final Distribution Date. If the
Series 2002-2 Available Reserve Account Amount is less than such insufficiency
and there are any Series 2002-2 Letters of Credit on such date, prior to 10:00
a.m. (New York City time) on the second Business Day prior to such Class C Final
Distribution Date, the Servicer shall instruct the Trustee in writing to make a
demand on ANC for payment under the Series 2002-2 Demand Note in an amount equal
to the least of (i) the outstanding principal amount of the Series 2002-2 Demand
Note, (ii) such remaining insufficiency and (iii) the Series 2002-2 Letter of
Credit Liquidity Amount. The Trustee shall, prior to 12:00 noon (New York City
time) on the second day preceding the Class C Final Distribution Date, deliver
such Demand Notice to ANC; provided, HOWEVER that if an Event of Bankruptcy (or
the occurrence of an event described in clause (a) of the definition thereof,
without the lapse of a period of 60 consecutive days) with respect to ANC shall
have occurred and be continuing, the Trustee shall not be required to deliver
such Demand Notice to ANC. The Trustee shall cause the proceeds of any demand on
the Series 2002-2 Demand Note to be deposited into the Series 2002-2
Distribution Account. In the event that either (x) on or prior to 10:00 a.m.
(New York City time) on the Business Day immediately preceding the Class C Final
Distribution Date, ANC shall have failed to pay to the Trustee or deposit into
the Series 2002-2 Distribution Account the amount specified in a Demand Notice
transmitted by the Trustee to ANC pursuant to this SECTION 3.5(F) in whole or in
part or (y) due to the occurrence of an Event of Bankruptcy (or the occurrence
of an event described in clause (a) of the definition thereof, without the lapse
of a period of 60 consecutive days) with respect to ANC, the Trustee shall not
have delivered such Demand Notice to ANC on the second Business Day preceding
the Class C Final Distribution Date, the Trustee shall draw on the Series 2002-2
Letters of Credit, if any, by 12:00 noon (New York City time) on such Business
Day an amount equal to the lesser of (a) the amount that ANC failed to pay under
the Series 2002-2 Demand Note (or, the amount that the Trustee failed to demand
for payment thereunder) and (b) the Series 2002-2 Letter of Credit Amount on
such Business Day by presenting to each Series 2002-2 Letter of Credit Provider
a draft accompanied by a Certificate of Unpaid Demand Note Demand; PROVIDED,
HOWEVER that if the Series 2002-2 Cash Collateral Account has been established
and funded, the Trustee shall

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<PAGE>

withdraw from the Series 2002-2 Cash Collateral Account and deposit in the
Series 2002-2 Distribution Account an amount equal to the lesser of (x) the
Series 2002-2 Cash Collateral Percentage on such Business Day of the amount that
ANC failed to pay under the Series 2002-2 Demand Note (or, the amount that the
Trustee failed to demand for payment thereunder) and (y) the Series 2002-2
Available Cash Collateral Account Amount on such Business Day and draw an amount
equal to the remainder of the amount that ANC failed to pay under the Series
2002-2 Demand Note (or, the amount that the Trustee failed to demand for payment
thereunder) on the Series 2002-2 Letters of Credit. The Trustee shall deposit
into, or cause the deposit of the proceeds of any draw on the Series 2002-2
Letters of Credit and the proceeds of any withdrawal from the Series 2002-2 Cash
Collateral Account to be deposited in, the Series 2002-2 Distribution Account.
The entire principal amount of all Outstanding Class C Notes shall be due and
payable on the Class C Final Distribution Date.

                  (g) MONTHLY PAYMENTS ON THE CLASS D NOTES DURING CONTROLLED
AMORTIZATION PERIOD OR RAPID AMORTIZATION PERIOD. Commencing on the first
Determination Date to occur after the commencement of the Class D Controlled
Amortization Period or the first Determination Date after the commencement of
the Series 2002-2 Rapid Amortization Period, PROVIDED that in either case, the
Class A Notes, the Class B Notes and the Class C Notes have been paid in full,
the Servicer shall instruct the Trustee and the Paying Agent in writing as to
the amount allocated to the Class D Notes during the Group IV Related Month
pursuant to SECTION 3.2(B)(II)(D) or (C)(II), as the case may be, of this Series
Supplement and, as applicable, allocated pursuant to the last sentence of
SECTION 3.2(F) of this Series Supplement. On the Distribution Date following
each such Determination Date, the Trustee shall withdraw the amount allocated to
the Class D Notes during the Group IV Related Month pursuant to SECTION
3.2(B)(II)(D) or (C)(II), as the case may be, of this Series Supplement from the
Series 2002-2 Collection Account and, as applicable, withdraw the amount
allocated pursuant to the last sentence of SECTION 3.2(F) of this Series
Supplement from the Series 2002-2 Excess Collection Account and deposit such
amounts in the Series 2002-2 Distribution Account, to be paid to the holders of
the Class D Notes.

                  (h) FINAL DISTRIBUTION DATE WITH RESPECT TO THE CLASS D NOTES.
If the amount to be deposited in the Series 2002-2 Distribution Account in
accordance with SECTION 3.5(G) of this Series Supplement with respect to the
Class D Final Distribution Date is less than the Class D Invested Amount as of
such date, prior to 10:00 a.m. (New York City time) on the second Business Day
prior to the Class D Final Distribution Date, the Servicer shall instruct the
Trustee to withdraw from the Series 2002-2 Reserve Account, an amount equal to
the lesser of the Series 2002-2 Available Reserve Account Amount and such
insufficiency and deposit it in the Series 2002-2 Distribution Account on the
Class D Final Distribution Date. The Trustee shall withdraw such amount from the
Series 2002-2 Reserve Account and deposit such amount in the Series 2002-2
Distribution Account on or prior to the Class D Final Distribution Date. If the
Series 2002-2 Available Reserve Account Amount is less than such insufficiency
and there are any Series 2002-2 Letters of Credit on such date, prior to 10:00
a.m. (New York City

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<PAGE>

time) on the second Business Day prior to such Class D Final Distribution Date,
the Servicer shall instruct the Trustee in writing to make a demand on ANC for
payment under the Series 2002-2 Demand Note in an amount equal to the least of
(i) the outstanding principal amount of the Series 2002-2 Demand Note, (ii) such
remaining insufficiency and (iii) the Series 2002-2 Letter of Credit Liquidity
Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the
second day preceding the Class D Final Distribution Date, deliver such Demand
Notice to ANC; provided, HOWEVER that if an Event of Bankruptcy (or the
occurrence of an event described in clause (a) of the definition thereof,
without the lapse of a period of 60 consecutive days) with respect to ANC shall
have occurred and be continuing, the Trustee shall not be required to deliver
such Demand Notice to ANC. The Trustee shall cause the proceeds of any demand on
the Series 2002-2 Demand Note to be deposited into the Series 2002-2
Distribution Account. In the event that either (x) on or prior to 10:00 a.m.
(New York City time) on the Business Day immediately preceding the Class D Final
Distribution Date, ANC shall have failed to pay to the Trustee or deposit into
the Series 2002-2 Distribution Account the amount specified in a Demand Notice
transmitted by the Trustee to ANC pursuant to this SECTION 3.5(H) in whole or in
part or (y) due to the occurrence of an Event of Bankruptcy (or the occurrence
of an event described in clause (a) of the definition thereof, without the lapse
of a period of 60 consecutive days) with respect to ANC, the Trustee shall not
have delivered such Demand Notice to ANC on the second Business Day preceding
the Class D Final Distribution Date, the Trustee shall draw on the Series 2002-2
Letters of Credit, if any, by 12:00 noon (New York City time) on such Business
Day an amount equal to the lesser of (a) the amount that ANC failed to pay under
the Series 2002-2 Demand Note (or, the amount that the Trustee failed to demand
for payment thereunder) and (b) the Series 2002-2 Letter of Credit Amount on
such Business Day by presenting to each Series 2002-2 Letter of Credit Provider
a draft accompanied by a Certificate of Unpaid Demand Note Demand; PROVIDED,
HOWEVER that if the Series 2002-2 Cash Collateral Account has been established
and funded, the Trustee shall withdraw from the Series 2002-2 Cash Collateral
Account and deposit in the Series 2002-2 Distribution Account an amount equal to
the lesser of (x) the Series 2002-2 Cash Collateral Percentage on such Business
Day of the amount that ANC failed to pay under the Series 2002-2 Demand Note
(or, the amount that the Trustee failed to demand for payment thereunder) and
(y) the Series 2002-2 Available Cash Collateral Account Amount on such Business
Day and draw an amount equal to the remainder of the amount that ANC failed to
pay under the Series 2002-2 Demand Note (or, the amount that the Trustee failed
to demand for payment thereunder) on the Series 2002-2 Letters of Credit. The
Trustee shall deposit into, or cause the deposit of the proceeds of any draw on
the Series 2002-2 Letters of Credit and the proceeds of any withdrawal from the
Series 2002-2 Cash Collateral Account to be deposited in, the Series 2002-2
Distribution Account. The entire principal amount of all Outstanding Class D
Notes shall be due and payable on the Class D Final Distribution Date.

                  (i) RESERVED.

                  (j) DISTRIBUTIONS WITH RESPECT TO SERIES 2002-2 NOTES.

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<PAGE>

                  (i) CLASS A NOTES. On each Distribution Date occurring on or
         after the date a withdrawal is made from the Series 2002-2 Collection
         Account and, as applicable, the Series 2002-2 Excess Collection Account
         pursuant to SECTION 3.5(A) of this Series Supplement or amounts are
         deposited in the Series 2002-2 Distribution Account pursuant to SECTION
         3.5(B) of this Series Supplement, the Paying Agent shall, in accordance
         with Section 6.1 of the Base Indenture, pay to each Class A Noteholder
         from the Series 2002-2 Distribution Account the amount deposited
         therein pursuant to SECTION 3.5(A) or (B) of this Series Supplement, to
         the extent necessary to pay the Class A Controlled Amortization Amount
         during the Class A Controlled Amortization Period, or to the extent
         necessary to pay the Class A Invested Amount during the Series 2002-2
         Rapid Amortization Period or on the Class A Final Distribution Date.

                  (ii) CLASS B NOTES. On each Distribution Date occurring on or
         after the date a withdrawal is made from the Series 2002-2 Collection
         Account and, as applicable, the Series 2002-2 Excess Collection Account
         pursuant to SECTION 3.5(C) of this Series Supplement or amounts are
         deposited in the Series 2002-2 Distribution Account pursuant to SECTION
         3.5(D) of this Series Supplement, the Paying Agent shall, in accordance
         with Section 6.1 of the Base Indenture, pay to each Class B Noteholder
         from the Series 2002-2 Distribution Account the amount deposited
         therein pursuant to SECTION 3.5(C) or (D) of this Series Supplement, to
         the extent necessary to pay the Class B Controlled Amortization Amount
         during the Class B Controlled Amortization Period, or to the extent
         necessary to pay the Class B Invested Amount during the Series 2002-2
         Rapid Amortization Period or on the Class B Final Distribution Date.

                  (iii) CLASS C NOTES. On each Distribution Date occurring on or
         after the date a withdrawal is made from the Series 2002-2 Collection
         Account and, as applicable, the Series 2002-2 Excess Collection Account
         pursuant to SECTION 3.5(E) of this Series Supplement or amounts are
         deposited in the Series 2002-2 Distribution Account pursuant to SECTION
         3.5(F) of this Series Supplement, the Paying Agent shall, in accordance
         with Section 6.1 of the Base Indenture, pay to each Class C Noteholder
         from the Series 2002-2 Distribution Account the amount deposited
         therein pursuant to SECTION 3.5(E) or (F) of this Series Supplement, to
         the extent necessary to pay the Class C Controlled Amortization Amount
         during the Class C Controlled Amortization Period, or to the extent
         necessary to pay the Class C Invested Amount during the Series 2002-2
         Rapid Amortization Period or on the Class C Final Distribution Date.

                  (iv) CLASS D NOTES. On each Distribution Date occurring on or
         after the date a withdrawal is made from the Series 2002-2 Collection
         Account and, as applicable, the Series 2002-2 Excess Collection Account
         pursuant to SECTION 3.5(G) of this Series Supplement or amounts are
         deposited in the Series 2002-2 Distribution Account pursuant to SECTION
         3.5(H) of this Series Supplement, the Paying Agent shall, in accordance
         with Section 6.1 of the Base Indenture, pay to

                                       77
<PAGE>

         each Class D Noteholder from the Series 2002-2 Distribution Account the
         amount deposited therein pursuant to SECTION 3.5(G) or (H) of this
         Series Supplement, to the extent necessary to pay the Class D
         Controlled Amortization Amount during the Class D Controlled
         Amortization Period, or to the extent necessary to pay the Class D
         Invested Amount during the Series 2002-2 Rapid Amortization Period or
         on the Class D Final Distribution Date.

                  Section 3.6 SERVICER'S FAILURE TO INSTRUCT THE TRUSTEE TO MAKE
A DEPOSIT OR PAYMENT.

                  If the Servicer fails to give notice or instructions to make
any payment from or deposit into the Series 2002-2 Collection Account, the
Series 2002-2 Excess Collection Account, the Series 2002-2 Accrued Interest
Account, or the Series 2002-2 Distribution Account required to be given by the
Servicer, at the time specified in the Indenture or any other Group IV Related
Document (including applicable grace periods), the Trustee shall make such
payment or deposit into or from the Series 2002-2 Collection Account, the Series
2002-2 Excess Collection Account, the Series 2002-2 Accrued Interest Account, or
the Series 2002-2 Distribution Account without such notice or instruction from
the Servicer, provided that the Servicer, 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 Group IV Related Document is required to be made by the Trustee at or
prior to a specified time, the Servicer shall deliver any applicable written
instructions with respect thereto reasonably in advance of such specified time.

                  Section 3.7 SERIES 2002-2 RESERVE ACCOUNT.

                  (a) ESTABLISHMENT OF SERIES 2002-2 RESERVE ACCOUNT. ARG II
shall establish and maintain, or cause to be established and maintained, in the
name of the Trustee for the benefit of the Series 2002-2 Noteholders an account
(the "SERIES 2002-2 RESERVE ACCOUNT"), bearing a designation clearly indicating
that the funds deposited therein are held for the benefit of the Series 2002-2
Noteholders. The Series 2002-2 Reserve Account shall be maintained (i) with a
Qualified Institution or (ii) as a segregated trust account with the corporate
trust department of a depository institution or trust company having corporate
trust powers and acting as trustee for funds deposited in the Series 2002-2
Reserve Account; PROVIDED, that, if at any time such Qualified Institution is no
longer a Qualified Institution or the credit rating of any securities issued by
such depository institution or trust company shall be below "AA-" by Standard &
Poor's or "A2" by Moody's or the short-term credit rating of any securities
issued by such depository institution or trust company shall be reduced below
"A-1+" by Standard & Poor's, then ARG II shall, within 10 Business Days of such
event, establish a new Series 2002-2 Reserve Account with a new Qualified
Institution or a new segregated trust account with the corporate trust
department of a depository institution or trust company having corporate trust
powers and acting as trustee for funds deposited in the Series 2002-2 Reserve
Account. If a new Series 2002-2 Reserve Account is established, ARG II shall

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<PAGE>

instruct the Trustee in writing to transfer all cash and investments from the
non-qualifying Series 2002-2 Reserve Account into the new Series 2002-2 Reserve
Account. Initially, the Series 2002-2 Reserve Account will be established with
The Bank of New York.

                  (b) ADMINISTRATION OF THE SERIES 2002-2 RESERVE ACCOUNT. ARG
II may instruct (by standing instructions or otherwise) the institution
maintaining the Series 2002-2 Reserve Account to invest funds on deposit in the
Series 2002-2 Reserve Account from time to time in Permitted Investments;
PROVIDED, HOWEVER, that any such investment shall mature not later than the
Business Day prior to the Distribution Date following the date on which such
funds were received, unless any Permitted Investment held in the Series 2002-2
Reserve Account is held with the Paying Agent, then such investment may mature
on such Distribution Date so long as such funds shall be available for
withdrawal on or prior to such Distribution Date. All such Permitted Investments
in respect of each such account will be credited to the Series 2002-2 Reserve
Account and any such Permitted Investments that constitute (i) Physical Property
(and that is not either a United States Security Entitlement or a Security
Entitlement) or Uncertificated Securities (and not United States Security
Entitlements) shall be delivered to the Trustee in accordance with the
definition of "Delivery" and shall be held by the Trustee pending maturity or
disposition and (ii) United States Security Entitlements or Security
Entitlements shall be Controlled by the Trustee pending maturity or disposition.
The Trustee shall, at the expense of ARG II, take such action as is required to
maintain the Trustee's security interest in the Permitted Investments credited
to the Series 2002-2 Reserve Account, including entering into a securities
account control agreement with respect to the accounts. ARG II shall not direct
the Trustee to dispose of (or permit the disposal of) any Permitted Investments
prior to the maturity thereof to the extent such disposal would result in a loss
in the amount expended when such Permitted Investments were purchased. In the
absence of written investment instructions hereunder, funds on deposit in the
Series 2002-2 Reserve Account shall remain uninvested.

                  (c) EARNINGS FROM SERIES 2002-2 RESERVE ACCOUNT. All interest
and earnings (net of losses and investment expenses) paid on funds on deposit in
the Series 2002-2 Reserve Account shall be deemed to be on deposit therein and
available for distribution.

                  (d) SERIES 2002-2 RESERVE ACCOUNT CONSTITUTES ADDITIONAL
COLLATERAL FOR SERIES 2002-2 NOTES. In order to secure and provide for the
repayment and payment of the ARG II Obligations with respect to the Series
2002-2 Notes, ARG II hereby grants a security interest in and assigns, pledges,
grants, transfers and sets over to the Trustee, for the benefit of the Series
2002-2 Noteholders, all of ARG II's right, title and interest in and to the
following (whether now or hereafter existing or acquired): (i) the Series 2002-2
Reserve Account, including any security entitlement thereto; (ii) all funds on
deposit therein from time to time; (iii) all certificates and instruments, if
any, representing or evidencing any or all of the Series 2002-2 Reserve Account
or the funds on deposit therein from time to time; (iv) all investments made at
any time and from time to time

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<PAGE>

with monies in the Series 2002-2 Reserve Account, whether constituting
securities, instruments, general intangibles, investment property, financial
assets or other property; (v) all interest, dividends, cash, instruments and
other property from time to time received, receivable or otherwise distributed
in respect of or in exchange for the Series 2002-2 Reserve Account, the funds on
deposit therein from time to time or the investments made with such funds; and
(vi) all proceeds of any and all of the foregoing, including, without
limitation, cash (the items in the foregoing CLAUSES (I) through (VI) are
referred to, collectively, as the "SERIES 2002-2 RESERVE ACCOUNT COLLATERAL").
The Trustee, for the benefit of the Series 2002-2 Noteholders, shall possess all
right, title and interest in all funds on deposit from time to time in the
Series 2002-2 Reserve Account and in all proceeds thereof, and shall be the only
person authorized to originate entitlement orders in respect of the Series
2002-2 Reserve Account. The Series 2002-2 Reserve Account shall be under the
sole dominion and control of the Trustee for the benefit of the Series 2002-2
Noteholders.

                  (e) SERIES 2002-2 RESERVE ACCOUNT SURPLUS. In the event that
the Series 2002-2 Reserve Account Surplus on any Distribution Date is greater
than zero, the Trustee, acting in accordance with the written instructions of
the Servicer, shall withdraw from the Series 2002-2 Reserve Account an amount
equal to the Series 2002-2 Reserve Account Surplus and shall pay such amount to
ARG II.

                  (f) TERMINATION OF SERIES 2002-2 RESERVE ACCOUNT. Upon the
termination of this Series Supplement in accordance with its terms, the Trustee,
acting in accordance with the written instructions of the Servicer, after the
prior payment of all amounts owing to the Series 2002-2 Noteholders and payable
from the Series 2002-2 Reserve Account as PROVIDED herein, shall withdraw from
the Series 2002-2 Reserve Account all amounts on deposit therein for payment to
ARG II.

                  Section 3.8 SERIES 2002-2 LETTERS OF CREDIT AND SERIES 2002-2
CASH COLLATERAL ACCOUNT.

                  (a) SERIES 2002-2 LETTERS OF CREDIT AND SERIES 2002-2 CASH
COLLATERAL ACCOUNT CONSTITUTES ADDITIONAL COLLATERAL FOR SERIES 2002-2 NOTES. In
order to secure and provide for the repayment and payment of the ARG II
Obligations with respect to the Series 2002-2 Notes, ARG II hereby grants a
security interest in and assigns, pledges, grants, transfers and sets over to
the Trustee, for the benefit of the Series 2002-2 Noteholders, all of ARG II's
right, title and interest in and to the following (whether now or hereafter
existing or acquired): (i) each Series 2002-2 Letter of Credit; (ii) the Series
2002-2 Cash Collateral Account, including any security entitlement thereto;
(iii) all funds on deposit in the Series 2002-2 Cash Collateral Account from
time to time; (iv) all certificates and instruments, if any, representing or
evidencing any or all of the Series 2002-2 Cash Collateral Account or the funds
on deposit therein from time to time; (v) all investments made at any time and
from time to time with monies in the Series 2002-2 Cash Collateral Account,
whether constituting securities, instruments, general intangibles, investment
property, financial assets or other property; (vi) all interest, dividends,

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cash, instruments and other property from time to time received, receivable or
otherwise distributed in respect of or in exchange for the Series 2002-2 Cash
Collateral Account, the funds on deposit therein from time to time or the
investments made with such funds; and (vii) all proceeds of any and all of the
foregoing, including, without limitation, cash (the items in the foregoing
CLAUSES (II) through (VII) are referred to, collectively, as the "SERIES 2002-2
CASH COLLATERAL ACCOUNT COLLATERAL"). The Trustee shall, for the benefit of the
Series 2002-2 Noteholders, possess all right, title and interest in all funds on
deposit from time to time in the Series 2002-2 Cash Collateral Account and in
all proceeds thereof, and shall be the only person authorized to originate
entitlement orders in respect of the Series 2002-2 Cash Collateral Account. The
Series 2002-2 Cash Collateral Account shall be under the sole dominion and
control of the Trustee for the benefit of the Series 2002-2 Noteholders.

                  (b) SERIES 2002-2 LETTER OF CREDIT EXPIRATION DATE. If prior
to the date which is ten (10) days prior to the then scheduled Series 2002-2
Letter of Credit Expiration Date with respect to any Series 2002-2 Letter of
Credit, excluding the amount available to be drawn under such Series 2002-2
Letter of Credit but taking into account each substitute Series 2002-2 Letter of
Credit which has been obtained from a Series 2002-2 Eligible Letter of Credit
Provider and is in full force and effect on such date, (i) the Series 2002-2
Enhancement Amount would be equal to or more than the Series 2002-2 Required
Enhancement Amount and (ii) the Series 2002-2 Liquidity Amount would be equal to
or greater than the Series 2002-2 Required Liquidity Amount, then the Servicer
shall notify the Trustee in writing no later than two Business Days prior to
such Series 2002-2 Letter of Credit Expiration Date of such determination. If
prior to the date which is ten (10) days prior to the then scheduled Series
2002-2 Letter of Credit Expiration Date with respect to any Series 2002-2 Letter
of Credit, excluding the amount available to be drawn under such Series 2002-2
Letter of Credit but taking into account any substitute Series 2002-2 Letter of
Credit which has been obtained from a Series 2002-2 Eligible Letter of Credit
Provider and is in full force and effect on such date, (i) the Series 2002-2
Enhancement Amount would be less than the Series 2002-2 Required Enhancement
Amount or (ii) the Series 2002-2 Liquidity Amount would be less than the Series
2002-2 Required Liquidity Amount, then the Servicer shall notify the Trustee in
writing no later than two Business Days prior to such Series 2002-2 Letter of
Credit Expiration Date of (x) the greater of (A) the excess, if any, of the
Series 2002-2 Required Enhancement Amount over the Series 2002-2 Enhancement
Amount, excluding the available amount under such expiring Series 2002-2 Letter
of Credit, on such date, and (B) the excess, if any, of the Series 2002-2
Required Liquidity Amount over the Series 2002-2 Liquidity Amount, excluding the
available amount under such expiring Series 2002-2 Letter of Credit, on such
date, and (y) the amount available to be drawn on such expiring Series 2002-2
Letter of Credit on such date. Upon receipt of such notice by the Trustee on or
prior to 10:00 a.m. (New York City time) on any Business Day, the Trustee shall,
by 12:00 p.m. (New York City time) on such Business Day (or, in the case of any
notice given to the Trustee after 10:00 a.m. (New York City time), by 12:00 p.m.
(New York City time) on the next following Business Day), draw the lesser of the
amounts set forth in clauses (X) and (Y) above on such Series 2002-2 Letter of

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Credit by presenting a draft accompanied by a Certificate of Termination Demand
and shall cause the Termination Disbursement to be deposited in the Series
2002-2 Cash Collateral Account.

                  If the Trustee does not receive the notice from the Servicer
described in the first paragraph of this SECTION 3.8(B) on or prior to the date
that is two Business Days prior to each Series 2002-2 Letter of Credit
Expiration Date, the Trustee shall, by 12:00 p.m. (New York City time) on such
Business Day draw the full amount of such Series 2002-2 Letter of Credit by
presenting a draft accompanied by a Certificate of Termination Demand and shall
cause the Termination Disbursement to be deposited in the Series 2002-2 Cash
Collateral Account.

                  (c) SERIES 2002-2 LETTER OF CREDIT PROVIDERS. The Servicer
shall notify the Trustee in writing within one Business Day of becoming aware
that the long-term debt credit rating of any Series 2002-2 Letter of Credit
Provider has fallen below "AA-" as determined by Standard & Poor's or "Al" as
determined by Moody's. At such time the Servicer shall also notify the Trustee
of (i) the greater of (A) the excess, if any, of the Series 2002-2 Required
Enhancement Amount over the Series 2002-2 Enhancement Amount, excluding the
available amount under the Series 2002-2 Letter of Credit issued by such Series
2002-2 Letter of Credit Provider, on such date, and (B) the excess, if any, of
the Series 2002-2 Required Liquidity Amount over the Series 2002-2 Liquidity
Amount, excluding the available amount under such Series 2002-2 Letter of
Credit, on such date, and (ii) the amount available to be drawn on such Series
2002-2 Letter of Credit on such date. Upon receipt of such notice by the Trustee
on or prior to 10:00 a.m. (New York City time) on any Business Day, the Trustee
shall, by 12:00 p.m. (New York City time) on such Business Day (or, in the case
of any notice given to the Trustee after 10:00 a.m. (New York City time), by
12:00 p.m. (New York City time) on the next following Business Day), draw on
such Series 2002-2 Letter of Credit in an amount equal to the lesser of the
amount in clause (i) or clause (ii) of the immediately preceding sentence on
such Business Day by presenting a draft accompanied by a Certificate of
Termination Demand and shall cause the Termination Disbursement to be deposited
in the Series 2002-2 Cash Collateral Account.

                  (d) TERMINATION DATE DEMANDS ON THE SERIES 2002-2 LETTERS OF
CREDIT. Prior to 10:00 a.m. (New York City time) on the second Business Day
prior to the Series 2002-2 Letter of Credit Termination Date, the Servicer shall
determine the Series 2002-2 Demand Note Payment Amount, if any, as of the Series
2002-2 Letter of Credit Termination Date and, if the Series 2002-2 Demand Note
Payment Amount is greater than zero, instruct the Trustee in writing to draw on
the Series 2002-2 Letters of Credit. Upon receipt of any such notice by the
Trustee on or prior to 11:00 a.m. (New York City time) on a Business Day, the
Trustee shall, by 12:00 noon (New York City time) on such Business Day draw an
amount equal to the lesser of (i) the Series 2002-2 Demand Note Payment Amount
and (ii) the Series 2002-2 Letter of Credit Liquidity Amount on the Series
2002-2 Letters of Credit by presenting to each Series 2002-2 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
2002-2 Cash Collateral Account; PROVIDED, HOWEVER that if the Series 2002-2 Cash

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Collateral Account has been established and funded, the Trustee shall draw an
amount equal to the product of the lesser of (i) the Series 2002-2 Demand Note
Payment Amount and (ii) the Series 2002-2 Letter of Credit Liquidity Amount and
100% minus the Series 2002-2 Cash Collateral Percentage on such Business Day on
the Series 2002-2 Letters of Credit.

                  (e) DRAWS ON THE SERIES 2002-2 LETTERS OF CREDIT. If there is
more than one Series 2002-2 Letter of Credit on the date of any draw on the
Series 2002-2 Letters of Credit pursuant to the terms of this Series Supplement,
the Servicer shall instruct the Trustee, in writing, to draw on each Series
2002-2 Letter of Credit in an amount equal to the Pro Rata Share of the Series
2002-2 Letter of Credit Provider issuing such Series 2002-2 Letter of Credit of
the amount of such draw on the Series 2002-2 Letters of Credit.

                  (f) ESTABLISHMENT OF SERIES 2002-2 CASH COLLATERAL ACCOUNT. On
or prior to the date of any drawing under a Series 2002-2 Letter of Credit
pursuant to SECTION 3.8(B), (C) or (D) above, ARG II shall establish and
maintain, or cause to be established and maintained, in the name of the Trustee
for the benefit of the Series 2002-2 Noteholders an account (the "SERIES 2002-2
CASH COLLATERAL ACCOUNT"), bearing a designation clearly indicating that the
funds deposited therein are held for the benefit of the Series 2002-2
Noteholders. The Series 2002-2 Cash Collateral Account shall be maintained (i)
with a Qualified Institution, or (ii) as a segregated trust account with the
corporate trust department of a depository institution or trust company having
corporate trust powers and acting as trustee for funds deposited in the Series
2002-2 Cash Collateral Account; PROVIDED, that, if at any time such Qualified
Institution is no longer a Qualified Institution or the credit rating of any
securities issued by such depository institution or trust company shall be below
"AA-" by Standard & Poor's or "A2" by Moody's or the short-term credit rating of
any securities issued by such depository institution or trust company shall be
reduced below "A-1+" by Standard & Poor's, then ARG II shall, within 10 Business
Days of such event, establish a new Series 2002-2 Cash Collateral Account with a
new Qualified Institution or a new segregated trust account with the corporate
trust department of a depository institution or trust company having corporate
trust powers and acting as trustee for funds deposited in the Series 2002-2 Cash
Collateral Account. If a new Series 2002-2 Cash Collateral Account is
established, ARG II shall instruct the Trustee in writing to transfer all cash
and investments from the non-qualifying Series 2002-2 Cash Collateral Account
into the new Series 2002-2 Cash Collateral Account.

                  (g) FUNCTION OF SERIES 2002-2 CASH COLLATERAL ACCOUNT. When
established, the Series 2002-2 Cash Collateral Account is intended to function
in all respects as the replacement for, and the equivalent of, the Series 2002-2
Letter of Credit (or other substitute form of credit enhancement). Accordingly,
following its creation, all references to a draw on the Series 2002-2 Letter of
Credit (or other substitute form of credit enhancement) shall refer to
withdrawals from the Series 2002-2 Cash Collateral Account, in whole or in part,
as applicable, and references to similar terms shall mean

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and be references to, in some or all instances, as applicable, actions taken
with respect to the Series 2002-2 Cash Collateral Account that correspond to
actions that otherwise would have been taken with respect to the Series 2002-2
Letter of Credit (or other substitute form of credit enhancement). Without
limiting the generality of the foregoing, upon funding of the Series 2002-2 Cash
Collateral Account in the case of such account's establishment as a result of a
Series 2002-2 LOC Termination Disbursement (or similar type drawing on any other
substitute forms of credit enhancement), the Trustee shall, at all times when
otherwise required to make a draw under the Series 2002-2 Letter of Credit (or
other substitute form of credit enhancement) pursuant to SECTION 3.3 of this
Series Supplement, make a withdrawal from the Series 2002-2 Cash Collateral
Account in the amount and at such time as a draw would be made under the Series
2002-2 Letter of Credit (or other substitute form of credit enhancement)
pursuant to SECTION 3.3 of this Series Supplement. The Trustee shall provide
written notice to ARG II of any withdrawal from the Series 2002-2 Cash
Collateral Account.

                  (h) ADMINISTRATION OF THE SERIES 2002-2 CASH COLLATERAL
ACCOUNT. ARG II may instruct (by standing instructions or otherwise) the
institution maintaining the Series 2002-2 Cash Collateral Account to invest
funds on deposit in the Series 2002-2 Cash Collateral Account from time to time
in Permitted Investments; PROVIDED, HOWEVER, that any such investment shall
mature not later than the Business Day prior to the Distribution Date following
the date on which such funds were received, unless any Permitted Investment held
in the Series 2002-2 Cash Collateral Account is held with the Paying Agent, in
which case such investment may mature on such Distribution Date so long as such
funds shall be available for withdrawal on or prior to such Distribution Date.
All such Permitted Investments in respect of each such account will be credited
to the Series 2002-2 Cash Collateral Account and any such Permitted Investments
that constitute (i) Physical Property (and that is not either a United States
Security Entitlement or a Security Entitlement) or Uncertificated Securities
(and not United States Security Entitlements) shall be delivered to the Trustee
in accordance with the definition of "Delivery" and shall be held by the Trustee
pending maturity or disposition and (ii) United States Security Entitlements or
Security Entitlements shall be Controlled by the Trustee pending maturity or
disposition. The Trustee shall, at the expense of ARG II, take such action as is
required to maintain the Trustee's security interest in the Permitted
Investments credited to the Series 2002-2 Cash Collateral Account ARG II shall
not direct the Trustee to dispose of (or permit the disposal of) any Permitted
Investments prior to the maturity thereof to the extent such disposal would
result in a loss in the amount expended when such Permitted Investments were
purchased. In the absence of written investment instructions hereunder, funds on
deposit in the Series 2002-2 Cash Collateral Account shall remain uninvested.

                  (i) EARNINGS FROM SERIES 2002-2 CASH COLLATERAL ACCOUNT. All
interest and earnings (net of losses and investment expenses) paid on funds on
deposit in the Series 2002-2 Cash Collateral Account shall be deemed to be on
deposit therein and available for distribution.

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<PAGE>

                  (j) SERIES 2002-2 CASH COLLATERAL ACCOUNT SURPLUS. In the
event that the Series 2002-2 Cash Collateral Account Surplus on any Distribution
Date (or, after the Series 2002-2 Letter of Credit Termination Date, on any
date) is greater than zero, the Trustee, acting in accordance with the written
instructions of the Servicer, shall withdraw from the Series 2002-2 Cash
Collateral Account an amount equal to the Series 2002-2 Cash Collateral Account
Surplus and shall pay such amount: FIRST, PRO RATA to the Series 2002-2 Letter
of Credit Providers, for application in accordance with the provisions of the
related Series 2002-2 Reimbursement Agreement, and, SECOND, to ARG II any
remaining amount.

                  (k) RESERVED.

                  (l) TERMINATION OF SERIES 2002-2 CASH COLLATERAL ACCOUNT. Upon
the termination of this Series Supplement in accordance with its terms, the
Trustee, acting in accordance with the written instructions of the Servicer,
after the prior payment of all amounts owing to the Series 2002-2 Noteholders
and payable from the Series 2002-2 Cash Collateral Account as provided herein,
shall withdraw from the Series 2002-2 Cash Collateral Account all amounts on
deposit therein (to the extent not withdrawn pursuant to SECTION 3.8(I) above)
and shall pay such amounts: FIRST, PRO RATA to the Series 2002-2 Letter of
Credit Providers, for application in accordance with the provisions of the
related Series 2002-2 Reimbursement Agreement, and, SECOND, to ARG II any
remaining amount.

                  Section 3.9 SERIES 2002-2 DISTRIBUTION ACCOUNT.

                  (a) ESTABLISHMENT OF SERIES 2002-2 DISTRIBUTION ACCOUNT. The
Trustee shall establish and maintain in the name of the Trustee for the benefit
of the Series 2002-2 Noteholders, or cause to be established and maintained an
account (the "SERIES 2002-2 DISTRIBUTION ACCOUNT"), bearing a designation
clearly indicating that the funds deposited therein are held for the benefit of
the Series 2002-2 Noteholders. The Series 2002-2 Distribution Account shall be
maintained (i) with a Qualified Institution, or (ii) as a segregated trust
account with the corporate trust department of a depository institution or trust
company having corporate trust powers and acting as trustee for funds deposited
in the Series 2002-2 Distribution Account; PROVIDED that, if at any time such
Qualified Institution is no longer a Qualified Institution or the credit rating
of any securities issued by such depository institution or trust company shall
be below "AA-" by Standard & Poor's or "A2" by Moody's or the short-term credit
rating of any securities issued by such depository institution or trust company
shall be reduced below "A-1+" by Standard & Poor's, then ARG II shall, within 10
Business Days of such event, establish a new Series 2002-2 Distribution Account
with a new Qualified Institution or a new segregated trust account with the
corporate trust department of a depository institution or trust company having
corporate trust powers and acting as trustee for funds deposited in the Series
2002-2 Distribution Account. If a new Series 2002-2 Distribution Account is
established, ARG II shall instruct the Trustee in writing to transfer all cash
and investments from the non-qualifying Series 2002-2 Distribution Account into

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the new Series 2002-2 Distribution Account. Initially, the Series 2002-2
Distribution Account will be established with The Bank of New York.

                  (b) ADMINISTRATION OF THE SERIES 2002-2 DISTRIBUTION ACCOUNT.
ARG II may instruct (by standing instructions or otherwise) the institution
maintaining the Series 2002-2 Distribution Account to invest funds on deposit in
the Series 2002-2 Distribution Account from time to time in Permitted
Investments; PROVIDED, HOWEVER, that any such investment shall mature not later
than the Business Day prior to the Distribution Date following the date on which
such funds were received, unless any Permitted Investment held in the Series
2002-2 Distribution Account is held with the Paying Agent, in which case such
investment may mature on such Distribution Date so long as such funds shall be
available for withdrawal on or prior to such Distribution Date. All such
Permitted Investments in respect of each such account will be credited to the
Series 2002-2 Distribution Account and any such Permitted Investments that
constitute (i) Physical Property (and that is not either a United States
Security Entitlement or a Security Entitlement) or Uncertificated Securities
(and not United States Security Entitlements) shall be delivered to the Trustee
in accordance with the definition of "Delivery" and shall be held by the Trustee
pending maturity or disposition and (ii) United States Security Entitlements or
Security Entitlements shall be Controlled by the Trustee pending maturity or
disposition. The Trustee shall, at the expense of ARG II, take such action as is
required to maintain the Trustee's security interest in the Permitted
Investments credited to the Series 2002-2 Distribution Account, including
entering into a securities account control agreement with respect to the
accounts. ARG II shall not direct the Trustee to dispose of (or permit the
disposal of) any Permitted Investments prior to the maturity thereof to the
extent such disposal would result in a loss in the amount expended when such
Permitted Investments were purchased. In the absence of written investment
instructions hereunder, funds on deposit in the Series 2002-2 Distribution
Account shall remain uninvested.

                  (c) EARNINGS FROM SERIES 2002-2 DISTRIBUTION ACCOUNT. On each
Distribution Date, all interest and earnings (net of losses and investment
expenses) paid on funds on deposit in the Series 2002-2 Distribution Account
shall be distributed to ARG II.

                  (d) SERIES 2002-2 DISTRIBUTION ACCOUNT CONSTITUTES ADDITIONAL
COLLATERAL FOR SERIES 2002-2 NOTES. In order to secure and provide for the
repayment and payment of the ARG II Obligations with respect to the Series
2002-2 Notes, ARG II hereby grants a security interest in and assigns, pledges,
grants, transfers and sets over to the Trustee, for the benefit of the Series
2002-2 Noteholders, all of ARG II's right, title and interest in and to the
following (whether now or hereafter existing or acquired): (i) the Series 2002-2
Distribution Account, including any security entitlement thereto; (ii) all funds
on deposit in the Series 2002-2 Distribution Account from time to time; (iii)
all certificates and instruments, if any, representing or evidencing any or all
of the Series 2002-2 Distribution Account or the funds on deposit therein from
time to time; (iv) all investments made at any time and from time to time with
monies in the Series 2002-2

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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 2002-2 Distribution Account, the funds on deposit therein from time
to time or the investments made with such funds; and (vi) all proceeds of any
and all of the foregoing, including, without limitation, cash (the items in the
foregoing CLAUSES (I) through (VII) are referred to, collectively, as the
"SERIES 2002-2 DISTRIBUTION ACCOUNT COLLATERAL"). The Trustee shall, for the
benefit of the Series 2002-2 Noteholders, possess all right, title and interest
in all funds on deposit from time to time in the Series 2002-2 Distribution
Account and in all proceeds thereof, and shall be the only person authorized to
originate entitlement orders in respect of the Series 2002-2 Distribution
Account. The Series 2002-2 Distribution Account shall be under the sole dominion
and control of the Trustee for the benefit of the Series 2002-2 Noteholders.

                  Section 3.10 SERIES 2002-2 DEMAND NOTE AND SERIES 2002-2
INTEREST RATE CAP CONSTITUTE ADDITIONAL COLLATERAL FOR SERIES 2002-2 NOTES.

                  In order to secure and provide for the repayment and payment
of the Group IV ARG II Obligations with respect to the Series 2002-2 Notes, ARG
II hereby grants a security interest in and assigns, pledges, grants, transfers
and sets over to the Trustee, for the benefit of the Series 2002-2 Noteholders,
all of ARG II's right, title and interest in and to the following (whether now
or hereafter existing or acquired): (i) the Series 2002-2 Demand Note; (ii) all
certificates and instruments, if any, representing or evidencing the Series
2002-2 Demand Note; (iii) the Series 2002-2 Interest Rate Cap or any replacement
thereof; and (iv) all proceeds of any and all of the foregoing, including,
without limitation, cash. On the Series 2002-2 Closing Date, ARG II shall
deliver to the Trustee, for the benefit of the Series 2002-2 Noteholders, the
Series 2002-2 Demand Note, endorsed in blank, and an executed copy of the Series
2002-2 Interest Rate Cap. The Trustee, for the benefit of the Series 2002-2
Noteholders (but solely in accordance with the provisions of this Series
Supplement), shall be the only Person authorized to make a demand for payment on
the Series 2002-2 Demand Note.

                  Section 3.11 SERIES 2002-2 INTEREST RATE CAP.

                  (a) On the Series 2002-2 Closing Date, ARG II shall acquire
one or more interest rate caps substantially in the form of Exhibit H in this
Series Supplement (each a "SERIES 2002-2 INTEREST RATE CAP") from a Qualified
Interest Rate Cap Counterparty. The aggregate initial notional amount of all
Series 2002-2 Interest Rate Caps shall equal the Series 2002-2 Initial Invested
Amount, and the aggregate notional amount of all Series 2002-2 Interest Rate
Caps may be reduced pursuant to the related Series 2002-2 Interest Rate Cap but
shall not at any time be less than the Series 2002-2 Invested Amount. The strike
rate of each Series 2002-2 Interest Rate Cap shall be equal to at most *%.

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                  (b) If, at any time, an Interest Rate Cap Counterparty does
not have at least one of (x) a short-term unsecured debt rating of at least
"A-1" or (y) a long-term unsecured debt rating of at least "A+" or (z) a
counterparty rating of "AAA", in each case, from Standard and Poor's, then ARG
II will use reasonable effort to cause the Interest Rate Cap Counterparty within
30 days following such occurrence (unless within such period Standard & Poor's
has reaffirmed the immediately prior ratings of the Series 2002-2 Notes), at the
Interest Rate Cap Counterparty's expense, to do one of the following (the choice
of such action to be determined by the Interest Rate Cap Counterparty): (i)
obtain a replacement interest rate cap on the same terms as the Series 2002-2
Interest Rate Cap from a Qualified Interest Rate Cap Counterparty, in the form
of Exhibit H, and simultaneously with such replacement ARG II shall terminate
the Series 2002-2 Interest Rate Cap being replaced, (ii) obtain a guaranty from,
or contingent agreement of, another person who qualifies as a Qualified Interest
Rate Cap Counterparty to honor the Interest Rate Cap Counterparty's obligations
under the Series 2002-2 Interest Rate Cap in accordance with its terms and
written confirmation from Standard & Poor's that the substantive terms of the
guaranty agreement are sufficient to maintain or restore the immediately prior
ratings of the Series 2002-2 Notes (iii) post and maintain collateral, which
Standard & Poor's has confirmed in writing is sufficient to maintain or restore
the immediately prior ratings of the Series 2002-2 Notes or (iv) enter into any
arrangement satisfactory to Standard & Poor's and Moody's, which is sufficient
to maintain or restore the immediately prior ratings of the Series 2002-2 Notes;
PROVIDED that no termination of the Series 2002-2 Interest Rate Cap shall occur
until ARG II has entered into a replacement Series 2002-2 Interest Rate Cap with
a Qualified Interest Rate Cap Provider. ARG II must cause each Series 2002-2
Interest Rate Cap to provide that if the Interest Rate Cap Counterparty is
required to take any of the actions described in clauses (i), (ii), (iii) or
(iv) of the preceding sentence and such action is not taken within 30 days, then
the Interest Rate Cap Counterparty must, until a replacement Series 2002-2
Interest Rate Cap is executed and in effect, collateralize its obligations under
such Series 2002-2 Interest Rate Cap in an amount equal to the greatest of (i)
the marked to market value of such Series 2002-2 Interest Rate Cap, (ii) the
next payment due from the Interest Rate Cap Counterparty and (iii) 1% of the
notional amount of such Series 2002-2 Interest Rate Cap.

                  (c) If, at any time, an Interest Rate Cap Counterparty is not
a Moody's Qualified Interest Rate Cap Counterparty, then ARG II will use
reasonable effort to cause the Interest Rate Cap Counterparty within 30 days
following such occurrence (unless Moody's has within such period reaffirmed the
immediately prior ratings of the Series 2002-2 Notes), at such Interest Rate Cap
Counterparty's expense to do one of the following (the choice of such action to
be determined by the Interest Rate Cap Counterparty): (i) enter into a
replacement Series 2002-2 Interest Rate Cap with a Qualified Interest Rate Cap
Counterparty on substantially similar terms to the Series 2002-2 Interest Rate
Cap being replaced, in the form of Exhibit H, and simultaneously with such
replacement, ARG II shall terminate the Series 2002-2 Interest Rate Cap being
replaced, (ii) obtain a guaranty from, or contingent agreement of, another
person who qualifies as a Qualified Interest Rate Cap Counterparty, (iii) post
and maintain collateral,

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which is sufficient to maintain or restore the immediately prior ratings of the
Series 2002-2 Notes or (iv) enter into any arrangement satisfactory to Standard
& Poor's and Moody's, which is sufficient to maintain or restore the immediately
prior ratings of the Series 2002-2 Notes.

                  (d) ARG II shall require all Series 2002-2 Interest Rate Cap
Proceeds to be paid to, and the Trustee shall allocate all Series 2002-2
Interest Rate Cap Proceeds to, the Series 2002-2 Accrued Interest Account of the
Series 2002-2 Collection Account.

                  Section 3.12 SUBORDINATION OF CLASS B NOTES

                  Notwithstanding anything to the contrary contained herein or
in any other Group IV Related Document, the Class B Notes will be subordinate in
all respects to the Class A Notes. No payments on account of principal shall be
made with respect to the Class B Notes until the Class A Notes have been paid in
full, and no payments on account of interest shall be made with respect to the
Class B Notes until all payments of interest then due and payable with respect
to the Class A Notes (including, without limitation, all accrued interest, all
interest accrued on such accrued interest and all Class A Deficiency Amounts)
have been paid in full.

                  Section 3.13 SUBORDINATION OF CLASS C NOTES

                  Notwithstanding anything to the contrary contained herein or
in any other Group IV Related Document, the Class C Notes will be subordinate in
all respects to the Class A Notes and the Class B Notes. No payments on account
of principal shall be made with respect to the Class C Notes until the Class A
Notes and the Class B Notes have been paid in full, and no payments on account
of interest shall be made with respect to the Class C Notes until all payments
of interest then due and payable with respect to the Class A Notes and the Class
B Notes (including, without limitation, all accrued interest, all interest
accrued on such accrued interest and all Class A Deficiency Amounts and Class B
Deficiency Amounts) have been paid in full.

                  Section 3.14 SUBORDINATION OF CLASS D NOTES

                  Notwithstanding anything to the contrary contained herein or
in any other Group IV Related Document, the Class D Notes will be subordinate in
all respects to the Class A Notes, the Class B Notes and the Class C Notes. No
payments on account of principal shall be made with respect to the Class D Notes
until the Class A Notes, the Class B Notes and the Class C Notes have been paid
in full, and no payments on account of interest shall be made with respect to
the Class D Notes until all payments of interest then due and payable with
respect to the Class A Notes, the Class B Notes and the Class C Notes
(including, without limitation, all accrued interest, all interest accrued on
such accrued interest and any Class A Deficiency Amounts, Class B Deficiency
Amounts and Class C Deficiency Amounts) have been paid in full.

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                                   ARTICLE IV

                               AMORTIZATION EVENTS

                  In addition to the Amortization Events set forth in Section
9.1 of the Base Indenture, the following shall be Amortization Events with
respect to the Series 2002-2 Notes and shall constitute the Amortization Events
set forth in Section 9.1(d) of the Base Indenture with respect to the Series
2002-2 Notes:

                  (a) ARG II defaults in the payment of any interest on, or
other amount payable in respect of, the Series 2002-2 Notes when the same
becomes due and payable and such default continues for a period of five (5)
Business Days;

                  (b) ARG II defaults in the payment of any principal on the
Series 2002-2 Notes when the same becomes due and payable and such default
continues for a period of one (1) Business Day;

                  (c) a Group IV Leasing Company Amortization Event shall have
occurred and be continuing with respect to all Group IV Leasing Company Notes;

                  (d) a Series 2002-2 Enhancement Deficiency shall occur and
continue for at least two (2) Business Days;

                  (e) the Series 2002-2 Liquidity Amount shall be less than the
Series 2002-2 Required Liquidity Amount for at least two (2) Business Days;

                  (f) the Series 2002-2 Overcollateralization Amount shall be
less than the Series 2002-2 Required Overcollateralization Amount for at least
two (2) Business Days;

                  (g) a Group IV Aggregate Asset Amount Deficiency shall occur
and continue for at least two (2) Business Days;

                  (h) the Series 2002-2 Collection Account, the Series 2002-2
Accrued Interest Account, the Series 2002-2 Reserve Account or the Series 2002-2
Excess Collection Account shall be subject to an injunction, estoppel or other
stay or a Lien (other than Liens permitted under the Group IV Related Documents)
(each, a "RESTRICTIVE ACTION") for at least two (2) Business Days and either (x)
a Series 2002-2 Enhancement Deficiency would result from excluding the Series
2002-2 Available Reserve Account Amount, in the case of a Restrictive Action in
respect of the Series 2002-2 Reserve Account, and/or the amount of cash and
Permitted Investments on deposit in the Series 2002-2 Excess Collection Account,
in the case of a Restrictive Action in respect of the Series 2002-2 Excess
Collection Account, from the Series 2002-2 Enhancement Amount or (y) solely in
the case of a Restrictive Action in respect of the Series 2002-2 Reserve
Account, the Series 2002-2 Liquidity Amount, excluding therefrom the Series

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2002-2 Available Reserve Account Amount, would be less than the Series 2002-2
Required Liquidity Amount;

                  (i) any Series 2002-2 Letter of Credit shall not be in full
force and effect for at least two (2) business days and either (x) a Series
2002-2 Enhancement Deficiency would result from excluding such Series 2002-2
Letter of Credit from the Series 2002-2 Enhancement Amount or (y) the Series
2002-2 Liquidity Amount, excluding such Series 2002-2 Letter of Credit from the
Series 2002-2 Liquidity Amount, would be less than the Series 2002-2 Required
Liquidity Amount;

                  (j) from and after the funding of the Series 2002-2 Cash
Collateral Account, the Series 2002-2 Cash Collateral Account shall be subject
to a Restrictive Action for at least two (2) Business Days and either (x) a
Series 2002-2 Enhancement Deficiency would result from excluding the Series
2002-2 Available Cash Collateral Account Amount from the Series 2002-2
Enhancement Amount or (y) the Series 2002-2 Liquidity Amount, excluding
therefrom the Series 2002-2 Available Cash Collateral Amount, would be less than
the Series 2002-2 Required Liquidity Amount;

                  (k) an Event of Bankruptcy shall have occurred with respect to
any Series 2002-2 Letter of Credit Provider or any Series 2002-2 Letter of
Credit Provider repudiates its Series 2002-2 Letter of Credit or refuses to
honor a proper draw thereon and either (x) a Series 2002-2 Enhancement
Deficiency would result from excluding such Series 2002-2 Letter of Credit from
the Series 2002-2 Enhancement Amount or (y) the Series 2002-2 Liquidity Amount,
excluding such Series 2002-2 Letter of Credit from the Series 2002-2 Liquidity
Amount, would be less than the Series 2002-2 Required Liquidity Amount;

                  (l) all principal of and interest on any Class of Series
2002-2 Notes is not paid in full on or before the Expected Final Distribution
Date with respect to such Class of Series 2002-2 Notes;

                  (m) the Series 2002-2 Demand Note Amount is less than the
Required Series 2002-2 Demand Note Amount for at least one (1) Business Day;

                  (n) ARG II fails to comply with any of its other agreements or
covenants in, or provisions of, the Series 2002-2 Notes or the Indenture (other
than in respect of a failure to replace the Interest Rate Cap on or prior to
November 30, 2003) and the failure to so comply materially and adversely affects
the interests of the Series 2002-2 Noteholders and continues to materially and
adversely affect the interests of the Series 2002-2 Noteholders for a period of
thirty (30) days after the earlier of (i) the date on which ARG II obtains
knowledge thereof or (ii) the date on which written notice of such failure,
requiring the same to be remedied, shall have been given to ARG II by the
Trustee or to ARG II and the Trustee by the Required Noteholders;

                  (o) any representation made by ARG II in the Indenture or any
Group IV Related Document is false and such false representation materially and

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adversely affects the interests of the Series 2002-2 Noteholders and such false
representation is not cured for a period of thirty (30) days after the earlier
of (i) the date on which ARG II obtains knowledge thereof or (ii) the date that
written notice thereof is given to ARG II by the Trustee or to ARG II and the
Trustee by the Required Noteholders;

                  (p) the current proceeding in the Bankruptcy Court with
respect to ANC Rental and the Group IV Lessees is converted from a Chapter 11
proceeding to a Chapter 7 proceeding under the Bankruptcy Code, or a bankruptcy
trustee or examiner is appointed with expanded powers;

                  (q) on or after the Effective Date, the filing of (i) a
voluntary petition in bankruptcy or (ii) an involuntary petition in bankruptcy,
in each case with respect to ANC Rental and the Group IV Lessees;

                  (r) prior to the Effective Date, the entry of an order with
the Bankruptcy Court with respect to ANC Rental and the Group IV Lessees
adopting a final plan of reorganization, and either (i) such plan fails to
affirm the continued performance by ANC Rental and each Group IV Lessee in
accordance with the terms of the Group IV Related Documents, or (ii) such plan
does not state that a condition precedent to the Effective Date is the repayment
or refinancing (including a remarketing) of the Series 2002-2 Notes in full;

                  (s) prior to the Effective Date, the entry of an order by the
Bankruptcy Court which materially impairs or materially adversely affects the
Group IV Vehicles or the Group IV Collateral and such order is not reversed or
vacated within thirty (30) days after the earlier of (i) the date on which ARG
II obtains knowledge thereof or (ii) the date that written notice thereof is
given to ARG II by the Trustee or to ARG II and the Trustee by the Series 2002-2
Noteholders holding more than 50% of the Controlling Class with respect to the
Series 2002-2 Notes;

                  (t) prior to the Effective Date, the entry of an order (other
than any order with respect to a debtor-in-possession financing or any order
which permits Liberty Mutual Insurance Company to draw on cash collateral) with
the Bankruptcy Court granting relief from the automatic stay under Section 362
of the Bankruptcy Code and which permits a secured party to (i) foreclose on
substantially all of the assets of Alamo and National or (ii) permit action or
foreclosure with respect to the equity, partnership or other ownership interests
of ANC Rental or any Group IV Lessee in the Group IV Leasing Companies or the
General Partners and such order is not reversed or vacated within thirty (30)
days after the earlier of (i) the date on which ARG II obtains knowledge thereof
or (ii) the date that written notice thereof is given to ARG II by the Trustee
or to ARG II and the Trustee by the Series 2002-2 Noteholders holding more than
50% of the Controlling Class with respect to the Series 2002-2 Notes;

                  (u) ANC Rental sells, assigns, transfers or otherwise disposes
of, or creates, incurs, assumes or suffers to exist any security interest,
mortgage, pledge, lien,

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charge or other encumbrance on any nature whatsoever on any shares or interests
ANC Rental has in the capital stock of ARG II without the prior written consent
of 100% of the Series 2002-2 Noteholders, with notice to each Rating Agency,
which may be withheld in the Series 2002-2 Noteholders' sole discretion and such
action is not cured for a period of thirty (30) days after the earlier of (i)
the date on which ARG II obtains knowledge thereof or (ii) the date that written
notice thereof is given to ARG II by the Trustee or to ARG II and the Trustee by
the Series 2002-2 Noteholders holding more than 50% of the Controlling Class
with respect to the Series 2002-2 Notes;

                  (v) the Bankruptcy Court approves a disclosure statement for a
solicitation of acceptance of a plan of reorganization that does not provide for
the repayment or refinancing (including a remarketing) of the Series 2002-2
Notes in full;

                  (w) (i) the filing by ANC Rental or any Group IV Lessee of a
motion for the Bankruptcy Court to enter an order or (ii) the actual entry of an
order subsequent to August 23, 2002 to, revoke, reverse, stay, modify,
supplement or amend the orders of the Bankruptcy Court dated April 4, 2002, June
28, 2002 or August 23, 2002, unless such proposed or actual order does not and
would not reasonably be expected to have a material adverse effect on the rights
or interests of the Series 2002-2 Noteholders, as evidenced by an opinion of
counsel for ANC Rental addressed to and reasonably satisfactory in form and
substance to ARG II and the Trustee, with notice to each Rating Agency;

                  (x) a sale of all or substantially all of the assets of Alamo
and National; and

                  (y) a Series 2002-2 Cap Extension Event has not occurred on or
prior to November 30, 2003.

In the case of (i) any event described in CLAUSES (*) through (*) and (*)
through (*), (*)(*) and (*) through (*) above, an Amortization Event with
respect to the Series 2002-2 Notes shall immediately occur without any notice or
other action on the part of the Trustee or any Series 2002-2 Noteholder or (ii)
any event described in CLAUSE (*), (*) or (*)(*) above, either the Trustee, by
written notice to ARG II and the Series 2002-2 Noteholders, or the Series 2002-2
Noteholders holding more than 50% of the Controlling Class by written notice to
ARG II and the Trustee may declare that an Amortization Event has occurred with
respect to the Series 2002-2 Notes as of the date of the notice. Amortization
Events described in CLAUSES (*) through (*) and (*) and (*) above shall only be
subject to waiver at the written direction of 100% of the Series 2002-2
Noteholders, with notice to each Rating Agency. An Amortization Event described
in CLAUSE (*) or (*) above shall be subject to waiver in accordance with Section
9.4 of the Base Indenture. An Amortization Event described in CLAUSE (*) above
shall not be subject to waiver.

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                                   ARTICLE V

                      RIGHT TO WAIVE PURCHASE RESTRICTIONS

                  Notwithstanding any provision to the contrary in the Indenture
or the Group IV Related Documents, upon the Trustee's receipt of notice from any
Group IV Lessee, any Leasing Company or ARG II (i) to the effect that a Group IV
Manufacturer Program is no longer a Series 2002-2 Eligible Manufacturer Program
and that, as a result, the Series 2002-2 Maximum Non-Program Vehicle Amount
and/or the Series 2002-2 Maximum Non-Eligible Manufacturer Amount is or will be
exceeded or (ii) that ARG II has determined to increase any Series 2002-2
Maximum Amount, (such notice, a "WAIVER REQUEST"), the Series 2002-2 Noteholders
holding more than 662/3% of the Invested Amount with respect to each Class of
Series 2002-2 Notes may elect to waive and/or agree to increase the Series
2002-2 Maximum Non-Program Vehicle Amount, the Series 2002-2 Maximum
Non-Eligible Manufacturer Amount or any other Series 2002-2 Maximum Amount, if
(i) no Amortization Event exists, (ii) more than 662/3% of the Invested Amount
with respect to each Class of Series 2002-2 Notes consent to such waiver and
(iii) 60 days' prior, written notice of such proposed waiver is provided to the
Rating Agencies by the Trustee.

                  Upon receipt by the Trustee of a Waiver Request (a copy of
which the Trustee shall promptly provide to the Rating Agencies), all amounts
which would otherwise be allocated to the Series 2002-2 Excess Collection
Account (collectively, the "DESIGNATED AMOUNTS") from the date the Trustee
receives a Waiver Request through the Consent Period Expiration Date will be
held by the Trustee in the Series 2002-2 Collection Account for ratable
distribution as described below.

                  Within ten (10) Business Days after the Trustee receives a
Waiver Request, the Trustee shall furnish notice thereof to the Series 2002-2
Noteholders, which notice shall be accompanied by a form of consent (each a
"CONSENT") in the form of EXHIBIT J to this Series Supplement by which the
Series 2002-2 Noteholders may, on or before the Consent Period Expiration Date,
consent to waiver and/or increase of the applicable Series 2002-2 Maximum
Amount. If the Trustee receives the Consents from more than 662/3% of the
Invested Amount with respect to each Class of Series 2002-2 Notes agreeing to
waiver and/or increase of the applicable Series 2002-2 Maximum Amount within
forty-five (45) days after the Trustee notifies the Series 2002-2 Noteholders of
a Waiver Request (the day on which such forty-five (45) day period expires, the
"CONSENT PERIOD EXPIRATION DATE"), (i) effective as of the first Distribution
Date on which all non-consenting Series 2002-2 Noteholders shall have received
payment in full of all of the outstanding principal amount of their Series
2002-2 Notes plus accrued and unpaid interest thereon, the applicable Series
2002-2 Maximum Amount shall be deemed waived and/or increased by the consenting
Series 2002-2 Noteholders, (ii) the Trustee will distribute the Designated
Amounts as set forth below and (iii) the Trustee shall promptly (but in any
event within two days) provide the Rating Agency with notice of such waiver. Any
Series 2002-2 Noteholder from whom the Trustee has

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<PAGE>

not received a Consent on or before the Consent Period Expiration Date will be
deemed not to have consented to such waiver.

                  If the Trustee receives Consents from more than 662/3% of the
Invested Amount with respect to each Class of Series 2002-2 Notes on or before
the Consent Period Expiration Date, then on the immediately following
Distribution Date, the Trustee will pay the Designated Amounts as follows:

                  (i) to the non-consenting Class A Noteholders, if any, PRO
         RATA up to the amount required to pay all Series 2002-2 Notes held by
         such non-consenting Class A Noteholders in full, to the non-consenting
         Class B Noteholders, if any, PRO RATA up to the amount required to pay
         all Series 2002-2 Notes held by such non-consenting Class B Noteholders
         in full, to the non-consenting Class C Noteholders, if any, PRO RATA up
         to the amount required to pay all Series 2002-2 Notes held by such
         non-consenting Class C Noteholders in full, to the non-consenting Class
         D Noteholders, if any, PRO RATA up to the amount required to pay all
         Series 2002-2 Notes held by such non-consenting Class D Noteholders in
         full, in each case without any Prepayment Premium; and

                  (ii) any remaining Designated Amounts to the Series 2002-2
         Excess Collection Account.

                  If the amount to be paid pursuant to clause (i) of the
preceding paragraph is not paid in full on the date specified therein, then on
each day following such Distribution Date, the Servicer will allocate to the
Series 2002-2 Collection Account on a daily basis all Designated Amounts
collected on such day. On each following Distribution Date, the Trustee will
withdraw such Designated Amounts from the Series 2002-2 Collection Account and
deposit same in the Series 2002-2 Distribution Account for distribution as
follows:

                  (a) to the non-consenting Class A Noteholders, if any, PRO
RATA an amount equal to the Designated Amounts in the Series 2002-2 Collection
Account as of the applicable Determination Date up to the aggregate outstanding
principal amount of the Series 2002-2 Notes held by the non-consenting Class A
Noteholders, to the non-consenting Class B Noteholders, if any, PRO RATA an
amount equal to the Designated Amounts in the Series 2002-2 Collection Account
as of the applicable Determination Date up to the aggregate outstanding
principal amount of the Series 2002-2 Notes held by the non-consenting Class B
Noteholders, to the non-consenting Class C Noteholders, if any, PRO RATA an
amount equal to the Designated Amounts in the Series 2002-2 Collection Account
as of the applicable Determination Date up to the aggregate outstanding
principal amount of the Series 2002-2 Notes held by the non-consenting Class C
Noteholders, to the non-consenting Class D Noteholders, if any, PRO RATA an
amount equal to the Designated Amounts in the Series 2002-2 Collection Account
as of the applicable Determination Date up to the aggregate outstanding
principal amount of the Series 2002-2

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<PAGE>

Notes held by the non-consenting Class D Noteholders, in each case without any
Prepayment Premium; and

                  (b) any remaining Designated Amounts after distribution of the
amounts set forth in CLAUSE (A), above to the Series 2002-2 Excess Collection
Account.

                  If the Required Noteholders do not timely consent to such
waiver, the Designated Amounts will be re-allocated to the Series 2002-2 Excess
Collection Account for allocation and distribution in accordance with the terms
of this Series Supplement.

                  In the event that the Series 2002-2 Rapid Amortization Period
shall commence after receipt by the Trustee of a Waiver Request, all such
Designated Amounts will thereafter be considered Group IV Principal Collections
allocated to the Series 2002-2 Noteholders.

                                   ARTICLE VI

                           FORM OF SERIES 2002-2 NOTES

                  Section 6.1 RESTRICTED GLOBAL SERIES 2002-2 NOTES.

                  The Series 2002-2 Notes to be issued in the United States will
be issued in book-entry form of 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 D NOTE"), substantially in the form
set forth in EXHIBIT A-1, EXHIBIT B-1, EXHIBIT C-1 and EXHIBIT D-1, hereto, with
such legends as may be applicable thereto as set forth in the Base Indenture,
and will be sold only in the United States (1) initially to institutional
accredited investors within the meaning of Regulation D under the Securities Act
in reliance on an exemption from the registration requirements of the Securities
Act and (2) thereafter to qualified institutional buyers within the meaning of,
and in reliance on, Rule 144A under the Securities Act and shall be deposited on
behalf of the purchasers of the Series 2002-2 Notes represented thereby, with a
custodian for DTC, and registered in the name of Cede & Co. as DTC's nominee,
duly executed by ARG II and authenticated by the Trustee in the manner set forth
in Section 2.4 of the Base Indenture. Interests in a Restricted Global Note will
be exchangeable for definitive Series 2002-2 Notes in accordance with the
provisions of the Base Indenture (as modified by this Series Supplement).

                  Section 6.2 TEMPORARY GLOBAL SERIES 2002-2 NOTES; PERMANENT
GLOBAL SERIES 2002-2 NOTES.

                  The Series 2002-2 Notes to be issued outside the United States
will be issued and sold in transactions outside the United States in reliance on
Regulation S under the Securities Act, as provided in the applicable note
purchase agreement, and shall initially be issued in the form of one or more
temporary notes in registered form without

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<PAGE>

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 D
NOTE"), substantially in the form set forth in EXHIBIT A-2, EXHIBIT B-2, EXHIBIT
C-2 and EXHIBIT D-2 hereto, which shall be deposited on behalf of the purchasers
of the Series 2002-2 Notes represented thereby with a custodian for, and
registered in the name of a nominee of DTC, for the accounts of Morgan Guaranty
Trust Company of New York, Brussels office, as operator of Euroclear and for
Clearstream, Luxembourg, duly executed by ARG II and authenticated by the
Trustee in the manner set forth in Section 2.4 of the Base Indenture. Interests
in a Temporary Global 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 D
NOTE"), substantially in the form of EXHIBIT A-3, EXHIBIT B-3, EXHIBIT C-3 and
EXHIBIT D-3 hereto, in accordance with the provisions of such Temporary Global
Note and the Base Indenture (as modified by this Series Supplement). Interests
in a Permanent Global Note will be exchangeable for definitive Series 2002-2
Notes in accordance with the provisions of such Permanent Global Note and the
Base Indenture (as modified by this Series Supplement).

                                  ARTICLE VII

                        TERMINATION OF SERIES SUPPLEMENT

                  Section 7.1 TERMINATION OF SERIES SUPPLEMENT.

                  (a) This Series Supplement shall cease to be of further effect
when all Outstanding Series 2002-2 Notes theretofore authenticated and issued
have been delivered (other than destroyed, lost or stolen Notes which have been
replaced or paid) to the Trustee for cancellation, ARG II has paid all sums
payable hereunder and, if the Series 2002-2 Demand Note Payment on the Series
2002-2 Letter of Credit Termination Date was greater than zero, all amounts have
been withdrawn from the Series 2002-2 Cash Collateral Account in accordance with
SECTION 3.8(I) of this Series Supplement.

                  (b) In addition, ARG II may terminate all of its obligations
under this Series Supplement if:

                  (i) ARG II irrevocably deposits in trust with the Trustee or
         at the option of the Trustee, with a trustee reasonably satisfactory to
         the Trustee and ARG II under the terms of an irrevocable trust
         agreement in form and substance satisfactory to the Trustee, money or
         U.S. Government Obligations in an amount sufficient, in the opinion of
         a nationally recognized firm of independent certified public
         accountants expressed in a written certification thereof delivered to
         the Trustee, to pay, when due, principal of and interest on the Series
         2002-2 Notes to maturity or redemption, as the case may be, and to pay
         all other sums payable by it hereunder; PROVIDED, HOWEVER, that (1) the
         trustee of the irrevocable trust shall

                                       97
<PAGE>

         have been irrevocably instructed to pay such money or the proceeds of
         such U.S. Government Obligations to the Trustee and (2) the Trustee
         shall have been irrevocably instructed to apply such money or the
         proceeds of such U.S. Government Obligations to the payment of said
         principal and interest with respect to the Series 2002-2 Notes;

                  (ii) ARG II delivers to the Trustee an Officer's Certificate
         stating that all conditions precedent to satisfaction and discharge of
         this Series Supplement have been complied with, and an Opinion of
         Counsel to the same effect;

                  (iii) ARG II delivers to the Trustee an Officer's Certificate
         stating that no Potential Amortization Event or Amortization Event, in
         either case, shall have occurred and be continuing with respect to the
         Series 2002-2 Notes on the date of such deposit;

                  (iv) ARG II delivers to the Trustee an Opinion of Counsel to
         the effect that the termination of ARG II's obligations under this
         Series Supplement in accordance with the provisions of this ARTICLE VII
         shall not result in the recognition of gain by the Series 2002-2
         Noteholders at the time of such termination; and

                  (v) the Series 2002-2 Rating Agency Confirmation Condition is
         satisfied.

Then, this Series Supplement shall cease to be of further effect.

                  (c) After such irrevocable deposit is made pursuant to SECTION
7.1(B) of this Series Supplement and satisfaction of the other conditions set
forth herein, the Trustee promptly upon request shall acknowledge in writing the
discharge of ARG II's obligations under this Series Supplement.

                  In order to have money available on a payment date to pay
principal of or interest on the Series 2002-2 Notes, the U.S. Government
Obligations shall be payable as to principal or interest at least one Business
Day before such payment date in such amounts as will provide the necessary
money. U.S. Government Obligations shall not be callable at the issuer's option.

                  Section 7.2 APPLICATION OF TRUST MONEY.

                  The Trustee or a trustee satisfactory to the Trustee and ARG
II shall hold in trust money or U.S. Government Obligations deposited with it
pursuant to SECTION 7.1 of this Series Supplement. The Trustee shall apply the
deposited money and the money from U.S. Government Obligations in accordance
with the Indenture to the payment of principal and interest on the Series 2002-2
Notes.

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<PAGE>

                  The provisions of this SECTION 7.2 shall survive the
expiration or earlier termination of this Series Supplement.

                                  ARTICLE VIII

               ALLOCATION AND APPLICATION OF GROUP IV COLLECTIONS

                  Section 8.1 GROUP IV COLLECTION ACCOUNT.

                  (a) ESTABLISHMENT OF GROUP IV COLLECTION ACCOUNT. The Trustee
shall establish and maintain or cause to be established and maintained in the
name of the Trustee for the benefit of the Group IV Secured Parties an account
(the "GROUP IV COLLECTION ACCOUNT"), bearing a designation clearly indicating
that the funds deposited therein are held for the benefit of the Group IV
Secured Parties. The Trustee shall possess all right, title and interest in all
moneys, instruments, securities and other property on deposit from time to time
in the Group IV Collection Account and the proceeds thereof for the benefit of
the Group IV Secured Parties. The Group IV Collection Account shall be under the
sole dominion and control of the Trustee for the benefit of the Group IV Secured
Parties. The Group IV Collection Account shall be maintained (i) with a
Qualified Institution, or (ii) as a segregated trust account with the corporate
trust department of a depository institution or trust company having corporate
trust powers and acting as trustee for funds deposited in the Group IV
Collection Account; provided that, if at any time such Qualified Institution is
no longer a Qualified Institution or the credit rating of any securities issued
by such depository institution or trust company shall be reduced to below "AA-"
by S&P or "A2" by Moody's or the short-term credit rating of any securities
issued by such depository institution or trust company shall be reduced below
"A-1+" by Standard & Poor's, then ARG II shall, within 10 Business Days of such
reduction, establish a new Group IV Collection Account with a new Qualified
Institution or a new segregated trust account with the corporate trust
department of a depository institution or trust company having corporate trust
powers and acting as trustee for funds deposited in the Group IV Collection
Account. If the Group IV Collection Account is not maintained in accordance with
the previous sentence, then within 10 Business Days after obtaining knowledge of
such fact, the Trustee shall establish a new Group IV Collection Account which
complies with such sentence and transfer into the new Group IV Collection
Account all cash and investments from the non-qualifying Group IV Collection
Account. Initially, the Group IV Collection Account will be established with The
Bank of New York. For all purposes hereunder and for the avoidance of doubt, the
Group IV Collection Account has been established solely for the benefit of the
Group IV Noteholders of all Series of Notes that are not Segregated Series, and
in connection with the issuance of a Segregated Series of Notes, ARG II will
establish with the Trustee a separate and segregated trust account with respect
to collections with respect to the Group-Specific Collateral related in such
Segregated Series of Notes as contemplated by Section 2.3(b) of the Base
Indenture.

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<PAGE>

                  (b) ESTABLISHMENT OF ADDITIONAL ACCOUNTS. To the extent
specified in the Series Supplement with respect to any Series of Notes, the
Trustee may establish and maintain one or more additional accounts and/or
Administrative Subaccounts to facilitate the proper allocation of Group IV
Collections or Group-Specific Collections in accordance with the terms of such
Series Supplement.

                  (c) ADMINISTRATION OF THE GROUP IV COLLECTION ACCOUNT. ARG II
shall instruct the institution maintaining the Group IV Collection Account in
writing to invest funds on deposit in the Group IV Collection Account (including
any administrative subaccounts thereof) at all times in Permitted Investments
selected by ARG II (by standing instructions or otherwise); PROVIDED, HOWEVER,
that except as provided in any Series Supplement, any such investment shall
mature not later than the Business Day prior to the Distribution Date following
the date on which such funds were so invested, except for any Permitted
Investment held in the Group IV Collection Account (including any administrative
subaccounts thereof) which is in an investment made by the Paying Agent
institution, in which event such investment may mature on such Distribution Date
so long as such funds shall be available for withdrawal on or prior to such
Distribution Date. All such Permitted Investments will be credited to the Group
IV Collection 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) or Uncertificated Securities (and not United States
Securities Entitlements) shall be delivered to the Trustee in accordance with
the definition of "Delivery" and shall be held by the Trustee pending maturity
or disposition and (ii) United States Security Entitlements or Security
Entitlements shall be Controlled by the Trustee pending maturity or disposition
and shall be maintained by the Trustee pending maturity or disposition. The
Trustee shall, at the expense of ARG II, take such action as is required to
maintain the Trustee's security interest in the Permitted Investments credited
to the Group IV Collection Account. In the absence of written investment
instructions hereunder, funds on deposit in the Group IV Collection Account
shall remain uninvested. Neither ARG II nor the Trustee shall dispose of (or
permit the disposal of) any Permitted Investments prior to the maturity thereof
to the extent such disposal would result in a loss in the amount expended when
such Permitted Investments were purchased.

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

                  Section 8.2 GROUP IV COLLECTIONS AND ALLOCATIONS.

                  (a) GROUP IV COLLECTIONS IN GENERAL. Until this Series
Supplement is terminated pursuant to SECTION 7.1, ARG II shall, and the Trustee
is authorized to, cause

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all Group IV Collections due and to become due to ARG II or the Trustee, as the
case may be, to be paid directly into the Group IV Collection Account at such
times as such amounts are due. ARG II agrees that if any such monies,
instruments, cash or other proceeds shall be received by ARG II in an account
other than the Group IV Collection Account or in any other manner, such monies,
instruments, cash and other proceeds will not be commingled by ARG II with any
of its other funds or property, if any, but will be held separate and apart
therefrom and shall be held in trust by ARG II for, and immediately paid over
to, but in any event within two Business Days from receipt, the Trustee with any
necessary endorsement. All monies, instruments, cash and other proceeds received
by the Trustee pursuant to this Indenture shall be promptly deposited in the
Group IV Collection Account and shall be applied as provided in this ARTICLE
VIII.

                  (b) DISQUALIFICATION OF INSTITUTION MAINTAINING GROUP IV
COLLECTION ACCOUNT. Upon and after the establishment of a new Group IV
Collection Account with a Qualified Institution or qualified corporate trust
department pursuant to SECTION 8.1(A), ARG II shall deposit or cause to be
deposited all Group IV Collections as set forth in SECTION 8.2(A) into the new
Group IV Collection Account, and in no such event shall deposit or cause to be
deposited any Group IV Collections thereafter into any account established, held
or maintained with the institution formerly maintaining the Group IV Collection
Account (unless it later becomes a Qualified Institution or qualified corporate
trust department maintaining the Group IV Collection Account).

                  (c) SHARING GROUP IV COLLECTIONS. In the manner described in
the related Series Supplement, to the extent that Group IV Principal Collections
that are allocated to any Series are not needed to make payments to Group IV
Noteholders of such Series or required to be deposited in a reserve account or a
Distribution Account for such Series, such Group IV Principal Collections may,
at the direction of ARG II, be applied to cover principal payments due to or for
the benefit of Group IV Noteholders of another Series; PROVIDED THAT the sharing
contemplated under this Section applies only within Series of Group IV Notes
sharing in the same Group-Specific Collateral. Any such reallocation will not
result in a reduction in the Invested Amount of the Series to which such Group
IV Principal Collections were initially allocated.

                  (d) UNALLOCATED GROUP IV PRINCIPAL COLLECTIONS. If, after
giving effect to SECTION 8.2(C), Group IV Principal Collections allocated to any
Series are in excess of the amount required to be paid in respect of such
Series, then any such excess Group IV Principal Collections shall be allocated
to ARG II or such other party as may be entitled thereto as set forth in any
Series Supplement.

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                                   ARTICLE IX

                                     GENERAL

                  Section 9.1 OPTIONAL REPURCHASE.

                  The Class A Notes are subject to optional repurchase by ARG
II, in whole but in not part, on any Distribution Date. The Class B Notes are
subject to optional repurchase by ARG II, in whole but in not part, on any
Distribution Date on or after the Class A Notes have been paid in full. The
Class C Notes are subject to optional repurchase by ARG II, in whole but in not
part, on any Distribution Date on or after the Class B Notes have been paid in
full. The Class D Notes are subject to optional repurchase by ARG II, in whole
but in not part, on any Distribution Date on or after the Class C Notes have
been paid in full. For the avoidance of doubt, the provisions of this SECTION
9.1 do not apply to any prepayment of principal of the Series 2002-2 Notes made
in connection with a Waiver Event or an Emergence Event. The purchase price for
any such optional repurchase (an "OPTIONAL REDEMPTION") of a Class of Series
2002-2 Notes shall equal the Invested Amount of such Class PLUS accrued and
unpaid interest on such Invested Amount PLUS, if applicable, the prepayment
premium described in SECTION 9.1(A), (B), (C) or (D), as applicable.

                  (a) CLASS A PREPAYMENT PREMIUM. During the Series 2002-2
Revolving Period, upon any Optional Redemption of the Class A Notes by ARG II
(so long as no Amortization Event has occurred with respect to the Class A
Notes) when the Invested Amount of such Class A Notes on the date of such
optional repurchase is greater than 10% of the Class A Initial Invested Amount
the holders of the Class A Notes shall be entitled to a prepayment premium (the
"CLASS A PREPAYMENT PREMIUM") equal to the amount of interest that would have
accrued on the Invested Amount of the Class A Notes so prepaid (assuming that
(i) no Amortization Event occurs with respect to the Class A Notes, (ii) the
Class A Noteholders are paid the Class A Controlled Distribution Amount on each
of the scheduled Distribution Dates for the period commencing with the
Distribution Date on which such repurchase is effected and ending on the Class A
Expected Final Distribution Date, and (iii) interest accrues on such Class A
Notes at a rate equal to LIBOR plus 1.25%), discounted to present value as of
such Distribution Date at a rate equal to LIBOR in effect on such Distribution
Date plus 1.25%. No Class A Prepayment Premium will be payable to any holder of
a Series 2002-2 Note in connection with any prepayment of principal of the
Series 2002-2 Notes resulting from a Waiver Event or an Emergence Event.

                  (b) CLASS B PREPAYMENT PREMIUM. Upon any optional repurchase
of the Class B Notes by ARG II (so long as no Amortization Event has occurred
with respect to the Class B Notes) when the Invested Amount of such Class B
Notes on the date of such optional repurchase is greater than 10% of the Class B
Initial Invested Amount the holders of the Class B Notes shall be entitled to a
prepayment premium (the "CLASS B PREPAYMENT PREMIUM") equal to the amount of
interest that would have accrued

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on the Invested Amount of the Class B Notes so prepaid (assuming that (i) no
Amortization Event occurs with respect to the Class B Notes, (ii) the Class B
Noteholders are paid the Class B Controlled Distribution Amount on each of the
scheduled Distribution Dates for the period commencing with the Distribution
Date on which such repurchase is effected and ending on the Class B Expected
Final Distribution Date, and (iii) interest accrues on such Class B Notes at a
rate equal to LIBOR plus 1.90%), discounted to present value as of such
Distribution Date at a rate equal to LIBOR in effect on such Distribution Date
plus 1.90%. No Class B Prepayment Premium will be payable to any holder of a
Series 2002-2 Note in connection with any prepayment of principal of the Series
2002-2 Notes resulting from a Waiver Event or an Emergence Event.

                  (c) CLASS C PREPAYMENT PREMIUM. Upon any optional repurchase
of the Class C Notes by ARG II (so long as no Amortization Event has occurred
with respect to the Class C Notes) when the Invested Amount of such Class C
Notes on the date of such optional repurchase is greater than 10% of the Class C
Initial Invested Amount the holders of the Class C Notes shall be entitled to a
prepayment premium (the "CLASS C PREPAYMENT PREMIUM") equal to the amount of
interest that would have accrued on the Aggregate Principal Balance of the Class
C Notes so prepaid (assuming that (i) no Amortization Event occurs with respect
to the Class C Notes, (ii) the Class C Noteholders are paid the Class C
Controlled Distribution Amount on each of the scheduled Distribution Dates for
the period commencing with the Distribution Date on which such repurchase is
effected and ending on the Class C Expected Final Distribution Date, and (iii)
interest accrues on such Class C Notes at a rate equal to LIBOR plus 2.75%),
discounted to present value as of such Distribution Date at a rate equal to
LIBOR in effect on such Distribution Date plus 2.75%. No Class C Prepayment
Premium will be payable to any holder of a Series 2002-2 Note in connection with
any prepayment of principal of the Series 2002-2 Notes resulting from a Waiver
Event or an Emergence Event.

                  (d) CLASS D PREPAYMENT PREMIUM. Upon any optional repurchase
of the Class D Notes by ARG II (so long as no Amortization Event has occurred
with respect to the Class D Notes) when the Invested Amount of such Class D
Notes on the date of such optional repurchase is greater than 10% of the Class D
Initial Invested Amount the holders of the Class D Notes shall be entitled to a
prepayment premium (the "CLASS D PREPAYMENT PREMIUM" and, together with the
Class A Prepayment Premium, the Class B Prepayment Premium and the Class C
Prepayment Premium, as applicable, the "SERIES 2002-2 PREPAYMENT PREMIUM") equal
to the amount of interest that would have accrued on the Aggregate Principal
Balance of the Class D Notes so prepaid (assuming that (i) no Amortization Event
occurs with respect to the Class D Notes, (ii) the Class D Noteholders are paid
the Class D Controlled Distribution Amount on each of the scheduled Distribution
Dates for the period commencing with the Distribution Date on which such
repurchase is effected and ending on the Class D Expected Final Distribution
Date, and (iii) interest accrues on such Class D Notes at a rate equal to LIBOR
plus 6.28%), discounted to present value as of such Distribution Date at a rate
equal to LIBOR

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in effect on such Distribution Date plus 6.28%. No Class D Prepayment Premium
will be payable to any holder of a Series 2002-2 Note in connection with any
prepayment of principal of the Series 2002-2 Notes resulting from a Waiver Event
or an Emergence Event.

                  Section 9.2 ISSUANCES OF ADDITIONAL SERIES 2002-2 NOTES.

                  (a) From time to time during the Series 2002-2 Revolving
Period, ARG II may, subject to the conditions set forth in clause (b) below,
issue Additional Series 2002-2 Notes which will be identical in all respects to
the other Series 2002-2 Notes of the corresponding Class and will be equally and
ratably entitled to the benefits of the Indenture without preference, priority
or distinction. The initial principal amount of all Additional Series 2002-2
Notes shall be allocated PRO RATA among the Class A Notes, the Class B Notes,
the Class C Notes and the Class D Notes (based on the outstanding Invested
Amount of each such Class) and the Class A Invested Amount, the Class B Invested
Amount, the Class C Invested Amount and the Class D Invested Amount will be
increased accordingly.

                  (b) Additional Series 2002-2 Notes may be issued only upon
satisfaction of the following conditions: (i) after giving effect to the
issuance of such Additional Series 2002-2 Notes, no Amortization Event or
Potential Amortization Event will exist, (ii) the Series 2002-2 Rating Agency
Confirmation Condition shall have been satisfied in respect of the issuance of
such Additional Series 2002-2 Notes, (iii) the excess of the principal amount of
the Additional Series 2002-2 Notes over their issue price will not exceed the
maximum amount permitted under the Code without the creation of an original
issue discount and (iv) the Trustee shall have received an opinion of counsel to
the effect that (A) the Additional Series 2002-2 Notes will be characterized as
indebtedness of ARG II for federal income tax purposes, and (B) the issuance of
the Additional Series 2002-2 Notes will not adversely affect the tax
characterization of the Series 2002-2 Notes.

                  Section 9.3 INFORMATION.

                  (a) On or before each Distribution Date, ARG II shall furnish
to the Trustee and the Paying Agent a Monthly Noteholders' Statement with
respect to the Series 2002-2 Notes, substantially in the form of EXHIBIT K,
setting forth, INTER ALIA, the following information (which, in the cases of
clauses (II), (III) and (IV) below, will be expressed as a dollar amount per
$1,000 of the initial Invested Amount of the Series 2002-2 Notes and as a
percentage of the Series 2002-2 Invested Amount as of such date):

                  (i) the Series 2002-2 Invested Percentage with respect to
         Group IV Interest Collections and with respect to Group IV Principal
         Collections on the last day of the Group IV Related Month;

                  (ii) the total amount to be distributed to Series 2002-2
         Noteholders on the next succeeding Distribution Date;

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                  (iii) the amount of such distribution allocable to principal
         of the Series 2002-2 Notes;

                  (iv) the amount of such distribution allocable to interest on
         the Series 2002-2 Notes;

                  (v) the amount of Group IV Monthly Base Rent, Monthly
         Supplemental Payments and Additional Base Rent due under each Group IV
         Lease on such Distribution Date;

                  (vi) the amount of any withdrawal from the Series 2002-2
         Reserve Account or Series 2002-2 Cash Collateral Account, any demand on
         the Series 2002-2 Demand Note or any drawing on the Series 2002-2
         Letters of Credit anticipated to be made on such Distribution Date;

                  (vii) the Series 2002-2 Enhancement Amount and the Series
         2002-2 Liquidity Amount, in each case, as of the last day of the Group
         IV Related Month after giving effect to any withdrawals, drawings or
         demands on the Series 2002-2 Enhancement Amount as of the last day of
         the Group IV Related Month;

                  (viii) the Carryover Controlled Amortization Amount, if any,
         for the Group IV Related Month;

                  (ix) whether, to the knowledge of the Servicer, any Lien
         exists on any of the Group IV Collateral (other than Liens granted
         pursuant to the Indenture and the other Group IV Related Documents or
         permitted thereunder);

                  (x) whether, to the knowledge of the Servicer, any Group IV
         Leasing Company Amortization Event or Group IV Lease Event of Default
         has occurred;

                  (xi) whether, to the knowledge of the Servicer, any
         Amortization Event or Potential Amortization Event with respect to the
         Series 2002-2 Notes has occurred;

                  (xii) the Group IV Aggregate Asset Amount and the amount of
         the Group IV Aggregate Asset Amount Deficiency, if any, at the close of
         business on the last day of the Group IV Related Month;

                  (xiii) the Series 2002-2 Non-Program Vehicle Amount and the
         Series 2002-2 Non-Program Vehicle Percentage as of the last day of the
         Group IV Related Month;

                  (xiv) the Fair Market Value Average and Measurement Month
         Average as of the related Determination Date (including a calculation
         of the components thereof);

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                  (xv) the Series 2002-2 Required Enhancement Incremental
         Amount, if any, as of the last day of the Group IV Related Month;

                  (xvi) the Series 2002-2 Required Liquidity Amount as of the
         last day of the Group IV Related Month and whether the Series 2002-2
         Liquidity Amount is less than the Series 2002-2 Required Liquidity
         Amount as of the last day of the Group IV Related Month;

                  (xvii) the Series 2002-2 Required Enhancement Amount and
         whether a Series 2002-2 Enhancement Deficiency exists and the amount
         thereof as of the last day of the Group IV Related Month;

                  (xviii) with respect to each Manufacturer, the percentage of
         all Group IV Vehicles as of the end of the Group IV Related Month which
         were Series 2002-2 Program Vehicles manufactured by such Manufacturer;

                  (xix) with respect to each Manufacturer, the percentage of all
         Group IV Vehicles as of the end of the Group IV Related Month which
         were Series 2002-2 Non-Program Vehicles manufactured by such
         Manufacturer;

                  (xx) a list of each Additional Lessee that became a party to
         any of the Leases during the Group IV Related Month.

                  The Trustee shall provide to the Series 2002-2 Noteholders, or
their designated agent, copies of each Monthly Noteholders' Statement.

                  (b) On an annual basis, commencing April 30, 2003, ARG II
shall furnish to the Trustee, with copies to the Rating Agencies, a report (the
"NON-PROGRAM VEHICLE REPORT") of a firm of nationally recognized independent
public accountants (who may also render other services to ANC and its affiliates
and which is acceptable to the Rating Agencies) to the effect that they have
performed certain agreed upon procedures (effective through December 31 of the
preceding year), specifically (i) compared the procedures related to the
calculation of Disposition Proceeds and Group IV Termination Payments obtained
from the sale or other disposition of Series 2002-2 Non-Program Vehicles (other
than Casualties) sold or otherwise disposed of during each Group IV Related
Month to those procedures outlined in the Group IV Related Documents and
compared the results of such procedures to the corresponding amounts set forth
in the Monthly Noteholders' Statement with respect to the Series 2002-2 Notes,
and (ii) compared the procedures related to the calculation of the Group IV Net
Book Value and Fair Market Value of the Series 2002-2 Non-Program Vehicles for
the Group IV Related Month to those procedures outlined in the Group IV Related
Documents and compared the results of such procedures to the amounts set forth
in the Monthly Noteholders' Statement with respect to the Series 2002-2 Notes,
and that on the basis of such comparisons referenced in (i) and (ii) (which
comparisons shall be provided as part of the Non-Program Vehicle Report) such
accountants are reporting that the procedures are in compliance with the
requirements of the Group IV Related Documents and the results of such

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procedures are in agreement with the amounts set forth in the Monthly
Noteholders' Statement with respect to the Series 2002-2 Notes, in each case
except for such exception as shall be set forth in such Non-Program Vehicle
Report.

                  (c) ARG II shall furnish to the Trustee a bi-weekly report as
required under Section 24.6 of the applicable Group IV Lease.

                  Section 9.4 SERIES 2002-2 DEMAND NOTE.

                  Other than pursuant to a demand thereon pursuant to SECTION
3.5(B), (D), (F) or (H) of this Series Supplement, ARG II shall not reduce the
amount of the Series 2002-2 Demand Note or forgive amounts payable thereunder so
that the outstanding principal amount of the Series 2002-2 Demand Note after
such reduction or forgiveness is less than the greater of the Series 2002-2
Letter of Credit Liquidity Amount and an amount equal to 0.50% of the Series
2002-2 Invested Amount; PROVIDED, HOWEVER that if ARG II has first delivered to
the Trustee an Opinion of Counsel that reduction or forgiveness of amounts owing
under the Series 2002-2 Demand Note to an amount less than 0.50% of the Series
2002-2 Invested Amount will not have an adverse effect on the tax
characterization of the Series 2002-2 Notes, ARG II may reduce the amount of the
Series 2002-2 Demand Note or forgive amounts payable thereunder to an amount
less than 0.50% of the Series 2002-2 Invested Amount but equal to or greater
than the Series 2002-2 Letter of Credit Liquidity Amount. ARG II shall not agree
to any amendment of the Series 2002-2 Demand Note without first satisfying the
Series 2002-2 Rating Agency Confirmation Condition.

                  Section 9.5 EXHIBITS.

                  The following exhibits attached hereto supplement the exhibits
included in the 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 D Note
                  Exhibit D-2:  Form of Temporary Global Class D Note
                  Exhibit D-3:  Form of Permanent Global Class D Note
                  Exhibit E:    Form of Series 2002-2 Demand Note
                  Exhibit F-l:  Series 2002-2 Eligible Non-Program Manufacturers
                  Exhibit F-2:  Series 2002-2 Eligible Program Manufacturers

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                  Exhibit G:    Form of Series 2002-2 Letter of Credit
                  Exhibit H:    Form of Series 2002-2 Interest Rate Cap
                  Exhibit I:    Form of Lease Payment Deficit Notice
                  Exhibit J:    Form of Consent
                  Exhibit K:    Form of Monthly Noteholders' Statements
                  Exhibit L:    Form of Default Notice

                  Section 9.6 RATIFICATION OF BASE INDENTURE.

                  As supplemented by this Series Supplement, the Base Indenture
is in all respects ratified and confirmed and the Base Indenture as so
supplemented by this Series Supplement shall be read, taken, and construed as
one and the same instrument.

                  Section 9.7 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 Series Supplement or any other
Group IV Related Document. The Trustee shall provide to each Rating Agency a
copy of each notice, opinion of counsel, certificate or other item delivered to
the Trustee, as the registered holder of the Group IV Leasing Company Notes,
pursuant to the Group IV Leasing Company Related Documents.

                  Section 9.8 COUNTERPARTS.

                  This Series 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 9.9 GOVERNING LAW.

                  This Series Supplement shall be construed in accordance with
the law of the State of New York, and the obligations, rights and remedies of
the parties hereto shall be determined in accordance with such law.

                  Section 9.10 AMENDMENTS.

                  This Series Supplement may be modified or amended from time to
time in accordance with the terms of the Base Indenture; PROVIDED, HOWEVER, that
if, the consent of the Required Noteholders is required for an amendment or
modification of this Series Supplement, such requirement shall be satisfied if
such amendment or modification is consented to by Series 2002-2 Noteholders
representing more than 50% of the Invested Amount of the Series 2002-2 Notes
affected thereby; and, PROVIDED, FURTHER, that if the consent of the Required
Noteholders is required for a proposed amendment or modification of this Series
Supplement that affects only one Class (or group of Classes) of the Series

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2002-2 Notes (and does not affect in any material respect, as evidenced by an
Opinion of Counsel to such effect the other Classes), then such requirement
shall be satisfied if such amendment or modification is consented to by the
Series 2002-2 Noteholders representing more than 50% of the Invested Amount of
the affected Class (or group of Classes), without the necessity of obtaining the
consent of the Required Noteholders in respect of the other Classes; PROVIDED,
FURTHER, that any Proposed Emergence Amendments shall be made in accordance with
the provisions of ARTICLE XI of this Series Supplement. In addition, this Series
Supplement may be amended or modified from time to time, without the consent of
any Series 2002-2 Noteholder but with the consent of the Issuer and the Trustee
and satisfaction of the Series 2002-2 Rating Agency Confirmation Condition, in
order to amend the following definitions: "Measurement Month," "Measurement
Month Average," "Fair Market Value" and "Fair Market Value Average" and to make
changes related to such amendments.

                  Section 9.11 TRUSTEE'S DUTIES TO COOPERATE IN THE PREPARATION
AND FILING OF FINANCING OR CONTINUATION STATEMENTS.

                  The Trustee shall not be responsible for the preparation of
any financing or continuation statements; PROVIDED, HOWEVER that the Trustee
shall cooperate with ARG II in the preparation and filing of any financing or
continuation statements.

                  Section 9.12 REMEDIES. In addition to, and not in limitation
of, any of the other remedies provided to the Trustee hereunder and under the
Base Indenture, upon the occurrence of an Amortization Event, the Trustee may,
or shall at the written direction of the Requisite Investors, file with the
Bankruptcy Court of a Default Notice substantially in the form of Exhibit L
hereto.

                                    ARTICLE X

                                    COVENANTS

                  Section 10.1 ADDITIONAL LEASING COMPANIES.

                  ARG II will not acquire an Additional Leasing Company Group IV
Note issued under an Additional Leasing Company Group IV Indenture, as
supplemented by an Additional Leasing Company Group IV Supplement, from an
Additional Leasing Company without complying with the provisions of this SECTION
10.1. If ARG II desires to acquire an Additional Leasing Company Group IV Note
issued under an Additional Leasing Company Group IV Indenture, as supplemented
by an Additional Leasing Company Group IV Supplement, from an Additional Leasing
Company, ARG II shall deliver the following to the Trustee:

                  (a) such Additional Leasing Company Group IV Indenture and
Additional Leasing Company Group IV Supplement, in substantially the form of the
existing Group IV Leasing Company Indentures or otherwise in form and substance
satisfactory to the Required Noteholders of each Outstanding Series of Group IV

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Notes, duly executed by such Additional Leasing Company and the Additional
Leasing Company Group IV Trustee;

                  (b) the original Counterpart No. 1 of the Additional Leasing
Company Group IV Lease securing such Additional Leasing Company Group IV
Indenture, as supplemented by such Additional Leasing Company Group IV
Supplement, in substantially the form of the existing Group IV Leases or
otherwise in form and substance satisfactory to the Required Noteholders of each
Outstanding Series of Group IV Notes, duly executed by such Additional Leasing
Company, the Additional Leasing Company Group IV Lessee and ANC, as guarantor
and servicer;

                  (c) such Additional Leasing Company Group IV Note, in
substantially the form of the existing Group IV Leasing Company Notes or
otherwise in form and substance satisfactory to the Required Noteholders of each
Outstanding Series of Group IV Notes, duly executed by such Additional Leasing
Company and duly authenticated by the Additional Leasing Company Group IV
Trustee and registered in the name of the Trustee;

                  (d) an Additional Leasing Company Group IV Receivables Trust
Agreement, in substantially the form of the existing Leasing Company Receivable
Trust Agreements or otherwise in form and substance satisfactory to the Required
Noteholders of each Outstanding Series of Group IV Notes, duly executed by such
Additional Leasing Company and duly authenticated by the Additional Leasing
Company Group IV Trustee and registered in the name of the Trustee;

                  (e) evidence to the effect that such Additional Leasing
Company and the Additional Leasing Company Group IV Lessee shall have become
parties to the Master Collateral Agency Agreement in accordance with the Master
Collateral Agency Agreement;

                  (f) evidence that the Master Collateral Agent shall have
received executed counterparts of the Group IV Assignment Agreements related to
the assignment of rights under each Group IV Manufacturer Program under which
Group IV Program Vehicles will be purchased or financed by such Additional
Leasing Company, duly executed by the Additional Leasing Company Group IV
Lessee, the Additional Leasing Company, the Master Collateral Agent and each
applicable Manufacturer;

                  (g) evidence that the Master Collateral Agent shall have
received a copy of each Group IV Manufacturer Program under which Group IV
Program Vehicles are proposed to be financed or purchased by such Additional
Leasing Company and an Officer's Certificate duly executed by an officer of the
Additional Leasing Company certifying that each such copy is true, correct and
complete as of such date;

                  (h) written confirmation that the Rating Agency Confirmation
Condition with respect to each Outstanding Series of Group IV Notes shall have

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been satisfied with respect to ARG II's acquisition of such Additional Leasing
Company Group IV Note;

                  (i) an Officer's Certificate of ARG II dated as of the date of
ARG II's acquisition of such Additional Leasing Company Group IV Note to the
effect that (i) no Amortization Event with respect to any Outstanding Series of
Group IV Notes, Enhancement Agreement Event of Default with respect to any
Outstanding Series of Group IV Notes, Enhancement Deficiency with respect to any
Outstanding Series of Group IV Notes, Potential Amortization Event with respect
to any Outstanding Series of Group IV Notes or Potential Enhancement Agreement
Event of Default with respect to any Outstanding Series of Group IV Notes, is
continuing or will occur as a result of its acquisition of such Additional
Leasing Company Group IV Note, (ii) the acquisition of such Additional Leasing
Company Group IV Note 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 ARG II 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 ARG II is a party or by which it or its
property may be bound or to which it or its property may be subject and (iii)
all conditions precedent provided in this Base Indenture and any Series
Supplement with respect to any Outstanding Series of Group IV Notes with respect
to acquisition of such Additional Leasing Company Group IV Note have been
complied with;

                  (j) an Opinion of Counsel, subject to the assumptions and
qualifications stated therein, and in a form substantially acceptable to the
Trustee, dated the date of ARG II's acquisition of such Additional Leasing
Company Group IV Note, substantially to the effect that:

                  (i) all instruments furnished to the Trustee conform in all
         material respects to the requirements of this Base Indenture and any
         Series Supplement with respect to any Outstanding Series of Group IV
         Notes with respect to acquisition of such Additional Leasing Company
         Group IV Note, and all conditions precedent provided for in this Base
         Indenture and any such Series Supplement have been complied with in all
         material respects;

                  (ii) (x) the Additional Leasing Company is duly formed in the
         jurisdiction of its formation and had the power and authority to
         execute and deliver each of the Additional Leasing Company Group IV
         Related Documents to which it is a party; (y) the Additional Leasing
         Company Group IV Lessee is duly incorporated or formed, as the case may
         be, in the jurisdiction of its incorporation or formation, as the case
         may be, and had the corporate, limited partnership or limited liability
         company, as the case may be, power and authority to execute and deliver
         each of the Additional Leasing Company Group IV Related Documents to
         which it is a party; and (z) ANC, in its capacity as guarantor and
         servicer under the Additional Leasing Company Group IV Lease, is duly
         incorporated in the

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         jurisdiction of its incorporation and had the power and authority to
         execute and deliver the Additional Leasing Company Group IV Lease and
         each other Additional Leasing Company Group IV Related Document to
         which it is a party;

                  (iii) each of the Additional Leasing Company Group IV Related
         Documents has been duly authorized, executed and delivered by the
         Additional Leasing Company, the Additional Leasing Company Group IV
         Lessee and ANC, as applicable;

                  (iv) the Additional Leasing Company Group IV Note has been
         duly authorized and executed and, when authenticated and delivered in
         accordance with the provisions of the Additional Leasing Company Group
         IV Indenture and the related Additional Leasing Company Group IV
         Supplement, will constitute valid, binding and enforceable obligations
         of the Additional Leasing Company entitled to the benefits of the
         Additional Leasing Company Group IV Indenture and the related
         Additional Leasing Company Group IV 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 and by an implied covenant of good faith and fair
         dealing;

                  (v) the Additional Leasing Company Group IV Related Documents
         are legal, valid and binding agreements of the Additional Leasing
         Company, the Additional Leasing Company Group IV Lessee or ANC, as the
         case may be, enforceable in accordance with their respective terms,
         subject to bankruptcy, insolvency, reorganization, moratorium and other
         similar laws affecting creditors' rights generally and to general
         principles of equity and by an implied covenant of good faith and fair
         dealing;

                  (vi) none of the Additional Leasing Companies is, or is
         controlled by, an "investment company" within the meaning of, or is
         required to register as an "investment company" under, the Investment
         Company Act, and the Additional Leasing Company Group IV Indenture is
         not required to be registered under the Trust Indenture Act;

                  (vii) the Additional Leasing Company Group IV Indenture and
         the related Additional Leasing Company Group IV Supplement are
         effective to create a legal, valid and enforceable security interest in
         the collateral pledged thereunder and that such security interest
         constitutes a first priority, perfected security interest in such
         collateral;

                  (viii) the entry into the related Financing Source and
         Beneficiary Supplements (as defined in the Master Collateral Agency
         Agreement) to the Master Collateral Agency Agreement is effective to
         create a security interest for the benefit of the Trustee as
         Beneficiary under the Master Collateral Agency

                                      112
<PAGE>

         Agreement with respect to vehicles leased under the Additional Leasing
         Company Group IV Lease.

                  (ix) the assets of the Additional Leasing Company would not be
         substantively consolidated with the assets of ANC or the Additional
         Leasing Company Group IV Lessee in the event of the insolvency of ANC
         or such Additional Leasing Company Group IV Lessee;

                  (x) there being no pending or threatened litigation which, if
         adversely determined, would materially and adversely affect the ability
         of the Additional Leasing Company or the Additional Leasing Company
         Group IV Lessee to perform its obligations under any of the Additional
         Leasing Company Group IV Related Documents;

                  (xi) the absence of any conflict with or violation of any
         court decree, injunction, writ or order applicable to the Additional
         Leasing Company or the Additional Leasing Company Group IV Lessee or
         any breach or default of any indenture, agreement or other instrument
         as a result of the issuance of the Additional Leasing Company Group IV
         Note or the execution, delivery or performance of the Additional
         Leasing Company Group IV Related Documents by the Additional Leasing
         Company or the Additional Leasing Company Group IV Lessee;

                  (xii) the offer and sale of the Additional Leasing Company
         Group IV Note is not required to be registered under the Securities
         Act; and

                  (xiii) such other matters as the Trustee may reasonably
         require.

                  (k) evidence (which, in the case of the filing of financing
statements on form UCC-1, may be telephonic, followed by prompt written
confirmation) that ARG II has caused all filings (including filing of financing
statements on form UCC-1) and recordings to be accomplished as may be reasonably
required by law to establish, perfect, protect and preserve the rights, titles,
interests, remedies, powers, privileges, licenses and security interest of the
Trustee in the Additional Leasing Company Group IV Note and the Additional
Leasing Company Group IV Indenture, as supplemented by the Additional Leasing
Company Group IV Supplement for the benefit of the Group IV Secured Parties; and

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

                  Upon satisfaction of such conditions, the Additional Leasing
Company Group IV Note and the Additional Leasing Company Group IV Indenture, as
supplemented by the Additional Leasing Company Group IV Supplement, shall be
part of the Group IV Collateral.

                                      113
<PAGE>

                  Section 10.2 APPROVALS RELATING TO GROUP IV FINANCING LEASES.
Notwithstanding the inclusion of references to Group IV Financing Leases, Group
IV Initial Fleet, Group IV Fleet Purchase Transactions, and Group IV Eligible
Receivables relating to Group IV Vehicles leased under Group IV Financing
Leases, it is not intended that the Group IV Collateral will include any Group
IV Financing Leases. In that regard, ARG II will not give any consent for any
Leasing Company to enter into any Group IV Financing Leases without the consent
of 100% of the Series 2002-2 Noteholders, with notice to each Rating Agency.

                                   ARTICLE XI

                         RIGHT TO WAIVE EMERGENCE EVENT

                  Notwithstanding any provision to the contrary in the Indenture
or the Group IV Related Documents, upon the approval by the Debtors' creditors
of a disclosure statement for a plan of reorganization (such an event, the
"EMERGENCE EVENT", and such proposed plan, the "PROPOSED PLAN"), so long as no
Amortization Event with respect to the Series 2002-2 Notes shall have occurred
or be continuing, ARG II shall have the option to solicit consents from the
holders of the Series 2002-2 Notes to have the Series 2002-2 Notes remain
outstanding on and after the Effective Date. If ARG II elects not to solicit
consents from the holders of the Series 2002-2 Notes to have the Series 2002-2
Notes remain outstanding on and after the Effective Date, then the entire
outstanding principal amount of the Series 2002-2 Notes, together with all
accrued and unpaid interest thereon, without any Prepayment Premium, will be due
and payable in full on the Effective Date.

                  If ARG II elects to solicit consents from the holders of the
Series 2002-2 Notes to have the Series 2002-2 Notes remain outstanding on and
after the Effective Date, the Remarketing Agent and ARG II shall determine any
amendments to the Group IV Related Documents (the "PROPOSED EMERGENCE
AMENDMENTS"), including without limitation amendments to the enhancement levels,
that are necessary in order to maintain the then current ratings of the Series
2002-2 Notes. After determining the Proposed Emergence Amendments, the
Remarketing Agent or ARG II will provide the Trustee and the Rating Agencies
with notice of such event, together with a copy of any such Proposed Emergence
Amendments (such notice together with such Proposed Emergence Amendments, an
"EMERGENCE REQUEST").

                  Following the Trustee's receipt of an Emergence Request, the
Trustee will furnish a copy thereof to the Series 2002-2 Noteholders. Each such
copy will be accompanied by a form of consent (an "EMERGENCE EVENT CONSENT") by
which the Series 2002-2 Noteholders may, on or before the Emergence Consent
Period Expiration Date, consent to the Proposed Emergence Amendments. If the
Trustee does not receive the Series 2002-2 Requisite Emergence Event Consents
after the Trustee notifies the Series 2002-2 Noteholders of an Emergence Request
by the date specified in such Emergence Request (the date on which such period
expires, the "EMERGENCE EVENT CONSENT PERIOD EXPIRATION DATE"), then the entire

                                      114
<PAGE>

outstanding principal amount of the Series 2002-2 Notes, together with all
accrued and unpaid interest thereon, without any Prepayment Premium, will be due
and payable in full on the Effective Date.

                  If the Trustee receives the Series 2002-2 Requisite Emergence
Event Consents on or before the Emergence Event Consent Period Expiration Date,
ARG II shall determine, in consultation with the Remarketing Agent, whether to
have the Series 2002-2 Notes remain outstanding on and after the Effective Date.
If ARG II determines not to have the Series 2002-2 Notes remain outstanding on
and after the Effective Date, then the entire outstanding principal amount of
the Series 2002-2 Notes, together with all accrued and unpaid interest thereon,
without any Prepayment Premium, will be due and payable in full on the Effective
Date. If ARG II determines to have the Series 2002-2 Notes remain outstanding on
and after the Effective Date, it shall be entitled to accept all or a portion of
the Emergence Event Consents from each Class of Series 2002-2 Noteholders
consenting to the Proposed Emergence Amendments, and the Proposed Emergence
Amendments will be deemed approved and will become effective on the date on
which the Proposed Plan becomes effective as a final plan of reorganization (the
"Effective Date"). If ARG II determines to accept less than the total number of
Emergence Event Consents received from any Class of Series 2002-2 Noteholders
consenting to the Proposed Emergence Amendments, consenting Series 2002-2
Noteholders of each Class with respect to which ARG II is accepting less than
such total number of Emergence Event Consents will receive payment of a portion
of the outstanding principal amount of their Series 2002-2 Notes plus accrued
and unpaid interest thereon, without any Prepayment Premium, on the Effective
Date. Any such distributions of principal to Series 2002-2 Noteholders of any
Class who have provided Emergence Event Consents consenting to the Proposed
Emergence Amendments will be in an aggregate amount sufficient to reduce the
Invested Amount of such Class to the level ARG II has determined to have
outstanding after the Effective Date and such distributions shall ratably reduce
the outstanding principal amount of Series 2002-2 Notes held by each consenting
Series 2002-2 Noteholder of such Class. Any Series 2002-2 Noteholder from whom
the Trustee has not received an Emergence Event Consent on or before the
Emergence Event Consent Period Expiration Date will be deemed not to have
consented to the Proposed Emergence Amendments. In such case, each Series 2002-2
Noteholder that does not consent or is deemed not to have consented to the
Proposed Emergence Amendments will be paid the outstanding principal amount of
such Series 2002-2 Noteholder's Series 2002-2 Note plus all accrued and unpaid
interest thereon, without any Prepayment Premium, on the Effective Date.

                                      115
<PAGE>

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

                                            ARG II FUNDING CORP. II

                                            By:
                                               ---------------------------------
                                            Name:
                                            Title:

                                            THE BANK OF NEW YORK,
                                            as Trustee

                                            By:
                                               ---------------------------------
                                            Name:
                                            Title:

                                      116
<PAGE>

                                                                     EXHIBIT A-1
                                                     TO SERIES 2002-2 SUPPLEMENT

                     FORM OF RESTRICTED GLOBAL CLASS A NOTE

                                      117
<PAGE>

                                                                     EXHIBIT A-2
                                                     TO SERIES 2002-2 SUPPLEMENT

                     FORM OF TEMPORARY GLOBAL CLASS A NOTE

                                      118
<PAGE>

                                                                     EXHIBIT A-3
                                                     TO SERIES 2002-2 SUPPLEMENT

                      FORM OF PERMANENT GLOBAL CLASS A NOTE

                                      119
<PAGE>

                                                                     EXHIBIT B-1
                                                     TO SERIES 2002-2 SUPPLEMENT

                     FORM OF RESTRICTED GLOBAL CLASS B NOTE

                                      120
<PAGE>

                                                                     EXHIBIT B-2
                                                     TO SERIES 2002-2 SUPPLEMENT

                     FORM OF TEMPORARY GLOBAL CLASS B NOTE

                                      121
<PAGE>

                                                                     EXHIBIT B-3
                                                     TO SERIES 2002-2 SUPPLEMENT

                      FORM OF PERMANENT GLOBAL CLASS B NOTE

                                      122
<PAGE>

                                                                     EXHIBIT C-1
                                                     TO SERIES 2002-2 SUPPLEMENT

                     FORM OF RESTRICTED GLOBAL CLASS C NOTE

                                      123
<PAGE>

                                                                     EXHIBIT C-2
                                                     TO SERIES 2002-2 SUPPLEMENT

                      FORM OF TEMPORARY GLOBAL CLASS C NOTE

                                      124
<PAGE>

                                                                     EXHIBIT C-3
                                                     TO SERIES 2002-2 SUPPLEMENT

                      FORM OF PERMANENT GLOBAL CLASS C NOTE

                                      125
<PAGE>

                                                                     EXHIBIT D-1
                                                     TO SERIES 2002-2 SUPPLEMENT

                     FORM OF RESTRICTED GLOBAL CLASS D NOTE

                                      126
<PAGE>

                                                                     EXHIBIT D-2
                                                     TO SERIES 2002-2 SUPPLEMENT

                      FORM OF TEMPORARY GLOBAL CLASS D NOTE

                                      127
<PAGE>

                                                                     EXHIBIT D-3
                                                     TO SERIES 2002-2 SUPPLEMENT

                      FORM OF PERMANENT GLOBAL CLASS D NOTE

                                      128
<PAGE>

                                                                       EXHIBIT E
                                                     TO SERIES 2002-2 SUPPLEMENT

                        FORM OF SERIES 2002-2 DEMAND NOTE

                                      129
<PAGE>

                                                                     EXHIBIT F-1
                                                     TO SERIES 2002-2 SUPPLEMENT

                SERIES 2002-2 ELIGIBLE NON-PROGRAM MANUFACTURERS

                                        *

                                      130
<PAGE>

                                                                     EXHIBIT F-2
                                                     TO SERIES 2002-2 SUPPLEMENT

                  SERIES 2002-2 ELIGIBLE PROGRAM MANUFACTURERS

                                        *

                                      131
<PAGE>

                                                                       EXHIBIT G
                                                     TO SERIES 2002-2 SUPPLEMENT

               FORM OF IRREVOCABLE SERIES 2002-2 LETTER OF CREDIT
                                     No.[ ]

                                                     _______ __, 200_

The Bank of New York, as Trustee
[Address]

Attention:

Dear Sir or Madam:

                  The undersigned ("SERIES 2002-2 LETTER OF CREDIT PROVIDER")
hereby establishes, at the request and for the account of ANC Rental
Corporation, a Delaware corporation ("ANC"), and each of parties identified as a
Lessee (collectively, the "LESSEES") in that certain Series 2002-2 Reimbursement
Agreement, dated as of __________ __,200_ (as amended, supplemented, restated or
otherwise modified from time to time in accordance with the terms thereof, the
"SERIES 2002-2 REIMBURSEMENT AGREEMENT"), among the Lessees, ANC, ARG Funding
Corp. II, a special purpose Delaware corporation ("ARG II"), and the financial
institutions identified therein as the Series 2002-2 Letter of Credit Providers
(collectively, the "SERIES 2002-2 LETTER OF CREDIT PROVIDERS"), in accordance
with the terms of such Series 2002-2 Reimbursement Agreement (i) in your favor
in respect of Lease Deficit Demands (as defined below), (ii) in your favor in
respect of Unpaid Demand Note Demands (as defined below), (iii) in your favor in
respect of Termination Demands (as defined below) and (iv) in your favor in
respect of Termination Date Demands (as defined below), this Irrevocable Letter
of Credit No. [ ], in an aggregate maximum amount of [ ] DOLLARS ($[ ]) (such
amount, as the same may be reduced and reinstated from time to time as provided
herein, being the "LETTER OF CREDIT AMOUNT"), effective immediately and expiring
at 4:00 p.m. (New York time) at our [ ] office located at [ ] Attention: [ ],
Telephone No.: [ ], Facsimile No.: [ ] (such office or any other office which
may be designated by the Series 2002-2 Letter of Credit Provider by written
notice delivered to you, being the "SERIES 2002-2 LETTER OF CREDIT PROVIDER'S
OFFICE") on the date (the "EXPIRATION DATE") that is the earlier of (i)
___________ 200_ or such later date to which the term of this Series 2002-2
Letter of Credit is extended (or, if such date is not a Business Day, the
immediately preceding Business Day) ("SCHEDULED EXPIRATION DATE") and (ii) the
date on which we receive written notice from you that the Series 2002-2 Letter
of Credit Termination Date shall have occurred. You are the trustee under that
certain Base Indenture (the "ARG II BASE INDENTURE"), dated as May 6, 2002,
between you and ARG II, and as the same may be amended, supplemented or
otherwise modified from time to time, and are referred to herein (and in each
Annex hereto) as the Trustee. "SERIES 2002-2 SUPPLEMENT" means the Series 2002-2
Supplement, dated as of [ ], 2002, between ARG II and you, to the ARG II Base

                                      132
<PAGE>

Indenture, as the same may be amended, supplemented, restated or otherwise
modified from time to time.

                  The Series 2002-2 Letter of Credit Provider irrevocably
authorizes you to draw on it, in accordance with the terms and conditions and
subject to the reductions in amount as hereinafter set forth, (1) in one or more
drawings by one or more of the Trustee's drafts, each drawn on the Series 2002-2
Letter of Credit Provider at the Series 2002-2 Letter of Credit Provider's
Office, payable at sight on a Business Day (as defined below), and accompanied
by the Trustee's written and completed certificate signed by the Trustee in
substantially the form of ANNEX A Attached hereto (any such draft accompanied by
such certificate being a "LEASE DEFICIT DEMAND"), an amount equal to the face
amount of each such draft but in the aggregate amount not exceeding the Letter
of Credit Amount as in effect on such Business Day, (2) in one or more drawings
by Trustee's drafts, each drawn on the Series 2002-2 Letter of Credit Provider
at the Series 2002-2 Letter of Credit Provider's Office, payable at sight on a
Business Day, and accompanied by the Trustee's written and completed certificate
signed by the Trustee, in substantially the form of ANNEX B attached hereto
(such draft accompanied by such certificate being an "UNPAID DEMAND NOTE DEMAND"
amount equal to the face amount of each such draft but not in the aggregate
exceeding the Letter of Credit Amount as in effect on such Business Day, (3) in
a single drawing by the Trustee's draft, drawn on the Series 2002-2 Letter of
Credit Provider at the Series 2002-2 Letter of Credit Provider's Office, payable
at sight on a Business Day, and accompanied by the Trustee's written and
completed certificate signed by the Trustee, in substantially the form of ANNEX
C attached hereto (such draft accompanied by such certificate being a
"TERMINATION DEMAND"), an amount equal to the face amount of such draft but not
exceeding the Letter of Credit Amount as in effect on such Business Day;
provided that only one such Termination Demand may be made hereunder and (4) in
a single drawing by the Trustee's draft, drawn on the Series 2002-2 Letter of
Credit Provider at the Series 2002-2 Letter of Credit Provider's Office, payable
at sight on a Business Day, and accompanied by the Trustee's written and
completed certificate signed by the Trustee, in substantially the form of ANNEX
D attached hereto (such draft accompanied by such certificate being a
"TERMINATION DATE DEMAND"), an amount equal to the face amount of such draft but
not exceeding the Letter of Credit Amount as in effect on such Business Day;
provided that only one such Termination Date Demand may be made hereunder. Any
Lease Deficit Demand, Unpaid Demand Note Demand, Termination Demand or
Termination Date Demand may be delivered by facsimile transmission to the Series
2002-2 Letter of Credit Provider's Office as herein provided. "BUSINESS DAY"
means any day other than a Saturday, Sunday or other day on which banks are
required or authorized by law to close in New York City, New York or Chicago,
Illinois. Upon the Series 2002-2 Letter of Credit Provider's honoring any Lease
Deficit Demand or Unpaid Demand Note Demand presented hereunder in full, the
Letter of Credit Amount shall automatically be decreased by an amount equal to
the amount of such Lease Deficit Demand or Unpaid Demand Note Demand. In
addition to the foregoing reduction, upon the Series 2002-2 Letter of Credit
Provider's honoring any Termination Demand or Termination Date Demand presented

                                      133
<PAGE>

to it hereunder in full, this Letter of Credit Amount shall automatically be
reduced to zero and this Series 2002-2 Letter of Credit shall be terminated.

                  The Letter of Credit Amount shall be automatically reinstated
when and to the extent, but only when and to the extent, that (i) the Series
2002-2 Letter of Credit Provider is reimbursed by any of the Lessees or by ANC,
individually or on behalf of any of the Lessees, for any amount drawn hereunder
as a Lease Deficit Demand or Unpaid Demand Note Demand and (ii) the Series
2002-2 Letter of Credit Provider receives written notice from ANC in
substantially the form of ANNEX E hereto that the Letter of Credit Amount should
be reinstated in the amount set forth therein and that no Event of Bankruptcy
(as defined in ANNEX E attached hereto) with respect to ANC or any of the
Lessees has occurred and is continuing.

                  Each Lease Deficit Demand, Unpaid Demand Note Demand,
Termination Demand and Termination Date Demand shall be dated the date of its
presentation, and shall be presented to the Series 2002-2 Letter of Credit
Provider at the Series 2002-2 Letter of Credit Providers Office. If the Series
2002-2 Letter of Credit Provider receives any Lease Deficit Demand, Unpaid
Demand Note Demand, Termination Demand or Termination Date Demand at such office
on or prior to the termination hereof, all in conformity with the terms and
conditions of this Series 2002-2 Letter of Credit, not later than 12:00 noon
(New York City time) on a Business Day, the Series 2002-2 Letter of Credit
Provider will make such funds available by 4:00 p.m. (New York City time) on the
same day in accordance with your payment instructions. If the Series 2002-2
Letter of Credit Provider receives any Lease Deficit Demand, Unpaid Demand Note
Demand, Termination Demand or Termination Date Demand at such office on or prior
to the termination hereof, all in conformity with the terms and conditions of
this Letter of Credit, after 12:00 noon (New York City time) on a Business Day,
the Series 2002-2 Letter of Credit Provider will make the funds available by
4:00 p.m. (New York City time) on the next succeeding Business Day in accordance
with your payment instructions. If you so request the Series 2002-2 Letter of
Credit Provider, payment under this Letter of Credit may be made by wire
transfer of Federal Reserve Bank of New York funds to your account in a bank on
the Federal Reserve wire system or by deposit of same day funds into a
designated account.

                  Upon the earliest of (i) the date on which the Series 2002-2
Letter of Credit Provider honors a Termination Demand or a Termination Date
Demand presented hereunder, (ii) the date on which the Series 2002-2 Letter of
Credit Provider receives written notice from you that an alternate letter of
credit has been substituted for this Series 2002-2 Letter of Credit and such
alternate letter of credit has been received by you, (iii) the date on which the
Series 2002-2 Letter of Credit Provider receives written notice from you
substantially in the form attached hereto as ANNEX F, and (iv) the Expiration
Date, this Series 2002-2 Letter of Credit shall automatically terminate and you
shall surrender this Series 2002-2 Letter of Credit to the undersigned Series
2002-2 Letter of Credit Provider on such day.

                                      134
<PAGE>

                  For purposes of the certificates to be delivered by you in the
form attached hereto as ANNEXES A, B and D: "PRO RATA SHARE" means, respect to
any Series 2002-2 Letter of Credit Provider as of any date, the fraction
(expressed as a percentage) obtained by dividing (A) such Series 2002-2 Letter
of Credit Provider's Letter of Credit Amount as of such date by (B) an amount
equal to the aggregate amount of the Letter of Credit Amounts of all the Series
2002-2 Letter of Credit Providers under their respective Series 2002-2 Letters
of Credit as of such date; PROVIDED, that only for purposes of calculating the
Pro Rata Share with respect to any Series 2002-2 Letter of Credit Provider as of
any date, if such Series 2002-2 Letter of Credit Provider has not complied with
its obligation to pay the Trustee the amount of any Lease Deficit Demand, Unpaid
Demand Note Demand, Termination Demand or Termination Date Demand (as defined in
the related Series 2002-2 Letter of Credit) made prior to such date, such Series
2002-2 Letter of Credit Provider's Letter of Credit Amount, as of such date
shall be treated as reduced (for calculation purposes only) by the amount of
such unpaid Lease Deficit Demand, Unpaid Demand Note Demand, Termination Demand
or Termination Date Demand, as the case may be, and shall not be reinstated for
purposes of such calculation unless and until the date as of which such Series
2002-2 Letter of Credit Provider has paid such amount to the Trustee and been
reimbursed by any of the Lessees or ANC, as the case may be, for such amount
(PROVIDED that the foregoing calculation shall not in any manner reduce the
undersigned's actual liability in respect of any failure to pay any Lease
Deficit Demand, Unpaid Demand Note Demand, Termination Demand or Termination
Date Demand).

                  This Letter of Credit is transferable in its entirety to any
transferee(s) who you certify to the Series 2002-2 Letter of Credit Provider has
succeeded you, as Trustee, and may be successively transferred. Transfer of this
2002-2 Letter of Credit to such transferee shall be effected by the presentation
to the Series 2002-2 Letter of Credit Provider of this Series 2002-2 Letter of
Credit accompanied by a certificate in substantially the form of ANNEX G
attached hereto. Upon such presentation the Series 2002-2 Letter of-Credit
Provider shall forthwith transfer this 2002-2 Letter of Credit to the transferee
or, if so requested by your transferee, issue a letter of credit to your
transferee with provisions therein substantially consistent with this Series
2002-2 Letter of Credit.

                  This Series 2002-2 Letter of Credit sets forth in full the
undertaking of the Series 2002-2 Letter of Credit Provider, and such undertaking
shall not in any way be modified, amended, amplified or limited by reference to
any document, instrument or agreement referred to herein, except only the
certificates and the drafts referred to herein; and any such reference shall not
be deemed to incorporate herein by reference any document, instrument or
agreement except for such certificates and such drafts. In furtherance of the
foregoing, with regard to any conflict between the terms hereof and those
contained in the Series 2002-2 Reimbursement Agreement, the terms hereof shall
govern.

                                      135
<PAGE>

                  THIS SERIES 2002-2 LETTER OF CREDIT IS SUBJECT TO THE UNIFORM
CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDITS, 1993 REVISION, ICC PUBLICATION NO.
500 (THE "UNIFORM CUSTOMS"), EXCEPT THAT NOTWITHSTANDING ANY PROVISIONS OF
ARTICLE 17 OF THE UNIFORM CUSTOMS WHICH CONTAINS PROVISIONS TO THE CONTRARY, IF
THIS LETTER OF CREDIT EXPIRES DURING AN INTERRUPTION OF BUSINESS (AS DESCRIBED
IN ARTICLE 17), WE AGREE TO EFFECT PAYMENT UNDER THIS LETTER OF CREDIT, IF A
DRAWING WHICH CONFORMS TO THE TERMS AND CONDITIONS OF THIS LETTER OF CREDIT IS
MADE WITHIN FIVE BUSINESS DAYS AFTER THE RESUMPTION OF BUSINESS, AND, AS TO
MATTERS NOT COVERED BY THE UNIFORM CUSTOMS, SHALL BE GOVERNED BY THE LAW OF THE
STATE OF NEW YORK, INCLUDING THE UNIFORM COMMERCIAL CODE AS IN EFFECT IN THE
STATE OF NEW YORK. Communications with respect to this Series 2002-2 Letter of
Credit shall be in writing and shall be addressed to the Series 2002-2 Letter of
Credit Provider at the Series 2002-2 Letter of Credit Provider's Office,
specifically referring to the number of this Series 2002-2 Letter of Credit.

                                       Very truly yours,

                                       [Series 2002-2 Letter of Credit Provider]

                                       By:
                                          --------------------------------------
                                          Name:
                                          Title:

                                      136
<PAGE>

                                     ANNEX A

                       CERTIFICATE OF LEASE DEFICIT DEMAND

[Series 2002-2 Letter of Credit Provider]
[Address]

Attention:  [              ]

                  Certificate of Lease Deficit Demand under the Irrevocable
Letter of Credit No. [ ] (the "SERIES 2002-2 LETTER OF CREDIT"; the terms
defined therein and not otherwise defined herein being used herein as therein
defined), dated as of _______ __, 200_, issued by _______________, as the Series
2002-2 Letter of Credit Provider, in favor of The Bank of New York, as the
trustee (the "TRUSTEE"), under that certain Base Indenture, dated as May 6,
2002, between the Trustee and ARG Funding Corp. II ("ARG II"), as supplemented
by that certain Series 2002-2 Supplement thereto (the "SERIES 2002-2
SUPPLEMENT"), dated as of [ ], 2002, between ARG II and the Trustee (the "ARG II
INDENTURE").

                  The undersigned, a duly authorized officer of the Trustee,
hereby certifies to the Series 2002-2 Letter of Credit Provider as follows:

                  1. [              ] is the Trustee under the ARG II Indenture.

                  2. The Trustee is making a drawing under the Series 2002-2
Letter of Credit as required by SECTION 3.3(e)(f) of the Series 2002-2
Supplement in an amount equal to $________ (the "LEASE DEFICIT DISBURSEMENT"),
which amount is equal to the lesser of (i) the product of the Series 2002-2
Letter of Credit Provider's Pro Rata Share as of the date hereof and the Series
2002-2 Lease Payment Deficit and (ii) the Letter of Credit Amount as in effect
on the date of this certificate.

                  3. Concurrently with the draw being demanded hereby, the
undersigned is making a draw under each of the other Series 2002-2 Letters of
Credit in an amount equal to the related other Series 2002-2 Letter of Credit
Providers" Pro Rata Share of the Series 2002-2 Lease Payment Deficit.

                  4. $_______ of the Series 2002-2 Lease Payment Deficit is
attributable to ______'s failure to pay amounts due under its Lease.

                  5. You are requested to deliver an amount equal to the Lease
Deficit Disbursement pursuant to the following instructions:

                  [insert payment instructions for wire to the
                            Trustee and payment date]

<PAGE>

                  6. The Trustee acknowledges that, pursuant to the terms of the
Series 2002-2 Letter of Credit, upon the Series 2002-2 Letter of Credit
Provider's honoring in full the draft accompanying this certificate, the Letter
of Credit Amount shall be automatically decreased by an amount equal to such
draft.

                  IN WITNESS WHEREOF, the Trustee has executed and delivered
this certificate on this ____ day of_________________, ____.

                                                  [                           ],
                                                            as Trustee

                                                   By:
                                                      --------------------------
                                                      Name:
                                                      Title:

                                                   By:
                                                      --------------------------
                                                      Name:
                                                      Title:

                                       2
<PAGE>

                                     ANNEX B

                    CERTIFICATE OF UNPAID DEMAND NOTE DEMAND

[Series 2002-2 Letter of Credit Provider]
[Address]

Attention:  [              ]

                  Certificate of Unpaid Demand Note Demand under the Irrevocable
Letter of Credit No. [ ] (the "SERIES 2002-2 LETTER OF CREDIT"; the terms
defined therein and not otherwise defined herein being used herein as therein
defined), dated as of __________ __, 200_, issued by _______________, as the
Series 2002-2 Letter of Credit Provider, in favor of The Bank of New York, as
the trustee (the "TRUSTEE"), under that certain Base Indenture, dated as May 6,
2002, between the Trustee and ARG Funding Corp. II ("ARG II"), as supplemented
by that certain Series 2002-2 Supplement thereto (the "SERIES 2002-2
SUPPLEMENT"), dated as of [ ], 2002, between ARG II and the Trustee (the "ARG II
INDENTURE").

                  The undersigned, a duly authorized officer of the Trustee,
hereby certifies to the Series 2002-2 Letter of Credit Provider as follows:

                  1. [              ] is the Trustee under the ARG II Indenture.

                  2. The Trustee is making a drawing under the Series 2002-2
Letter of Credit as required by SECTION 3.5[(B)][(C)] of the Series 2002-2
Supplement in an amount equal to $_________ (the "UNPAID DEMAND NOTE
DISBURSEMENT"), which amount is equal to the lesser of (i) the product of the
Series 2002-2 Letter of Credit Provider's Pro Rata Share as of the date hereof
and the Series 2002-2 Unpaid Demand Amount and (ii) the Letter of Credit Amount
as in effect on the date of this certificate.

                  3. Concurrently with the draw being demanded hereby, the
undersigned is making a draw under each of the other Series 2002-2 Letters of
Credit in an amount equal to the related other Series 2002-2 Letter of Credit
Providers' Pro Rata Share of the Series 2002-2 Unpaid Demand Amount.

                  4. You are requested to deliver an amount equal to the Unpaid
Demand Note Disbursement pursuant to the following instructions:

                  [Insert payment instructions for wire to the
                            Trustee and payment date]

                  5. The Trustee acknowledges that, pursuant to the terms of the
Series 2002-2 Letter of Credit, upon the Series 2002-2 Letter of Credit

<PAGE>

Provider's honoring in full the draft accompanying this certificate, the Letter
of Credit Amount shall be automatically decreased by an amount equal to such
draft.

                  IN WITNESS WHEREOF, the Trustee has executed and delivered
this certificate on this ____ day of ___________________, ________.

                                                  [                           ],
                                                           as Trustee

                                                  By:
                                                     ---------------------------
                                                     Name:
                                                     Title:

                                                  By:
                                                     ---------------------------
                                                     Name:
                                                     Title:

                                       2
<PAGE>

                                     ANNEX C

                        CERTIFICATE OF TERMINATION DEMAND

[Series 2002-2 Letter of Credit Provider]
[Address]

Attention:  [              ]

                  Certificate of Termination Demand under the Irrevocable Letter
of Credit No. [ ] (the "SERIES 2002-2 LETTER OF CREDIT"; the terms defined
therein and not otherwise defined herein being used herein as therein defined),
dated as of __________ __, 200_, issued by _______________, as the Series 2002-2
Letter of Credit Provider, in favor of The Bank of New York, as the trustee (the
"TRUSTEE"), under that certain Base Indenture, dated as May 6, 2002, between the
Trustee and ARG Funding Corp. II ("ARG II"), as supplemented by that certain
Series 2002-2 Supplement thereto (the "SERIES 2002-2 SUPPLEMENT"), dated as of [
], 2002, between ARG II and the Trustee (the "ARG II INDENTURE").

                  The undersigned, a duly authorized officer of the Trustee,
hereby certifies to the Series 2002-2 Letter of Credit Provider as follows:

                  1. [              ] is the Trustee under the ARG II Indenture.

                  2. The Trustee is making a drawing under the Series 2002-2
Letter of Credit as required by SECTION 3.8[(B)] [(C)] of the Series 2002-2
Supplement in an amount equal to $___________ (the "TERMINATION DISBURSEMENT"),
which amount is equal to the lesser of (i) the excess, if any, of the Series
2002-2 Required Enhancement Amount over the Series 2002-2 Enhancement Amount,
excluding the Letter of Credit Amount as in effect on the date of this
certificate and (ii) the Letter of Credit Amount as in effect on the date of
this certificate.

                  3. You are requested to deliver an amount equal to the
Termination Disbursement pursuant to the following instructions:

                  [Insert payment instructions for wire to the
                            Trustee and payment date]

                  4. The Trustee acknowledges that, pursuant to the terms of the
Series 2002-2 Letter of Credit, upon the Series 2002-2 Letter of Credit
Provider's honoring in full the draft accompanying this certificate, the Letter
of Credit Amount shall be automatically reduced to zero and the Series 2002-2
Letter of Credit shall terminate and be immediately returned to the Series
2002-2 Letter of Credit Provider.

                  IN WITNESS WHEREOF, the Trustee has executed and delivered
this certificate on this ____ day of ________________, ___.

                                                  [                           ],
                                                           as Trustee

                                                  By:
                                                     ---------------------------
                                                     Name:
                                                     Title:

                                                  By:
                                                     ---------------------------
                                                     Name:
                                                     Title:

<PAGE>

                                     ANNEX D

                     CERTIFICATE OF TERMINATION DATE DEMAND

[Series 2002-2 Letter of Credit Provider]
[Address]

Attention:  [              ]

                  Certificate of Termination Date Demand under the Irrevocable
Letter of Credit No. [ ] (the "SERIES 2002-2 LETTER OF CREDIT"; the terms
defined therein and not otherwise defined herein being used herein as therein
defined), dated as of __________ __, 200_, issued by _______________, as the
Series 2002-2 Letter of Credit Provider, in favor of The Bank of New York, as
the trustee (the "TRUSTEE"), under that certain Base Indenture, dated as May 6,
2002, between the Trustee and ARG Funding Corp. II ("ARG II"), as supplemented
by that certain Series 2002-2 Supplement thereto (the "SERIES 2002-2
SUPPLEMENT"), dated as of [ ], 2002, between ARG II and the Trustee (the "ARG II
INDENTURE").

                  The undersigned, a duly authorized officer of the Trustee,
hereby certifies to the Series 2002-2 Letter of Credit Provider as follows:

                  1. [              ] is the Trustee under the ARG II Indenture.

                  2. The Trustee is making a drawing under the Series 2002-2
Letter of Credit as required by SECTION 3.8(D) of the Series 2002-2 Supplement
in an amount equal to $_________ (the "TERMINATION DATE DISBURSEMENT"), which
amount is equal to the lesser of (i) the product of the Series 2002-2 Letter of
Credit Provider's Pro Rata Share as of the date hereof and the Series 2002-2
Demand Note Payment Amount and (ii) the Letter of Credit Amount as in effect on
the date of this certificate.

                  3. Concurrently with the draw being demanded hereby, the
undersigned is making a draw under each of the other Series 2002-2 Letters of
Credit in an amount equal to the related other Series 2002-2 Letter of Credit
Providers' Pro Rata Share of the Series 2002-2 Demand Note Payment Amount.

                  4. You are requested to deliver an amount equal to the
Termination Date Disbursement pursuant to the following instructions:

                  [insert payment instructions for wire to the
                            Trustee and payment date]

                  5. The Trustee acknowledges that, pursuant to the terms of the
Series 2002-2 Letter of Credit, upon the Series 2002-2 Letter of Credit
Provider's honoring in full the draft accompanying this certificate, the Letter
of Credit Amount shall be automatically reduced to zero and the Series 2002-2
Letter of Credit shall terminate and be immediately returned to the Series
2002-2 Letter of Credit Provider.

                  IN WITNESS WHEREOF, the Trustee has executed and delivered
this certificate on this ____ day of ________________, ___.

                                                  [                           ],
                                                           as Trustee

                                                  By:
                                                     ---------------------------
                                                     Name:
                                                     Title:

                                                  By:
                                                     ---------------------------
                                                     Name:
                                                     Title:

<PAGE>

                                     ANNEX E

             CERTIFICATE OF REINSTATEMENT OF LETTER OF CREDIT AMOUNT

[Series 2002-2 Letter of Credit Provider]
[Address]

Attention:  [              ]

                  Certificate of Reinstatement of Letter of Credit Amount under
the Irrevocable Letter of Credit No. [ ] (the "SERIES 2002-2 LETTER OF CREDIT";
the terms defined therein and not otherwise defined herein being used herein as
therein defined), dated as of __________ __, 200_, issued by _______________, as
the Series 2002-2 Letter of Credit Provider, in favor of The Bank of New York,
as the trustee (the "TRUSTEE")" under that certain Base Indenture, dated as May
6, 2002, dated as of June 30, 2000), between the Trustee and ARG Funding Corp.
II ("ARG II"), as supplemented by that certain Series 2002-2 Supplement thereto
(the "SERIES 2002-2 SUPPLEMENT"), dated as of [ ], 2002, between ARG II and the
Trustee (the "ARG II INDENTURE").

                  The undersigned, a duly authorized officer of ANC Rental
Corporation ("ANC"), hereby certifies to the Series 2002-2 Letter of Credit
Provider as follows:

                  1. As of the date of this certificate, the Series 2002-2
Letter of Credit Provider has been reimbursed by [        ] in the amount of
$[          ] (the "REIMBURSEMENT AMOUNT") in respect of the [Lease Deficit
Demand] [Unpaid Demand Note Demand] made on ____________, ____.

                  2. ANC hereby notifies you that, pursuant to the terms and
conditions of the Series 2002-2 Letter of Credit, the Letter of Credit Amount of
the Series 2002-2 Letter of Credit Provider is hereby reinstated in the amount
of $[ ] so that the Letter of Credit Amount of the Series 2002-2 Letter of
Credit Provider after taking into account such reinstatement is in amount equal
to $[ ].

                  3. As of the date of this Certificate, no Event of Bankruptcy
with respect to ANC or any of the Lessees has occurred and is continuing. "EVENT
OF BANKRUPTCY", with respect to any of the Lessees or ANC, means (a) a case or
other proceeding shall be commenced, without the application or consent of such
Person, in any court, seeking the liquidation, reorganization, debt arrangement,
dissolution, winding up, or composition or readjustment of debts of such Person,
the appointment of a trustee, receiver, custodian, liquidator, assignee,
sequestrator or the like for such Person or all or any substantial part of its
assets, or any similar action with respect to such Person under any law relating
to bankruptcy, insolvency, reorganization, winding up or composition or
adjustment of debts, and such case or proceeding shall continue undismissed, or
unstayed and in effect, for a period of 60 consecutive days; or an order for
relief in respect of such Person shall be entered in an involuntary case under
the federal bankruptcy laws or other

<PAGE>

similar laws now or hereafter in effect; or (b) such Person shall commence a
voluntary case or other proceeding under any applicable bankruptcy, insolvency,
reorganization, debt arrangement, dissolution or other similar law now or
hereafter in effect, or shall consent to the appointment of or taking possession
by a receiver, liquidator, assignee, trustee, custodian, sequestrator (or other
similar official) for such Person or for any substantial part of its property,
or shall make any general assignment for the benefit of creditors; or (c) the
board of directors of such Person (if such Person is a corporation or similar
entity) shall vote to implement any of the actions set forth in clause (b)
above.

                  IN WITNESS WHEREOF, ANC Rental Corporation has executed and
delivered this certificate on this ___ day of _____________, ___.

                                             ANC RENTAL CORPORATION

                                             By:
                                                --------------------------------
                                                Title:

Acknowledged and Agreed:

The undersigned hereby acknowledges receipt of the Reimbursement Amount (as
defined above) in the amount set forth above and agrees for the benefit of ANC,
the Lessees and the Trustee that the undersigned's Letter of Credit Amount is in
an amount equal to $__________ as of the date hereof after taking into account
the reinstatement of the undersigned's Letter of Credit Amount by an amount
equal to the Reimbursement Amount.

[Series 2002-2 Letter of Credit Provider]

By:
   --------------------------------------
     Title:

                                       2
<PAGE>

                                     ANNEX F

                           CERTIFICATE OF TERMINATION

[Series 2002-2 Letter of Credit Provider]
[Address]

Attention:  [              ]

                  Certificate of Reinstatement of Letter of Credit Amount under
the Irrevocable Letter of Credit No. [ ] (the "SERIES 2002-2 LETTER OF CREDIT";
the terms defined therein and not otherwise defined herein being used herein as
therein defined), dated as of __________ __, 200_, issued by _______________, as
the Series 2002-2 Letter of Credit Provider, in favor of The Bank of New York,
as the trustee (the "TRUSTEE")" under that certain Base Indenture, dated as May
6, 2002, between the Trustee and ARG Funding Corp. II ("ARG II"), as
supplemented by that certain Series 2002-2 Supplement thereto (the "SERIES
2002-2 SUPPLEMENT"), dated as of [ ], 2002, between ARG II and the Trustee (the
"ARG II INDENTURE").

                  The undersigned, duly authorized officers of the Trustee,
hereby certify to the Series 2002-2 Letter of Credit Provider as follows:

                  4. [              ] is the Trustee under the ARG II Indenture.

                  5. As of the date of this certificate, the Series 2002-2
Letter of Credit Termination Date has occurred under the Series 2002-2
Supplement.

                  6. The Trustee hereby notifies the Series 2002-2 Letter of
Credit Provider that as a result of the occurrence of the Series 2002-2 Letter
of Credit Termination Date, the undersigned is returning the Series 2002-2
Letter of Credit Provider's Series 2002-2 Letter of Credit to the Series 2002-2
Letter of Credit Provider.

<PAGE>

                  IN WITNESS WHEREOF, the Trustee has executed and delivered
this certificate on this ____ day of_________________.

                                                  [                           ]
                                                          ,as the Trustee

                                                  By:
                                                     ---------------------------
                                                     Name:
                                                     Title:

                                                  By:
                                                     ---------------------------
                                                     Name:
                                                     Title:

                                       2
<PAGE>

                                     ANNEX G

                             INSTRUCTION TO TRANSFER

                                                     -------------- --, ----

[Series 2002-2 Letter of Credit Provider]
[Address]

Attention:  [              ]

                  Re:      IRREVOCABLE LETTER OF CREDIT NO. [          ]

Ladies and Gentlemen:

                  For value received, the undersigned beneficiary hereby
irrevocably transfers to:

                        --------------------------------
                              (Name of Transferee]

                        --------------------------------
                                    [Address]

all rights of the undersigned beneficiary to draw under the above-captioned
Series 2002-2 Letter of Credit (the "SERIES 2002-2 LETTER OF CREDIT") issued by
the Series 2002-2 Letter of Credit Provider named therein in favor of the
undersigned. The transferee has succeeded the undersigned as Trustee under that
certain Base Indenture, dated as May 6, 2002, between The Bank of New York and
ARG Funding Corp. II ("ARG II"), as supplemented by that certain Series 2002-2
Supplement thereto (the "SERIES 2002-2 SUPPLEMENT"), dated as of [ ], 2002,
between ARG II and The Bank of New York.

                  By this transfer, all rights of the undersigned beneficiary in
the Series 2002-2 Letter of Credit are transferred to the transferee and the
transferee shall hereafter have the sole rights as beneficiary thereof;
PROVIDED, HOWEVER, that no rights shall be deemed to have been transferred to
the transferee until such transfer complies with the requirements of the Series
2002-2 Letter of Credit pertaining to transfers.

                  The Series 2002-2 Letter of Credit is returned herewith and in
accordance therewith we ask that this transfer be effective and that the Series
2002-2 Letter of Credit Provider transfer the Series 2002-2 Letter of Credit to
our transferee or that, if so requested by the transferee, the Series 2002-2
Letter of Credit Provider issue a new irrevocable letter of credit in favor of
the transferee with provisions consistent with the Series 2002-2 Letter of
Credit.

                                                  [                           ]
                                                          ,as the Trustee

                                                  By:
                                                     ---------------------------
                                                     Name:
                                                     Title:

                                                  By:
                                                     ---------------------------
                                                     Name:
                                                     Title:

<PAGE>

                                                                       EXHIBIT K
                                                     TO SERIES 2002-2 SUPPLEMENT

                     FORM OF MONTHLY NOTEHOLDERS' STATEMENT

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

                             ARG II FUNDING CORP. II

                   SERIES 2002-2 RENTAL CAR ASSET BACKED NOTES

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

                  The undersigned, Authorized Officers of ANC Rental
Corporation, ("ANC"), pursuant to each of (i) the Master Motor Vehicle Lease and
Servicing Agreement, dated as of [ ], 2002 (such agreement, including the
Annexes thereto and as it may be amended, supplemented, restated or otherwise
modified from time to time in accordance with its terms, the "NFLP LEASE")
between National Car Rental Financing Limited Partnership, as Lessor, National
Car Rental System, Inc., as Lessee, and ANC, as Guarantor and Servicer, (ii) the
Master Motor Vehicle Lease and Servicing Agreement, dated as of [ ], 2002 (such
agreement, including the Annexes thereto and as it may be amended, supplemented,
restated or otherwise modified from time to time in accordance with its terms,
the "ALAMO LEASE") between Alamo Financing L.P., as Lessor, Alamo Rent-A-Car,
LLC, as Lessee, and ANC, as Guarantor and Servicer, (iii) the Master Motor
Vehicle Lease and Servicing Agreement, dated as of [ ], 2002 (such agreement,
including the Annexes thereto and as it may be amended, supplemented, restated
or otherwise modified from time to time in accordance with its terms, the
"CARTEMPS LEASE") between CarTemps Financing L.P., as Lessor, Spirit Rent-A-Car,
Inc. d/b/a Alamo, as Lessee, and ANC, as Guarantor and Servicer and (iv) the
Base Indenture, dated as of May 6, 2002, between ARG Funding Corp. II ("ARG II")
and The Bank of New York, as trustee (the "TRUSTEE"), as supplemented by the
Series 2002-2 Series Supplement thereto, dated as of [ ], 2002 (as such
supplement may be amended, supplemented, restated or otherwise modified from
time to time in accordance with its terms, the "SERIES 2002-2 SUPPLEMENT") (as
such agreement may be amended, supplemented, restated or otherwise modified from
time to time in accordance with its terms, the "ARG II INDENTURE"), do hereby
certify to the best of their knowledge after reasonable investigation that:

                  1. Unless otherwise defined herein, capitalized terms used
herein have the respective meanings set forth in the ARG II Indenture. This
statement is delivered pursuant to SECTION 24.6(VI) of each of the Leases and
SECTION 8.2(A) of the Series 2002-2 Supplement.

                  2. ANC is the Servicer under each of the Leases.
<PAGE>

                  3. The undersigned are Authorized Officers of ANC.

                  4. The date of this statement is a Determination Date under
the Base Indenture. The first Distribution Date after the date of this statement
is the "Applicable Distribution Date".

                  5. The attached SCHEDULE I (including ANNEX AN Attached
thereto) forms and constitutes an integral part of this statement.

                  6. No event which constitutes a Lease Event of Default or
Potential Lease Event of Default under any of the Leases has occurred or is
continuing as of the date hereof except as follows: [set forth in detail the (i)
nature of each such Lease Event of Default or Potential Lease Event of Default,
(ii) action taken by the applicable Lessee(s) or the Guarantor, if any, to
remedy each such Lease Event of Default or Potential Lease Event of Default and
(iii) current status of each such Lease Event of Default or Potential Lease
Event of Default]. [If applicable, insert "None".]

                  7. [No Leasing Company Amortization Event or Potential Leasing
Company Amortization Event has occurred during the Group IV Related Month] [A
Leasing Company Amortization Event or Potential Leasing Company Amortization
Event did occur on _____________]. [If applicable, set forth in detail the (i)
nature of such Leasing Company Amortization Event or Potential Leasing Company
Amortization Event, (ii) action, if any, taken by the applicable Leasing Company
or any Affiliate thereof to remedy such Leasing Company Amortization Event or
Potential Leasing Company Amortization Event, and (iii) current status of such
Leasing Company Amortization Event or Potential Leasing Company Amortization
Event.]

                  8. [No Amortization Event or Potential Amortization Event has
occurred with respect to the Series 2002-2 Notes during the Group IV Related
Month] [An Amortization Event or Potential Amortization Event with respect to
the Series 2002-2 Notes did occur on ____________]. [If applicable, set forth in
detail the (i) nature of such Amortization Event or Potential Amortization
Event, (ii) action, if any, taken by ARG II or any Affiliate thereof to remedy
such Amortization Event or Potential Amortization Event, and (iii) current
status of such Amortization Event or Potential Amortization Event.]

                                       2
<PAGE>

                  IN WITNESS WHEREOF, the undersigned have executed and
delivered this certificate this ___ day of _____________, ___.

                  ------------------------------
                  Name:
                  Title:

                  ------------------------------
                  Name:
                  Title:

                                       3
<PAGE>

                                                                       EXHIBIT H
                                                     TO SERIES 2002-2 SUPPLEMENT

                    FORM OF SERIES 2002-2 INTEREST RATE CAP

<PAGE>

                                                                       EXHIBIT I
                                                     TO SERIES 2002-2 SUPPLEMENT

                      FORM OF LEASE PAYMENT DEFICIT NOTICE

<PAGE>

                                                                       EXHIBIT J
                                                     TO SERIES 2002-2 SUPPLEMENT

                                 FORM OF CONSENT

<PAGE>

                                                                       EXHIBIT K
                                                     TO SERIES 2002-2 SUPPLEMENT

                     FORM OF MONTHLY NOTEHOLDERS' STATEMENTS

<PAGE>

                                                                       EXHIBIT L
                                                     TO SERIES 2002-2 SUPPLEMENT

                             FORM OF DEFAULT NOTICE

                      IN THE UNITED STATES BANKRUPTCY COURT
                          FOR THE DISTRICT OF DELAWARE

                                                     )
In re:                                               )  Chapter 11
                                                     )
ANC RENTAL CORPORATION, ET AL.,                      )  Case No. 01-11200 (MFW)
                                                     )
                                                     )  (Jointly Administered)
                  Debtors.                           )
                                                     )  HEARING DATE: TBD

             DEFAULT NOTICE UNDER ORDER PURSUANT TO SECTIONS 105 AND
        363(B)(1) AUTHORIZING DEBTORS TO (A) ENTER INTO NEW MASTER LEASE
           AGREEMENTS AND RELATED OPERATING LEASES, (B) GUARANTEE THE
              OBLIGATIONS OF EACH LESSEE UNDER THE NEW MASTER LEASE
              AGREEMENTS, (C) PAY CERTAIN FEES ASSOCIATED WITH THE
               TRANSACTION AND (D) ENTER INTO OTHER AGREEMENTS AND
                DOCUMENTS NECESSARY TO CONSUMMATE THE TRANSACTION

                  (a) In accordance with that certain Order Pursuant to Sections
105 and 363(b)(1) Authorizing Debtors to (A) Enter into New Master Lease
Agreements and Related Operating Leases, (B) Guarantee the Obligations of each
Lessee under the New Master Lease Agreements, (C) Pay Certain Fees Associated
with the Transaction and (D) Enter into Other Agreements and Documents Necessary
to Consummate the Transaction, dated April 4, 2002 (the "Order"), [INSERT NAME
OF RELEVANT MOVING PARTY] (the "Enforcement Party") hereby provides notice of
the occurrence of a default under section [INSERT SECTION NUMBER] of [INSERT
NAME AND DATE OF RELEVANT DOCUMENT] arising from [INSERT DESCRIPTION OF DEFAULT]
(the "Transaction Default").
<PAGE>

                  (b) The Transaction Default constitutes a Default under and as
defined in the Order. This notice is intended to constitute a Default Notice
under and as defined in the Order. This Default Notice shall also be deemed to
constitute a motion for authorization to enforce or exercise any rights and
remedies with respect to any vehicles serving as collateral with respect to the
New Securities Transactions.

                  (c) Pursuant to the Order, the undersigned hereby requests an
emergency hearing to be held on [INSERT DATE SEVEN DAYS AFTER FILING AND SERVICE
OF THIS DEFAULT NOTICE] for the purpose of determining whether or not a Default
as defined in the Order has occurred.

                  (d) In accordance with the Order, the undersigned has provided
a copy of this Default Notice, by fax transmitted today to the following
persons:

                  The Debtors' counsel:

                  [Insert relevant information]

                  The Office of the United States Trustee:

                  Counsel for Congress Financial Corporation:

                  Counsel for Lehman Brothers, Inc.:

                  Counsel for Liberty Mutual Insurance Company

                                       2

<PAGE>

                  Counsel for Official Committee of Unsecured Creditors

                  Counsel to MBIA Insurance Corporation

                  Counsel to Ambac Assurance Corporation

                  Counsel to Deutsche Bank

and by hand or by overnight delivery to all other parties who have filed a
notice of appearance in these chapter 11 cases as set forth on the annexed
service list.

Dated: [INSERT CITY AND STATE OF EXECUTION]
            [INSERT DATE]

                                               [INSERT NAME, ADDRESS, TELEPHONE
                                                NUMBER AND FAX NUMBER OF
                                                ENFORCEMENT PARTY]

                                               By:
                                                  ------------------------------
                                                  Title:

                                       3

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