Document:

EX-4.1 Form of Indenture

EXHIBIT
4.1

      

RYDER VEHICLE LEASE TRUST [___]-[_]

[___]% Asset Backed Notes, Class A-1

[___]% Asset Backed Notes, Class A-2a

[LIBOR +] [___]% Asset Backed Notes, Class A-2b

[___]% Asset Backed Notes, Class B-1

[                                      &
nbsp; ],

as Indenture Trustee,

and

RYDER VEHICLE LEASE TRUST [___]-[_],

as Issuer

 

INDENTURE

Dated as of [                    ]

 

      

 

 

TRUST INDENTURE ACT CROSS-REFERENCE CHART

(this chart is not a part of this Indenture)

	 	 	 
	TIA Section	 	Indenture Reference
	310(a)(1) 
	 	6.08, 6.11
	310(a)(2) 
	 	6.11
	310(a)(3) 
	 	6.10(b)
	310(a)(4) 
	 	Not Applicable
	310(a)(5) 
	 	6.11
	310(b) 
	 	6.11
	310(c) 
	 	Not Applicable
	311(a) 
	 	6.15
	311(b) 
	 	6.15
	311(c) 
	 	Not Applicable
	312(a) 
	 	7.01, 7.02(a)
	312(b) 
	 	7.02(b)
	312(c) 
	 	7.02(c)
	313(a) 
	 	7.03
	313(b) 
	 	7.03
	313(c) 
	 	7.03
	313(d) 
	 	7.03
	314(a) 
	 	3.09
	314(b) 
	 	3.06
	314(c)(1) 
	 	11.01(a)
	314(c)(2) 
	 	11.01(a)
	314(c)(3) 
	 	Not Applicable
	314(d) 
	 	3.09(a), 8.06, 11.01(b)
	314(e) 
	 	11.01(a)
	315(a) 
	 	6.01(b)
	315(b) 
	 	6.05
	315(c) 
	 	6.01(a)
	315(d) 
	 	6.01(c)
	315(d)(1) 
	 	6.01(b), 6.01(c)(i)
	315(d)(2) 
	 	6.01(c)(ii)
	315(d)(3) 
	 	6.01(c)(iii)
	315(e) 
	 	5.13
	316(a) 
	 	5.11; 5.12
	316(a)(1)(A) 
	 	5.11
	316(a)(1)(B) 
	 	5.12
	316(a)(2) 
	 	Not Applicable
	316(b) 
	 	5.07
	316(c) 
	 	5.06(b)
	317(a)(1) 
	 	5.03(a), 5.03(b)
	317(a)(2) 
	 	5.03(d)
	317(b) 
	 	3.03
	318(a) 
	 	11.19

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page
	ARTICLE ONE
	 	 	 	 
	DEFINITIONS
	 	 	 	 
	 
	 	 	 	 
	Section 1.01 Definitions
	 	 	2	 
	Section 1.02 Interpretive Provisions
	 	 	16	 
	 
	 	 	 	 
	ARTICLE TWO
	 	 	 	 
	THE NOTES
	 	 	 	 
	 
	 	 	 	 
	Section 2.01 Form
	 	 	16	 
	Section 2.02 Execution, Authentication and Delivery
	 	 	17	 
	Section 2.03 Temporary Notes
	 	 	17	 
	Section 2.04 Registration; Registration of Transfer and Exchange
	 	 	18	 
	Section 2.05 Mutilated, Destroyed, Lost or Stolen Notes
	 	 	19	 
	Section 2.06 Persons Deemed Owners
	 	 	20	 
	Section 2.07 Cancellation
	 	 	20	 
	Section 2.08 Release of Collateral
	 	 	20	 
	Section 2.09 Book-Entry Notes
	 	 	20	 
	Section 2.10 Notices to Clearing Agency
	 	 	21	 
	Section 2.11 Definitive Notes
	 	 	21	 
	Section 2.12 Authenticating Agents
	 	 	22	 
	 
	 	 	 	 
	ARTICLE THREE
	 	 	 	 
	COVENANTS
	 	 	 	 
	 
	 	 	 	 
	Section 3.01 Payment of Principal and Interest
	 	 	23	 
	Section 3.02 Maintenance of Office or Agency
	 	 	23	 
	Section 3.03 Money for Payments to be Held in Trust
	 	 	23	 
	Section 3.04 Existence
	 	 	25	 
	Section 3.05 Protection of Trust Estate
	 	 	25	 
	Section 3.06 Opinions as to Trust Estate
	 	 	25	 
	Section 3.07 Performance of Obligations; Administration of the [____]-[_] SUBI Assets
	 	 	26	 
	Section 3.08 Negative Covenants
	 	 	27	 
	Section 3.09 Issuer and Indenture Trustee Certificates and Reports
	 	 	28	 
	Section 3.10 Restrictions on Certain Other Activities
	 	 	30	 
	Section 3.11 Notice of Defaults
	 	 	30	 
	Section 3.12 Further Instruments and Acts
	 	 	30	 
	Section 3.13 Delivery of [____]-[_] SUBI Certificate
	 	 	30	 
	Section 3.14 [Reserved]
	 	 	30	 
	Section 3.15 Compliance with Laws
	 	 	30	 

i

 

	 	 	 	 	 
	 	 	Page
	Section 3.16 Issuer May Consolidate, etc., Only on Certain Terms
	 	 	30	 
	Section 3.17 Perfection Representations
	 	 	32	 
	 
	 	 	 	 
	ARTICLE FOUR
	 	 	 	 
	SATISFACTION AND DISCHARGE
	 	 	 	 
	 
	 	 	 	 
	Section 4.01 Satisfaction and Discharge of Indenture
	 	 	33	 
	Section 4.02 Application of Trust Money
	 	 	34	 
	Section 4.03 Repayment of Monies Held by Paying Agent
	 	 	34	 
	 
	 	 	 	 
	ARTICLE FIVE
	 	 	 	 
	INDENTURE DEFAULT
	 	 	 	 
	 
	 	 	 	 
	Section 5.01 Indenture Defaults
	 	 	35	 
	Section 5.02 Acceleration of Maturity; Waiver of Indenture Default
	 	 	36	 
	Section 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee
	 	 	37	 
	Section 5.04 Remedies; Priorities
	 	 	39	 
	Section 5.05 Optional Preservation of the [____]-[_] SUBI Assets
	 	 	40	 
	Section 5.06 Limitation of Suits
	 	 	41	 
	Section 5.07 Unconditional Rights of Noteholders to Receive Principal and Interest
	 	 	41	 
	Section 5.08 Restoration of Rights and Remedies
	 	 	42	 
	Section 5.09 Rights and Remedies Cumulative
	 	 	42	 
	Section 5.10 Delay or Omission Not a Waiver
	 	 	42	 
	Section 5.11 Control by Noteholders
	 	 	42	 
	Section 5.12 Waiver of Past Defaults
	 	 	43	 
	Section 5.13 Undertaking for Costs
	 	 	43	 
	Section 5.14 Waiver of Stay or Extension Laws
	 	 	43	 
	Section 5.15 Action on Notes
	 	 	44	 
	Section 5.16 Performance and Enforcement of Certain Obligations
	 	 	44	 
	Section 5.17 Sale of Trust Estate
	 	 	44	 
	 
	 	 	 	 
	ARTICLE SIX
	 	 	 	 
	THE INDENTURE TRUSTEE
	 	 	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	Section 6.01 Duties of Indenture Trustee
	 	 	46	 
	Section 6.02 Rights of Indenture Trustee
	 	 	47	 
	Section 6.03 Individual Rights of Indenture Trustee
	 	 	48	 
	Section 6.04 Indenture Trustee’s Disclaimer
	 	 	49	 
	Section 6.05 Notice of Defaults
	 	 	49	 
	Section 6.06 Reports by Indenture Trustee to Noteholders
	 	 	49	 
	Section 6.07 Compensation and Indemnity
	 	 	49	 

ii

 

	 	 	 	 	 
	 	 	Page
	Section 6.08 Replacement of Indenture Trustee. Noteholders holding not
less than a majority of the Controlling Class may remove the
Indenture Trustee without cause by so notifying the
Indenture Trustee and the Issuer, and following such removal
may appoint a successor Indenture Trustee
	 	 	50	 
	Section 6.09 Successor Indenture Trustee by Merger
	 	 	51	 
	Section 6.10 Appointment of Co-Trustee or Separate Trustee
	 	 	51	 
	Section 6.11 Eligibility; Disqualification
	 	 	53	 
	Section 6.12 Trustee as Holder of the [____]-[_] SUBI Certificate
	 	 	53	 
	Section 6.13 Representations and Warranties of Indenture Trustee
	 	 	53	 
	Section 6.14 Furnishing of Documents
	 	 	53	 
	Section 6.15 Preferential Collection of Claims Against the Issuer
	 	 	54	 
	 
	 	 	 	 
	ARTICLE SEVEN
	 	 	 	 
	NOTEHOLDERS’ LISTS AND REPORTS
	 	 	 	 
	 
	 	 	 	 
	Section 7.01 Issuer to Furnish Indenture Trustee Noteholder Names and Addresses
	 	 	54	 
	Section 7.02 Preservation of Information; Communications to Noteholders
	 	 	54	 
	Section 7.03 Reports by Indenture Trustee
	 	 	54	 
	 
	 	 	 	 
	ARTICLE EIGHT
	 	 	 	 
	ACCOUNTS, DISBURSEMENTS AND RELEASES
	 	 	 	 
	 
	 	 	 	 
	Section 8.01 Collection of Money
	 	 	54	 
	Section 8.02 Accounts
	 	 	55	 
	Section 8.03 Payment Date Certificate
	 	 	56	 
	Section 8.04 Disbursement of Funds
	 	 	58	 
	Section 8.05 General Provisions Regarding Accounts
	 	 	60	 
	Section 8.06 Release of Trust Estate
	 	 	61	 
	Section 8.07 [Swap Agreement Provisions]
	 	 	61	 
	 
	 	 	 	 
	ARTICLE NINE
	 	 	 	 
	SUPPLEMENTAL INDENTURES
	 	 	 	 
	 
	 	 	 	 
	Section 9.01 Supplemental Indentures Without Consent of Noteholders
	 	 	63	 
	Section 9.02 Supplemental Indentures With Consent of Noteholders
	 	 	64	 
	Section 9.03 Execution of Supplemental Indentures
	 	 	65	 
	Section 9.04 Effect of Supplemental Indenture
	 	 	66	 
	Section 9.05 Reference in Notes to Supplemental Indentures
	 	 	66	 

iii

 

	 	 	 	 	 
	 	 	Page
	ARTICLE TEN
	 	 	 	 
	REDEMPTION OF NOTES
	 	 	 	 
	 
	 	 	 	 
	Section 10.01 Redemption
	 	 	66	 
	Section 10.02 Form of Redemption Notice
	 	 	67	 
	Section 10.03 Notes Payable on Redemption Date
	 	 	67	 
	 
	 	 	 	 
	ARTICLE ELEVEN
	 	 	 	 
	MISCELLANEOUS
	 	 	 	 
	 
	 	 	 	 
	Section 11.01 Compliance Certificates and Opinions
	 	 	67	 
	Section 11.02 Form of Documents Delivered to Indenture Trustee
	 	 	69	 
	Section 11.03 Acts of Noteholders
	 	 	70	 
	Section 11.04 Notices
	 	 	70	 
	Section 11.05 Notices to Noteholders; Waiver
	 	 	71	 
	Section 11.06 Effect of Headings and Table of Contents
	 	 	71	 
	Section 11.07 Successors and Assigns
	 	 	71	 
	Section 11.08 Severability
	 	 	71	 
	Section 11.09 Benefits of Indenture
	 	 	71	 
	Section 11.10 Legal Holidays
	 	 	72	 
	Section 11.11 Governing Law
	 	 	72	 
	Section 11.12 Counterparts
	 	 	72	 
	Section 11.13 Recording of Indenture
	 	 	72	 
	Section 11.14 Trust Obligation
	 	 	72	 
	Section 11.15 No Petition
	 	 	72	 
	Section 11.16 No Recourse
	 	 	73	 
	Section 11.17 Inspection
	 	 	73	 
	Section 11.18 Limitation of Liability of Owner Trustee
	 	 	73	 
	Section 11.19 TIA Incorporation and Conflicts
	 	 	74	 
	 
	 	 	 	 
	Schedule I Perfection Representations, Warranties and Covenants
	 	 	 	 
	 
	 	 	 	 
	EXHIBITS
	 	 	 	 
	 
	 	 	 	 
	Exhibit A Form of Note
	 	 	A-1	 
	Exhibit B Form of Depository Agreement
	 	 	B-1	 
	Exhibit C Servicing Criteria to be Addressed in Assessment of Compliance
	 	 	C-1	 
	Exhibit D Form of Indenture Trustee’s Annual Certification
	 	 	D-1	 

iv

 

INDENTURE

     This Indenture, dated as of
[                    ], is between the Ryder Vehicle Lease Trust [___]-[_],
a Delaware statutory trust (the “Issuer”), and [                    ], a national banking association, as
trustee (the Indenture Trustee”).

     Each party agrees as follows for the benefit of the other parties and for the equal and
ratable benefit of the holders of the Issuer’s (i) [___]% Asset Backed Notes, Class A-1 (the
“Class A-1 Notes”), (ii) [___]% Asset Backed Notes, Class A-2a (the “Class A-2a Notes”), (iii)
[LIBOR +] [___]% Asset Backed Notes, Class A-2b (the “Class A-2b Notes,” and together with the
Class A-1 Notes and Class A-2a Notes, the “Class A Notes”) and (iv) [___]% Asset Backed Notes, Class
B-1 (the “Class B-1 Notes”, and together with the Class A Notes, the “Notes”):

GRANTING CLAUSE

     The Issuer, to secure the payment of principal of and interest on, and any other amounts owing
in respect of, the Notes, equally and ratably without prejudice, priority or distinction except as
set forth herein, [to secure the payment of all amounts payable by the Issuer to the Swap
Counterparty under the Swap Agreement] and to secure compliance with the provisions of this
Indenture, hereby Grants in trust to the Indenture Trustee on the Closing Date, as trustee for the
benefit of the Noteholders [and the Swap Counterparty], all of the Issuer’s right, title and
interest, whether now owned or hereafter acquired, in and to (i) the Trust Estate and (ii) all
present and future claims, demands, causes and choses in action in respect of any or all of the
foregoing and all payments on or under and all proceeds of every kind and nature whatsoever in
respect of any or all of the foregoing, including all proceeds of the conversion, voluntary or
involuntary, into cash or other liquid property, all cash proceeds, accounts, accounts receivable,
notes, drafts, acceptances, chattel paper, checks, deposit accounts, insurance proceeds,
condemnation awards, rights to payment of any and every kind and other forms of obligations and
receivables, instruments, securities, financial assets and other property that at any time
constitute all or part of or are included in the proceeds of any of the foregoing (collectively,
the “Collateral”), in each case as such terms are defined herein.

     The Indenture Trustee, as trustee on behalf of the Noteholders [and the Swap Counterparty],
acknowledges the foregoing Grant, accepts the trusts under this Indenture in accordance with the
provisions of this Indenture and agrees to perform its duties required in this Indenture to the
best of its ability to the end that the interests of the Noteholders may be adequately and
effectively protected.

 

 

ARTICLE ONE

DEFINITIONS

     Section 1.01 Definitions. Capitalized terms used herein that are not otherwise
defined shall have the meanings ascribed thereto in the SUBI Trust Agreement or the Administration
Agreement, as the case may be. Whenever used herein, unless the context otherwise requires, the
following words and phrases have the following meanings:

     “[___]-[_] Lease” has the meaning set forth in the SUBI Trust Agreement.

     “[___]-[_] SUBI Assets” has the meaning set forth in the SUBI Trust Agreement

     “[___]-[_] SUBI Certificate” has the meaning set forth in the SUBI Trust Agreement.

     “[___]-[_] SUBI Collection Account” has the meaning set forth in the Origination
Trust Agreement.

     “Accounts” means the Note Distribution Account and the Reserve Fund.

     “Accrual Period” means, with respect to any Payment Date and (i) the Class A-1 Notes
[and the Class A-2b Notes], the period from and including the preceding Payment Date (or, in the
case of the first Payment Date or if no interest has yet been paid, from and including the Closing
Date) to but excluding the current Payment Date and (ii) the Class A-2a Notes and the Class B-1
Notes, the period from and including the [15th] day of the month in which the preceding
Payment Date occurred (or, in the case of the first Payment Date or if no interest has yet been
paid, from and including the Closing Date) to and including the [14th] day of the month
in which such Payment Date occurs.

     “Act” has the meaning set forth in Section 11.03(a).

     “Administration Agreement” means the Basic Administration Agreement, as supplemented
by the [___]-[_] administration supplement, dated as of [                    ], among the parties to
the Basic
Administration Agreement, as amended or supplemented from time to time with respect to the
[___]-[_] SUBI.

     “Administration Fee” has the meaning set forth in the Administration Agreement.

     “Administrative Agent” means Ryder, as Administrative Agent under the Administration
Agreement.

     “Administrative Agent Default” has the meaning set forth in the Administration
Agreement.

     “Administrator” means the Administrator, or any successor Administrator under the
Issuer Administration Agreement.

     “Advance” has the meaning set forth in the Administration Agreement.

2

 

     “Affiliate” has the meaning set forth in the Origination Trust Agreement.

     “Authenticating Agent” means any Person authorized by the Indenture Trustee to act on
behalf of the Indenture Trustee to authenticate and deliver the Notes.

     “Authorized Newspaper” means a newspaper of general circulation in The City of New
York, printed in the English language and customarily published on each Business Day, whether or
not published on Saturdays, Sundays and holidays.

     “Authorized Officer” means, with respect to the Issuer, (i) any officer of the Owner
Trustee who is authorized to act for the Owner Trustee in matters relating to the Issuer and who is
identified on the list of Authorized Officers delivered by the Owner Trustee to the Indenture
Trustee on the Closing Date and (ii) so long as the Issuer Administration Agreement is in effect,
any of the following officers of the Administrator, each of whom is authorized to act for the
Administrator in matters relating to the Issuer pursuant to the Issuer Administration Agreement:
the President, any Vice President, the Treasurer, any Assistant Treasurer, the Secretary and any
Assistant Secretary.

     “Available Funds” means, for any Payment Date and the related Collection Period, the
sum of the following amounts: (i) SUBI Collections, (ii) Advances, [(iii) Swap Payments Incoming
and any Swap Termination Payment made by the Swap Counterparty to the Issuer, to the extent not
used to enter into a replacement swap agreement] and (iv) in the case of an Optional Purchase, the
Optional Purchase Price.

     “Available Funds Shortfall Amount” means, for any Payment Date and the related
Collection Period, the amount, if any, by which Securityholder Available Funds is less than the
amount necessary to make the distributions in clauses (i) through (iii) of Section 8.04(a), except
that the Optimal Principal Distributable Amount rather than the Quarterly Principal Distributable
Amount shall be used for purposes of clause (iii).

     “Available Principal Distribution Amount” means, for any Payment Date and the related
Collection Period, an amount equal to the sum of (i) the amount of Available Funds remaining after
the Administrative Agent has been paid the Payment Date Advance Reimbursement and the
Administration Fee, [the Swap Counterparty has been paid any Swap Payments Outgoing and any Senior
Swap Termination Payment] and after accrued interest has been paid on the Notes and (ii) the
Reserve Fund Draw Amount, if any, remaining after interest has been paid on the Notes.

     “Back-up Security Agreement” means the back-up security agreement, dated as of
[                    ], among Ryder, the Origination Trust, RTR I LP, the Transferor, the Issuer and the
Indenture Trustee, as amended or supplemented from time to time.

     “Basic Administration Agreement” means the administration agreement, dated as of
February 1, 1998, among the UTI Beneficiaries, the Origination Trust, and Ryder, as administrative
agent and maintenance provider, as amended from time to time.

     “Basic Documents” has the meaning set forth in the SUBI Trust Agreement.

3

 

     “Book-Entry Notes” means a beneficial interest in the Notes, ownership and transfers
of which shall be made through book entries by a Clearing Agency as described in Section 2.09.

     “Business Day” means any day other than a Saturday, a Sunday or a day on which banking
institutions in the states of [Delaware, Florida, Minnesota, Illinois or New York] are authorized
or obligated by law, executive order or government decree to be closed.

     “Certificate Distribution Amount” means, as of any Payment Date, the amount being
distributed to the Trust Certificateholders on such Payment Date.

     “Class” means a group of Notes whose form is identical except for variation in
denomination, principal amount or owner, and references to “each Class” thus mean each of the
Class A-1 Notes, the Class A-2a Notes, the Class A-2b Notes and the Class B-1 Notes.

     “Class A-1 Interest Rate” means [___]% per annum (computed on the basis of the actual
number of days elapsed divided by 360).

     “Class A-2a Interest Rate” means [___]% per annum (computed on the basis of a 360-day
year of twelve 30-day months).

     “Class A-2b Interest Rate” means [LIBOR +] [___]% per annum (computed on the basis of
the actual number of days elapsed divided by 360).

     “Class B-1 Interest Rate” means [___]% per annum (computed on the basis of a 360-day
year of twelve 30-day months).

     “Class A-1 Note Balance” means, as of any date, the Initial Class A-1 Note Balance
reduced by all payments of principal made on or prior to such date on the Class A-1 Notes.

     “Class A-2a Note Balance” means, as of any date, the Initial Class A-2a Note Balance
reduced by all payments of principal made on or prior to such date on the Class A-2a Notes.

     “Class A-2b Note Balance” means, as of any date, the Initial Class A-2b Note Balance
reduced by all payments of principal made on or prior to such date on the Class A-2b Notes.

     “Class B-1 Note Balance” means, as of any date, the Initial Class B-1 Note Balance
reduced by all payments of principal made on or prior to such date on the Class B-1 Notes.

     “Clearing Agency “ means an organization registered as a “clearing agency” pursuant to
Section 17A of the Exchange Act and shall initially be DTC.

     “Clearing Agency Participant” means a broker, dealer, bank or other financial
institution or other Person for which from time to time a Clearing Agency effects book-entry
transfers and pledges of securities deposited with the Clearing Agency.

     “Closing Date” means [___].

     “Code” means the Internal Revenue Code of 1986, as amended.

4

 

     “Collateral” has the meaning set forth in the Granting Clause.

     “Collection Period” has the meaning set forth in the Administration Agreement.

     “Commission” means the U.S. Securities and Exchange Commission, and its successors.

     “Control Agreement” means the control agreement, dated as of
[                    ], among the
Transferor, the Issuer, the Indenture Trustee and [                    ], as securities intermediary, as
amended or supplemented from time to time.

     “Controlling Class” shall mean, with respect to any Outstanding Notes, (i)
collectively, the Class A-1 Notes, Class A-2a Notes and Class A-2b Notes (voting together as a
single Class) as long as any such class is outstanding, and (ii) thereafter the Class B-1 Notes as
long as any Class B-1 Notes are Outstanding (excluding, in each case, Notes held by the Transferor,
the Issuer, the Administrator or any of their Affiliates).

     “Corporate Trust Office” means the office of the Indenture Trustee at which at any
particular time its corporate trust business shall be administered, which office at the date of the
execution of this Indenture is located at
[                                       
 ]; or at such other address as the
Indenture Trustee may designate from time to time by notice to the Noteholders and the Issuer, or
the principal corporate trust office of any successor Indenture Trustee (the address of which the
successor Indenture Trustee shall notify the Noteholders and the Issuer).

     “Cutoff Date” means
[                    ] as of the opening of business.

     “Default” means any occurrence that is, or with notice or lapse of time or both would
become, an Indenture Default.

     “Definitive Note” means a definitive fully registered Note.

     “Deposit Date” means, for as long as the Monthly Remittance Condition is satisfied,
the fifth Business Day following the end of each calendar month of the related Collection Period,
or, in the case of the calendar month of a Collection Period immediately preceding a Payment Date,
on the Business Day immediately preceding that Payment Date.

     “Depository Agreement” means the agreement among the Issuer, the Indenture Trustee and
DTC, as the initial Clearing Agency, dated as of [                    ], substantially in the form of Exhibit
B.

     “Disposition Expenses” has the meaning set forth in the Administration Agreement.

     “Distribution Account” has the meaning set forth in the Trust Agreement.

     “DTC” means The Depository Trust Company, and its successors.

     “Eligible Account” means an account maintained with a depository institution or trust
company (i) (a) the short-term unsecured debt obligations of which have the Required Deposit Rating
or (b) having a long-term unsecured debt rating acceptable to each Rating Agency and

5

 

corporate
trust powers and (ii) which is maintained in a segregated trust account in the corporate trust
department of such depository institution or trust company.

     “ERISA” means the Employee Retirement Income Security Act of 1974, as amended.

     “Excess Amounts” means, as of any Payment Date, the amount remaining after the
distributions from the [___]-[_] SUBI Collection Account provided for in clauses (i) through (iii)
of Section 8.04(a), in the amount and priority set forth therein, have been made.

     “Exchange Act” means the Securities Exchange Act of 1934, as amended.

     “Executive Officer” means, with respect to any (i) corporation or depository
institution, the Chief Executive Officer, Chief Operating Officer, Chief Financial Officer,
President, Executive Vice President, any Vice President, the Secretary or the Treasurer of such
corporation or depository institution, and (ii) any partnership, any general partner thereof.

     “Financial Asset” means each item of property credited to the Reserve Fund and treated
as a “financial asset” within the meaning of Section 8-102(a)(9) of the UCC in accordance with
Section 2.02 of the Control Agreement.

     “Fitch” means Fitch, Inc., and its successors.

     “Grant” means mortgage, pledge, bargain, sell, warrant, alienate, remise, release,
convey, assign, transfer, create and grant a lien upon and a security interest in and right of
set-off against, deposit, set over and confirm pursuant to this Indenture, and, with respect to the
Collateral or any other agreement or instrument, shall include all rights, powers and options (but
none of the obligations) of the granting party thereunder, including the immediate and continuing
right to claim for, collect, receive and give receipt for principal and interest payments in
respect of the Collateral and all other monies payable thereunder, to give and receive notices and
other communications, to make waivers or other agreements, to exercise all rights and options, to
bring Proceedings in the name of the granting party or otherwise and generally to do and receive
anything that the granting party is or may be entitled to do or receive thereunder or with respect
thereto.

     “Holder” has the meaning set forth in the Origination Trust Agreement.

     “Indenture” means this Indenture, as amended or supplemented from time to time.

     “Indenture Default” has the meaning set forth in Section 5.01.

     “Indenture Trustee” has the meaning set forth in the preamble.

     “Independent” means, when used with respect to any specified Person, that such Person
(i) is in fact independent of the Issuer, any other obligor upon the Notes, the Administrator and
any Affiliate of any of the foregoing Persons, (ii) does not have any direct financial interest or
any material indirect financial interest in the Issuer, any such other obligor, the Administrator
or any Affiliate of any of the foregoing Persons and (iii) is not connected with the Issuer, any
such other obligor, the Administrator or any Affiliate of any of the foregoing Persons as an
officer,

6

 

employee, promoter, underwriter, trustee, partner, director or Person performing similar
functions.

     “Independent Certificate” means a certificate or opinion to be delivered to the
Indenture Trustee under the circumstances described in, and otherwise complying with, the
applicable requirements of Section 11.01(b), made by an Independent appraiser or other expert
appointed by an Issuer Order, and such opinion or certificate shall state that the signer has read
the definition of “Independent” in this Indenture and that the signer is Independent within the
meaning thereof.

     “Initial Class A-1 Note Balance” means
$[                    ].

     “Initial Class A-2a Note Balance” means
$[                    ].

     “Initial Class A-2b Note Balance” means
$[                    ].

     “Initial Class B-1 Note Balance” means
$[                    ].

     “Initial Note Balance” means each of the Initial Class A-1 Note Balance, the Initial
Class A-2a Note Balance, the Initial Class A-2b Note Balance and the Initial Class B-1 Note
Balance, as applicable.

     “Interest Rate” means the Class A-1 Interest Rate, Class A-2a Interest Rate,
Class A-2b Interest Rate, Class B-1 Interest Rate or the Overdue Interest Rate, as applicable.

     [“ISDA” means the International Swaps and Derivatives Association, Inc.]

     “Issuer” means the Ryder Vehicle Lease Trust [___]-[_], until a successor replaces it
and, thereafter, means the successor and, for purposes of any provision contained herein, each
other obligor on the Notes.

     “Issuer Administration Agreement” means the issuer administration agreement, dated as
of [                    ], among the Administrator, the Issuer, the Transferor and the Indenture Trustee, as
amended or supplemented from time to time.

     “Issuer SUBI Certificate Transfer Agreement” means the issuer SUBI certificate
transfer agreement, dated as of [                    ], between the Transferor, as transferor, and the Issuer,
as transferee, as amended or supplemented from time to time.

     “Issuer Order” and “Issuer Request” means a written order or request of the
Issuer signed in the name of the Issuer by any one of its Authorized Officers and delivered to the
Indenture Trustee.

     [“LIBOR” means the rate per annum of deposits in United States dollars having a
[one-month][three-month] maturity that appears on Reuters Screen LIBOR01 Page as of the LIBOR
Determination Date. In the event that no rate for [one-month][three-month] dollar deposits appears
on Reuters Screen LIBOR01 Page on the applicable LIBOR Determination Date, LIBOR shall be the
arithmetic mean (rounded upwards to the nearest one-sixteenth of 1%) of the

7

 

rates at which
[one-month][three-month] dollar deposits are offered to the prime banks in the London interbank
market by four major banks in that market selected by the Indenture Trustee as of the LIBOR
Determination Date and time specified above. If fewer than two quotations are provided by such
banks, then LIBOR shall be the arithmetic mean (rounded upwards as above) of the rates at which
[one-month][three-month] loans in United States dollars are offered to leading European banks by
three major banks in New York City selected by the Indenture Trustee as of 11:00 a.m. New York City
time on the applicable LIBOR Determination Date. If no such quotation can be obtained, LIBOR for
such Payment Date will be LIBOR for the prior Payment Date.]

     “LIBOR Determination Date” means approximately 11:00 a.m. London time, two London
business days prior to the Payment Date immediately preceding such Payment Date (or, in the case of
the initial Payment Date, two London business days prior to the Closing Date).

     “Maturity Date” has the meaning set forth in the Origination Trust Agreement.

     “Moody’s” means Moody’s Investors Service, Inc., and its successors.

     “Note” means a Class A-1 Note, Class A-2a Note, Class A-2b Note or Class B-1 Note, in
each case substantially in the form of Exhibit A hereto.

     “Note Balance” means each of the Class A-1 Note Balance, the Class A-2a Note Balance,
the Class A-2b Note Balance and the Class B-1 Note Balance, as applicable.

     “Note Distribution Account” means the trust account established by the Transferor, in
the name of the Indenture Trustee, pursuant to Section 8.02, into which amounts released from the
[___]-[_] SUBI Collection Account and the Reserve Fund for distribution to Noteholders shall be
deposited and from which all distributions to Noteholders shall be made.

     “Note Distribution Amount” means, as of any Payment Date, the amount being distributed
to the Noteholders on such Payment Date.

     “Note Factor” means, with respect to each Class of Notes on any Payment Date, the
seven digit decimal equivalent of a fraction the numerator of which is the related Note Balance on
such Payment Date (after giving effect to any payment of principal on such Payment Date) and the
denominator of which is the related Initial Note Balance.

     “Note Final Payment Date” means, with respect to (i) a Class A-1 Note,
[                    ];
(ii) a Class A-2a Note, [                    ]; (iii) a Class A-2b Note,
[                    ]; and (iv) a Class B-1 Note,
[                    ].

     “Note Outstanding Amount” means, as of any date, the aggregate principal amount of the
applicable Outstanding Notes, reduced by all payments of principal made in respect thereof on or
prior to such date.

     “Note Owner” means, with respect to a Book-Entry Note, the Person who is the
beneficial owner of such Book-Entry Note, as reflected on the books of the Clearing Agency or a
Person maintaining an account with such Clearing Agency (directly as a Clearing Agency

8

 

Participant
or as an indirect participant, in each case in accordance with the rules of such Clearing Agency).

     “Note Register” and “Note Registrar” have the respective meanings set forth in
Section 2.04.

     “Noteholder” means, as of any date, the Person in whose name a Note is registered on
the Note Register on such date.

     “Officer’s Certificate” means a certificate signed by an Authorized Officer of the
Issuer, under the circumstances described in, and otherwise complying with, the applicable
requirements of Section 11.01, and delivered to, the Indenture Trustee.

     “Opinion of Counsel” means one or more written opinions of counsel who may, except as
otherwise expressly provided in this Indenture, be employees of or counsel to the Issuer or the
Administrator, and who shall be satisfactory to the Indenture Trustee, and which opinion or
opinions shall be addressed to the Indenture Trustee, comply with any applicable requirements of
Section 11.01 and be in form and substance satisfactory to the Indenture Trustee.

     “Optimal Principal Distributable Amount” means, for any Payment Date and the related
Collection Period, an amount equal to the sum of the following amounts:

     (i) for each [___]-[_] Vehicle for which the related [___]-[_] Lease did not
terminate during such Collection Period, the difference between the Securitization Value of
such [___]-[_] Lease at the beginning and at the end of such Collection Period;

     (ii) for each [___]-[_] Vehicle for which the related [___]-[_] Lease reached
its
Maturity Date during such Collection Period, the Securitization Value of such [___]-[_]
Lease as of such Maturity Date;

     (iii) for each [___]-[_] Lease terminated by the related Lessee or the Administrative
Agent during such Collection Period pursuant to exercise of the Annual Termination Option,
the related Securitization Value as of the effective date of termination;

     (iv) for each [___]-[_] Vehicle purchased by the Administrative Agent before its
Maturity Date, the Securitization Value of the related [___]-[_] Lease as of the date of
such purchase;

     (v) for each [___]-[_] Vehicle that became the subject of a Casualty Termination Lease
during such Collection Period, the Securitization Value of the related [___]-[_] Lease as
of the date of such Casualty Termination; and

     (vi) for each [___]-[_] Lease that became a Default Termination Lease during such
Collection Period, the related Securitization Value as of the date such [___]-[_] Lease
became a Default Termination Lease.

     “Optional Purchase” has the meaning set forth in the Administration Agreement.

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     “Optional Purchase Price” has the meaning set forth in the Administration Agreement.

     “Origination Trust” means Ryder Truck Rental LT.

     “Origination Trust Agreement” means the second amended and restated trust agreement,
dated as of February 1, 1998, among RTR I LP and Ryder Truck Rental II LP, as grantors and initial
beneficiaries, Ryder, as administrative agent, U.S. Bank Trust National Association (as successor
in interest to Delaware Trust Capital Management, Inc.), as Delaware trustee, RTRT, Inc., as
trustee, and U.S. Bank National Association, as trust agent, as amended from time to time.

     “Origination Trustee” means RTRT, Inc., in its capacity as Trustee of the Origination
Trust, and its successors.

     “Outstanding Notes” means, as of any date, all Notes (or all Notes of an applicable
Class) theretofore authenticated and delivered under this Indenture except:

     (i) Notes (or Notes of an applicable Class) theretofore cancelled by the Note Registrar
or delivered to the Note Registrar for cancellation;

     (ii) Notes (or Notes of an applicable Class) or portions thereof the payment for which
money in the necessary amount has been theretofore deposited with the Indenture Trustee or
any Paying Agent in trust for the related Noteholders; provided, however, that if such Notes
are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture
or provision therefor, satisfactory to the Indenture Trustee, has been made; and

     (iii) Notes (or Notes of an applicable Class) in exchange for or in lieu of other Notes
(or Notes of such Class) that have been authenticated and delivered pursuant to this
Indenture unless proof satisfactory to the Indenture Trustee is presented that any such
Notes are held by a bona fide purchaser;

provided, that in determining whether Noteholders holding the requisite percentage of the
Controlling Class have given any request, demand, authorization, direction, notice, consent or
waiver hereunder or under any Basic Document, Notes owned by the Issuer, the Transferor, the
Administrator or any of their respective Affiliates shall be disregarded and deemed not to be
Outstanding Notes, except that, in determining whether the Indenture Trustee shall be protected in
relying upon any such request, demand, authorization, direction, notice, consent or waiver, only
Notes that a Responsible Officer knows to be so owned shall be so disregarded. Notes so owned that
have been pledged in good faith may be regarded as Outstanding Notes if the pledgee thereof
establishes to the satisfaction of the Indenture Trustee such pledgee’s right so to act with
respect to such Notes and that such pledgee is not the Issuer, the Transferor, the Administrator or
any of their respective Affiliates.

     “Overdue Interest Rate” means, with respect to any Class, the Interest Rate applicable
to such Class.

     “Owner Trustee” has the meaning set forth in the Trust Agreement.

10

 

     “Paying Agent” means the Indenture Trustee or any other Person that meets the
eligibility standards for the Indenture Trustee set forth in Section 6.11 and is authorized by the
Issuer to make the payments to and distributions from the Note Distribution Account, including the
payment of principal of or interest on the Notes on behalf of the Issuer.

     “Payment Date” has the meaning set forth in the SUBI Trust Agreement.

     “Payment Date Advance Reimbursement” has the meaning set forth in the Administration
Agreement.

     “Payment Date Certificate” has the meaning set forth in Section 8.03(a).

     “Permitted Investment” has the meaning set forth in the Origination Trust Agreement.

     “Person” means any individual, corporation, estate, partnership, joint venture,
association, joint stock company, trust (including any beneficiary thereof), unincorporated
organization or government or any agency or political subdivision thereof.

     “Pledged Security Entitlements” has the meaning set forth in Section 3.06(a).

     “Predecessor Note” means, with respect to any Note, every previous Note evidencing all
or a portion of the same debt as that evidenced by such particular Note; and, for the purpose of
this definition, any Note authenticated and delivered under Section 2.05 in lieu of a mutilated,
destroyed, lost or stolen Note shall be deemed to evidence the same debt as the mutilated,
destroyed, lost or stolen Note.

     “Principal Carryover Shortfall” means, as of the close of any Payment Date, the sum of
the excess, if any, of the then Principal Distribution Amount over the Quarterly Principal
Distributable Amount.

     “Principal Distribution Amount” means, for any Payment Date, the aggregate amount of
principal payable on the Notes, equal to the greater of (i) the sum of (a) the Optimal Principal
Distributable Amount and (b) any Principal Carryover Shortfall as of the preceding Payment Date and
(ii) if the amount on deposit in the Reserve Fund after giving effect to all deposits and
withdrawals referenced in clause (i) of the definition of the Reserve Fund Draw Amount exceeds the
aggregate unpaid balance of the Notes, the aggregate Note Balance. Notwithstanding the foregoing,
the Principal Distribution Amount shall not exceed the outstanding aggregate Note Balance.

     “Proceeding” means any suit in equity, action at law or other judicial or
administrative proceeding.

     “Quarterly Principal Distributable Amount” means an amount equal to the lesser of (i)
the Principal Distribution Amount and (ii) the Available Principal Distribution Amount.

     “Rating Agency” has the meaning set forth in the SUBI Trust Agreement.

11

 

     “Rating Agency Condition” means, with respect to any action, that each Rating Agency
shall have been given ten Business Days (or such shorter period as is acceptable to each Rating
Agency) prior notice thereof by the Transferor and that each Rating Agency shall have confirmed to
the Transferor, the Administrator or the Issuer that such action will not result in a Rating Event.

     “Rating Event” means the qualification, reduction or withdrawal by any Rating Agency
of its then-current rating of any Class of Notes.

     “Record Date” means, with respect to a Payment Date or Redemption Date, the close of
business on the Business Day immediately preceding such Payment Date or Redemption Date, as the
case may be; provided, however, that if Definitive Notes are issued pursuant to Section 2.11, the
Record Date with respect to a Payment Date shall be the last day of the month preceding that
Payment Date.

     “Redemption Date” means in the case of a redemption of the Notes pursuant to Section
10.01, the Payment Date specified by the Administrator or the Issuer pursuant to Section 10.01.

     “Redemption Price” means an amount equal to the unpaid principal amount of the Notes
redeemed plus accrued and unpaid interest thereon at the applicable Interest Rate through the
Accrual Period related to the related Redemption Date.

     “Registered Holder” means the Person in whose name a Note is registered on the Note
Register on the related Record Date.

     “Regulation AB” means Subpart 229.1100 – Asset Backed Securities (Regulation AB), 17
C.F.R. §§229.1100-229.1123, as such may be amended from time to time, and subject to such
clarification and interpretation as have been provided by the Commission in the adopting release
(Asset-Backed Securities, Securities Act Release No. 33-8518, 70 Fed. Reg. 1,506, 1,531 (Jan. 7,
2005)) or by the staff of the Commission, or as may be provided by the Commission or its staff from
time to time.

     “Reserve Fund” has the meaning set forth in the Trust Agreement.

     “Reserve Fund Deposit Amount” means, with respect to any Payment Date and the related
Collection Period, an amount equal to the sum of (i) any Excess Amounts with respect to the related
Collection Period and (ii) net income realized on the investment of funds on deposit in the
[___]-[_] SUBI Collection Account and the Reserve Fund in respect of such Collection Period.

     “Reserve Fund Draw Amount” means, for any Payment Date, the amount withdrawn from the
Reserve Fund, equal to the sum of (i) the lesser of (a) the Available Funds Shortfall Amount, if
any, and (b) the amount on deposit in the Reserve Fund after giving effect to all deposits thereto
on the related Deposit Date or such Payment Date, [and (ii) in the event the amount on deposit in
the Reserve Fund, after giving effect to all withdrawals therefrom and deposits thereto in respect
of such Payment Date, exceeds the unpaid balance of the Notes, the aggregate Note Balance].

12

 

     “Reserve Fund Property” has the meaning set forth in the Trust Agreement.

     “Reserve Fund Requirement” means (i) on any Payment Date other than a Payment Date
described in clause (ii), an amount equal to [___]% of the [aggregate Note Balance][aggregate
Securitization Value], (ii) on any Payment Date occurring on or after the date on which the last
remaining [___]-[_] Lease terminated, zero or (iii) on any Payment Date on which the aggregate
Note Balance equals zero, the aggregate Note Balance.

     “Residual Note” has the meaning set forth in Section 2.02.

     “Residual Value Loss” has the meaning set forth in the Administration Agreement.

     “Residual Value Surplus” has the meaning set forth in the Administration Agreement.

     “Responsible Officer” means any officer within the Corporate Trust Department (or any
successor group) of the Indenture Trustee, with direct responsibility for the administration of the
Indenture and Basic Documents, or to whom any corporate trust matter is referred within the
Corporate Trust Department because of his knowledge of and familiarity with the particular subject.

     “RTR I LP” means Ryder Truck Rental I LP, and its successors.

     “Ryder” means Ryder Truck Rental, Inc., and its successors.

     “Secured Obligations” has the meaning set forth in the Trust Agreement.

     “Securities” means the Trust Certificate and the Notes.

     “Securitization Value” has the meaning set forth in the Administration Agreement.

     “Security Entitlements” has the meaning set forth in the Control Agreement.

     “Securityholder” means each registered holder of a Security.

     “Securityholder Available Funds” means on each Payment Date, all remaining Available
Funds after giving effect to the payment to the Administrative Agent pursuant to Section
11.04(a)(v) of the Administration Agreement of (i) the Payment Date Advance Reimbursement and (ii)
the Administration Fee, together with any unpaid Administration Fees in respect of one or more
Collection Periods.

     [“Senior Swap Termination Payment” means any Swap Termination Payment other than a
Subordinate Swap Termination Payment.]

     “Servicing Criteria” means the “servicing criteria” set forth in Item 1122(d) of
Regulation AB, as such may be amended from time to time.

     “S&P” means Standard & Poor’s, a division of the McGraw Hill Companies, Inc., and its
successors.

13

 

     “Special Event Purchase” means a purchase of a [___]-[_] Vehicle prior to the maturity
date of the related [___]-[_] Lease made by, or caused to be made by, the Administrative Agent,
solely at its option, for which the Administrative Agent remits to the SUBI Collection Account an
amount equal to the Securitization Value of such [___]-[_] Lease as of the effective date of
termination, if the Administrative Agent (i) exercises the Annual Termination Option, including,
without limitation, if the related Lessee rejects an increase in the Maintenance Component when the
current Maintenance Component provides the Maintenance Provider with below average service margins
or (ii) elects to purchase such [___]-[_] Vehicle for any administrative or commercial reason,
provided that the servicer is not otherwise required to purchase that leased vehicle under the
Administration Agreement.

     “Subcontractor” means any vendor, subcontractor or other Person that is not
responsible for the overall servicing (as “servicing” is commonly understood by participants in the
asset-backed securities market) of the [___]-[_] Leases and [___]-[_] Vehicles but performs one or
more discrete functions identified in Item 1122(d) of Regulation AB with respect to the [___]-[_]
Leases and [___]-[_] Vehicles under the direction or authority of the Servicer or a Subservicer.

     “SUBI” has the meaning set forth in the Origination Trust Agreement

     “SUBI Certificate Transfer Agreement” means the SUBI certificate transfer agreement,
dated as of [                    ], between RTR I LP, as transferor, and the Transferor, as transferee, as
amended or supplemented from time to time.

     “SUBI Collections” has the meaning set forth in the Administration Agreement.

     “SUBI Trust Agreement” means the Origination Trust Agreement, as supplemented by the
[___]-[_] origination trust supplement, dated as of [                    ], among the parties to the
Origination Trust Agreement, as amended from time to time.

     [“Subordinate Swap Termination Payment” means any Swap Termination Payment resulting
from a Swap Termination where the Swap Counterparty is the Defaulting Party or sole Affected Party
(as defined in the Swap Agreement) other than Swap Terminations arising from a Tax Event or
Illegality (each as defined in the Swap Agreement).]

     “Subservicer” means any Person that services the [___]-[_] Leases and [___]-[_]
Vehicles on behalf of the Servicer or any Subservicer and is responsible for the performance
(whether directly or through Subservicers or Subcontractors) of a substantial portion of the
material servicing functions required to be performed by the Servicer under this Agreement that are
identified in Item 1122(d) of Regulation AB.

     [“Swap Agreement” means the 1992 ISDA Master Agreement dated as of
[                    ],
including all schedules, credit support annexes and confirmations thereto, between the Issuer and
the Swap Counterparty, as modified, amended, supplemented, renewed, extended or replaced from time
to time.]

     [“Swap Counterparty” means
[                    ] or its successor or replacement under the Swap
Agreement.]

14

 

     [“Swap Event of Default”, means the occurrence of an “Event of Default” under the Swap
Agreement, as defined in the Swap Agreement.]

     [“Swap Payments Incoming” means on any Payment Date the net amount, if any, then
payable by the Swap Counterparty to the Issuer, excluding any Swap Termination Payments.]

     [“Swap Payments Outgoing” means on any Payment Date the net amount, if any, then
payable by the Issuer to the Swap Counterparty, excluding any Swap Termination Payments.]

     [“Swap Termination” means the occurrence of an “Early Termination Date” under the Swap
Agreement, as defined in the Swap Agreement.]

     [“Swap Termination Event” means the occurrence of a “Termination Event” under the Swap
Agreement, as defined in the Swap Agreement.]

     [“Swap Termination Payment” means, the termination payment that the Issuer or the Swap
Counterparty may be liable to make to the other upon the occurrence of a Swap Termination, in some
cases regardless of which of such parties may have caused such termination.]

     “TIA” means the Trust Indenture Act of 1939, as amended and as in force on the date
hereof, unless otherwise specifically provided.

     “Transferor” means Ryder Funding II LP, and its successors.

     “Trust Agent” has the meaning set forth in the Origination Trust Agreement.

     “Trust Agreement” means the trust agreement, as amended and restated as of
[                    ],
between the Transferor and the Owner Trustee, as amended or supplemented from time to time.

     “Trust Certificate” has the meaning set forth in the Trust Agreement.

     “Trust Certificateholder” has the meaning set forth in the Trust Agreement.

     “Trust Estate” means all money, accounts, chattel paper, general intangibles, goods,
instruments, investment property and other property subject or intended to be subject to the lien
and security interest of this Indenture for the benefit of the Noteholders (including the
Collateral Granted to the Indenture Trustee), including (i) the [___]-[_] SUBI Certificate
(transferred pursuant to the Issuer SUBI Certificate Transfer Agreement), evidencing a 100%
beneficial interest in the [___]-[_] SUBI Assets, including the right to payments thereunder from
certain Sales Proceeds, Casualty Proceeds, Termination Proceeds, Termination Value Payments (up to
an amount equal to the Securitization Value of the related [___]-[_] Vehicle) and certain other
amounts in respect of the [___]-[_] Vehicles and the [___]-[_] Leases on deposit in the [___]-[_]
SUBI Collection Account and investment earnings, net of losses and investment expenses, on amounts
on deposit in the [___]-[_] SUBI Collection Account, (ii) the rights of the Issuer under the
Back-up Security Agreement, (iii) the rights of the Issuer to the funds on deposit from time to
time in the Note Distribution Account and any other account or accounts established pursuant to the
Indenture and all cash, investment property and other property from time to time credited

15

 

thereto
and all proceeds thereof, (iv) the rights of the Transferor, as transferee under the SUBI
Certificate Transfer Agreement, (v) the rights of the Issuer, as transferee under the Issuer SUBI
Certificate Transfer Agreement, (vi) the rights of the Issuer as a third-party beneficiary of the
Administration Agreement, including the right to certain Advances, and the SUBI Trust Agreement,
(vii) the security interest of the Issuer in the Reserve Fund Property, [(viii) the rights of the
Issuer and the Owner Trustee under the Swap Agreement and the amounts payable to the Issuer
thereunder] and (ix) all proceeds, accounts, money, general intangibles, instruments, chattel
paper, goods, investment property and other property consisting of or arising from the foregoing.

     “UCC” means, unless the context otherwise requires, the Uniform Commercial Code as in
effect in the relevant jurisdiction, as amended from time to time.

     “United States” means the United States of America.

     “UTI Beneficiary” means Ryder Truck Rental I LP or Ryder Truck Rental II LP, each in
its capacity as an initial Beneficiary of the Origination Trust, and its successors and permitted
assigns.

     Section 1.02 Interpretive Provisions.

     (a) For all purposes of this Indenture, except as otherwise expressly provided or unless the
context otherwise requires, (i) terms used herein include, as appropriate, all genders and the
plural as well as the singular, (ii) references to words such as “herein,” “hereof” and the like
shall refer to this Indenture as a whole and not to any particular part, article or section within
this Indenture, (iii) references to a section such as “Section 1.01” or an Article such as “Article
Eleven” shall refer to the applicable Section or Article of this Agreement, (iv) the term “include”
and all variations thereof shall mean “include without limitation”, (v) the term “or” shall include
“and/or” and (vi) the term “proceeds” shall have the meaning ascribed to such term in the UCC.

     (b) As used in this Indenture and in any certificate or other document made or delivered
pursuant hereto or thereto, accounting terms not defined in this Indenture or in any such
certificate or other document, and accounting terms partly defined in this Indenture or in any such
certificate or other document to the extent not defined, shall have the respective meanings given
to them under generally accepted accounting principles. To the extent that the definitions of
accounting terms in this Indenture or in any such certificate or other document are inconsistent
with the meanings of such terms under generally accepted accounting principles, the definitions
contained in this Indenture or in any such certificate or other document shall control.

ARTICLE TWO

THE NOTES

     Section 2.01 Form. The Notes, together with the Indenture Trustee’s certificate of
authentication, shall be in substantially the form set forth as Exhibit A hereto, with such
appropriate insertions, omissions, substitutions and other variations as are required or permitted
by this Indenture and may have such letters, numbers or other marks of identification and such

16

 

legends or endorsements placed thereon as may, consistently herewith, be determined by the officers
executing such Notes, as evidenced by their execution of such Notes. Any portion of the text of
any Note may be set forth on the reverse thereof, with an appropriate reference thereto on the face
of such Note.

     The terms of the Notes set forth in Exhibit A hereto are part of the terms of this Indenture.

     Section 2.02 Execution, Authentication and Delivery. The Notes shall be executed by
the Owner Trustee on behalf of the Issuer. The signature of any authorized officer of the Owner
Trustee on the Notes may be manual or by facsimile. Notes bearing the manual or facsimile
signature of individuals who were at any time authorized officers of the Owner Trustee shall bind
the Issuer, notwithstanding that any such individuals have ceased to hold such offices prior to the
authentication and delivery of such Notes or did not hold such offices at the date of such Notes.

     The Indenture Trustee shall, upon receipt of an Issuer Order, authenticate and deliver for
original issue the following aggregate principal amounts of the Notes: (i) $[                    ] of Class A-1
Notes, (ii) $[                    ] of Class A-2a Notes, (iii)
$[                    ] of Class A-2b Notes and (iv)
$[                    ] of Class B-1 Notes. The aggregate principal amount of Class A-1 Notes, Class A-2a
Notes, Class A-2b Notes and Class B-1 Notes outstanding at any time may not exceed such respective
amounts, except as provided in Section 2.05.

     Each Note shall be dated the date of its authentication. The Notes shall be issuable as
registered notes in book-entry form in minimum denominations of $1,000 and in integral multiples of
$1,000 in excess thereof; provided, however, that on the Closing Date, one Class A-1 Note, one
Class A-2a Note, one Class A-2b Note and one Class B-1 Note may be issued in a denomination that
includes any remaining portion of the Initial Class A-1 Note Balance, the Initial Class A-2a Note
Balance, the Initial Class A-2b Note Balance and the Initial Class B-1 Note Balance, respectively
(each, a “Residual Note”).

     No Note shall be entitled to any benefit under this Indenture or be valid or obligatory for
any purpose unless there appears on such Note a certificate of authentication substantially in the
form provided for herein executed by the Indenture Trustee by the manual signature of one of its
authorized signatories, and such certificate upon any Note shall be conclusive evidence, and the
only evidence, that such Note has been duly authenticated and delivered hereunder.

     Section 2.03 Temporary Notes. Pending the preparation of Definitive Notes, the Owner
Trustee may execute, on behalf of the Issuer, and upon receipt of an Issuer Order, the Indenture
Trustee shall authenticate and deliver, temporary Notes that are printed, lithographed,
typewritten, mimeographed or otherwise produced, substantially of the tenor of the Definitive Notes
in lieu of which they are issued and with such variations not inconsistent with the terms of this
Indenture as the officers executing such Notes may determine, as evidenced by their execution of
such Notes.

     If temporary Notes are issued, the Issuer shall cause Definitive Notes to be prepared without
unreasonable delay. After the preparation of Definitive Notes, the temporary Notes shall

17

 

be
exchangeable for Definitive Notes upon surrender of such temporary Notes at the office or agency of
the Issuer to be maintained as provided in Section 3.02, without charge to the related Noteholder.
Upon surrender for cancellation of any one or more temporary Notes, the Owner Trustee shall
execute, on behalf of the Issuer, and the Indenture Trustee shall authenticate and deliver in
exchange therefor, a like principal amount of Definitive Notes of authorized denominations. Until
so exchanged, such temporary Notes shall in all respects be entitled to the same benefits under
this Indenture as Definitive Notes.

     Section 2.04 Registration; Registration of Transfer and Exchange. The Issuer shall
cause to be kept a register (the “Note Register”) in which, subject to such reasonable regulations
as it may prescribe, the Issuer shall provide for the registration of Notes and the registration of
transfers of Notes. The Indenture Trustee is hereby appointed the “Note Registrar” for the purpose
of registering Notes and transfers of Notes as herein provided. Upon any resignation of any Note
Registrar, the Issuer shall promptly appoint a successor or, if it elects not to make such an
appointment, assume the duties of Note Registrar.

     If a Person other than the Indenture Trustee is appointed by the Issuer as Note Registrar, the
Issuer shall give the Indenture Trustee prompt written notice of such appointment and the location,
and any change in such location, of the Note Register, and the Indenture Trustee shall have the
right to inspect the Note Register at all reasonable times and to obtain copies thereof, and the
Indenture Trustee shall have the right to rely upon a certificate executed on behalf of the Note
Registrar by an Executive Officer as to the names and addresses of the Noteholders and the
principal amounts and number of such Notes.

     Upon surrender for registration of transfer of any Note at the office or agency of the Issuer
to be maintained as provided in Section 3.02, if the requirements of Section 8-401 of the UCC are
met, the Owner Trustee shall execute, on behalf of the Issuer, and the Indenture Trustee shall
authenticate and the related Noteholder shall obtain from the Indenture Trustee, in the name of the
designated transferee, one or more new Notes in any authorized denominations, of a like aggregate
principal amount.

     At the option of the related Noteholder, Notes may be exchanged for other Notes in any
authorized denominations, of a like aggregate principal amount, upon surrender of such Notes at
such office or agency. Whenever any Notes are so surrendered for exchange, if the requirements of
Section 8-401 of the UCC are met, the Owner Trustee shall execute, on behalf of the Issuer, the
Indenture Trustee shall authenticate and the Noteholder shall obtain from the Indenture Trustee the
Notes that the Noteholder making such exchange is entitled to receive.

     Every Note presented or surrendered for registration of transfer or exchange shall (if so
required by the Issuer or the Indenture Trustee) be duly endorsed, or be accompanied by a written
instrument of transfer in form and substance satisfactory to the Issuer and the Indenture Trustee,
duly executed by the Noteholder thereof or its attorney-in-fact duly authorized in writing.

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

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     No service charge shall be made to a Noteholder for any registration of transfer or exchange
of Notes, but the Issuer may require payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection therewith, other than exchanges pursuant to
Sections 2.03 or 9.05 not involving any transfer.

     No Note, or any interest therein, may be transferred to an “employee benefit plan” within the
meaning of Section 3(3) of ERISA that is subject to ERISA, a “plan” described in Section 4975(e)(1)
of the Code, any entity that is deemed to hold “plan assets” of any of the foregoing by reason of
an employee benefit plan’s or other plan’s investment in such entity, or any governmental plan
subject to applicable law that is substantially similar to the fiduciary responsibility provisions
of ERISA or Section 4975 of the Code, unless such transferee represents, warrants and covenants
that its purchase and holding of such note is and will be eligible for, and satisfies and will
satisfy all the requirements of, Department of Labor prohibited transaction class exemption (“PTE”)
90-1; PTE 96-23; PTE 95-60; PTE 91-38; PTE 84-14 or another applicable prohibited transaction
exemption (or in the case of a governmental plan, will not violate any applicable law that is
substantially similar to ERISA or Section 4975 of the Code) By its acquisition of a Note in
book-entry form or any interest therein, each transferee will be deemed to have represented,
warranted and covenanted that it satisfies the foregoing requirements and the Indenture Trustee may
relay conclusively on the same for purposes hereof.

     The preceding provisions of this Section notwithstanding, the Issuer shall not be required to
make, and the Note Registrar need not register, transfers or exchanges of any Note (i) selected for
redemption or (ii) for a period of 15 days preceding the due date for any payment with respect to
such Note.

     Section 2.05 Mutilated, Destroyed, Lost or Stolen Notes. If (i) any mutilated Note is
surrendered to the Indenture Trustee, or the Indenture Trustee receives evidence to its
satisfaction of the destruction, loss or theft of any Note and (ii) there is delivered to the
Indenture Trustee such security or indemnity as may be required by it to hold the Issuer, the Owner
Trustee and the Indenture Trustee harmless, then, in the absence of notice to the Owner Indenture
Trustee, the Note Registrar or the Indenture Trustee that such Note has been acquired by a
“protected purchaser” (as contemplated by Article Eight of the UCC), and provided that the
requirements of Section 8-405 of the UCC are met, the Owner Trustee shall execute, on behalf of the
Issuer, and upon receipt of an Issuer Request the Indenture Trustee shall authenticate and deliver,
in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Note, a replacement
Note; provided, however, that if any such destroyed, lost or stolen Note (but not a mutilated Note)
shall have become or within seven days shall become due and payable, or shall have been called for
redemption, instead of issuing a replacement Note, the Issuer may pay such destroyed, lost or
stolen Note when so due or payable or upon the Redemption Date without the surrender thereof. If,
after the delivery of such replacement Note or payment of a destroyed, lost or stolen Note pursuant
to the proviso to the preceding sentence, a “protected purchaser” (as contemplated by Article Eight
of the UCC) of the original Note in lieu of which such replacement Note was issued presents for
payment such original Note, the Issuer and the Indenture Trustee shall be entitled to recover such
replacement Note (or such payment) from the Person to whom it was delivered or any Person taking
such replacement Note from such Person to whom such replacement Note was delivered or any assignee
of such Person, except a “protected purchaser” (as contemplated by Article Eight of the UCC), and
shall be entitled to

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recover upon the security or indemnity provided therefor to the extent of any
loss, damage, cost or expense incurred by the Issuer or the Indenture Trustee in connection
therewith.

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

     Every replacement Note issued pursuant to this Section in replacement of any mutilated,
destroyed, lost or stolen Note shall constitute an original additional contractual obligation of
the Issuer, whether or not the mutilated, destroyed, lost or stolen Note shall be at any time
enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and
proportionately with any and all other Notes duly issued hereunder.

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

     Section 2.06 Persons Deemed Owners. Prior to due presentment for registration of
transfer of any Note, the Issuer, the Indenture Trustee and their respective agents may treat the
Person in whose name any Note is registered (as of the date of determination) as the owner of such
Note for the purpose of receiving payments of principal of and interest, if any, on such Note and
for all other purposes whatsoever, whether or not such Note be overdue, and neither the Issuer, the
Indenture Trustee nor any of their respective agents shall be affected by notice to the contrary.

     Section 2.07 Cancellation. All Notes surrendered for payment, registration of
transfer, exchange or redemption shall, if surrendered to any Person other than the Indenture
Trustee, be delivered to the Indenture Trustee and shall be promptly cancelled by the Indenture
Trustee. The Issuer may at any time deliver to the Indenture Trustee for cancellation any Notes
previously authenticated and delivered hereunder that the Issuer may have acquired in any manner
whatsoever, and all Notes so delivered shall be promptly cancelled by the Indenture Trustee. No
Notes shall be authenticated in lieu of or in exchange for any Notes cancelled as provided in this
Section, except as expressly permitted by this Indenture. All cancelled Notes may be held or
disposed of by the Indenture Trustee in accordance with its standard retention or disposal policy
as in effect at the time unless the Issuer shall direct by an Issuer Order that they be destroyed
or returned to it; provided, that such Issuer Order is timely and that such Notes have not been
previously disposed of by the Indenture Trustee.

     Section 2.08 Release of Collateral. Subject to Section 11.01 and the terms of the
Basic Documents, the Indenture Trustee shall release property from the lien of this Indenture only
upon receipt of an Issuer Request.

     Section 2.09 Book-Entry Notes. Unless otherwise specified, the Notes (except for any
Residual Notes), upon original issuance, will be issued in the form of one or more typewritten
Notes representing the Book-Entry Notes, to be delivered to the Indenture Trustee, as agent for

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DTC, the initial Clearing Agency, by, or on behalf of, the Issuer. One fully registered Note shall
be issued with respect to each $500 million in principal amount of each Class of Notes or such
lesser amount as necessary. Such Notes shall initially be registered on the Note Register in the
name of Cede & Co., the nominee of the initial Clearing Agency, and no Note Owner shall receive a
Definitive Note representing such Note Owner’s interest in such Note except as provided in Section
2.11. Unless and until Definitive Notes have been issued to Note Owners pursuant to Section 2.11:

     (a) the provisions of this Section shall be in full force and effect;

     (b) the Note Registrar and the Indenture Trustee shall be entitled to deal with the
Clearing Agency for all purposes of this Indenture (including the payment of principal of
and interest on the Notes and the giving of instructions or directions hereunder) as the
sole Noteholder, and shall have no obligation to Note Owners;

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

     (d) the rights of Note Owners shall be exercised only through the Clearing Agency and
shall be limited to those established by law and agreements between or among such Note
Owners and the Clearing Agency or Clearing Agency Participants; pursuant to the Depository
Agreement, unless and until Definitive Notes are issued pursuant to Section 2.11, the
initial Clearing Agency will make book-entry transfers among the Clearing Agency
Participants and receive and transmit payments of principal of and interest on the Notes to
such Clearing Agency Participants; and

     (e) whenever this Indenture requires or permits actions to be taken based upon
instructions or directions of Noteholders evidencing a specified percentage of the
Controlling Class, the Clearing Agency shall be deemed to represent such percentage only to
the extent that it has received instructions to such effect from Note Owners or Clearing
Agency Participants owning or representing, respectively, such required percentage of the
beneficial interest in the Notes and has delivered such instructions to the Indenture
Trustee.

     Section 2.10 Notices to Clearing Agency. Whenever a notice or other communication to
Noteholders is required under this Indenture, unless and until Definitive Notes shall have been
issued to Note Owners pursuant to Section 2.11, the Indenture Trustee shall give all such notices
and communications specified herein to be given to Noteholders to the Clearing Agency, and shall
have no obligation to the Note Owners.

     Section 2.11 Definitive Notes. If (i) (A) the Administrator advises the Indenture
Trustee in writing that the Clearing Agency is no longer willing or able to properly discharge its
responsibilities as described in the Depository Agreement and (B) the Indenture Trustee or the
Transferor is unable to locate a qualified successor, (ii) the Transferor at its option, with the
consent of the applicable Clearing Agency participants, advises the Indenture Trustee in writing
that it elects to terminate the book-entry system through the Clearing Agency or (iii) after an
Indenture Default, the Note Owners representing in the aggregate not less than 51% of the Note

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Balance of the related Class advise the Indenture Trustee through the Clearing Agency and its
Participants in writing that the continuation of a book-entry system through the Clearing Agency or
its successor is no longer in the best interests of Note Owners, the Indenture Trustee shall be
required to notify all Note Owners, through the Clearing Agency, of the occurrence of such event
and the availability through the Clearing Agency of Definitive Notes to Note Owners requesting the
same. Upon surrender to the Indenture Trustee by the Clearing Agency of the Note or Notes
representing the Book-Entry Notes and the receipt of instructions for re-registration, the
Indenture Trustee shall issue Definitive Notes to Note Owners, who thereupon shall become
Noteholders for all purposes of this Indenture. None of the Owner Trustee, the Note Registrar or
the Indenture Trustee shall be liable for any delay in delivery of such instructions and may
conclusively rely on, and shall be protected in relying on, such instructions.

     The Indenture Trustee shall not be liable if the Indenture Trustee or the Administrator is
unable to locate a qualified successor Clearing Agency. The Definitive Notes shall be typewritten,
printed, lithographed or engraved or produced by any combination of such methods (with or without
steel engraved borders), all as determined by the officers executing such Notes, as evidenced by
their execution of such Notes.

     If Definitive Notes are issued and the Indenture Trustee is not the Note Registrar, the Owner
Trustee shall furnish or cause to be furnished to the Indenture Trustee a list of the names and
addresses of the Noteholders (i) as of each Record Date, within five days thereafter and (ii) as of
not more than ten days prior to the time such list is furnished, within 30 days after receipt by
the Owner Trustee of a written request therefor.

     Section 2.12 Authenticating Agents. Upon the request of the Issuer, the Indenture
Trustee shall, and if the Indenture Trustee so chooses the Indenture Trustee may, appoint one or
more Authenticating Agents with power to act on its behalf and subject to its direction in the
authentication of Notes in connection with issuance, transfers and exchanges under Sections 2.02,
2.04, 2.05 and 9.05, as fully to all intents and purposes as though each such Authenticating Agent
had been expressly authorized by such Sections to authenticate such Notes. For all purposes of
this Indenture, the authentication of Notes by an Authenticating Agent pursuant to this Section
shall be deemed to be the authentication of Notes by the Indenture Trustee.

     Any corporation into which any Authenticating Agent may be merged or converted or with which
it may be consolidated, or any corporation resulting from any merger, consolidation or conversion
to which any Authenticating Agent shall be a party, or any corporation succeeding to the corporate
trust business of any Authenticating Agent, shall be the successor of such Authenticating Agent
hereunder, without the execution or filing of any further act on the part of the parties hereto or
such Authenticating Agent or such successor corporation.

     Any Authenticating Agent may at any time resign by giving written notice of resignation to the
Indenture Trustee and the Issuer. The Indenture Trustee may at any time terminate the agency of
any Authenticating Agent by giving written notice of termination to such Authenticating Agent and
the Issuer. Upon receiving such notice of resignation or upon such termination, the Indenture
Trustee shall promptly appoint a successor Authenticating Agent and shall give written notice of
such appointment to the Issuer.

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     The Indenture Trustee agrees to pay to each Authenticating Agent from time to time reasonable
compensation for its services and reimbursement for its reasonable expenses relating thereto, and
the Indenture Trustee shall be entitled to be reimbursed for all such payments, subject to Section
6.07. The provisions of Sections 2.07 and 6.04 shall be applicable to any Authenticating Agent.

ARTICLE THREE

COVENANTS

     Section 3.01 Payment of Principal and Interest. The Issuer shall duly and punctually
pay the principal of and interest on the Notes in accordance with the terms of the Notes and this
Indenture. Without limiting the foregoing, subject to Section 8.04, the Issuer shall cause to be
distributed all amounts on deposit in the Note Distribution Account on each Payment Date that have
been deposited therein for the benefit of the Notes as set forth in Section 8.04. Amounts properly
withheld under the Code by any Person from a payment to any Noteholder of interest or principal
shall be considered to have been paid by the Issuer to such Noteholder for all purposes of this
Indenture.

     Section 3.02 Maintenance of Office or Agency. The Note Registrar, on behalf of the
Issuer, shall maintain at the Corporate Trust Office or at such other location in the Borough of
Manhattan, The City of New York, chosen by the Note Registrar, acting for the Issuer, an office or
agency where Notes may be surrendered for registration of transfer or exchange, and where notices
to and demands upon the Issuer in respect of the Notes and this Indenture may be served. The
Issuer hereby appoints the Indenture Trustee as its agent to receive all such surrenders, notices
and demands. The Issuer shall give prompt written notice to the Indenture Trustee of the location,
and of any change in the location, of any such office or agency. If at any time the Issuer shall
fail to maintain any such office or agency or shall fail to furnish the Indenture Trustee with the
address thereof, such surrenders, notices and demands may be made or served at the Corporate Trust
Office, and the Issuer hereby appoints the Indenture Trustee as its agent to receive all such
surrenders, notices and demands.

     Section 3.03 Money for Payments to be Held in Trust. As provided in Sections 8.04 and
5.04(b), all payments of amounts due and payable with respect to any Notes that are to be made from
amounts withdrawn from the Note Distribution Account shall be made on behalf of the Issuer by the
Indenture Trustee or by another Paying Agent, and no amounts so withdrawn therefrom for payments on
Notes shall be paid over to the Issuer except as provided in this Section.

     On each Payment Date and Redemption Date, the Issuer shall deposit or cause to be deposited
into the Note Distribution Account an aggregate sum sufficient to pay the amounts then becoming due
under the Notes, and the Paying Agent shall hold such sum in trust for the benefit of the Persons
entitled thereto and (unless the Paying Agent is the Indenture Trustee) shall promptly notify the
Indenture Trustee of any failure by the Issuer to effect such deposit.

     The Issuer shall cause each Paying Agent other than the Indenture Trustee to execute and
deliver to the Indenture Trustee an instrument in which such Paying Agent shall agree with the

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Indenture Trustee (and if the Indenture Trustee acts as Paying Agent, it hereby so agrees to
the extent relevant), subject to the provisions of this Section, that such Paying Agent shall:

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

     (b) give the Indenture Trustee notice of any default by the Issuer of which it has
actual knowledge (or any other obligor upon the Notes) in the making of any payment required
to be made with respect to the Notes;

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

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

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

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

     Subject to applicable laws with respect to escheat of funds, any money held by the Indenture
Trustee or any Paying Agent in trust for the payment of any amount due with respect to any Note and
remaining unclaimed for two years after such amount has become due and payable shall be discharged
from such trust and deposited by the Indenture Trustee into the [___]-[_] SUBI Collection Account,
and the related Noteholder shall thereafter, as an unsecured general creditor, look only to the
Issuer for payment thereof, and all liability of the Indenture Trustee or such Paying Agent with
respect to such trust money shall thereupon cease; provided, however, that the Indenture Trustee or
such Paying Agent, before being required to make any such repayment, may at the expense of the
Issuer cause to be published once, in an Authorized Newspaper notice that such money remains
unclaimed and that, after a date specified therein, which date shall not be less than 30 days from
the date of such publication, any unclaimed balance of such money then remaining shall be paid to
the Administrator. The Indenture Trustee shall also adopt and employ, at the expense of the
Issuer, any other reasonable means of notification of such repayment (including mailing notice of
such repayment to Noteholders the

24

 

Notes of which have been called but not surrendered for redemption or whose right to or
interest in monies due and payable but not claimed is determinable from the records of the
Indenture Trustee or any Paying Agent at the last address of record for each such Noteholder).

     Section 3.04 Existence. The Issuer shall keep in full effect its existence, rights
and franchises as a trust under the laws of the State of Delaware (unless it becomes, or any
successor Issuer hereunder is or becomes, organized under the laws of any other state or of the
United States, in which case the Issuer shall keep in full effect its existence, rights and
franchises under the laws of such other jurisdiction) and shall obtain and preserve its
qualification to do business in each jurisdiction in which such qualification is or shall be
necessary to protect the validity and enforceability of this Indenture, the Notes, the Collateral
and each other instrument or agreement included in the Trust Estate.

     Section 3.05 Protection of Trust Estate. The Issuer intends the security interest
Granted pursuant to this Indenture in favor of the Indenture Trustee on behalf of the Noteholders
[and the Swap Counterparty] to be prior to all other liens in respect of the Trust Estate, and the
Issuer shall take all actions necessary to obtain and maintain, for the benefit of the Indenture
Trustee on behalf of the Noteholders [and the Swap Counterparty], a first lien on and a first
priority, perfected security interest in the Trust Estate. The Issuer shall from time to time
execute and deliver all such supplements and amendments hereto and all such financing statements,
continuation statements, instruments of further assurance and other instruments, all as prepared by
the Administrator and delivered to the Issuer, and shall take such other action necessary or
advisable to:

     (a) Grant more effectively all or any portion of the Trust Estate;

     (b) maintain or preserve the lien and security interest (and the priority thereof)
created by this Indenture or carry out more effectively the purposes hereof;

     (c) perfect, publish notice of or protect the validity of any Grant made or to be made
by this Indenture;

     (d) enforce any of the Collateral;

     (e) preserve and defend title to the Trust Estate and the rights of the Indenture
Trustee and the Noteholders in the Trust Estate against the claims of all Persons; or

     (f) pay all taxes or assessments levied or assessed upon the Trust Estate when due; the
Issuer hereby designates the Indenture Trustee its agent and attorney-in-fact to execute all
financing statements, continuation statements or other instruments required to be executed
pursuant to this Section.

     Section 3.06 Opinions as to Trust Estate.

     (a) On the Closing Date, the Issuer shall furnish or cause to be furnished to the Indenture
Trustee, an Opinion of Counsel to the effect that, in the opinion of such counsel, (i) the
execution and delivery of the Indenture and the delivery for value to and taking of physical
possession in the State of New York by the Indenture Trustee of the [___]-[_] SUBI Certificate,

25

 

endorsed or registered in the name of the Indenture Trustee, will create a valid first
priority perfected security interest, for the benefit of the Indenture Trustee on behalf of the
holders of the Notes, in the Issuer’s right, title and interest
in the
[___]-[_] SUBI Certificate
and (ii) (A) the provisions of the Trust Agreement are effective to create a valid security
interest in favor of the Issuer, in the Transferor’s right in all Security Entitlements with
respect to Financial Assets credited to the Reserve Fund (the “Pledged Security Entitlements”) and
(B) the provisions of the Indenture are effective to create a valid security interest in favor of
the Indenture Trustee, to secure payment on the Notes, in the Issuer’s right in the Pledged
Security Entitlements and (C) the provisions of the Control Agreement are effective to perfect the
security interest of the Indenture Trustee in the Pledged Security Entitlements.

     (b) On or before April 30 of each calendar year, beginning with April 30, 20[___], the Issuer
shall furnish to the Indenture Trustee an Opinion of Counsel to the effect that, in the opinion of
such counsel, (i) the Indenture Trustee on behalf of the holders of the Notes has a valid first
priority perfected security interest in the Issuer’s and the Owner Trustee’s right, title and
interest in the [___]-[_] SUBI Certificate and (ii) the Indenture Trustee on behalf of the holders
of the Notes has a valid first priority perfected security interest in the Transferor and Issuer’s
right in the Pledged Security Entitlements.

     Section 3.07 Performance of Obligations; Administration of the [___]-[_] SUBI Assets.

     (a) The Issuer shall not take any action and shall use its best efforts not to permit any
action to be taken by others, including the Administrator, that would release any Person from any
of such Person’s material covenants or obligations under any instrument or agreement included in
the Trust Estate or that would result in the amendment, hypothecation, subordination, termination
or discharge of, or impair the validity or effectiveness of, any such instrument or agreement,
except as expressly provided in the Basic Documents or such other instrument or agreement.

     (b) The Issuer may contract with other Persons, to assist it in performing its duties under
this Indenture, and any performance of such duties by a Person identified to the Indenture Trustee
in an Officer’s Certificate of the Issuer shall be deemed to be action taken by the Issuer.
Initially, the Issuer has contracted with the Administrator, and the Administrator has agreed, to
assist the Issuer in performing its duties under this Indenture.

     (c) The Issuer shall, and shall cause the Administrator and the Administrative Agent to,
punctually perform and observe all of its obligations and agreements contained in this Indenture,
the other Basic Documents and the instruments and agreements included in the Trust Estate,
including filing or causing to be filed all UCC financing statements and continuation statements
required to be filed by the terms of this Indenture and the other Basic Documents in accordance
with and within the time periods provided for herein and therein. Except as otherwise expressly
provided therein, the Issuer, as a party to the Basic Documents and as Holder of the [___]-[_]
SUBI Certificate, shall not, and shall cause each of the Administrative Agent and the Administrator
not to, modify, amend, supplement, waive or terminate any Basic Document or any provision thereof
without the consent of the Indenture Trustee or the

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Noteholders of at least a majority of the Controlling Class or such greater percentage as may
be specified in the particular provision or Basic Document.

     (d) Administrative Agent Defaults may occur with respect to the Indenture Trustee as assignee
of the Issuer. If the Issuer or the Indenture Trustee shall have knowledge of the occurrence of an
Administrative Agent Default, such entity shall promptly notify the other entity and each Rating
Agency thereof, and shall specify in such notice the action, if any, the other entity is taking in
respect of such default. If an Administrative Agent Default shall arise from the failure of the
Administrative Agent to perform any of its duties or obligations under the Administration Agreement
with respect to the [___]-[_] SUBI Assets, the Issuer shall take all reasonable steps available to
it to remedy such failure. Upon the occurrence of an Administrative Agent Default with respect to
the [___]-[_] SUBI, the Indenture Trustee may terminate all of the rights and obligations of the
Administrative Agent with respect to the [___]-[_] SUBI only, and a successor Administrative Agent
shall be appointed pursuant to the Administration Agreement.

     (e) Upon any termination of the Administrative Agent’s rights and powers or resignation of the
Administrative Agent pursuant to the Administration Agreement, the Issuer or the Indenture Trustee
shall promptly, but in any event within two Business Days of such termination or resignation,
notify the other entity thereof. As soon as a successor Administrative Agent is appointed pursuant
to the Administration Agreement, the Issuer or the Indenture Trustee shall notify the other entity
of such appointment, specifying in such notice the name and address of such successor
Administrative Agent.

     Section 3.08 Negative Covenants. So long as there are any Outstanding Notes, the
Issuer shall not:

     (a) engage in any activities other than financing, acquiring, owning, leasing (subject
to the lien of this Indenture), pledging and managing the [___]-[_] SUBI Certificate as
contemplated by this Indenture and the other Basic Documents;

     (b) sell, transfer, exchange or otherwise dispose of any of the assets of the Issuer
except as expressly permitted by this Indenture and the other Basic Documents;

     (c) claim any credit on or make any deduction from the principal or interest payable in
respect of the Notes (other than amounts properly withheld from such payments under the Code
or applicable state law) or assert any claim against any present or former Noteholder by
reason of the payment of the taxes levied or assessed upon any part of the Trust Estate;

     (d) (i) permit the validity or effectiveness of this Indenture to be impaired, permit
the lien of this Indenture to be amended, hypothecated, subordinated, terminated or
discharged or permit any Person to be released from any covenants or obligations under this
Indenture, except as may be expressly permitted hereby, (ii) permit any lien, charge,
excise, claim, security interest, mortgage or other encumbrance (other than the lien of this
Indenture) to be created on or extend to or otherwise arise upon or burden the Trust Estate,
any part thereof or any interest therein or the proceeds thereof (other than

27

 

tax liens, mechanics’ liens and other liens that arise by operation of law, in each
case on any [___]-[_] SUBI Asset and arising solely as a result of an action or omission of
the related Lessee) or (iii) except as otherwise provided in the Basic Documents, permit the
lien of this Indenture not to constitute a valid first priority (other than with respect to
any such tax, mechanics’ or other lien) security interest in the Trust Estate;

     (e) incur, assume or guarantee any indebtedness other than indebtedness incurred in
accordance with the Basic Documents; or

     (f) except as otherwise permitted by the Basic Documents, dissolve or liquidate in
whole or in part.

     Section 3.09 Issuer and Indenture Trustee Certificates and Reports.

     (a) The Issuer shall deliver to the Indenture Trustee and each Rating Agency, within 90 days
after the end of each calendar year (commencing with the year ending December 31, 20[___]), an
Officer’s Certificate stating, as to the Authorized Officer signing such Officer’s Certificate,
that:

          (i) a review of the activities of the Issuer during such year (or such shorter period
in the case of the first such Officer’s Certificate) and of the Issuer’s performance under
this Indenture has been made under such Authorized Officer’s supervision;

          (ii) to the best of such Authorized Officer’s knowledge, based on such review:

          all the dispositions of Collateral and cash payments out of the Accounts
described in clauses (A) and (B) of Section 11.01(b)(v) that occurred during the
preceding year (or shorter period in the case of the first such Officer’s
Certificate) were made in the ordinary course of the Issuer’s business and the
proceeds thereof were applied in accordance with the Basic Documents; and

          the Issuer has complied with all conditions and covenants under this Indenture
throughout such year (or such shorter period in the case of the first such Officer’s
Certificate), or, if there has been a Default in the compliance of any such
condition or covenant, specifying each such Default known to such Authorized Officer
and the nature and status thereof.

     (b) The Issuer shall supply to the Indenture Trustee (and the Indenture Trustee shall transmit
by mail to all Noteholders as required by TIA Section 313(c)) such summaries of any information,
documents and reports required to be filed by the Issuer pursuant to clauses (i) and (ii) of
Section 3.09(a) as may be required pursuant to rules and regulations prescribed from time to time
by the Commission.

     (c) On or before March [15th] of each calendar year in which a Form 10-K is
required to be filed on behalf of the Issuer, commencing in 20[___], the Indenture Trustee shall
deliver to the Issuer and the Administrator:

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     (i) a report regarding the Indenture Trustee’s assessment of compliance with the
Servicing Criteria during the immediately preceding calendar year, as required under Rules
13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation AB. Such report shall be
addressed to the Issuer and signed by an authorized officer of the Indenture Trustee, and
shall address each of the Servicing Criteria specified on a certification substantially in
the form of Exhibit C hereto;

     (ii) a report of a registered public accounting firm that attests to, and reports on,
the assessment of compliance made by the Indenture Trustee and delivered pursuant to the
preceding paragraph. Such attestation shall be in accordance with Rules 13a-18 and 15d-18
of the Securities Act and the Exchange Act and Item 1122 of Regulation AB; and

     (iii) a certification (a “Sarbanes Certification”), as required by Rules
13a-14(d) and 15d-14(d) under the Exchange Act (pursuant to Section 302 of the
Sarbanes-Oxley Act) on behalf of the Issuer or the Transferor substantially in the form
attached hereto as Exhibit D or such form as mutually agreed upon by the Transferor
and the Indenture Trustee. The Indenture Trustee acknowledges that the Transferor,
Administrator and Issuer may rely on the certification provided by the Indenture Trustee
pursuant to such clause in signing a Sarbanes Certification and filing such with the
Commission.

     (d) For so long as the Issuer is filing reports under the Exchange Act, the Indenture Trustee
shall (i) on or before the fifth Business Day of each month, notify the Transferor, in writing, of
any legal proceedings pending against the Indenture Trustee of the type described in Item 1117 of
Regulation AB; provided, however, that the Indenture Trustee shall not be required to provide such
information in the event that there has been no change to the information previously provided by
the Indenture Trustee to Transferor, and (ii) as promptly as practicable following notice to or
discovery by a Responsible Officer of the Indenture Trustee of any changes to such information,
provide to the Transferor, in writing, such updated information.

     (e) The Issuer shall:

     (i) file with the Commission copies of the monthly reports and such other information,
documents and reports (or copies of such portions of any of the foregoing as the Commission
may from time to time by rules and regulations prescribe) as the Issuer may be required to
file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act, including
reports on Form 10-D and Form 8-K;

     (ii) within 90 days after the end of each calendar year (commencing with the year
ending December 31, 20[___]), file with the Commission copies of the annual reports (or
copies of such portions of any of the foregoing as the Commission may from time to time by
rules and regulations prescribe) as the Issuer may be required to file with the Commission
pursuant to Section 13 or 15(d) of the Exchange Act, including reports on Form 10-K; and

     (iii) file with the Commission in accordance with rules and regulations prescribed from
time to time by the Commission such other information, documents and

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reports with respect to compliance by the Issuer with the conditions and covenants of
this Indenture as may be required from time to time by such rules and regulations.

     (f) Unless the Issuer otherwise determines, the fiscal year of the Issuer shall end on
December 31 of each year.

     Section 3.10 Restrictions on Certain Other Activities. Except as otherwise provided
in the Basic Documents, the Issuer shall not: (i) engage in any activities other than financing,
acquiring, owning, leasing (subject to the lien of this Indenture), pledging and managing the
[___]-[_] SUBI Certificates in the manner contemplated by the Basic Documents; (ii) issue, incur,
assume, guarantee or otherwise become liable, directly or indirectly, for any indebtedness; (iii)
make any loan, advance or credit to, guarantee (directly or indirectly or by an instrument having
the effect of assuring another’s payment or performance on any obligation or capability of so doing
or otherwise), endorse or otherwise become contingently liable, directly or indirectly, in
connection with the obligations, stocks or dividends of, own, purchase, repurchase or acquire (or
agree contingently to do so) any stock, obligations, assets or securities of, or any other interest
in, or make any capital contribution to, any other Person; or (iv) make any expenditure (by
long-term or operating lease or otherwise) for capital assets (either realty or personalty).

     Section 3.11 Notice of Defaults. The Issuer agrees to give the Indenture Trustee,
[the Swap Counterparty] and each Rating Agency prompt written notice of each Indenture Default
hereunder.

     Section 3.12 Further Instruments and Acts. Upon request of the Indenture Trustee, the
Issuer shall execute and deliver such further instruments and do such further acts as may be
reasonably necessary or proper to carry out more effectively the purposes of this Indenture.

     Section 3.13 Delivery of [___]-[_] SUBI Certificate. On the Closing Date, the Issuer
shall deliver or cause to be delivered to the Indenture Trustee as security for its obligations
hereunder, the [___]-[_] SUBI Certificate. The Indenture Trustee shall take possession of the
[___]-[_] SUBI Certificate in New York and shall at all times during the period of this Indenture
maintain custody of the [___]-[_] SUBI Certificate in New York.

     Section 3.14 [Reserved].

     Section 3.15 Compliance with Laws. The Issuer shall comply with the requirements of
all applicable laws, the non-compliance with which would, individually or in the aggregate,
materially and adversely affect the ability of the Issuer to perform its obligations under the
Notes, this Indenture or any other Basic Document.

     Section 3.16 Issuer May Consolidate, etc., Only on Certain Terms.

     (a) The Issuer shall not consolidate or merge with or into any other Person unless:

     (i) the Person (if other than the Issuer) formed by or surviving such consolidation or
merger shall be a Person organized and existing under the laws of the United States of
America or any State or the District of Columbia and shall expressly assume, by an indenture
supplemental hereto, executed and delivered to the Indenture Trustee, in form

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satisfactory to the Indenture Trustee, the duty to make due and punctual payment of the
principal of and interest on all Notes and the performance or observance of every agreement
and covenant of this Indenture on the part of the Issuer to be performed or observed, all as
provided herein;

     (ii) immediately after giving effect to such transaction, no Default or Event of
Default shall have occurred and be continuing;

     (iii) the Issuer shall have provided each Rating Agency 10 days’ prior written notice
thereof, and no Rating Agency shall have notified the Indenture Trustee, the Administrator
or the Owner Trustee that such transaction might or would result in the removal or reduction
of the rating then assigned thereby to any Class of Notes;

     (iv) the Issuer shall have received an Opinion of Counsel (and shall have delivered
copies thereof to the Indenture Trustee) to the effect that such transaction will not (A)
affect the treatment of the Notes as debt for federal income tax purposes, (B) be deemed to
cause a taxable exchange of the Notes for federal income tax purposes or (C) cause the
Issuer, the Transferor or the Origination Trust to be taxable as an association (or publicly
traded partnership) taxable as a corporation for federal income tax purposes;

     (v) any action that is necessary to maintain each lien and security interest created by
the Trust Agreement or this Indenture shall have been taken; and

     (vi) the Issuer shall have delivered to the Indenture Trustee an Officer’s Certificate
and an Opinion of Counsel each stating that such consolidation or merger and any related
supplemental indenture complies with this Article Three and that all conditions precedent
provided in this Indenture relating to such transaction have been complied with (including
any filing required by the Exchange Act).

     (b) The Issuer shall not convey or transfer any of its properties or assets, including those
included in the Trust Estate, to any Person other than pursuant to the terms of the Basic
Documents, unless:

     (i) the Person that acquires by conveyance or transfer such properties and assets of
the Issuer shall (A) be a United States citizen or a Person organized and existing under the
laws of the United States of America or any state or the District of Columbia, (B) expressly
assume, by an indenture supplemental hereto, executed and delivered to the Indenture
Trustee, in form satisfactory to the Indenture Trustee, the duty to make due and punctual
payment of the principal of and interest on all Notes and the performance or observance of
every agreement and covenant of this Indenture on the part of the Issuer to be performed or
observed, all as provided herein, (c) expressly agrees by means of such supplemental
indenture that all right, title and interest so conveyed or transferred shall be subject and
subordinate to the rights of Holders of the Notes, (D) unless otherwise provided in such
supplemental indenture, expressly agrees to indemnify, defend and hold harmless the Issuer,
the Owner Trustee and the Indenture Trustee against and from any loss, liability or expense
arising under or related to this Indenture and the Notes and (E) expressly agrees by means
of such supplemental indenture that such Person (or if a group

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of Persons, then one specified Person) shall make all filings that counsel satisfactory
to such purchaser or transferee and the Indenture Trustee determines must be made with (1)
the Commission (and any other appropriate Person) required by the Exchange Act or the
appropriate authorities in any state in which the Notes have been sold pursuant to any
qualification or exemption under the securities or “blue sky” laws of such state, in
connection with the Notes or (2) the Internal Revenue Service or the relevant state or local
taxing authorities of any jurisdiction;

     (ii) immediately after giving effect to such transaction, no Default or Event of
Default shall have occurred and be continuing;

     (iii) the Issuer shall have provided each Rating Agency 10 days’ prior written notice
thereof, and no Rating Agency shall have notified the Indenture Trustee, the Administrator
or the Owner Trustee that such transaction might or would result in the removal or reduction
of the rating then assigned thereby to any Class of Notes;

     (iv) the Issuer shall have received an Opinion of Counsel (and shall have delivered
copies thereof to the Indenture Trustee) to the effect that such transaction will not (A)
affect the treatment of the Notes as debt for federal income tax purposes, (B) be deemed to
cause a taxable exchange of the Notes for federal income tax purposes or (C) cause the
Issuer, the Transferor or the Origination Trust to be taxable as an association (or publicly
traded partnership) taxable as a corporation for federal income tax purposes;

     (v) any action that is necessary to maintain each lien and security interest created by
the Trust Agreement or this Indenture shall have been taken; and

     (vi) the Issuer shall have delivered to the Indenture Trustee an Officer’s Certificate
and an Opinion of Counsel each stating that such conveyance or transfer and such
supplemental indenture comply with this Article Three and that all conditions precedent
herein provided for relating to such transaction have been complied with (including any
filing required by the Exchange Act).

     Section 3.17 Perfection Representations.

     (a) The representations, warranties and covenants set forth in Schedule I hereto shall be a
part of this Indenture for all purposes.

     (b) Notwithstanding any other provision of this Indenture or any other Basic Document, the
perfection representations contained in Schedule I hereto shall be continuing, and remain in full
force and effect until such time as all obligations under this Indenture have been finally and
fully paid and performed.

     (c) The parties to this Indenture: (i) shall not waive any of the perfection representations
contained in Schedule I hereto; (ii) shall provide the Rating Agencies with prompt written notice
of any breach of perfection representations contained in Schedule I hereto and (iii) shall not
waive a breach of any of the perfection representations contained in Schedule I hereto.

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ARTICLE FOUR

SATISFACTION AND DISCHARGE

     Section 4.01 Satisfaction and Discharge of Indenture. This Indenture shall discharge
with respect to the Collateral securing the Notes except as to (a) rights of registration of
transfer and exchange, (b) substitution of mutilated, destroyed, lost or stolen Notes, (c) rights
of Noteholders to receive payments of principal thereof and interest thereon, (d) Sections 3.03,
3.04, 3.05, 3.08, 3.10, 3.11, 3.13 and 3.14, (e) the rights, obligations and immunities of the
Indenture Trustee hereunder (including the rights of the Indenture Trustee under Section 6.07 and
the obligations of the Indenture Trustee under Section 4.02) and (f) the rights of Noteholders [and
the Swap Counterparty] as beneficiaries hereof with respect to the property so deposited with the
Indenture Trustee payable to all or any of them, and the Indenture Trustee, on demand and at the
expense and on behalf of the Issuer, shall execute proper instruments acknowledging satisfaction
and discharge of this Indenture, when

          (i) either (A) all Notes theretofore authenticated and delivered (other than (1) Notes
that have been mutilated, destroyed, lost or stolen and that have been replaced or paid as
provided in Section 2.05) and (2) Notes for whose payment money has theretofore been
deposited in trust or segregated and held in trust by the Issuer and thereafter paid to the
Persons entitled thereto or discharged from such trust, as provided in Section 3.03) have
been delivered to the Indenture Trustee for cancellation; or (B) all Notes not theretofore
delivered to the Indenture Trustee for cancellation (1) have become due and payable, (2)
will become due and payable on the applicable Note Final Payment Date within one year or (3)
are to be called for redemption within one year under arrangements satisfactory to the
Indenture Trustee for the giving of notice of redemption by the Indenture Trustee in the
name, and at the expense, of the Issuer, and the Issuer, in the case of clauses (1), (2) or
(3) above, has irrevocably deposited or caused to be irrevocably deposited with the
Indenture Trustee cash or direct obligations of or obligations guaranteed by the United
States (that will mature prior to the date such amounts are payable), in trust for such
purpose, in an amount sufficient to pay and discharge the entire indebtedness on such Notes
(including interest and any fees due and payable to the Owner Trustee or the Indenture
Trustee) not theretofore delivered to the Indenture Trustee for cancellation, when due, to
the applicable Note Final Payment Date for each Class, or to the Redemption Date (if Notes
shall have been called for redemption pursuant to Section 10.01), as the case may be;

          (ii) [the Swap Agreement has been terminated and all Swap Payments Outgoing and, if
applicable, any Swap Termination Payments owed by the Issuer to the Swap Counterparty have
been paid;]

          (iii) the Issuer has paid or caused to be paid all other sums payable hereunder by the
Issuer; and

          (iv) the Issuer has delivered to the Indenture Trustee an Officer’s Certificate and an
Opinion of Counsel, each meeting the applicable requirements of Section 11.01 and, subject
to Section 11.02, each stating that all conditions precedent herein provided

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for relating to the satisfaction and discharge of this Indenture have been complied
with (and, in the case of an Officer’s Certificate, stating that the Rating Agency Condition
has been satisfied).

     Section 4.02 Application of Trust Money. All monies deposited with the Indenture
Trustee pursuant to Section 4.01 shall be held in trust and applied by it, in accordance with the
provisions of the Notes and this Indenture, to the payment, either directly or through any Paying
Agent, as the Indenture Trustee may determine, to the Noteholders of the particular Notes for the
payment or redemption of which such monies have been deposited with the Indenture Trustee of all
sums due and to become due thereon for principal and interest [and for the payment of Swap Payments
Outgoing or any Swap Termination Payment due to the Swap Counterparty]. Such monies need not be
segregated from other funds except to the extent required herein or in the Administration Agreement
or as required by law.

     Section 4.03 Repayment of Monies Held by Paying Agent. In connection with the
satisfaction and discharge of this Indenture with respect to the Notes, all monies then held by any
Paying Agent other than the Indenture Trustee under the provisions of this Indenture with respect
to such Notes shall, upon demand of the Issuer, be paid to the Indenture Trustee to be held and
applied according to Section 3.03 and such Paying Agent shall thereupon be released from all
further liability with respect to such monies.

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ARTICLE FIVE

INDENTURE DEFAULT

     Section 5.01 Indenture Defaults. Any one of the following events (whatever the reason
for such Indenture Default and whether it shall be voluntary or involuntary or effected by
operation of law or pursuant to any judgment, decree or order of any court or any order, rule or
regulation of any administrative or governmental body) shall constitute a default under this
Indenture (each, an “Indenture Default”):

     (a) default in the payment of any interest on any Note of the Controlling Class when
the same becomes due and payable, and such default shall continue for a period of 30 days or
more;

     (b) default in the payment of principal of any Note at the Note Final Payment Date or
the Redemption Date;

     (c) default in the observance or performance of any covenant or agreement of the Issuer
made in this Indenture (other than a covenant or agreement, a default in the observance or
performance of which is elsewhere in this Section specifically dealt with), or any
representation or warranty of the Issuer made in this Indenture or in any certificate or
other writing delivered pursuant hereto or in connection herewith proving to have been
incorrect in any material respect as of the time when the same shall have been made, and
such default shall continue or not be cured, or the circumstance or condition in respect of
which such misrepresentation or warranty was incorrect shall not have been eliminated or
otherwise cured, for a period of 30 days after there shall have been given, by registered or
certified mail, to the Issuer by the Indenture Trustee or to the Issuer and the Indenture
Trustee by Noteholders representing at least 25% of the Controlling Class, a written notice
specifying such default or incorrect representation or warranty and requiring it to be
remedied and stating that such notice is a “Notice of Default” hereunder;

     (d) the filing of a decree or order for relief by a court having jurisdiction in the
premises in respect of the Issuer or any substantial part of the Trust Estate in an
involuntary case under any applicable federal or state bankruptcy, liquidation, insolvency
or other similar law now or hereafter in effect, or appointing a receiver, liquidator,
assignee, custodian, trustee, sequestrator or similar official of the Issuer or for any
substantial part of the Trust Estate, or ordering the winding up or liquidation of the
Issuer’s affairs, and such decree or order shall remain unstayed and in effect for a period
of 60 consecutive days; or

     (e) the commencement by the Issuer of a voluntary case under any applicable federal or
state bankruptcy, insolvency or other similar law now or hereafter in effect or the consent
by the Issuer to the entry of an order for relief in an involuntary case under any such law,
the consent by the Issuer to the appointment of or taking possession by a receiver,
liquidator, assignee, custodian, trustee, sequestrator or similar official of the Issuer or
for any substantial part of the Trust Estate, the making by the Issuer of any general
assignment for the benefit of creditors, the failure by the Issuer generally to pay

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its debts as such debts become due or the taking of action by the Issuer in furtherance
of any of the foregoing.

     The Issuer shall deliver to the Indenture Trustee, [the Swap Counterparty,] each Rating Agency
and each Noteholder within five days after the occurrence thereof written notice in the form of an
Officer’s Certificate of any event that with the giving of notice and the lapse of time would
become an Indenture Default under clauses (c), (d) or (e), its status and what action the Issuer is
taking or proposes to take with respect thereto.

     Subject to the provisions herein relating to the duties of the Indenture Trustee, if an
Indenture Default occurs and is continuing, the Indenture Trustee shall be under no obligation to
exercise any of the rights or powers under this Indenture at the request or direction of any
Noteholder, if the Indenture Trustee reasonably believes that it will not be adequately indemnified
against the costs, expenses and liabilities that might be incurred by it in complying with such
request. Subject to such provisions for indemnification and certain limitations contained herein,
Noteholders holding not less than a majority of the Controlling Class shall have the right to
direct the time, method and place of conducting any proceeding or any remedy available to the
Indenture Trustee or exercising any trust power conferred on the Indenture Trustee.

     Section 5.02 Acceleration of Maturity; Waiver of Indenture Default. If an Indenture
Default should occur and be continuing (except a default in the payment of principal or interest or
a default in respect of a covenant or provision of the Indenture that cannot be modified without
the waiver or consent of all of the holders of the Outstanding Notes), the Indenture Trustee or
Noteholders representing a majority of the Controlling Class may declare the principal of the Notes
to be immediately due and payable. Upon such declaration, the Indenture Trustee shall promptly
provide written notice to [the Swap Counterparty and] each Rating Agency. Such declaration may be
rescinded by Noteholders holding a majority of the Controlling Class before a judgment or decree
for payment of the amount due has been obtained by the Indenture Trustee if (a) the Issuer has
deposited with the Indenture Trustee an amount sufficient to pay (i) all interest on and principal
of the Notes as if the Indenture Default giving rise to such declaration had not occurred, [(ii)
any Swap Payments Outgoing and any Swap Termination Payments when due and payable to the Swap
Counterparty under the Swap Agreement,] and (iii) all amounts advanced by the Indenture Trustee and
its costs and expenses and (b) all Indenture Defaults (other than the nonpayment of principal of
the Notes that has become due solely by such acceleration) have been cured or waived.

     At any time prior to the declaration of the acceleration of the maturity of the Notes,
Noteholders holding not less than a majority of the Controlling Class, by written notice to the
Issuer and the Indenture Trustee, may waive such Indenture Default and its consequences, except a
default (i) in payment of principal of or interest on the Notes or (ii) in respect of any covenant
or provision in this Indenture that cannot be modified or amended without the unanimous consent of
the Noteholders. No such waiver shall affect any subsequent default or impair any right consequent
thereto.

     If the Notes have been declared due and payable following an Indenture Default, the Indenture
Trustee may institute proceedings to collect amounts due, exercise remedies as a

36

 

secured party (including foreclosure or sale of the Trust Estate) or elect to maintain the
Trust Estate and continue to apply the proceeds from the Trust Estate as if there had been no
declaration of acceleration. Any sale of the Trust Estate by the Indenture Trustee will be subject
to the terms and conditions of Section 5.04.

     Section 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture
Trustee.

     (a) The Issuer covenants that if there is a default in the payment of (i) any interest on the
Notes when the same becomes due and payable, and such default continues for a period of five days
or (ii) the principal of any Notes at the related Note Final Payment Date or the Redemption Date,
the Issuer shall, upon demand of the Indenture Trustee, pay to the Indenture Trustee, for the
benefit of such Noteholders, the entire amount then due and payable on such Notes for principal and
interest, with interest on the overdue principal, and, to the extent payment at such rate of
interest shall be legally enforceable, upon overdue installments of interest, at the Overdue
Interest Rate and in addition thereto, such further amount as shall be sufficient to cover the
costs and expenses of collection, including the reasonable compensation, expenses, disbursements
and advances of the Indenture Trustee and its agents, attorneys and counsel.

     (b) In case the Issuer shall fail forthwith to pay amounts described in Section 5.03(a) upon
demand, the Indenture Trustee, in its own name and as trustee of an express trust, may institute a
Proceeding for the collection of the sums so due and unpaid, and may prosecute such Proceeding to
judgment or final decree, and may enforce the same against the Issuer or other obligor upon such
Notes and collect in the manner provided by law out of the property of the Issuer or other obligor
upon such Notes, wherever situated, the monies adjudged or decreed to be payable.

     (c) If an Indenture Default occurs and is continuing, the Indenture Trustee may, in its
discretion, proceed to protect and enforce its rights and the rights of the Noteholders, by such
appropriate Proceedings as the Indenture Trustee shall deem most effective to protect and enforce
any such rights, whether for the specific enforcement of any covenant or agreement in this
Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper
remedy or legal or equitable right vested in the Indenture Trustee by this Indenture or by law.

     (d) In case there shall be pending, relative to the Issuer or any other obligor upon the Notes
or any Person having or claiming an ownership interest in the Trust Estate, Proceedings under Title
11 of the United States Code or any other applicable federal or state bankruptcy, insolvency or
other similar law, or in case a receiver, assignee or trustee in bankruptcy or reorganization,
liquidator, sequestrator or similar official shall have been appointed for or taken possession of
the Issuer or its property or such other obligor or Person, or in case of any other comparable
judicial Proceedings relative to the Issuer or other obligor upon the Notes, or to the creditors or
property of the Issuer or such other obligor, the Indenture Trustee, irrespective of whether the
principal of any Notes shall then be due and payable as therein expressed or by declaration or
otherwise and irrespective of whether the Indenture Trustee shall have made any demand pursuant to
the provisions of this Section, shall be entitled and empowered, by intervention in such
Proceedings or otherwise:

37

 

          (i) to file and prove a claim or claims for the whole amount of principal and interest
owing and unpaid in respect of the Notes and to file such other papers or documents as may
be necessary or advisable in order to have the claims of the Indenture Trustee (including
any claim for reasonable compensation to the Indenture Trustee and each predecessor
Indenture Trustee, and their respective agents, attorneys and counsel, and for reimbursement
of all expenses and liabilities incurred, and all advances and disbursements made, by the
Indenture Trustee and each predecessor Indenture Trustee, except as a result of negligence
or bad faith) and of the Noteholders allowed in such Proceedings;

          (ii) unless prohibited by applicable law and regulations, to vote on behalf of the
Noteholders in any election of a trustee, a standby trustee or Person performing similar
functions in any such Proceedings; to collect and receive any monies or other property
payable or deliverable on any such claims and to distribute all amounts received with
respect to the claims of the Noteholders and the Indenture Trustee on their behalf; and

          (iii) to file such proofs of claim and other papers or documents as may be necessary or
advisable in order to have the claims of the Indenture Trustee or the Noteholders allowed in
any judicial proceedings relative to the Issuer, its creditors and its property;

and any trustee, receiver, liquidator, custodian or other similar official in any such
Proceeding is hereby authorized by each Noteholder to make payments to the Indenture Trustee
and, in the event the Indenture Trustee shall consent to the making of payments directly to
such Noteholders, to pay to the Indenture Trustee such amounts as shall be sufficient to
cover reasonable compensation to the Indenture Trustee, each predecessor Indenture Trustee
and their respective agents, attorneys and counsel, and all other expenses and liabilities
incurred and all advances and disbursements made by the Indenture Trustee and each
predecessor Indenture Trustee except as a result of negligence or bad faith, and any other
amounts due the Indenture Trustee under Section 6.07.

     (e) Nothing herein contained shall be deemed to authorize the Indenture Trustee to authorize
or consent to or vote for or accept or adopt on behalf of any Noteholder any plan of
reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any
Noteholder or to vote in respect of the claim of any Noteholder in any such proceeding except, as
aforesaid, to vote for the election of a trustee in bankruptcy or similar Person.

     (f) All rights of action and of asserting claims under this Indenture, or under the Notes, may
be enforced by the Indenture Trustee without the possession of the Notes or the production thereof
in any trial or other Proceedings relative thereto, and any such action or Proceedings instituted
by the Indenture Trustee shall be brought in its own name as trustee of an express trust, and any
recovery of judgment, subject to the payment of the expenses, advances, disbursements and
compensation of the Indenture Trustee, each predecessor Indenture Trustee and their respective
agents, attorneys and counsel shall be for the ratable benefit of the Noteholders in respect of
which such judgment has been recovered.

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     (g) In any Proceedings brought by the Indenture Trustee (and also any Proceedings involving
the interpretation of any provision of this Indenture to which the Indenture Trustee shall be a
party), the Indenture Trustee shall be held to represent all the Noteholders, and it shall not be
necessary to make any Noteholder a party to any such Proceedings.

     Section 5.04 Remedies; Priorities.

     (a) If an Indenture Default shall have occurred and be continuing, the Indenture Trustee may
do one or more of the following (subject to Sections 5.02 and 5.05):

          (i) institute Proceedings in its own name and as trustee of an express trust for the
collection of all amounts then payable on the Notes or under this Indenture [or to the Swap
Counterparty] with respect thereto, whether by declaration or otherwise, enforce any
judgment obtained, and collect from the Issuer, [the Swap Counterparty] and any other
obligor upon such Notes monies adjudged due;

          (ii) institute Proceedings from time to time for the complete or partial foreclosure of
this Indenture with respect to the Trust Estate;

          (iii) exercise any remedies of a secured party under the UCC and take any other
appropriate action to protect and enforce the rights and remedies of the Indenture Trustee
and the Noteholders; and

          (iv) subject to Section 5.17, after an acceleration of the maturity of the Notes
pursuant to Section 5.02, sell the Trust Estate or any portion thereof or rights or interest
therein, at one or more public or private sales called and conducted in any manner permitted
by law;

provided, however, that unless directed to sell the Trust Estate in accordance with Section 9.02 of
the Trust Agreement, the Indenture Trustee may not sell or otherwise liquidate the Trust Estate
following an Indenture Default, other than an Indenture Default described in Section 5.01 (a) or
(b), unless (A) Noteholders holding 100% of the Controlling Class consent thereto, (B) the proceeds
of such sale are sufficient to discharge in full all amounts then due and unpaid upon all
outstanding Securities (other than Trust Certificate) [and amounts due to the Swap Counterparty
under the Swap Agreement or this Indenture] or (C) the Indenture Trustee determines that the Trust
Estate will not continue to provide sufficient funds for the payment of principal of and interest
on the Notes as they would have become due if the Notes had not been declared due and payable [and
to pay amounts due to the Swap Counterparty] and the Indenture Trustee obtains the consent of
Noteholders holding not less than 66 2/3% of the Controlling Class; and provided further, that the
Indenture Trustee may not sell the Trust Estate, other than a sale resulting from the bankruptcy,
insolvency or termination of the Transferor pursuant to Section 9.02 of the Trust Agreement, unless
it shall first have obtained an Opinion of Counsel that such sale will not cause the Origination
Trust or an interest therein or portion thereof to be classified as an association (or a publicly
traded partnership) taxable as a corporation for federal income tax purposes. In determining such
sufficiency or insufficiency with respect to clauses (B) and (C) of the preceding sentence, the
Indenture Trustee may but need not obtain (at the expense of the Issuer) and rely upon an opinion
of an Independent investment banking or accounting firm of national

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reputation as to the feasibility of such proposed action and as to the sufficiency of the Trust
Estate for such purpose.

     (b) After an acceleration of the maturity of the Notes pursuant to Section 5.2, the Indenture
Trustee shall pay out money or property held as Collateral (including available monies on deposit
in the Reserve Account and any money or property collected pursuant to this Article upon sale of
the Trust Estate) [from the SUBI Collection Account or] as deposited in the Note Distribution
Account or Certificate Distribution Account, as applicable, pursuant to Section 12.05(b) of the
SUBI Trust Agreement after giving effect to the distributions set forth in Section 12.05(b) of the
SUBI Trust Agreement, for the benefit of the Securityholders [and the Swap Counterparty] in the
following order:

          (i) [to the Swap Counterparty, Swap Payments Outgoing];

          (ii) sequentially, (i) [pro rata (A) to the Swap Counterparty, any Senior Swap
Termination Payments and (B)] to the Class A-1, Class A-2a and Class A-2b Noteholders,
interest accrued on the outstanding Class A-1, Class A-2a and Class A-2b Notes on that
Payment Date at the applicable Interest Rate (and to the extent permitted under applicable
law, overdue interest thereon at the applicable Overdue Interest Rate), pro rata, and (ii)
interest accrued on the outstanding Class B-1 Notes on that Payment Date at the applicable
Interest Rate (and to the extent permitted under applicable law, overdue interest thereon at
the Overdue Interest Rate);

          (iii) to the Noteholders, in payment of principal, in the following order:

	 	(A)	 	to the Class A-1 Notes, until they are paid in full;
	 
	 	(B)	 	to the Class A-2a and Class A-2b Notes, pro
rata based on the principal balances of the Class A-2a and Class A-2b
Notes, until they are paid in full, and
	 
	 	(C)	 	to the Class B-1 Notes until they are paid in
full;

          (iv) [to the Swap Counterparty, any Subordinated Swap Termination Payments]; and

          (v) to the Certificate Distribution Account, any remaining amounts to pay the Trust
Certificates.

     (c) The Indenture Trustee may fix a record date and payment date for any payment to
Noteholders pursuant to this Section. At least 15 days before such record date, the Issuer shall
mail to each Noteholder and the Indenture Trustee a notice that states the record date, the payment
date and the amount to be paid.

     Section 5.05 Optional Preservation of the [___]-[_] SUBI Assets. If the Notes have
been declared to be due and payable under Section 5.02 following an Indenture Default and such
declaration and its consequences have not been rescinded and annulled, the Indenture Trustee may,
unless directed to sell pursuant to Section 9.02 of the Trust Agreement, but need not, elect to
maintain possession of the Trust Estate and continue to apply the proceeds thereof in accordance
with Section 3.01 and 8.04. It is the intent of the parties hereto and the Noteholders

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that there be at all times sufficient funds for the payment of principal of and interest on
the Notes, and the Indenture Trustee shall take such intent into account when determining whether
or not to maintain possession of the Trust Estate. In determining whether to maintain possession
of the Trust Estate, the Indenture Trustee may but need not obtain (at the expense of the Issuer)
and rely upon an opinion of an Independent investment banking or accounting firm of national
reputation as to the feasibility of such proposed action and as to the sufficiency of the Trust
Estate for such purpose. Notwithstanding the foregoing provisions of this Section and Section
5.04, the Indenture Trustee shall sell the Trust Estate if so instructed by the Owner Trustee
pursuant to Section 9.02 of the Trust Agreement, and the proceeds of such sale distributed in
accordance with Section 12.05(b) of the SUBI Trust Agreement.

     Section 5.06 Limitation of Suits.

     (a) No holder of any Note shall have any right to institute any Proceeding, judicial or
otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for
any other remedy hereunder, unless: (i) such Noteholder previously has given to the Indenture
Trustee written notice of a continuing Indenture Default, (ii) Noteholders holding not less than
25% of the Controlling Class have made written request to the Indenture Trustee to institute such
Proceeding in respect of such Indenture Default in its own name as Indenture Trustee, (iii) such
Noteholder has offered the Indenture Trustee reasonable indemnity against the costs, expenses and
liabilities to be incurred in complying with such request, (iv) the Indenture Trustee has for 60
days failed to institute such Proceedings and (v) no direction inconsistent with such written
request has been given to the Indenture Trustee during such 60 day period by Noteholders holding a
majority of the Controlling Class.

     No Noteholder or group of Noteholders shall have any right in any manner whatever by virtue
of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights
of any other Noteholders or to obtain or to seek to obtain priority or preference over any other
Noteholder or to enforce any right under this Indenture, except in the manner herein provided.

     In the event the Indenture Trustee shall receive conflicting or inconsistent requests and
indemnity from two or more groups of Noteholders, each representing less than a majority of the
Controlling Class, the Indenture Trustee in its sole discretion may determine what action, if any,
shall be taken, notwithstanding any other provisions of this Indenture.

     (b) No Noteholder shall have any right to vote except as provided pursuant to this Indenture
and the Notes, nor any right in any manner to otherwise control the operation and management of the
Issuer. However, in connection with any action as to which Noteholders are entitled to vote or
consent under this Indenture and the Notes, the Issuer may set a record date for purposes of
determining the identity of Noteholders entitled to vote or consent in accordance with TIA Section
316(c).

     Section 5.07 Unconditional Rights of Noteholders to Receive Principal and Interest.
Notwithstanding any other provision of this Indenture, any Noteholder shall have the right, which
is absolute and unconditional, to receive payment of the principal of and interest on, if any, such
Note on or after the respective due dates thereof expressed in such Note or this

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Indenture (or, in the case of redemption, on or after the Redemption Date) and to institute
suit for the enforcement of any such payment, and such right shall not be impaired without the
consent of such Noteholder.

     Section 5.08 Restoration of Rights and Remedies. If the Indenture Trustee or any
Noteholder has instituted any Proceeding to enforce any right or remedy under this Indenture and
such Proceeding has been discontinued or abandoned for any reason or has been determined adversely
to the Indenture Trustee or such Noteholder, then and in every such case the Issuer, the Indenture
Trustee and the Noteholders shall, subject to any determination in such Proceeding, be restored
severally and respectively to their former positions hereunder, and thereafter all rights and
remedies of the Indenture Trustee and the Noteholders shall continue as though no such Proceeding
had been instituted.

     Section 5.09 Rights and Remedies Cumulative. No right or remedy herein conferred upon
or reserved to the Indenture Trustee or the Noteholders is intended to be exclusive of any other
right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative
and in addition to every other right and remedy given hereunder or now or hereafter existing at
law, in equity or otherwise. The assertion or employment of any right or remedy hereunder or
otherwise shall not prevent the concurrent assertion or employment of any other appropriate right
or remedy.

     Section 5.10 Delay or Omission Not a Waiver. No delay or omission of the Indenture
Trustee or any Noteholder to exercise any right or remedy accruing upon any Default or Indenture
Default shall impair any such right or remedy or constitute a waiver of any such Default or
Indenture Default or an acquiescence therein. Every right and remedy given by this Article or by
law to the Indenture Trustee or the Noteholders may be exercised from time to time, and as often as
may be deemed expedient, by the Indenture Trustee or by the Noteholders, as the case may be.

     Section 5.11 Control by Noteholders. Subject to the provisions of Sections 5.06,
6.02(d) and 6.02(e), Noteholders holding not less than a majority of the Controlling Class shall
have the right to direct the time, method and place of conducting any Proceeding for any remedy
available to the Indenture Trustee with respect to the Notes or with respect to the exercise of any
trust or power conferred on the Indenture Trustee, provided that:

     (a) such direction shall not be in conflict with any rule of law or this Indenture;

     (b) subject to Section 5.04, any direction to the Indenture Trustee to, sell or
liquidate the Trust Estate shall be made by Noteholders holding not less than 100% of the
Controlling Class;

     (c) if the conditions set forth in Section 5.05 have been satisfied and the Indenture
Trustee elects to retain the Trust Estate pursuant to such Section, and except in the case
of a sale of the Trust Estate pursuant to Section 9.02 of the Trust Agreement, then any
direction to the Indenture Trustee by Noteholders holding less than 100% of the Controlling
Class to sell or liquidate the Trust Estate shall be of no force and effect; and

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     (d) the Indenture Trustee may take any other action deemed proper by the Indenture
Trustee that is not inconsistent with such direction.

     Notwithstanding the rights of Noteholders set forth in this Section, subject to Section 6.01,
the Indenture Trustee need not take any action it determines might expose it to personal liability
or liability in any of its capacities hereunder or under any Basic Document or might materially
adversely affect or unduly prejudice the rights of any Noteholders not consenting to such action.

     Section 5.12 Waiver of Past Defaults. Prior to the acceleration of the maturity of
the Notes as provided in Section 5.02, Noteholders holding not less than a majority of the
Controlling Class may waive any past Indenture Default and its consequences except an Indenture
Default (i) in payment of principal of or interest on the Notes or (ii) in respect of a covenant or
provision hereof that cannot be modified or amended without the consent of each Noteholder. In the
case of any such waiver, the Issuer, the Indenture Trustee and the Noteholders shall be restored to
their former positions and rights hereunder, respectively, but no such waiver shall extend to any
subsequent or other Indenture Default or impair any right consequent thereto.

     Upon any such waiver, such Indenture Default shall cease to exist and be deemed to have been
cured and not to have occurred, and any Indenture Default arising therefrom shall be deemed to have
been cured and not to have occurred for every purpose of this Indenture, but no such waiver shall
extend to any subsequent or other Indenture Default or impair any right consequent thereto.

     Section 5.13 Undertaking for Costs. All parties to this Indenture agree, and each
Noteholder by such Noteholder’s acceptance thereof shall be deemed to have agreed, that any court
may in its discretion require, in any suit for the enforcement of any right or remedy under this
Indenture, or in any suit against the Indenture Trustee for any action taken, suffered or omitted
by it as Indenture Trustee, the filing by any party litigant in such suit of an undertaking to pay
the costs of such suit, and that such court may in its discretion assess reasonable costs,
including reasonable attorneys’ fees, against any party litigant in such suit, having due regard to
the merits and good faith of the claims or defenses made by such party litigant, but the provisions
of this Section shall not apply to (i) any suit instituted by the Indenture Trustee, (ii) any suit
instituted by any Noteholder or group of Noteholders, in each case holding in the aggregate more
than 10% of the Controlling Class or (iii) any suit instituted by any Noteholder for the
enforcement of the payment of principal of or interest on any Note on or after the related due
dates expressed in such Note and in this Indenture (or, in the case of redemption, on or after the
Redemption Date).

     Section 5.14 Waiver of Stay or Extension Laws. The Issuer covenants (to the extent
that it may lawfully do so) that it will not at any time insist upon, or plead or in any manner
whatsoever, claim or take the benefit or advantage of, any stay or extension law wherever enacted,
now or at any time hereafter in force, that may affect the covenants or the performance of this
Indenture, and the Issuer (to the extent that it may lawfully do so) hereby expressly waives all
benefit or advantage of any such law, and covenants that it will not hinder, delay or

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impede the execution of any power herein granted to the Indenture Trustee, but will suffer and
permit the execution of every such power as though no such law had been enacted.

     Section 5.15 Action on Notes. The Indenture Trustee’s right to seek and recover
judgment on the Notes, [the Swap Agreement] or under this Indenture shall not be affected by the
seeking, obtaining or application of any other relief under or with respect to this Indenture.
Neither the lien of this Indenture nor any rights or remedies of the Indenture Trustee or the
Noteholders shall be impaired by the recovery of any judgment by the Indenture Trustee against the
Issuer or by the levy of any execution under such judgment upon any portion of the Trust Estate or
upon any of the assets of the Issuer. Any money or property collected by the Indenture Trustee
shall be applied in accordance with Section 5.04(b).

     Section 5.16 Performance and Enforcement of Certain Obligations.

     (a) Promptly following a request from the Indenture Trustee to do so, the Issuer shall take
all such lawful action as the Indenture Trustee may request to compel or secure the performance and
observance by the Transferor and the Administrative Agent, as applicable, of each of their
respective obligations to the Issuer under or in connection with the Administration Agreement, in
accordance with the terms thereof, and to exercise any and all rights, remedies, powers and
privileges lawfully available to the Issuer under or in connection with such agreement to the
extent and in the manner directed by the Indenture Trustee, including the transmission of notices
of default on the part of the Administrative Agent thereunder and the institution of legal or
administrative actions or proceedings to compel or secure performance by the Administrative Agent
of its obligations under the Administration Agreement.

     (b) If an Indenture Default has occurred and is continuing, the Indenture Trustee may, and at
the direction (which direction shall be in writing or by telephone (confirmed in writing promptly
thereafter)) of Noteholders holding not less than a majority of the Controlling Class, shall,
exercise all rights, remedies, powers, privileges and claims of the Issuer against the Transferor,
the Origination Trustee and the Administrative Agent under or in connection with the Administration
Agreement and the Issuer Administration Agreement, including the right or power to take any action
to compel or secure performance or observance by the Administrative Agent of its obligations to the
Issuer thereunder and to give any consent, request, notice, direction, approval, extension or
waiver under the Administration Agreement, and any right of the Issuer to take such action shall be
suspended.

     Section 5.17 Sale of Trust Estate. If the Indenture Trustee acts to sell the Trust
Estate or any part thereof, pursuant to Section 5.04(a), the Indenture Trustee shall publish a
notice in an Authorized Newspaper stating that the Indenture Trustee intends to effect such a sale
in a commercially reasonable manner and on commercially reasonable terms, which shall include the
solicitation of competitive bids. Following such publication, the Indenture Trustee shall, unless
otherwise prohibited by applicable law from any such action, sell the Trust Estate or any part
thereof, in such manner and on such terms as provided above to the highest bidder, provided,
however, that the Indenture Trustee may from time to time postpone any sale by public announcement
made at the time and place of such sale. The Indenture Trustee shall give notice to the Transferor
and Administrative Agent of any proposed sale, and the Transferor and Administrative Agent shall be
permitted to bid for the Trust Estate at any such sale. The

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Indenture Trustee may obtain a prior determination from a conservator, receiver or trustee in
bankruptcy of the Issuer that the terms and manner of any proposed sale are commercially
reasonable. The power to effect any sale of any portion of the Trust Estate pursuant to Section
5.04 and this Section shall not be exhausted by any one or more sales as to any portion of the
Trust Estate remaining unsold, but shall continue unimpaired until the entire Trust Estate shall
has been sold or all amounts payable on the Notes shall have been paid.

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ARTICLE SIX

THE INDENTURE TRUSTEE

     Section 6.01 Duties of Indenture Trustee.

     (a) If an Indenture Default has occurred and is continuing, the Indenture Trustee shall
exercise the rights and powers vested in it by this Indenture and in the same degree of care and
skill in their exercise as a prudent Person would exercise or use under the circumstances in the
conduct of such Person’s own affairs.

     (b) Except during the continuance of an Indenture Default:

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

          (ii) in the absence of bad faith on its part, the Indenture Trustee may conclusively
rely, as to the truth of the statements and the correctness of the opinions expressed
therein, upon certificates or opinions furnished to the Indenture Trustee and conforming to
the requirements of this Indenture; however, the Indenture Trustee shall examine the
certificates and opinions to determine whether or not they conform to the requirements of
this Indenture and the other Basic Documents to which the Indenture Trustee is a party.

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

          (i) this paragraph does not limit the effect of paragraph (b);

          (ii) the Indenture Trustee shall not be liable for any error of judgment made in good
faith by a Responsible Officer unless it is proved that the Indenture Trustee was negligent
in ascertaining the pertinent facts and the Indenture Trustee shall have no obligation to
confirm mathematical calculations contained therein; and

          (iii) the Indenture Trustee shall not be liable with respect to any action it takes or
omits to take in good faith in accordance with a direction received by it pursuant to
Section 5.11.

     (d) Every provision of this Indenture that in any way relates to the Indenture Trustee is
subject to paragraphs (a), (b) and (c).

     (e) The Indenture Trustee shall not be liable for interest on any money received by it except
as the Indenture Trustee may agree in writing with the Issuer.

     (f) Money held in trust by the Indenture Trustee need not be segregated from other funds
except to the extent required by law or the terms of this Indenture or the Administration
Agreement.

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     (g) No provision of this Indenture shall require the Indenture Trustee to expend or risk its
own funds or otherwise incur financial liability in the performance of any of its duties hereunder
or in the exercise of any of its rights or powers, if it shall have reasonable grounds to believe
that repayments of such funds or adequate indemnity against such risk or liability is not
reasonably assured to it.

     (h) Every provision of this Indenture relating to the conduct or affecting the liability of or
affording protection to the Indenture Trustee shall be subject to the provisions of this Section.

     (i) The Indenture Trustee shall not be deemed to have knowledge of any Indenture Default or
other event unless a Responsible Officer has actual knowledge thereof or has received written
notice thereof in accordance with the provisions of this Indenture.

     (j) Nothing contained herein shall be deemed to authorize the Indenture Trustee, in its
capacity as Indenture Trustee, to engage in any business operations or any activities other than
those set forth in this Indenture. Specifically, the Indenture Trustee, in its capacity as
Indenture Trustee, shall have no authority to engage in any business operations, acquire any assets
other than those specifically included in the Trust Estate under this Indenture or otherwise vary
the assets held by the Issuer. Similarly, the Indenture Trustee, in its capacity as Indenture
Trustee, shall have no discretionary duties other than performing those ministerial acts set forth
above necessary to accomplish the purpose of the Issuer as set forth in this Indenture.

     Section 6.02 Rights of Indenture Trustee.

     (a) Except as provided by the second succeeding sentence, the Indenture Trustee may
conclusively rely and shall be protected in acting upon or refraining from acting upon any
resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order,
note, direction, demand, election or other paper or document believed by it to be genuine and to
have been signed or presented by the proper person. The Indenture Trustee need not investigate any
fact or matter stated in any of the foregoing. Notwithstanding the foregoing, the Indenture
Trustee, upon receipt of all resolutions, certificates, statements, opinions, reports, documents,
orders or other instruments furnished to the Indenture Trustee that shall be specifically required
to be furnished pursuant to any provision of this Indenture, shall examine them to determine
whether they comply as to form to the requirements of this Indenture.

     (b) Before the Indenture Trustee acts or refrains from acting, it may require an Officer’s
Certificate (with respect to factual matters) or an Opinion of Counsel, as applicable. The
Indenture Trustee shall not be liable for any action it takes or omits to take in good faith in
reliance on such Officer’s Certificate or Opinion of Counsel.

     (c) The Indenture Trustee may execute any of the trusts or powers hereunder or perform any
duties hereunder either directly or by or through agents or attorneys or a custodian or nominee,
and the Indenture Trustee shall not be responsible for any misconduct or negligence on the part of,
or for the supervision of, the Administrator, any co-trustee or separate trustee appointed in
accordance with the provisions of Section 6.10 or any other such agent, attorney, custodian or
nominee appointed with due care by it hereunder.

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     (d) The Indenture Trustee shall not be liable for any action it takes or omits to take in good
faith that it believes to be authorized or within its rights or powers; provided, however, that the
Indenture Trustee’s conduct does not constitute willful misconduct, negligence or bad faith.

     (e) The Indenture Trustee may consult with counsel, and the advice of such counsel or any
Opinion of Counsel with respect to legal matters relating to this Indenture and the Notes shall be
full and complete authorization and protection from liability in respect to any action taken,
omitted or suffered by it hereunder in good faith and in accordance with the advice or opinion of
such counsel.

     (f) The Indenture Trustee shall be under no obligation to exercise any of the rights or powers
vested in it by this Indenture or to institute, conduct or defend any litigation under this
Indenture or in relation to this Indenture or to honor the request or direction of any of the
Noteholders pursuant to this Indenture unless such Noteholders shall have offered to the Indenture
Trustee reasonable security or indemnity against the reasonable costs, expenses, disbursements,
advances and liabilities that might be incurred by it, its agents and its counsel in compliance
with such request or direction; provided, however, that the Indenture Trustee shall, upon the
occurrence of an Indenture Default (that has not been cured), exercise the rights and powers vested
in it by this Indenture with the care and skill a prudent person would exercise or use under the
circumstances in the conduct of such person’s own affairs.

     (g) The Indenture Trustee shall not be bound to make any investigation into the facts or
matters stated in any resolution, certificate, statement, instrument, opinion, report, notice,
request, consent, order, approval, bond or other paper or document, unless requested in writing to
do so by the holders of Notes evidencing not less than 25% of the Controlling Class; provided,
however, that if the payment within a reasonable time to the Indenture Trustee of the costs,
expenses or liabilities likely to be incurred by it in the making of such investigation is, in the
opinion of the Indenture Trustee, not reasonably assured to the Indenture Trustee by the security
afforded to it by the terms of this Indenture, the Indenture Trustee may require reasonable
indemnity against such cost, expense or liability as a condition to so proceeding. The reasonable
expense of each such investigation shall be paid by the Person making such request, or, if paid by
the Indenture Trustee, shall be reimbursed by the Person making such request upon demand.

     (h) Any request or direction of the Issuer mentioned herein shall be sufficiently evidenced by
an Issuer Request.

     (i) The Indenture Trustee shall, for so long as any Notes are outstanding, be entitled to
exercise all of the rights and powers of a Beneficiary under the Basic Documents.

     Section 6.03 Individual Rights of Indenture Trustee. The Indenture Trustee in its
individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal
with the Issuer or its Affiliates with the same rights it would have if it were not Indenture
Trustee. Any Paying Agent, Note Registrar, co-registrar, co-paying agent, co-trustee or separate
trustee may do the same with like rights. The Indenture Trustee must, however, comply with Section
6.11.

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     Section 6.04 Indenture Trustee’s Disclaimer. The Indenture Trustee shall not be
responsible for and makes no representation as to the validity or adequacy of this Indenture, the
Trust Estate or the Notes, shall not be accountable for the Issuer’s use of the proceeds from the
sale of the Notes and shall not be responsible for any statement in the Indenture or in any
document issued in connection with the sale of the Notes or in the Notes, all of which shall be
taken as the statements of the Issuer, other than the Indenture Trustee’s certificate of
authentication.

     Section 6.05 Notice of Defaults. If a Default occurs and is continuing, and if it is
known to a Responsible Officer, the Indenture Trustee shall mail to each Noteholder, [the Swap
Counterparty] and each Rating Agency notice of such Indenture Default within 90 days after it
occurs. Except in the case of a Default with respect to payment of principal of or interest on any
Note (including payments pursuant to the redemption of Notes), the Indenture Trustee may withhold
such notice if and so long as a committee of its Responsible Officers in good faith determines that
withholding such notice is in the interests of the Noteholders; provided, however, that in the case
of any Indenture Default of the character specified in Section 5.01(e), no such notice shall be
given until at least 30 days after the occurrence thereof.

     Section 6.06 Reports by Indenture Trustee to Noteholders. The Indenture Trustee, at
the expense of the Issuer, shall deliver to each Noteholder, not later than the latest date
permitted by law, such information as may be reasonably requested (and reasonably available to the
Indenture Trustee) to enable such holder to prepare its federal and state income tax returns.

     Section 6.07 Compensation and Indemnity. The Administrative Agent shall, or shall
cause the Administrator to, (i) pay to the Indenture Trustee from time to time reasonable
compensation for its services, (ii) reimburse the Indenture Trustee for all reasonable expenses,
advances and disbursements reasonably incurred by it and (iii) indemnify the Indenture Trustee for,
and hold it harmless against, any and all loss, liability or expense (including reasonable
attorneys’ fees) incurred by it in connection with the administration of the Trust or the
performance of its duties. The Indenture Trustee’s compensation shall not be limited by any law on
compensation of a trustee of an express trust. The Indenture Trustee shall notify the Issuer and
the Administrator promptly of any claim for which it may seek indemnity. Failure by the Indenture
Trustee to so notify the Issuer and the Administrator shall not relieve the Issuer or the
Administrator of its obligations hereunder. The Issuer shall, or shall cause the Administrator to,
defend any such claim, and the Indenture Trustee may have separate counsel and the Issuer shall, or
shall cause the Administrator to, pay the fees and expenses of such counsel. The Indenture Trustee
shall not be indemnified by the Administrative Agent against any loss, liability or expense
incurred by it through its own willful misconduct, negligence or bad faith, except that the
Indenture Trustee shall not be liable (i) for any error of judgment made by it in good faith unless
it is proved that the Indenture Trustee was negligent in ascertaining the pertinent facts, (ii)
with respect to any action it takes or omits to take in good faith in accordance with a direction
received by it from the Noteholders in accordance with the terms of this Indenture and (iii) for
interest on any money received by it except as the Indenture Trustee and the Issuer may agree in
writing. The Indenture Trustee shall not be deemed to have knowledge of any event unless an
officer of the Indenture Trustee has actual knowledge thereof or has received written notice
thereof.

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     The Issuer’s payment obligations to the Indenture Trustee pursuant to this Section shall
survive the discharge of this Indenture. When the Indenture Trustee incurs expenses after the
occurrence of an Indenture Default set forth in Section 5.01(e) or (f) with respect to the Issuer,
the expenses are intended to constitute expenses of administration under Title 11 of the United
States Code or any other applicable federal or state bankruptcy, insolvency or similar law.

     Section 6.08 Replacement of Indenture Trustee. Noteholders holding not less than a
majority of the Controlling Class may remove the Indenture Trustee without cause by so notifying
the Indenture Trustee and the Issuer, and following such removal may appoint a successor Indenture
Trustee. The Issuer shall give prompt written notice to each Rating Agency [and the Swap
Counterparty] of such removal. The Indenture Trustee may resign at any time by so notifying the
Issuer, the Administrative Agent, [the Swap Counterparty] and each Rating Agency. The Issuer shall
remove the Indenture Trustee if:

          (i) the Indenture Trustee fails to comply with Section 6.11;

          (ii) a court having jurisdiction in the premises in respect of the Indenture Trustee in
an involuntary case or proceeding under federal or state banking or bankruptcy laws, as now
or hereafter constituted, or any other applicable federal or state bankruptcy, insolvency or
other similar law, shall have entered a decree or order granting relief or appointing a
receiver, liquidator, assignee, custodian, trustee, conservator, sequestrator (or similar
official) for the Indenture Trustee or for any substantial part of the Indenture Trustee’s
property, or ordering the winding-up or liquidation of the Indenture Trustee’s affairs,
provided any such decree or order shall have continued unstayed and in effect for a period
of 30 consecutive days;

          (iii) the Indenture Trustee commences a voluntary case under any federal or state
banking or bankruptcy laws, as now or hereafter constituted, or any other applicable federal
or state bankruptcy, insolvency or other similar law, or consents to the appointment of or
taking possession by a receiver, liquidator, assignee, custodian, trustee, conservator,
sequestrator or other similar official for the Indenture Trustee or for any substantial part
of the Indenture Trustee’s property, or makes any assignment for the benefit of creditors or
fails generally to pay its debts as such debts become due or takes any corporate action in
furtherance of any of the foregoing; or

          (iv) the Indenture Trustee otherwise becomes incapable of acting.

     Upon the resignation or required removal of the Indenture Trustee, or the failure of the
Noteholders to appoint a successor Indenture Trustee following the removal without cause of the
Indenture Trustee (the Indenture Trustee in any such event being referred to herein as the retiring
Indenture Trustee), the Issuer shall be required promptly to appoint a successor Indenture Trustee.
Any successor Indenture Trustee must at all times have a combined capital and surplus of at least
$50,000,000, a long-term debt rating of “A” or better by or is otherwise acceptable to, each Rating
Agency and satisfy the requirements of Section 310(a) of the TIA. Additionally, prior to the
appointment of any successor Indenture Trustee, the Rating Agency Condition must be satisfied with
respect to such successor Indenture Trustee.

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     A successor Indenture Trustee shall deliver a written acceptance of its appointment to the
retiring Indenture Trustee and to the Issuer. Thereupon the resignation or removal of the retiring
Indenture Trustee shall become effective and the successor Indenture Trustee, without any further
act, deed or conveyance, shall have all the rights, powers and duties of the Indenture Trustee
under this Indenture, subject to satisfaction of the Rating Agency Condition. The successor
Indenture Trustee shall mail a notice of its succession to Noteholders. The retiring Indenture
Trustee shall promptly transfer all property held by it as Indenture Trustee to the successor
Indenture Trustee.

     If a successor Indenture Trustee does not take office within 45 days after the retiring
Indenture Trustee resigns or is removed, the retiring Indenture Trustee, the Issuer or Noteholders
holding not less than a majority of the Controlling Class may petition any court of competent
jurisdiction for the appointment of a successor Indenture Trustee.

     If the Indenture Trustee fails to comply with Section 6.11, any Noteholder may petition any
court of competent jurisdiction for the removal of the Indenture Trustee and the appointment of a
successor Indenture Trustee.

     Any resignation or removal of the Indenture Trustee and appointment of a successor Indenture
Trustee pursuant to any of the provisions of this Section shall not become effective until
acceptance of appointment by the successor Indenture Trustee pursuant to this Section and payment
of all fees and expenses owed to the outgoing Indenture Trustee. Notwithstanding the replacement
of the Indenture Trustee pursuant to this Section, the retiring Indenture Trustee shall be entitled
to payment or reimbursement of such amounts as such Person is entitled pursuant to Section 6.07.

     Section 6.09 Successor Indenture Trustee by Merger. If the Indenture Trustee
consolidates with, merges or converts into, or transfers all or substantially all its corporate
trust business or assets to another corporation or depository institution the resulting, surviving
or transferee entity, without any further act, shall be the successor Indenture Trustee; provided,
that such entity shall be otherwise qualified and eligible under Section 6.11. The Indenture
Trustee shall provide each Rating Agency prior written notice of any such transaction.

     In case at the time such successor or successors by merger, conversion or consolidation to the
Indenture Trustee shall succeed to the trusts created by this Indenture, the Notes shall have been
authenticated but not delivered, any such successor to the Indenture Trustee may adopt the
certificate of authentication of any predecessor trustee and deliver such Notes so authenticated,
and in case at that time the Notes shall not have been authenticated, any successor to the
Indenture Trustee may authenticate such Notes either in the name of any predecessor hereunder or in
the name of the successor to the Indenture Trustee, and in all such cases such certificates shall
have the full force that it is anywhere in the Notes or in this Indenture provided that the
certificate of the Indenture Trustee shall have.

     Section 6.10 Appointment of Co-Trustee or Separate Trustee.

     (a) Notwithstanding any other provisions of this Indenture, at any time, for the purpose of
meeting any legal requirement of any jurisdiction in which any part of the Trust

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Estate may at the time be located, the Indenture Trustee and the Administrator acting jointly
shall have the power and may execute and deliver all instruments to appoint one or more Persons to
act as a co-trustee or co-trustees, or separate trustee or separate trustees, of all or any part of
the Collateral, and to vest in such Person or Persons, in such capacity and for the benefit of the
Noteholders, such title to the Trust Estate or any part hereof and, subject to the other provisions
of this Section, such powers, duties, obligations, rights and trusts as the Indenture Trustee and
the Administrator may consider necessary or desirable. If the Administrator shall not have joined
in such appointment within 15 days after it received a request that it so join, the Indenture
Trustee alone shall have the power to make such appointment. No co-trustee or separate trustee
hereunder shall be required to meet the terms of eligibility as a successor trustee under Section
6.11 and no notice to Noteholders of the appointment of any co-trustee or separate trustee shall be
required under Section 6.08.

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

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

          (ii) no separate trustee or co-trustee hereunder shall be personally liable by reason
of any act or omission of any other trustee hereunder; and

          (iii) the Indenture Trustee and the Administrator may at any time accept the
resignation of or remove any separate trustee or co-trustee.

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

     (d) Any separate trustee or co-trustee may at any time constitute the Indenture Trustee, its
agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do
any lawful act under or in respect of this Indenture on its behalf and in its name. If

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any separate trustee or co-trustee shall die, become incapable of acting, resign or be
removed, then all of its estates, properties, rights, remedies and trusts shall vest in and be
exercised by the Indenture Trustee to the extent permitted by law, without the appointment of a new
or successor trustee. Notwithstanding anything to the contrary in this Indenture, the appointment
of any separate trustee or co-trustee shall not relieve the Indenture Trustee of its obligations
and duties under this Indenture.

     Section 6.11 Eligibility; Disqualification. The Indenture Trustee shall at all times
satisfy the requirements of Section 310(a) of the TIA and shall in addition have a combined capital
and surplus of at least $50,000,000 (as set forth in its most recent published annual report of
condition) and a long-term debt rating of “A” or better by, or be otherwise acceptable to, each
Rating Agency. The Indenture Trustee shall satisfy the requirements of Section 310(b) of the TIA.
The Transferor, the Administrator, the Administrative Agent and their respective Affiliates may
maintain normal commercial banking relationships with the Indenture Trustee and its Affiliates, but
neither the Issuer nor any Affiliate of the Issuer may serve as Indenture Trustee.

     Section 6.12 Trustee as Holder of the [___]-[_] SUBI Certificate. So long as there
are any Outstanding Notes, to the extent that the Owner Trustee or Issuer has rights as a Holder of
the [___]-[_] SUBI Certificate, including rights to distributions and notice, or is entitled to
consent to any actions taken by the Transferor, the Owner Trustee or Issuer may initiate such
action or grant such consent only with consent of the Indenture Trustee. To the extent that the
Indenture Trustee has rights as a Holder of the [___]-[_] SUBI Certificate or has the right to
consent or withhold consent with respect to actions taken by the Transferor, the Owner Trustee or
Issuer, such rights shall be exercised or consent granted (or withheld) upon the written direction
of holders of a majority of the Controlling Class; provided, however, that subject to Section 3.07,
any direction to the Indenture Trustee to remove or replace the Administrative Agent or Maintenance
Provider upon an Administrative Agent Default or a Maintenance Provider Default, as the case may
be, shall be made by Noteholders holding not less than 66% of the Controlling Class and with
respect to Section 11.15, such direction shall require the written direction of Noteholders holding
100% of the Controlling Class.

     Section 6.13 Representations and Warranties of Indenture Trustee. The Indenture
Trustee hereby makes the following representations and warranties on which the Issuer and
Noteholders shall rely:

          (i) the Indenture Trustee is a national banking association duly organized, validly
existing and in good standing under the laws of the United States; and

          (ii) the Indenture Trustee has the power, authority and legal right to execute,
deliver, and, perform this Indenture and shall have taken all necessary action to authorize
the execution, delivery and performance by it of this Indenture.

     Section 6.14 Furnishing of Documents. The Indenture Trustee shall furnish to any
Noteholder promptly upon receipt of a written request by such Noteholder (at the expense of the
requesting Noteholder) therefor, duplicates or copies of all reports, notices, requests, demands,
certificates and any other instruments furnished to the Indenture Trustee under the Basic
Documents.

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     Section 6.15 Preferential Collection of Claims Against the Issuer. The Indenture
Trustee shall comply with TIA Section 311(a), excluding any creditor relationship listed in TIA
Section 311(b). Any Indenture Trustee who has resigned or been removed shall be subject to TIA
Section 311(a) to the extent indicated therein.

ARTICLE SEVEN

NOTEHOLDERS’ LISTS AND REPORTS

     Section 7.01 Issuer to Furnish Indenture Trustee Noteholder Names and Addresses. The
Issuer shall furnish or cause to be furnished to the Indenture Trustee (i) not more than five days
after each Record Date a list, in such form as the Indenture Trustee may reasonably require, of the
names and addresses of the Noteholders as of such Record Date and (ii) at such other times as the
Indenture Trustee may request in writing, within 30 days after receipt by the Issuer of any such
request, a list of similar form and content as of a date not more than ten days prior to the time
such list is furnished; provided, however, that so long as the Indenture Trustee is the Note
Registrar or the Notes are issued as Book-Entry Notes, no such list shall be required to be
furnished to the Indenture Trustee.

     Section 7.02 Preservation of Information; Communications to Noteholders.

     (a) The Indenture Trustee shall preserve in as current a form as is reasonably practicable the
names and addresses of the Noteholders contained in the most recent list furnished to the Indenture
Trustee as provided in Section 7.01 and the names and addresses of Noteholders received by the
Indenture Trustee in its capacity as Note Registrar. The Indenture Trustee may destroy any list
furnished to it as provided in Section 7.01 upon receipt of a new list so furnished.

     (b) The Noteholders may communicate pursuant to TIA Section 312(b) with other Noteholders
regarding their rights under this Indenture or under the Notes.

     (c) The Issuer, the Indenture Trustee and the Note Registrar shall have the protection of TIA
Section 312(c).

     Section 7.03 Reports by Indenture Trustee. If required by TIA Section 313(a), within
60 days after each May 15, beginning with May 15, 20[___], the Indenture Trustee shall mail to each
Noteholder as required by TIA Section 313(c) a brief report dated as of such date that complies
with TIA Section 313(a). The Indenture Trustee also shall comply with TIA Section 313(b). A copy
of each such report, at the time of its mailing to the Noteholders, shall also be filed by the
Indenture Trustee with the Commission.

ARTICLE EIGHT

ACCOUNTS, DISBURSEMENTS AND RELEASES

     Section 8.01 Collection of Money. Except as otherwise expressly provided herein, the
Indenture Trustee may demand payment or delivery of, and shall receive and collect, directly and
without intervention or assistance of any fiscal agent or other intermediary, all money and other

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property payable to or receivable by the Indenture Trustee pursuant to this Indenture. The
Indenture Trustee shall apply all such money received by it as provided in this Indenture. Except
as otherwise expressly provided in this Indenture, if any default occurs in the making of any
payment or performance under any agreement or instrument that is part of the Trust Estate, the
Indenture Trustee may take such action as may be appropriate to enforce such payment or
performance, including the institution and prosecution of appropriate Proceedings. Any such action
shall be without prejudice to any right to claim an Indenture Default under this Indenture and any
right to proceed thereafter as provided in Article Five.

     Section 8.02 Accounts.

     (a) Pursuant to Section 5.01 of the Trust Agreement, there has been established and there
shall be maintained an Eligible Account (initially at [                    ]) in the name of the Indenture
Trustee until the Note Outstanding Amount is reduced to zero, and thereafter, in the name of the
Owner Trustee, which is designated as the “Reserve Fund.” The Reserve Fund shall be held for the
benefit of the Securityholders, and shall bear a designation clearly indicating that the funds on
deposit therein are held for the benefit of the Securityholders. The Reserve Fund shall be under
the sole dominion and control of the Indenture Trustee until the Note Outstanding Amount has been
reduced to zero, and thereafter under the sole dominion and control of the Owner Trustee.

     (b) The Transferor shall, on or prior to the Closing Date, establish and maintain an Eligible
Account in the name of the Indenture Trustee on behalf of the Noteholders, which shall be
designated as the “Note Distribution Account.” The Note Distribution Account shall be held in
trust for the benefit of the Noteholders. The Note Distribution Account shall be under the sole
dominion and control of the Indenture Trustee.

     (c) [Upon receipt by the Issuer of a Swap Termination Payment, the Indenture Trustee shall
establish and maintain an Eligible Account in the name of the Indenture Trustee on behalf of the
Noteholders, which shall be designated the “Swap Termination Account”. The Swap Termination
Account shall be held in trust for the benefit of the Noteholders. The Swap Termination Account
shall be under the sole dominion and control of the Indenture Trustee.]

     (d) [The Indenture Trustee acknowledges that, pursuant to the provisions of the Swap
Agreement, the Swap Counterparty may be required to post collateral with the Indenture Trustee to
secure the Swap Counterparty’s obligations under the Swap Agreement. The Indenture Trustee shall
establish and maintain an Eligible Account in the name of the Indenture Trustee on behalf of the
Noteholders and the Swap Counterparty to hold such collateral if the Swap Counterparty is required
to post collateral to secure the obligations under the Swap Agreement, which shall be designated
the “Swap Collateral Account”. The Indenture Trustee further agrees to follow such written
instructions relating to the administration of, and transfers from, such account, as may be
delivered by (i) the Administrator or (ii) the Swap Counterparty, in each case subject to and in
accordance with the terms of the Swap Agreement.]

     (e) All monies deposited from time to time in the Accounts pursuant to this Indenture or the
Administration Agreement shall be held by the Indenture Trustee as part of the Collateral and shall
be applied to the purposes herein provided. If any Account shall cease to be an Eligible

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Account, the Indenture Trustee, until the Note Outstanding Amount has been reduced to zero,
and thereafter with respect to the Reserve Fund, the Owner Trustee shall, as necessary, assist the
Administrative Agent in causing each Account to be moved to an institution at which it shall be an
Eligible Account.

     Section 8.03 Payment Date Certificate.

     (a) On the second Business Day preceding each Payment Date, prior to [___] [a.m.][p.m.], New
York City time, the Issuer shall cause the Administrative Agent, to deliver to the Indenture
Trustee, the Owner Trustee, [the Swap Counterparty] and each Paying Agent hereunder or under the
Trust Agreement, a certificate (the “Payment Date Certificate”) including, among other things, the
following information with respect to such Payment Date and the related Collection Period and
Accrual Period:

     (i) SUBI Collections for such Collection Period;

     (ii) Available Funds, including amounts with respect to each item of the definition
thereof;

     (iii) the amount of interest accrued during such Accrual Period on each Class of the
Notes;

     (iv) the Class A-1 Note Balance, the Class A-2a Note Balance, the Class A-2b Note
Balance and the Class B-1 Note Balance, the Note Outstanding Amount (as defined in the Trust
Agreement), in each case on the day immediately preceding such Payment Date and immediately
following distribution of the Note Distribution Amount on such Payment Date;

     (v) the aggregate amount of SUBI Collections deposited into the Note Distribution
Account and the Certificate Distribution Account, respectively;

     (vi) (A) the amount on deposit in the Reserve Fund and the Reserve Fund Requirement,
each as of the beginning and end of the related Collection Period and as of the previous
Payment Date, (B) the Reserve Fund Deposit Amount, if any, (C) the Reserve Fund Draw Amount,
if any, (D) the balance on deposit in the Reserve Fund on such Payment Date after giving
effect to withdrawals therefrom and deposits thereto in respect of such Payment Date and (E)
the change in such balance from the immediately preceding Payment Date;

     (vii) the Note Distribution Amount for each Class of Notes and the Certificate
Distribution Amount and the portion thereof allocable to interest for each;

     (viii) the Quarterly Principal Distributable Amount, the Principal Distribution Amount,
the Optimal Principal Distributable Amount and any Principal Carryover Shortfall for each
Class of Notes;

     (ix) the Note Factor for each Class of Notes;

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     (x) the aggregate amount of Residual Value Losses and Residual Value Surplus for such
Collection Period;

     (xi) the amount of Special Event Purchases made during such Collection Period and the
aggregate Securitization Value as of the Cutoff Date of all [___]-[_] Leases relating to
Special Event Purchases made during the related calendar year or since the Closing Date;

     (xii) the amount of Sales Proceeds Advances and Financial Component Advances included
in Available Funds;

     (xiii) any Payment Date Advance Reimbursement for such Accrual Period;

     (xiv) amounts released to the Transferor, as holder of the Trust Certificate;

     (xv) the Administration Fee for such Collection Period;

     (xvi) [the Swap Payments Outgoing, Swap Payments Incoming, Senior Swap Termination
Payments and Subordinate Swap Termination Payments for such Payment Date;]

     (xvii) the related turn-in rates and the Residual Value realization rates for the
[___]-[_] Leases and [___]-[_] Vehicles for such Collection Period;

     (xviii) the Record Date, the Interest Determination Date and the Accrual Period for the
Notes;

     (xix) [the interest rate relating to the Payment Date for the Class A-2b Notes;]

     (xx) the pool characteristics as of the last day of such Collection Period;

     (xxi) delinquency and loss information for such Collection Period;

     (xxii) any material modifications, extensions or waivers to the terms of the [___]-[_]
Leases; and

     (xxiii) any breaches of representations or warranties related to the [___]-[_] Leases
or [___]-[_] Vehicles that are material to the Noteholders.

     Each amount set forth pursuant to clauses (iii), (iv), (vii), (viii) and (xiii) above shall be
expressed in the aggregate and as a dollar amount per $1,000 of original principal balance of a
Note.

     (b) The Indenture Trustee shall have no duty or obligation to verify or confirm the accuracy
of any of the information or numbers set forth in the Payment Date Certificate delivered to the
Indenture Trustee in accordance with this Section, and the Indenture Trustee shall be fully
protected in relying upon such Payment Date Certificate.

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     Section 8.04 Disbursement of Funds.

     (a) On each Payment Date, prior to [___] [a.m.][p.m.], New York City time, the Origination
Trustee (acting through the Trust Agent) shall, in accordance with the related Payment Date
Certificate and pursuant to the instructions of the Administrative Agent, transfer from the

[___]-[_] SUBI Collection Account all Securityholder Available Funds and apply such amount, in
accordance with the following priorities:

     (i) [to the Swap Counterparty, Swap Payments Outgoing];

     (ii) to pay, sequentially, (x) concurrently (i) to the Note Distribution Account,
interest accrued on the outstanding Class A-1, Class A-2a and Class A-2b Notes on that
Payment Date at the applicable Interest Rate (and to the extent permitted under applicable
law, overdue interest thereon at the applicable Overdue Interest Rate), pro rata, and [(ii)
Senior Swap Termination Payments due under the Swap Agreement to the Swap Counterparty] and
(y) to the Note Distribution Account, interest accrued on the outstanding Class B-1 Notes on
that Payment Date at the applicable Interest Rate (and to the extent permitted under
applicable law, overdue interest thereon at the Overdue Interest Rate);

     (iii) the Quarterly Principal Distributable Amount, to the Note Distribution Account,
to be allocated to pay principal on the Notes in the following order:

	 	(A)	 	to the Class A-1 Notes, until they are paid in full;
	 
	 	(B)	 	to the Class A-2a and Class A-2b Notes, pro
rata based on the principal balances of the Class A-2a and Class A-2b
Notes, until they are paid in full, and
	 
	 	(C)	 	to the Class B-1 Notes until they are paid in
full;

     (iv) while any of the Notes remain outstanding and unless the maturity of the Notes has
been accelerated following an Indenture Default, to the Reserve Fund, any remaining amounts
to the extent necessary to meet the Reserve Fund Requirement;

     (v) [to the Swap Counterparty, any Subordinate Swap Termination Payments due under the
Swap Agreement];

     (vi) to the Indenture Trustee and the Owner Trustee, any unpaid fees, expenses and
indemnification, to the extent not previously paid by the Administrative Agent; and

     (vii) to the Certificate Distribution Account, any remaining amounts to pay the Trust
Certificates.

     (b) On each Payment Date, after taking into account amounts to be distributed to
Securityholders from the [___]-[_] SUBI Collection Account, the Administrative Agent will allocate
the Reserve Fund Draw Amount, if any, reflected in the Payment Date Certificate, with respect to
the related Collection Period and will instruct the Indenture Trustee to make the

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following deposits and distributions in the following amounts and order of priority, prior to
11:00 a.m., New York City time:

     (i) [to the Swap Counterparty, Swap Payments Outgoing];

     (ii) to pay, sequentially, (x) concurrently (i) to the Note Distribution Account,
interest accrued on the outstanding Class A-1, Class A-2a and Class A-2b Notes on that
Payment Date at the applicable Interest Rate (and to the extent permitted under applicable
law, overdue interest thereon at the applicable Overdue Interest Rate), pro rata, and [(ii)
Senior Swap Termination Payments due under the Swap Agreement to the Swap Counterparty] and
(y) to the Note Distribution Account, interest accrued on the outstanding Class B-1 Notes on
that Payment Date at the applicable Interest Rate (and to the extent permitted under
applicable law, overdue interest thereon at the Overdue Interest Rate);

     (iii) the remaining Quarterly Principal Distributable Amount, to the Note Distribution
Account, to be allocated to pay principal on the notes in the following order:

	 	(A)	 	to the Class A-1 Notes, until they are paid in full;
	 
	 	(B)	 	to the Class A-2a and Class A-2b Notes, pro
rata based on the principal balances of the Class A-2a and Class A-2b
Notes, until they are paid in full, and
	 
	 	(C)	 	to the Class B-1 Notes until they are paid in full;

     (iv) [to the Swap Counterparty, any Subordinate Swap Termination Payments due under the
Swap Agreement]; and

     (v) to the Certificate Distribution Account, any remaining amounts to pay the Trust
Certificates.

     (c) If on any Payment Date, after giving effect to all deposits to and withdrawals from the
Reserve Fund, the amount on deposit in the Reserve Fund exceeds the Reserve Fund Requirement, the
Indenture Trustee shall distribute any such excess to the Trust Certificateholder. Upon any such
distributions to the Trust Certificateholders, the Securityholders will have no further rights in,
or claims to such amounts.

     (d) On each Payment Date or Redemption Date, from the amounts on deposit in the Note
Distribution Account, the Indenture Trustee shall duly and punctually distribute payments of
principal and interest on the Notes due and by check mailed to the Person whose name appears as the
registered holder of a Note (or one or more Predecessor Notes) on the Note Register as of the close
of business on the related Record Date, except that with respect to Notes registered on the Record
Date in the name of the nominee of DTC (initially, such nominee to be Cede & Co.), payments will be
made by wire transfer in immediately available funds to the account designated by such nominee.
Such checks shall be mailed to the Person entitled thereto at the address of such Person as it
appears on the Note Register as of the applicable Record Date without requiring that the Note be
submitted for notation of payment. Any reduction in the principal amount of any Note (or any one
or more Predecessor Notes) affected by any payments made on any Payment Date or Redemption Date
shall be binding upon all future holders of any

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Note issued upon the registration of transfer thereof or in exchange hereof or in lieu hereof,
whether or not noted thereon. Amounts properly withheld under the Code by any Person from payment
to any Noteholder of interest or principal shall be considered to have been paid by the Indenture
Trustee to such Noteholder for purposes of this Indenture. If funds are expected to be available,
pursuant to the notice delivered to the Indenture Trustee, for payment in full of the remaining
unpaid principal amount of the Notes on a Payment Date or Redemption Date, then the Indenture
Trustee, in the name of and on behalf of the Issuer, will notify each Person who was the registered
holder of a Note as of the Record Date preceding the most recent Payment Date or Redemption Date by
notice mailed within 30 days of such Payment Date or Redemption Date and the amount then due and
payable shall be payable only upon presentation and surrender of the Note at the Corporate Trust
Office of the Indenture Trustee or at the office of the Indenture Trustee’s agent appointed for
such purposes located in The City of New York.

     (e) On each Payment Date, the Indenture Trustee shall include with each distribution an
unaudited report (which may be or may be based upon the Payment Date Certificate prepared by the
Administrative Agent) to each Person that was a Noteholder as of the close of business on the
related Record Date (which shall be Cede as the nominee of DTC unless Definitive Notes are issued
under the limited circumstances described herein), and each Rating Agency setting forth the
information provided by the Administrative Agent in the Payment Date Certificate provided to the
Indenture Trustee pursuant to Section 8.03.

     Section 8.05 General Provisions Regarding Accounts.

     (a) For so long as no Default or Indenture Default shall have occurred and be continuing, all
of the funds in the Reserve Fund shall be invested and reinvested by the Indenture Trustee, until
the Note Outstanding Amount has been reduced to zero and thereafter by the Owner Trustee, at the
direction of the Administrator in Permitted Investments as set forth in Section 4.02(a) of the
Origination Trust Agreement, which mature no later than the Deposit Date succeeding the date of
such investment, including those offered by the Indenture Trustee or an Affiliate thereof. No such
investment shall be sold prior to maturity. Any investment earnings on the Reserve Fund will be
taxable to the Transferor. On each Payment Date, net investment earnings on the Reserve Fund shall
be deposited in the Reserve Fund.

     (b) Subject to Section 6.01(c), the Indenture Trustee shall not in any way be held liable by
reason of any insufficiency in the Reserve Fund resulting from any loss on any Permitted Investment
included therein, except for losses attributable to the Indenture Trustee’s failure to make
payments on any such Permitted Investments issued by the Indenture Trustee in its commercial
capacity as principal obligor and not as trustee, in accordance with their terms.

     (c) If (i) the Administrator shall have failed to give investment directions for any funds on
deposit in the Reserve Fund to the Indenture Trustee by 11:00 a.m., New York City time (or such
other time as may be agreed by the Administrator and Indenture Trustee), on any Business Day or
(ii) a Default or Indenture Default shall have occurred and be continuing with respect to the Notes
but the Notes shall not have been declared due and payable pursuant to Section 5.02 or (iii) if the
Notes shall have been declared due and payable following an Indenture Default, amounts collected or
receivable from the Trust Estate are being applied in accordance with Section 5.05 as if there had
not been such a declaration, then the Indenture Trustee shall, to

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the fullest extent practicable, invest and reinvest funds in investments that are Permitted
Investments as set forth in paragraph (vi) of the definition thereof.

     Section 8.06 Release of Trust Estate.

     (a) Subject to the payment of its fees and expenses pursuant to Section 6.07, the Indenture
Trustee may, and when required by the provisions of this Indenture shall, execute instruments to
release property from the lien of this Indenture, or convey the Indenture Trustee’s interest in the
same, in a manner and under circumstances that are not inconsistent with the provisions of this
Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in
this Article shall be bound to ascertain the Indenture Trustee’s authority, inquire into the
satisfaction of any conditions precedent or see to the application of any monies.

     (b) The Indenture Trustee shall, at such time as there are no Outstanding Notes and all sums
due the Indenture Trustee pursuant to Section 6.07 have been paid, release any remaining portion of
the Trust Estate from the lien of this Indenture and release to the Issuer or any other Person
entitled thereto any funds then on deposit in the Trust Accounts. Such release shall include
delivery to the Issuer or its designee of the [___]-[_] SUBI Certificate and delivery to the
Securities Intermediary under the Control Agreement of a certificate evidencing the release of the
lien of this Indenture and transfer of dominion and control over the Reserve Fund to the Owner
Trustee. The Indenture Trustee shall release property from the lien of this Indenture pursuant to
this Section only upon receipt of an Issuer Request.

     Section 8.07 [Swap Agreement Provisions]. The Issuer has entered into the Swap
Agreement, in a form satisfactory to the Rating Agencies, to hedge the floating rate interest
expense on the Class A-2b Notes. The Issuer may, from time to time, enter into one or more
replacement Swap Agreements in the event that any Swap Agreement is terminated prior to its
scheduled expiration pursuant to a Swap Event of Default or a Swap Termination Event. All Swap
Payments Outgoing owed by the Issuer to the Swap Counterparty will rank senior to interest payments
on the Notes.

     (a) The Indenture Trustee, in accordance with written instructions it receives from the
Administrator, shall remit all Swap Payments Outgoing and any Swap Termination Payments payable to
the Swap Counterparty, shall deposit all Swap Payments Incoming into the SUBI Collection Account
and shall deposit any Swap Termination Payments payable by the Swap Counterparty and shall deposit
any collateral posted under the Swap Agreement by the Swap Counterparty into a swap termination
account and swap collateral account, respectively, it being understood that the Indenture Trustee
has no obligation to monitor the Swap Agreement and payments thereunder and, in all cases, the
Indenture Trustee may conclusively rely on the written instructions it receives from the
Administrator to remit or collect funds under the Swap Agreement.

     (b) Upon the occurrence of (i) any Swap Event of Default arising from any action taken, or
failure to act, by the Swap Counterparty, or (ii) any Swap Termination Event (except as described
in the following sentence) with respect to which the Swap Counterparty is an Affected Party (as
defined in the Swap Agreement), and upon notification of such Swap Event of Default or Swap
Termination Event to the Indenture Trustee, the Indenture Trustee may and will,

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at the direction of the Holders of at least 66 2/3% of the Controlling Class, acting together
as a single Class, designate a Swap Termination with respect to the Swap Agreement of two (2)
Business Days after receipt of notice of such event. If a Swap Termination Event occurs as a
result of the insolvency or bankruptcy of the Swap Counterparty, the Indenture Trustee will
designate a Swap Termination of two (2) Business Days after receipt of notice of such event.

     (c) The Indenture Trustee may enter into any amendment of the Swap Agreement (A) to cure any
ambiguity or mistake, (B) to correct any defective provisions or to correct or supplement any
provision contained in the Swap Agreement which may be inconsistent with any other provision in the
Swap Agreement or in this Indenture or (C) to add any other provisions with respect to matters or
questions arising under the Swap Agreement; provided, in the case of any such amendment pursuant to
this subclause (iii), that such amendment will not adversely affect in any material respect the
interest of any Holder of the Notes or the Swap Counterparty. The amendment shall be deemed not
to adversely affect in any material respect the interests of any Holder of the Notes if the Rating
Agency Condition is satisfied.

     (d) At least five days before the effective date of any proposed amendment or supplement to
the Swap Agreement, the Administrator shall provide the Rating Agencies with a copy of such
amendment or supplement.

     (e) The Administrator shall notify the Swap Counterparty of any proposed amendment or
supplement to any of the Basic Documents. If such proposed amendment or supplement would
materially and adversely affect any of the Swap Counterparty’s rights or obligation under the Swap
Agreement or modify the obligations of, or impair the ability of the Issuer to fully perform any of
its obligations under the Swap Agreement, the Administrator shall obtain the consent of the Swap
Counterparty prior to the adoption of such amendment of supplement, provided, the Swap
Counterparty’s consent to any such amendment or supplement shall not be unreasonably withheld, and
provided further, the Swap Counterparty’s consent will be deemed to have been given if the Swap
Counterparty does not object in writing within ten Business Days of receipt of a written request
for such consent.

     (f) Upon a Swap Termination, the Issuer may enter into a replacement swap agreement with a
replacement swap counterparty or replacement swap counterparties in form and substance satisfactory
to the Indenture Trustee and upon satisfaction of the Rating Agency Condition. Amounts may be
withdrawn from the Swap Termination Account to fund any up-front payments that are owed to a
replacement Swap Counterparty. To the extent that (i) the funds available in the Swap Termination
Account exceed the cost of entering into a replacement swap agreement or (ii) the Issuer determines
upon direction from the Administrator not to replace the Swap Agreement and the Rating Agency
Condition is met with respect to such determination, the amounts in the Swap Termination Account
(other than funds used to pay the costs of entering into a replacement swap agreement, if
applicable) shall be included in Available Funds and allocated in accordance with the priorities
set forth in Section 8.04 on the following Payment Date.]

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ARTICLE NINE

SUPPLEMENTAL INDENTURES

     Section 9.01 Supplemental Indentures Without Consent of Noteholders.

     (a) Without the consent of the Noteholders [or the Swap Counterparty], but with prior notice
to the Owner Trustee and each Rating Agency and subject to the satisfaction of the Rating Agency
Condition, the Issuer and the Indenture Trustee, when so requested by an Issuer Request, at any
time and from time to time, may enter into one or more indentures supplemental hereto, in form
satisfactory to the Indenture Trustee, for any of the following purposes:

     (i) to correct or amplify the description of any property at any time subject to the
lien of this Indenture, or better to assure, convey or confirm unto the Indenture Trustee
any property subject or required to be subjected to the lien of this Indenture, or to
subject additional property to the lien of this Indenture;

     (ii) to evidence the succession, in compliance with the applicable provisions hereof,
of another Person to the Issuer and the assumption by any such successor of the covenants of
the Issuer contained herein and in the Notes;

     (iii) to add to the covenants of the Issuer for the benefit of the Noteholders or to
surrender any right or power herein conferred upon the Issuer;

     (iv) to convey, transfer, assign, mortgage or pledge any property to or with the
Indenture Trustee;

     (v) to cure any ambiguity, correct or supplement any provision herein or in any
supplemental indenture that may be defective or inconsistent with any other provision herein
or in any supplemental indenture or make any other provisions with respect to matters or
questions arising under this Indenture or in any supplemental indenture that shall not be
inconsistent with the provisions of this Indenture; provided that such other provisions
shall not adversely affect the interests of the Noteholders [or the Swap Counterparty]; or

     (vi) to evidence and provide for the acceptance of the appointment hereunder by a
successor trustee with respect to the Notes or to add to or change any of the provisions of
this Indenture as shall be necessary to facilitate the administration of the trusts
hereunder by more than one trustee, pursuant to the requirements of Article Six.

     The Indenture Trustee is hereby authorized to join in the execution of any such supplemental
indenture and to make any further appropriate agreements and stipulations as may be therein
contained.

     (b) The Issuer and the Indenture Trustee, when requested by an Issuer Request, may enter into
an indenture or indentures supplemental hereto for the purpose of adding any provisions to, or
changing in any manner or eliminating any of the provisions of, this Indenture or for the purpose
of modifying in any manner (other than the modifications set forth in Section

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9.02, which require consent of the Holder of each Note affected thereby) the rights of the
Noteholders under this Indenture; provided, however, that (i) such action shall not, as evidenced
by an Opinion of Counsel, materially adversely affect the interests of any Noteholder, (ii) the
Rating Agency Condition shall have been satisfied with respect to such action and (iii) such action
shall not, as evidenced by an Opinion of Counsel, (A) affect the treatment of the Notes as debt for
federal income tax purposes, (B) be deemed to cause a taxable exchange of the Notes for federal
income tax purposes or (C) cause the Issuer, the Transferor or the Origination Trust to be taxable
as an association (or a publicly traded partnership) taxable as a corporation for federal income
tax purposes.

     (c) [Notwithstanding the foregoing, no amendment under this Section 9.01 shall materially and
adversely affect the rights or obligations of the Swap Counterparty under this Indenture unless the
Swap Counterparty shall have consented in writing to such action (and such consent shall be deemed
to have been given if the Swap Counterparty does not object in writing within ten (10) Business
Days after receipt of a written request for such consent).]

     Section 9.02 Supplemental Indentures With Consent of Noteholders. The Issuer and the
Indenture Trustee, when requested by an Issuer Request, also may, with the consent of Noteholders
holding not less than a majority of the aggregate Note Balance, by Act of such Noteholders
delivered to the Issuer and the Indenture Trustee, [and the Swap Counterparty] enter into an
indenture or indentures supplemental hereto for the purpose of adding any provisions to, or
changing in any manner or eliminating any of the provisions of, this Indenture or of modifying in
any manner the rights of the Noteholders under this Indenture subject to the satisfaction of the
Rating Agency Condition; [provided, however, that no such supplemental indenture shall materially
and adversely affect the rights or obligations of the Swap Counterparty under this Indenture unless
the Swap Counterparty shall have consented in writing to such supplemental indenture (and such
consent shall be deemed to have been given if the Swap Counterparty does not object in writing
within ten (10) Business Days after receipt of a written request for such consent);] and provided
further that no such supplemental indenture shall, without the consent of the Noteholder of each
Outstanding Note affected thereby:

     (a) change the Note Final Payment Date of or the date of payment of any installment of
principal of or interest on any Note, or reduce the principal amount thereof, the interest
rate thereon or the Redemption Price with respect thereto, change the provision of this
Indenture relating to the application of collections on, or the proceeds of the sale of, the
Trust Estate to payment of principal of or interest on the Notes, or change any place of
payment where, or the coin or currency in which, any Note or the interest thereon is
payable, or impair the right to institute suit for the enforcement of the provisions of this
Indenture requiring the application of funds available therefor, as provided in Article
Five, to the payment of any such amount due on the Notes on or after the respective due
dates thereof (or, in the case of redemption, on or after the Redemption Date);

     (b) reduce the percentage of the Controlling Class or the aggregate Note Balance, as
applicable, the consent of the Noteholders of which is required for any such supplemental
indenture or the consent of the Noteholders of which is required for any

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waiver of compliance with provisions of this Indenture or Indenture Defaults hereunder
and their consequences provided for in this Indenture;

     (c) modify or alter the provisions of the proviso to the definition of the term
“Outstanding Notes”;

     (d) reduce the percentage of the Note Balance required to direct the Indenture Trustee
to direct the Owner Trustee to sell the Trust Estate pursuant to Section 5.04, if the
proceeds of such sale would be insufficient to pay the Note Outstanding Amount plus accrued
but unpaid interest on the Notes;

     (e) modify any provision of this Section, except to increase any percentage specified
herein or to provide that certain additional provisions of this Indenture or the other Basic
Documents cannot be modified or waived without the consent of the Noteholder of each
Outstanding Note affected thereby;

     (f) reduce the percentage of the Note Balance required to modify this Indenture or any
Basic Document;

     (g) permit the creation of any lien ranking prior to or on a parity with the lien of
this Indenture with respect to any part of the Trust Estate or, except as otherwise
permitted or contemplated herein, terminate the lien of this Indenture on any property at
any time subject hereto or deprive any Noteholder of the security provided by the lien of
this Indenture; or

     (h) impair the right to institute suit for the enforcement of payment as provided in
Section 5.07.

     Any such supplemental indenture shall be executed only upon delivery of an Opinion of Counsel
to the same effect as in Section 9.01(b). The Indenture Trustee may in its discretion determine
whether or not any Notes would be affected by any supplemental indenture and any such determination
shall be conclusive upon all Noteholders, whether theretofore or thereafter authenticated and
delivered hereunder. The Indenture Trustee shall not be liable for any such determination made in
good faith.

     It shall not be necessary for any Act of Noteholders under this Section to approve the
particular form of any proposed supplemental indenture, but it shall be sufficient if such Act
shall approve the substance thereof.

     Promptly after the execution by the Issuer and the Indenture Trustee of any supplemental
indenture pursuant to this Section, the Indenture Trustee shall mail to [the Swap Counterparty] and
the Noteholders to which such amendment or supplemental indenture relates a notice setting forth in
general terms the substance of such supplemental indenture. Any failure of the Indenture Trustee
to mail such notice, or any defect therein, shall not, however, in any way impair or affect the
validity of any such supplemental indenture.

     Section 9.03 Execution of Supplemental Indentures. In executing, or permitting the
additional trusts created by, any supplemental indenture permitted by this Article or the

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modifications thereby of the trusts created by this Indenture, the Indenture Trustee shall be
entitled to receive, and subject to Sections 6.01 and 6.02, shall be fully protected in relying
upon, an Opinion of Counsel stating that the execution of such supplemental indenture is authorized
or permitted by this Indenture. The Indenture Trustee may but shall not be obligated to enter into
any such supplemental indenture that affects the Indenture Trustee’s own rights, duties,
liabilities or indemnities under this Indenture or otherwise.

     Section 9.04 Effect of Supplemental Indenture. Upon the execution of any supplemental
indenture pursuant to the provisions hereof, this Indenture shall be and shall be deemed to be
modified and amended in accordance therewith with respect to the Notes affected thereby, and the
respective rights, limitations of rights, obligations, duties, liabilities and immunities under
this Indenture of the Indenture Trustee, the Issuer, the Owner Trustee and the Noteholders shall
thereafter be determined, exercised and enforced hereunder subject in all respects to such
modifications and amendments, and all the terms and conditions of any such supplemental indenture
shall be and shall be deemed to be part of the terms and conditions of this Indenture for any and
all purposes.

     Section 9.05 Reference in Notes to Supplemental Indentures. Notes authenticated and
delivered after the execution of any supplemental indenture pursuant to this Article may, and if
required by the Indenture Trustee shall, bear a notation in form approved by the Indenture Trustee
as to any matter provided for in such supplemental indenture. If the Issuer or the Indenture
Trustee shall so determine, new Notes so modified as to conform, in the opinion of the Indenture
Trustee and the Issuer, to any such supplemental indenture may be prepared and executed by the
Issuer and authenticated and delivered by the Indenture Trustee in exchange for Outstanding Notes.

ARTICLE TEN

REDEMPTION OF NOTES

     Section 10.01 Redemption.

     (a) Pursuant to Section 11.18 of the Administration Agreement, the Administrative Agent shall
be permitted at its option to purchase the [___]-[_] SUBI Certificate from the Trust on any
Redemption Date relating to the exercise of an Optional Purchase. In connection with the exercise
of an Optional Purchase, the Administrative Agent will deposit the Optional Purchase Price into the
[___]-[_] SUBI Collection Account on the Deposit Date relating to the Redemption Date. In
connection with an Optional Purchase, the Notes shall be redeemed on the Redemption Date in whole,
but not in part, for the Redemption Price and thereupon the [___]-[_] SUBI Certificate shall be
returned to or upon the order of the Transferor.

     (b) If the Administrative Agent exercises the Optional Purchase, on the Redemption Date, prior
to 11:00 a.m., New York City time, the Origination Trustee (acting through the Trust Agent) shall
transfer the Optional Purchase Price as part of Available Funds from the [___]-[_] SUBI Collection
Account as follows: (i) [to the Swap Counterparty, all amounts payable to the

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Swap Counterparty under the Swap Agreement,] and (ii) to the Note Distribution Account, the
Redemption Price.

     (c) If the Notes are to be redeemed pursuant to this Section, the Administrator or the Issuer
shall provide at least 45 days’ prior notice of the redemption of the Notes to the Indenture
Trustee and the Owner Trustee, and the Indenture Trustee shall provide at least 30 days’ notice
thereof to the Noteholders [and the Swap Counterparty].

     Section 10.02 Form of Redemption Notice. Notice of redemption under Section 10.01
shall be given by the Indenture Trustee by first-class mail, postage prepaid, mailed to each holder
of Notes as of the close of business on the Record Date preceding the applicable Redemption Date at
such holder’s address appearing in the Note Register. In addition, the Administrator shall notify
each Rating Agency [and the Swap Counterparty] upon the redemption of the Notes, pursuant to the
Issuer Administration Agreement.

     All notices of redemption shall state:

	 	(a)	 	the Redemption Date;
	 
	 	(b)	 	the Redemption Price;

     (c) the place where the Notes to be redeemed are to be surrendered for payment of the
Redemption Price (which shall be the office or agency of the Issuer to be maintained as
provided in Section 3.02); and

     (d) that on the Redemption Date, the Redemption Price will become due and payable upon
each such Note and that interest thereon shall cease to accrue from and after the Redemption
Date.

     Notice of redemption of the Notes shall be given by the Indenture Trustee in the name and at
the expense of the Issuer. Failure to give notice of redemption (or any defect therein) to any
Noteholder shall not impair or affect the validity of the redemption of any other Note.

     Section 10.03 Notes Payable on Redemption Date. The Notes to be redeemed shall,
following notice of redemption as required by Section 10.02, become due and payable on the
Redemption Date at the Redemption Price and (unless the Issuer shall default in the payment of the
Redemption Price) no interest shall accrue on the Redemption Price for any period after the date to
which accrued interest is calculated for purposes of calculating the Redemption Price.

ARTICLE ELEVEN

MISCELLANEOUS

     Section 11.01 Compliance Certificates and Opinions.

     (a) Upon any application or request by the Issuer to the Indenture Trustee to take any action
under any provision of this Indenture, the Issuer shall furnish to the Indenture Trustee and

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each Rating Agency (i) an Officer’s Certificate stating that all conditions precedent, if any,
provided for in this Indenture relating to the proposed action have been complied with and (ii) an
Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if
any, have been complied with, except that, in the case of any such application or request as to
which the furnishing of such documents is specifically required by any provision of this Indenture,
no additional certificate or opinion need be furnished.

     Every certificate or opinion with respect to compliance with a condition or covenant provided
for in this Indenture shall include:

     (i) a statement that each signatory of such certificate or opinion has read such
covenant or condition and the definitions herein relating thereto;

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

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

     (iv) a statement as to whether, in the opinion of each such signatory, such condition
or covenant has been complied with.

     (b) In addition to any obligation imposed in Section 11.01(a) or elsewhere in this Indenture:

     (i) Prior to the deposit of any Collateral or other property or securities with the
Indenture Trustee that is to be made the basis for the release of any property or securities
subject to the lien of this Indenture, the Issuer shall furnish to the Indenture Trustee an
Officer’s Certificate certifying or stating the opinion of each Person signing such
certificate as to the fair value (within 90 days of such deposit) to the Issuer of the
Collateral or other property or securities to be so deposited.

     (ii) Whenever the Issuer is required to furnish to the Indenture Trustee an Officer’s
Certificate certifying or stating the opinion of any signer thereof as to the matters
described in clause (i) above, the Issuer shall also deliver to the Indenture Trustee an
Independent Certificate as to the same matters, if the fair value of the property or
securities to be so deposited and of all other such securities made the basis of any such
withdrawal or release since the commencement of the then-current calendar year of the
Issuer, as set forth in the certificates delivered pursuant to clause (i) above and this
clause, is 10% or more of the Note Outstanding Amount, but such a certificate need not be
furnished with respect to any securities so deposited, if the fair value thereof to the
Issuer as set forth in the related Officer’s Certificate is less than $25,000 or less than
1% of the Note Outstanding Amount.

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     (iii) Other than with respect to any release described in clause (A) or (B) of Section
11.01(b)(v), whenever any property or securities are to be released from the lien of this
Indenture, the Issuer shall also furnish to the Indenture Trustee an Officer’s Certificate
certifying or stating the opinion of each Person signing such certificate as to the fair
value (within 90 days of such release) of the property or securities proposed to be released
and stating that in the opinion of such Person, the proposed release will not impair the
security under this Indenture in contravention of the provisions hereof.

     (iv) Whenever the Issuer is required to furnish to the Indenture Trustee an Officer’s
Certificate certifying or stating the opinion of any signer thereof as to the matters
described in clause (iii) above, the Issuer shall also furnish to the Indenture Trustee an
Independent Certificate as to the same matters, if the fair value of the property or
securities and of all other property, or securities (other than property described in
clauses (A) or (B) of Section 11.01(b)(v)) released from the lien of this Indenture since
the commencement of the then current calendar year, as set forth in the Officer’s
Certificates required by clause (iii) above and this clause, equals 10% or more of the Note
Outstanding Amount, but such Officer’s Certificate need not be furnished in the case of any
release of property or securities if the fair value thereof as set forth in the related
Officer’s Certificate is less than $25,000 or less than 1% of the Note Outstanding Amount.

     (v) Notwithstanding Section 2.08 or any other provision of this Section, the Issuer may
(A) collect, liquidate, sell or otherwise dispose of the Collateral as and to the extent
permitted or required by the Basic Documents and (B) make cash payments out of the Accounts
as and to the extent permitted or required by the Basic Documents.

     Section 11.02 Form of Documents Delivered to Indenture Trustee. In any case where
several matters are required to be certified by, or covered by an opinion of, any specified Person,
it is not necessary that all such matters be certified by, or covered by the opinion of, only one
such Person, or that they be so certified or covered by only one document, but one such Person may
certify or give an opinion with respect to some matters and one or more other such Persons as to
other matters, and any such Person may certify or give an opinion as to such matters in one or
several documents.

     Any certificate or opinion of an Authorized Officer may be based, insofar as it relates to
legal matters, upon a certificate or opinion of, or representations by, counsel, unless such
officer knows, or in the exercise of reasonable care should know, that the certificate or opinion
or representations with respect to the matters upon which his certificate or opinion is based are
erroneous. Any such certificate of an Authorized Officer or Opinion of Counsel may be based,
insofar as it relates to factual matters, upon a certificate or opinion of or representations by an
officer or officers of the Administrator, the Transferor or the Issuer, stating that the
information with respect to such factual matters is in the possession of the Administrator, the
Transferor or the Issuer, unless such officer or counsel knows, or in the exercise of reasonable
care should know, that the certificate or opinion or representations with respect to such matters
are erroneous.

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     Where any Person is required to make, give or execute two or more applications, requests,
consents, certificates, statements, opinions or other instruments under this Indenture, they may,
but need not, be consolidated and form one instrument.

     Whenever in this Indenture, in connection with any application or certificate or report to the
Indenture Trustee, it is provided that the Issuer shall deliver any document as a condition of the
granting of such application, or as evidence of the Issuer’s compliance with any terms hereof, it
is intended that the truth and accuracy, at the time of the granting of such application or at the
effective date of such certificate or report (as the case may be), of the facts and opinions stated
in such document shall in such case be conditions precedent to the right of the Issuer to have such
application granted or to the sufficiency of such certificate or report. The foregoing shall not,
however, be construed to affect the Indenture Trustee’s right to rely upon the truth and accuracy
of any statement or opinion contained in any such document as provided in Article Six.

     Section 11.03 Acts of Noteholders.

     (a) Any request, demand, authorization, direction, notice, consent, waiver or other action
provided by this Indenture to be given or taken by Noteholders may be embodied in and evidenced by
one or more instruments of substantially similar tenor signed by such Noteholders in person or by
agents duly appointed in writing; and except as herein otherwise expressly provided, such action
shall become effective when such instrument or instruments are delivered to the Indenture Trustee,
and, where it is hereby expressly required, to the Issuer. Such instrument or instruments (and the
action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the
Noteholders signing such instrument or instruments. Proof of execution of any such instrument or
of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and
(subject to Section 6.01) conclusive in favor of the Indenture Trustee and the Issuer, if made in
the manner provided in this Section.

     (b) The fact and date of the execution by any Person of any such instrument or writing may be
proved in any manner that the Indenture Trustee deems sufficient.

     (c) The ownership of Notes shall be proved by the Note Register.

     (d) Any request, demand, authorization, direction, notice, consent, waiver or other action by
the holder of any Note shall bind the holder of every Note issued upon the registration thereof or
in exchange therefor or in lieu thereof, in respect of anything done, omitted or suffered to be
done by the Indenture Trustee or the Issuer in reliance thereon, whether or not notation of such
action is made upon such Note.

     Section 11.04 Notices. All demands, notices and communications hereunder shall be in
writing and shall be delivered or mailed by registered or certified first-class United States mail,
postage prepaid, hand delivery, prepaid courier service, or by telecopier, and addressed in each
case as follows: (i) if to the Issuer, c/o the Owner Trustee, at [    
             
            
           ], with a copy to
the Administrator, at
[                                       
 ]; (ii) if to the Indenture Trustee,
at [          
                 
             ];
(iii) if to Moody’s, to 7 World Trade Center, 250 Greenwich Street, New York, New York 10007,
Telecopier No.: (212) 298-7139, Attention: ABS Monitoring Group; (iv) if to S&P, to 55 Water
Street, New York, New York 10041, Telecopier No.: (212) 438-

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2664, Attention: Asset Backed Surveillance Group; (v) if to Fitch, to Fitch Inc., One State
Street Plaza, New York, New York 10004 (telecopier no. [___]), Attention: Asset Backed
Monitoring Group; (vi) [to the Swap Counterparty at the address specified in the Swap Agreement] or
(vii) at such other address as shall be designated by any of the foregoing in a written notice to
the other parties hereto. Delivery shall occur only upon receipt or reported tender of such
communication by an officer of the recipient entitled to receive such notices located at the
address of such recipient for notices hereunder.

     Section 11.05 Notices to Noteholders; Waiver. Where this Indenture provides for
notice to Noteholders of any event, such notice shall be sufficiently given (unless otherwise
herein expressly provided) if in writing and mailed, first class, postage prepaid to each
Noteholder affected by such event, at his address as it appears on the Note Register, not later
than the latest and not earlier than the earliest date prescribed for the giving of such notice.
In any case where notice to Noteholders is given by mail, neither the failure to mail such notice
nor any defect in any notice so mailed to any particular Noteholder shall affect the sufficiency of
such notice with respect to other Noteholders, and any notice that is mailed in the manner herein
provided shall conclusively be presumed to have been duly given.

     Where this Indenture provides for notice in any manner, such notice may be waived in writing
by any Person entitled to receive such notice, either before or after the event, and such waiver
shall be the equivalent of such notice. Waivers of notice by Noteholders shall be filed with the
Indenture Trustee but such filing shall not be a condition precedent to the validity of any action
taken in reliance upon such a waiver.

     In case, by reason of the suspension of regular mail service as a result of a strike, work
stoppage or similar activity, it shall be impractical to mail notice of any event of Noteholders
when such notice is required to be given pursuant to any provision of this Indenture, then any
manner of giving such notice as shall be satisfactory to the Indenture Trustee shall be deemed to
be a sufficient giving of such notice.

     Where this Indenture provides for notice to each Rating Agency, failure to give such notice
shall not affect any other rights or obligations created hereunder, and shall not under any
circumstance constitute an Indenture Default.

     Section 11.06 Effect of Headings and Table of Contents. The Article and Section
headings herein and the Table of Contents are for convenience only and shall not affect the
construction hereof.

     Section 11.07 Successors and Assigns. All covenants and agreements in this Indenture
and the Notes by the Issuer shall bind its successors and assigns, whether so expressed or not.
All agreements of the Indenture Trustee in this Indenture shall bind its successors.

     Section 11.08 Severability. In case any provision in this Indenture or in the Notes
shall be invalid, illegal or unenforceable, the validity, legality, and enforceability of the
remaining provisions shall not in any way be affected or impaired thereby.

     Section 11.09 Benefits of Indenture. [The Swap Counterparty shall be a third-party
beneficiary to the provisions of this Indenture expressly relating to it.] Nothing in this
Indenture

71

 

or in the Notes, express or implied, shall give to any Person, other than the parties hereto
and their successors hereunder, [the Swap Counterparty] and the Noteholders (and, with respect to
Section 8.04, the Trust Certificateholders), and any other party secured hereunder, and any other
Person with an ownership interest in any part of the Trust Estate, any benefit or any legal or
equitable right, remedy or claim under this Indenture.

     Section 11.10 Legal Holidays. In any case where the date on which any payment is due
shall not be a Business Day, then (notwithstanding any other provision of the Notes or this
Indenture) payment need not be made on such date, but may be made on the next succeeding Business
Day with the same force and effect as if made on the date on which nominally due, and no interest
shall accrue for the period from and after any such nominal date.

     Section 11.11 Governing Law. This Indenture shall be construed in accordance with the
laws of the State of New York, and the obligations, rights and remedies of the parties hereunder
shall be determined in accordance with such laws.

     Section 11.12 Counterparts. This Indenture may be executed in any number of
counterparts, each of which so executed shall be deemed to be an original, but all such
counterparts shall together constitute but one and the same instrument.

     Section 11.13 Recording of Indenture. If this Indenture is subject to recording in
any appropriate public recording offices, such recording is to be effected by the Issuer
accompanied by an Opinion of Counsel (who may be counsel to the Indenture Trustee or any other
counsel reasonably acceptable to the Indenture Trustee) to the effect that such recording is
necessary either for the protection of the Noteholders or any other Person secured hereunder or for
the enforcement of any right or remedy granted to the Indenture Trustee under this Indenture.

     Section 11.14 Trust Obligation. No recourse may be taken, directly or indirectly,
with respect to the obligations of the Issuer, the Owner Trustee, [the Swap Counterparty] or the
Indenture Trustee on [the Swap Agreement or] the Notes or under this Indenture or any certificate
or other writing delivered in connection herewith or therewith, against (i) the Indenture Trustee
or the Owner Trustee in its individual capacity, (ii) any Trust Certificateholder, (iii) any owner
of a beneficial interest in the Issuer or (iv) any partner, owner, beneficiary, agent, officer,
director, employee or agent of the Indenture Trustee or the Owner Trustee in its individual
capacity, any Trust Certificateholder, the Owner Trustee or the Indenture Trustee of any successor
or assign of the Indenture Trustee or the Owner Trustee in its individual capacity, except as any
such Person may have expressly agreed (it being understood that the Indenture Trustee and the Owner
Trustee have no such obligations in their individual capacity) and except that any such partner,
owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any
unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or
call owing to such entity. For all purposes of this Indenture, in the performance of any duties or
obligations of the Issuer hereunder, the Owner Trustee shall be subject to, and entitled to the
benefits of, the terms and provisions of Articles Six, Seven and Ten of the Trust Agreement.

     Section 11.15 No Petition. The Indenture Trustee, by entering into this Indenture,
and each Noteholder or Note Owner, by accepting a Note or in the case of a Note Owner, a beneficial

72

 

interest in a Note, hereby covenant and agree that prior to the date that is one year and one
day after the date upon which all obligations and payments under the Basic Documents have been paid
in full, they will not (and, to the fullest extent permitted by applicable law, the Indenture
Trustee shall not have the power to) institute against, or join in any institution against the UTI
Beneficiaries, the Origination Trustee, the Origination Trust, the Transferor, the Issuer, any
other Affiliate or any beneficiary, any bankruptcy, reorganization, arrangement, insolvency or
liquidation proceeding or other proceeding under any United States federal or state bankruptcy or
similar law in connection with any obligations relating to the Notes, this Indenture or any of the
Basic Documents.

     Section 11.16 No Recourse. Each Noteholder or Note Owner, by acceptance of a Note or,
in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that no recourse
may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner
Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other
writing delivered in connection therewith against (i) the Indenture Trustee or the Owner Trustee in
its individual capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any
partner, owner, beneficiary, agent, officer, director or employee of the Indenture Trustee or the
Owner Trustee in its individual capacity or any holder of a beneficial interest in the Issuer, the
Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture Trustee or
the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed
and except that any such partner, owner or beneficiary shall be fully liable, to the extent
provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or
failure to pay any installment or call owing to such entity.

     Section 11.17 Inspection. The Issuer agrees that on reasonable prior notice it will
permit any representative of the Indenture Trustee, during the Issuer’s normal business hours, to
examine all the books of account, records, reports and other papers of the Issuer, to make copies
and extracts therefrom, to cause such books to be audited by Independent certified public
accountants and to discuss the Issuer’s affairs, finances and accounts with the Issuer’s officers,
employees and Independent certified public accountants, all at such reasonable times and as often
as may be reasonably requested. The Indenture Trustee shall and shall cause its representatives to
hold in confidence all such information, except to the extent disclosure may be required by law
(and all reasonable applications for confidential treatment are unavailing) and except to the
extent the Indenture Trustee may reasonably determine that such disclosure is consistent with its
obligations hereunder.

     Section 11.18 Limitation of Liability of Owner Trustee. Notwithstanding anything
contained herein to the contrary, this instrument has been countersigned by
[                                       
 ] not in
its individual capacity but solely in its capacity as Owner Trustee of the Issuer and in no event
shall
[                                       
 ] in its individual capacity or any beneficial owner of the Issuer have
any liability for the representations, warranties, covenants, agreements or other obligations of
the Issuer hereunder, as to all of which recourse shall be had solely to the assets of the Issuer.
For all purposes of this Indenture, in the performance of any duties or obligations of the Issuer
hereunder, the Owner Trustee shall be subject to, and entitled to the benefits of, the terms and
provisions of Articles Six, Seven and Ten of the Trust Agreement. Notwithstanding anything herein
to the contrary, Section 2.07 of the Trust Agreement shall remain in full force and effect.

73

 

     Section 11.19 TIA Incorporation and Conflicts. The provisions of TIA Sections 310
through 317 that impose duties on any Person (including the provisions automatically deemed
included herein unless expressly excluded by this Indenture) are a part of and govern this
Indenture, whether or not physically contained herein. If any provision hereof limits, qualifies
or conflicts with another provision hereof that is required to be included in this Indenture by any
of the provisions of the TIA, such required provision shall control.

74

 

     IN WITNESS WHEREOF, the Issuer and the Indenture Trustee have caused this Indenture to be duly
executed by their respective officers, thereunto duly authorized, all as of the day and year first
above written.

	 	 	 	 	 	 	 
	 	 	RYDER VEHICLE LEASE TRUST [____]-[_]	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	[                                        ],	 	 
	 

	 	 	 	as Owner Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 	 	[                                        ],	 	 
	 

	 	 	 	as Indenture Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	Title:	 	 

     Receipt of this original counterpart of this Agreement is hereby acknowledged on this ___day
of
[                                       
 ].

	 	 	 	 	 	 	 
	 	 	RTRT, INC.,	 	 
	 

	 	 	 	as Origination Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 

 

SCHEDULE I

PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS

     In addition to the representations, warranties and covenants contained in this Indenture, the
Issuer hereby represents, warrants, and covenants to the Indenture Trustee as follows on the
Closing Date:

     (1) The Issuer owns and has good and marketable title to the Collateral free and clear of any
Liens, claim or encumbrance of any Person, excepting only liens for taxes, assessments or similar
governmental charges or levies incurred in the ordinary course of business that are not yet due and
payable or as to which any applicable grace period shall not have expired, or that are being
contested in good faith by proper proceedings and for which adequate reserves have been
established, but only so long as foreclosure with respect to such a lien is not imminent and the
use and value of the property to which the Liens attaches is not impaired during the pendency of
such proceeding.

     (2) The Issuer has received all consents and approvals to the grant of the security interest
in the Collateral hereunder to the Indenture Trustee required by the terms of the Collateral that
constitutes instruments or payment intangibles.

     (3) The Issuer has received all consents and approvals required by the terms of the Collateral
that constitutes securities entitlements, certificated securities or uncertificated securities to
the transfer to the Indenture Trustee of its interest and rights in the Collateral hereunder.

     (4) The Issuer has caused or will have caused, within ten days after the effective date of the
Indenture, the filing of all appropriate financing statements in the proper filing office in the
appropriate jurisdictions under applicable law in order to perfect the security interest in the
Collateral granted to the Indenture Trustee hereunder.

     (5) With respect to Collateral that constitutes an instrument or tangible chattel paper,
either:

	 	a.	 	All original executed copies of each such instrument or
tangible chattel paper have been delivered to the Indenture Trustee; or
	 
	 	b.	 	Such instruments or tangible chattel paper are in the
possession of a custodian and the Indenture Trustee has received a written
acknowledgment from such custodian that such custodian is holding such
instruments or tangible chattel paper solely on behalf and for the benefit of
the Indenture Trustee; or

SCHEDULE I-1

 

	 	c.	 	A custodian received possession of such instruments or tangible
chattel paper after the Indenture Trustee received a written acknowledgment
from such custodian that such custodian is acting solely as agent of the
Indenture Trustee.

     (6) With respect to the Accounts and all subaccounts thereof that constitute deposit accounts,
either:

	 	a.	 	The Issuer has delivered to the Indenture Trustee a fully
executed agreement pursuant to which the bank maintaining the deposit accounts
has agreed to comply with all instructions originated by the Indenture Trustee
directing disposition of the funds in the Accounts without further consent by
the Issuer; or
	 
	 	b.	 	The Issuer has taken all steps necessary to cause the Indenture
Trustee to become the account holder of the Accounts.

     (7) With respect to Collateral or Accounts or subaccounts thereof that constitute securities
accounts or securities entitlements, either:

	 	a.	 	The Issuer has caused or will have caused, within ten days
after the effective date of the Indenture, the filing of all appropriate
financing statements in the proper filing office in the appropriate
jurisdictions under applicable law in order to perfect the security interest
granted in the Collateral to the Indenture Trustee; or
	 
	 	b.	 	The Issuer has delivered to the Indenture Trustee a fully
executed agreement pursuant to which the securities intermediary has agreed to
comply with all instructions originated by the Indenture Trustee relating to
the Accounts without further consent by the Issuer; or
	 
	 	c.	 	The Issuer has taken all steps necessary to cause the
securities intermediary to identify in its records the Indenture Trustee as the
person having a security entitlement against the securities intermediary in the
Accounts.

     (8) With respect to Collateral that constitutes certificated securities (other than securities
entitlements), all original executed copies of each security certificate that constitutes or
evidences the Collateral have been delivered to the Indenture Trustee, and each such security
certificate either (i) is in bearer form, (ii) has been indorsed by an effective indorsement to the
Indenture Trustee or in blank, or (iii) has been registered in the name of the Indenture Trustee.
Other than the transfer of the [___]-[_] SUBI Certificate from the UTI Beneficiary to the
Transferor under the SUBI Certificate Transfer Agreement, the transfer of the [___]-[_] SUBI
Certificate from the Transferor to the Issuer under the Issuer SUBI Certificate Transfer Agreement
and the security interest in the Collateral granted to the Indenture Trustee pursuant to the
Indenture, none of the UTI Beneficiary, the Transferor or the Issuer has pledged, assigned, sold,
granted a security interest in, or otherwise conveyed any of the Collateral or the Accounts

SCHEDULE I-2

 

or any subaccounts thereof. The Issuer has not authorized the filing of, or is aware of any
financing statements against the Issuer that include a description of collateral covering the
Collateral or the Accounts or any subaccount thereof other than any financing statement relating to
the security interest granted to the Indenture Trustee hereunder or that has been terminated.

     (9) None of the instruments, certificated securities or tangible chattel paper that constitute
or evidence the Collateral has any marks or notations indicating that they have been pledged,
assigned or otherwise conveyed to any Person other than the Indenture Trustee.

     (10) Neither the Accounts nor any subaccounts thereof are in the name of any person other than
the Issuer or the Indenture Trustee. The Issuer has not consented to the securities intermediary of
any Account to comply with entitlement orders of any person other than the Indenture Trustee.

     As used in this Schedule I, “Collateral” has the meaning set forth in the Granting Clause of
the Indenture.

SCHEDULE I-3

 

EXHIBIT A

FORM OF NOTE

SEE REVERSE FOR CERTAIN DEFINITIONS

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

     THE PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING
PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

     TRANSFERS OF THE NOTES MUST GENERALLY BE ACCOMPANIED BY APPROPRIATE TAX TRANSFER DOCUMENTATION
AND ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE INDENTURE.

     THE HOLDER, BY ACCEPTANCE OF THIS NOTE, SHALL BE DEEMED TO HAVE AGREED TO TREAT THE NOTES AS
DEBT SOLELY OF THE ISSUER FOR UNITED STATES FEDERAL, STATE AND LOCAL INCOME AND FRANCHISE TAX
PURPOSES.

RYDER VEHICLE LEASE TRUST [____]-[_]

[___]% ASSET BACKED NOTE, CLASS [A-1] [A-2a] [A-2b] [B-1]

			
	 	 	 
	REGISTERED
	 	$                    
	No. R-___
	 	CUSIP NO.                     

     Ryder Vehicle Lease Trust [___]-[_], a business trust organized and existing under the laws
of the State of Delaware (including any permitted successors and assigns, the “Issuer”), for value
received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of
                                        
                     Dollars ($             
       ) in quarterly installments on [February 15, May
15, August 15 and November 15] of each year, or if such day is not a Business Day, on the
immediately succeeding Business Day, commencing on [                    ] (each, a “Payment Date”) until the
principal of this Note is paid or made available for payment, and to pay interest on each Payment
Date on the Class [A-1] [A-2a] [A-2b] [B-1] Note Balance as of the preceding Payment Date (after
giving effect to all payments of principal made on the preceding Payment Date), or as of the
Closing Date in the case of the first Payment Date or if no interest has yet been paid, at the rate
per annum shown above (the “Interest Rate”), in each case

A-1 

 

as and to the extent described below; provided, however, that the entire Class [A-1] [A-2a]
[A-2b] [B-1] Note Balance shall be due and payable on the earlier of
[                                       
 ] (the “Note
Final Payment Date”) and the Redemption Date, if any, pursuant to Section 10.01 of the Indenture.
The Issuer shall pay interest on overdue installments of interest at the Interest Rate to the
extent lawful. Such principal of and interest on this Note shall be paid in the manner specified
on the reverse hereof.

     The principal of and interest on this Note are payable in such coin or currency of the United
States as at the time of payment is legal tender for payment of public and private debts. All
payments made by the Issuer with respect to this Note shall be applied first to interest due and
payable on this Note as provided above and then to the unpaid principal of this Note.

     Reference is made to the further provisions of this Note set forth on the reverse hereof,
which shall have the same effect as though fully set forth on the face of this Note.

     Unless the certificate of authentication hereon has been executed by the Indenture Trustee the
name of which appears below by manual signature, this Note shall not be entitled to any benefit
under the Indenture referred to on the reverse hereof or be valid or obligatory for any purpose.

A-2 

 

     IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or by
facsimile, by its Authorized Officer as of the date set forth below.

	 	 	 	 	 	 	 
	     Dated:
                                        
, 20[__]	 	RYDER VEHICLE LEASE TRUST [____]-[_],	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	[                                     
;                       ]	 	 
	 

	 	 	 	as Owner Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

     This is one of the Notes designated above and referred to in the within-mentioned Indenture.

	 	 	 	 	 	 	 
	     Dated:
                                        
, 20[__]	 	[                                     
;   ],	 	 
	 

	 	 	 	as Indenture Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 

A-3 

 

[REVERSE OF NOTE]

     This Note is one of a duly authorized issue of Notes of the Issuer, designated as its “___% Asset Backed Notes, Class [A-1]
[A-2a] [A-2b] [B-1]” (herein called the “Notes”) issued
under an Indenture, dated as of [                    ] (such indenture, as supplemented or amended, is
herein called the “Indenture”), between the Issuer and
[                                       
 ], as trustee (the “Indenture
Trustee,” which term includes any successor Indenture Trustee under the Indenture), to which
Indenture and all indentures supplemental thereto reference is hereby made for a statement of the
respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the
Noteholders. The Notes are subject to all terms of the Indenture. All terms used in this Note that
are defined in the Indenture, as supplemented or amended, shall have the meanings assigned to them
in or pursuant to the Indenture, as so supplemented or amended.

     The Class A-1 Notes, the Class A-2a Notes, the Class A-2b Notes and the Class B-1 Notes are
and will be equally and ratably secured by the Collateral pledged as security therefor as provided
in the Indenture. However, to the extent provided in the Indenture, each Class will receive
principal payment sequentially so no principal payments shall be made in respect of the Class A-2a
Notes and Class A-2b Notes until the Class A-1 Notes have been paid in full, no principal payments
shall be made in respect of the Class B-1 Notes until the Class A-2 Notes have been paid in full.

     Principal payable on the Notes will be paid on each Payment Date in the amount specified in
the Indenture. As described above, the entire unpaid principal amount of this Note will be payable
on the earlier of the Note Final Payment Date and the Redemption Date, if any, selected pursuant to
the Indenture. Notwithstanding the foregoing, under certain circumstances, the entire unpaid
principal amount of the Notes shall be due and payable following the occurrence and continuance of
an Indenture Default, as described in the Indenture. In such an event, principal payments on the
Class A-1 Notes shall be made first, then principal payments on the Class A-2a Notes and Class A-2b
Notes shall be made pro rata and then principal payments on the Class B-1 Notes shall be made.

     Payments of principal and interest on this Note due and payable on each Payment Date or
Redemption Date shall be made by check mailed to the Person whose name appears as the registered
holder of this Note (or one or more Predecessor Notes) on the Note Register as of the close of
business on the related Record Date, except that with respect to Notes registered on the Record
Date in the name of the nominee of The Depository Trust Company (initially, such nominee to be Cede
& Co.), payments will be made by wire transfer in immediately available funds to the account
designated by such nominee. Such checks shall be mailed to the Person entitled thereto at the
address of such Person as it appears on the Note Register as of the applicable Record Date without
requiring that this Note be submitted for notation of payment. Any reduction in the principal
amount of this Note (or any one or more Predecessor Notes) affected by any payments made on any
Payment Date or Redemption Date shall be binding upon all future holders of this Note and of any
Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof,
whether or not noted hereon. If funds are expected to be available, as provided in the Indenture,
for payment in full of the remaining unpaid principal amount of this Note on a Payment Date or
Redemption Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, will
notify the Person who was the registered holder hereof

A-4 

 

as of the Record Date preceding such Payment Date or Redemption Date by notice mailed within
five days of such Payment Date or Redemption Date and the amount then due and payable shall be
payable only upon presentation and surrender of this Note at the Corporate Trust Office of the
Indenture Trustee or at the office of the Indenture Trustee’s agent appointed for such purposes
located in The City of New York.

     As provided in the Indenture, the Transferor will be permitted at its option to purchase the
interest in the [___]-[_] SUBI evidenced by the [___]-[_] SUBI Certificate from the Trust on any
Payment Date if, either before or after giving effect to any payment of principal required to be
made on such Payment Date, the aggregate Securitization Value is less than or equal to 10% of the
aggregate Securitization Value as of the Cutoff Date. The purchase price for the [___]-[_] SUBI
Certificate shall equal the unpaid principal balances of the Notes, together with accrued interest
thereon to the Redemption Date and certain other amounts (the “Optional Purchase Price”), which
amount shall be deposited by the Transferor into the [___]-[_] SUBI Collection Account on the
Deposit Date relating to the Payment Date fixed for redemption. In connection with an Optional
Purchase, the Notes will be redeemed on such Payment Date in whole, but not in part, for the
Redemption Price.

     As provided in the Indenture and subject to certain limitations set forth therein, the
transfer of this Note may be registered on the Note Register upon surrender of this Note for
registration of transfer at the office or agency designated by the Issuer pursuant to the
Indenture. No service charge will be charged for any registration of transfer or exchange of this
Note, but the transferor may be required to pay a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection with any such registration of transfer or
exchange.

     Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a
beneficial interest in a Note, covenants and agrees that no recourse may be taken, directly or
indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture
Trustee on the Notes or under the Indenture or any certificate or other writing delivered in
connection therewith against (i) the Indenture Trustee or the Owner Trustee in its individual
capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner,
beneficiary, agent, officer, director or employee of the Indenture Trustee or the Owner Trustee in
its individual capacity, any holder of a beneficial interest in the Issuer, the Owner Trustee or
the Indenture Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee
in its individual capacity, except as any such Person may have expressly agreed and except that any
such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law,
for any unpaid consideration for stock, unpaid capital contribution or failure to pay any
installment or call owing to such entity.

     The Notes represent obligations of the Issuer only and do not represent interests in, recourse
to or obligations of the Transferor, the UTI Beneficiaries or any of their respective Affiliates.

     Each Noteholder, or in the case of a Note Owner, by acceptance of a Note, in the case of a
Note Owner, a beneficial interest in the Note, hereby covenants and agrees that prior to the date
that is one year and one day after the date upon which all obligations and payments under the Basic
Documents have been paid in full, they will not institute against, or join in any institution

A-5 

 

against the UTI Beneficiaries, the Origination Trustee, the Origination Trust, the Transferor,
the Issuer, any other Affiliate or any beneficiary, any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceeding or other proceeding under any United States federal or state
bankruptcy or similar law in connection with any obligations relating to the Notes, the Indenture
or any of the Basic Documents.

     Prior to the due presentment for registration of transfer of this Note, the Owner Trustee, the
Indenture Trustee and any agent of the Owner Trustee or the Indenture Trustee may treat the Person
in whose name this Note (as of the day of determination or as of such other date as may be
specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this
Note be overdue, and neither the Owner Trustee, the Indenture Trustee nor any such agent shall be
affected by notice to the contrary.

     The Indenture permits, with certain exceptions as therein provided, the amendment thereof and
the modification of the rights and obligations of the Issuer and the rights of the Noteholders
under the Indenture at any time by the Issuer with the consent of Noteholders representing not less
than a majority of the aggregate Note Balance. The Indenture also contains provisions permitting
Noteholders representing specified percentages of the Controlling Class, on behalf of all
Noteholders, to waive compliance by the Issuer with certain provisions of the Indenture and certain
past Defaults under the Indenture and their consequences. Any such consent or waiver by the
Noteholder of this Note (or any one of more Predecessor Notes) shall be conclusive and binding upon
such Noteholder and upon all future Noteholders of this Note and of any Note issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of
such consent or waiver is made upon this Note. The Indenture also permits the Indenture Trustee to
amend or waive certain terms and conditions set forth in the Indenture without the consent of the
Noteholders.

     The Notes are issuable only in registered form in denominations as provided in the Indenture,
subject to certain limitations therein set forth.

     This Note and the Indenture shall be construed in accordance with the laws of the State of New
York, and the obligations, rights and remedies of the parties hereunder and thereunder shall be
determined in accordance with such laws.

     No reference herein to the Indenture and no provision of this Note or the Indenture shall
alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the
principal of and interest on this Note at the times, place and rate and in the coin or currency
herein prescribed.

A-6 

 

ASSIGNMENT

     Social Security or taxpayer I.D. or other identifying number of assignee:

 

     FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

      

      

(name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints
attorney, to transfer said Note on the books kept for registration thereof, with full power of
substitution in the premises.

	 	 	 	 	 
	 

	 	Dated:1	 	 
	 
	 	 	 	 
	 

	 	Signature Guaranteed:	 	 
	 
	 	 	 	 
	 

	 	 

	 	 

 

			
	1	 	The signature to this assignment must correspond with
the name of the registered owner as it appears on the face of the within Note
in every particular, without alteration, enlargement or any change whatsoever.

A-7 

 

EXHIBIT B

FORM OF DEPOSITORY AGREEMENT

[TO BE PROVIDED FOR EACH TAKEDOWN]

B-1

 

EXHIBIT C

SERVICING CRITERIA TO BE ADDRESSED IN THE INDENTURE TRUSTEE’S ASSESSMENT OF COMPLIANCE

     The assessment of compliance to be delivered by the Indenture Trustee, shall address, at a
minimum, the criteria identified as below as “Applicable Servicing Criteria”:

	 	 	 	 	 
	Reference	 	Criteria	 	 
	 	 	General Servicing Considerations
	 	 
	 	 	 
	 	 
	1122(d)(1)(i)	 	Policies and procedures are instituted to monitor any performance or other triggers and
events of default in accordance with the transaction agreements.
	 	 
	 	 	 
	 	 
	1122(d)(1)(ii)	 	If any material servicing activities are outsourced to third parties, policies and
procedures are instituted to monitor the third party’s performance and compliance with
such servicing activities.
	 	 
	 	 	 
	 	 
	1122(d)(1)(iii)	 	Any requirements in the transaction agreements to maintain a back-up servicer for the
receivables are maintained.
	 	 
	 	 	 
	 	 
	1122(d)(1)(iv)	 	A fidelity bond and errors and omissions policy is in effect on the party participating in
the servicing function throughout the reporting period in the amount of coverage required
by and otherwise in accordance with the terms of the transaction agreements.
	 	 
	 	 	 
	 	 
	 	 	Cash Collection and Administration
	 	 
	 	 	 
	 	 
	1122(d)(2)(i)	 	Payments on receivables are deposited into the appropriate custodial bank accounts and
related bank clearing accounts no more than two business days following receipt, or such
other number of days specified in the transaction agreements.
	 	 
	 	 	 
	 	 
	1122(d)(2)(ii)	 	Disbursements made via wire transfer on behalf of an obligor or to an investor are made
only by authorized personnel.
	 	X
	 	 	 
	 	 
	1122(d)(2)(iii)	 	Advances of funds or guarantees regarding collections, cash flows or distributions, and
any interest or other fees charged for such advances, are made, reviewed and approved as
specified in the transaction agreements.
	 	 
	 	 	 
	 	 
	1122(d)(2)(iv)	 	The related accounts for the transaction, such as cash reserve accounts or accounts
established as a form of overcollateralization, are separately maintained (e.g., with
respect to commingling of cash) as set forth in the transaction agreements.
	 	 
	 	 	 
	 	 
	1122(d)(2)(v)	 	Each custodial account is maintained at a federally insured depository institution as set
forth in the transaction agreements. For purposes of this criterion, “federally insured
depository institution” with respect to a foreign financial institution means a foreign
financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities
Exchange Act.
	 	 
	 	 	 
	 	 
	1122(d)(2)(vi)	 	Unissued checks are safeguarded so as to prevent unauthorized access.
	 	 
	 	 	 
	 	 
	1122(d)(2)(vii)	 	Reconciliations are prepared on a monthly basis for all asset-backed securities related
bank accounts, including custodial accounts and related bank clearing accounts. These
reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar days
after the bank statement cutoff date, or such other number of days specified in the
transaction agreements; (C) reviewed and approved by someone other than the person who
prepared the reconciliation; and (D) contain explanations for reconciling items. These
reconciling items are resolved within 90 calendar days of their original identification,
or such other number of days specified in the transaction agreements.
	 	 

C-1

 

	 	 	 	 	 
	Reference	 	Criteria	 	 
	 	 	Investor Remittances and Reporting
	 	 
	 	 	 
	 	 
	1122(d)(3)(i)	 	Reports to investors, including those to be filed with the Commission, are maintained in
accordance with the transaction agreements and applicable Commission requirements.
Specifically, such reports (A) are prepared in accordance with timeframes and other terms
set forth in the transaction agreements; (B) provide information calculated in accordance
with the terms specified in the transaction agreements; (C) are filed with the Commission
as required by its rules and regulations; and (D) agree with investors’ or the trustee’s
records as to the total unpaid principal balance and number of receivables serviced by the
Servicer.
	 	 
	 	 	 
	 	 
	1122(d)(3)(ii)	 	Amounts due to investors are allocated and remitted in accordance with timeframes,
distribution priority and other terms set forth in the transaction agreements.
	 	X
	 	 	 
	 	 
	1122(d)(3)(iii)	 	Disbursements made to an investor are posted within two business days to the Servicer’s
investor records, or such other number of days specified in the transaction agreements.
	 	X
	 	 	 
	 	 
	1122(d)(3)(iv)	 	Amounts remitted to investors per the investor reports agree with cancelled checks, or
other form of payment, or custodial bank statements.
	 	X
	 	 	 
	 	 
	 	 	Pool Asset Administration
	 	 
	 	 	 
	 	 
	1122(d)(4)(i)	 	Collateral or security on receivables is maintained as required by the transaction
agreements or related receivables documents.
	 	 
	 	 	 
	 	 
	1122(d)(4)(ii)	 	Receivables and related documents are safeguarded as required by the transaction agreements
	 	 
	 	 	 
	 	 
	1122(d)(4)(iii)	 	Any additions, removals or substitutions to the asset pool are made, reviewed and approved
in accordance with any conditions or requirements in the transaction agreements.
	 	 
	 	 	 
	 	 
	1122(d)(4)(iv)	 	Payments on receivables, including any payoffs, made in accordance with the related
receivables documents are posted to the Servicer’s obligor records maintained no more than
two business days after receipt, or such other number of days specified in the transaction
agreements, and allocated to principal, interest or other items (e.g., escrow) in
accordance with the related receivables documents.
	 	 
	 	 	 
	 	 
	1122(d)(4)(v)	 	The Servicer’s records regarding the receivables agree with the Servicer’s records with
respect to an obligor’s unpaid principal balance.
	 	 
	 	 	 
	 	 
	1122(d)(4)(vi)	 	Changes with respect to the terms or status of an obligor’s receivables (e.g., loan
modifications or re-agings) are made, reviewed and approved by authorized personnel in
accordance with usual customary procedures.
	 	 
	 	 	 
	 	 
	1122(d)(4)(vii)	 	Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in
lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated,
conducted and concluded in accordance with usual customary procedures.
	 	 
	 	 	 
	 	 
	1122(d)(4)(viii)	 	Records documenting collection efforts are maintained during the period a receivable is
delinquent in accordance with the transaction agreements. Such records are maintained on
at least a monthly basis, or such other period specified in the transaction agreements,
and describe the entity’s activities in monitoring delinquent receivables including, for
example, phone calls, letters and payment rescheduling plans in cases where delinquency is
deemed temporary (e.g., illness or unemployment).
	 	 
	 	 	 
	 	 
	1122(d)(4)(ix)	 	Adjustments to interest rates or rates of return for receivables with variable rates are
computed based on the related receivables documents.
	 	 

C-2

 

	 	 	 	 	 
	Reference	 	Criteria	 	 
	1122(d)(4)(x)	 	Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds
are analyzed, in accordance with the obligor’s receivables documents, on at least an
annual basis, or such other period specified in the transaction agreements; (B) interest
on such funds is paid, or credited, to obligors in accordance with applicable receivables
documents and state laws; and (C) such funds are returned to the obligor within 30
calendar days of full repayment of the related receivables, or such other number of days
specified in the transaction agreements.
	 	 
	 	 	 
	 	 
	1122(d)(4)(xi)	 	Payments made on behalf of an obligor (such as tax or insurance payments) are made on or
before the related penalty or expiration dates, as indicated on the appropriate bills or
notices for such payments, provided that such support has been received by the servicer at
least 30 calendar days prior to these dates, or such other number of days specified in the
transaction agreements.
	 	 
	 	 	 
	 	 
	1122(d)(4)(xii)	 	Any late payment penalties in connection with any payment to be made on behalf of an
obligor are paid from the servicer’s funds and not charged to the obligor, unless the late
payment was due to the obligor’s error or omission.
	 	 
	 	 	 
	 	 
	1122(d)(4)(xiii)	 	Disbursements made on behalf of an obligor are posted within two business days to the
obligor’s records maintained by the servicer, or such other number of days specified in
the transaction agreements.
	 	 
	 	 	 
	 	 
	1122(d)(4)(xiv)	 	Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in
accordance with the transaction agreements.
	 	 
	 	 	 
	 	 
	1122(d)(4)(xv)	 	Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or
Item 1115 of Regulation AB, is maintained as set forth in the transaction agreements.
	 	 

	 	 	 	 	 
	 	 	 
	 	By:  	
 	 
	 	Name: 	 	 	 
	 	Title: 	 	 	 

C-3

 

	 	 	 	 	 

EXHIBIT D

FORM OF INDENTURE TRUSTEE’S ANNUAL CERTIFICATION

RE: Ryder Vehicle Lease Trust [___]-[_]

     [                    ], not in its
individual capacity but solely as indenture trustee (the “Indenture
Trustee”), certifies to Ryder Funding II LP (the “Transferor”), and its officers, with
the knowledge and intent that they will rely upon this certification, that:

     (1) It has reviewed the report on assessment of the Indenture Trustee’s compliance provided in
accordance with Rules 13a-18 and 15d-18 under the Securities Exchange Act of 1934, as amended, and
Item 1122 of Regulation AB (the “Servicing Assessment”) that was delivered by the Indenture
Trustee to the Administrator pursuant to the Indenture, dated as of [                    ], by and between the
Indenture Trustee and Ryder Vehicle Lease Trust [___]-[_];

     (2) To the best of its knowledge, the Servicing Assessment, taken as a whole, does not contain
any untrue statement of a material fact or omit to state a material fact necessary to make the
statements made, in the light of the circumstances under which such statements were made, not
misleading with respect to the period of time covered by the Indenture Trustee Information; and

     (3) To the best of its knowledge, all of the Indenture Trustee Information required to be
provided by the Indenture Trustee under the Agreement has been provided to the Administrator.

	 	 	 	 	 	 	 
	 	 	[                    ], not in its individual capacity but solely as Indenture
Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By: 	 	 	 	 
	 

	 	By: 	 	 
	 	 
	 
	 

	 	Name:
	 	
	 	 
	 

	 	Title:	 	 	 	 
	Date:                                        
	 	 	 	 	 	 

D-1EX-10.2 Form of Supplement to 2nd Amended and Rest

EXHIBIT 10.2

 

RYDER TRUCK RENTAL I LP

and

RYDER TRUCK RENTAL II LP,

as Grantors and UTI Beneficiaries,

RYDER TRUCK RENTAL, INC.,

as Administrative Agent,

RTRT, INC.,

as Trustee,

U.S. BANK TRUST NATIONAL ASSOCIATION,

as Delaware Trustee,

and

U.S. BANK NATIONAL ASSOCIATION,

as Trust Agent

 

[_____]

ORIGINATION TRUST

SUPPLEMENT

Dated as of [                    ]

 

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	ARTICLE ELEVEN
	 	 	 	 
	 
	 	 	 	 
	DEFINITIONS
	 	 	 	 
	 
	 	 	 	 
	Section 11.01 Definitions
	 	 	2	 
	Section 11.02 Interpretive Provisions
	 	 	5	 
	Section 11.03 Rights in Respect of the [____]-[_] SUBI
	 	 	5	 
	 
	 	 	 	 
	ARTICLE TWELVE
	 	 	 	 
	 
	 	 	 	 
	CREATION OF THE [____]-[_] SUBI
	 	 	 	 
	 
	 	 	 	 
	Section 12.01 Creation of [____]-[_] SUBI Assets and the [____]-[_] SUBI
	 	 	6	 
	Section 12.02 Transfer of [____]-[_] SUBI Interests
	 	 	6	 
	Section 12.03 Issuance and Form of [____]-[_] SUBI Certificate
	 	 	7	 
	Section 12.04 Actions and Filings
	 	 	7	 
	Section 12.05 Termination of the [____]-[_] SUBI
	 	 	8	 
	Section 12.06 Representations and Warranties of Trustee
	 	 	9	 
	 
	 	 	 	 
	ARTICLE THIRTEEN
	 	 	 	 
	 
	 	 	 	 
	[____]-[_] SUBI ACCOUNTS
	 	 	 	 
	 
	 	 	 	 
	Section 13.01 [____]-[_] SUBI Collection Account
	 	 	9	 
	Section 13.02 Reserve Fund
	 	 	10	 
	Section 13.03 Investment of Monies in [____]-[_] SUBI Accounts
	 	 	10	 
	 
	 	 	 	 
	ARTICLE FOURTEEN
	 	 	 	 
	 
	 	 	 	 
	[____]-[_] SUBI PLEDGE
	 	 	 	 
	 
	 	 	 	 
	Section 14.01 Registration of [____]-[_] SUBI Pledge
	 	 	10	 
	 
	 	 	 	 
	ARTICLE FIFTEEN
	 	 	 	 
	 
	 	 	 	 
	MISCELLANEOUS PROVISIONS
	 	 	 	 
	 
	 	 	 	 
	Section 15.01 Amendment
	 	 	11	 
	Section 15.02 Governing Law
	 	 	12	 
	Section 15.03 Notices
	 	 	12	 
	Section 15.04 Severability of Provisions
	 	 	12	 
	Section 15.05 Effect of Supplement on Origination Trust Agreement
	 	 	12	 
	Section 15.06 No Petition
	 	 	12	 

i

 

	 	 	 	 	 
	 	 	Page	 
	EXHIBITS
	 	 	 	 
	 
	 	 	 	 
	Exhibit A  —  Schedule of [___]-[_] Leases and [____]-[_] Vehicles 
	 	 	A-1	 
	Exhibit B  —  Form of [____]-[_] SUBI Certificate 
	 	 	B-1	 

ii

 

[____]-[_] ORIGINATION TRUST SUPPLEMENT

     This [___]-[_] Origination Trust Supplement, dated as of [___], is among Ryder Truck
Rental I LP and Ryder Truck Rental II LP, each a Delaware limited partnership, as grantors and
initial beneficiaries (in such capacities, the “Grantors” and the “UTI Beneficiaries”,
respectively), Ryder Truck Rental, Inc., a Florida corporation (“Ryder”), as administrative agent
(the “Administrative Agent”), RTRT, Inc., a Delaware corporation, as trustee (the “Trustee”), U.S.
Bank Trust National Association (as successor in interest to Delaware Trust Capital Management,
Inc.), a national banking association, as Delaware trustee (the “Delaware Trustee”), and U.S. Bank
National Association, a national banking association (“U.S. Bank”), as trust agent (the “Trust
Agent”).

RECITALS

     WHEREAS, pursuant to the second amended and restated trust agreement, dated as of February 1,
1998 (the “Origination Trust Agreement”), among the parties hereto, Ryder Truck Rental LT, a
Delaware statutory trust (the “Trust”), will take assignments and conveyances of and hold in trust
various Trust Assets (as such term is defined in the Origination Trust Agreement);

     WHEREAS, the UTI Beneficiaries, the Administrative Agent, Ryder, as maintenance provider (in
such capacity, the “Maintenance Provider”), and the Trust have entered into the administration
agreement, dated as of February 1, 1998 (the “Basic Administration Agreement”), which provides for,
among other things, the servicing of the Trust Assets by the Administrative Agent;

     WHEREAS, pursuant to the Origination Trust Agreement, from time to time the Trustee, on behalf
of the Trust and at the direction of the UTI Beneficiaries, will identify and allocate on the books
and records of the Trust certain Trust Assets and create and issue one or more special units of
beneficial interest (each, a “SUBI”), the beneficiaries of which generally will be entitled to the
net cash flows arising from such Trust Assets;

     WHEREAS, the parties hereto desire to supplement the Origination Trust Agreement (as so
supplemented by this [___]-[_] Origination Trust Supplement, the “SUBI Trust Agreement”) to create
one SUBI (the “[___]-[_] SUBI”);

     WHEREAS, the parties hereto desire to identify and allocate to the [___]-[_] SUBI a separate
portfolio of Trust Assets consisting of leases (the “[___]-[_] Leases”), the vehicles which are
leased under the [___]-[_] Leases (the “[___]-[_] Vehicles”) and certain other related assets;
and

     WHEREAS, the parties hereto also desire to issue one certificate evidencing a 100% beneficial
interest in the [___]-[_] SUBI (the “[___]-[_] SUBI Certificate”).

     NOW, THEREFORE, in consideration of the mutual agreements herein contained, and of other good
and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties
hereto agree as follows:

 

 

ARTICLE ELEVEN

DEFINITIONS

     Section 11.01 Definitions. Capitalized terms used herein that are not otherwise
defined shall have the meanings ascribed thereto in the Origination Trust Agreement. Whenever used
herein, unless the context otherwise requires, the following words and phrases shall have the
following meanings:

     “[___]-[_] Leases” has the meaning set forth in the Recitals.

     “[___]-[_] Vehicles” has the meaning set forth in the Recitals.

     “[___]-[_] SUBI” has the meaning set forth in Section 12.01(c).

     “[___]-[_] SUBI Account” means the [___]-[_] SUBI Collection Account and any
other
Trust Account established with respect to the [___]-[_] SUBI.

     “[___]-[_] SUBI Assets” has the meaning set forth in Section 12.01(a).

     “[___]-[_] SUBI Certificate” has the meaning set forth in the Recitals.

     “[___]-[_] SUBI Collection Account” means the trust account established pursuant to
Section 13.01(a).

     “Administration Agreement” means the Basic Administration Agreement as supplemented by
the Administration Supplement, as amended from time to time.

     “Administration Supplement” means the supplement, dated as of [___], among the
parties to the Basic Administration Agreement, as amended or supplemented from time to time.

     “Administration Fee” has the meaning set forth in the Administration Supplement.

     “Back-up Security Agreement” has the meaning set forth in the Indenture.

     “Basic Administration Agreement” has the meaning set forth in the Recitals.

     “Basic Documents” means the Origination Trust Agreement, the Basic Administration
Agreement, this Supplement, the Administration Supplement, the SUBI Certificate Transfer Agreement,
the Trust Agreement, the Indenture, the Issuer SUBI Certificate Transfer Agreement, the Control
Agreement, the Back-up Security Agreement, the [___]-[_] SUBI Certificate, the Lease Contribution
Agreement, [the Swap Agreement] and the Securities, as the same may be amended, supplemented or
modified from time to time (but in each case only to the extent that any such amendment, supplement
or modification relates to the [___]-[_] SUBI or the [___]-[_] SUBI Assets).

     “Certificate Distribution Account” has the meaning set forth in the Trust Agreement.

2

 

     “Closing Date” means
[                    ].

     “Control Agreement” has the meaning set forth in the Issuer SUBI Certificate Transfer
Agreement.

     “Cutoff Date” means the opening of business on
[                    ].

     “Deposit Date” means, with respect to a Collection Period, the Business Day preceding
the related Payment Date.

     “Eligible Lease” means a Lease that, in addition to meeting the definition of
“Eligible Lease” in the Origination Trust Agreement, is also a Lease that (i) does not have a
monthly Fixed Charge payment that is more than 60 days past due as of the Cutoff Date, (ii) has
been validly assigned to the Trust by Ryder as of the Closing Date and for which the related
[___]-[_] Vehicle is one which the Trust or the Trustee on behalf of the Trust shall have good and
marketable title as of the Closing Date; provided, that any Titling Grace Period Vehicles owned by
Ryder as of the Closing Date may be retitled in the name of the Trust or the Trustee on behalf of
the Trust during the Titling Grace Period, (iii) as to which the aggregate remaining Fixed Charge
due is equal to or greater than the aggregate remaining Financial Component due in respect thereof,
(iv) is a Lease as to which no provision thereof relating to the amount of the Financial Component
has been waived and (v) provides for constant or increasing Fixed Charge payments to be made by the
lessee over the term of the Lease.

     [“Fitch” means Fitch, Inc., and its successors.]

     “Indenture” means the indenture, dated as of
[                    ], between the Indenture
Trustee and the Issuer, as amended or supplemented from time to time.

     “Indenture Trustee” means
[                    ], in its capacity as trustee under the Indenture.

     “Issuer” means the Ryder Vehicle Lease Trust [___]-[_].

     “Issuer SUBI Certificate Transfer Agreement” means the issuer SUBI certificate
transfer agreement, dated as of [                    ], between the Transferor and the Issuer, as amended or
supplemented from time to time.

     “Lease Contribution Agreement” means the lease contribution agreement, dated as of
[                    ], between Ryder and the Origination Trust, as amended or supplemented from time to
time.

     [“Moody’s” means Moody’s Investors Service, and its successors.]

     “Note” has the meaning set forth in the Indenture.

     “Note Distribution Account” has the meaning set forth in the Indenture.

     “Note Outstanding Amount” has the meaning set forth in the Indenture.

3

 

     “Origination Trust Agreement” has the meaning set forth in the Recitals.

     “Other SUBI” means any SUBI other than a [___]-[_] SUBI.

     “Owner Trustee” means
[                    ], a
[                    ], as trustee of the Issuer.

     “Payment Date” means [February 15, May 15, August 15 and November 15] of each year,
and, if necessary, the Note Final Payment Date (as defined in the Indenture), or, if any such day
is not a Business Day, the immediately succeeding Business Day, commencing [                    ].

     “Payment Date Certificate” has the meaning set forth in the Indenture.

     “Payment Date Advance Reimbursement” has the meaning set forth in the Administration
Supplement.

     “Rating Agency” means, with respect to the [___]-[_] SUBI, each of [Moody’s, S&P and
Fitch].

     “Rating Event” has the meaning set forth in the Indenture.

     “Related Beneficiary” means each of Ryder Truck Rental I LP and Ryder Funding II LP.

     “Reserve Fund” has the meaning set forth in the Trust Agreement.

     [“S&P” means Standard & Poor’s, a division of The McGraw-Hill Companies, Inc., and its
successors.]

     “Sales Proceeds” has the meaning set forth in the Administration Agreement.

     “Securities” means the Notes and the Trust Certificates.

     “Securitization Value” has the meaning set forth in the Administration Supplement.

     “Securityholder” means a holder of a Note or a Trust Certificate.

     “SUBI” has the meaning set forth in the Recitals.

     “SUBI Certificate Transfer Agreement” means the SUBI certificate transfer agreement,
dated as of [                    ], between Ryder Truck Rental I LP and the Transferor, as amended or
supplemented from time to time.

     “SUBI Collections” has the meaning set forth in the Administration Agreement.

     “SUBI Trust Agreement” has the meaning set forth in the Recitals.

     “Supplement” means this [___]-[_] Origination Trust Supplement to the Origination
Trust Agreement, as amended or supplemented from time to time.

4

 

     [“Swap Agreement” means the 1992 ISDA Master Agreement dated as of
[                    ],
including all schedules, credit support annexes and confirmations thereto, between the Issuer and
the Swap Counterparty, as modified, amended, supplemented, renewed, extended or replaced from
time to time.]

     [“Swap Counterparty” means
[                    ] or its successor or replacement under the Swap
Agreement.]

     “Titling Grace Period” means 60 days after the Closing Date.

     “Titling Grace Period Vehicle” has the meaning set forth in the Administration
Supplement.

     “Transferor” means Ryder Funding II LP, a Delaware limited partnership, and its
successors.

     “Trust” has the meaning set forth in the Recitals.

     “Trust Agreement” means the amended and restated trust agreement, dated as of
[                    ], between the Owner Trustee and the Transferor, as amended from time to time.

     “Trust Certificate” has the meaning set forth in the Trust Agreement.

     “Trust Certificateholder” has the meaning set forth in the Trust Agreement.

     “Trustee” has the meaning set forth in the Recitals.

     “UTI Beneficiaries” has the meaning set forth in the Recitals.

     Section 11.02 Interpretive Provisions. For all purposes of this Supplement, except as
otherwise expressly provided or unless the context otherwise requires, (i) terms used herein
include, as appropriate, all genders and the plural as well as the singular, (ii) references to
this Supplement include all Exhibits hereto, (iii) references to words such as “herein”, “hereof”
and the like shall refer to this Supplement as a whole and not to any particular part, Article or
Section herein, (iv) references to an Article or Section such as “Article Twelve” or “Section
12.01” shall refer to the applicable Article or Section of this Supplement, (v) the term “include”
and all variations thereof shall mean “include without limitation,” (vi) the term “or” shall
include “and/or” and (vii) the term “proceeds” shall have the meaning ascribed to such term in the
UCC.

     Section 11.03 Rights in Respect of the [___]-[_] SUBI. Each Holder and Registered
Pledgee of a [___]-[_] SUBI Certificate (including the Issuer) is a third-party beneficiary of the
Origination Trust Agreement (including this Supplement) insofar as the Origination Trust Agreement
and this Supplement apply to the [___]-[_] SUBI and the Holders and Registered Pledgees of
[___]-[_] SUBI Certificate. Therefore, to that extent, references in the SUBI Trust Agreement to
the ability of any “Holder of a SUBI Certificate”, “Registered Pledgee of a SUBI Certificate” or
the like to take any action shall be deemed to refer to the Issuer acting at its own instigation or
upon the instruction of the requisite voting percentage of holders of Securities or Rated
Securities, as specified in the Indenture or the Trust Agreement, as applicable.

5

 

ARTICLE TWELVE

CREATION OF THE [___]-[_] SUBI

     Section 12.01 Creation of [___]-[_] SUBI Assets and the [___]-[_] SUBI.

     (a) Pursuant to Section 3.01(a) of the Origination Trust Agreement, the UTI Beneficiaries
hereby direct the Trustee to identify and allocate or to cause to be identified and allocated to
the [___]-[_] SUBI on the books and records of the Trust a separate Sub-Trust of Trust Assets
consisting of Eligible Leases, the related Vehicles and other associated Trust Assets owned by the
Trustee on behalf of the Trust and not allocated to any SUBI or reserved for allocation to any
Other SUBI (or acquired by the Trustee on behalf of the Trust but not yet allocated to, or reserved
for allocation to any specific Sub-Trust). Such Trust Assets (the “[___]-[_] SUBI Assets”) shall
be accounted for and held in trust independently from all other Trust Assets within the Trust.
Based upon their identification and allocation by the Administrative Agent pursuant to the
Administration Supplement, the Trustee hereby identifies and allocates as [___]-[_] SUBI Assets
the Leases and Vehicles more particularly described on Exhibit A hereto and the related Trust
Assets described above, each such [___]-[_] SUBI Asset to be identified on the books and accounts
of the Trust as being allocated to the [___]-[_] SUBI.

     Notwithstanding anything to the contrary in the SUBI Trust Agreement, all [___]-[_] Vehicles
not titled in the name of the Trust or the Trustee on behalf of the Trust as of the Closing Date
shall be so titled during the Titling Grace Period, and Ryder shall provide each Rating Agency with
a report on the status of such retitling on or before the end of the Titling Grace Period.
Pursuant to Section 11.03 of the Administration Agreement, the Administrative Agent will be
required to purchase each Titling Grace Period Vehicle not retitled during the Titling Grace
Period.

     (b) [Reserved].

     (c) Pursuant to Section 3.01(a) of the Origination Trust Agreement, the Trustee hereby creates
one Sub-Trust which shall be known as the “[___]-[_] SUBI.” The [___]-[_] SUBI shall represent a
special unit of beneficial interest solely in the [___]-[_] SUBI Assets. Exhibit A shall set
forth as to each [___]-[_] Lease or [___]-[_] Vehicle, as the case may be, the (i) vehicle
identification number, (ii) date of origination, (iii) Net Book Value, (iv) Residual Value, (v)
Financial Component, (vi) Fixed Charge and (vii) number of months remaining from the Cutoff Date to
the month in which the Maturity Date occurs.

     Section 12.02 Transfer of [___]-[_] SUBI Interests. Interests in the [___]-[_] SUBI
may not be transferred or assigned by the UTI Beneficiaries, and any such purported transfer or
assignment shall be deemed null, void and of no effect herewith; provided, however, that the
[___]-[_] SUBI Certificate and the interests in the [___]-[_] SUBI represented thereby may be (i)
sold to the Transferor pursuant to the SUBI Certificate Transfer Agreement and (ii) sold,
transferred and assigned by the Transferor absolutely, or a security interest therein granted, in
connection with a Securitized Financing, in each case in the circumstances contemplated in Section
3.02(d) of the Origination Trust Agreement. Each such transfer shall be registrable upon surrender
of the [___]-[_] SUBI Certificate to be transferred for registration of the transfer at

6

 

the corporate trust office of the Trustee (or the Trust Agent, if applicable) or of any
successor Trustee, accompanied by a written instrument of transfer in form satisfactory to the
Trustee or such successor duly executed by the Holder thereof or such Holder’s attorney duly
authorized in writing, and thereupon a new [___]-[_]  SUBI Certificate of a like aggregate
fractional undivided interest will be issued to the designated permitted transferee.

     Section 12.03 Issuance and Form of [___]-[_] SUBI Certificate.

     (a) The [___]-[_] SUBI shall be represented by one [___]-[_] SUBI Certificate, which shall
represent a beneficial interest in the [___]-[_] SUBI and the [___]-[_] SUBI Assets, as further
set forth herein. The [___]-[_] SUBI Certificate shall be substantially in the form of Exhibit B
attached hereto, with such appropriate insertions, omissions, substitutions and other variations as
are required by this Supplement and may have such letters, numbers or other marks of identification
and such legends and endorsements placed thereon as may, consistently herewith and with the
Origination Trust Agreement, be directed by the UTI Beneficiaries. Any portion of the [___]-[_]
SUBI Certificate may be set forth on the reverse thereof, in which case the following reference to
the portion of the text on the reverse shall be inserted on the face thereof, in relative proximity
to and prior to the signature of the Trustee executing such [___]-[_] SUBI Certificate:

Reference is hereby made to the further provisions of this
certificate set forth on the reverse hereof, which provisions shall
for all purposes have the same effect as if set forth at this place.

     The [___]-[_] SUBI Certificate shall be printed, lithographed, typewritten, mimeographed,
photocopied or otherwise produced or may be produced in any other manner as may, consistently
herewith and with the Origination Trust Agreement, be determined by the UTI Beneficiaries. The
[___]-[_] SUBI Certificate and the interest in the [___]-[_] SUBI evidenced thereby shall
constitute a “security” within the meaning of Section 8-102(a)(15) of the UCC and a “certificated
security” within the meaning of Section 8-102(a)(4) of the UCC.

     (b) [Reserved].

     (c) On the Closing Date, pursuant to Section 3.04(a) of the Origination Trust Agreement, the
Indenture Trustee shall, and thereafter for so long as the lien of the Indenture is in place, be
registered as the Registered Pledgee of the [___]-[_] SUBI Certificate held by the Issuer and
pledged as part of the Trust Estate to secure the Issuer’s obligations under the Indenture. As the
Registered Pledgee, the Indenture Trustee shall be entitled to exercise any and all rights or
powers of a Holder hereunder, to the extent set forth in Section 6.12 of the Indenture.

     Section 12.04 Actions and Filings. The UTI Beneficiaries and the Trustee shall
undertake all other and future actions and activities as may be deemed reasonably necessary by the
Administrative Agent pursuant to the Administration Agreement to perfect (or evidence) and confirm
the foregoing allocations of Trust Assets to the [___]-[_] SUBI, including filing or causing to be
filed UCC financing statements and executing and delivering all related filings, documents or
writings as may be deemed reasonably necessary by the Administrative Agent hereunder or under any
other Basic Document. The UTI Beneficiaries hereby irrevocably make

7

 

and appoint each of the Trustee and the Administrative Agent, and any of their respective
officers, employees or agents, as the true and lawful attorney-in-fact of the UTI Beneficiaries
(which appointment is coupled with an interest and is irrevocable) with power to sign on behalf of
the UTI Beneficiaries any financing statements, continuation statements, security agreements,
mortgages, assignments, affidavits, letters of authority, notices or similar documents necessary or
appropriate to be executed or filed pursuant to this Section.

     Section 12.05 Termination of the [___]-[_] SUBI.

     (a) In connection with any purchase by the Administrative Agent of the corpus of the Issuer
pursuant to Section 11.18 of the Administration Supplement and the succession of the Administrative
Agent to the interest in the [___]-[_] SUBI represented by the [___]-[_] SUBI Certificate, should
all of the interest in the [___]-[_] SUBI thereafter be held by the Holders of the UTI
Certificates, whether by transfer, sale or otherwise, then upon the direction of such Holders, the
[___]-[_] SUBI shall be terminated, the [___]-[_] SUBI Certificate shall be returned to the
Trustee and canceled and the Administrative Agent shall reallocate all [___]-[_] SUBI Assets to
the UTI.

     (b) In the event that a bankruptcy or insolvency shall occur with respect to the Transferor or
upon the sale of the Trust Estate pursuant to Section 5.04 of the Indenture, this Supplement shall
terminate and the [___]-[_] SUBI shall be terminated; provided however such termination shall
affect the Origination Trust only insofar as such termination relates to the [___]-[_] SUBI. Such
termination shall not entitle the legal representatives of the [___]-[_] SUBI or any Holder of the
[___]-[_] SUBI Certificate to take any action for a partition or winding up of the Trust or any
Trust Assets except with respect to the [___]-[_] SUBI Assets and the rights, obligations and
Liabilities of the parties hereto shall not otherwise be affected. Promptly after the occurrence
of any bankruptcy, insolvency or termination proceeding with respect to the Transferor, the
Transferor shall give the Indenture Trustee, the Owner Trustee and the Rating Agencies written
notice of such event. Upon the receipt of such notice or actual knowledge of a termination
pursuant to Section 9.02 of the Trust Agreement, the Owner Trustee shall promptly sell or, if the
Lien of the Indenture is outstanding shall direct, the Indenture Trustee promptly to sell the Trust
Estate, including the [___]-[_] SUBI Assets (other than amounts on deposit in the Distribution
Accounts and the Reserve Fund) in a commercially reasonable manner and on commercially reasonable
terms. In connection with any such sale, or the sale of the Trust Estate pursuant to Section 5.04
of the Indenture, the [___]-[_] SUBI Assets shall be distributed out of the Origination Trust at
the direction of the Owner Trustee or the Indenture Trustee, as applicable, and the purchaser shall
take delivery of such [___]-[_] SUBI Assets. The Origination Trustee and the other parties hereto
shall cooperate with the Owner Trustee or the Origination Trustee, as applicable, to cause the
related [___]-[_] Vehicles to be retitled as directed by the purchaser. The proceeds of such sale
shall be distributed in the following amounts and priority:

     (1) to the Indenture Trustee, all amounts required to be paid under Section 6.07 of the
Indenture, or to the Owner Trustee, all amounts required to be paid under Section 8.01 of
the Trust Agreement, as the case may be;

     (2) to the Administrative Agent, any Payment Date Advance Reimbursement;

8

 

     (3) to the Administrative Agent, amounts due in respect of unpaid Administration Fees;
and

     (4) any remaining amounts shall be distributed pro rata to the Holders of the SUBI
Certificates, to the Certificate Distribution Account (or, if the lien of the Indenture is
outstanding, the Note Distribution Account) and distributed pursuant to Section 5.04(b) of
the Indenture.

     Section 12.06 Representations and Warranties of Trustee. The Trustee hereby
reaffirms, as of the date hereof, the representations, warranties and covenants set forth in
Section 5.12 of the Origination Trust Agreement, on which the Grantors and UTI Beneficiaries, its
permitted assignees and pledgees and each Registered Pledgee and Holder or Related Beneficiary of
the [___]-[_] SUBI Certificate (and beneficial owner of any portion thereof, including the Issuer
and the Trust Certificateholders) may rely. For purposes of this Section, any reference in Section
5.12 of the Origination Trust Agreement to the Origination Trust Agreement shall be deemed to
constitute references to the SUBI Trust Agreement.

ARTICLE THIRTEEN

[___]-[_] SUBI ACCOUNTS

     Section 13.01 [___]-[_] SUBI Collection Account.

     (a) With respect to the [___]-[_] SUBI, the Trustee shall establish, and the Trust Agent
shall maintain, in the name of the Trustee, for the exclusive benefit of the holders of interests
in the [___]-[_] SUBI, the [___]-[_] SUBI Collection Account, which account shall constitute a
SUBI Collection Account. The [___]-[_] SUBI Collection Account initially shall be established
with [___], as Trust Agent, so long as the Trust Agent has the Required Deposit Rating. If the
Trust Agent at any time does not have the Required Deposit Rating, the Administrative Agent shall,
with the assistance of the Trust Agent, as necessary, cause the [___]-[_] SUBI Collection Account
to be moved as described in Section 4.02(a) of the Origination Trust Agreement. The [___]-[_]
SUBI Collection Account shall relate solely to the [___]-[_] SUBI and the [___]-[_] SUBI Assets,
and funds therein shall not be commingled with any other monies, except as otherwise provided for
in or contemplated by the SUBI Trust Agreement or in the Administration Agreement. All deposits
into the [___]-[_] SUBI Collection Account shall be made as described in Sections 2.06 and 11.04
of the Administration Agreement.

     (b) On each Deposit Date and Payment Date, pursuant to the instructions from the
Administrative Agent, the Trustee (acting through the Trust Agent) shall make such deposits and
withdrawals from the [___]-[_] SUBI Collection Account as set forth in the Administration
Supplement.

     (c) Any transfer of funds to a Holder of the [___]-[_] SUBI Certificate shall be made as
directed pursuant to the Basic Documents.

9

 

     Section 13.02 Reserve Fund. Pursuant to Section 5.01 of the Trust Agreement, the
Transferor shall establish and maintain the Reserve Fund (a) with the Indenture Trustee, until the
Note Outstanding Amount is reduced to zero, and (b) thereafter with the Owner Trustee. Deposits
and withdrawals from the Reserve Fund shall be made as directed pursuant to the Basic Documents,
including Section 8.04(b) of the Indenture, Section 10.01 of the Indenture, Section 11.04 of the
Administration Agreement and Section 13.03 hereof.

     Section 13.03 Investment of Monies in [___]-[_] SUBI Accounts. All amounts held in
the [___]-[_] SUBI Collection Account shall be invested in Permitted Investments in accordance
with Section 4.02(a) of the Origination Trust Agreement. Any investment earnings on the [___]-[_]
SUBI Collection Account will be taxable to the Transferor. On each Payment Date, the Trustee shall
deposit all net income or other gain from the foregoing investments in respect of the related
Collection Period into the Reserve Fund.

ARTICLE FOURTEEN

[___]-[_] SUBI PLEDGE

     Section 14.01 Registration of [___]-[_] SUBI Pledge.

     (a) The parties hereto hereby acknowledge the Issuer’s pledge, assignment, and grant to the
Indenture Trustee, for the benefit of the holders of the Notes, under the Indenture of a security
interest in the [___]-[_] SUBI Certificate together with all rights appurtenant thereto and
proceeds thereof, to secure the Notes. The Trustee hereby acknowledges such pledge, assignment, and
grant of security interest, and the Trustee agrees to cause the Indenture Trustee to be listed in
the Certificate Register as the Registered Pledgee of the [___]-[_] SUBI Certificate. The Issuer
has caused the Trustee to deliver the [___]-[_] SUBI Certificate to the Indenture Trustee, as
Registered Pledgee, who shall have the rights with respect thereto described herein and in the
Indenture.

     (b) [Reserved].

     (c) At such times and for so long as it is the Registered Pledgee, the Indenture Trustee or
the Issuer, as the case may be, shall be entitled to exercise the rights of the Holder of the
[___]-[_] SUBI Certificate, and the additional rights conferred upon it as Registered Pledgee.
Following the return of the [___]-[_] SUBI Certificate to the Issuer pursuant to Section 10.01 of
the Indenture and thereupon to the Administrative Agent pursuant to Section 11.18 of the
Administration Supplement, the Transferor shall be entitled to exercise the rights of the Holder of
the [___]-[_] SUBI Certificate.

10

 

ARTICLE FIFTEEN

MISCELLANEOUS PROVISIONS

     Section 15.01 Amendment.

     (a) This Supplement (and, accordingly, the Origination Trust Agreement as it relates to the
[___]-[_] SUBI) may be amended by the parties hereto:

     (i) without the consent of the Holders, to cure any ambiguity, correct or supplement
any provision herein that may be inconsistent with any other provision herein, add any other
provision with respect to matters or questions arising hereunder that is not inconsistent
with the SUBI Trust Agreement or add or amend any provision herein to assure that none of
the Trust, the Issuer or the Transferor will be classified as an association (or a publicly
traded partnership) taxable as a corporation for federal income tax purposes; provided, that
any such action will not, in the good faith judgment of the parties hereto, materially and
adversely affect the interest of any Holder; and

     (ii) from time to time (including to change the remittance schedule for depositing SUBI
Collections and other amounts into the [___]-[_] SUBI Collection Account), provided that
(A) (1) each Rating Agency provides confirmation to the Trustee to the effect that such
amendment would not result in a Rating Event or (2) the related Holder provides notice of
its consent thereto to the Trustee and (B) an Opinion of Counsel is delivered to the Trustee
to the effect that after such amendment, for federal income tax purposes, the Trust will not
be treated as an association (or a publicly traded partnership) taxable as a corporation and
the Notes will and the Trust Certificates should properly be characterized as indebtedness
that is secured by the assets of the Issuer; to the extent that any such amendment
materially affects the UTI or any Other SUBI, the [___]-[_] SUBI Certificate or the
[___]-[_] SUBI Assets, such amendment shall require the consent of the Holders affected
thereby; in addition, to the extent that (A) such amendment shall increase or reduce in any
manner the amount of, or accelerate or delay the timing of, collections or payments in
respect of a [___]-[_] SUBI or a [___]-[_] SUBI Certificate or distributions (or the
interest or pass-through rate thereon) required to be made on any Rated Securities or (B)
reduce the percentage of the aggregate principal amount of Rated Securities required to
consent to any such amendment, any such amendment shall require the consent of all the
Holders or holders of 100% of all outstanding Rated Securities, as the case may be, and an
Opinion of Counsel as set forth in clause (B) above.

     (b) Notwithstanding anything to the contrary herein, this Supplement (and, accordingly, the
Origination Trust Agreement as it relates to the [___]-[_] SUBI) may be amended at any time by the
parties hereto to the extent reasonably necessary to assure that none of the Titling Trust, the
Issuer or the Transferor will be classified as an association, or a publicly traded partnership,
taxable as a corporation for federal income tax purposes.

     (c) Any amendment to this Supplement shall amend the Origination Trust Agreement only insofar
as such amendment relates to the [___]-[_] SUBI.

11

 

     Section 15.02 Governing Law. This Supplement shall be created under and governed by
and construed under the internal laws of the State of Delaware, without regard to any otherwise
applicable principles of conflict of laws.

     Section 15.03 Notices. The notice provisions of Section 8.03 of the Origination Trust
Agreement shall apply equally to this Supplement. A copy of each notice or other writing required
to be delivered to the Trustee pursuant to the SUBI Trust Agreement also shall be delivered to the
Owner Trustee at [                    ]; and to the Administrative Agent at 11690 NW 105 Street, Miami,
Florida 33178 (telecopier no. (305) 500-3641), Attention: Treasurer and Legal.

     Section 15.04 Severability of Provisions. If any one or more of the covenants,
agreements, provisions or terms of this Supplement (including any amendment hereto) shall be for
any reason whatsoever held invalid, then such covenants, agreements, provisions or terms shall be
deemed severable from the remaining covenants, agreements, provisions or terms of this Supplement,
as the same may be amended, and shall in no way affect the validity or enforceability of the other
provisions of the SUBI Trust Agreement or of the [___]-[_] SUBI Certificate or the rights of the
Holders or Registered Pledgees thereof. To the extent permitted by applicable law, the parties
hereto waive any provision of law that renders any covenant, agreement, provision or term of this
Supplement, as the same may be amended, invalid or unenforceable in any respect.

     Section 15.05 Effect of Supplement on Origination Trust Agreement.

     (a) Except as otherwise specifically provided herein or unless the context otherwise requires,
(i) the parties hereto shall continue to be bound by all provisions of the Origination Trust
Agreement, (ii) all references in the Origination Trust Agreement to the Origination Trust
Agreement shall be to the SUBI Trust Agreement and (iii) the provisions set forth herein shall
operate either as additions to or modifications of the extant obligations of the parties under the
Origination Trust Agreement, as the context may require. In the event of any conflict between this
Supplement and the Origination Trust Agreement in respect of the [___]-[_] SUBI, the provisions of
this Supplement shall prevail.

     (b) For purposes of determining the obligations of the parties hereto under this Supplement
with respect to the [___]-[_] SUBI, except as otherwise indicated by the context, general
references in the Origination Trust Agreement to (i) a SUBI Account shall be deemed to refer more
specifically to the [___]-[_] SUBI Collection Account, (ii) a SUBI shall be deemed to refer more
specifically to the [___]-[_] SUBI, (iii) a SUBI Collection Account shall be deemed to refer more
specifically to the [___]-[_] SUBI Collection Account, (iv) a SUBI Asset shall be deemed to refer
more specifically to a [___]-[_] SUBI Asset, (v) a SUBI Supplement shall be deemed to refer more
specifically to this Supplement and (vi) an Administration Supplement shall be deemed to refer more
specifically to the Administration Supplement.

     Section 15.06 No Petition. Each of the parties hereto and each Holder of, or each
Registered Pledgee of, by acceptance of the [___]-[_] SUBI Certificate, or in the case of the
Registered Pledgee, by acceptance of the pledge of such [___]-[_] SUBI Certificate, covenants and
agrees that prior to the date that is one year and one day after the date upon which all

12

 

obligations under each Securitized Financing have been paid in full, it will not (and, to the
fullest extent permitted by applicable law, the Trustee shall not have the power to) institute
against, or join any other Person in instituting against, the Grantors, the Trustee, the Trust, any
Special Purpose Affiliate, any Beneficiary, any general partner of a Beneficiary or of a Special
Purpose Affiliate that is a partnership or any member of a Beneficiary or Special Purpose Affiliate
(or any of their respective general partners) that is a limited liability company, any bankruptcy,
reorganization, arrangement, insolvency or liquidation Proceeding or other Proceeding under any
federal or state bankruptcy or similar law. This Section shall survive the complete or partial
termination of this Supplement, the resignation or removal of the Trustee and the complete or
partial resignation or removal of the Administrative Agent.

13

 

     IN WITNESS WHEREOF, the Grantors and UTI Beneficiaries, the Administrative Agent, the Trustee,
the Delaware Trustee and, solely for the limited purposes set forth in Sections 13.01, 13.02 and
13.03, the Trust Agent, have caused this Origination Trust Supplement to be duly executed by their
respective officers as of the day and year first above written.

	 	 	 	 	 	 	 
	 	 	RYDER TRUCK RENTAL I LP,	 	 
	 

	 	 	 	as Grantor and UTI Beneficiary	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	RYDER TRUCK RENTAL I LLC,	 	 
	 

	 	 	 	as General Partner	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	RTR LEASING I, INC.,	 	 
	 

	 	 	 	as Manager	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 	 	RYDER TRUCK RENTAL II LP,	 	 
	 

	 	 	 	as Grantor and UTI Beneficiary	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	RYDER TRUCK RENTAL II LLC,	 	 
	 

	 	 	 	as General Partner	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	RTR LEASING I, INC.,	 	 
	 

	 	 	 	as Manager	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 	 	RYDER TRUCK RENTAL, INC.,	 	 
	 

	 	 	 	as Administrative Agent	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 

 

 

	 	 	 	 	 
	 	RTRT, INC.,

       as Trustee

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title 	 
	 
	 	U.S. BANK TRUST NATIONAL ASSOCIATION,

       as Delaware Trustee

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	U.S. BANK NATIONAL ASSOCIATION,

       as Trust Agent

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

     Receipt of this original counterpart of this Agreement is hereby acknowledged on this ___
day of                
      20___.

[     
               
               
     ],

      as Indenture Trustee

	 	 	 	 	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 

 

	 	 	 	 	 

     The Transferor and the Issuer hereby acknowledge this Agreement:

	 	 	 	 	 	 	 
	 	 	RYDER VEHICLE LEASE TRUST [____]-[_]	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	[                                     
;   ],
	 	 
	 

	 	 	 	     as Owner Trustee	 	 

	 	 	 	 	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	RYDER FUNDING II LP,

            as Transferor

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

 

 

EXHIBIT A

SCHEDULE OF [____]-[_] LEASES AND [____]-[_] VEHICLES

[Omitted. Copies on file with the Administrative Agent, the Trustee and the Owner Trustee.]

A-1

 

EXHIBIT B

FORM OF [____]-[_]SUBI CERTIFICATE

RYDER TRUCK RENTAL LT

[___]-[_] SPECIAL UNIT OF BENEFICIAL INTEREST CERTIFICATE

No. R- ___

evidencing a fractional undivided 100% interest in all [___]-[_] SUBI Assets (as defined below).

     This [___]-[_] Special Unit of Beneficial Interest Certificate does not represent an interest
in or obligation of Ryder Truck Rental, Inc., RTRT, Inc. or any of their respective affiliates,
except to the extent described below.

     THIS CERTIFIES THAT                      is the
registered owner of a nonassessable, fully-paid,
100% fractional undivided interest in the [___]-[_] SUBI Assets owned by Ryder Truck Rental LT
(the “Trust”).

     The Trust was created pursuant to a trust agreement, dated as of June 1, 1997, as amended,
supplemented or restated from time to time (the “Origination Trust Agreement”), among Ryder Truck
Rental I LP (“RTR I LP”) and Ryder Truck Rental II LP (“RTR II LP”), as grantors and UTI
beneficiaries (in such capacities, the “Grantors” and the “UTI Beneficiaries”, respectively), RTRT,
Inc., as trustee (the “Trustee”), Ryder Truck Rental, Inc., as administrative agent (the
“Administrative Agent”), U.S. Bank Trust National Association (as successor in interest to Delaware
Trust Capital Management, Inc.), as Delaware trustee (the “Delaware Trustee”), and U.S. Bank
National Association, as trust agent (the “Trust Agent”).

     This certificate is a duly authorized [___]-[_] SUBI Certificate, and is issued under and is
subject to the terms, provisions and conditions of the Origination Trust Agreement and the
[___]-[_] origination trust supplement thereto, dated as of [___] (the “[___]-[_] SUBI
Supplement” and, together with the Origination Trust Agreement, the “SUBI Trust Agreement”). To
the extent not otherwise defined herein, capitalized terms used herein have the meanings assigned
thereto in the SUBI Trust Agreement. By acceptance of this [___]-[_] SUBI Certificate, the
Holder hereof assents to the terms and conditions of the SUBI Trust Agreement and agrees to be
bound thereby. A summary of certain of the pertinent provisions of the SUBI Trust Agreement is set
forth below.

     The assets of the Trust allocated to the [___]-[_] SUBI will generally consist of (i) cash
capital, (ii) the [___]-[_] Leases, (iii) the [___]-[_] Vehicles and (iv) all of Ryder’s rights
thereunder, including the right to proceeds arising therefrom or in connection therewith.

     Under the Origination Trust Agreement, from time to time the UTI Beneficiaries may direct the
Trustee to issue to or upon the order of the UTI Beneficiaries one or more certificates (each, a “
SUBI Certificate”) representing a beneficial interest in certain specified Vehicles, Leases and
related Trust Assets (such assets, the “ SUBI Assets”). Upon the issuance of the

B-1

 

SUBI Certificates relating to the SUBI Assets, the beneficial interest in the Trust and the
Trust Assets represented by the UTI shall be reduced by the amount of the Trust Assets represented
by such SUBI Certificates. This certificate, together with a certificate evidencing a 100%
interest in all [    ]-[    ] SUBI Assets, was issued pursuant to the [    ]-[    ] SUBI Supplement and
represents a beneficial interest in the [    ]-[    ] SUBI Assets.

     The UTI and the [___]-[_] SUBI shall each constitute a separate series of the Trust pursuant
to Section 3806(b)(2) of the Delaware Act for which separate and distinct records shall be
maintained. The [___]-[_] SUBI Certificate and the interest in the [___]-[_] SUBI represented
thereby constitutes a “security” within the meaning of Section 8-102(a)(15) of the UCC and a
“certificated security” within the meaning of Section 8-102(a)(4) of the UCC.

     The [___]-[_] SUBI Supplement may be amended by the parties thereto upon the terms and
subject to the conditions set forth in the [___]-[_] SUBI Supplement.

     The Holder, by acceptance of this [___]-[_] SUBI Certificate, covenants and agrees that prior
to the date that is one year and one day after the date upon which all obligations under each
Securitized Financing have been paid in full, it will not institute against, or join any other
Person in instituting against any Grantor, the Trustee, the Trust, any Beneficiary, any general
partner of a Beneficiary or of a Special Purpose Affiliate that is a partnership or any member of a
Beneficiary or Special Purpose Affiliate (or any of their respective general partners) that is a
limited liability company, any bankruptcy, reorganization, arrangement, insolvency or liquidation
Proceeding or other Proceedings under any federal or state bankruptcy or similar law. Such
covenant shall survive the termination of the SUBI Trust Agreement, the resignation or removal of
the Trustee under the SUBI Trust Agreement or the complete or partial resignation of the
Administrative Agent.

     The Holder hereof or owner of a beneficial interest herein hereby (i) expressly waives any
claim it may have to any proceeds or assets of the Trustee and to all of the Trust Assets other
than those from time to time included within the [___]-[_] SUBI as [___]-[_] SUBI Assets and
those proceeds or assets derived from or earned by such [___]-[_] SUBI Assets and (ii) expressly
subordinates in favor of the Holder of any Other SUBI Certificate or a UTI Certificate any claim to
any Other SUBI or UTI Assets that, notwithstanding the waiver contained in clause (i), may be
determined to exist.

     The Trustee shall keep the certificate register with respect to this [___]-[_] SUBI
Certificate, and the Holder of this [___]-[_] SUBI Certificate shall notify the Trustee of any
change of address or instructions on the distribution of funds.

     The [___]-[_] SUBI shall be deemed dissolved solely with respect to the [___]-[_] SUBI
Assets, and not as to any Trust Assets allocated to any other Sub-Trust, upon the written direction
to the Trustee by the Related Beneficiary to revoke and dissolve the [___]-[_] SUBI. Upon such
dissolution of the Trust with respect to the [___]-[_] SUBI and delivery of the [___]-[_] SUBI
Certificate to the Trustee for cancellation, the Trustee shall distribute to the Related
Beneficiary or its designee all [___]-[_] SUBI Assets [and shall cause the Certificates of Title
to the [___]-[_] Vehicles to be issued in the name of, or at the direction of, the Related
Beneficiary (which may include reallocation of the [___]-[_] SUBI Assets to the UTI). The

B-2

 

Related Beneficiary to whom such [    ]-[    ] SUBI Assets are distributed shall pay or cause to
be paid all applicable titling and registration fees and taxes.] The [    ]-[    ] SUBI shall be
deemed dissolved solely with respect to the [    ]-[    ] SUBI Assets, and not as to any Trust Assets
allocated to any other Sub-Trust upon the bankruptcy of the Transferor subject to the conditions
set forth in the SUBI Trust Agreement.

     Upon the dissolution of the Trust with respect to the [___]-[_] SUBI, the [___]-[_] SUBI
shall be terminated and the [___]-[_] SUBI Certificates shall be returned to the Trustee for
cancellation. Such a termination shall not effect a termination of the Trust or of any Other SUBIs
that is in existence at the time of such termination.

     The Trust or the UTI may terminate upon the terms and subject to the conditions set forth in
the SUBI Trust Agreement.

     No SUBI or SUBI Certificate shall be transferred or assigned except to the extent specified in
the SUBI Trust Agreement or in any related Supplement and, to the fullest extent permitted by
applicable law, any such purported transfer or assignment other than as so specified shall be
deemed null, void and of no effect under the SUBI Trust Agreement. Notwithstanding the foregoing,
the [___]-[_] SUBI Certificate and the interest in the SUBI evidenced thereby may be
(i) transferred, assigned or pledged to any Special Purpose Affiliate or (ii) transferred, assigned
or pledged by the Related Beneficiary or a Special Purpose Affiliate to or in favor of (A) a
trustee for one or more trusts or (B) one or more other entities, in either case solely for the
purpose of securing or otherwise facilitating one or more Securitized Financings.

     This [___]-[_] SUBI Certificate shall be governed by and construed under the internal laws of
the State of Delaware, without regard to any otherwise applicable principles of conflict of laws.

     Unless this [___]-[_] SUBI Certificate shall have been executed by an authorized officer of
the Trustee, by manual signature, this [___]-[_] SUBI Certificate shall not entitle the holder
hereof to any benefit under the SUBI Trust Agreement or be valid for any purpose.

B-3

 

     IN WITNESS WHEREOF, RTRT, Inc., as Trustee of the Trust and not in its individual capacity,
has caused this [___]-[_] SUBI Certificate to be duly executed.

	 	 	 	 	 	 	 
	Dated:                     , [____]	 	RYDER TRUCK RENTAL LT	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	RTRT, INC.,	 	 
	 

	 	 	 	as Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

(SEAL)

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	ATTEST:
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	 

This is one of the [___]-[_] SUBI Certificates referred to in the within-mentioned Supplement.

	 	 	 	 	 
	 	RTRT, INC., as Trustee

 	 
	 	By:  	 	 
	 	 	Authorized Officer 	 
	 	 	 	 
	 

B-4

 

     FOR VALUE RECEIVED, the undersigned hereby sells, transfers and assigns unto
                    
the within [___]-[_] SUBI Certificate, and all rights thereunder, hereby irrevocably constituting
and appointing                      as attorney to transfer said [___]-[_] SUBI Certificate on the books
of the certificate registrar, with full power of substitution in the premises.

Dated:
                                        
                        
                

	 	 	 	 	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

B-5

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00147-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00147-of-00352.parquet"}]]