Document:

Exhibit 4.3

                            GREYHOUND FUNDING LLC,
                                   as Issuer

                                      and

                           THE CHASE MANHATTAN BANK,
                             as Indenture Trustee

                      SERIES 2001-1 INDENTURE SUPPLEMENT

                         dated as of September _, 2001

                                      to

                                BASE INDENTURE

                           dated as of June 30, 1999

                                 $750,000,000
                                      of
              Floating Rate Callable Asset-Backed Investor Notes

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                               Table of Contents

                                                                          Page

PRELIMINARY STATEMENT.......................................................1

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

ARTICLE I DEFINITIONS.......................................................1

ARTICLE II ARTICLE 5 OF THE BASE INDENTURE.................................13

  Section 5A.1      Establishment of Series 2001-1 Subaccounts.............13

  Section 5A.2      Allocations with Respect to the Series 2001-1
                        Investor Notes.....................................14

  Section 5A.3      Determination of Interest..............................16

  Section 5A.4      Monthly Application of Collections.....................17

  Section 5A.5      Payment of Monthly Interest Payment....................20

  Section 5A.6      Payment of Principal...................................20

  Section 5A.7      The Administrator's Failure to Instruct the
                        Indenture Trustee to Make a Deposit or
                        Payment. ..........................................21

  Section 5A.8      Series 2001-1 Reserve Account..........................21

  Section 5A.9      Series 2001-1 Yield Supplement Account.................23

  Section 5A.10     Series 2001-1 Distribution Account.....................25

  Section 5A.11     Lease Rate Caps........................................25

ARTICLE III AMORTIZATION EVENTS............................................27

ARTICLE IV OPTIONAL PREPAYMENT.............................................29

ARTICLE V SERVICING AND ADMINISTRATOR FEES.................................29

  Section 5.1 Servicing Fees...............................................29

  Section 5.2 Administrator Fee............................................30

ARTICLE VI FORM OF SERIES 2001-1 NOTES.....................................30

  Section 6.1 Initial Issuance of Series 2001-1 Investor
    Notes..................................................................30

  Section 6.2 Global Notes.................................................30

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  Section 6.3 Definitive  Notes............................................31

ARTICLE VII INFORMATION.....................................................31

ARTICLE VIII MISCELLANEOUS..................................................31

  Section 8.1 Ratification of Indenture.....................................31

  Section 8.2 Obligations Unaffected........................................31

  Section 8.3 Governing Law.................................................31

  Section 8.4 Further Assurances............................................31

  Section 8.5 Exhibits......................................................32

  Section 8.6 No Waiver; Cumulative Remedies................................32

  Section 8.7 Amendments....................................................32

  Section 8.8 Severability..................................................32

  Section 8.9 Counterparts..................................................33

  Section 8.10 No Bankruptcy Petition.......................................33

  Section 8.11 SUBIs........................................................33

  Section 8.12 Notice to Rating Agencies....................................34

  Section 8.13 Conflict of Instructions.....................................34

EXHIBITS

Exhibit A-1:      Form of Class A-1 Note
Exhibit A-2:      Form of Class A-2 Note
Exhibit B:        Form of Monthly Settlement Statement
Exhibit C:        Form of Series 2001-1 Lease Rate Cap

                                     -ii-

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          SERIES 2001-1 SUPPLEMENT, dated as of September _, 2001 (as amended,
supplemented, restated or otherwise modified from time to time, this
"Indenture Supplement") between GREYHOUND FUNDING LLC, a special purpose
limited liability company established under the laws of Delaware (the
"Issuer"), and THE CHASE MANHATTAN BANK ("Chase"), a New York banking
corporation, in its capacity as Indenture Trustee (together with its
successors in trust thereunder as provided in the Base Indenture referred to
below, the "Indenture Trustee"), to the Base Indenture, dated as of June 30,
1999, between the Issuer and the Indenture Trustee (as amended, modified,
restated or supplemented from time to time, exclusive of Indenture Supplements
creating new Series of Investor Notes, the "Base Indenture").

                             PRELIMINARY STATEMENT
                             ---------------------

          WHEREAS, Sections 2.2 and 12.1 of the Base Indenture provide, among
other things, that the Issuer and the Indenture Trustee may at any time and
from time to time enter into a Indenture Supplement to the Base Indenture for
the purpose of authorizing the issuance of one or more Series of Investor
Notes.

          NOW, THEREFORE, the parties hereto agree as follows:

                                  DESIGNATION
                                  -----------

          There is hereby created a Series of Investor Notes to be issued
pursuant to the Base Indenture and this Indenture Supplement and such Series
of Investor Notes shall be designated generally as Floating Rate Callable
Asset Backed Investor Notes, Series 2001-1.

          The Series 2001-1 Investor Notes shall be issued in two classes: (i)
Series 2001-1 Floating Rate Callable Asset Backed Investor Notes, Class A-1,
which shall be designated generally as the Class A-1 Investor Notes and (ii)
the Series 2001-1 Floating Rate Callable Asset Backed Investor Notes, Class
A-2, which shall be designated generally as the Class A-2 Investor Notes. The
Class A-1 Investor Notes and the Class A-2 Investor Notes are referred to
collectively as the "Series 2001-1 Investor Notes." The Series 2001-1 Investor
Notes shall be issued in minimum denominations of $1,000 and integral
multiples of $1,000 in excess thereof.

          The proceeds from the sale of the Series 2001-1 Investor Notes (as
defined herein) shall be deposited in the Series 2001-1 Collection Subaccount
and shall be used by the Issuer to fund the maintenance of the SUBI
Certificates under the Transfer Agreement and/or to reduce the Invested
Amounts of other Series of Investor Notes.

                                  ARTICLE I

                                 DEFINITIONS

          (a) All capitalized terms not otherwise defined herein are defined
in the Definitions List attached to the Base Indenture as Schedule 1 thereto.
All Article, Section or Subsection references herein shall refer to Articles,
Sections or Subsections of the Base Indenture, except as otherwise provided

                                     -1-

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herein. Unless otherwise stated herein, as the context otherwise requires or
if such term is otherwise defined in the Base Indenture, each capitalized term
used or defined herein shall relate only to the Series 2001-1 Investor Notes
and not to any other Series of Investor Notes issued by the Issuer.

          (b) The following words and phrases shall have the following
meanings with respect to the Series 2001-1 Investor Notes and the definitions
of such terms are applicable to the singular as well as the plural form of
such terms and to the masculine as well as the feminine and neuter genders of
such terms:

          "Amortization Event" is defined in Article 3.

          "Assumed Lease Term" means, with respect to any Series 2001-1 Yield
     Shortfall Lease, the number of months over which the Capitalized Cost of
     the related Leased Vehicle is being depreciated thereunder.

          "Authorized Newspaper" means a daily newspaper published in the
     English language of general circulation in Luxembourg (or if publication
     is not practical in Luxembourg, in Europe).

          "Avis" means Avis Group Holdings, Inc. and its successors and
     assigns.

          "Calculation Agent" means The Chase Manhattan Bank, in its capacity
     as calculation agent with respect to the Series 2001-1 Note Rates.

          "Cendant" means Cendant Corporation and its successors and
     assigns.

          "Class A-1 Final Maturity Date" means the September 2006 Payment
     Date.

          "Class A-1 Initial Invested Amount" means the aggregate initial
     principal amount of the Class A-1 Investor Notes, which is $375,000,000.

          "Class A-1 Interest Shortfall Amount" is defined in Section 5A.3.

          "Class A-1 Invested Amount" means as of any date of determination,
     an amount equal to (a) the Class A-1 Initial Invested Amount minus (b)
     the amount of principal payments made to Class A-1 Investor Noteholders
     on or prior to such date.

          "Class A-1 Investor Noteholder" means the Person in whose name a
     Class A-1 Investor Note is registered in the Note Register.

          "Class A-1 Investor Notes" means any one of the Series 2001-1
     Floating Rate Callable Asset Backed Investor Notes, Class A-1, executed
     by the Issuer and authenticated by or on behalf of the Indenture Trustee,
     substantially in the form of Exhibit A-1. Definitive Class A-1 Investor
     Notes shall have such insertions and deletions as are necessary to give
     effect to the provisions of Section 2.11 of the Base Indenture.

          "Class A-1 Monthly Interest" means, with respect to any Series
     2001-1 Interest Period, an amount equal to the product of (i) the Class
     A-1 Note Rate for such Series

                                     -2-
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     2001-1 Interest Period, (ii) the Class A-1 Invested Amount on the first
     day of such Series 2001-1 Interest Period, after giving effect to any
     principal payments made on such date, or, in the case of the initial
     Series 2001-1 Interest Period, the Class A-1 Initial Invested Amount and
     (iii) a fraction, the numerator of which is the number of days in such
     Series 2001-1 Interest Period and the denominator of which is 360.

          "Class A-1 Note Rate" means, (i) with respect to the initial Series
     2001-1 Interest Period, ___% per annum and (ii) with respect to each
     Series 2001-1 Interest Period thereafter, a rate per annum equal to
     One-Month LIBOR for such Series 2001-1 Interest Period plus 0.__% per
     annum.

          "Class A-2 Final Maturity Date" means the September 2013 Payment
     Date.

          "Class A-2 Initial Invested Amount" means the aggregate initial
     principal amount of the Class A-2 Investor Notes, which is $375,000,000.

          "Class A-2 Interest Shortfall Amount" is defined in Section 5A.3.

          "Class A-2 Invested Amount" means, as of any date of determination,
     an amount equal to (a) the Class A-2 Initial Invested Amount minus (b)
     the amount of principal payments made to Class A-2 Investor Noteholders
     on or prior to such date.

          "Class A-2 Investor Noteholder" means the Person in whose name a
     Class A-2 Investor Note is registered in the Note Register.

          "Class A-2 Investor Notes" means any one of the Series 2001-1
     Floating Rate Asset Backed Callable Investor Notes, Class A-2, executed
     by the Issuer and authenticated by or on behalf of the Indenture Trustee,
     substantially in the form of Exhibit A-2. Definitive Class A-2 Investor
     Notes shall have such insertions and deletions as are necessary to give
     effect to the provisions of Section 2.11 of the Base Indenture.

          "Class A-2 Monthly Interest" means, with respect to any Series
     2001-1 Interest Period, an amount equal to the product of (i) the Class
     A-2 Note Rate for such Series 2001-1 Interest Period, (ii) the Class A-2
     Invested Amount on the first day of such Series 2001-1 Interest Period,
     after giving effect to any principal payments made on such date, or, in
     the case of the initial Series 2001-1 Interest Period, the Class A-2
     Initial Invested Amount and (iii) a fraction, the numerator of which is
     the number of days in such Series 2001-1 Interest Period and the
     denominator of which is 360.

          "Class A-2 Note Rate" means, (i) with respect to the initial Series
     2001-1 Interest Period, ___% per annum and (ii) with respect to each
     Series 2001-1 Interest Period thereafter, a rate per annum equal to
     One-Month LIBOR for such Series 2001-1 Interest Period plus 0.__% per
     annum.

          "Deficiency" is defined in Section 5A.4(b)(i).

                                     -3-
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          "Dividend Amount" means, with respect to any Payment Date, the
     aggregate amount of dividends payable to the Series 2001-1 Preferred
     Members in respect of their Series 2001-1 Preferred Membership Interests
     pursuant to the LLC Agreement.

          "Dollar", "US$" and "$" means lawful currency of the United States.

          "DTC" means The Depository Trust Company or its successor, as the
     Clearing Agency for the Series 2001-1 Investor Notes.

          "Final Maturity Date" means the Class A-1 Final Maturity Date or the
     Class A-2 Final Maturity Date.

          "Indenture Supplement" has the meaning set forth in the preamble.

          "Interest Shortfall" is defined in Section 5A.3.

          "LIBOR Determination Date" means, with respect to any Series 2001-1
     Interest Period, the second London Business Day next preceding the first
     day of such Series 2001-1 Interest Period.

          "London Business Day" means any day on which dealings in
         deposits in Dollars are transacted in the London interbank market and
         banking institutions in London are not authorized or obligated by law
         or regulation to close.

          "Monthly Interest Payment" is defined in Section 5A.4(c)(v).

          "One-Month LIBOR" means, for each Series 2001-1 Interest Period, the
     rate per annum determined on the related LIBOR Determination Date by the
     Calculation Agent to be the rate for Dollar deposits having a maturity
     equal to one month that appears on Telerate Page 3750 at approximately
     11:00 a.m., London time, on such LIBOR Determination Date; provided,
     however, that if such rate does not appear on Telerate Page 3750,
     One-Month LIBOR will mean, for such 2001-1 Interest Period, the rate per
     annum equal to the arithmetic mean (rounded to the nearest
     one-one-hundred-thousandth of one percent) of the rates quoted by the
     Reference Banks to the Calculation Agent as the rates at which deposits
     in Dollars are offered by the Reference Banks at approximately 11:00
     a.m., London time, on the LIBOR Determination Date to prime banks in the
     London interbank market for a period equal to one month; provided,
     further, that if fewer than two quotations are provided as requested by
     the Reference Banks, "One-Month LIBOR" for such Series 2001-1 Interest
     Period will mean the arithmetic mean (rounded to the nearest
     one-one-hundred-thousandth of one percent) of the rates quoted by major
     banks in New York, New York selected by the Calculation Agent, at
     approximately 10:00 a.m., New York City time, on the first day of such
     Series 2001-1 Interest Period for loans in Dollars to leading European
     banks for a period equal to one month; provided, finally, that if no such
     quotes are provided, "One-Month LIBOR" for such Series 2001-1 Interest
     Period will mean One-Month LIBOR as in effect with respect to the
     preceding Series 2001-1 Interest Period.

                                     -4-
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          "Outstanding" means, with respect to the Series 2001-1 Investor
     Notes, all Series 2001-1 Investor Notes theretofore authenticated and
     delivered under the Indenture, except (a) Series 2001-1 Investor Notes
     theretofore canceled or delivered to the Transfer Agent and Registrar for
     cancellation, (b) Series 2001-1 Investor Notes which have not been
     presented for payment but funds for the payment of which are on deposit
     in the Series 2001-1 Distribution Account and are available for payment
     of such Series 2001-1 Investor Notes, and Series 2001-1 Investor Notes
     which are considered paid pursuant to Section 11.1 of the Base Indenture,
     or (c) Series 2001-1 Investor Notes in exchange for or in lieu of other
     Series 2001-1 Investor Notes which have been authenticated and delivered
     pursuant to the Indenture unless proof satisfactory to the Indenture
     Trustee is presented that any such Series 2001-1 Investor Notes are held
     by a purchaser for value.

          "Payment Date" means the 7th day of each month, or if such date is
     not a Business Day, the next succeeding Business Day, commencing
     October 9, 2001.

          "PHH" means PHH Corporation and its successors and assigns.

          "Prepayment Date" is defined in Article 4.

          "Rating Agencies" means, with respect to the Series 2001-1 Investor
     Notes, Standard & Poor's, Moody's and any other nationally recognized
     rating agency rating the Series 2001-1 Investor Notes at the request of
     the Issuer. "Rating Agency Condition" means, with respect to any action
     specified herein as requiring satisfaction of the Rating Agency
     Condition, that each Rating Agency shall have been given 10 days' (or
     such shorter period as shall be acceptable to each Rating Agency) prior
     notice thereof and that each of the Rating Agencies shall have notified
     the Issuer and the Indenture Trustee in writing that such action will not
     result in a reduction or withdrawal of the then current rating of the
     Series 2001-1 Investor Notes or of any Series 2001-1 Preferred Membership
     Interests.

          "Record Date" means, with respect to each Payment Date, the last day
     of the immediately preceding calendar month.

          "Reference Banks" means four major banks in the London interbank
     market selected by the Calculation Agent.

          "Series 2001-1" means Series 2001-1, the Principal Terms of which
     are set forth in this Indenture Supplement.

          "Series 2001-1 Administrator Fee" is defined in Section 5.2.

          "Series 2001-1 Allocated Adjusted Aggregate Unit Balance" means, as
     of any date of determination, the product of (a) the Adjusted Aggregate
     Unit Balance and (b) the percentage equivalent of a fraction the
     numerator of which is the Series 2001-1 Required Asset Amount as of such
     date and the denominator of which is the sum of (x) the Series 2001-1
     Required Asset Amount and (y) the aggregate Required Asset Amounts with
     respect to each other Series of Investor Notes as of such date, including
     all Series of

                                     -5-
<PAGE>

     Investor Notes that have been paid in full but as to which the
     Amortization Period shall have not ended.

          "Series 2001-1 Allocated Asset Amount Deficiency" means, as of any
     date of determination, the amount, if any, by which the Series 2001-1
     Allocated Adjusted Aggregate Unit Balance is less than the Series 2001-1
     Required Asset Amount as of such date.

          "Series 2001-1 Amortization Period" means the period beginning at
     the earlier of (a) the close of business on the Business Day immediately
     preceding the day on which an Amortization Event is deemed to have
     occurred with respect to the Series 2001-1 Investor Notes and (b) the
     close of business on the Period End Date in January 2003 and ending on
     the date when (i) the Series 2001-1 Investor Notes are fully paid, (ii)
     all dividends accrued and accumulated on the Series 2001-1 Preferred
     Membership Interests shall have been declared and paid in full, (iii) the
     Series 2001-1 Preferred Membership Interests shall have been redeemed in
     accordance with their terms and (iv) all amounts owing in respect of the
     Series 2001-1 Preferred Membership Interests under the Series 2001-1
     Preferred Membership Interest Purchase Agreement shall have been paid in
     full by the Issuer.

          "Series 2001-1 Available Excess Collections Amount" means, on any
     Business Day during the period commencing on a Period End Date to but
     excluding the next succeeding Settlement Date, an amount equal to the
     excess, if any, of (a) the amount deposited in the Series 2001-1 General
     Collection Subaccount during the immediately preceding Monthly Period
     pursuant to Section 5A.2(a) over (b) the sum of (i) the amounts to be
     distributed from the Series 2001-1 Settlement Collection Subaccount
     pursuant to paragraphs (i) through (xii) of Section 5A.4(c) on such
     Settlement Date, and (ii) any amounts owing in respect of the Series
     2001-1 Preferred Membership Interests under the Series 2001-1 Preferred
     Membership Interest Purchase Agreement on such Settlement Date.

          "Series 2001-1 Basic Servicing Fee" is defined in Section 5.1.

          "Series 2001-1 Closing Date" means September __, 2001.

          "Series 2001-1 Collateral" means the Collateral, the Series 2001-1
     Reserve Account, the Series 2001-1 Yield Supplement Account, the Series
     2001-1 Distribution Account and the Series 2001-1 Lease Rate Caps.

          "Series 2001-1 Collection Subaccount" is defined in Section 5A.1(a).

          "Series 2001-1 Distribution Account" is defined in Section 5A.10(a).

          "Series 2001-1 Eligible Counterparty" means a financial institution
     having on the date of any acquisition of a Lease Rate Cap short-term debt
     ratings of at least A-1 by Standard & Poor's and P-1 by Moody's and
     long-term unsecured debt ratings of at least A+ by Standard & Poor's and
     Aa3 by Moody's.

                                     -6-
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          "Series 2001-1 Excess Fleet Receivable Amount" means, for any
     Settlement Date, an amount equal to the product of (a) the average daily
     Series 2001-1 Invested Percentage during the immediately preceding
     Monthly Period and (b) the Excess Fleet Receivable Amount for such
     Settlement Date.

          "Series 2001-1 Gain on Sale Account Percentage" means 10%.

          "Series 2001-1 Global Notes" is defined in Section 6.2.

          "Series 2001-1 Hypothetical Yield Shortfall Amount" means, for any
     Settlement Date, an amount equal to the product of (x) the excess, if
     any, of the Series 2001-1 Minimum Yield Rate for such Settlement Date
     over the CP Rate as of the last day of the immediately preceding Monthly
     Period, (y) the Series 2001-1 Invested Percentage on such Settlement Date
     of the aggregate Lease Balance of all Floating Rate Leases as of the last
     day of the immediately preceding Monthly Period and (z) 2.75.

          "Series 2001-1 Initial Invested Amount" means the sum of the Class
     A-1 Initial Invested Amount and the Class A-2 Initial Invested Amount.

          "Series 2001-1 Interest Period" means a period commencing on and
     including a Payment Date and ending on and including the day preceding
     the next succeeding Payment Date; provided, however, that the initial
     Series 2001-1 Interest Period shall commence on and include the Series
     2001-1 Closing Date and end on and include September 6, 2001.

          "Series 2001-1 Invested Amount" means, as of any date of
     determination, the sum of the Class A-1 Invested Amount and the Class A-2
     Invested Amount as of such date.

          "Series 2001-1 Invested Percentage" means, with respect to any
     Business Day (i) during the Series 2001-1 Revolving Period, the
     percentage equivalent (which percentage shall never exceed 100%) of a
     fraction the numerator of which shall be equal to the Series 2001-1
     Allocated Adjusted Aggregate Unit Balance as of the end of the
     immediately preceding Business Day and the denominator of which is the
     sum of the numerators used to determine invested percentages for
     allocations for all Series of Investor Notes (and all classes of such
     Series of Investor Notes), including all Series of Investor Notes that
     have been paid in full but as to which the Amortization Period has not
     ended, as of the end of such immediately preceding Business Day or (ii)
     during the Series 2001-1 Amortization Period, the percentage equivalent
     (which percentage shall never exceed 100%) of a fraction the numerator of
     which shall be equal to the Series 2001-1 Allocated Adjusted Aggregate
     Unit Balance as of the end of the Series 2001-1 Revolving Period, and the
     denominator of which is the sum of the numerators used to determine
     invested percentages for allocations for all Series of Investor Notes
     (and all classes of such Series of Investor Notes), including all Series
     of Investor Notes that have been paid in full but as to which the
     Amortization Period has not ended, as of the end of the immediately
     preceding Business Day.

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          "Series 2001-1 Investor Noteholder" means, collectively, the Class
     A-1 Investor Noteholders and the Class A-2 Investor Noteholders.

          "Series 2001-1 Investor Note Owner" means, with respect to a Series
     2001-1 Global Note, the Person who is the beneficial owner of an interest
     in such Series 2001-1 Global Note, as reflected on the books of DTC, or
     on the books of a Person maintaining an account with DTC (directly as a
     Clearing Agency Participant or as an indirect participant, in each case
     in accordance with the rules of DTC).

          "Series 2001-1 Investor Notes" means, collectively, the Class A-1
     Investor Notes and the Class A-2 Investor Notes.

          "Series 2001-1 Junior Preferred Membership Interests" means the
     Junior Preferred Membership Interests relating to the Series 2001-1
     Investor Notes, if any, issued by the Issuer pursuant to the LLC
     Agreement.

          "Series 2001-1 Lease Rate Cap" means one or more interest rate caps,
     substantially in the form of Exhibit C, from a Series 2001-1 Eligible
     Counterparty.

          "Series 2001-1 Liquid Credit Enhancement Deficiency" means, on any
     date of determination, the amount by which the Series 2001-1 Reserve
     Account Amount is less than the Series 2001-1 Required Reserve Account
     Amount.

          "Series 2001-1 Minimum Yield Rate" means, for any Settlement Date, a
     rate per annum equal to the sum of (i) the Series 2001-1 Weighted Average
     Cost of Funds for such Settlement Date, (ii) 0.225% and (iii) 0.48%.

          "Series 2001-1 Monthly Interest" means, with respect to any Series
     2001-1 Interest Period, the sum of Class A-1 Monthly Interest and Class
     A-2 Monthly Interest for such Series 2001-1 Interest Period.

          "Series 2001-1 Monthly Residual Value Gain" means, for any
     Settlement Date, an amount equal to the product of (a) the average daily
     Series 2001-1 Invested Percentage during the immediately preceding
     Monthly Period and (b) the Monthly Residual Value Gain for such
     Settlement Date.

          "Series 2001-1 Note Rate" means the Class A-1 Note Rate or the Class
     A-2 Note Rate, as the context may require.

          "Series 2001-1 Note Termination Date" means the date on which the
     Series 2001-1 Investor Notes are fully paid.

          "Series 2001-1 Preferred Member Distribution Account" means the
     account established in respect of the Series 2001-1 Preferred Membership
     Interests pursuant to the LLC Agreement.

          "Series 2001-1 Preferred Members" means the registered holders of
     the Series 2001-1 Preferred Membership Interests.

                                     -8-
<PAGE>

          "Series 2001-1 Preferred Membership Interest Purchase Agreement"
     means, collectively, one or more purchase agreements among the Issuer,
     one or more purchasers of the Series 2001-1 Senior Preferred Membership
     Interests thereunder, the funding agents of such purchasers, one or more
     banks or other financial institutions providing liquidity funding to such
     purchasers and the Administrator, as the same may from time to time be
     amended, supplemented or otherwise modified in accordance with its terms,
     and one or more purchase agreements relating to the Series 2001-1 Junior
     Preferred Membership Interests among the Issuer, one or more purchasers
     of the Series 2001-1 Junior Preferred Membership Interests and the
     Administrator, as the same may from time to time be amended, supplemented
     or otherwise modified in accordance with its terms.

          "Series 2001-1 Preferred Membership Interests" means the Series
     2001-1 Senior Preferred Membership Interests and the Series 2001-1 Junior
     Preferred Membership Interests, if any.

          "Series 2001-1 Principal Collection Subaccount" is defined in
     Section 5A.1(a).

          "Series 2001-1 Principal Payment Amount" means, for any Settlement
     Date, an amount equal to the product of (a) the average daily Series
     2001-1 Invested Percentage during the immediately preceding Monthly
     Period and (b) the Principal Payment Amount for such Settlement Date.

          "Series 2001-1 Required Asset Amount" means, as of any date of
     determination, the sum of the Series 2001-1 Invested Amount and the
     Series 2001-1 Required Overcollateralization Amount as of such date.

          "Series 2001-1 Required Enhancement Amount" means, on any date, the
     Required Percentage on such date of the Series 2001-1 Initial Invested
     Amount plus; if the Three-Month Average Residual Value Loss Ratio with
     respect to the most recent Settlement Date exceeded 12.50%, an amount
     equal to the product of (a) the Series 2001-1 Invested Percentage as the
     last day of the Monthly Period immediately preceding such Settlement Date
     and (b) 90% of the amount by which the Aggregate Residual Value Amount
     exceeded the Excess Residual Value Amount, in each case, as of that date;
     provided, however, that, after the declaration or occurrence of an
     Amortization Event, the Series 2001-1 Required Enhancement Amount shall
     equal the Series 2001-1 Required Enhancement Amount on the date of the
     declaration or occurrence of such Amortization Event.

          "Series 2001-1 Required Investor Noteholders" means Series 2001-1
     Investor Noteholders holding more than 50% of the Series 2001-1 Invested
     Amount (excluding any Series 2001-1 Investor Notes held by the Issuer or
     any Affiliate of the Issuer).

          "Series 2001-1 Required Lease Rate Cap" means one or more Series
     2001-1 Lease Rate Caps having, in the aggregate, a notional amount on
     each Payment Date equal to the lesser of (x) the average daily Series
     2001-1 Invested Percentage during the Monthly Period immediately
     preceding such Payment Date of the aggregate Lease Balance of all Fixed
     Rate Leases allocated to the Lease SUBI Portfolio as of the last day

                                     -9-
<PAGE>

     of the immediately preceding Monthly Period that were not Fixed Rate
     Leases when initially allocated to the Lease SUBI Portfolio or on the
     Series 2001-1 Closing Date, plus, in the case of all such Fixed Rate
     Leases that are Closed-End Leases, the aggregate Stated Residual Values
     of the related Leased Vehicles and (y) the sum of the Series 2001-1
     Invested Amount and the aggregate stated liquidation preference of the
     Series 2001-1 Preferred Membership Interests on such Payment Date and an
     effective strike rate based on the eurodollar rate set forth therein in
     effect on the dates set forth therein at the most equal to the weighted
     average fixed rate of interest on such Fixed Rate Leases minus 0.65% per
     annum.

          "Series 2001-1 Required Overcollateralization Amount" means, on any
     date of determination during an Accrual Period, the amount by which the
     Series 2001-1 Required Enhancement Amount exceeds the sum of (a) the
     Series 2001-1 Reserve Account Amount and (b) the amount on deposit in the
     Series 2001-1 Principal Collection Subaccount on such date (excluding any
     amounts deposited therein pursuant to Section 5A.2(d) during the Monthly
     Period commencing after the first day of such Accrual Period).

          "Series 2001-1 Required Percentage" means, on any date of
     determination, 15.9425% unless:

          (a) for the most recent Settlement Date all of the following were
     true:

               (i) the Three Month Average Charge-Off Ratio was 0.50 % or
          less;

               (ii) the Twelve Month Average Charge-Off Ratio was 0.25% or
          less;

               (iii) the Three Month Average Residual Value Loss Ratio was
          10.00% or less;

               (iv) the Twelve Month Average Residual Value Loss Ratio was
          5.00% or less;

               (v) the Three Month Average Paid-In Advance Loss Ratio was
          1.00% or less;

               (vi) the Twelve Month Average Paid-In Advance Loss Ratio was
          0.50% or less; and

               (vii) the Three Month Average Delinquency Ratio was 4.50% or
          less;

          in which case, the Series 2001-1 Required Percentage on such date
          will equal 14.9425% or

          (b) for the most recent Settlement Date any one of the following was
     true:

               (i) the Three Month Average Charge-Off Ratio exceeded 0.75%;

               (ii) the Twelve Month Average Charge-Off Ratio exceeded 0.50%;

               (iii) the Three Month Average Residual Value Loss Ratio
          exceeded 12.50%;

                                     -10-
<PAGE>

               (iv) the Twelve Month Average Residual Value Loss Ratio
          exceeded 10.00%;

               (v) the Twelve Month Average Paid-In Advance Loss Ratio
          exceeded 0.75%; or

               (vi) the Three Month Average Delinquency Ratio exceeded 6.00%;

          in which case, the Series 2001-1 Required Percentage on such date
          will equal 16.9425%.

          "Series 2001-1 Required Reserve Account Amount" means an amount
     equal to 2.2538% of the Series 2001-1 Initial Invested Amount.

          "Series 2001-1 Required Yield Supplement Amount" means, on any
     Settlement Date, the excess, if any, of (a) the Series 2001-1 Yield
     Shortfall Amount for such Settlement Date over (b) 70% of the product of
     (x) the Series 2001-1 Invested Percentage on such Settlement Date and (y)
     the Class X 1999-1B Invested Amount as of such Settlement Date (after
     giving effect to any increase thereof on such Settlement Date); provided,
     however that upon the occurrence of a Receivable Purchase Termination
     Event, the Series 2001-1 Required Yield Supplement Amount on any
     Settlement Date will equal the Series 2001-1 Yield Shortfall Amount for
     such Settlement Date.

          "Series 2001-1 Reserve Account" is defined in Section 5A.8(a).

          "Series 2001-1 Reserve Account Amount" means, on any date of
     determination, the amount on deposit in the Series 2001-1 Reserve Account
     and available for withdrawal therefrom.

          "Series 2001-1 Reserve Account Surplus" means, on any date of
     determination, the amount, if any, by which the Series 2001-1 Reserve
     Account Amount exceeds the Series 2001-1 Required Reserve Account Amount.

          "Series 2001-1 Revolving Period" means the period from and including
     the Series 2001-1 Closing Date to but excluding the commencement of the
     Series 2001-1 Amortization Period.

          "Series 2001-1 Senior Preferred Membership Interests" means each
     series of Senior Preferred Membership Interests relating to the Series
     2001-1 Investor Notes issued by the Issuer pursuant to the LLC Agreement.

          "Series 2001-1 Supplemental Servicing Fee" is defined in Section
     5.1.

          "Series 2001-1 Servicing Fee Percentage" is defined in Section 5.1.

          "Series 2001-1 Settlement Collection Subaccount" is defined in
     Section 5A.1(a).

          "Series 2001-1 Subaccounts" is defined in Section 5A.1(a).

          "Series 2001-1 Weighted Average Cost of Funds" means, for any
     Settlement Date, the product of (a) the quotient of the sum of (i) the
     aggregate amount of interest

                                     -11-

<PAGE>

     payable on the Series 2001-1 Investor Notes on such Settlement Date and
     (ii) the aggregate amount of dividends payable on the Series 2001-1
     Preferred Membership Interests on such Settlement Date, divided by the
     sum of (i) the Series 2001-1 Invested Amount as of the first day of the
     immediately preceding Series 2001-1 Interest Period and (ii) the
     aggregate stated liquidation preference of the Series 2001-1 Preferred
     Membership Interests as of such day and (b) a fraction, the numerator of
     which is 360 and the denominator of which is the number of days in the
     Series 2001-1 Interest Period ending on such Settlement Date.

          "Series 2001-1 Weighted Average Yield Shortfall" means, for any
     Settlement Date, the excess, if any, of (a) the Series 2001-1 Minimum
     Yield Rate for such Settlement Date over (b) the Series 2001-1 Weighted
     Average Yield Shortfall Lease Yield for such Settlement Date.

          "Series 2001-1 Weighted Average Yield Shortfall Lease Yield" means,
     for any Settlement Date, the quotient of the sum of the product with
     respect to each Series 2001-1 Yield Shortfall Lease of (a) the actual or
     implicit finance charge rate applicable to such Series 2001-1 Yield
     Shortfall Lease and (b) the Net Book Value of the Leased Vehicle subject
     to such Series 2001-1 Yield Shortfall Lease as of the last day of the
     immediately preceding Monthly Period divided by the aggregate Net Book
     Value of the Leased Vehicles subject to all of the Series 2001-1 Yield
     Shortfall Leases as of the last day of the immediately preceding Monthly
     Period.

          "Series 2001-1 Weighted Average Yield Shortfall Life" means, for any
     Settlement Date, 50% of the weighted (on the basis of Net Book Value of
     the related Leased Vehicle) average Assumed Lease Term of the Series
     2001-1 Yield Shortfall Leases, assuming that all scheduled lease payments
     are made thereon when scheduled and that the Obligors thereunder do not
     elect to convert such Series 2001-1 Yield Shortfall Leases to Fixed Rate
     Leases, as of the last day of the immediately preceding Monthly Period.

          "Series 2001-1 Yield Shortfall Amount" means, for any Settlement
     Date, (i) if the Series 2001-1 Hypothetical Yield Shortfall Amount for
     such Settlement Date is less than 70% of the product of the Series 2001-1
     Invested Percentage and the Class X 1999-1B Invested Amount as of such
     Settlement Date (after giving effect to any increase thereof on such
     Settlement Date), an amount equal to the Series 2001-1 Hypothetical Yield
     Shortfall Amount and (ii) otherwise, an amount equal to the product of
     (x) the Series 2001-1 Weighted Average Yield Shortfall for such
     Settlement Date, (y) the Series 2001-1 Invested Percentage on such
     Settlement Date of the aggregate Lease Balance of all Series 2001-1 Yield
     Shortfall Leases as of the last day of the immediately preceding Monthly
     Period and (z) the Series 2001-1 Weighted Average Yield Shortfall Life
     for such Settlement Date.

          "Series 2001-1 Yield Shortfall Lease" means, as of any Settlement
     Date, each Unit Lease that is a Floating Rate Lease with an actual or
     implicit finance charge rate of less than the Series 2001-1 Minimum Yield
     Rate as of the last day of the immediately preceding Monthly Period.

                                      12
<PAGE>

          "Series 2001-1 Yield Supplement Account" is defined in Section
     5A.9(a).

          "Series 2001-1 Yield Supplement Account Amount" means, on any date
     of determination, the amount on deposit in the Series 2001-1 Yield
     Supplement Account and available for withdrawal therefrom.

          "Series 2001-1 Yield Supplement Account Surplus" means, on any date
     of determination, the amount, if any, by which the Series 2001-1 Yield
     Supplement Account Amount exceeds the Series 2001-1 Required Yield
     Supplement Amount.

          "Series 2001-1 Yield Supplement Deficiency" means, on any date of
     determination, the amount by which the Series 2001-1 Yield Supplement
     Account Amount is less than the Series 2001-1 Required Yield Supplement
     Amount.

          "Telerate Page 3750" has the meaning set forth in the International
     Swaps Derivatives Association, Inc. 1991 Interest Rate and Currency
     Exchange Definitions.

          "Total Cash Available" means, for any Settlement Date, the excess,
     if any, of (a) the sum of (i) the aggregate amount of Collections
     allocated to the Series 2001-1 General Collection Subaccount pursuant to
     Section 5A.2(a) during the immediately preceding Monthly Period, (ii) an
     amount equal to the product of the average daily Series 2001-1 Invested
     Percentage during such Monthly Period and the amount of the Unit
     Repurchase Payments paid by the Servicer and/or SPV on such Settlement
     Date, (iii) an amount equal to the product of the average daily Series
     2001-1 Invested Percentage during such Monthly Period and the amount of
     the Monthly Servicer Advance made by the Servicer on such Settlement
     Date, (iv) an amount equal to the product of the average daily Series
     2001-1 Invested Percentage during such Monthly Period and the amount
     withdrawn from the Gain on Sale Account pursuant to Section 5.2(e) of the
     Base Indenture on the Transfer Date immediately preceding such Settlement
     Date and (v) the investment income on amounts on deposit in the Series
     2001-1 Principal Collection Subaccount and the Series 2001-1 General
     Collection Subaccount transferred to the Series 2001-1 Settlement
     Collection Subaccount on such Settlement Date pursuant to Section 5A.1(b)
     over (b) the amount withdrawn from the Series 2001-1 General Collection
     Subaccount pursuant to Section 5A.2(f) during the period commencing on
     the Period End Date immediately preceding such Settlement Date to but
     excluding such Settlement Date.

                                  ARTICLE II

                        ARTICLE 5 OF THE BASE INDENTURE

          Sections 5.1 through 5.4 of the Base Indenture and each other
Section of Article 5 of the Indenture relating to another Series shall read in
their entirety as provided in the Base Indenture or any applicable Indenture
Supplement. Article 5 of the Indenture (except for Sections 5.1 through 5.4
thereof and any portion thereof relating to another Series) shall read in its
entirety as follows and shall be exclusively applicable to the Series 2001-1
Investor Notes:

                                     -13-

<PAGE>

          Section 5A.1 Establishment of Series 2001-1 Subaccounts.

          (a) The Indenture Trustee shall establish and maintain in the name
of the Indenture Trustee for the benefit of the Series 2001-1 Investor
Noteholders (i) a subaccount of the Collection Account (the "Series 2001-1
Collection Subaccount"); and (ii) three subaccounts of the Series 2001-1
Collection Subaccount: (1) the Series 2001-1 General Collection Subaccount,
(2) the Series 2001-1 Principal Collection Subaccount and (3) the Series
2001-1 Settlement Collection Subaccount (respectively, the "Series 2001-1
General Collection Subaccount," the "Series 2001-1 Principal Collection
Subaccount" and the "Series 2001-1 Settlement Collection Subaccount"); the
accounts established pursuant to this Section 5A.1(a), collectively, the
"Series 2001-1 Subaccounts"), each Series 2001-1 Subaccount to bear a
designation indicating that the funds deposited therein are held for the
benefit of the Series 2001-1 Investor Noteholders. The Indenture Trustee shall
possess all right, title and interest in all moneys, instruments, securities
and other property on deposit from time to time in the Series 2001-1
Subaccounts and the proceeds thereof for the benefit of the Series 2001-1
Investor Noteholders. The Series 2001-1 Subaccounts shall be under the sole
dominion and control of the Indenture Trustee for the benefit of the Series
2001-1 Investor Noteholders.

          (b) The Issuer shall instruct the institution maintaining the
Collection Account in writing to invest funds on deposit in the Series 2001-1
Subaccounts at all times in Permitted Investments selected by the Issuer (by
standing instructions or otherwise); provided, however, that funds on deposit
in a Series 2001-1 Subaccounts may be invested together with funds held in
other subaccounts of the Collection Account. Amounts on deposit and available
for investment in the Series 2001-1 General Collection Subaccount shall be
invested by the Indenture Trustee at the written direction of the Issuer in
Permitted Investments that mature, or that are payable or redeemable upon
demand of the holder thereof, on or prior to the Business Day immediately
preceding the next Payment Date. Amounts on deposit and available for
investment in the Series 2001-1 Principal Collection Subaccount shall be
invested by the Indenture Trustee at the written direction of the Issuer in
Permitted Investments that mature, or that are payable or redeemable upon
demand of the holder thereof, (i) in the case of any such investment made
during the Series 2001-1 Revolving Period, on or prior to the next Business
Day and (ii) in the case of any such investment made on any day during the
Series 2001-1 Amortization Period, on or prior to the Business Day immediately
preceding the next Payment Date. On each Settlement Date, all interest and
other investment earnings (net of losses and investment expenses) on funds
deposited in the Series 2001-1 Principal Collection Subaccount and the Series
2001-1 General Collection Subaccount shall be deposited in the Series 2001-1
Settlement Collection Subaccount. The Issuer shall not direct the Indenture
Trustee to dispose of (or permit the disposal of) any Permitted Investments
prior to the maturity thereof to the extent such disposal would result in a
loss of principal of such Permitted Investment. In the absence of written
direction as provided hereunder, all funds on deposit in the Collection
Account shall remain uninvested.

          Section 5A.2 Allocations with Respect to the Series 2001-1 Investor
Notes.

          (a) Prior to 1:00 P.M., New York City time, on each Deposit Date,
the Administrator shall direct the Indenture Trustee in writing to allocate to
the Series 2001-1 Investor Noteholders and deposit in the Series 2001-1
General Collection Subaccount an amount equal to the product of the Series
2001-1 Invested Percentage on such Deposit Date and the Collections deposited
into the Collection Account on such Deposit Date.

                                      14
<PAGE>

          (b) On the Series 2001-1 Closing Date, the Indenture Trustee shall
(i) deposit in the Series 2001-1 Settlement Collection Subaccount $_________
from the net proceeds from the sale of the Series 2001-1 Investor Notes and
(ii) deposit the remainder of the net proceeds from the sale of the Series
2001-1 Investor Notes in the Series 2001-1 Principal Collection Subaccount.

          (c) On each Determination Date, the Administrator shall direct the
Indenture Trustee in writing to allocate to the Series 2001-1 Investor
Noteholders and deposit in the Series 2001-1 Settlement Collection Subaccount
on the immediately succeeding Transfer Date amounts withdrawn from the Gain on
Sale Account on such Transfer Date, in an amount equal to the product of the
average daily Series 2001-1 Invested Percentage during the immediately
preceding Monthly Period and the amount withdrawn from the Gain on Sale
Account pursuant to Section 5.2(e) of the Base Indenture on such Transfer
Date.

          (d) On each Determination Date, the Administrator shall direct the
Indenture Trustee in writing to allocate to the Series 2001-1 Investor
Noteholders and deposit in the Series 2001-1 Settlement Collection Subaccount
on the immediately succeeding Settlement Date the following amounts:

          (i) any Unit Repurchase Payments made by the Servicer and/or SPV, in
     an amount equal to the product of the average daily Series 2001-1
     Invested Percentage during the immediately preceding Monthly Period and
     the amount of such Unit Repurchase Payments;

          (ii) the Monthly Servicer Advance made by the Servicer, in an amount
     equal to the product of the average daily Series 2001-1 Invested
     Percentage during the immediately preceding Monthly Period and the amount
     of such Monthly Servicer Advance;

          (iii) payments made under the Lease Rate Caps maintained by the
     Issuer pursuant to Sections 5A.11(a) and (b), in an amount equal to the
     product of the average daily Series 2001-1 Invested Percentage during the
     immediately preceding Monthly Period and the amount of such payments; and

          (iv) all payments made to the Indenture Trustee under the Series
     2001-1 Lease Rate Cap.

          (e) During the Series 2001-1 Revolving Period, the Administrator may
direct the Indenture Trustee in writing on any Business Day to withdraw
amounts on deposit in the Series 2001-1 Principal Collection Subaccount for
either of the following purposes:

          (i) if such Business Day is an Additional Closing Date, to pay all
     or a portion of the Transferred Asset Payment due on such Additional
     Closing Date pursuant to the Transfer Agreement; or

          (ii) to reduce the Invested Amount of any Series of Investor Notes.

                                      15
<PAGE>

          (f) Prior to the occurrence of a Potential Amortization Event or an
Amortization Event, on any Business Day during the period commencing on a
Period End Date to but excluding the next succeeding Settlement Date on which
the Administrator is able to determine the amounts to be distributed from the
Series 2001-1 Settlement Collection Subaccount pursuant to paragraphs (i)
through (xii) of Section 5A.4(c) on such Settlement Date and any amounts owing
in respect of the Series 2001-1 Preferred Membership Interests under the
Series 2001-1 Preferred Membership Interest Purchase Agreement on such
Settlement Date, the Administrator may direct the Indenture Trustee in writing
to withdraw from the Series 2001-1 General Collection Subaccount and pay to
the Issuer the Series 2001-1 Available Excess Collections Amount for such
Business Day.

          Section 5A.3 Determination of Interest.

          (a) Chase is hereby appointed Calculation Agent for the purpose of
determining the Series 2001-1 Note Rates for each Series 2001-1 Interest
Period. On each LIBOR Determination Date, the Calculation Agent shall
determine the Series 2001-1 Note Rate for each Class of Series 2001-1 Investor
Notes for the next succeeding Series 2001-1 Interest Period and deliver notice
of such Series 2001-1 Note Rates to the Indenture Trustee. On each LIBOR
Determination Date, the Indenture Trustee shall deliver to the Administrator
notice of the Series 2001-1 Note Rate for each Class of Series 2001-1 Investor
Notes for the next succeeding Series 2001-1 Interest Period.

          (b) Until the Administrator shall give the Indenture Trustee written
notice that neither Class of the Series 2001-1 Investor Notes is listed on the
Luxembourg Stock Exchange, the Indenture Trustee shall, or shall instruct the
Calculation Agent to, cause (i) the Series 2001-1 Note Rate applicable to each
Class of the Series 2001-1 Investor Notes for the next succeeding Series
2001-1 Interest Period, the number of days in such Series 2001-1 Interest
Period, the Payment Date for such Series 2001-1 Interest Period and the amount
of interest payable on each Class of Series 2001-1 Investor Notes on such
Payment Date to be (A) communicated to DTC, the Paying Agent in Luxembourg and
the Luxembourg Stock Exchange no later than the Business Day immediately
following each LIBOR Determination Date and (B) published in the Authorized
Newspaper as soon as possible after its determination.

          (c) On each Determination Date, the Administrator shall determine
the excess, if any (the "Interest Shortfall"), of (i) the sum of (A) the
Series 2001-1 Monthly Interest for the Series 2001-1 Interest Period ending on
the next succeeding Payment Date and (B) the amount of any unpaid Interest
Shortfall, as of the preceding Payment Date (together with any Additional
Interest on such Interest Shortfall) over (ii) the amount which will be
available to pay such amount in accordance with Section 5A.4(c) on such
Payment Date. If the Interest Shortfall with respect to any Payment Date is
greater than zero, payments of interest to the Series 2001-1 Investor
Noteholders will be reduced on a pro rata basis by the amount of the Interest
Shortfall. The portion of the Interest Shortfall allocable to each Class of
Series 2001-1 Investor Notes shall be referred to as the "Class A-1 Interest
Shortfall Amount" and the "Class A-2 Interest Shortfall Amount", respectively.
An additional amount of interest ("Additional Interest") shall accrue on the
Class A-1 Interest Shortfall Amount and the Class A-2 Interest Shortfall
Amount for each Series 2001-1 Interest Period at the applicable Series 2001-1
Note Rate for such Series 2001-1 Interest Period. Until the Administrator
shall give the Indenture Trustee written notice that

                                      16
<PAGE>

neither Class of the Series 2001-1 Investor Notes is listed on the Luxembourg
Stock Exchange, the Indenture Trustee shall, or shall instruct the Calculation
Agent to, notify the Luxembourg Stock Exchange if, based solely on the
information contained in the Monthly Settlement Statement with respect to the
Series 2001-1 Investor Notes, the amount of interest to be paid on any Class
of the Series 2001-1 Investor Notes on any Payment Date is less than the
amount payable thereon on such Payment Date, the amount of such deficit and
the amount of interest that will accrue on such deficit during the next
succeeding Series 2001-1 Interest Period by the Business Day prior to such
Payment Date.

          (d) All communications by or on behalf of the Indenture Trustee to
the Luxembourg Stock Exchange pursuant to this Section 5A.3 shall be sent by
facsimile to [352 47 793 6238, attention: Axel Forster.]

          Section 5A.4 Monthly Application of Collections.

          (a) On each Settlement Date, the Administrator shall direct the
Indenture Trustee in writing to withdraw from the Series 2001-1 General
Collection Subaccount and allocate to the Series 2001-1 Settlement Collection
Subaccount an amount equal to Total Cash Available for such Settlement Date
(less an amount equal to the investment income from the Series 2001-1 General
Collection Subaccount and the Series 2001-1 Principal Collection Subaccount
transferred to the Series 2001-1 Settlement Collection Subaccount pursuant to
Section 5A.1(b)).

          (b) (i) If the Administrator determines that the aggregate amount
distributable from the Series 2001-1 Settlement Collection Subaccount pursuant
to paragraphs (i) through (ix) of Section 5A.4(c) on any Payment Date exceeds
the Total Cash Available for such Payment Date (the "Deficiency"), the
Administrator shall notify the Indenture Trustee thereof in writing at or
before 10:00 a.m., New York City time, on the Business Day immediately
preceding such Payment Date, and the Indenture Trustee shall, in accordance
with such notice, by 11:00 a.m., New York City time, on such Payment Date,
withdraw from the Series 2001-1 Reserve Account and deposit in the Series
2001-1 Settlement Collection Subaccount an amount equal to the least of (x)
such Deficiency, (y) the product of the average daily Series 2001-1 Invested
Percentage during the immediately preceding Monthly Period and Aggregate Net
Lease Losses for such Monthly Period and (z) the Series 2001-1 Reserve Account
Amount and, to the extent that such amount is less than the Deficiency,
withdraw from the Series 2001-1 Yield Supplement Account and deposit in the
Series 2001-1 Settlement Collection Subaccount an amount equal to the lesser
of the amount of such insufficiency and the Series 2001-1 Yield Supplement
Account Amount. If the Deficiency with respect to any Payment Date exceeds the
amounts to be withdrawn from the Series 2001-1 Reserve Account and the Series
2001-1 Yield Supplement Account pursuant to the immediately preceding
sentence, the Administrator shall instruct the Indenture Trustee in writing at
or before 10:00 a.m., New York City time, on the Business Day immediately
preceding such Payment Date, and the Indenture Trustee shall, in accordance
with such notice, by 11:00 a.m., New York City time, on such Payment Date,
withdraw from the Series 2001-1 Reserve Account and deposit in the Series
2001-1 Settlement Collection Subaccount an amount equal to the lesser of (x)
the remaining portion of the Deficiency and (y) the Series 2001-1 Reserve
Account Amount (after giving effect to the withdrawal described in the
immediately preceding sentence).

                                      17
<PAGE>

          (ii) If the Administrator determines that (A) the amount to be
deposited in the Series 2001-1 Distribution Account in accordance with Section
5A.4(c)(ix) and paid to the Class A-1 Investor Noteholders pursuant to Section
5A.6 on the Class A-1 Final Maturity Date is less than the Class A-1 Invested
Amount or (B) the amount to be deposited in the Series 2001-1 Distribution
Account in accordance with Section 5A.4(c)(ix) and paid to the Class A-2
Investor Noteholders pursuant to Section 5A.6 on the Class A-2 Final Maturity
Date is less than the Class A-2 Invested Amount, the Administrator shall
notify the Indenture Trustee thereof in writing at or before 10:00 a.m., New
York City time, on the Business Day immediately preceding such Final Maturity
Date, and the Indenture Trustee shall, in accordance with such notice, by
11:00 a.m., New York City time, on such Final Maturity Date, withdraw from the
Series 2001-1 Reserve Account and deposit in the Series 2001-1 Distribution
Account an amount equal to the lesser of such insufficiency and the Series
2001-1 Reserve Account Amount (after giving effect to any withdrawal therefrom
pursuant to Section 5A.4(b)(i) on such Final Maturity Date). In addition, if
the Series 2001-1 Reserve Account Amount is less than such insufficiency on
the Class A-2 Final Maturity Date, the Administrator shall notify the
Indenture Trustee thereof in writing at or before 10:00 a.m., New York City
time, on the Business Day immediately preceding the Class A-2 Final Maturity
Date, and the Indenture Trustee shall, in accordance with such notice, by
11:00 a.m., New York City time, on the Class A-2 Final Maturity Date, withdraw
from the Series 2001-1 Yield Supplement Account and deposit in the Series
2001-1 Distribution Account an amount equal to the lesser of such remaining
insufficiency and the Series 2001-1 Yield Supplement Account Amount (after
giving effect to any withdrawal therefrom pursuant to Section 5A.4(b)(i) on
the Class A-2 Final Maturity Date).

          (c) On each Payment Date, based solely on the information contained
in the Monthly Settlement Statement with respect to Series 2001-1 Investor
Notes, the Indenture Trustee shall apply the following amounts allocated to,
or deposited in, the Series 2001-1 Settlement Collection Subaccount on such
Payment Date in the following order of priority:

          (i) to SPV, an amount equal to the Series 2001-1 Excess Fleet
     Receivable Amount, if any, for such Payment Date;

          (ii) to the Gain On Sale Account, an amount equal to the Series
     2001-1 Monthly Residual Value Gain, if any, for such Payment Date;

          (iii) to the Servicer, an amount equal to the product of the Monthly
     Servicer Advance Reimbursement Amount for such Payment Date and the
     average daily Series 2001-1 Invested Percentage during the immediately
     preceding Monthly Period;

          (iv) if VMS is not the Servicer, to the Servicer, an amount equal to
     the Series 2001-1 Basic Servicing Fee for the Series 2001-1 Interest
     Period ending on such Payment Date plus, on the first Payment Date
     following the transfer of the servicing from VMS to a successor Servicer
     pursuant to Section 9.1 of the Series 1999-1 SUBI Servicing Supplement,
     to the extent not reimbursed by VMS, the reasonable costs and expenses of
     the successor Servicer incurred in connection with the transfer of the
     servicing, in an amount up to $250,000;

                                      18
<PAGE>

          (v) to the Series 2001-1 Distribution Account, an amount equal to
     the Series 2001-1 Monthly Interest payable on such Payment Date plus the
     amount of any unpaid Interest Shortfall, as of the preceding Payment
     Date, together with any Additional Interest on such Interest Shortfall
     (such amount, the "Monthly Interest Payment");

          (vi) if VMS is the Servicer, to the Servicer, an amount equal to the
     Series 2001-1 Basic Servicing Fee for the Series 2001-1 Interest Period
     ending on such Payment Date;

          (vii) to the Administrator, an amount equal to the Series 2001-1
     Administrator Fee for the Series 2001-1 Interest Period ending on such
     Payment Date;

          (viii) other than during a Lockout Period, to the Series 2001-1
     Preferred Member Distribution Account, an amount equal to the Dividend
     Amount for such Payment Date;

          (ix) (A) on any Payment Date immediately succeeding a Monthly Period
     falling in the Series 2001-1 Revolving Period, to the Series 2001-1
     Principal Collection Subaccount, an amount equal to the Series 2001-1
     Allocated Asset Amount Deficiency, if any, on such Payment Date, (B) on
     the earlier of (x) the second Payment Date following the January 2003
     Period End Date or (y) the first Payment Date following the occurrence of
     an Amortization Event, to the Series 2001-1 Distribution Account, an
     amount equal to the lesser of the Series 2001-1 Principal Payment Amount
     for such Payment Date and the Series 2001-1 Invested Amount on such
     Payment Date and (C) on any Payment Date on and after the Series 2001-1
     Note Termination Date, to the Series 2001-1 Preferred Member Distribution
     Account, an amount equal to the Series 2001-1 Principal Payment Amount
     for such Payment Date (or, on the Series 2001-1 Note Termination Date,
     the portion thereof not deposited into the Series 2001-1 Distribution
     Account); provided, however that on or after the Series 2001-1 Note
     Termination Date during a Lockout Period, the Series 2001-1 Principal
     Payment Amount for such Payment Date (or, on the Series 2001-1 Note
     Termination Date, the portion thereof not deposited into the Series
     2001-1 Distribution Account) shall be applied by the Indenture Trustee in
     accordance with Section 5.4(d) of the Base Indenture;

          (x) to the Series 2001-1 Reserve Account, to the extent that a
     Series 2001-1 Liquid Credit Enhancement Deficiency exists or, on any
     Payment Date immediately succeeding a Monthly Period falling in the
     Series 2001-1 Amortization Period, to the extent that a Series 2001-1
     Allocated Asset Amount Deficiency exists, an amount equal to the greater
     of such deficiencies;

          (xi) to the Series 2001-1 Yield Supplement Account, to the extent
     that a Series 2001-1 Yield Supplement Deficiency exists (or, will exist
     after giving effect to any reduction in the Class X 1999-1B Invested
     Amount on such Payment Date), an amount equal to such deficiency;

          (xii) if VMS is not the Servicer, to the Servicer, an amount equal
     to any Series 2001-1 Supplemental Servicing Fee for the Series 2001-1
     Interest Period ending on such Payment Date; and

                                      19
<PAGE>

          (xiii) to the Series 2001-1 Preferred Member Distribution Account,
     an amount equal to the balance remaining in the Series 2001-1 Settlement
     Collection Subaccount.

          Section 5A.5 Payment of Monthly Interest Payment.

          On each Payment Date, based solely on the information
contained in the Monthly Settlement Statement with respect to the Series
2001-1 Investor Notes, the Indenture Trustee shall, in accordance with Section
6.1 of the Base Indenture, pay to the Series 2001-1 Investor Noteholders, from
the Series 2001-1 Distribution Account the Monthly Interest Payment to the
extent of the amount deposited in the Series 2001-1 Distribution Account for
the payment of interest pursuant to Section 5A.4(c)(v).

          Section 5A.6 Payment of Principal.

          (a) The principal amount of each Class of the Series 2001-1 Investor
Notes shall be due and payable on the Final Maturity Date with respect to such
Class.

          (b) On each Payment Date on which a deposit is made to the Series
2001-1 Distribution Account pursuant to Section 5A.4(c)(ix) or an amount is
deposited in the Series 2001-1 Distribution Account pursuant to Section
5A.4(b)(ii), based solely on the information contained in the Monthly
Settlement Statement with respect to Series 2001-1 Investor Notes, the
Indenture Trustee shall, in accordance with Section 6.1 of the Base Indenture,
pay during the Series 2001-1 Amortization Period, pro rata to each Class A-1
Investor Noteholder from the Series 2001-1 Distribution Account the amount
deposited therein pursuant to Section 5A.4(c)(ix) and Section 5A.4(b)(ii) in
order to pay the Class A-1 Invested Amount, and thereafter pro rata to each
Class A-2 Investor Noteholder from the Series 2001-1 Distribution Account the
amount deposited therein pursuant to Section 5A.4(c)(ix) and Section
5A.4(b)(ii) in order to pay the Class A-2 Invested Amount; provided however
that on any Payment Date falling after the occurrence of an Amortization Event
resulting from the occurrence of an Event of Default described in Section
9.1(a), (b) or (f) of the Base Indenture the Indenture Trustee shall pay pro
rata to each Series 2001-1 Investor Noteholder from the Series 2001-1
Distribution Account the amounts deposited therein pursuant to Section
5A.4(c)(ix) and Section 5A.4(b)(ii) in order to pay the Class A-1 Invested
Amount and the Class A-2 Invested Amount.

          (c) The Indenture Trustee shall notify the Person in whose name a
Series 2001-1 Investor Note is registered at the close of business on the
Record Date preceding the Payment Date on which the Issuer expects that the
final installment of principal of and interest on such Series 2001-1 Investor
Note will be paid. Such notice shall be made at the expense of the
Administrator and shall be mailed within three (3) Business Days of receipt of
a Monthly Settlement Statement indicating that such final payment will be made
and shall specify that such final installment will be payable only upon
presentation and surrender of such Series 2001-1 Investor Note and shall
specify the place where such Series 2001-1 Investor Note may be presented and
surrendered for payment of such installment. Notices in connection with
redemptions of Series 2001-1 Investor Notes shall be (i) transmitted by
facsimile to Series 2001-1 Investor Noteholders holding Global Notes and (ii)
sent by registered mailed to Series 2001-1 Investor Noteholders holding
Definitive Notes and shall specify that such final installment will be payable
only upon presentation and surrender of such Series 2001-1 Investor Note and
shall

                                      20
<PAGE>

specify the place where such Series 2001-1 Investor Note may be
presented and surrendered for payment of such installment.

          Section 5A.7 The Administrator's Failure to Instruct the Indenture
Trustee to Make a Deposit or Payment.

          When any payment or deposit hereunder or under any other Transaction
Document is required to be made by the Indenture Trustee at or prior to a
specified time, the Administrator shall deliver any applicable written
instructions with respect thereto reasonably in advance of such specified
time. If the Administrator fails to give notice or instructions to make any
payment from or deposit into the Collection Account or any subaccount thereof
required to be given by the Administrator, at the time specified herein or in
any other Transaction Document (after giving effect to applicable grace
periods), the Indenture Trustee shall make such payment or deposit into or
from the Collection Account or such subaccount without such notice or
instruction from the Administrator; provided that the Administrator, upon
request of the Indenture Trustee, promptly provides the Indenture Trustee with
all information necessary to allow the Indenture Trustee to make such a
payment or deposit in the event that the Indenture Trustee shall take or
refrain from taking action pursuant to this Section 5A.7, the Administrator
shall, by 5:00 p.m., New York City time, on any day the Indenture Trustee
makes a payment or deposit based on information or direction from the
Administrator, provide (i) written confirmation of any such direction and (ii)
written confirmation of all information used by the Administrator in giving
any such direction.

          Section 5A.8 Series 2001-1 Reserve Account.

          (a) The Indenture Trustee shall establish and maintain in the name
of the Indenture Trustee for the benefit of the Series 2001-1 Investor
Noteholders an account (the "Series 2001-1 Reserve Account"), bearing a
designation clearly indicating that the funds deposited therein are held for
the benefit of the Series 2001-1 Investor Noteholders. The Series 2001-1
Reserve Account shall be an Eligible Deposit Account; provided that, if at any
time such account is not an Eligible Deposit Account, then the Indenture
Trustee shall, within 30 days of obtaining knowledge of such reduction,
establish a new Series 2001-1 Reserve Account that is an Eligible Deposit
Account. If the Indenture Trustee establishes a new Series 2001-1 Reserve
Account, it shall transfer all cash and investments from the non-qualifying
Series 2001-1 Reserve Account into the new Series 2001-1 Reserve Account.
Initially, the Series 2001-1 Reserve Account will be established with The
Chase Manhattan Bank.

          (b) The Issuer may instruct the institution maintaining the Series
2001-1 Reserve Account in writing to invest funds on deposit in the Series
2001-1 Reserve Account from time to time in Permitted Investments selected by
the Issuer (by standing instructions or otherwise); provided, however, that
any such investment shall mature not later than the Business Day prior to the
Payment Date following the date on which such funds were received. All such
Permitted Investments will be credited to the Series 2001-1 Reserve Account
and any such Permitted Investments that constitute (i) Physical Property (and
that is not either a United States Security Entitlement or a Security
Entitlement) shall be delivered to the Indenture Trustee in accordance with
paragraph (a) of the definition of "Delivery" and shall be held by the
Indenture Trustee pending maturity or disposition; (ii) United States Security
Entitlements or Security Entitlements

                                      21
<PAGE>

shall be Controlled by the Indenture Trustee pending maturity or disposition;
and (iii) Uncertificated Securities (and not United States Security
Entitlements) shall be delivered to the Indenture Trustee in accordance with
paragraph (b) of the definition of "Delivery" and shall be maintained by the
Indenture Trustee pending maturity or disposition. The Indenture Trustee
shall, at the direction and expense of the Administrator, take such additional
action as is required to maintain the Indenture Trustee's security interest in
the Permitted Investments credited to the Series 2001-1 Reserve Account. In
absence of written direction as provided hereunder, funds on deposit in the
Series 2001-1 Reserve Account shall remain uninvested.

          (c) All interest and earnings (net of losses and investment
expenses) paid on funds on deposit in the Series 2001-1 Reserve Account shall
be deemed to be on deposit and available for distribution.

          (d) If there is a Series 2001-1 Reserve Account Surplus on any
Settlement Date, the Administrator may notify the Indenture Trustee thereof in
writing and instruct the Indenture Trustee to withdraw from the Series 2001-1
Reserve Account and deposit in the Series 2001-1 Preferred Member Distribution
Account, and the Indenture Trustee shall withdraw from the Series 2001-1
Reserve Account and deposit in the Series 2001-1 Preferred Member Distribution
Account, so long as no Series 2001-1 Allocated Asset Amount Deficiency exists
or would result therefrom, an amount up to the lesser of (i) such Series
2001-1 Reserve Account Surplus on such Business Day and (ii) the Series 2001-1
Reserve Account Amount on such Business Day.

          (e) Amounts will be withdrawn from the Series 2001-1 Reserve Account
in accordance with Section 5A.4(b).

          (f) In order to secure and provide for the repayment and payment of
the Issuer Obligations with respect to the Series 2001-1 Investor Notes, the
Issuer hereby grants a security interest in and assigns, pledges, grants,
transfers and sets over to the Indenture Trustee, for the benefit of the
Series 2001-1 Investor Noteholders, all of the Issuer's right, title and
interest in and to the following (whether now or hereafter existing or
acquired): (i) the Series 2001-1 Reserve Account, including any security
entitlement thereto; (ii) all funds on deposit therein from time to time;
(iii) all certificates and instruments, if any, representing or evidencing any
or all of the Series 2001-1 Reserve Account or the funds on deposit therein
from time to time; (iv) all investments made at any time and from time to time
with monies in the Series 2001-1 Reserve Account, whether constituting
securities, instruments, general intangibles, investment property, financial
assets or other property; (v) all interest, dividends, cash, instruments and
other property from time to time received, receivable or otherwise distributed
in respect of or in exchange for the Series 2001-1 Reserve Account, the funds
on deposit therein from time to time or the investments made with such funds;
and (vi) all proceeds of any and all of the foregoing, including, without
limitation, cash. The Indenture Trustee shall possess all right, title and
interest in all funds on deposit from time to time in the Series 2001-1
Reserve Account and in all proceeds thereof and shall be the only person
authorized to originate entitlement orders in respect of the Series 2001-1
Reserve Account. The Indenture Trustee and the Series 2001-1 Investor
Noteholders shall have no interest in any amounts withdrawn from the Series
2001-1 Reserve Account and deposited in the Series 2001-1 Preferred Member
Distribution Account.

                                      22
<PAGE>

          (g) On the first Payment Date after the Series 2001-1 Note
Termination Date on which the sum of (a) the Series 2001-1 Reserve Account
Amount, (b) the Series 2001-1 Yield Supplement Account Amount and (c) the
amount available to be deposited in the Series 2001-1 Preferred Member
Distribution Account in accordance with Section 5A.4(c)(ix) is at least equal
to the aggregate stated liquidation preference of the Series 2001-1 Preferred
Membership Interests and on any Payment Date thereafter, the Indenture
Trustee, acting in accordance with the written instructions of the
Administrator shall withdraw from the Series 2001-1 Reserve Account all
amounts on deposit therein for deposit in the Series 2001-1 Preferred Member
Distribution Account.

          Section 5A.9 Series 2001-1 Yield Supplement Account.

          (a) The Indenture Trustee shall establish and maintain in the name
of the Indenture Trustee for the benefit of the Series 2001-1 Investor
Noteholders an account (the "Series 2001-1 Yield Supplement Account"), bearing
a designation clearly indicating that the funds deposited therein are held for
the benefit of the Series 2001-1 Investor Noteholders. The Series 2001-1 Yield
Supplement Account shall be an Eligible Deposit Account; provided that, if at
any time such account is not an Eligible Deposit Account, then the Indenture
Trustee shall, within 30 days of obtaining knowledge of such reduction,
establish a new Series 2001-1 Yield Supplement Account that is an Eligible
Deposit Account. If the Indenture Trustee establishes a new Series 2001-1
Yield Supplement Account, it shall transfer all cash and investments from the
non-qualifying Series 2001-1 Yield Supplement Account into the new Series
2001-1 Yield Supplement Account. Initially, the Series 2001-1 Yield Supplement
Account will be established with The Chase Manhattan Bank.

          (b) The Issuer may instruct the institution maintaining the Series
2001-1 Yield Supplement Account in writing to invest funds on deposit in the
Series 2001-1 Yield Supplement Account from time to time in Permitted
Investments selected by the Issuer (by standing instructions or otherwise);
provided, however, that any such investment shall mature not later than the
Business Day prior to the Payment Date following the date on which such funds
were received. All such Permitted Investments will be credited to the Series
2001-1 Yield Supplement Account and any such Permitted Investments that
constitute (i) Physical Property (and that is not either a United States
Security Entitlement or a Security Entitlement) shall be delivered to the
Indenture Trustee in accordance with paragraph (a) of the definition of
"Delivery" and shall be held by the Indenture Trustee pending maturity or
disposition; (ii) United States Security Entitlements or Security Entitlements
shall be Controlled by the Indenture Trustee pending maturity or disposition;
and (iii) Uncertificated Securities (and not United States Security
Entitlements) shall be delivered to the Indenture Trustee in accordance with
paragraph (b) of the definition of "Delivery" and shall be maintained by the
Indenture Trustee pending maturity or disposition. The Indenture Trustee
shall, at the direction and expense of the Administrator, take such additional
action as is required to maintain the Indenture Trustee's security interest in
the Permitted Investments credited to the Series 2001-1 Yield Supplement
Account. In absence of written direction as provided hereunder, funds on
deposit in the Series 2001-1 Yield Supplement Account shall remain uninvested.

                                      23
<PAGE>

          (c) All interest and earnings (net of losses and investment
expenses) paid on funds on deposit in the Series 2001-1 Yield Supplement
Account shall be deemed to be on deposit and available for distribution.

          (d) If there is a Series 2001-1 Yield Supplement Account Surplus on
any Settlement Date, the Administrator may notify the Indenture Trustee
thereof in writing and request the Indenture Trustee to withdraw from the
Series 2001-1 Yield Supplement Account and deposit in the Series 2001-1
Preferred Member Distribution Account, and the Indenture Trustee shall
withdraw from the Series 2001-1 Yield Supplement Account and deposit in the
Series 2001-1 Preferred Member Distribution Account an amount up to the lesser
of (i) such Series 2001-1 Yield Supplement Account Surplus on such Business
Day and (ii) the Series 2001-1 Yield Supplement Account Amount on such
Business Day.

          (e) Amounts will be withdrawn from the Series 2001-1 Yield
Supplement Account in accordance with Section 5A.4(b).

          (f) In order to secure and provide for the repayment and payment of
the Issuer Obligations with respect to the Series 2001-1 Investor Notes, the
Issuer hereby grants a security interest in and assigns, pledges, grants,
transfers and sets over to the Indenture Trustee, for the benefit of the
Series 2001-1 Investor Noteholders, all of the Issuer's right, title and
interest in and to the following (whether now or hereafter existing or
acquired): (i) the Series 2001-1 Yield Supplement Account, including any
security entitlement thereto; (ii) all funds on deposit therein from time to
time; (iii) all certificates and instruments, if any, representing or
evidencing any or all of the Series 2001-1 Yield Supplement Account or the
funds on deposit therein from time to time; (iv) all investments made at any
time and from time to time with monies in the Series 2001-1 Yield Supplement
Account, whether constituting securities, instruments, general intangibles,
investment property, financial assets or other property; (v) all interest,
dividends, cash, instruments and other property from time to time received,
receivable or otherwise distributed in respect of or in exchange for the
Series 2001-1 Yield Supplement Account, the funds on deposit therein from time
to time or the investments made with such funds; and (vi) all proceeds of any
and all of the foregoing, including, without limitation, cash. The Indenture
Trustee shall possess all right, title and interest in all funds on deposit
from time to time in the Series 2001-1 Yield Supplement Account and in all
proceeds thereof and shall be the only person authorized to originate
entitlement orders in respect of the Series 2001-1 Yield Supplement Account.
The Indenture Trustee and the Series 2001-1 Investor Noteholders shall have no
interest in any amounts withdrawn from the Series 2001-1 Yield Supplement
Account and deposited in the Series 2001-1 Preferred Member Distribution
Account.

          (g) On the first Payment Date after the Series 2001-1 Note
Termination Date on which the sum of (a) the Series 2001-1 Reserve Account
Amount, (b) the Series 2001-1 Yield Supplement Account Amount and (c) the
amount available to be deposited in the Series 2001-1 Preferred Member
Distribution Account in accordance with Section 5A.4(c)(ix) is at least equal
to the aggregate stated liquidation preference of the Series 2001-1 Preferred
Membership Interests and on any Payment Date thereafter, the Indenture
Trustee, acting in accordance with the written instructions of the
Administrator shall withdraw from the Series 2001-1 Yield Supplement Account
all amounts on deposit therein for deposit in the Series 2001-1 Preferred
Member Distribution Account.

                                      24
<PAGE>

          Section 5A.10 Series 2001-1 Distribution Account.

          (a) The Indenture Trustee shall establish and maintain in the name
of the Indenture Trustee for the benefit of the Series 2001-1 Investor
Noteholders an account (the "Series 2001-1 Distribution Account"), bearing a
designation clearly indicating that the funds deposited therein are held for
the benefit of the Series 2001-1 Investor Noteholders. The Series 2001-1
Distribution Account shall be an Eligible Deposit Account; provided that, if
at any time such account is not an Eligible Deposit Account, then the
Indenture Trustee shall, within 30 days of obtaining knowledge of such
reduction, establish a new Series 2001-1 Distribution Account that is an
Eligible Deposit Account. If the Indenture Trustee establishes a new Series
2001-1 Distribution Account, it shall transfer all cash and investments from
the non-qualifying Series 2001-1 Distribution Account into the new Series
2001-1 Distribution Account. Initially, the Series 2001-1 Distribution Account
will be established with The Chase Manhattan Bank.

          (b) In order to secure and provide for the repayment and payment of
the Issuer Obligations with respect to the Series 2001-1 Investor Notes, the
Issuer hereby grants a security interest in and assigns, pledges, grants,
transfers and sets over to the Indenture Trustee, for the benefit of the
Series 2001-1 Investor Noteholders, all of the Issuer's right, title and
interest in and to the following (whether now or hereafter existing or
acquired): (i) the Series 2001-1 Distribution Account, including any security
entitlement thereto; (ii) all funds on deposit therein from time to time;
(iii) all certificates and instruments, if any, representing or evidencing any
or all of the Series 2001-1 Distribution Account or the funds on deposit
therein from time to time; (iv) all interest, dividends, cash, instruments and
other property from time to time received, receivable or otherwise distributed
in respect of or in exchange for the Series 2001-1 Distribution Account, the
funds on deposit therein from time to time; and (v) all proceeds of any and
all of the foregoing, including, without limitation, cash. The Indenture
Trustee shall possess all right, title and interest in all funds on deposit
from time to time in the Series 2001-1 Distribution Account and in all
proceeds thereof and shall be the only person authorized to originate
entitlement orders in respect of the Series 2001-1 Distribution Account.

          Section 5A.11 Lease Rate Caps.

          (a) The Issuer shall have obtained on the Series 2001-1 Closing Date
and shall thereafter maintain one or more interest rate caps, each from a
Series 2001-1 Eligible Counterparty, having, in the aggregate, a notional
amount on the Series 2001-1 Closing Date at least equal to the aggregate Lease
Balance of all Fixed Rate Leases allocated to the Lease SUBI Portfolio as of
the Series 2001-1 Closing Date, plus, in the case of all such Fixed Rate
Leases that are Closed-End Leases, the aggregate Stated Residual Values of the
related Leased Vehicles and on each Payment Date thereafter at least equal to
the aggregate scheduled Lease Balance of all such Fixed Rate Leases as of the
last day of the Monthly Period immediately preceding such Payment Date, plus,
in the case of all such Fixed Rate Leases that are Closed-End Leases, the
aggregate Stated Residual Values of the related Leased Vehicles, and an
effective strike rate based on the eurodollar rate set forth therein in effect
on the dates set forth therein at the most equal to the weighted average fixed
rate of interest on such Fixed Rate Leases minus 0.65% per annum.

                                      25
<PAGE>

          (b) On or prior to the date that any Fixed Rate Lease is allocated
to the Lease SUBI Portfolio on or after the Series 2001-1 Closing Date, the
Issuer shall have obtained and shall thereafter maintain an interest rate cap
from a Series 2001-1 Eligible Counterparty having a notional amount equal to
the initial Lease Balance of such Fixed Rate Lease, plus, in the case of a
Closed-End Lease, the Stated Residual Value of the related Leased Vehicle and
on each Payment Date thereafter at least equal to the scheduled Lease Balance
of such Fixed Rate Lease as of the last day of the Monthly Period immediately
preceding such Payment Date, plus, in the case of a Closed-End Lease, the
Stated Residual Value of the related Leased Vehicle and an effective strike
rate based on the eurodollar rate set forth therein in effect on the dates set
forth therein at the most equal to the fixed rate of interest on such Fixed
Rate Lease minus 0.65% per annum.

          (c) The Issuer may obtain an interest rate cap from a Series 2001-1
Eligible Counterparty in respect of any Fixed Rate Leases allocated to the
Lease SUBI Portfolio that was not a Fixed Rate Lease when initially allocated
to the Lease SUBI Portfolio or on the Series 2001-1 Closing Date having a
notional amount equal to the Lease Balance of such Fixed Rate Lease as of the
last day of the Monthly Period immediately preceding the date as of which such
Lease became a Fixed Rate Lease, plus, in the case of a Closed-End Lease, the
Stated Residual Value of the related Leased Vehicle and on each Payment Date
thereafter at least equal to the scheduled Lease Balance of such Fixed Rate
Lease as of the last day of the Monthly Period immediately preceding such
Payment Date, plus, in the case of a Closed-End Lease, the Stated Residual
Value of the related Leased Vehicle and an effective strike rate based on the
eurodollar rate set forth therein in effect on the dates set forth therein at
the most equal to the fixed rate of interest on such Fixed Rate Lease minus
0.65% per annum. If the Issuer obtains an interest rate cap in respect of any
Fixed Rate Lease satisfying the requirements of this Section 5A.11(c), it
shall maintain such interest rate cap.

          (d) The Issuer shall have obtained on the Series 2001-1 Closing Date
and shall thereafter maintain the Series 2001-1 Required Lease Rate Cap.

          (e) If the short-term credit rating of any provider of an interest
rate cap required to be obtained and maintained by the Issuer pursuant to this
Section 5A.11 falls below A-1 by Standard & Poor's or P-1 by Moody's or the
long-term unsecured credit rating of any such provider falls below A+ by
Standard & Poor's or Aa3 by Moody's, the Issuer shall obtain an equivalent
interest rate cap from a Series 2001-1 Eligible Counterparty within 30 days of
such decline in credit rating unless such provider provides some form of
collateral for its obligations under its interest rate cap and the Rating
Agency Condition is satisfied with respect to such arrangement. The Issuer
will not permit any interest rate cap required to be obtained and maintained
by the Issuer pursuant to this Section 5A.11 to be terminated or transferred
in whole or in part unless a replacement interest rate cap therefor has been
provided as described in the immediately preceding sentence and, after giving
effect thereto, the Issuer has the interest rate caps required to be obtained
and maintained by the Issuer pursuant to this Section 5A.11.

          (f) In order to secure and provide for the repayment and payment of
the Issuer Obligations with respect to the Series 2001-1 Investor Notes, the
Issuer hereby grants a security interest in and assigns, pledges, grants,
transfers and sets over to the Indenture Trustee, for the

                                      26
<PAGE>

benefit of the Series 2001-1 Investor Noteholders, all of the Issuer's right,
title and interest in and to the Series 2001-1 Lease Rate Cap and all proceeds
thereof.

                                 ARTICLE III

                              AMORTIZATION EVENTS

          If any one of the following events shall occur with respect to the
Series 2001-1 Investor Notes:

          (a) the Series 2001-1 Reserve Account shall have become subject to
     an injunction, estoppel or other stay or a Lien (other than a Permitted
     Lien);

          (b) the Series 2001-1 Yield Supplement Account shall have become
     subject to an injunction, estoppel or other stay or a Lien (other than a
     Permitted Lien);

          (c) a Series 2001-1 Liquid Credit Enhancement Deficiency shall occur
     and continue for at least two Business Days;

          (d) a Series 2001-1 Allocated Asset Amount Deficiency shall occur
     and continue for at least two Business Days;

          (e) a Series 2001-1 Yield Supplement Deficiency shall occur and
     continue for at least two Business Days;

          (f) the Three Month Average Charge-Off Ratio with respect to any
     Settlement Date exceeds 1.00%;

          (g) the Three Month Average Paid-In Advance Loss Ratio with respect
     to any Settlement Date exceeds 1.50%;

          (h) the Three Month Average Delinquency Ratio with respect to any
     Settlement Date exceeds 7.00%;

          (i) the failure on the part of the Issuer to declare and pay
     dividends on the Series 2001-1 Senior Preferred Membership Interests or
     the Series 2001-1 Junior Preferred Membership Interests on any Payment
     Date in accordance with their terms;

          (j) any Servicer Termination Event shall occur;

          (k) any Termination Event shall occur;

          (l) an Event of Default with respect to the Series 2001-1 Investor
     Notes shall occur;

          (m) there is at least $10,000,000 on deposit in the Series 2001-1
     Principal Collection Subaccount on two consecutive Settlement Dates
     during the Series 2001-1 Revolving Period;

                                      27
<PAGE>

          (n) an Insolvency Event shall occur with respect to SPV, the
     Origination Trust, Avis, PHH, Cendant or VMS;

          (o) all principal and interest of the Class A-1 Investor Notes is
     not paid in full on or before the Class A-1 Maturity Date or all
     principal and interest of the Class A-2 Investor Notes is not paid in
     full on or before the Class A-2 Maturity Date;

          (p) failure on the part of the Issuer (i) to make any payment or
     deposit required by the terms of the Indenture (or within the applicable
     grace period which shall not exceed two Business Days after the date such
     payment or deposit is required to be made) or (ii) duly to observe or
     perform in any material respect any covenants or agreements of the Issuer
     set forth in the Base Indenture or this Indenture Supplement, which
     failure continues unremedied for a period of 45 days after there shall
     have been given to the Issuer by the Indenture Trustee or the Issuer and
     the Indenture Trustee by the Series 2001-1 Required Investor Noteholders,
     written notice specifying such default and requiring it to be remedied;

          (q) any representation or warranty made by the Issuer in the Base
     Indenture or this Indenture Supplement, or any information required to be
     delivered by the Issuer to the Indenture Trustee shall prove to have been
     incorrect in any material respect when made or when delivered, which
     continues to be incorrect in any material respect for a period of 45 days
     after there shall have been given to the Issuer by the Indenture Trustee
     or the Issuer and the Indenture Trustee by the Series 2001-1 Required
     Investor Noteholders, written notice thereof;

          (r) the Indenture Trustee shall for any reason cease to have a valid
     and perfected first priority security interest in the Collateral or any
     of VMS, the Issuer or any Affiliate of either thereof shall so assert;

          (s) there shall have been filed against Cendant, PHH, VMS, the
     Origination Trust, SPV or the Issuer (i) a notice of federal tax Lien
     from the Internal Revenue Service, (ii) a notice of Lien from the PBGC
     under Section 412(n) of the Internal Revenue Code or Section 302(f) of
     ERISA for a failure to make a required installment or other payment to a
     plan to which either of such sections applies or (iii) a notice of any
     other Lien the existence of which could reasonably be expected to have a
     material adverse effect on the business, operations or financial
     condition of such Person, and, in each case, 40 days shall have elapsed
     without such notice having been effectively withdrawn or such Lien having
     been released or discharged;

          (t) one or more judgments or decrees shall be entered against the
     Issuer involving in the aggregate a liability (not paid or fully covered
     by insurance) of $100,000 or more and such judgments or decrees shall not
     have been vacated, discharged, stayed or bonded pending appeal within 30
     days from the entry thereof; or

          (u) any of the Transaction Documents shall cease, for any reason, to
     be in full force and effect, other than in accordance with its terms;

then, in the case of any event described in clause (p) through (u) above, an
Amortization Event will be deemed to have occurred with respect to the Series
2001-1 Investor Notes only, if after the applicable grace period, either the
Indenture Trustee or Series 2001-1 Investor Noteholders

                                      28
<PAGE>

holding a Majority in Interest of the Series 2001-1 Investor Notes, declare
that an Amortization Event has occurred with respect to the Series 2001-1
Investor Notes. In the case of any event described in clauses (a) through (o)
above, an Amortization Event with respect to the Series 2001-1 Investor Notes
will be deemed to have occurred without notice or other action on the part of
the Indenture Trustee or the Series 2001-1 Investor Noteholders.

                                  ARTICLE IV

                              OPTIONAL PREPAYMENT

          The Issuer shall have the option to prepay the Series 2001-1
Investor Notes in full on any Payment Date after the Payment Date in
March 2003. The Issuer shall give the Indenture Trustee at least ten Business
Days' prior written notice of the Payment Date on which the Issuer intends to
exercise such option to prepay (the "Prepayment Date"). The prepayment price
for the Series 2001-1 Investor Notes shall equal the aggregate outstanding
principal balance of the Series 2001-1 Investor Notes (determined after giving
effect to any payments of principal and interest on such Payment Date), plus
accrued and unpaid interest on such outstanding principal balance. Not later
than 11:00 a.m., New York City time, on such Prepayment Date, the Issuer shall
deposit in the Series 2001-1 Distribution Account an amount equal to the
prepayment price in immediately available funds. The funds deposited into the
Series 2001-1 Distribution Account will be paid by the Indenture Trustee to
the Series 2001-1 Investor Noteholders on such Prepayment Date.

                                  ARTICLE V

                       SERVICING AND ADMINISTRATOR FEES

          Section 5.1 Servicing Fees. A periodic servicing fee (the "Series
2001-1 Basic Servicing Fee") shall be payable to the Servicer on each Payment
Date for the Series 2001-1 Interest Period ending on such Payment Date in an
amount equal to the product of (a) 0.215% per annum (the "Series Servicing Fee
Percentage") times (b) the Series 2001-1 Allocated Adjusted Aggregate Unit
Balance as of the first day of such Series 2001-1 Interest Period times (c)
the number of days in such Series 2001-1 Interest Period divided by 365 (or
366, as applicable) days; provided, however that if VMS is not the Servicer,
the servicing fee payable to the Servicer on each Payment Date hereunder may
be increased such that the sum of the Series 2001-1 Basic Servicing Fee and
the additional servicing fee payable to the Servicer hereunder (the "Series
2001-1 Supplemental Servicing Fee") for each Series 2001-1 Interest Period
equals 110% of the costs to the successor Servicer of servicing the portion of
the Lease SUBI Portfolio allocated to Series 2001-1 during such Series 2001-1
Interest Period. For this purpose, the portion of the Lease SUBI Portfolio
allocated to Series 2001-1 for each Series 2001-1 Interest Period shall equal
the average Series 2001-1 Invested Percentage during such Series 2001-1
Interest Period. The Series 2001-1 Basic Servicing Fee and any Series 2001-1
Supplemental Servicing Fee shall be payable to the Servicer on each Payment
Date pursuant to Section 5A.4(c).

                                      29
<PAGE>

          Section 5.2 Administrator Fee. A periodic fee (the "Series 2001-1
Administrator Fee") shall be payable to the Administrator on each Payment Date
for the Series 2001-1 Interest Period ending on such Payment Date in an amount
equal to the product of (a) 0.01% per annum times (b) the Series 2001-1
Allocated Adjusted Aggregate Unit Balance as of the first day of the
immediately preceding Monthly Period times (c) the number of days in such
Series 2001-1 Interest Period divided by 365 (or 366, as applicable) days. The
Series 2001-1 Administrator Fee shall be payable to the Administrator on each
Payment Date pursuant to Section 5A.4(c)(vii).

                                  ARTICLE VI

                          FORM OF SERIES 2001-1 NOTES

          Section 6.1 Initial Issuance of Series 2001-1 Investor Notes.

          The Series 2001-1 Investor Notes are being offered and sold by the
Issuer in a registered public offering pursuant to an Underwriting Agreement,
dated September _, 2001, among the Issuer, VMS, PHH and J.P. Morgan Securities
Inc., as the representative of the underwriters.

          Section 6.2 Global Notes.

          The Series 2001-1 Investor Notes of each Class will be issued in the
form of one or more Global Notes in fully registered form, without coupons,
substantially in the form set forth in Exhibits A-1 and A-2, registered in the
name of Cede & Co., as nominee of DTC, and deposited with Chase, as custodian
of DTC (collectively, the "Series 2001-1 Global Notes").

          The Series 2001-1 Global Notes shall bear the following legends:

               THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE
          HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE
          DEPOSITORY TRUST COMPANY ("DTC"), A NEW YORK CORPORATION, 55 WATER
          STREET, NEW YORK, NEW YORK 10004, OR A NOMINEE THEREOF. THIS NOTE
          MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED,
          AND NO TRANSFER OF THIS NOTE IN WHOLE OR IN PART MAY BE REGISTERED,
          IN THE NAME OF ANY PERSON OTHER THAN DTC OR A NOMINEE THEREOF,
          EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

               UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
          OF DTC TO THE ISSUER OR THE TRANSFER AGENT AND REGISTRAR, 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 BECAUSE THE REGISTERED OWNER, CEDE & CO., HAS AN
          INTEREST HEREIN.

                                      30
<PAGE>

          Section 6.3 Definitive Notes.

          No Series 2001-1 Note Owner will receive a Definitive Note
representing such Series 2001-1 Note Owner's interest in the Series 2001-1
Investor Notes other than in accordance with Section 2.11 of the Base
Indenture.

                                 ARTICLE VII

                                  INFORMATION

          The Issuer hereby agrees to provide to the Indenture Trustee and
each provider of the Series 2001-1 Required Lease Rate Cap, on each
Determination Date, a Monthly Settlement Statement, substantially in the form
of Exhibit B, setting forth as of the last day of the most recent Monthly
Period and for such Monthly Period the information set forth therein. The
Indenture Trustee shall provide to the Series 2001-1 Investor Noteholders, or
their designated agent, copies of each Monthly Settlement Statement.

                                 ARTICLE VIII

                                 MISCELLANEOUS

          Section 8.1 Ratification of Indenture. As supplemented by this
Indenture Supplement, the Indenture is in all respects ratified and confirmed
and the Indenture as so supplemented by this Indenture Supplement shall be
read, taken and construed as one and the same instrument.

          Section 8.2 Obligations Unaffected. The obligations of the Issuer to
the Series 2001-1 Investor Noteholders under this Indenture Supplement shall
not be affected by reason of any invalidity, illegality or irregularity of any
of the SUBI Certificates, the Sold Units or the Fleet Receivables.

          Section 8.3 Governing Law. THIS INDENTURE SUPPLEMENT SHALL BE
GOVERNED BY, AND 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 8.4 Further Assurances. Each of the Issuer and the Indenture
Trustee agrees, at the Administrator's expense, from time to time, to do and
perform any and all acts and to execute any and all further instruments
required or reasonably requested by the Series 2001-1 Required Investor
Noteholders more fully to effect the purposes of this Indenture Supplement and
the sale of the Series 2001-1 Investor Notes hereunder. The Issuer hereby
authorizes the Indenture Trustee to file any financing statements or similar
documents or notices or continuation statements relating to the Series 2001-1
Collateral under the provisions of the UCC or similar legislation of any
applicable jurisdiction.

                                      31
<PAGE>

          Section 8.5 Exhibits. The following exhibits attached hereto
supplement the exhibits included in the Base Indenture:

          Exhibit A-1:      Form of Class A-1 Note
          Exhibit A-1:      Form of Class A-2 Note
          Exhibit B:        Form of Monthly Settlement Statement
          Exhibit C:        Form of Series 2001-1 Lease Rate Cap

          Section 8.6 No Waiver; Cumulative Remedies. No failure to exercise
and no delay in exercising, on the part of the Indenture Trustee, any right,
remedy, power or privilege hereunder shall operate as a waiver thereof; nor
shall any single or partial exercise of any right, remedy, power or privilege
hereunder preclude any other or further exercise thereof or the exercise of
any other right, remedy, power or privilege. The rights, remedies, powers and
privileges herein provided are cumulative and not exhaustive of any rights,
remedies, powers and privileges provided by law.

          Section 8.7 Amendments. (a) This Indenture Supplement may be amended
in writing from time to time in accordance with the terms of the Base
Indenture.

          (b) No amendment specified in this Indenture Supplement as requiring
satisfaction of the Rating Agency Condition shall be effective until the
Rating Agency Condition is satisfied with respect thereto.

          (c) The Issuer reserves the right, without any consent or other
action of the Series 2001-1 Investor Noteholders, to amend Schedule 1 to the
Base Indenture by (i) deleting "15%" from clause (a)(ii) of the definition of
Excess Longer-Term Lease Amount and substituting in lieu thereof "20%", (ii)
deleting "5%" from clause (b)(ii) of the definition of Excess Longer-Term
Lease Amount and substituting in lieu thereof "7.5%" and (c) deleting "10%"
from clause (ii) of the definition of Excess Residual Value Amount and
substituting in lieu thereof "7.5%".

          Section 8.8 Severability. If any provision hereof is void or
unenforceable in any jurisdiction, such voidness or unenforceability shall not
affect the validity or enforceability of (i) such provision in any other
jurisdiction or (ii) any other provision hereof in such or any other
jurisdiction.

          Section 8.9 Counterparts. This Indenture Supplement may be executed
in any number of counterparts and by the different parties hereto in separate
counterparts, each of which when so executed shall be deemed to be an
original, and all of which taken together shall constitute one and the same
agreement.

          Section 8.10 No Bankruptcy Petition. (a) By acquiring a Series
2001-1 Investor Note or an interest therein, each Series 2001-1 Investor
Noteholder and each Series 2001-1 Investor Note Owner hereby covenants and
agrees that it will not institute against, or join any other Person in
instituting against, the Issuer any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceedings, or other similar proceedings under any
federal or state bankruptcy or similar law.

                                      32
<PAGE>

          (a) By acquiring a Series 2001-1 Investor Note or an interest
therein, each Series 2001-1 Investor Noteholder and each Series 2001-1
Investor Note Owner and the Issuer and the Indenture Trustee hereby covenants
and agrees that, prior to the date which is one year and one day after payment
in full of all obligations under each Securitization, it will not institute
against, or join any other Person in instituting against, the Origination
Trust, SPV, any other Special Purpose Entity, or any general partner or single
member of any Special Purpose Entity that is a partnership or limited
liability company, respectively, any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceeding or other proceedings under any federal or
state bankruptcy or similar law.

          Section 8.11 SUBIs. By acquiring a Series 2001-1 Investor Note or an
interest therein, each Series 2001-1 Investor Noteholder and each Series
2001-1 Investor Note Owner and the Issuer hereby represents, warrants and
covenants that (a) each of the Lease SUBI and the Fleet Receivable SUBI is a
separate series of the Origination Trust as provided in Section 3806(b)(2) of
Chapter 38 of Title 12 of the Delaware Code, 12 Del.C. ss. 3801 et seq.,
(b)(i) the debts, liabilities, obligations and expenses incurred, contracted
for or otherwise existing with respect to the Lease SUBI, the Lease SUBI
Portfolio or the Fleet Receivable SUBI shall be enforceable against the Lease
SUBI Portfolio or the Fleet Receivable SUBI only, as applicable, and not
against any other SUBI Portfolio or the UTI Portfolio and (ii) the debts,
liabilities, obligations and expenses incurred, contracted for or otherwise
existing with respect to any other SUBI (used in this Section as defined in
the Origination Trust Agreement), any other SUBI Portfolio (used in this
Section as defined in the Origination Trust Agreement), the UTI or the UTI
Portfolio shall be enforceable against such other SUBI Portfolio or the UTI
Portfolio only, as applicable, and not against any other SUBI Assets, (c)
except to the extent required by law, UTI Assets or SUBI Assets with respect
to any SUBI (other than the Lease SUBI and the Fleet Receivable SUBI) shall
not be subject to the claims, debts, liabilities, expenses or obligations
arising from or with respect to the Lease SUBI or Fleet Receivable SUBI,
respectively, in respect of such claim, (d)(i) no creditor or holder of a
claim relating to the Lease SUBI, the Fleet Receivable SUBI or the Lease
Receivable SUBI Portfolio shall be entitled to maintain any action against or
recover any assets allocated to the UTI or the UTI Portfolio or any other SUBI
or the assets allocated thereto, and (ii) no creditor or holder of a claim
relating to the UTI, the UTI Portfolio or any SUBI other than the Lease SUBI
or the Fleet Receivable SUBI or any SUBI Assets other than the Lease SUBI
Portfolio or the Fleet Receivables shall be entitled to maintain any action
against or recover any assets allocated to the Lease SUBI or the Fleet
Receivable SUBI, and (e) any purchaser, assignee or pledgee of an interest in
the Lease SUBI, the Lease SUBI Certificate, the Fleet Receivable SUBI, the
Lease SUBI Certificate, the Fleet Receivable SUBI Certificate, any other SUBI,
any other SUBI Certificate (used in this Section as defined in the Origination
Trust Agreement), the UTI or the UTI Certificate must, prior to or
contemporaneously with the grant of any such assignment, pledge or security
interest, (i) give to the Origination Trust a non-petition covenant
substantially similar to that set forth in Section 6.9 of the Origination
Trust Agreement, and (ii) execute an agreement for the benefit of each holder,
assignee or pledgee from time to time of the UTI or UTI Certificate and any
other SUBI or SUBI Certificate to release all claims to the assets of the
Origination Trust allocated to the UTI and each other SUBI Portfolio and in
the event that such release is not given effect, to fully subordinate all
claims it may be deemed to have against the assets of the Origination Trust
allocated to the UTI Portfolio and each other SUBI Portfolio.

                                      33
<PAGE>

          Section 8.12 Notice to Rating Agencies. The Indenture Trustee shall
provide to each Rating Agency a copy of each notice delivered to, or required
to be provided by, the Indenture Trustee pursuant to this Indenture Supplement
or any other Transaction Document.

          Section 8.13 Conflict of Instructions. In the event the Issuer and
the Administrator shall have delivered conflicting instructions to the
Indenture Trustee to take or refrain from taking action hereunder, the
Indenture Trustee shall follow the instructions of the Issuer.

                                      34

<PAGE>

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

                                   GREYHOUND FUNDING, LLC

                                   By: ___________________________
                                        Name:
                                        Title:

                                   THE CHASE MANHATTAN BANK,
                                      as Indenture Trustee

                                   By: ___________________________
                                       Name:
                                       Title:

                                      35
<PAGE>

                                                                EXHIBIT A-1
                                                           TO SERIES 2001-1
                                                       INDENTURE SUPPLEMENT

                    FORM OF GLOBAL CLASS A-1 INVESTOR NOTE

REGISTERED                                                 $______________
No. R-

                      SEE REVERSE FOR CERTAIN CONDITIONS

                                            CUSIP (CINS) NO. [              ]
                                                    ISIN NO. [              ]

          THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST
COMPANY ("DTC"), A NEW YORK CORPORATION, 55 WATER STREET, NEW YORK, NEW YORK
10004, OR A NOMINEE THEREOF. THIS NOTE MAY NOT BE EXCHANGED IN WHOLE OR IN
PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS NOTE IN WHOLE OR IN
PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN DTC OR A NOMINEE
THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

          UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC
TO THE ISSUER OR THE TRANSFER AGENT AND REGISTRAR, 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 BECAUSE THE REGISTERED OWNER, CEDE & CO., HAS AN INTEREST
HEREIN.

          THE PRINCIPAL OF THIS CLASS A-1 INVESTOR NOTE IS PAYABLE IN
INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL
AMOUNT OF THIS CLASS A-1 INVESTOR NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT
SHOWN ON THE FACE HEREOF.

                             GREYHOUND FUNDING LLC

  SERIES 2001-1 FLOATING RATE CALLABLE ASSET BACKED INVESTOR NOTES, CLASS A-1

                                     A-1

<PAGE>

          GREYHOUND FUNDING LLC, a limited liability company formed under the
laws of the State of Delaware (herein referred to as the "Issuer"), for value
received, hereby promises to pay to Cede & Co., or registered assigns, the
principal sum of [ ], which amount shall be payable in the amounts and at the
times set forth in the Indenture described herein, provided, however, that the
entire unpaid principal amount of this Class A-1 Investor Note shall be due on
the Class A-1 Final Maturity Date. However, principal with respect to the
Class A-1 Investor Notes may be paid earlier under certain limited
circumstances described in the Indenture. The Issuer will pay interest on this
Class A-1 Investor Note for each Series 2001-1 Interest Period, in accordance
with the terms of the Indenture, at the Class A-1 Note Rate for such Interest
Period. Each "Series 2001-1 Interest Period" will be a period commencing on
and including a Payment Date and ending on and including the day preceding the
next succeeding Payment Date; provided, however, that the initial Series
2001-1 Interest Period shall commence on and include the Series 2001-1 Closing
Date and end on and include October 8, 2001. Such principal of and interest
on this Class A-1 Investor Note shall be paid in the manner specified on the
reverse hereof and in the Indenture.

          The principal of and interest on this Class A-1 Investor Note are
payable in such coin or currency of the United States of America 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 Class A-1 Investor Note shall
be applied as provided in the Indenture. This Class A-1 Investor Note does not
represent an interest in, or an obligation of, PHH Vehicle Management Services
LLC ("VMS") or any affiliate of VMS other than the Issuer.

          Reference is made to the further provisions of this Class A-1
Investor Note set forth on the reverse hereof, which shall have the same
effect as though fully set forth on the face of this Class A-1 Investor Note.
Although a summary of certain provisions of the Indenture is set forth below
and on the reverse hereof and made a part hereof, this Class A-1 Investor Note
does not purport to summarize the Indenture and reference is made to the
Indenture for information with respect to the interests, rights, benefits,
obligations, proceeds and duties evidenced hereby and the rights, duties and
obligations of the Issuer and the Indenture Trustee. A copy of the Indenture
may be requested from the Indenture Trustee by writing to the Indenture
Trustee at: The Chase Manhattan Bank, 450 West 33rd Street, New York, New
York, 10001, Attention: Capital Markets Fiduciary Services. To the extent not
defined herein, the capitalized terms used herein have the meanings ascribed
to them in the Indenture.

          Unless the certificate of authentication hereon has been executed by
the Indenture Trustee whose name appears below by manual signature, this Class
A-1 Investor 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

<PAGE>

          IN WITNESS WHEREOF, the Issuer has caused this instrument to be
signed, manually or in facsimile, by its Authorized Officer.

Date:  _________, 2001

                                         GREYHOUND FUNDING LLC

                                         By: ___________________________
                                             Name:
                                             Title:

               INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

          This is one of the Class A-1 Investor Notes issued under the
within-mentioned Indenture.

                                         THE CHASE MANHATTAN BANK, as Indenture
                                          Trustee

                                         By:___________________________
                                              Authorized Signatory

                                     A-3
<PAGE>

                     [REVERSE OF CLASS A-1 INVESTOR NOTE]

          This Class A-1 Investor Note is one of a duly authorized issue of
Class A-1 Investor Notes of the Issuer designated its Series 2001-1 Floating
Rate Asset Backed Investor Notes (herein called the "Class A-1 Investor
Notes"), all issued under (i) a Base Indenture dated as of June 30, 1999 (such
Base Indenture, as amended or modified, is herein called the "Base
Indenture"), between the Issuer and The Chase Manhattan Bank, as Indenture
Trustee (the "Indenture Trustee", which term includes any successor Indenture
Trustee under the Base Indenture), and (ii) a Series 2001-1 Indenture
Supplement dated as of September __, 2001 (the "Series 2001-1 Indenture
Supplement") between the Issuer and the Indenture Trustee. The Base Indenture
and the Series 2001-1 Supplement are referred to herein as the "Indenture".
The Class A-1 Investor Notes are subject to all terms of the Indenture. All
terms used in this Class A-1 Investor Note that are defined in the Indenture,
as supplemented, modified or amended, shall have the meanings assigned to them
in or pursuant to the Indenture, as so supplemented, modified or amended.

          The Class A-1 Investor Notes are and will be equally and ratably
secured by the Series 2001-1 Collateral pledged as security therefor as
provided in the Indenture and the Series 2001-1 Indenture Supplement.

          Principal of the Class A-1 Investor Notes will be payable on each
Payment Date specified in and in the amounts described in the Indenture.
"Payment Date" means the 7th day of each month, or if such date is not a
Business Day, the next succeeding Business Day, commencing October 9, 2001.

          The entire unpaid principal amount of this Series 2001-1 Investor
Note shall be due and payable on the Class A-1 Final Maturity Date.
Notwithstanding the foregoing, principal on the Class A-1 Investor Notes will
be paid earlier during the Series 2001-1 Amortization Period as described in
the Indenture. All principal payments on the Class A-1 Investor Notes shall be
made pro rata to the Class A-1 Investor Noteholders entitled thereto.

          The Issuer will have the option to prepay the Series 2001-1 Investor
Notes, in whole but not in part, on any Payment Date after the Payment Date in
March 2003. The prepayment price for the Series 2001-1 Investor Notes will be
equal to the amount set forth in the Indenture.

          Interest will accrue on this Class A-1 Investor Notes for each
Series 2001-1 Interest Period at a rate equal to (i) with respect to the
initial Series 2001-1 Interest Period, ___% per annum and (ii) with respect to
each Series 2001-1 Interest Period thereafter, a rate per annum equal to
One-Month LIBOR for such Series 2001-1 Interest Period plus .__% per annum
(the "Class A-1 Note Rate"). "One-Month LIBOR" means, for each Series 2001-1
Interest Period, the rate per annum determined on the related LIBOR
Determination Date by the Calculation Agent to be the rate for Dollar deposits
having a maturity equal to one month that appears on Telerate Page 3750 at
approximately 11:00 a.m., London time, on such LIBOR Determination Date;
provided, however, that if such rate does not appear on Telerate Page 3750,
One-Month LIBOR will mean, for such 2001-1 Interest Period, the rate per annum
equal to the arithmetic mean (rounded to the nearest
one-one-hundred-thousandth of one percent) of the rates quoted by the
Reference Banks to the Calculation Agent as the rates at which deposits in
Dollars are

                                      A-4
<PAGE>

offered by the Reference Banks at approximately 11:00 a.m., London
time, on the LIBOR Determination Date to prime banks in the London interbank
market for a period equal to one month; provided, further, that if fewer than
two quotations are provided as requested by the Reference Banks, "One-Month
LIBOR" for such Series 2001-1 Interest Period will mean the arithmetic mean
(rounded to the nearest one-one-hundred-thousandth of one percent) of the
rates quoted by major banks in New York, New York selected by the Calculation
Agent, at approximately 10:00 a.m., New York City time, on the first day of
such Series 2001-1 Interest Period for loans in Dollars to leading European
banks for a period equal to one month; provided, finally, that if no such
quotes are provided, "One-Month LIBOR" for such Series 2001-1 Interest Period
will mean One-Month LIBOR as in effect with respect to the preceding Series
2001-1 Interest Period.

          The Issuer shall pay interest on overdue installments of interest at
the Class A-1 Note Rate to the extent lawful.

          As provided in the Indenture, the transfer of this Class A-1
Investor Note may be registered on the Note Register upon surrender of this
Class A-1 Investor Note for registration of transfer at the office or agency
designated by the Issuer pursuant to the Indenture, duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the
Indenture Trustee duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Class A-1 Investor Notes
of authorized denominations in the same aggregate principal amount will be
issued to the designated transferee or transferees. No service charge will be
charged for any registration of transfer or exchange of this Class A-1
Investor 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.

          By acquiring a Class A-1 Investor Note or an interest therein, each
Class A-1 Investor Noteholder and each Class A-1 Investor Note Owner and the
Issuer and the Indenture Trustee hereby covenants and agrees that, prior to
the date which is one year and one day after payment in full of all
obligations under each Securitization, it will not institute against, or join
any other Person in instituting against, the Origination Trust, SPV, any other
Special Purpose Entity, or any general partner or single member of any Special
Purpose Entity that is a partnership or limited liability company,
respectively, any bankruptcy, reorganization, arrangement, insolvency or
liquidation proceeding or other proceedings under any federal or state
bankruptcy or similar law.

          Each Class A-1 Investor Noteholder, by acceptance of a Class A-1
Investor Note or, in the case of a Class A-1 Investor Note Owner, a beneficial
interest in a Class A-1 Investor Note, hereby represents, warrants and
covenants that (a) each of the Lease SUBI and the Fleet Receivable SUBI is a
separate series of the Origination Trust as provided in Section 3806(b)(2) of
Chapter 38 of Title 12 of the Delaware Code, 12 Del.C. ss. 3801 et seq.,
(b)(i) the debts, liabilities, obligations and expenses incurred, contracted
for or otherwise existing with respect to the Lease SUBI, the Lease SUBI
Portfolio or the Fleet Receivable SUBI shall be enforceable against the Lease
SUBI Portfolio or the Fleet Receivable SUBI only, as applicable, and not
against any other SUBI Portfolio or the UTI Portfolio and (ii) the debts,
liabilities, obligations and expenses incurred, contracted for or otherwise
existing with respect to any other SUBI (used

                                      A-5
<PAGE>

in this paragraph as defined in the Origination Trust Agreement), any other SUBI
Portfolio (used in this paragraph as defined in the Origination Trust
Agreement), the UTI or the UTI Portfolio shall be enforceable against such
other SUBI Portfolio or the UTI Portfolio only, as applicable, and not against
any other SUBI Assets, (c) except to the extent required by law, UTI Assets or
SUBI Assets with respect to any SUBI (other than the Lease SUBI and the Fleet
Receivable SUBI) shall not be subject to the claims, debts, liabilities,
expenses or obligations arising from or with respect to the Lease SUBI or
Fleet Receivable SUBI, respectively, in respect of such claim, (d)(i) no
creditor or holder of a claim relating to the Lease SUBI, the Fleet Receivable
SUBI or the Lease SUBI Portfolio shall be entitled to maintain any action
against or recover any assets allocated to the UTI or the UTI Portfolio or any
other SUBI or the assets allocated thereto, and (ii) no creditor or holder of
a claim relating to the UTI, the UTI Portfolio or any SUBI other than the
Lease SUBI or the Fleet Receivable SUBI or any SUBI Assets other than the
Lease SUBI Portfolio or the Fleet Receivables shall be entitled to maintain
any action against or recover any assets allocated to the Lease SUBI or the
Fleet Receivable SUBI, and (e) any purchaser, assignee or pledgee of an
interest in the Lease SUBI, the Lease SUBI Certificate, the Fleet Receivable
SUBI, the Lease SUBI Certificate, the Fleet Receivable SUBI Certificate, any
other SUBI, any other SUBI Certificate (used in this Section as defined in the
Origination Trust Agreement), the UTI or the UTI Certificate must, prior to or
contemporaneously with the grant of any such assignment, pledge or security
interest, (i) give to the Origination Trust a non-petition covenant
substantially similar to that set forth in Section 6.9 of the Origination
Trust Agreement, and (ii) execute an agreement for the benefit of each holder,
assignee or pledgee from time to time of the UTI or UTI Certificate and any
other SUBI or SUBI Certificate to release all claims to the assets of the
Origination Trust allocated to the UTI and each other SUBI Portfolio and in
the event that such release is not given effect, to fully subordinate all
claims it may be deemed to have against the assets of the Origination Trust
allocated to the UTI Portfolio and each other SUBI Portfolio.

          Each Class A-1 Investor Noteholder or Class A-1 Investor Note Owner,
by acceptance of a Class A-1 Investor Note or, in the case of a Class A-1
Investor Note Owner, a beneficial interest in a Class A-1 Investor Note,
covenants and agrees that by accepting the benefits of the Indenture that such
Class A-1 Investor Noteholder or Class A-1 Investor Note Owner will not
institute against, or join with any other Person in instituting against, the
Issuer any bankruptcy, reorganization, arrangement, insolvency or liquidation
proceedings, or other proceedings, under any Federal or state bankruptcy or
similar law.

          It is the intent of the Issuer, each Class A-1 Investor Noteholder
and each Class A-1 Investor Note Owner that, for Federal, state and local
income and franchise tax purposes only, the Class A-1 Investor Notes will
evidence indebtedness of the Issuer secured by the Series 2001-1 Collateral.
Each Class A-1 Investor Noteholder and each Class A-1 Investor Note Owner, by
the acceptance of this Class A-1 Investor Note, agrees to treat this Class A-1
Investor Note for purposes of Federal, state and local income and franchise
taxes and any other tax imposed on or measured by income, as indebtedness of
the Issuer.

          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 Holders of the Series 2001-1 Investor Notes
under the Indenture at any time by the Issuer with the consent of the Holders
of a Majority in Interest of the Series 2001-1 Investor Notes affected by such
amendment or modification. The Indenture also contains provisions permitting

                                     A-6
<PAGE>

the Holders of Series 2001-1 Investor Notes representing specified percentages
of the aggregate outstanding amount of the Series 2001-1 Investor Notes, on
behalf of the Holders of all the Series 2001-1 Investor Notes, 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 Holder of this Class A-1 Investor Note (or any one or more
predecessor Class A-1 Investor Notes) shall be conclusive and binding upon
such Holder and upon all future Holders of this Class A-1 Investor Note and of
any Class A-1 Investor 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 Class A-1 Investor 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 Holders of the Series 2001-1
Investor Notes issued thereunder.

          The term "Issuer" as used in this Class A-1 Investor Note includes
any successor to the Issuer under the Indenture.

          The Class A-1 Investor Notes are issuable only in registered form in
denominations as provided in the Indenture, subject to certain limitations set
forth therein.

          This Class A-1 Investor Note and the Indenture shall be governed by,
and construed in accordance with, the law 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 law.

          No reference herein to the Indenture and no provision of this Class
A-1 Investor Note or of 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 Class A-1 Investor Note at the times, place and rate, and in
the coin or currency herein prescribed.

          Interests in this Global Note may be exchanged for Definitive Notes,
subject to the provisions of the Indenture.

                                     A-7

<PAGE>

                                  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 Class A-1 Investor Note and all rights thereunder, and hereby
irrevocably constitutes and appoints ____________________, attorney, to
transfer said Class A-1 Investor Note on the books kept for registration
thereof, with full power of substitution in the premises.

Dated:__________________            By:_______________________(1)

                                       Signature Guaranteed:

                                       ----------------------------------

                                       ----------------------------------

---------------
(1) NOTE: The signature to this assignment must correspond with the name
    of the registered owner as it appears on the face of the within Class
    A-1 Investor Note, without alteration, enlargement or any change
    whatsoever.

                                     A-8

<PAGE>

                                                             EXHIBIT A-2
                                                        TO SERIES 2001-1
                                                    INDENTURE SUPPLEMENT

                    FORM OF GLOBAL CLASS A-2 INVESTOR NOTE

REGISTERED                                                   $__________
No. R-

                      SEE REVERSE FOR CERTAIN CONDITIONS

                                       CUSIP (CINS) NO. [              ]
                                               ISIN NO. [              ]

          THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST
COMPANY ("DTC"), A NEW YORK CORPORATION, 55 WATER STREET, NEW YORK, NEW YORK
10004, OR A NOMINEE THEREOF. THIS NOTE MAY NOT BE EXCHANGED IN WHOLE OR IN
PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS NOTE IN WHOLE OR IN
PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN DTC OR A NOMINEE
THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

          UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC
TO THE ISSUER OR THE TRANSFER AGENT AND REGISTRAR, 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 BECAUSE THE REGISTERED OWNER, CEDE & CO., HAS AN INTEREST
HEREIN.

          THE PRINCIPAL OF THIS CLASS A-2 INVESTOR NOTE IS PAYABLE IN
INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL
AMOUNT OF THIS CLASS A-2 INVESTOR NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT
SHOWN ON THE FACE HEREOF.

                             GREYHOUND FUNDING LLC

  SERIES 2001-1 FLOATING RATE CALLABLE ASSET BACKED INVESTOR NOTES, CLASS A-2

<PAGE>

          GREYHOUND FUNDING LLC, a limited liability company formed under the
laws of the State of Delaware (herein referred to as the "Issuer"), for value
received, hereby promises to pay to Cede & Co., or registered assigns, the
principal sum of [ ], which amount shall be payable in the amounts and at the
times set forth in the Indenture described herein, provided, however, that the
entire unpaid principal amount of this Class A-2 Investor Note shall be due on
the Class A-2 Final Maturity Date. However, principal with respect to the
Class A-2 Investor Notes may be paid earlier under certain limited
circumstances described in the Indenture. The Issuer will pay interest on this
Class A-2 Note for each Series 2001-1 Interest Period, in accordance with the
terms of the Indenture at the Class A-2 Note Rate for such Interest Period.
Each "Series 2001-1 Interest Period" will be a period commencing on and
including a Payment Date and ending on and including the day preceding the
next succeeding Payment Date; provided, however, that the initial Series
2001-1 Interest Period shall commence on and include the Series 2001-1 Closing
Date and end on and include October 8, 2001. Such principal of and interest
on this Class A-2 Investor Note shall be paid in the manner specified on the
reverse hereof and in the Indenture.

          The principal of and interest on this Class A-2 Investor Note are
payable in such coin or currency of the United States of America 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 Class A-2 Investor Note shall
be applied as provided in the Indenture. This Class A-2 Investor Note does not
represent an interest in, or an obligation of, PHH Vehicle Management Services
LLC ("VMS") or any affiliate of VMS other than the Issuer.

          Reference is made to the further provisions of this Class A-2
Investor Note set forth on the reverse hereof, which shall have the same
effect as though fully set forth on the face of this Class A-2 Investor Note.
Although a summary of certain provisions of the Indenture is set forth below
and on the reverse hereof and made a part hereof, this Class A-2 Investor Note
does not purport to summarize the Indenture and reference is made to the
Indenture for information with respect to the interests, rights, benefits,
obligations, proceeds and duties evidenced hereby and the rights, duties and
obligations of the Issuer and the Indenture Trustee. A copy of the Indenture
may be requested from the Indenture Trustee by writing to the Indenture
Trustee at: The Chase Manhattan Bank, 450 West 33rd Street, New York, New
York, 10001, Attention: Capital Markets Fiduciary Services. To the extent not
defined herein, the capitalized terms used herein have the meanings ascribed
to them in the Indenture.

          Unless the certificate of authentication hereon has been executed by
the Indenture Trustee whose name appears below by manual signature, this Class
A-2 Investor 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-10

<PAGE>

          IN WITNESS WHEREOF, the Issuer has caused this instrument to be
signed, manually or in facsimile, by its Authorized Officer.

Date:

                                     GREYHOUND FUNDING LLC

                                     By: _____________________
                                         Name:
                                         Title:

               INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

                  This is one of the Class A-2 Investor Notes issued under the
within-mentioned Indenture.

                                    THE CHASE MANHATTAN BANK, as Indenture
                                      Trustee

                                    By:___________________________
                                         Authorized Signatory

                                     A-11

<PAGE>

                     [REVERSE OF CLASS A-2 INVESTOR NOTE]

          This Class A-2 Investor Note is one of a duly authorized issue of
Class A-2 Investor Notes of the Issuer designated its Series 2001-1 Floating
Rate Asset Backed Investor Notes (herein called the "Class A-2 Investor
Notes"), all issued under (i) a Base Indenture dated as of June 30, 1999 (such
Base Indenture, as amended or modified, is herein called the "Base
Indenture"), between the Issuer and The Chase Manhattan Bank, as Indenture
Trustee (the "Indenture Trustee", which term includes any successor Indenture
Trustee under the Base Indenture), and (ii) a Series 2001-1 Indenture
Supplement dated as of September _, 2001 (the "Series 2001-1 Indenture
Supplement") between the Issuer and the Indenture Trustee. The Base Indenture
and the Series 2001-1 Supplement are referred to herein as the "Indenture".
The Class A-2 Investor Notes are subject to all terms of the Indenture. All
terms used in this Class A-2 Investor Note that are defined in the Indenture,
as supplemented, modified or amended, shall have the meanings assigned to them
in or pursuant to the Indenture, as so supplemented, modified or amended.

          The Class A-2 Investor Notes are and will be equally and ratably
secured by the Series 2001-1 Collateral pledged as security therefor as
provided in the Indenture and the Series 2001-1 Indenture Supplement.

          Principal of the Class A-2 Investor Notes will be payable on each
Payment Date specified in and in the amounts described in the Indenture.
"Payment Date" means the 7th day of each month, or if such date is not a
Business Day, the next succeeding Business Day, commencing October 9, 2001.

          The entire unpaid principal amount of this Series 2001-1 Investor
Note shall be due and payable on the Class A-2 Final Maturity Date.
Notwithstanding the foregoing, principal on the Class A-2 Investor Notes will
be paid earlier during the Series 2001-1 Amortization Period as described in
the Indenture. All principal payments on the Class A-2 Investor Notes shall be
made pro rata to the Class A-2 Investor Noteholders entitled thereto.

          The Issuer will have the option to prepay the Series 2001-1 Investor
Notes, in whole but not in part, on any Payment Date after the Payment Date in
March 2003. The prepayment price for the Series 2001-1 Investor Notes will be
equal to the amount set forth in the Indenture.

          Interest will accrue on this Class A-2 Investor Notes for each
Series 2001-1 Interest Period at a rate equal to (i) with respect to the
initial Series 2001-1 Interest Period, ___% per annum and (ii) with respect to
each Series 2001-1 Interest Period thereafter, a rate per annum equal to
One-Month LIBOR for such Series 2001-1 Interest Period plus .__% per annum
(the "Class A-2 Note Rate"). "One-Month LIBOR" means, for each Series 2001-1
Interest Period, the rate per annum determined on the related LIBOR
Determination Date by the Calculation Agent to be the rate for Dollar deposits
having a maturity equal to one month that appears on Telerate Page 3750 at
approximately 11:00 a.m., London time, on such LIBOR Determination Date;
provided, however, that if such rate does not appear on Telerate Page 3750,
One-Month LIBOR will mean, for such 2001-1 Interest Period, the rate per annum
equal to the arithmetic mean (rounded to the nearest
one-one-hundred-thousandth of one percent) of the rates quoted by the
Reference Banks to the Calculation Agent as the rates at which deposits in
Dollars are

                                      A-12
<PAGE>

offered by the Reference Banks at approximately 11:00 a.m., London
time, on the LIBOR Determination Date to prime banks in the London interbank
market for a period equal to one month; provided, further, that if fewer than
two quotations are provided as requested by the Reference Banks, "One-Month
LIBOR" for such Series 2001-1 Interest Period will mean the arithmetic mean
(rounded to the nearest one-one-hundred-thousandth of one percent) of the
rates quoted by major banks in New York, New York selected by the Calculation
Agent, at approximately 10:00 a.m., New York City time, on the first day of
such Series 2001-1 Interest Period for loans in Dollars to leading European
banks for a period equal to one month; provided, finally, that if no such
quotes are provided, "One-Month LIBOR" for such Series 2001-1 Interest Period
will mean One-Month LIBOR as in effect with respect to the preceding Series
2001-1 Interest Period.

          The Issuer shall pay interest on overdue installments of interest at
the Class A-2 Note Rate to the extent lawful.

          As provided in the Indenture and subject to certain limitations set
forth therein, the transfer of this Class A-2 Investor Note may be registered
on the Note Register upon surrender of this Class A-2 Investor Note for
registration of transfer at the office or agency designated by the Issuer
pursuant to the Indenture, duly endorsed by, or accompanied by a written
instrument of transfer in form satisfactory to the Indenture Trustee duly
executed by, the Holder hereof or his attorney duly authorized in writing, and
thereupon one or more new Class A-2 Investor Notes of authorized denominations
in the same aggregate principal amount will be issued to the designated
transferee or transferees. No service charge will be charged for any
registration of transfer or exchange of this Class A-2 Investor 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.

          By acquiring a Class A-2 Investor Note or an interest therein, each
Class A-2 Investor Noteholder and each Class A-2 Investor Note Owner and the
Issuer and the Indenture Trustee hereby covenants and agrees that, prior to
the date which is one year and one day after payment in full of all
obligations under each Securitization, it will not institute against, or join
any other Person in instituting against, the Origination Trust, SPV, any other
Special Purpose Entity, or any general partner or single member of any Special
Purpose Entity that is a partnership or limited liability company,
respectively, any bankruptcy, reorganization, arrangement, insolvency or
liquidation proceeding or other proceedings under any federal or state
bankruptcy or similar law.

          Each Class A-2 Investor Noteholder, by acceptance of a Class A-2
Investor Note or, in the case of a Class A-2 Investor Note Owner, a beneficial
interest in a Class A-2 Investor Note, hereby represents, warrants and
covenants that (a) each of the Lease SUBI and the Fleet Receivable SUBI is a
separate series of the Origination Trust as provided in Section 3806(b)(2) of
Chapter 38 of Title 12 of the Delaware Code, 12 Del.C. ss. 3801 et seq.,
(b)(i) the debts, liabilities, obligations and expenses incurred, contracted
for or otherwise existing with respect to the Lease SUBI, the Lease SUBI
Portfolio or the Fleet Receivable SUBI shall be enforceable against the Lease
SUBI Portfolio or the Fleet Receivable SUBI only, as applicable, and not
against any other SUBI Portfolio or the UTI Portfolio and (ii) the debts,
liabilities, obligations and expenses incurred, contracted for or otherwise
existing with respect to any other SUBI (used

                                      A-13
<PAGE>

in this paragraph as defined in the Origination Trust Agreement), any other
SUBI Portfolio (used in this paragraph as defined in the Origination Trust
Agreement), the UTI or the UTI Portfolio shall be enforceable against such
other SUBI Portfolio or the UTI Portfolio only, as applicable, and not against
any other SUBI Assets, (c) except to the extent required by law, UTI Assets or
SUBI Assets with respect to any SUBI (other than the Lease SUBI and the Fleet
Receivable SUBI) shall not be subject to the claims, debts, liabilities,
expenses or obligations arising from or with respect to the Lease SUBI or
Fleet Receivable SUBI, respectively, in respect of such claim, (d)(i) no
creditor or holder of a claim relating to the Lease SUBI, the Fleet Receivable
SUBI or the Lease SUBI Portfolio shall be entitled to maintain any action
against or recover any assets allocated to the UTI or the UTI Portfolio or any
other SUBI or the assets allocated thereto, and (ii) no creditor or holder of
a claim relating to the UTI, the UTI Portfolio or any SUBI other than the
Lease SUBI or the Fleet Receivable SUBI or any SUBI Assets other than the
Lease SUBI Portfolio or the Fleet Receivables shall be entitled to maintain
any action against or recover any assets allocated to the Lease SUBI or the
Fleet Receivable SUBI, and (e) any purchaser, assignee or pledgee of an
interest in the Lease SUBI, the Lease SUBI Certificate, the Fleet Receivable
SUBI, the Lease SUBI Certificate, the Fleet Receivable SUBI Certificate, any
other SUBI, any other SUBI Certificate (used in this Section as defined in the
Origination Trust Agreement), the UTI or the UTI Certificate must, prior to or
contemporaneously with the grant of any such assignment, pledge or security
interest, (i) give to the Origination Trust a non-petition covenant
substantially similar to that set forth in Section 6.9 of the Origination
Trust Agreement, and (ii) execute an agreement for the benefit of each holder,
assignee or pledgee from time to time of the UTI or UTI Certificate and any
other SUBI or SUBI Certificate to release all claims to the assets of the
Origination Trust allocated to the UTI and each other SUBI Portfolio and in
the event that such release is not given effect, to fully subordinate all
claims it may be deemed to have against the assets of the Origination Trust
allocated to the UTI Portfolio and each other SUBI Portfolio.

          Each Class A-2 Investor Noteholder or Class A-2 Investor Note Owner,
by acceptance of a Class A-2 Investor Note or, in the case of a Class A-2
Investor Note Owner, a beneficial interest in a Class A-2 Investor Note,
covenants and agrees that by accepting the benefits of the Indenture that such
Class A-2 Investor Noteholder or Class A-2 Investor Note Owner will not
institute against, or join with any other Person in instituting against, the
Issuer any bankruptcy, reorganization, arrangement, insolvency or liquidation
proceedings, or other proceedings, under any Federal or state bankruptcy or
similar law.

          It is the intent of the Issuer, each Class A-2 Investor Noteholder
and each Class A-2 Investor Note Owner that, for Federal, state and local
income and franchise tax purposes only, the Class A-2 Investor Notes will
evidence indebtedness of the Issuer secured by the Series 2001-1 Collateral.
Each Class A-2 Investor Noteholder and each Class A-2 Investor Note Owner, by
the acceptance of this Class A-2 Investor Note, agrees to treat this Class A-2
Investor Note for purposes of Federal, state and local income and franchise
taxes and any other tax imposed on or measured by income, as indebtedness of
the Issuer.

          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 Holders of the Series 2001-1 Investor Notes
under the Indenture at any time by the Issuer with the consent of the Holders
of a Majority in Interest of the Series 2001-1 Investor Notes affected by such
amendment or modification. The Indenture also contains provisions permitting

                                      A-14
<PAGE>

the Holders of Series 2001-1 Investor Notes representing specified percentages
of the aggregate outstanding amount of the Series 2001-1 Investor Notes, on
behalf of the Holders of all the Series 2001-1 Investor Notes, 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 Holder of this Class A-2 Investor Note (or any one or more
predecessor Class A-2 Investor Notes) shall be conclusive and binding upon
such Holder and upon all future Holders of this Class A-2 Investor Note and of
any Class A-2 Investor 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 Class A-2 Investor 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 Holders of the Series 2001-1
Investor Notes issued thereunder.

          The term "Issuer" as used in this Class A-2 Investor Note includes
any successor to the Issuer under the Indenture.

          The Class A-2 Investor Notes are issuable only in registered form in
denominations as provided in the Indenture, subject to certain limitations set
forth therein.

          This Class A-2 Investor Note and the Indenture shall be
governed by, and construed in accordance with, the law 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 law.

          No reference herein to the Indenture and no provision of this Class
A-2 Investor Note or of 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 Class A-2 Investor Note at the times, place and rate, and in
the coin or currency herein prescribed.

          Interests in this Global Note may be exchanged for Definitive Notes,
subject to the provisions of the Indenture.

                                     A-15

<PAGE>

                                  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 Class A-2 Investor Note and all rights thereunder, and hereby
irrevocably constitutes and appoints ____________________, attorney, to
transfer said Class A-1 Investor Note on the books kept for registration
thereof, with full power of substitution in the premises.

Dated:__________________            By:_______________________(2)

                                       Signature Guaranteed:

                                     ----------------------------------

                                     ----------------------------------

(2)  NOTE: The signature to this assignment must correspond with the name
     of the registered owner as it appears on the face of the within Class
     A-2 Investor Note, without alteration, enlargement or any change
     whatsoever.

                                     A-16Exhibit 10.4

                              D.L. PETERSON TRUST

                         SOLD SUBI SUPPLEMENT 1999-1B
                        TO ORIGINATION TRUST AGREEMENT

                                     among

                              RAVEN FUNDING LLC,
                      as Settlor and Initial Beneficiary

                     PHH VEHICLE MANAGEMENT SERVICES LLC,
                          as UTI Trustee and Servicer

                                      and

                           WILMINGTON TRUST COMPANY,
                     as Delaware Trustee and SUBI Trustee

                           Dated as of June 30, 1999

<PAGE>

                               TABLE OF CONTENTS

                                                                          Page

RECITALS  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  1

PART X DEFINITIONS; THIRD-PARTY BENEFICIARIES  . . . . . . . . . . . . . . . 3
     Section 10.1.  Definitions   . . . . . . . . . . . . . . . . . . . . .  3
     Section 10.2.  Rights in Respect of 1999-1B Sold SUBI    . . . . . . .  3

PART XI CREATION OF THE 1999-1B SOLD SUBI  . . . . . . . . . . . . . . . . . 3
     Section 11.1.  Initial Creation of the 1999-1B Sold SUBI Portfolio and
                       the 1999-1B Sold SUBI   . . . . . . . . . . . . . . . 3
     Section 11.2.  [Reserved.]   . . . . . . . . . . . . . . . . . . . . .  4
     Section 11.3.  Issuance and Form of the 1999-1B Sold SUBI Certificates  4
     Section 11.4.  Filings; Termination of 1999-1B Sold SUBI; Related
                      Matters   . . . . . . . . . . . . . . . . . . . . . .  5
     Section 11.5.  Acceptance by SUBI Trustee  . . . . . . . . . . . . . .  5
     Section 11.6.  Representations and Warranties of SUBI Trustee  . . . .  6
     Section 11.7.  Merger and Consolidation of Origination Trustees  . . .  7

PART XII ORIGINATION TRUST FEES AND EXPENSES . . . . . . . . . . . . . . . . 7
     Section 12.1.  Origination Trust Fees and Expenses   . . . . . . . . .  7

PART XIII ASSIGNMENT OF THE CLASS X 1999-1B SOLD SUBI  . . . . . . . . . . . 7
     Section 13.1.  Assignment  . . . . . . . . . . . . . . . . . . . . . .  7

PART XIV MISCELLANEOUS PROVISIONS  . . . . . . . . . . . . . . . . . . . .   8
     Section 14.1.  Amendment, Etc  . . . . . . . . . . . . . . . . . . . .  8
     Section 14.2.  Control   . . . . . . . . . . . . . . . . . . . . . . .  8
     Section 14.3.  Governing Law   . . . . . . . . . . . . . . . . . . . .  9
     Section 14.4.  Notices   . . . . . . . . . . . . . . . . . . . . . . .  9
     Section 14.5.  Severability of Provisions  . . . . . . . . . . . . . . 10
     Section 14.6.  Effect of 1999-1B Sold SUBI Supplement on Origination
                      Trust Agreement and Transaction Documents   . . . . . 10
     Section 14.7.  Series Liability  . . . . . . . . . . . . . . . . . . . 11
     Section 14.8.  No Petition: Release of Claims  . . . . . . . . . . . . 11

Schedule I     -    Description of SUBI 1991B Assets and Obligors

Exhibit A-1    -    Form of Class X 1999-1B Sold SUBI Certificate
Exhibit 2      -    Form of Class Y 1999-1B Sold SUBI Certificate
Exhibit B      -    Form of Reallocation Notice

                                      -i-

<PAGE>

                         SOLD SUBI SUPPLEMENT 1999-1B
                        TO ORIGINATION TRUST AGREEMENT

          THIS SOLD SUBI SUPPLEMENT 1999-1B TO ORIGINATION TRUST AGREEMENT
(the "Sold SUBI Supplement") is dated and effective as of June 30, 1999,
among RAVEN FUNDING LLC ("SPV" or, in its capacity as settlor, the "Settlor",
or in its capacity as initial beneficiary, the "Initial Beneficiary"), PHH
VEHICLE MANAGEMENT SERVICES LLC, a Delaware limited liability company,
("VMS"), as UTI Trustee (in such capacity, together with any successor or
permitted assign, the "UTI Trustee") and as Servicer (in such capacity,
together with any successor or permitted assign, the "Servicer") and
WILMINGTON TRUST COMPANY, as Delaware Trustee (in such capacity, together
with any successor or permitted assign, the "Delaware Trustee"), and as
trustee with respect to the Sold SUBI (in such capacity, together with any
successor or permitted assign, the "SUBI Trustee"; together with the UTI
Trustee and the Delaware Trustee, the "Origination Trustees").

                                   RECITALS

          A.   The Settlor, the UTI Trustee and the Delaware Trustee have
entered into that certain Amended and Restated Origination Trust Agreement
dated as of June 30, 1999 (as modified, supplemented or amended from time to
time, the "Origination Trust Agreement") pursuant to which the Settlor
continued D.L. Peterson Trust, formerly a Maryland common law trust, as a
Delaware business trust (the "Origination Trust"), for the purpose of acting
as agent and nominee owner of various Trust Assets in accordance with the
Origination Trust Agreement.

          B.   The Origination Trust, the Settlor and VMS, as Servicer, also
have entered into that certain Servicing Agreement dated as of June 30, 1999
(as modified, supplemented or amended from time to time, the "Servicing
Agreement"), which provides, among other things, for the servicing of the
Trust Assets by the Servicer.

          C.   The Origination Trust Agreement contemplates that, from time
to time, the UTI Trustee, on behalf of the Origination Trust and at the
direction of the Initial Beneficiary, will identify and allocate on the
Origination Trust's books and records certain Trust Assets from the Undivided
Trust Interest to separate SUBI Portfolios (as defined in the Origination
Trust Agreement) and create and issue Certificates to the Initial Beneficiary
representing separate special units of beneficial interest in the Origination
Trust or "SUBIs" (as defined in the Origination Trust Agreement), the
beneficiary or beneficiaries of which generally will hold undivided
beneficial interests in the related SUBI Portfolios (as defined in the
Origination Trust Agreement), all as set forth in the Origination Trust
Agreement.

<PAGE>

          D.   The parties hereto desire to supplement the terms of the
Origination Trust Agreement (i) to cause the UTI Trustee to identify and
allocate Trust Assets to a SUBI Portfolio (the "1999-1B Sold SUBI
Portfolio"), and (ii) to create and issue to the Initial Beneficiary a SUBI
Certificate (as defined in the Origination Trust Agreement) (such SUBI
Certificate, together with any replacements thereof, the "Class X 1999-1B
Sold SUBI Certificate"), and a SUBI Certificate (such SUBI Certificate,
together with any replacements thereof, the "Class Y 1999-1B Sold SUBI
Certificate", and together with the Class X 1999-1B Sold SUBI Certificate,
the "1999-1B Sold SUBI Certificates"), that will evidence the entire and
exclusive beneficial interest in the related SUBI (the "1999-1B Sold SUBI"),
and (iii) to set forth the terms and conditions thereof.

          E.   Concurrently herewith, the Initial Beneficiary, the UTI
Trustee, the Servicer, the Delaware Trustee and the SUBI Trustee are entering
into a separate SUBI supplement (the "1999-1A SUBI Supplement") to create and
issue to SPV a separate SUBI Certificate (the "1999-1A SUBI Certificate").
The 1999-1A SUBI Certificate evidences the entire and exclusive ownership
interest in a separate SUBI consisting of Trust Vehicles, Leases and related
Trust Assets.  The 1999-1B Sold SUBI represents the entire and exclusive
ownership interest in the Fleet Receivables and related Trust Assets.

          F.   Concurrently herewith, SPV is transferring all of its right,
title and interest in and to the portion of the 1999-1B Sold SUBI,
represented by the Class X 1999-1B Sold SUBI Certificate, the Class X 1999-1B
Sold SUBI Certificate, the 1999-1A SUBI and the 1999-1A SUBI Certificate to
the Issuer pursuant to the Transfer Agreement.

          G.   Issuer will issue (i) debt securities pursuant to an Indenture
dated as of June 30, 1999 (the "Indenture") between the Issuer and The Chase
Manhattan Bank, as indenture trustee (the "Indenture Trustee"), and (ii)
preferred membership interests in the Issuer pursuant to the LLC Agreement
and will use the proceeds thereof on the date hereof to satisfy certain
claims on the Trust Assets allocated to the 1999-1A Sold SUBI and to make a
distribution to the Initial Beneficiary and thereafter will use the proceeds
thereof to fund the acquisition of subsequent additions to the Trust Assets
allocated to the 1999-1A Sold SUBI.

          H.   Also concurrently herewith, the Origination Trust, the Settlor
and the Servicer are entering into that certain 1999-1 Sold SUBI Supplement
to Servicing Agreement (the "1999-1 Sold SUBI Servicing Supplement") pursuant
to which, among other things, the terms of the Servicing Agreement will be
supplemented insofar as they apply to the Trust Assets allocated to the
1999-1A Sold SUBI and the 1999-1B Sold SUBI, providing for specific servicing
obligations that will benefit the Issuer, as the holder of the Class X
1999-1B Sold SUBI Certificate and the 1999-1A SUBI Certificate and SPV, as
the holder of the Class Y 1999-1B Sold SUBI Certificate and related matters.

                                      -2-

<PAGE>

                                    PART X

                    DEFINITIONS; THIRD-PARTY BENEFICIARIES

          Section 10.1.   Definitions.  For all purposes of this 1999-1B Sold
SUBI Supplement, except as otherwise provided or unless the context otherwise
requires, (a) all capitalized terms used herein which are not defined herein
and which are defined in the Origination Trust Agreement shall have the
meanings attributed to them by the Origination Trust Agreement, (b) all
capitalized terms used herein which are not defined herein or in the
Origination Trust Agreement and which are defined in the Indenture shall have
the meanings attributed to them by the Indenture, (c) all references to words
such as "herein," "hereof" and the like shall refer to this 1999-1B Sold SUBI
Supplement as a whole and not to any particular article or section within
this 1999-1B Sold SUBI Supplement, (d) the term "include" and all variations
thereon shall mean "include without limitation", and (e) the term "or" shall
include "and/or".

          Section 10.2.   Rights in Respect of 1999-1B Sold SUBI.  The holder
and pledgees of the Sold SUBI Certificates (including the SPV, the Issuer and
the Indenture Trustee, on behalf of the Investor Noteholders) and their
respective successors and permitted assigns are third-party beneficiaries of
the Origination Trust Agreement and this 1999-1B Sold SUBI Supplement,
insofar as they apply to the 1999-1B Sold SUBI and said holders or pledgees.
Therefore, to that extent, references in the Origination Trust Agreement and
herein to the ability of any "holder of a SUBI Certificate", "pledgee or
assignee of a SUBI Certificate" or the like to take any action shall be
deemed to refer to, in the case of the Class X 1999-1B Sold SUBI Certificate,
the Issuer acting with the consent or upon the instruction of the Indenture
Trustee during such time as any Investor Note shall remain outstanding and,
if no Investor Notes remain outstanding, shall be deemed to refer to the
Issuer acting in accordance with the LLC Agreement or, in the case of the
Class Y 1999-1B Sold SUBI Certificate, SPV.

                                    PART XI

                       CREATION OF THE 1999-1B SOLD SUBI

          Section 11.1.   Initial Creation of the 1999-1B Sold SUBI Portfolio
and the 1999-1B Sold SUBI.  (a)  Pursuant to Section 4.2(a) of the
Origination Trust Agreement, the Initial Beneficiary hereby directs the UTI
Trustee to identify and allocate or cause to be identified and allocated on
the books and records of the Origination Trust a separate portfolio of SUBI
Assets (the "1999-1B Sold SUBI Portfolio") consisting of an ownership
interest in all Trust Assets consisting of Fleet Receivables, the Trust's
rights under the Receivables Purchase Agreement and all Trust Assets to the
extent related thereto, including, without limitation, the Initial

                                      -3-

<PAGE>

Beneficiary's rights under the Contribution Agreement and the Asset Sale
Agreement related thereto (the "1999-1B Sold SUBI Assets").

          (b)  Also pursuant to Section 4.2(a) of the Origination Trust
Agreement, the UTI Trustee hereby creates a SUBI which shall be known as the
"1999-1B Sold SUBI" and which shall represent an exclusive and specific
beneficial interest solely in the 1999-1B Sold SUBI Portfolio.

          (c)  As required by Section 4.2(d) of the Origination Trust
Agreement, the SPV has appointed Wilmington Trust Company as the SUBI Trustee
for the 1999-1B Sold SUBI and the 1999-1B Sold SUBI Portfolio.

          Section 11.2.   [Reserved.]

          Section 11.3.  Issuance and Form of the 1999-1B Sold SUBI
Certificates.  (a)  The 1999-1B Sold SUBI shall be represented by a Class X
1999-1B Sold SUBI Certificate and a Class Y 1999-1B Sold SUBI Certificate
which, collectively shall represent the entire and exclusive beneficial
interest in the 1999-1B Sold SUBI and the 1999-1B Sold SUBI Portfolio, as
further set forth herein.  The 1999-1B Sold SUBI Certificates shall be
substantially in the form of Exhibit A attached hereto, with such appropriate
insertions, omissions, substitutions and other variations as are required by
this Sold SUBI 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 Initial Beneficiary.  Any portion of the 1999-1B Sold SUBI
Certificates may be set forth on the reverse thereof.  The 1999-1B Sold SUBI
Certificates shall be printed, lithographed, typewritten, 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 Initial Beneficiary.

          (b)  As required by Section 4.2(b) of the Origination Trust
Agreement, the 1999-1B Sold SUBI Certificates shall contain an express
written release and subordination of any claim by any holder thereof to any
proceeds or assets of the Origination Trust other than those from time to
time included within the 1999-1B Sold SUBI Portfolio.

          (c)  The Class X 1999-1B Sold SUBI Certificate represents the right
to the Class X 1999-1B Invested Amount and the Class Y 1999-1B Sold SUBI
Certificate represents the right to the Class Y 1999-1B Invested Amount,
after the holder of the Class X 1999-1B Sold SUBI Certificate shall have
received the Class X 1999-1B Invested Amount.  For the purposes of this
1999-1B Sold SUBI Supplement, (i) "Class X 1999-1B Invested Amount" means for
each Monthly Period, an amount equal to the lesser of (x) $80,000,000 and (y)
the Aggregate Receivables Amount as of the close of business on the first day
of such Monthly Period, (ii) "Class Y 1999-1B Invested Amount" means, for any

                                      -4-

<PAGE>

Monthly Period, an amount equal to the excess, if any, of (x) the Aggregate
Receivables Amount as of the close of business on the first day of such
Monthly Period over (y) $80,000,000, and (iii) the "Aggregate Receivables
Amount" as of any date is equal to the sum for all Eligible Receivables held
by the Trust on such date of the amounts owing by the Obligors thereunder as
of such date.  A list identifying the Obligors with respect to the Fleet
Receivables as of June, 24, 1999 is attached hereto as Schedule I.  The UTI
Trustee hereby identifies and allocates as 1999-1B Sold SUBI Assets such
portfolio of SUBI Assets, such SUBI Assets to be identified on the books and
accounts of the Origination Trust as belonging exclusively to the 1999-1B
Sold SUBI Portfolio.

          Section 11.4.   Filings; Termination of 1999-1B Sold SUBI; Related
Matters.  (a)  The Settlor, the UTI Trustee and the SUBI Trustee will
undertake all other and future actions and activities as may be required by
the Servicer to perfect (or evidence) and confirm the foregoing allocations
of 1999-1B SUBI Assets to the 1999-1B Sold SUBI Portfolio, 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 Servicer hereunder or under any of the Transaction Documents
and as are presented to them in final execution form.  The Settlor hereby
irrevocably makes and appoints each of the SUBI Trustee and the Servicer, and
any of their respective officers, employees or agents, as the true and lawful
attorney-in-fact of the Settlor (which appointment is coupled with an
interest and is irrevocable) with power to sign on behalf of the Settlor 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.

          (b)  If all of the 1999-1B Sold SUBI Assets have been liquidated
into cash and all of such cash shall have been distributed in accordance with
the 1999-1 Sold SUBI Servicing Supplement, then at the direction of the
Initial Beneficiary the 1999-1B Sold SUBI shall be terminated and the 1999-1B
Sold SUBI Certificates shall be returned to the SUBI Trustee and canceled
thereby and all 1999-1B Sold SUBI Assets shall be allocated to the UTI.

          Section 11.5.   Acceptance by SUBI Trustee.  The SUBI Trustee shall
have the rights, powers and duties set forth herein and in the Origination
Trust Agreement with respect to the 1999-1B Sold SUBI.  Pursuant to Section
3.1(c) of the Origination Trust Agreement, the SUBI Trustee hereby accepts
its appointment as SUBI Trustee with respect to the 1999-1B Sold SUBI
hereunder and agrees to act as a trustee of the Origination Trust for the
benefit of the holder or holders of each 1999-1B Sold SUBI Certificates in
accordance with the terms of this 1999-1B Sold SUBI Supplement and the
Origination Trust Agreement.  The Class X 1999-1B Sold SUBI Certificate shall
be initially registered in the name of the Issuer and the Class Y 1999-1B

                                      -5-

<PAGE>

Sold SUBI Certificate shall be initially registered in the name of the
Initial Beneficiary.

          Section 11.6.   Representations and Warranties of SUBI Trustee.  The
SUBI Trustee hereby makes the following representations and warranties on
which the Settlor and Initial Beneficiary, each of their permitted assignees
and pledgees, and each pledgee or holder of the 1999-1B Sold SUBI
Certificates may rely:

          (a)  Organization and Good Standing.  The SUBI Trustee is a banking
     corporation, duly organized, validly existing and in good standing under
     the laws of the State of Delaware.

          (b)  Power and Authority.  The SUBI Trustee has full power,
     authority and right to execute, deliver and perform this 1999-1B Sold
     SUBI Supplement and has taken all necessary action to authorize the
     execution, delivery and performance by it of this 1999-1B Sold SUBI
     Supplement.

          (c)  Due Execution.  This 1999-1B Sold SUBI Supplement has been
     duly executed and delivered by the SUBI Trustee, and this 1999-1B Sold
     SUBI Supplement and the Origination Trust Agreement are legal, valid and
     binding instruments enforceable against the SUBI Trustee in accordance
     with their respective terms, except as such enforceability may be
     limited by bankruptcy, insolvency and other similar laws relating to the
     enforcement of creditors' rights generally and to general principles of
     equity.

          (d)  No Conflict.  Neither the execution and delivery of this
     1999-1B Sold SUBI Supplement nor the consummation of the transactions
     herein contemplated, nor compliance with the provisions hereof, will
     conflict with or result in a breach of, or constitute a default (with
     notice or passage of time or both) under any provision of any law,
     governmental rule, regulation, judgment, decree or order of any
     Governmental Authority in the State of Delaware binding on the SUBI
     Trustee or the charter or bylaws of the SUBI Trustee or any provision of
     any mortgage, indenture, contract, agreement or other instrument to
     which the SUBI Trustee is a party or by which it is bound.  No consent,
     approval or authorization of, or filing, registration or qualification
     with, or the giving of notice or the taking of any other action with
     respect to, any Governmental Authority of the State of Delaware is
     required on the part of the SUBI Trustee in connection with the
     execution, delivery and performance by the SUBI Trustee of the
     Origination Trust Agreement, the Servicing Agreement, the 1999-1 Sold
     SUBI Servicing Supplement and this 1999-1B Sold SUBI Supplement.

                                      -6-

<PAGE>

          (e)  Location of Records.  The office where the SUBI Trustee keeps
     its records concerning the transactions contemplated hereby is located
     at 1100 North Market Street, Wilmington, Delaware 19890-0001.

          Section 11.7.   Merger and Consolidation of Origination Trustees.
Each Origination Trustee shall give notice to the Initial Beneficiary, the
Servicer, SPV, the Issuer, and the Indenture Trustee within 30 days after
effecting any merger, consolidation, or other transaction set forth in
Section 6.5 of the Origination Trust Agreement.

                                   PART XII

                      ORIGINATION TRUST FEES AND EXPENSES

          Section 12.1.   Origination Trust Fees and Expenses.
Notwithstanding Sections 5.5, 6.8 or 7.1 or any other provision of the
Origination Trust Agreement, the rights of the Origination Trustees to
receive fees or be indemnified or reimbursed for expenses incurred in
connection with or allocated to the 1999-1B Sold SUBI out of the 1999-1B Sold
SUBI Assets shall be paid by the Servicer pursuant to Section 7.5 of the
1999-1 Sold SUBI Servicing Supplement.

                                   PART XIII

                  ASSIGNMENT OF THE CLASS X 1999-1B SOLD SUBI

          Section 13.1.  Assignment.  The parties to this 1999-1B Sold SUBI
Supplement hereby acknowledge and consent to (i) the transfer, pledge,
assignment by SPV to the Issuer pursuant to the Transfer Agreement of all of
the SPV's right, title and interest in and to the portion of 1999-1B Sold
SUBI, represented by the Class X 1999-1B Sold SUBI Certificate, and the Class
X 1999-1B Sold SUBI Certificate and (ii) the pledge, assignment and grant of
a security interest by the Issuer to the Indenture Trustee for the benefit of
the Investor Noteholders pursuant to the Indenture of all of the Issuer's
right, title and interest in and to the portion of 1999-1B Sold SUBI,
represented by the Class X 1999-1B Sold SUBI Certificate, and the Class X
1999-1B Sold SUBI Certificate.  The parties to this 1999-1B Sold SUBI
Supplement hereby acknowledge and agree that the SPV shall be prohibited from
transferring any of its right, title and interest in and to the portion of
1999-1B Sold SUBI, represented by the Class Y 1999-1B Sold SUBI Certificate,
to any Person.

                                      -7-

<PAGE>

                                   PART XIV

                           MISCELLANEOUS PROVISIONS

          Section 14.1.   Amendment, Etc.  (a)  Notwithstanding Section 9.1 of
the Origination Trust Agreement, the Origination Trust Agreement, as
supplemented by this 1999-1B Sold SUBI Supplement, to the extent that it
deals solely with the 1999-1B Sold SUBI and the 1999-1B Sold SUBI Portfolio,
may be amended only in accordance with this Section 14.1.

          (b)  The Origination Trust Agreement or this 1999-1B Sold SUBI
Supplement may be amended by SPV with the consent of the Origination
Trustees, but without the consent of any other Person, to correct any
inconsistency or cure any ambiguity or errors in the Origination Trust
Agreement or this 1999-1B Sold SUBI Supplement only in a manner which would
have no adverse effect on any holder of 1999-1B Sold SUBI Certificate or any
pledgee or assignee thereof.

          (c)  The Origination Trust Agreement or this 1999-1B Sold SUBI
Supplement may be amended in any respect from time to time by SPV, with the
consent of the Origination Trustees (to the extent adversely affected
thereby), each holder of the 1999-1B Sold SUBI Certificates and each pledgee
or assignee thereof.

          (d)  Prior to the execution of any such amendment or consent, the
Servicer shall furnish at least five (5) Business Days prior written
notification of the substance of such amendment or consent (together with a
copy of the related Opinion of Counsel) to each Rating Agency with respect to
each Series of Investor Notes and each series of Preferred Membership
Interests; provided that the Servicer shall have no obligation to furnish any
such Rating Agency with prior written notice of the substance of any
amendment or consent to the Origination Trust Agreement.  No later than ten
(10) Business Days after the execution of any such amendment or consent, the
Servicer shall furnish a copy of such amendment or consent to each Rating
Agency with respect to each Series of Investor Notes and each series of
Preferred Membership Interests, the Issuer and the Indenture Trustee.

          (e)  Prior to the execution of any amendment to the Origination
Trust Agreement or this 1999-1B Sold SUBI Supplement, the Issuer and the
Indenture Trustee shall be entitled to receive and conclusively rely upon an
Opinion of Counsel stating that the execution of such amendment is authorized
or permitted by the Origination Trust Agreement or this 1999-1B Sold SUBI
Supplement and that all conditions precedent to the execution and delivery of
such amendment have been satisfied.

          Section 14.2.   Control.  The Initial Beneficiary hereby agrees
that, so long as Class X 1999-1B Invested Amount is greater than zero, the
holder of the Class Y 1999-1B Certificate, or its pledgee, shall have no

                                     -8-

<PAGE>

right to control the exercise of all rights, remedies, powers, interests and
privileges in respect of the 1999-1B Sold SUBI Portfolio.

          Section 14.3.   Governing Law.  THIS 1999-1B SOLD SUBI 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 CONFLICTS OF LAWS.

          Section 14.4.   Notices.  The notice provisions of Section 9.3 of
the Origination Trust Agreement shall apply equally to this 1999-1B Sold SUBI
Supplement.  All demands, notices and communications under this 1999-1B Sold
SUBI Supplement or the Origination Trust Agreement shall be in writing and
shall be delivered or mailed by registered or certified first class United
States mail, postage prepaid, return receipt requested; hand delivery;
prepaid courier service; or telecopier, and;

          (i)  if to the SUBI Trustee, addressed to:

          Wilmington Trust Company
          1100 North Market Street
          Wilmington, Delaware 19890-0001
          Attention:      Corporate Trust Administration
                          (at Telecopier No. 302-651-8882)

     or at such other address as shall be designated by such Person to the
     other parties hereto;

          (ii) if to the Initial Beneficiary, addressed to:

          RAVEN FUNDING LLC
          900 Old Country Road
          Garden City, New York 11530
          Attention:      General Counsel
                          (at Telecopier No. (516) 222-3751)

     or at such other address as shall be designed by the holders of the
     1999-1B Sold SUBI Certificates to the other parties hereto; and

          (iii)  if to the Indenture Trustee, addressed to:

          The Chase Manhattan Bank
          450 West 33rd Street, 14th Floor
          New York, New York 10001-2597
          Attention:      Capital Markets Fiduciary Services

                                     -9-

<PAGE>

          (iv) if to the Issuer, addressed to:

          Greyhound Funding, LLC
          900 Old Country Road
          Garden City, New York  11530
          Attention:      General Counsel
                          (at Telecopier No. (516) 222-3751)

     or at such other address as shall be designated by such Person to the
     parties hereto.

          Section 14.5.   Severability of Provisions.  If any one or more of
the covenants, agreements, provisions or terms of this 1999-1B Sold SUBI
Supplement 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 1999-1B Sold
SUBI Supplement and shall in no way affect the validity or enforceability of
the other provisions of this 1999-1B Sold SUBI Supplement or of the 1999-1B
Sold SUBI Certificates or the rights of the holders thereof.  To the extent
permitted by law, the parties hereto waive any provision of law that renders
any provision of this 1999-1B Sold SUBI Supplement invalid or unenforceable
in any respect.

          Section 14.6.   Effect of 1999-1B Sold SUBI Supplement on
Origination Trust Agreement and Transaction Documents.  (a)  Except as
otherwise specifically provided herein: (i) the parties shall continue to be
bound by all provisions of the Origination Trust Agreement; and (ii) the
provisions set forth herein shall operate either as additions to or
modifications of the obligations of the parties under the Origination Trust
Agreement, as the context may require.  In the event of any conflict between
the provisions of this 1999-1B Sold SUBI Supplement and the Origination Trust
Agreement with respect to the 1999-1B Sold SUBI, the provisions of this
1999-1B Sold SUBI Supplement shall prevail.

          (b)  For purposes of determining the parties' obligations under
this Sold SUBI Supplement with respect to the 1999-1B Sold SUBI, general
references in the Origination Trust Agreement to: (i) the SUBI Portfolio
shall be deemed to refer more specifically to the 1999-1B Sold SUBI
Portfolio; (ii) the SUBI Supplement shall be deemed to refer more
specifically to this 1999-1B Sold SUBI Supplement; and (iii) the SUBI
Servicing Agreement Supplement shall be deemed to refer more specifically to
the 1999-1 Sold SUBI Servicing Supplement.

          (c)  Anything contained in the Origination Trust Agreement to the
contrary notwithstanding (including, without limitation, Section 5.5
thereof), no Origination Trustee that is an Affiliate of VMS shall be
entitled to any indemnification out of any 1999-1B Sold SUBI Assets for any

                                     -10-

<PAGE>

matter for which VMS or any Affiliate of VMS shall have indemnified SPV or
shall otherwise be responsible under the Transaction Documents.

          Section 14.7.   Series Liability.  Each party hereto represents,
warrants and covenants (and each holder or pledgee of the 1999-1B Sold SUBI,
by virtue of its acceptance of such Sold SUBI or pledge thereof represents,
warrants and covenants) that (a) the 1999-1B Sold SUBI is a separate series
of the Origination Trust as provided in Section 3806(b)(2) of Chapter 38 of
Title 12 of the Delaware Code, 12 Del. C. Section 3801, et seq., (b)(i) the
debts, liabilities, obligations and expenses incurred, contracted for or
otherwise existing with respect to the 1999-1B Sold SUBI or the 1999-1B Sold
SUBI Portfolio shall be enforceable against the 1999-1B Sold SUBI Portfolio
only, and not against any other SUBI Assets or the UTI Portfolio and (ii) the
debts, liabilities, obligations and expenses incurred, contracted for or
otherwise existing with respect to any other SUBI, any other SUBI Portfolio,
the UTI or the UTI Portfolio shall be enforceable against such other SUBI
Portfolio or the UTI Portfolio only, as applicable, and not against any other
SUBI Assets, (c) except to the extent required by law or specified in the
Origination Trust Agreement or in this 19991-1B Sold SUBI Supplement, UTI
Assets or SUBI Assets with respect to any SUBI (other than the 1999-1B Sold
SUBI) shall not be subject to the claims, debts, liabilities, expenses or
obligations arising from or with respect to the 1999-1B Sold SUBI in respect
of such claim, (d)(i) no creditor or holder of a claim relating to assets
allocated to the 1999-1B Sold SUBI or the 1999-1B Sold SUBI Portfolio shall
be entitled to maintain any action against or recover any assets allocated to
the UTI or the UTI Portfolio or any other SUBI or the assets allocated
thereto, and (ii) no creditor or holder of a claim relating to the UTI, the
UTI Portfolio or any SUBI other than the 1999-1B Sold SUBI or any SUBI Assets
other than the 1999-1B Sold SUBI Portfolio shall be entitled to maintain any
action against or recover any assets allocated to the 1999-1B Sold SUBI, and
(e) any purchaser, assignee or pledgee of an interest in the 1999-1B Sold
SUBI, the 1999-1B Sold SUBI Certificate, any other SUBI, any other SUBI
Certificate, the UTI or the UTI Certificate must, prior to or
contemporaneously with the grant of any such assignment, pledge or security
interest, (i) give to the Origination Trust a non-petition covenant
substantially similar to that set forth in Section 6.9 of the Origination
Trust Agreement, and (ii) execute an agreement for the benefit of each
holder, assignee or pledgee from time to time of the UTI or UTI Certificate
and any other SUBI or SUBI Certificate to release all claims to the assets of
the Origination Trust allocated to the UTI and each other SUBI Portfolio and
in the event that such release is not given effect, to fully subordinate all
claims it may be deemed to have against the assets of the Origination Trust
allocated to the UTI Portfolio and each other SUBI Portfolio.

          Section 14.8.   No Petition; Release of Claims.  With respect to
each Special Purpose Entity, each party hereto (and each holder and pledgee
of the 1999-1B Sold SUBI, by virtue of its acceptance of such SUBI or pledge

                                     -11-

<PAGE>

thereof) agrees that, prior to the date which is one year and one day after
payment in full of all obligations under each Securitization (i) no party
hereto shall authorize such Special Purpose Entity to commence a voluntary
winding-up or other voluntary case or other proceeding seeking liquidation,
reorganization or other relief with respect to such Special Purpose Entity or
its debts under any bankruptcy, insolvency or other similar law now or
hereafter in effect in any jurisdiction or seeking the appointment of an
administrator, a trustee, receiver, liquidator, custodian or other similar
official with respect to such Special Purpose Entity or any substantial part
of its property or to consent to any such relief or to the appointment of or
taking possession by any such official in an involuntary case or other
proceeding commenced against such Special Purpose Entity, or to make a
general assignment for the benefit of any party hereto or any other creditor
of such Special Purpose Entity, and (ii) none of the parties hereto shall
commence or join with any other Person in commencing any proceeding against
such Special Purpose Entity under any bankruptcy, reorganization, liquidation
or insolvency law or statute now or hereafter in effect in any jurisdiction.
Each of the parties hereto agrees that, prior to the date which is one year
and one day after the payment in full of all obligations under each
Securitization, it will not institute against, or join any other Person in
instituting against, any Special Purpose Entity an action in bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings or similar
proceeding under the laws of the United States or any State of the United
States.

                           [SIGNATURES ON NEXT PAGE]

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<PAGE>

               IN WITNESS WHEREOF, the Settlor and the Trustees have caused
this 1999-1B Sold SUBI Supplement to be duly executed by their respective
officers as of the day and year first above written.

                                      RAVEN FUNDING LLC, as Settlor and
                                      Initial Beneficiary

                                      By   /s/ Kevin Sheehan
                                           ---------------------------------
                                           Name:   Kevin Sheehan
                                           Title:  Manager

                                      PHH VEHICLE MANAGEMENT SERVICES LLC,
                                      as UTI Trustee and Servicer

                                      By   /s/ Gerard Kennell
                                           ---------------------------------
                                           Name:   Gerard Kennell
                                           Title:  Senior Vice President

                                      WILMINGTON TRUST COMPANY, not in its
                                      individual capacity but solely as
                                      Delaware Trustee and SUBI Trustee

                                      By   /s/  James P. Lawler
                                           ---------------------------------
                                           Name:   James P. Lawler
                                           Title:  Vice President

                                     -13-

<PAGE>

                                                                EXHIBIT A-1 TO
                                                  1999-1B SOLD SUBI SUPPLEMENT

                 FORM OF CLASS X 1999-1B SOLD SUBI CERTIFICATE

                              D.L. PETERSON TRUST

    CLASS X 1999-1B SOLD SPECIAL UNIT OF BENEFICIAL INTEREST CERTIFICATE

     (This Certificate does not represent an obligation of, or an interest
     in, PHH Vehicle Management Services LLC or any of its affiliates (other
     than the Origination Trust (as defined below))).

Number-1

          THIS CERTIFIES THAT GREYHOUND FUNDING LLC is the registered owner
of a 100% nonassessable, fully-paid, exclusive beneficial interest in the
Class X 1999-1B Invested of Amount of the 1999-1B Sold SUBI Portfolio (such
interest, a "1999-1B Sold SUBI Interest"), of D.L. Peterson Trust, a Delaware
business trust (the "Origination Trust"), formed by Raven Funding LLC, as
settlor ("SPV" or, in its capacity as settlor thereunder, and, together with
any successor or assign, the "Settlor"), PHH Vehicle Management Services LLC,
as UTI Trustee (the "UTI Trustee") and Servicer, and Wilmington Trust
Company, as Delaware trustee (the "Delaware Trustee").  The Origination Trust
was created pursuant to the Amended and Restated Origination Trust Agreement
dated as of June 30, 1999 (as modified, supplemented, or amended from time to
time, the "Origination Trust Agreement"), among SPV as the Settlor and as the
sole initial beneficiary (in such capacity, and, together with any successor
or permitted assign, the "Initial Beneficiary"), the UTI Trustee and the
Delaware Trustee, as supplemented for purposes hereof by that certain 1999-1B
Sold SUBI Supplement to the Origination Trust Agreement dated as of June 30,
1999 (the "1999-1B Sold SUBI Supplement") among the Settlor, the Initial
Beneficiary, the UTI Trustee, the Delaware Trustee and Wilmington Trust
Company, as the SUBI Trustee.  To the extent not otherwise defined herein,
the capitalized terms herein have the meanings set forth in the Agreement.

          This Certificate is the duly authorized certificate issued under
the Agreement and the 1999-1B Sold SUBI Supplement dated even date herewith,
and designated as "D.L. Peterson Trust Class X 1999-1B Sold Special Unit of
Beneficial Interest Certificate" (the "Class X 1999-1B Sold SUBI
Certificate").  This Class X 1999-1B Sold SUBI Certificate is issued under
and is subject to the terms, provisions and conditions of the Agreement, to
which Agreement the holder of this Class X 1999-1B Sold SUBI Certificate by
virtue of the acceptance hereof assents and by which such holder is bound.
Also to be issued under the Agreement are various other series of
Certificates, the first designated as "D.L. Peterson Trust Undivided Trust
Interest Certificates" (the "Undivided Trust Interest Certificates"), and the

<PAGE>

others each designated as "D.L. Peterson Trust Special Unit of Beneficial
Interest Certificates" (the "SUBI Certificates" and, together with the
Undivided Trust Interest Certificates, the "Certificates").  The Undivided
Trust Interest Certificates, taken together, evidence an exclusive, undivided
interest in the assets of the Origination Trust, other than SUBI Assets (each
as defined in the Agreement); each other series of SUBI Certificates, taken
together, will evidence an exclusive undivided interest in a separate SUBI
Portfolio other than the 1999-1B Sold SUBI Portfolio.  This Certificate
constitutes a "Security" as such term is defined in the New York Uniform
Commercial Code and the Delaware Uniform Commercial Code.

          The Certificates do not represent an obligation of, or an interest
in, the Settlor, any Trustee or any of their respective affiliates (other
than the Origination Trust).  A copy of the Agreement may be examined during
normal business hours at the principal office of the Settlor or any Trustee,
and at such other places, if any, designated by the Settlor or any Trustee,
by the holder hereof upon request.

          By accepting this Certificate, the holder hereof releases (or fully
subordinates, but only to the extent such release is not given effect) any
claim in respect of this Certificate to any proceeds or assets of the
Origination Trust and to all of the assets of the Origination Trust other
than those from time to time included within the 1999-1B Sold SUBI Portfolio
(the "1999-1B Sold SUBI Assets") and those proceeds or assets derived from or
earned by the 1999-1B Sold SUBI Assets.

          Prior to due presentation of this Certificate for registration of a
permitted transfer, the Origination Trustee, the certificate registrar and
any of their respective agents may treat the person or entity in whose name
this Certificate is registered as the owner hereof for the purpose of
receiving distributions and for all other purposes, and, except as provided
for in the Agreement, neither the Origination Trustee, the certificate
registrar nor any such agent shall be affected by any notice to the contrary.

          The holder of this Certificate covenants and agrees that prior to
the date which is one year and one day after the date upon which all
obligations under each Securitization have been paid in full, it will not
institute against, or join any other Person in instituting against, the
Origination Trust, the Initial Beneficiary, any Special Purpose Entity, or
any general partner of any Special Purpose Entity that is a partnership, any
bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding
or other proceedings under any federal or state bankruptcy or similar law.

          No bankruptcy, reorganization arrangement, insolvency or
liquidation proceeding or other proceedings under any federal or state
bankruptcy, insolvency or similar law shall be instituted by the Origination
Trust without the unanimous consent of all Trustees and Certificateholders

                                     -2-

<PAGE>

hereunder.  A SUBI Trustee shall not so consent unless directed to do so by
the holder of the applicable SUBI and any assignee or pledgee thereof, and
the Delaware Trustee shall not so consent unless directed to do so by all of
the Certificateholders.

          Unless this Certificate shall have been authenticated by an
authorized officer of the Delaware Trustee, by manual signature, this
Certificate shall not entitle the holder hereof to any benefit under the
Agreement or be valid for any purpose.

                                     -3-

<PAGE>

               IN WITNESS WHEREOF, the Delaware Trustee and the SUBI Trustee
on behalf of the Origination Trust and not in their individual capacities
have caused this Class X 1999-1B Sold SUBI Certificate to be duly executed.

Dated:  June 30, 1999

                                      D.L. PETERSON TRUST

                                      By:  WILMINGTON TRUST COMPANY, not
                                           in its individual capacity but
                                           solely as Delaware Trustee

                                      By:
                                         ---------------------------------
                                                 Authorized Officer

                                     -4-

<PAGE>

                    TRUSTEE'S CERTIFICATE OF AUTHENTICATION

This is the Class X 1999-1B Sold SUBI Certificate referred to in the

within-mentioned 1999-1B Sold SUBI Supplement.

Dated:  June 30, 1999

                                      WILMINGTON TRUST COMPANY, not in its
                                      individual capacity but solely as
                                      Delaware Trustee

                                      By:
                                         ---------------------------------
                                                Authorized Officer

                                     -5-

<PAGE>

                                                                EXHIBIT A-2 TO
                                                  1999-1B SOLD SUBI SUPPLEMENT

                 FORM OF CLASS Y 1999-1B SOLD SUBI CERTIFICATE

                              D.L. PETERSON TRUST

     CLASS Y 1999-1B SOLD SPECIAL UNIT OF BENEFICIAL INTEREST CERTIFICATE

     (This Certificate does not represent an obligation of, or an interest
     in, PHH Vehicle Management Services LLC or any of its affiliates (other
     than the Origination Trust (as defined below))).

Number-1

          THIS CERTIFIES THAT RAVEN FUNDING LLC is the registered owner of a
100% non-assessable, fully-paid, exclusive undivided beneficial interest in
the Class Y 1999-1B Invested Amount of the 1999-1B Sold SUBI Portfolio (such
interest, a "1999-1B Sold SUBI Interest"), of D.L. Peterson Trust, a Delaware
business trust (the "Origination Trust"), formed by RAVEN FUNDING LLC, as
settlor ("SPV" or, in its capacity as settlor thereunder, and, together with
any successor or assign, the "Settlor"), PHH Vehicle Management Services, as
UTI Trustee (the "UTI Trustee") and Servicer, and Wilmington Trust Company,
as Delaware trustee (the "Delaware Trustee").  The Origination Trust was
created pursuant to an Amended and Restated Origination Trust Agreement dated
as of June 30, 1999 (as modified, supplemented, or amended from time to time,
the "Origination Trust Agreement"), among SPV as the Settlor and as the sole
initial beneficiary (in such capacity, and, together with any successor or
permitted assign, the "Initial Beneficiary"), the UTI Trustee and the
Delaware Trustee, as supplemented for purposes hereof by that certain 1999-1B
Sold SUBI Supplement to the Origination Trust Agreement dated as of
June 30, 1999 (the "1999-1B Sold SUBI Supplement") among the Settlor, the
Initial Beneficiary, the UTI Trustee, the Delaware Trustee and Wilmington
Trust Company, as the SUBI Trustee.  To the extent not otherwise defined
herein, the capitalized terms herein have the meanings set forth in the
Agreement.

          This Certificate is the duly authorized certificate issued under
the Agreement and the 1999-1B Sold SUBI Supplement dated even date herewith,
and designated as "D.L. Peterson Trust Class Y 1999-1B Sold Special Unit of
Beneficial Interest Certificate" (the "Class Y 1999-1B Sold SUBI
Certificate").  This Class Y 1999-1B Sold SUBI Certificate is issued under
and is subject to the terms, provisions and conditions of the Agreement, to
which Agreement the holder of this Class Y 1999-1B Sold SUBI Certificate by
virtue of the acceptance hereof assents and by which such holder is bound.

<PAGE>

Also to be issued under the Agreement are various other series of
Certificates, the first designated as "D.L. Peterson Trust Undivided Trust
Interest Certificates" (the "Undivided Trust Interest Certificates"), and the
others each designated as "D.L. Peterson Trust Special Unit of Beneficial
Interest Certificates" (the "SUBI Certificates" and, together with the
Undivided Trust Interest Certificates, the "Certificates").  The Undivided
Trust Interest Certificates, taken together, evidence an exclusive, undivided
interest in the assets of the Origination Trust, other than SUBI Assets (each
as defined in the Agreement); each other series of SUBI Certificates, taken
together, will evidence an exclusive undivided interest in a separate SUBI
Portfolio other than the Sold SUBI Portfolio.  This Certificate constitutes a
"Security" as such term is defined in the New York Uniform Commercial Code
and the Delaware Commercial Code.

          The Certificates do not represent an obligation of, or an interest
in, the Settlor, any Trustee or any of their respective affiliates (other
than the Origination Trust).  A copy of the Agreement may be examined during
normal business hours at the principal office of the Settlor or any Trustee,
and at such other places, if any, designated by the Settlor or any Trustee,
by the holder hereof upon request.

          By accepting this Certificate, the holder hereof releases (or fully
subordinates, but only to the extent such release is not given effect) any
claim in respect of this Certificate to any proceeds or assets of the
Origination Trust and to all of the assets of the Origination Trust other
than those from time to time included within the 1999-1B Sold SUBI Portfolio
(the "1999-1B Sold SUBI Assets") and those proceeds or assets derived from or
earned by the 1999-1B Sold SUBI Assets.

          The holder of this Certificate covenants and agrees that prior to
the date which is one year and one day after the date upon which all
obligations under each Securitization have been paid in full, it will not
institute against, or join any other Person in instituting against, the
Origination Trust, the Initial Beneficiary, any Special Purpose Entity, or
any general partner of any Special Purpose Entity that is a partnership, any
bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding
or other proceedings under any federal or state bankruptcy or similar law.

          No bankruptcy, reorganization arrangement, insolvency or
liquidation proceeding or other proceedings under any federal or state
bankruptcy, insolvency or similar law shall be instituted by the Origination
Trust without the unanimous consent of all Trustees and Certificateholders
hereunder.  A SUBI Trustee shall not so consent unless directed to do so by
the holder of the applicable SUBI and any assignee or pledge thereof and the
Delaware Trustee shall not so consent unless directed to do so by all of the
Certificateholders.

                                     -2-

<PAGE>

          Unless this Certificate shall have been authenticated by an
authorized officer of the Delaware Trustee, by manual signature, this
Certificate shall not entitle the holder hereof to any benefit under the
Agreement or be valid for any purpose.

                                     -3-

<PAGE>

          IN WITNESS WHEREOF, the Delaware Trustee on behalf of the
Origination Trust and not in its individual capacity has caused this Class Y
1999-1B Sold SUBI Certificate to be duly executed.

Dated:  June 30, 1999

                                      D.L. PETERSON TRUST

                                      By:  WILMINGTON TRUST COMPANY, not in
                                           its individual capacity but solely
                                           as Delaware Trustee

                                           By
                                              ------------------------------
                                                    Authorized Officer

                                     -4-

<PAGE>

                    TRUSTEE'S CERTIFICATE OF AUTHENTICATION

This is the Class Y 1999-1B Sold SUBI Certificate referred to in the

within-mentioned 1999-1B Sold SUBI Supplement.

Dated:  June 30, 1999

                                      WILMINGTON TRUST COMPANY, not in its
                                      individual capacity but solely as
                                      Delaware Trustee

                                      By
                                         ---------------------------------
                                                Authorized Officer

                                     -5-

<PAGE>

                                                                    SCHEDULE I

Description of 1999-1B Sold SUBI Assets and Obligors.

See the computer tape delivered to the UTI Trustee and the Indenture Trustee.

List of Obligors is attached.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00029-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00029-of-00352.parquet"}]]