Document:

Exhibit 4.2

                              GREYHOUND FUNDING LLC,
                                    as Issuer

                                       and

                            THE CHASE MANHATTAN BANK,
                               as Indenture Trustee

                           SUPPLEMENTAL INDENTURE No. 1

                           Dated as of October 28, 1999

                                        to

                                  BASE INDENTURE

                            Dated as of June 30, 1999

                                Asset Backed Notes
                               (Issuable in Series)

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                             TABLE OF CONTENTS

                                                                          Page

        SECTION 1:  CERTAIN DEFINED TERMS; AMENDMENT OF SCHEDULE 1  . .   1
                    SECTION 1.1   Certain Defined Terms . . . . . . . .   1
                    SECTION 1.2   Amendment of Schedule 1 . . . . . . .   1

        SECTION 2:  AMENDMENTS OF BASE INDENTURE  . . . . . . . . . . .   2
                    SECTION 2.1   Amendment to Section 1.4. . . . . . .   2
                    SECTION 2.2   Amendment to Section 2.4. . . . . . .   2
                    SECTION 2.3   Amendment to Section 2.6. . . . . . .   2
                    SECTION 2.4   Amendment to Section 3.2. . . . . . .   2
                    SECTION 2.5   Amendment to Section 3.3. . . . . . .   4
                    SECTION 2.6   Amendment to Section 3.4. . . . . . .   4
                    SECTION 2.7   Amendment to Section 6.1. . . . . . .   4
                    SECTION 2.8   Amendment to Section 7.13 . . . . . .   5
                    SECTION 2.9   Amendment to Section 8.7. . . . . . .   5
                    SECTION 2.10  Amendment to Section 8.2. . . . . . .   5
                    SECTION 2.11  Amendment to Section 8.18.  . . . . .   5
                    SECTION 2.12  Amendment to Section 9.1. . . . . . .   5
                    SECTION 2.13  Amendment to Article 9. . . . . . . .   6
                    SECTION 2.14  Amendment to Section 10.1. . . . . . .  6
                    SECTION 2.15  Amendments to Section 12.2. . . . . .   6

        SECTION 3:  REPRESENTATIONS AND WARRANTIES  . . . . . . . . . .   6
                    SECTION 3.1   Affirmation of Representations
                                  and Warranties. . . . . . . . . . . .   7
                    SECTION 3.2   LLC Agreement and Governmental
                                  Authorization.  . . . . . . . . . . .   7
                    SECTION 3.3   Binding Effect. . . . . . . . . . . .   7
                    SECTION 3.4   No Consent. . . . . . . . . . . . . .   7

        SECTION 4:  CONDITIONS PRECEDENT  . . . . . . . . . . . . . . .   8

        SECTION 5:  MISCELLANEOUS . . . . . . . . . . . . . . . . . . .   9
                    SECTION 5.1   Duplicate Originals. . . . . . . . . .  9
                    SECTION 5.2   Indenture Trustee Consent. . . . . . .  9
                    SECTION 5.3   Ratification and Effect. . . . . . . . 10
                    SECTION 5.4   Severability of Provisions . . . . . . 10
                    SECTION 5.5   Counterparts . . . . . . . . . . . . . 10
                    SECTION 5.6   Table of Contents, Headings, etc . . . 10
                    SECTION 5.7   Choice of Law. . . . . . . . . . . . . 10

                                               i

<PAGE>

          SUPPLEMENTAL INDENTURE No. 1, dated as of October 28, 1999
("Supplemental Indenture"), to BASE INDENTURE, dated as of June 30, 1999,
between GREYHOUND FUNDING LLC, a special purpose, limited liability company
established under the laws of Delaware (the "Issuer"), and THE CHASE
MANHATTAN BANK, a New York banking corporation ("Chase"), as trustee (in such
capacity, the "Indentue Trustee").

                             W I T N E S S E T H:

          WHEREAS, the Issuer and Chase are parties to a Base Indenture,
dated as of June 30, 1999 (the "Base Indenture");

          WHEREAS, the Issuer desires to amend certain terms of the Base
Indenture;

          WHEREAS, the Issuer desires to amend and supplement certain terms
defined in the Definitions List attached as Schedule 1 to the Indenture;

          WHEREAS, the Isser has duly authorized the execution and delivery
of this Supplemental Indenture; and

          WHEREAS, Chase, as Indenture Trustee, is willing to enter into this
Supplemental Indenture;

          NOW, THEREFORE, for and in consideration of the premises, and other
good and valuable consideration the receipt and sufficiency of which are
acknowledged, it is mutually covenanted and agreed, that the Base Indenture
be amended and supplemented as follows:

          SECTION 1:  CERTAIN DEFINED TERMS; AMENDMENT OF SCHEDULE 1

          SECTION 1.1   Certain Defined Terms

          Certain capitalized terms used herein shall have the meanings
assigned to such terms in the amended Definitions List attached hereto as
Schedule 1 (the "Definitions List"), as such Definitions List may be
hereafter further amended or modified from time to time in accordance with
the provisions of the Base Indenture.

          SECTION 1.2   Amendment of Schedule 1

          From and after the date of this Supplemental Indenture, which shall
not be a date prior to the satisfaction of each of the conditions to
effectiveness of this Supplemental Indenture set forth in Section 3 hereof,
any reference in the Indenture or any other Transaction Document to the
"Definitions List" or "Schedule 1 to the Indenture" shall mean Schedule 1 to
this Supplemental Indenture, and any reference to a capitalized term shall

<PAGE>

have the meanings assigned to such term therein, unless the context otherwise
requires.

                    SECTION 2:  AMENDMENTS OF BASE INDENTURE

          Section 2.1  Amendment to Section 1.4.

          Section 1.4 of the Base Indenture is hereby amended by deleting the
word "and" from the end of  Clause (v) thereof, deleting the period at the
end of Clause (v) thereof and substituting in lieu thereof "; and" and adding
the following new Clause (vii):

          "(vii)  any references herein to Notes or Noteholders means
     Investor Notes or Investor Noteholders."

          Section 2.2  Amendment to Section 2.4.

          The third sentence of Section 2.4(a) of the Base Indenture is
hereby amended and restated in its entirety as follows:

     "If any form of Investor Note is issued as a Global Note, the Indenture
     Trustee may, or if and so long as any Series of Investor Notes is listed
     on the Luxembourg Stock Exchange and the rules of such exchange shall so
     require, the Indenture Trustee shall appoint a co-transfer agent and
     co-registrar in Luxembourg or another European city."

          Section 2.3  Amendment to Section 2.6.

          The sixth sentence of Section 2.6(a) of the Base Indenture is
hereby amended and restated in its entirety as follows:

     "If any form of Investor Note is issued as a Global Note, or if and so
     long as any Series of Investor Notes are listed on the Luxembourg Stock
     Exchange and the rules of such exchange shall so require, the Indenture
     Trustee shall appoint a co-paying agent in Luxembourg or another
     European city."

          Section 2.4  Amendment to Section 3.2.

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          Section 3.2 of the Base Indenture is hereby amended and restated in
its entirety as follows:

               "Section 3.2 Transaction Documents.

               (a)  Promptly following a request from the Indenture Trustee
     to do so and at the Administrator's expense, the Issuer agrees to take
     all such lawful action as the Indenture Trustee may request to compel or
     secure the performance and observance by SPV, the Servicer, the
     Administrator, VMS or PHH Consumer Lease or any other party to any of
     the Transaction Documents, as applicable, of each of their respective
     obligations under the Transaction Documents,  in each case in accordance
     with the applicable terms thereof, and to exercise any and all rights,
     remedies, powers and privileges lawfully available to the Issuer to the
     extent and in the manner directed by the Indenture Trustee, including
     the transmission of notices of default thereunder and the institution of
     legal or administrative actions or proceedings to compel or secure
     performance by SPV, the Servicer, the Administrator, VMS or PHH Consumer
     Lease or any other party to any of the Transaction Documents, as
     applicable, of each of their respective obligations under the
     Transaction Documents.  If (i) the Issuer shall have failed, within 30
     days of receiving the direction of the Indenture Trustee, to take
     commercially reasonable action to accomplish such directions of the
     Indenture, (ii) the Issuer refuses to take any such action, or (iii) the
     Indenture Trustee reasonably determines that such action must be taken
     immediately, the Indenture Trustee may take such previously directed
     action and any related action permitted under this Indenture which the
     Indenture Trustee thereafter determines is appropriate (without the need
     under this provision or any other provision under the Indenture to
     direct the Issuer to take such action), on behalf of the Issuer and the
     Investor Noteholders.

               (b)  If an Event of Default has occurred and is continuing
     with respect to any Series of Outstanding Investor Notes, the Indenture
     Trustee may, and, at the direction (which direction shall be in writing)
     of the Holders of a Majority in Interest of such Series of Outstanding
     Investor Notes (or, if an Event of Default with respect to more than one
     Series of Investor Notes has occurred, a Majority in Interest of each
     Series of Investor Notes with respect to which an Event of Default shall
     have occurred) shall exercise all rights, remedies, powers, privileges
     and claims of the Issuer against SPV, the Origination Trust or the
     Servicer under or in connection with the Transfer Agreement and the
     Origination Trust Documents, including the right or power to take any
     action to compel or secure performance or observance by SPV, the
     Origination Trust or the Servicer of each of their respective
     obligations to the Issuer thereunder and to give any consent, request,
     notice, direction, approval, extension or waiver under the Transfer
     Agreement and the Origination Trust Documents, and any right of the
     Issuer to take such action shall be suspended; provided that, if an
     Event of Default has occurred and is continuing with respect to less

                                      -3-

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     than all Series of Outstanding Investor Notes, the Indenture Trustee may
     not take any action hereunder that is detrimental to the rights of the
     Holders of the Investor Notes with respect to which no Event of Default
     shall have occurred.

               (c)  Without derogating from the absolute nature of the
     assignment granted to the Indenture Trustee under this Indenture or the
     rights of the Indenture Trustee hereunder, the Issuer agrees that it
     will not, without the consent of the Holders of a Majority in Interest
     of each Series of Outstanding Investor Notes, (i) amend, modify, waive,
     supplement, terminate or surrender, or agree to any amendment,
     modification, supplement, termination, waiver or surrender of, the terms
     of any of the Issuer Assets, including any of the Transaction Documents
     or (ii) waive timely observance by SPV under the Transfer Agreement or
     the Origination Trust, VMS or the Servicer under the Origination Trust
     Documents.  Upon the occurrence of a Servicer Termination Event, the
     Issuer will not, without the prior written consent of the Indenture
     Trustee or the Holders of a Majority in Interest of each Series of
     Outstanding Notes, terminate the Servicer and appoint a successor
     Servicer in accordance with the Servicing Agreement and will terminate
     the Servicer and appoint a successor Servicer in accordance with the
     Servicing Agreement if so directed by the Indenture Trustee or the
     Holders of a Majority in Interest of each Series of Outstanding Notes."

          Section 2.5  Amendment to Section 3.3.

          Section 3.3 of the Base Indenture is hereby amended by (a) deleting
the reference to "this Section 3.2" in paragraph (a) and inserting in lieu
thereof a reference to "this Section 3.3" and (a) deleting the reference to
"this Section 3.2(b)" in paragraph (b) and inserting in lieu thereof a
reference to "this Section 3.3(b)."

          Section 2.6  Amendment to Section 3.4.

          Section 3.4 of the Base Indenture is hereby amended by deleting the
reference to "Section 3.2(a)" and inserting in lieu thereof a reference to
"Section 3.3(a)."

          Section 2.7  Amendment to Section 6.1.

          Clause (a) of Section 6.1 of the Base Indenture is hereby amended
by adding the following sentence to the end of said Clause:

     "The final payment of any Definitive Note, however, will be made only
     upon presentation and surrender of such Definitive Note at the offices
     or agencies specified in the notice of final distribution with respect

                                      -4-

<PAGE>

     to such Definitive Note on a Payment Date which is a business day in the
     place of presentation."

          Section 2.8  Amendment to Section 7.13.

          Section 7.13 of the Base Indenture is hereby amended by (a)
deleting Clause (a) thereof in its entirety and inserting in lieu thereof the
following new Clause (a):

          "(a) Each of the SUBI Certificates has been duly registered in the
     name of the Issuer, endorsed in blank, and delivered to the Indenture
     Trustee and all other action necessary (including the filing of UCC-1
     financing statements) to protect and perfect the Indenture Trustee's
     security interest in the Collateral now in existence and hereafter
     acquired or created has been duly and effectively taken."

          Section 2.9  Amendment to Section 8.7.

          Section 8.7 of the Base Indenture is hereby amended by deleting
clause (d) in its entirety and changing paragraph "(e)" to paragraph "(d)".

          Section 2.10 Amendment to Section 8.2.

          Section 8.2 of the Base Indenture is hereby amended by adding the
following sentence after the second sentence in such Section as follows:

     "In addition, Definitive Notes will be transferable or exchangeable at
     the offices of any co-transfer agent and co-registrar in Luxembourg
     appointed in accordance with the terms hereof."

          Section 2.11 Amendment to Section 8.18.

          Section 8.18 of the Base Indenture is hereby amended by adding the
following sentence to the end of said Section:

     "The Issuer shall not issue any series of Preferred Membership Interests
     unless, prior to such issuance, each Rating Agency confirms that after
     such issuance the Rating Agency Condition will be met."

          Section 2.12 Amendment to Section 9.1.

          Section 9.1 of the Base Indenture is hereby amended by deleting
Clause (b) thereof and inserting in lieu thereof the following new Clause
(b):

          "(b) default in the payment of the principal of any Investor Note
     of any Series when the same becomes due and payable;"

                                      -5-

<PAGE>

          Section 2.13 Amendment to Article 9.

          Article 9 of the Base Indenture is hereby amended by deleting
Section 9.6 in its entirety and changing Section 9.7 through Section 9.14 to
Section 9.6 through Section 9.13, respectively.

          Section 2.14 Amendment to Section 10.1.

          Section 10.1(c) of the Base Indenture is hereby amended by deleting
the reference to "Section 9.12" and inserting in lieu thereof a reference to
"Section 9.11."

          Section 2.15 Amendments to Section 12.2.

     Section 12.2 of the Base Indenture is hereby amended by (a) deleting the
proviso to the first sentence of said Section and inserting in lieu thereof
the following new proviso:

     "provided that, (a) if such amendment, modification or waiver of or to
     this Indenture, the Indenture Supplement with respect to a Series of
     Investor Notes or any Transaction Document does not affect the
     Noteholders of a particular Series of Investor Notes (as substantiated
     by an Opinion of Counsel to such effect), then the consent of the
     Investor Noteholders of such Series shall not be required to such
     amendment, modification or waiver, (b) if such amendment, modification
     or waiver of or to any Transaction Document does not adversely affect in
     any material respect the Noteholders of any Series of Investor Notes (as
     substantiated by an Opinion of Counsel to such effect), then no consent
     of Investor Noteholders shall be required to such amendment,
     modification or waiver and (c) if such amendment or modification of the
     LLC Agreement relates to the issuance of any series of Junior Preferred
     Membership Interests, then no consent of Investor Noteholders shall be
     required to such amendment or modification so long as the Rating Agency
     Condition is satisfied with respect to such amendment or modification;
     provided further that the Rating Agency Condition is satisfied with
     respect to any such amendment, modification or waiver"; and

     (b)  deleting the reference to "this Section 11.2" in clause (i) of the
second sentence thereof and inserting in lieu thereof a reference to "this
Section 12.2."

                 SECTION 3:  REPRESENTATIONS AND WARRANTIES

          In order to induce the Indenture Trustee to agree to this
Supplemental Indenture, the Issuer hereby represents and warrants, as

                                      -6-

<PAGE>

follows, for the benefit of the Indenture Trustee and the Investor
Noteholders, as of the date hereof.

          Section 3.1  Affirmation of Representations and Warranties.

          Each representation and warranty of the Issuer set forth in the
Base Indenture and in each other Transaction Document to which it is a party,
is true and correct as of the date of this Supplemental Indenture as though
such representation or warranty were being made on and as of the date hereof
and is hereby deemed repeated as though fully set forth herein.

          Section 3.2  LLC Agreement and Governmental Authorization.

          The execution, delivery and performance by the Issuer of this
Supplemental Indenture (a) is within the Issuer's power, has been duly
authorized by all necessary action, (b) requires no action by or in respect
of, or filing with, any governmental body, agency or official which has not
been obtained and (c) does not contravene, or constitute a default under, any
Requirement of Law or any provision of applicable law, its certificate of
formation or the LLC Agreement or of any law or  governmental regulation,
rule, contract, agreement, judgment, injunction, order, decree or other
instrument bindng upon the Issuer or any of the Issuer Assets or result in
the creation or imposition of any Lien on any Issuer Asset except for Liens
created by the Indenture or the other Transaction Documents.  This
Supplemental Indenture has been executed and delivered by a duly authorized
officer of the Issuer.

          Section 3.3  Binding Effect.

          This Supplemental Indenture is a legal, valid and binding
obligation of the Issuer enforceable against the Issuer in accordance with
its terms (except as such enforceability may be limited by bankruptcy,
insolvency, fraudulent conveyance, reorganization, moratorium and other
similar laws affecting creditors' rights generally or by general equitable
principles, whether considered in a proceeding at law or in equity and by an
implied covenant of good faith and fair dealing).

          Section 3.4  No Consent.

          No consent, action by or in respect of, approval or other
authorization of, or registration, declaration or filing with, any
Governmental Authority or other Person is required for the valid execution
and delivery of this Supplemental Indenture or for the performance of any of
the Issuer's obligations hereunder other than such consents, approvals,
authorizations, registrations, declarations or filings as were obtained by
the Issuer prior to the date hereof.

                                      -7-

<PAGE>

                       SECTION 4:  CONDITIONS PRECEDENT

          This Supplemental Indenture shall become effective and shall be
binding on each of the parties hereto upon the satisfaction or due waiver of
each of the following conditions precedent:

     1.   The consent of the Holders of a Majority in Interest of each Series
          of Outstanding Investor Notes shall have been given in respect of
          this Supplemental Indenture and a copy thereof provided to the
          Indenture Trustee.

     2.   The Series 1999-1 Investor Notes shall have been repaid in full and
          the Series 1999-1 Preferred Membership Interests shall have been
          redeemed in full.

     3.   The Indenture Trustee shall have received evidence satisfactory to
          it that each Manager of the Issuer has approved this Supplemental
          Indenture.

     4.   The Indenture Trustee shall have received an Officer's Certificate
          of the Issuer dated as of the date hereof to the effect that (i) no
          Amortization Event, Potential Amortization Event, Event of Default
          or Potential Event of Default is continuing or will occur as a
          result of the execution and delivery of this Supplemental Indenture
          and (ii) the execution and delivery of this Supplemental Indenture
          will not result in any breach of any of the terms, conditions or
          provisions of or constitute a default under any indenture,
          mortgage, deed of trust or other agreement or instrument,
          including, without limitation, any Transaction Document, to which
          the Issuer is a party or by which it or its property is bound or
          any order of any court or administrative agency entered in any
          suit, action or other judicial or administrative proceeding to
          which the Issuer is party or by which it or its property may be
          bound or to which it or its property may be subject.

     5.   The Indenture Trustee shall have received an Opinion of Counsel,
          subject to the assumptions and qualifications stated therein, and
          in a form substantially acceptable to the Indenture Trustee, dated
          the date hereof, substantially to the effect that:

          i.   all conditions precedent provided for in the Base Indenture
               with respect to the execution and delivery of this
               Supplemental Indenture have been complied with in all material
               respects;

          ii.  the Issuer is duly organized under the jurisdiction of its
               formation and has the power and authority to execute and

                                      -8-

<PAGE>

               deliver this Supplemental Indenture, and SPV is duly organized
               under the jurisdiction of its formation and has the power and
               authority to execute and deliver the Amendment to the Transfer
               Agreement (as defined in Clause 6 below);

          iii. this Supplemental Indenture has been duly authorized, executed
               and delivered by the Issuer; and the Amendment to the Transfer
               Agreement has been duly authorized, executed and delivered by
               the Issuer and SPV;

          iv.  the Supplemental Indenture is a legal, valid and binding
               obligation of the Issuer enforceable in accordance with its
               terms, subject to bankruptcy, insolvency, reorganization,
               moratorium and other similar laws affecting creditors' rights
               generally and to general principles of equity;

          v.   the Amendment to the Transfer Agreement is a legal, valid and
               binding obligation of the Issuer and SPV, enforceable in
               accordance with its terms, subject to bankruptcy, insolvency,
               reorganization, moratorium and other similar laws affecting
               creditors' rights generally and to general principles of
               equity; and

          vi.  such other matters as the Indenture Trustee may reasonably
               require;

     6.   The Indenture Trustee shall have received duly executed
          counterparts of the Amendment to the Transfer Agreement, dated as
          of October 28, 1999, between the Issuer and SPV (the "Amendment to
          the Transfer Agreement"), duly executed by the Issuer and SPV; and

     7.   The Indenture Trustee shall have received such other documents,
          instruments, certifications, agreements or other items as the
          Indenture Trustee may reasonably require.

                         SECTION 5:  MISCELLANEOUS

          Section 5.1  Duplicate Originals.

          The parties may sign any number of copies of this Supplemental
Indenture.  One signed copy is enough to prove this Supplemental Indenture.

          Section 5.2  Indenture Trustee Consent.

          By its execution hereof, the Indenture Trustee consents to the
execution and delivery by the Issuer of the Amendment to the Transfer
Agreement.

                                      -9-

<PAGE>

          Section 5.3  Ratification and Effect.

          The Base Indenture, as amended and supplemented by this
Supplemental Indenture No. 1, is in all respects ratified and confirmed,
shall continue to be in full force and effect, and shall be read, taken and
construed as one and the same instrument.

          Section 5.4  Severability of Provisions.

          If any one or more of the covenants, agreements, provisions or
terms of this Supplemental Indenture shall for any reason whatsoever be held
invalid, then such covenants, agreements, provisions or terms shall be deemed
severable from the remaining covenants, agreements, provisions or terms of
this Supplemental Indenture and shall in no way affect the validity of
enforceability of the other provisions of this Supplemental Indenture.

          Section 5.5  Counterparts.

          This Supplemental Indenture may be executed in two or more
counterparts (and by different parties on separate counterparts), each of
which shall be an original, but all of which together shall constitute one
and the same instrument.

          Section 5.6  Table of Contents, Headings, etc..

          The table of contents and headings of the Sections of this
Supplemental Indenture have been inserted for convenience of reference only,
are not to be considered a part hereof, and shall in no way modify or
restrict any of the terms or provisions hereof.

          Section 5.7  Choice of Law.

          THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED AND
INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

                                     -10-

<PAGE>

          IN WITNESS WHEREOF,  the Indenture Trustee and the Issuer have
caused this Supplemental Indenture No. 1 to be duly executed by their
respective duly authorized officers as of the day and year first written
above.

                              GREYHOUND FUNDING LLC,
                                as Issuer

                              By: /s/ Tony Wong
                                 ________________________
                              Name:  Tony Wong
                              Title: Manager

                              THE CHASE MANHATTAN BANK,
                                as Indenture Trustee

                              By: /s/ Jennifer Cupo
                                 ________________________
                              Name:  Jennifer Cupo
                              Title: Vice President

                                                          AMENDED AND RESTATED
                                                                    SCHEDULE 1
                                                                        TO THE
                                                                BASE INDENTURE

                               DEFINITIONS LIST

          "Accrual Period" means the period from and including a Settlement
Date (or, in the case of the initial Accrual Period, October 28, 1999) to but
excluding the succeeding Settlement Date.

          "Additional Assignment" is defined in Section 2.2 of the Transfer
Agreement.

          "Additional Closing Date" is defined in Section 2.3 of the Transfer
Agreement.

          "Additional Equipment Assets" means the Master Lease Agreements,
the Leases arising thereunder and the Leased Vehicles subject to such Leases
and the Related Rights associated therewith transferred to the Origination
Trust pursuant to the Additional Equipment Assets Contribution Agreement and
allocated to the Lease SUBI.

          "Additional Equipment Assets Contribution Agreement" means that
certain Assignment and Assumption Agreement dated as of October 28, 1999,
between SPV and the Origination Trust.

          "Additional Units" means any Unit allocated to the Lease SUBI
Portfolio after the Initial Closing Date.

          "Additional Equipment Assets Assignment and Assumption Agreement"
means that certain Assignment and Assumption Agreement dated as of October
28, 1999, between VMS and SPV.

          "Adjusted Aggregate Unit Balance" means, as of any date of
determination, an amount equal to the sum of (a) the excess of (i) the
Aggregate Lease Balance over (ii) the Aggregate Lease Adjustment Amount as of
such date, (b) 90% of the excess of (i) the Aggregate Residual Value Amount
over (ii) the Excess Residual Value Amount as of such date and (c) 90% of the
excess of (i) the Aggregate Paid-In Advance Balance over (ii) the Excess
Paid-In Advance Amount as of such date.

          "Administration Agreement" means the Administration Agreement,
dated as of the Initial Closing Date, by and among the Administrator, the
Issuer, SPV and the Indenture Trustee, as amended, modified or supplemented
from time to time in accordance with its terms.

<PAGE>

          "Administrator" means VMS or a successor Administrator under the
Administration Agreement.

          "Administrator Fee" is defined in the Administration Agreement.

          "Affiliate" means, with respect to any specified Person, another
Person that directly, or indirectly through one or more intermediaries,
controls or is controlled by or is under common control with the Person
specified. For purposes of this definition, "control" means the power to
direct the management and policies of a Person, directly or indirectly,
whether through ownership of voting securities, by contract or otherwise; and
"controlled" and "controlling" have meanings correlative to the foregoing.

          "Aggregate Invested Amount" means the sum of the Invested Amounts
with respect to all Series of Outstanding Investor Notes.

          "Aggregate Invested Percentage" means, with respect to Collections
for any Monthly Period, the sum of the Invested Percentages for all Series of
Outstanding Notes for such Monthly Period.

          "Aggregate Lease Adjustment Amount" means, as of any date of
determination, an amount equal to the sum of (a) the Overconcentration Amount
as of such date, (b) the Excess Longer-Term Lease Amount as of such date, (c)
the Excess State Obligor Risk Amount as of such date, (d) the Excess Consumer
Lease Amount as of such date and (e) the Excess High Lease Balance Amount as
of such date.

          "Aggregate Lease Balance" means, as of any date of determination
during an Accrual Period, an amount equal to the sum of the Lease Balances of
each Eligible Lease allocated to the Lease SUBI Portfolio as of the last day
of the Monthly Period immediately preceding the first day of such Accrual
Period.

          "Aggregate Net Lease Losses" means, for any Monthly Period, an
amount equal to the excess of the aggregate Lease Balances of all Unit Leases
that became Charged-Off Leases during such Monthly Period over the aggregate
amount of Recoveries received during such Monthly Period.

          "Aggregate Paid-In Advance Balance" means, as of any date of
determination during an Accrual Period, an amount equal to the Cost of each
Eligible Paid-In Advance Vehicle allocated to the Lease SUBI Portfolio as of
the last day of the Monthly Period immediately preceding the first day of
such Accrual Period (or, if any such Eligible Paid-In Advance Vehicle was
allocated to the Lease SUBI Portfolio after the last day of such Monthly
Period, the Cost thereof as of the date such Eligible Paid-In Advance Vehicle
was allocated to the Lease SUBI Portfolio).

                                      -2-

<PAGE>

          "Aggregate Residual Value Amount" means, as of any date of
determination during an Accrual Period, an amount equal to the aggregate for
each Unit Vehicle subject to a  Closed-End Lease allocated to the Lease SUBI
Portfolio as of the last day of the Monthly Period immediately preceding the
first day of such Accrual Period of the lesser of (a) the Stated Residual
Value of such Unit Vehicle and (b) the Net Book Value of such Unit Vehicle as
of such day.

          "Aggregate Unit Balance" means, as of any date of determination, an
amount equal to the sum of (a) the Aggregate Lease Balance, (b) the Aggregate
Paid-In Advance Balance and (c) the Aggregate Residual Value Amount as of
such date.

          "ALG Residual Value" means, with respect to a Leased Vehicle
subject to a Closed-End Lease, an amount equal to the residual percentage of
the manufacturer's suggested retail price of such Leased Vehicle specified in
the ALG Residual Percentage Guide published by Automotive Lease Guide for the
make and model of such Leased Vehicle and the lease term of such Closed-End
Lease.

          "Amortization Commencement Date" means, with respect to a Series of
Investor Notes, the date on which an Amortization Event with respect to such
Series is deemed to have occurred pursuant to the related Indenture
Supplement.

          "Amortization Event" with respect to each Series of Investor Notes,
is defined in the related Indenture Supplement.

          "Amortization Period" means, with respect to any Series of Investor
Notes or any Class within a Series of Investor Notes, the period following
the Revolving Period during which principal is distributed to Investor
Noteholders, which shall be the controlled amortization period, the principal
amortization period, the rapid amortization period, or other amortization
period, in each case as defined with respect to such Series in the related
Indenture Supplement.

          "Annual Investor Noteholders' Tax Statement" is defined in Section
4.4(c) of the Base Indenture.

          "Annual Servicing Report" is defined in Section 4.1(a) of the Base
Indenture.

          "Applicable Gain on Sale Account Percentage" means, on any date of
determination, the highest Series Gain on Sale Account Percentage with
respect to any Series of Investor Notes Outstanding.

                                      -3-

<PAGE>

          "Applicable Law" means all applicable laws, statutes, treaties,
rules, codes, ordinances, regulations, certificates, orders, interpretations,
licenses and permits of any Governmental Authority from time to time in
effect, and judgments, decrees, injunctions, writs, orders or like action of
any court, arbitrator or other administrative, judicial or quasi-judicial
tribunal or agency of competent jurisdiction (including laws specifically
mandating compliance by property owners).

          "Applicants" is defined in Section 2.8 of the Base Indenture.

          "ARAC" means Avis Rent A Car, Inc., a Delaware corporation.

          "ARAC Guaranty" means the Guaranty, dated as of October 28, 1999,
from ARAC pursuant to which ARAC has guaranteed certain of VMS's obligations
under the Origination Trust Servicing Agreement, as the same may be amended,
supplemented or modified from time to time.

          "Asset Deficiency" means, as of any date of determination, the
amount, if any, by which the Required Aggregate Asset Amount as of such date
exceeds the Adjusted Aggregate Unit Balance as of such date.

          "Asset Purchase Agreement" means the Asset Sale Agreement, dated as
of the Initial Closing Date, among VMS, PHH Consumer Lease and SPV, as
amended, modified or supplemented from time to time in accordance with its
terms.

          "Authorized Officer" means (a) as to the Administrator or the
Servicer, any of the President, any Executive Vice President or any Vice
President of the Administrator or the Servicer, as the case may be, (b) as to
the Issuer, any officer (or agent acting pursuant to a power of attorney) of
the Issuer or of any Manager acting on behalf of the Issuer and who is
identified on the list of Authorized Officers delivered by the Manager to the
Indenture Trustee on the Initial Closing Date (as such list may be modified
or supplemented from time to time thereafter) and (c) as to SPV, any officer
(or agent acting pursuant to a power of attorney) of SPV or of any manager of
SPV acting on behalf of SPV and who is identified on the list of Authorized
Officers delivered by SPV to the Indenture Trustee on the Initial Closing
Date (as such list may be modified or supplemented from time to time
thereafter).

          "Bankruptcy Code" means The Bankruptcy Reform Act of 1978, as
amended from time to time, and as codified as 11 U.S.C. Section 101 et seq.

          "Base Indenture" means the Base Indenture, dated as of the Initial
Closing Date, between the Issuer and the Indenture Trustee, as amended,
modified or supplemented from time to time, exclusive of Indenture
Supplements creating new Series of Investor Notes.

                                      -4-

<PAGE>

          "Bearer Notes" is defined in Section 2.1 of the Base Indenture.

          "Bearer Rules" means the provisions of the Internal Revenue Code,
in effect from time to time, governing the treatment of bearer obligations,
including sections 163(f), 871, 881, 1441, 1442 and 4701, and any regulations
thereunder including, to the extent applicable to any Series of Notes,
Proposed or Temporary Regulations.

          "Beneficial Owner" means, with respect to a Book-Entry Note, the
Person who is the beneficial owner of such Book-Entry Note, as may be
reflected on the books of the Clearing Agency, or on the books of a Person
maintaining an account with such Clearing Agency (directly or as an indirect
participant, in accordance with the rules of such Clearing Agency).

          "Book-Entry Notes" means beneficial interests in the Investor
Notes, ownership and transfers of which shall be evidenced or made through
book entries by a Clearing Agency as described in Section 2.10 of the Base
Indenture; provided that after the occurrence of a condition whereupon
book-entry registration and transfer are no longer permitted and Definitive
Notes are issued to the Beneficial Owners, such Definitive Notes shall
replace Book-Entry Notes.

          "Business Day" means any day other than a Saturday, Sunday or other
day on which banks are authorized or required by law to be closed in New
York, Maryland or Delaware.

          "Capitalized Cost" means, with respect to any Leased Vehicle, the
amount identified by the Servicer as the "Capitalized Cost" of such Leased
Vehicle, including, to the extent provided therein, delivery charges, taxes
and any registration or titling fees.

          "Cedel" means Cedel Bank, societe anonyme.

          "Certificated Security" means a "certificated security" within the
meaning of the applicable UCC.

          "Certificate of Title" means, with respect to any Leased Vehicle,
the certificate of title or other evidence of ownership of such Leased
Vehicle duly issued by the government department or agency in the
jurisdiction in which such Leased Vehicle is registered in accordance with
the certificate of title act or statute of the jurisdiction applicable to
such Leased Vehicle or, to the extent that a certificate of title or other
evidence of ownership has not been issued, the application (or copy thereof)
for the foregoing.

          "Charged-Off Lease" means a Lease or Consumer Lease that was or
should have been charged off by the Servicer as uncollectible in accordance

                                      -5-

<PAGE>

with the Policies or as to which a scheduled lease payment thereon is 270 or
more days past due.

          "Charged-Off Receivable" means a Fleet Receivable that was or
should have been charged off by the Servicer as uncollectible in accordance
with the Policies or which is 270 or more days past due.

          "Charge-Off Ratio" means, for any specified Settlement Date, twelve
times the quotient, expressed as a percentage, of (a) Aggregate Net Lease
Losses for the preceding Monthly Period, divided by (b) the Aggregate Lease
Balance as of the last day of the second preceding Monthly Period.

          "Chase" means The Chase Manhattan Bank, a New York banking
corporation.

          "Class" means, with respect to any Series of Notes, any one of the
classes of Notes of that Series as specified in the related Indenture
Supplement.

          "Class X 1999-1B Invested Amount" is defined in the Fleet
Receivable SUBI Supplement.

          "Clearing Agency" means an organization registered as a "clearing
agency" pursuant to Section 17A of the Exchange Act.

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

          "Closed-End Lease" means a lease obligation in respect of a single
vehicle which may arise pursuant to a master lease agreement providing for
the lease of a fleet of vehicles or pursuant to a lease agreement providing
for the lease of a single vehicle that, in each case, allows the lessee
thereunder to return the vehicle subject thereto to the lessor at or prior to
lease termination and obligates the lessee thereunder to pay to the lessor at
lease termination only Incidental Lease Termination Charges.

          "Closing Date" means the Initial Closing Date or any Series Closing
Date.

          "Code" means the Internal Revenue Code of 1986, as amended,
reformed or otherwise modified from time to time, and any successor statute
of similar import, in each case as in effect from time to time. References to
sections of the Code also refer to any successor sections.

                                      -6-

<PAGE>

          "Collateral" is defined in Section 3.1 of the Base Indenture.

          "Collection Account" is defined in Section 5.1 of the Base
Indenture.

          "Collections" means (a) all payments on the Collateral, including,
without limitation, (i) all monthly lease payments and other lease payments
on the Unit Leases, (ii) all proceeds from the sale or other disposition of
Unit Vehicles, including Recoveries, (iii) all insurance proceeds and
warranty payments with respect to Unit Vehicles, (iv) all termination
payments and Incidental Lease Termination Payments received in respect of the
Unit Leases, (v) all other payments in respect of the Unit Leases, (vi) all
payments in respect of the Fleet Receivables and payments by VMS under the
Receivable Purchase Agreement, (vii) all payments by VMS or PHH Consumer
Lease under the Asset Purchase Agreement, (viii) all payments by SPV under
the Transfer Agreement and (ix) all payments in respect of any Hedging
Instruments in the Collateral, whether such payments are in the form of cash,
checks, wire transfers or other forms of payment and (b) all amounts earned
on Permitted Investments of funds in the Collection Account and, to the
extent so specified in an Indenture Supplement, in a Series Account.

          "Common Member" means SPV, as the holder of the Common Membership
Interest.

          "Common Membership Interest" means the Common Membership Interest
issued pursuant to the LLC Agreement.

          "Consumer Lease" means an Open-End Lease or a Closed-End Lease
originated by PHH Consumer Lease, individually or on behalf of the
Origination Trust, that is in all material respects in a form attached to the
Series 1999-1 SUBI Servicing Supplement.

          "Contingent Obligation" as applied to any Person, means any direct
or indirect liability, contingent or otherwise, of that Person (a) with
respect to any indebtedness, lease, dividend, letter of credit or other obli-
gation of another if the primary purpose or intent thereof by the Person
incurring the Contingent Obligation is to provide assurance to the obligee of
such obligation of another that such obligation of another will be paid or
discharged, or that any agreements relating thereto will be complied with, or
that the holders of such obligation will be protected (in whole or in part)
against loss in respect thereof or (b) under any letter of credit issued for
the account of that Person or for which that Person is otherwise liable for
reimbursement thereof.  Contingent Obligation shall include (a) the direct or
indirect guarantee, endorsement (otherwise than for collection or deposit in
the ordinary course of business), co-making, discounting with recourse or
sale with recourse by such Person of the obligation of another and (b) any
liability of such Person for the obligations of another through any agreement

                                      -7-

<PAGE>

(contingent or otherwise) (i) to purchase, repurchase or otherwise acquire
such obligation or any security therefor, or to provide funds for the payment
or discharge of such obligation (whether in the form of loans, advances,
stock purchases, capital contributions or otherwise), (ii) to maintain the
solvency of any balance sheet item, level of income or financial condition of
another or (iii) to make take-or-pay or similar payments if required
regardless of non-performance by any other party or parties to an agreement,
if in the case of any agreement described under subclause (i) or (ii) of this
sentence the primary purpose or intent thereof is as described in the
preceding sentence. The amount of any Contingent Obligation shall be equal to
the amount of the obligation so guaranteed or otherwise supported.

          "Contractual Obligation" means, with respect to any Person, any
provision of any security issued by that Person or of any indenture,
mortgage, deed of trust, contract, undertaking, agreement or other instrument
to which that Person is a party or by which it or any of its properties is
bound or to which it or any of its properties is subject.

          "Control" means (a) with respect to a Security Entitlement, the
Indenture Trustee (i) is identified in the records of the Securities
Intermediary for such Security Entitlement as the person having such Security
Entitlement against such Security Intermediary or (ii) has obtained the
agreement, in writing, of the Securities Intermediary for such Security
Entitlement that it will comply with orders of the Indenture Trustee
regarding the transfer or redemption of such Security Entitlement without
further consent of any other person; or (b) with respect to a United States
Security Entitlement, (i) the Indenture Trustee is a participant in the book
entry system maintained by the Federal Reserve Bank that is acting as a
fiscal agent for the issuer of such United States Security Entitlement and
such Federal Reserve Bank has indicated by book entry that such United States
Securities Entitlement has been credited to the Indenture Trustee's
securities account in such book entry system or (ii) (A) the Indenture
Trustee (x) is identified in the records of the Securities Intermediary for
such United States Security Entitlement as the person having such Security
Entitlement against such Securities Intermediary or (y) has obtained the
agreement, in writing, of the Securities Intermediary for such Security
Entitlement that it will comply with orders of the Indenture Trustee
regarding the transfer or redemption of such Security Entitlement without
further consent of any other person, (B) the Securities Intermediary for such
United States Securities Entitlement is a participant in the book entry
system maintained by the Federal Reserve Bank that is acting as fiscal agent
for the issuer of such United States Securities Entitlement and (C) such
Federal Reserve Bank has indicated by book entry that such United States
Securities Entitlement has been credited to such Securities Intermediary's
securities account in such book entry system.

                                      -8-

<PAGE>

          "Contribution Agreement" means the Contribution Agreement, dated as
of the Initial Closing Date, between SPV and the Origination Trust, as
amended, modified or supplemented from time to time in accordance with its
terms.

          "Controlled Group" means, with respect to any Person, such Person,
whether or not incorporated, and any corporation, trade or business that is,
along with such Person, a member of a controlled group of corporations or a
controlled group of trades or businesses, as described in Sections 414(b) and
(c), respectively of the Code.

          "Corporate Trust Office" means the principal office of the
Indenture Trustee at which at any particular time its corporate trust
business shall be administered, which office at the date of the execution of
the Indenture is located at 450 West 33rd Street, 14th Floor, New York, NY
10001-2597, Att: Capital Markets Fiduciary Services - VMS Auto Lease Backed
Securitization.

          "Cost" means, with respect to any Paid-In Advance Vehicle, the
price paid for such Vehicle to the dealer, the manufacturer or a vendor, plus
delivery charges and taxes and any registration or titling fees.

          "Coupon" is defined in Section 2.1 of the Base Indenture.

          "CP Rate" means the rate on commercial paper for each day set forth
in Statistical Release H.15(519), "Selected Interest Rates" published by the
Board Of Governors of the Federal Reserve System.

          "Credit Enhancement" means, with respect to any Series of Investor
Notes, the subordination, cash collateral account, collateral interest,
letter of credit, surety bond, insurance policy, spread account, reserve
account, cross-support feature, interest rate swap, currency swap or any
other contract or agreement for the benefit of the holder of the Investor
Notes of such Series as designated in the related Indenture Supplement.

          "Custodian Agreement" means the Custodian Agreement, dated as of
the Initial Closing Date, by and among the Custodian, the Servicer and the
Origination Trust, as amended, modified or supplemented from time to time in
accordance with its terms, and any other Custodian Agreement entered into in
accordance with the terms and conditions of the Origination Trust Servicing
Agreement.

          "Custodian" means the party named as such in the Custodian
Agreement until a successor replaces it in accordance with the applicable
provisions of the Custodian Agreement and thereafter means the successor
serving thereunder.

                                      -9-

<PAGE>

          "Default" means any occurrence that is, or with notice or the lapse
of time or both would become, an Event of Default.

          "Definitions List" means this Definitions List, as amended or
modified from time to time.

          "Definitive Notes" is defined in Section 2.10 of the Base
Indenture.

          "Delinquency Ratio" means, for any specified Settlement Date, the
quotient, expressed as a percentage, of (a) the aggregate billings with
respect to all Leases and all Fleet Receivables which were unpaid for 60 days
or more from the original due date thereof as of the last day of the
immediately preceding Monthly Period divided by (b) the sum of (i) the
aggregate billings with respect to all Leases and all Fleet Receivables which
were unpaid as of the last day of the second preceding Monthly Period and
(ii) the aggregate amount billed with respect to all Leases and all Fleet
Receivables during the immediately preceding Monthly Period.

          "Delivery" means (a) with respect to any Physical Property (that is
not either a United States Security Entitlement or a Security Entitlement),
physical delivery thereof to the Indenture Trustee or its nominee or
custodian by an effective endorsement, or registered in the name of, the
Indenture Trustee or its nominee or custodian endorsed in blank and (b) with
respect to any Uncertificated Security, the issuer thereof registers the
Indenture Trustee as the registered owner thereof or the Indenture Trustee
otherwise satisfies the requirements of Revised Article 8.

          "Depository" is defined in Section 2.10 of the Base Indenture.

          "Depository Agreement" means, with respect to a Series having Book-
Entry Notes, the agreement among the Issuer, the Indenture Trustee and the
Clearing Agency or the Foreign Clearing Agency, or as otherwise provided in
the related Indenture Supplement.

          "Deposit Date" means each Business Day on which Collections are
deposited into the Collection Account.

          "Deposit Report" is defined in Section 4.1 of the Base Indenture.

          "Determination Date" means the second Business Day prior to each
Settlement Date.

          "Dividend Rate" means, with respect to each series of Preferred
Membership Interests, the rate at which distributions of interest with
respect to such Preferred Membership Interests are made.

                                     -10-

<PAGE>

          "Dollar" and the symbol "$" mean the lawful currency of the United
States.

          "Eligible Consumer Lease" means a Consumer Lease that as of the
date allocated to the Lease SUBI Portfolio satisfied the following
eligibility criteria (or, in the case of clause (xxiii) below, satisfied the
criteria set therein as of the later of the date allocated to the Lease SUBI
Portfolio and October 28, 1999):

            (i)  it was not a Charged-Off Lease;

           (ii)  it was not an Ineligible Delinquent Lease;

          (iii)  it was an obligation of an Eligible Obligor;

           (iv)  it had an initial term of 60 months or less;

            (v)  it was denominated and payable only in Dollars in the United
     States;

           (vi)  it was originated and has been administered since origination
     in accordance with Applicable Law;

          (vii)  it was originated in accordance with the Policies;

         (viii)  it did not contravene in any material respect any Applicable
     Law and VMS or PHH Consumer Lease is not in violation in any material
     respect of any Applicable Law in connection with it;

           (ix)  it was not subject to any dispute in whole or in part or to
     any offset, counterclaim, defense, rescission, recoupment or
     subordination;

            (x)  it was the legal, valid and binding obligation of the Obligor
     thereunder, enforceable against such Obligor to pay the full amount
     thereof in accordance with its terms, except as enforceability may be
     limited by applicable bankruptcy, insolvency, reorganization, moratorium
     or similar laws affecting the enforcement of creditors' rights generally
     and by general equitable principles (whether enforcement is sought by
     proceedings in equity or law);

           (xi)  the Origination Trust has only one "original" counterpart of
     such Consumer Lease and such original is held by the Custodian;

          (xii)  it is either an Open-End Lease or a Closed-End Lease;

                                     -11-

<PAGE>

         (xiii)  it is a "hell or high water" net lease under which the
     Obligor's payment obligations thereunder are absolute, unconditional and
     noncancellable and not subject to abatement or adjustment;

          (xiv)  the Obligor thereunder is required to maintain casualty
     insurance with respect to the related Leased Vehicle in accordance with
     the Policies;

           (xv)  any consents, approvals or authorizations necessary for the
     assignment and sale thereof by PHH Consumer Lease to SPV and by SPV to
     the Origination Trust have been obtained;

          (xvi)  if not originated by the Origination Trust, all right, title
     and interest in it has been validly sold by PHH Consumer Lease to SPV
     pursuant to the Asset Purchase Agreement and validly assigned by SPV to
     the Origination Trust pursuant to the Contribution Agreement;

         (xvii)  the Obligor of which has accepted the related Leased Vehicle;

        (xviii)  it provides for equal monthly depreciation payments and
     accrues a finance or other lease charge on the Net Book Value of the
     related Leased Vehicle at a floating rate at least equal to the CP Rate
     from time to time or at a fixed rate;

          (xix)  if a Closed-End Lease, the Stated Residual Value of the
     related Leased Vehicle was no greater than the ALG Residual Value
     thereof at origination;

           (xx)  if a Fixed Rate Lease, on or before the date on which such
     Fixed Rate Lease was allocated to the Lease SUBI Portfolio, the Issuer
     held any Lease Rate Cap with respect to such Fixed Rate Lease required
     to be held by the Issuer by the terms of any Indenture Supplement;

          (xxi)  if a Floating Rate Lease, the Obligor thereunder has no right
     to convert the floating rate at which the finance charges accrue
     thereunder to a fixed rate;

         (xxii)  the Leased Vehicle leased thereunder (x) is free and clear of
     all Liens (other than Permitted Liens) and (y) the Certificate of Title
     for such Leased Vehicle is registered in the name of the Origination
     Trust; and

        (xxiii)  the Certificate of Title for the Leased Vehicle leased
     thereunder indicates only a Lien in the name of (1) PHH Consumer Lease,
     in the case of a Consumer Lease originated by PHH Consumer Lease and
     assigned to the Origination Trust or a Consumer Lease originated by the
     Origination Trust prior to September 30, 1999 or (2) SPV, in the case of

                                     -12-

<PAGE>

     all other Consumer Leases (or, such a Certificate of Title has been
     applied for).

          "Eligible Deposit Account" means (a) a segregated identifiable
trust account established in the trust department of a Qualified Trust
Institution or (b) a separately identifiable deposit account established in
the deposit taking department of a Qualified Institution.

          "Eligible Lease" means either (a) a Lease that as of the date
allocated to the Lease SUBI Portfolio was an Eligible Consumer Lease or (b) a
Lease that as of the date allocated to the Lease SUBI Portfolio was under an
Eligible Master Lease and satisfied the following eligibility criteria (or,
in the case of clause (j) below satisfied the criteria set forth therein as
of the later of the date allocated to the Lease SUBI Portfolio and October
28,1999):

          (a)  it had an initial term of 144 months or less and a remaining
     term of 120 months or less;

          (b)  the Obligor of which has accepted the related Leased Vehicle;

          (c) except for any Lease that is an Additional Equipment Asset, if
     an Open-End Lease, it provides for equal monthly depreciation payments
     and, if a Closed-End Lease, it provides for monthly depreciation
     payments that over the term of the Lease reduce the Capitalized Cost of
     the related Leased Vehicle to the Stated Residual Value thereof;

          (d) if an Open-End Lease that is an Additional Equipment Asset, it
     provides for at least quarterly depreciation payments and, if a Closed-
     End Lease that is an Additional Equipment Asset, it provides for at
     least quarterly depreciation payments that over the term of the Lease
     reduce the Capitalized Cost of the related Leased Vehicle to the Stated
     Residual Value thereof;

          (e) it accrues a finance or other lease charge on the Net Book
     Value of the related Leased Vehicle at a floating rate at least equal to
     the CP Rate from time to time or at a fixed rate;

          (f)  if a Closed-End Lease, the Stated Residual Value of the
     related Leased Vehicle was no greater than the ALG Residual Value
     thereof at origination or, in the case of any Leased Vehicle the
     residual value of which is not specified in the ALG Residual Percentage
     Guide published by the Automotive Lease Guide, the estimated residual
     value of the related Leased Vehicle contained in a comparable industry
     source of equipment residual values or if such a source is not
     available, contained in a source VMS believes is reasonable;

                                     -13-

<PAGE>

          (g)  on or before the date on which such Lease was allocated to the
     Lease SUBI Portfolio, the Issuer held any Lease Rate Cap with respect to
     such Lease required to be held by the terms of the Indenture or any
     Indenture Supplement;

          (h)  if a Floating Rate Lease and the Obligor thereunder has the
     right to convert the floating rate at which the finance charges accrue
     thereunder to a fixed rate, upon conversion the fixed rate will be at
     least equal to the sum of the PHH Treasury Note Rate on the conversion
     date and 0.50%;

          (i)  the Leased Vehicle leased thereunder (x) is free and clear of
     all Liens (other than Permitted Liens) and (y) if such Leased Vehicle is
     subject to a certificate of title act or statute, the Certificate of
     Title for such Leased Vehicle is registered in the name of the
     Origination Trust; and

          (j)  (x) if the Leased Vehicle leased thereunder is subject to a
     certificate of title act or statute, the Certificate of Title for such
     Leased Vehicle indicates only a Lien in the name of (1) VMS, in the case
     of a Lease originated by VMS and assigned to the Origination Trust or a
     Lease originated by the Origination Trust prior to September 30, 1999 or
     (2) SPV, in the case of all other Leases (or, such a Certificate of
     Title has been applied for) or (y) if such Leased Vehicle is not subject
     to a certificate of title act or statute, all filings necessary to
     evidence the security interest of  (1) VMS, in the case of a Lease
     originated by VMS and assigned to the Origination Trust or (2) SPV, in
     the case of all other Leases, in such Leased Vehicle have been made in
     all appropriate jurisdictions.

          "Eligible Master Lease" will mean each Master Lease Agreement that
as of the date a Lease thereunder or Paid-In Advance Vehicle relating thereto
is allocated to the Lease SUBI satisfied the following eligibility criteria:

          (a)  it was not a Charged-Off Lease;

          (b)  it was not an Ineligible Delinquent Lease;

          (c)  it was an obligation of an Eligible Obligor;

          (d)  it was denominated and payable only in Dollars in the United
     States;

          (e)  it was originated and has been administered since origination
     in accordance with Applicable Law;

          (f)  it was originated in accordance with the Policies;

                                     -14-

<PAGE>

          (g)  it did not contravene in any material respect any Applicable
     Law and VMS is not in violation in any material respect of any
     Applicable Law in connection with it;

          (h) it was not subject to any dispute in whole or in part or to any
     offset, counterclaim, defense, rescission, recoupment or subordination;

          (i)  it was the legal, valid and binding obligation of the Obligor
     thereunder, enforceable against such Obligor to pay the full amount
     thereof in accordance with its terms, except as enforceability may be
     limited by applicable bankruptcy, insolvency, reorganization, moratorium
     or similar laws affecting the enforcement of creditors' rights generally
     and by general equitable principles (whether enforcement is sought by
     proceedings in equity or law);

          (j)  the Origination Trust has only one "original" counterpart of
     such Master Lease Agreement and such original is held by the Custodian;

          (k)  it is either an Open-End Lease or a Closed-End Lease;

          (l)  it is a "hell or high water" net lease under which the
     Obligor's payment obligations thereunder are absolute, unconditional and
     noncancellable and not subject to abatement or adjustment;

          (m)  the Obligor thereunder is required to maintain casualty
     insurance or to self-insure with respect to the related Leased Vehicles
     in accordance with the Policies;

          (n)  any consents, approvals or authorizations necessary for the
     assignment and sale thereof by VMS to the Origination Trust have been
     obtained; and

                                     -15-

<PAGE>

          (o) if not originated by the Origination Trust, all right, title
     and interest in it has been (i) validly sold to the Origination Trust by
     VMS pursuant to that certain Assignment and Assumption Agreement dated
     December 17, 1998, (ii) validly assigned to the Origination Trust by SPV
     pursuant to the Contribution Agreement or (iii), in the case of any
     Master Lease Agreement that is an Additional Equipment Asset, validly
     assigned to the Origination Trust by SPV pursuant to the Additional
     Equipment Assets Contribution Agreement and, if assigned by SPV to the
     Origination Trust, was validly sold by VMS to SPV pursuant to the Asset
     Purchase Agreement or, in the case of any Master Lease Agreement that is
     an Additional Equipment Asset, validly sold by VMS to SPV pursuant to
     the Additional Equipment Assets Assignment and Assumption Agreement.

          "Eligible Obligor" means each Obligor in respect of a Master Lease
Agreement, a Consumer Lease or a Fleet Receivable that satisfies the
following eligibility criteria:

          (a)  its billing address is located in the United States;

          (b)  it is not the United States federal government, or any
     subdivision thereof, or any agency, department or instrumentality
     thereof;

          (c)  it is not an Affiliate of ARAC; and

          (d)  it is not the subject of any voluntary or involuntary
     bankruptcy proceeding, unless, in the case of a Master Lease Agreement,
     a bankruptcy court shall have entered an order reaffirming such
     Obligor's obligations under such Master Lease Agreement.

          "Eligible Paid-In Advance Vehicle" means a Unit Paid-In Advance
Vehicle acquired at the request of an Obligor who as of the date such Paid-In
Advance Vehicle is allocated to the Lease SUBI Portfolio is party to an
Eligible Master Lease or has agreed to be bound by a Master Lease Agreement.

          "Eligible Receivables" means, as of any date of determination, each
Fleet Receivable that satisfies the following eligibility criteria:

          (a)  it is an obligation of an Eligible Obligor;

          (b) it is not a Charged-Off Receivable;

          (c) it is denominated and payable only in Dollars in the United
     States;

          (d) it and the related Fleet Service Contract do not contravene in
     any material respect any Applicable Law and VMS is not in violation in

                                     -16-

<PAGE>

     any material respect of any Applicable Law in connection with it or the
     related Fleet Service Contract;

          (e) the related Fleet Service Contract was originated in accordance
     with the Policies;

          (f) it has been billed, the goods or services giving rise to it
     have been provided and it is payable within 45 days of the billing date;

          (g)  it is an "eligible asset" within the meaning of Rule 3a-7
     promulgated under the Investment Company Act;

          (h)  it is not subject to the laws of any jurisdiction whose laws
     would prohibit the assignment and sale thereof by VMS to SPV pursuant to
     the Receivable Purchase Agreement and the contribution thereof by SPV to
     the Origination Trust pursuant to the Contribution Agreement;

          (i)  any consents, approvals or authorizations necessary for the
     assignment and sale thereof by VMS to SPV pursuant to the Receivable
     Purchase Agreement and the contribution thereof by SPV to the
     Origination Trust pursuant to the Contribution Agreement have been
     obtained with respect to such Fleet Receivable;

          (j)  all right, title and interest in it has been validly sold by
     VMS to SPV pursuant to the Receivable Purchase Agreement and validly
     assigned by SPV to the Origination Trust pursuant to the Contribution
     Agreement;

          (k)  the Origination Trust has legal and beneficial ownership
     therein free and clear of all Liens other than Permitted Liens;

          (l)  it is not subject to any dispute in whole or in part or to any
     offset, counterclaim, defense, rescission, recoupment or subordination;

          (m)  it is at all times the legal, valid and binding obligation of
     the Obligor thereon, enforceable against such Obligor to pay the full
     amount thereof in accordance with its terms, except as enforceability
     may be limited by applicable bankruptcy, insolvency, reorganization,
     moratorium or similar laws affecting the enforcement of creditors'
     rights generally and by general equitable principles (whether
     enforcement is sought by proceedings in equity or law); and

          (n) it constitutes an "account" or a "general intangible" under the
     applicable UCC.

                                     -17-

<PAGE>

          "Enhancement Provider" means, with respect to any Series, the
Person, if any, designated as such in the related Indenture Supplement.

          "ERISA" means the Employee Retirement Income Security Act of 1974,
as amended, and any successor statute of similar import, in each case as in
effect from time to time. References to sections of ERISA also refer to any
successor sections.

          "Euroclear" means Euroclear System.

          "Event of Default" is defined in Section 9.1 of the Base Indenture.

          "Excess Consumer Lease Amount" means, as of any date of
determination during an Accrual Period, an amount equal to the excess, if
any, of (a) the aggregate Lease Balance of all Eligible Leases that are
Consumer Leases allocated to the Lease SUBI Portfolio as of the last day of
the Monthly Period immediately preceding the first day of such Accrual Period
over (b) an amount equal to 1.0% of the Aggregate Lease Balance as of such
date.

          "Excess Damage Charges" means the charges under a Lease due to
damage to the related Leased Vehicle over a prescribed limit.

          "Excess Fleet Receivable Amount" means, with respect to any
Settlement Date, an amount equal to the excess, if any, of (a) the aggregate
amount of Collections in respect of the Fleet Receivables received by the
Issuer during the immediately preceding Monthly Period over (b) the Class X
1999-1B Invested Amount as of the immediately preceding Settlement Date.

          "Excess High Lease Balance Amount" means, as of any date of
determination during an Accrual Period, an amount equal to the excess, if
any, of (a) the aggregate Lease Balance of all Eligible Leases having a Lease
Balance in excess of $1,000,000 allocated to the Lease SUBI Portfolio as of
the last day of the Monthly Period immediately preceding the first day of
such Accrual Period over (b) an amount equal to 0.50% of the Aggregate Lease
Balance as of such date.

          "Excess Longer-Term Lease Amount" means, as of any date of
determination during an Accrual Period, an amount equal to the greater of (a)
the excess, if any, of (i) the aggregate Lease Balance of all Eligible Leases
having remaining terms of longer than five years allocated to the Lease SUBI
Portfolio as of the last day of the Monthly Period immediately preceding the
first day of such Accrual Period over (ii) an amount equal to 15% of the
Aggregate Lease Balance as of such date and (b) the excess, if any, of (i)
the aggregate Lease Balance of all Eligible Leases having remaining terms of
longer than seven years allocated to the Lease SUBI Portfolio as of the last
day of the Monthly Period immediately preceding the first day of such Accrual

                                     -18-

<PAGE>

Period over (ii) an amount equal to 5% of the Aggregate Lease Balance as of
such date.

          "Excess Mileage Charges" means the charges under a Lease due to
mileage on the related Leased Vehicle over a prescribed limit.

          "Excess Paid-In-Advance Amount" means, as of any date of
determination during an Accrual Period, an amount equal to the greatest of
(a) the excess, if any, of (i) the aggregate Cost of each Eligible Paid-In
Advance Vehicle allocated to the Lease SUBI Portfolio as of the last day of
the Monthly Period immediately preceding the first day of such Accrual Period
(or, if any such Eligible Paid-In Advance Vehicle was allocated to the Lease
SUBI after the last day of such Monthly Period, the Cost thereof as of the
date such Eligible Paid-In Advance Vehicle was allocated to the Lease SUBI
Portfolio) over (ii) an amount equal to 10% of the Aggregate Unit Balance as
of such date, (b) the excess, if any, of (i) the aggregate Cost of each
Eligible Paid-In Advance Vehicle allocated to the Lease SUBI Portfolio for
more than 60 days as of the last day of the Monthly Period immediately
preceding the first day of such Accrual Period over (ii) an amount equal to
2.5% of the Aggregate Unit Balance as of such date and (c) the aggregate Cost
of each Eligible Paid-In Advance Vehicle allocated to the Lease SUBI
Portfolio for more than 120 days as of the last day of the Monthly Period
immediately preceding the first day of such Accrual Period.

          "Excess Residual Value Amount" means, as of any date of
determination during an Accrual Period, an amount equal to the excess, if
any, of (i) the Aggregate Residual Value Amount as of such date over (ii) an
amount equal to 10% of the Aggregate Unit Balance as of such date.

          "Excess State Obligor Risk Amount" means, as of any date of
determination during an Accrual Period, an amount equal to the excess, if
any, of (a) the aggregate Lease Balance of all Eligible Leases the Obligor of
which is a state or local government or any subdivision thereof, or any
agency, department or instrumentality thereof allocated to the Lease SUBI
Portfolio as of the last day of the Monthly Period immediately preceding the
first day of such Accrual Period over (b) an amount equal to 3.0% of the
Aggregate Lease Balance as of such date.

          "Exchange Act" means the Securities Exchange Act of 1934, as
amended.

          "Existing Liens" means a claim for $914,160,108.23 owing to The
Chase Manhattan Bank.

          "Expected Final Distribution Date" means, with respect to any
applicable Series of Investor Notes, the date, if any, stated in the related

                                     -19-

<PAGE>

Indenture Supplement as the date on which such Series of Investor Notes is
expected to be paid in full.

          "FDIC" means the Federal Deposit Insurance Corporation.

           "Fixed Rate Lease" means a Lease accruing finance charges at a
fixed rate per annum.

          "Fleet Receivables" means all amounts payable under the Fleet
Service Contracts, a beneficial interest in a portion of which is represented
by the Fleet Receivable SUBI Certificate.

          "Fleet Receivable SUBI" means that special unit of beneficial
interest in the Origination Trust created by the Fleet Receivable SUBI
Supplement in a pool of  Fleet Receivables acquired by SPV from VMS pursuant
to the Receivable Purchase Agreement and contributed by SPV to the
Origination Trust pursuant to the Contribution Agreement and all Origination
Trust Assets associated with the Fleet Receivables, including all right,
title and interest of SPV under the Receivables Purchase Agreement.

          "Fleet Receivable SUBI Certificate" means the Class X 1999-1B Sold
SUBI Certificate, a certificate of beneficial ownership, representing a
portion of the Fleet Receivable SUBI issued pursuant to the Fleet Receivable
SUBI Supplement.

          "Fleet Receivable SUBI Supplement" means the Sold SUBI Supplement
1999-1B to the Origination Trust Agreement, dated as of the Initial Closing
Date, among SPV, as settlor and initial beneficiary, VMS, as UTI Trustee and
Servicer, and Wilmington Trust Company, as Delaware Trustee and SUBI Trustee.

          "Fleet Service Contract" means a fleet maintenance contract, fleet
management contract, fuel card contract or any other service contract the
fees for which are billed or would be billed by VMS, together with the
Leases.

          "Floating Rate Lease" means a Lease accruing finance charges at a
floating rate per annum.

          "Foreign Clearing Agency" means Cedel and Euroclear.

          "GAAP" means the generally accepted accounting principles
promulgated or adopted by the Financial Accounting Standards Board and its
predecessors and successors from time to time.

          "Gain on Sale Account" is defined in Section 5.2 of the Base
Indenture.

                                     -20-

<PAGE>

          "Global Note" is defined in Section 2.12 of the Base Indenture.

          "Governmental Authority" means the United States of America, any
state or other political subdivision thereof and any entity exercising
executive, legislative, judicial, regulatory or administrative functions of
or pertaining to government.

          "Hedging Instrument" means one or more Lease Rate Caps or other
interest rate swap contracts or similar contracts entered into by, or
assigned to, the Issuer, as specified in the Base Indenture or any Indenture
Supplement, providing limited protection against interest rate risks.

          "Incidental Lease Termination Charges" means all Excess Damage
Charges, Excess Mileage Charges and any charges imposed upon the early
termination of a Lease.

          "Indebtedness", as applied to any Person, means, without
duplication, (a) all indebtedness for borrowed money, (b) that portion of
obligations with respect to any lease of any property (whether real, personal
or mixed) that is properly classified as a liability on a balance sheet in
conformity with GAAP, (c) notes payable and drafts accepted representing
extensions of credit whether or not representing obligations for borrowed
money, (d) any obligation owed for all or any part of the deferred purchase
price for property or services, which purchase price is (i) due more than six
months from the date of the incurrence of the obligation in respect thereof
or (ii) evidenced by a note or similar written instrument, (e) all
indebtedness secured by any Lien on any property or asset owned by that
Person regardless of whether the indebtedness secured thereby shall have been
assumed by that Person or is nonrecourse to the credit of that Person, and
(f) without duplicating any of the foregoing, all Contingent Obligations of
such Person in respect of any of the foregoing.

          "Indenture" means the Base Indenture and all amendments thereof and
supplements thereto, including any Indenture Supplement.

          "Indenture Supplement" means, with respect to any Series of
Investor Notes, a supplement to the Base Indenture complying with the terms
of Section 2.2 of the Base Indenture, executed in conjunction with any
issuance of any Series of Investor Notes (or, in the case of the issuance of
Investor Notes on the Initial Closing Date, the supplement executed in
connection with the issuance of such Notes).

          "Indenture Trustee" means the party named as such in the Indenture
until a successor replaces it in accordance with the applicable provisions of
the Indenture and thereafter means the successor serving thereunder.

                                     -21-

<PAGE>

          "Independent" means, when used with respect to any specified
Person, that the person (a) is in fact independent of the Issuer, any other
obligor upon the Investor Notes, VMS and any Affiliate of any of the
foregoing persons, (b) does not have any direct financial interest or any
material indirect financial interest in the Issuer, any such other obligor,
VMS or any Affiliate of any of the foregoing Persons and (c) is not connected
with the Issuer, any such other obligor, VMS or any Affiliate of any of the
foregoing Persons as an officer, employee, promoter, underwriter, trustee,
partner, director or Person performing similar functions.

          "Independent Certificate" means a certificate or opinion to be
delivered to the Indenture Trustee under the circumstances described in, and
otherwise complying with, the applicable requirements of Section 13.1, of the
Base Indenture made by an Independent engineer, appraiser or other expert
appointed by the Issuer and approved by the Indenture Trustee in the exercise
of reasonable care, and such opinion or certificate shall state that the
signer has read the definition of "Independent" herein and that the signer is
Independent within the meaning thereof.
the Base Indenture.

          "Independent Manager" is defined in the LLC Agreement.

          "Ineligible Delinquent Lease" means (a) a Master Lease Agreement as
to which 50% or greater of the billings to the Obligor thereof remain unpaid
for more than 60 days from the original due date or which has been declared
in default under the Policies or (b) a Consumer Lease as to which any amounts
remain unpaid for more than 60 days from the original due date or which has
been declared in default under the Policies.

          "Initial Aggregate Lease Balance" means $2,504,471,579.

          "Initial Assignment" is defined in Section 2.1 of the Transfer
Agreement.

          "Initial Closing Date" means June 30, 1999.

          "Initial Cut-off Date" means June 18, 1999.

          "Initial Invested Amount" means, with respect to any Series of
Investor Notes, the aggregate initial principal amount specified in the
related Indenture Supplement.

          "Initial Units" means, as of the Initial Closing Date, all Units
allocated to the Lease SUBI Portfolio as of the Initial Closing Date.

          "Insolvency Event" means, as to any Person:

                                     -22-

<PAGE>

          (a)(i) a court having jurisdiction in the premises shall enter a
     decree or order for relief in respect of such Person in an involuntary
     case under the Bankruptcy Code or any applicable bankruptcy, insolvency
     or other similar law now or hereafter in effect, which decree or order
     is not stayed, or any other similar relief shall be granted under any
     applicable federal or state law, (ii) an involuntary case is commenced
     against such Person under any applicable bankruptcy, insolvency or other
     similar law now or hereafter in effect which remains undismissed,
     undischarged or unbonded for a period of 60 days or (iii) such Person
     shall have a decree or an order for relief entered with respect to it or
     commence a voluntary case under the Bankruptcy Code or any applicable
     bankruptcy, insolvency or other similar law now or hereafter in effect;

          (b)  such Person shall consent to the appointment of a conservator
     or receiver or liquidator in any insolvency, readjustment of debt,
     marshaling of assets and liabilities or similar proceedings of or
     relating to all or substantially all of its property, or a decree or
     order of a court or agency or supervisory authority having jurisdiction
     in the premises for the appointment of a conservator or receiver or
     liquidator in any insolvency, readjustment of debt, marshaling of assets
     and liabilities or similar proceedings, or for the winding-up or
     liquidation of its affairs, shall have been entered against such Person;
     or such Person shall admit in writing its inability to pay its debts
     generally as they become due, file a petition to take advantage of any
     applicable insolvency or reorganization statute, make an assignment for
     the benefit of its creditors or voluntarily suspend payment of its
     obligations.

          "Interest Period" means, with respect to any Series of Investor
Notes, the period specified in the related Indenture Supplement.

          "Invested Amount" means, with respect to each Series of Investor
Notes, the amount specified in the related Indenture Supplement.

          "Invested Percentage" means, with respect to any Series of Investor
Notes, the percentage specified in the related Indenture Supplement.

          "Investment Company Act" means the Investment Company Act of 1940,
as amended.

          "Investor Noteholder" and "Holder" means the Person in whose name
an Investor Note is registered in the Note Register.

          "Investor Notes" means any one of the promissory notes (including,
without limitation, the Bearer Notes, the Registered Notes or the Global
Notes) issued by the Issuer, executed by the Issuer and authenticated by the
Indenture Trustee substantially in the form (or forms in the case of a Series

                                     -23-

<PAGE>

of Notes with multiple Classes) of the investor note attached to the related
Indenture Supplement.

          "Issuer" means Greyhound Funding LLC, a Delaware limited liability
company.

          "Issuer Accounts" means the Collection Account and each Series
Account.

          "Issuer Assets" means all assets of the Issuer, including, among
other things, the SUBIs, the SUBI Certificates (including all rights of the
holder thereof under the Origination Trust Documents), the Units, any Hedging
Instruments, the Transfer Agreement, the Administration Agreement, the
Management Agreement and all proceeds of the foregoing.

          "Issuer General Account" is defined in the LLC Agreement.

          "Issuer Obligations" means all principal and interest, at any time
and from time to time, owing by the Issuer on the Investor Notes and all
costs, fees and expenses payable by, or obligations of, the Issuer under the
Indenture.

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

          "Junior  Preferred Member" means a Person in whose name a Junior
Preferred Membership Interest is registered in the Register.

          "Junior Preferred Membership Interests" means the Junior Preferred
Membership Interests issued pursuant to the LLC Agreement.

          "Lease Balance" means, as of any date of determination, with
respect to (a) any Open-End Lease, an amount equal to the Net Book Value of
the Leased Vehicle subject to such Lease and (b) any Closed-End Lease, an
amount equal to the sum of all remaining monthly lease payments (other than
payments of finance charges and other incidental fees) due in respect of such
Leased Vehicle on or after such date; provided, however that the Lease
Balance of a Charged-Off Lease shall be zero.

          "Lease Balance Decline" means, for any Lease for any Settlement
Date, an amount equal to the sum of (a) the Lease Balance of such Lease as of
the last day of the Monthly Period preceding the Monthly Period immediately
preceding such Settlement Date less the Lease Balance of such Lease as of the
last day of the Monthly Period immediately preceding such Settlement Date
plus (b), in the case of a Closed-End Lease, the Net Book Value of the

                                     -24-

<PAGE>

related Unit Vehicle if such Unit Vehicle shall have become a Residual Value
Vehicle during the Monthly Period immediately preceding such Settlement Date.

          "Lease" means an Open-End Lease or a Closed-End Lease originated by
or on behalf of VMS, PHH Financial Services or the Origination Trust pursuant
to a Master Lease Agreement or a Consumer Lease originated by or on behalf of
VMS or the Origination Trust.

          "Leased Vehicle" means the Vehicle subject to a Lease.

          "Lease Rate Cap" means any interest rate caps that are required to
be maintained by the Issuer pursuant to the Indenture or any Indenture
Supplement.

          "Lease SUBI" means that special unit of beneficial interest in the
Origination Trust created by the Lease SUBI Supplement.

          "Lease SUBI Certificate" means the certificate of beneficial
ownership, representing beneficial ownership in the Sold Units allocated to
the Lease SUBI Portfolio issued pursuant to the Lease SUBI Supplement.

          "Lease SUBI Portfolio" or "1999-1A Sold SUBI Portfolio" means the
Origination Trust Assets that are from time to time allocated to the Lease
SUBI in accordance with the terms of the Origination Trust Documents.

          "Lease SUBI Supplement" means the Sold SUBI Supplement 1999-1A to
the Origination Trust Agreement, dated as of the Initial Closing Date, as
amended as of October 28, 1999, among SPV, as settlor and initial
beneficiary, VMS, as UTI Trustee and Servicer, and Wilmington Trust Company,
as Delaware Trustee and SUBI Trustee.

          "Lien" means, when used with respect to any Person, any interest in
any real or personal property, asset or other right held, owned or being
purchased or acquired by such Person which secures payment or performance of
any obligation, and shall include any mortgage, lien, pledge, encumbrance,
charge, retained security title of a conditional vendor or lessor, or other
security interest of any kind, whether arising under a security agreement,
mortgage, lease, deed of trust, chattel mortgage, assignment, pledge,
retention or security title, financing or similar statement, or notice or
arising as a matter of law, judicial process or otherwise.

          "LLC Agreement" means the Amended and Restated Limited Liability
Agreement of the Issuer, dated as of October 28, 1999, as amended, modified
or supplemented from time to time in accordance with its terms.

          "Lockout Period" means the period from and including the date on
which each Outstanding Series of Investor Notes shall have been declared to

                                     -25-

<PAGE>

be immediately due and payable as a result of the occurrence of an Event of
Default defined in clause (a) or (b) of Section 9.1 of the Base Indenture to
and including the date on which the principal of and interest on all Series
of Investor Notes shall have been paid in full.

          "Luxembourg Agent" is defined in Section 2.3(c) of the Base
Indenture.

          "Majority in Interest" of each Series of Investor Notes means
Noteholders of such Series holding Investor Notes evidencing more than 50% by
outstanding principal amount of each Class of Investor Notes of such Series.

          "Management Agreement" means the Management Agreement, dated as of
the Initial Closing Date, by and among the Managing Agent, the Issuer and the
Administrator, as amended, modified or supplemented from time to time in
accordance with its terms.

          "Manager" is defined in the LLC Agreement.

          "Managing Agent" means Global Securitization Services LLC or a
successor Managing Agent under the Management Agreement.

          "Master Lease Agreement" means each master lease agreement between
an Obligor and (a) VMS and assigned by VMS to the Origination Trust or
assigned by VMS to SPV and by SPV to the Origination Trust, (b) PHH Financial
Services and assigned by PHH Financial Services to VMS, by VMS to SPV and by
SPV to the Origination Trust or (c) the Origination Trust, in each case, in
all material respects in a form attached to the Series 1999-1 SUBI Servicing
Supplement.

          "Material Adverse Effect" means, with respect to any occurrence,
event or condition:

            (i) a material adverse effect on the Issuer's title to the SUBI
     Certificates or the beneficial interest in the Sold Units or Fleet
     Receivables represented thereby;

           (ii) a material adverse effect on the validity, status, perfection
     or priority of the Lien of the Indenture Trustee in the Collateral;

          (iii) a material adverse effect on the business, properties,
     financial condition or results of operations of the Issuer or the
     ability of the Issuer to perform its obligations under the Indenture;

           (iv) a material adverse effect on the business, properties,
     financial condition or results of operations of ARAC and its
     subsidiaries as a whole; or

                                     -26-

<PAGE>

            (v) a material adverse effect on the validity or enforceability of
     the Indenture or any of the other Transaction Documents.

          "Maximum Invested Amount" means, with respect to each Series of
Investor Notes, the amount, if any, specified in the related Indenture
Supplement.

          "Member" means a Preferred Member or the Common Member.

          "Membership Interest" means a Preferred Membership Interest or the
Common Membership Interest.

          "Minimum Adjusted Aggregate Unit Balance" means the sum of the
numerators used on such date to calculate the Invested Percentage with
respect to Collections for all Series of Outstanding Investor Notes on such
date.

          "Monthly Period" means, unless otherwise defined in any Indenture
Supplement, the period from and including a Period End Date (or, in the case
of the initial Monthly Period, from the Initial Cutoff Date) to but excluding
the succeeding Period End Date.

          "Monthly Residual Value Gain" means, for any Monthly Period, an
amount equal to the excess, if any, of  (a)  all Termination Proceeds for
such Monthly Period for all Unit Vehicles that became Residual Value Vehicles
during such Monthly Period and all prior Monthly Periods over (b) the
aggregate Net Book Values of all Unit Vehicles that became Residual Value
Vehicles during such Monthly Period.

          "Monthly Residual Value Loss" means, for any Monthly Period, an
amount equal to the excess, if any, of  (a) the aggregate Net Book Values of
all Unit Vehicles that became Residual Value Vehicles during such Monthly
Period over (b) all Termination Proceeds for such Monthly Period for all Unit
Vehicles that became Residual Value Vehicles during such Monthly Period and
all prior Monthly Periods.

          "Monthly Servicer Advance" means the aggregate amount of funds
advanced by the Servicer to the Issuer on any Settlement Date for deposit in
the Collection Account in respect of monthly lease payments due but not
received during the immediately preceding Monthly Period on the Sold Units
and in respect of Fleet Receivables due but not received during the
immediately preceding Monthly Period in accordance with the Series 1999-1
SUBI Servicing Supplement.

          "Monthly Servicer Advance Reimbursement Amount" means, on any
Settlement Date, the aggregate amount payable to the Servicer in
reimbursement of amounts previously advanced by the Servicer in respect of

                                     -27-

<PAGE>

delinquent monthly lease payments and delinquent Fleet Receivables pursuant
to Section 7.4 of the Series 1999-1 SUBI Servicing Supplement on such
Settlement Date.

          "Monthly Settlement Statement" means, with respect to each Series
of Outstanding Investor Notes, the settlement statement in the form attached
to the related Indenture Supplement delivered by the Issuer to the Indenture
Trustee pursuant to Section 4.4(a) of the Base Indenture.

          "Moody's" means Moody's Investors Service, Inc.

          "Net Book Value" means, as of any date of determination during an
Accrual Period with respect to each Leased Vehicle, such Leased Vehicle's
Capitalized Cost minus the sum of (a) all monthly lease payments billed
thereunder  (other than payments of finance charges and other incidental
fees) in respect of such Leased Vehicle through such date and (b) in the case
of a Leased Vehicle subject to an Open-End Lease, all proceeds from the sale
or disposition of such Leased Vehicle received during the Monthly Period
immediately preceding the first day of such Accrual Period.

          "1999-1B Sold SUBI Portfolio" means the Origination Trust Assets
that are from time to time allocated to the Fleet Receivable SUBI in
accordance with the terms of the Origination Trust Documents.

          "Note Rate" means, with respect to any Series of Investor Notes,
the annual rate at which interest accrues on the Investor Notes of such
Series of Investor Notes (or formula on the basis of which such rate shall be
determined) as stated in the related Indenture Supplement.

          "Note Register" means the register maintained pursuant to Section
2.4(a) of the Base Indenture, providing for the registration of the Investor
Notes and transfers and exchanges thereof.

          "Obligor" means, with respect to any Lease or Fleet Receivable, the
Person or Persons obligated to make payment with respect to such Lease or
Fleet Receivable, including any guarantor thereof.

          "Officer's Certificate" means a certificate signed by an Authorized
Officer of the Issuer, SPV, the Origination Trust, the Servicer or the
Administrator, as the case may be.

          "Open-End Lease" means a lease obligation in respect of a single
vehicle which may arise pursuant to a master lease agreement providing for
the lease of a fleet of vehicles or pursuant to a lease agreement providing
for the lease of a single vehicle that, in each case, obligates the lessee
thereunder to pay the lessor at lease termination any deficit between the
sales proceeds from the sale of the vehicle subject thereto and the book

                                     -28-

<PAGE>

value thereof (other than the portion of any deficit resulting from the sales
proceeds being less than 16% of the fair market value thereof determined in
accordance with such lease).

          "Opinion of Counsel" means a written opinion from legal counsel who
is acceptable to the Indenture Trustee.  The counsel may be an employee of or
counsel to the Issuer, SPV, VMS, the Origination Trust, the Administrator or
the Servicer, as the case may be.

          "Origination Trust" means D.L. Peterson Trust, a statutory business
trust organized under the laws of the State of Delaware.

          "Origination Trust Agreement" means the Amended and Restated
Origination Trust Agreement, dated as of the Initial Closing Date, among SPV,
as settlor and initial beneficiary, VMS, as UTI Trustee, and Wilmington Trust
Company, as Delaware Trustee, as amended, supplemented and modified by the
Lease SUBI Supplement and the Fleet Receivable SUBI Supplement and as the
same may be further amended, supplemented or modified from time to time.

          "Origination Trust Assets" means all assets, at any time, owned by
the Origination Trust at such time.

          "Origination Trust Documents" means the Origination Trust
Agreement, including the Lease SUBI Supplement and the Fleet Receivable SUBI
Supplement, the Origination Trust Servicing Agreement, including the Series
1999-1 SUBI Servicing Supplement, the ARAC Guaranty, the Custodian Agreement,
the SUBI Certificates, the Receivable Purchase Agreement, the Asset Purchase
Agreement, the Contribution Agreement, the Additional Equipment Assets
Assignment and Assumption Agreement and the Additional Equipment Assets
Contribution Agreement.

          "Origination Trust Servicing Agreement" means the Origination Trust
Servicing Agreement, dated as of the Initial Closing Date, between the
Origination Trust and the Servicer as amended, supplemented and modified by
the Series 1999-1 SUBI Servicing Supplement and as the same may be further
amended, supplemented or modified from time to time.

          "Outstanding" has the meaning, with respect to any Series of
Investor Notes, set forth in the related Indenture Supplement.

          "Overconcentration Amount" means, as of any date of determination
during an Accrual Period, an amount equal to the greatest of (a) the
aggregate Lease Balance of the Eligible Leases to which the Obligors having
the five largest aggregate Lease Balances of Eligible Leases allocated to the
Lease SUBI Portfolio are a party as of the last day of the Monthly Period
immediately preceding the first day of such Accrual Period over (ii) an
amount equal to 15% of the Aggregate Lease Balance as of such date, (b) the

                                     -29-

<PAGE>

aggregate Lease Balance of the Eligible Leases to which the Obligors having
the ten largest aggregate Lease Balances of Eligible Leases allocated to the
Lease SUBI Portfolio are a party as of the last day of the Monthly Period
immediately preceding the first day of such Accrual Period over (ii) an
amount equal to 25% of the Aggregate Lease Balance as of such date and (c)
the excess, if any, of (i) the aggregate Lease Balance of the Eligible Leases
to which the Obligor having the largest aggregate Lease Balance of Eligible
Leases allocated to the Lease SUBI Portfolio is a party as of the last day of
the Monthly Period immediately preceding the first day of such Accrual Period
over (ii) an amount equal to 4% of the Aggregate Lease Balance as of such
date; provided, however that if the long-term debt obligations of such
Obligor are not rated at least Baa3 by Moody's as of such date, the amount in
this clause (ii) shall equal 3% of the Aggregate Lease Balance as of such
date.

          "Paid-In Advance Loss Ratio" means, for any specified Settlement
Date, the quotient, expressed as a percentage, of (a) the excess, if any, of
(i) the aggregate Cost of all Unit Paid-In Advance Vehicles that became
Rejected Paid-In Advance Vehicles during the immediately preceding Monthly
Period over (ii) all Paid-In Advance Proceeds received by the Servicer during
the preceding Monthly Period for all Unit Paid-In Advance Vehicles that
became Rejected Paid-In Advance Vehicles during such Monthly Period and all
prior Monthly Periods divided by (b) the aggregate Cost of all Unit Paid-In
Advance Vehicles that became Rejected Paid-In Advance Vehicles during the
immediately preceding Monthly Period.

          "Paid-In Advance Proceeds" means for any Rejected Paid-In Advance
Vehicle the sum of all amounts received by the Servicer upon, after or in
connection with the sale or other disposition of such Rejected Paid-In
Advance Vehicle, net of any and all out-of-pocket costs and expenses incurred
by the Servicer in connection with such sale or other disposition, and any
and all amounts received from the related Obligor in connection with such
Rejected Paid-In Advance Vehicle.

          "Paid-In Advance Vehicle" means a Vehicle acquired at the request
of an Obligor who is either a party to a Master Lease Agreement or who has
agreed to be bound by a Master Lease Agreement but not yet accepted by such
Obligor.

          "Paying Agent" means any paying agent appointed pursuant to Section
2.6 of the Base Indenture.

          "Payment Date" means, with respect to each Series of Investor
Notes, the dates set forth in the related Indenture Supplement.

          "PBGC" means the Pension Benefit Guaranty Corporation established
pursuant to Subtitle A of Title IV of ERISA.

                                     -30-

<PAGE>

          "Pension Plan" means any "employee pension benefit plan", as such
term is defined in ERISA, which is subject to Title IV of ERISA (other than a
"multiemployer plan", as defined in Section 4001 of ERISA) and to which any
company in the Controlled Group has liability, including any liability by
reason of having been a substantial employer within the meaning of Section
4063 of ERISA for any time within the preceding five years or by reason of
being deemed to be a contributing sponsor under Section 4069 of ERISA.

          "Period End Date" means each date set forth in Schedule X to the
Series 1999-1 SUBI Servicing Supplement, as such schedule is amended and
supplemented from time to time in accordance with the terms of the Series
1999-1 SUBI Servicing Supplement.

          "Permitted Investments" means negotiable instruments or securities,
payable in Dollars, issued by an entity organized under the laws of the
United States of America and represented by instruments in bearer or
registered or in book-entry form which evidence (excluding any security with
the "r" symbol attached to its rating):

            (i) obligations the full and timely payment of which are to be made
     by or is fully guaranteed by the United States of America other than
     financial contracts whose value depends on the values or indices of
     asset values;

           (ii) demand deposits of, time deposits in, or certificates of
     deposit issued by, any depositary institution or trust company
     incorporated under the laws of the United States of America or any state
     thereof whose short-term debt is rated P-1 or higher by Moody's and
     "A-1+" or higher by Standard & Poor's and subject to supervision and
     examination by Federal or state banking or depositary institution
     authorities; provided, however, that at the earlier of (x) the time of
     the investment and (y) the time of the contractual commitment to invest
     therein, the long-term unsecured debt obligations (other than such
     obligation whose rating is based on collateral or on the credit of a
     Person other than such institution or trust company) of such depositary
     institution or trust company shall have a credit rating from Standard &
     Poor's of not lower than "AA";

          (iii) commercial paper having, at the earlier of (x) the time of
     the investment and (y) the time of the contractual commitment to invest
     therein, a rating from Moody's of "P-1" and Standard & Poor's of "A-1+";

           (iv) bankers' acceptances issued by any depositary institution or
     trust company described in clause (ii) above;

                                     -31-

<PAGE>

            (v) investments in money market funds rated "AAAm" by Standard &
     Poor's  and "Aaa" by Moody's or otherwise approved in writing by the
     Rating Agencies;

           (vi) Eurodollar time deposits having a credit rating from Moody's
     of "P-1" and Standard & Poor's of "A-1+";

          (vii) repurchase agreements involving any of the Permitted
     Investments described in clauses (i) and (vi) above and the certificates
     of deposit described in clause (ii) above which are entered into with a
     depository institution or trust company, having a commercial paper or
     short-term certificate of deposit rating of "A-1+" by Standard & Poor's
     and P-1 by Moody's or which otherwise is approved as to
     collateralization by the Rating Agencies; and

         (viii) any other instruments or securities, if the Rating Agencies
     confirm in writing that the investment in such instruments or securities
     will not adversely affect any ratings with respect to any Series of
     Investor Notes.

          "Permitted Liens" means (i) Liens for current taxes not delinquent
or for taxes being contested in good faith and by appropriate proceedings,
and with respect to which adequate reserves have been established, and are
being maintained, in accordance with GAAP, (ii) mechanics', materialmen's,
landlords', warehousemen's and carrier's Liens, and other Liens imposed by
law, securing obligations arising in the ordinary course of business that are
not more than thirty days past due or are being contested in good faith and
by appropriate proceedings and with respect to which adequate reserves have
been established, and are being maintained, in accordance with GAAP, (iii) on
the Initial Closing Date only, the Existing Liens, (iv) Liens in favor of the
Origination Trust in the Leased Vehicles, (v) Liens in favor of the Issuer
pursuant to the Transfer Agreement, (vi) Liens in favor of the Indenture
Trustee pursuant to the Indenture, and (vii) Liens in favor of an Enhancement
Provider, provided, however, that such Liens are subordinate to the Liens in
favor of the Indenture Trustee and have been consented to by the Indenture
Trustee.

          "Person" means any natural person, corporation, business trust,
joint venture, association, limited liability company, partnership, joint
stock company, corporation, trust, unincorporated organization or Government
Authority.

          "PHH Consumer Lease" means PHH PersonaLease Corporation, a Maryland
corporation.

          "PHH Financial Services" means PHH Financial Services Corporation,
a Maryland corporation.

                                     -32-

<PAGE>

          "PHH Treasury Note Rate" means, on any day between the 16th day of
the month through the 15th day of the following month, the interest rate that
is quoted in the Federal Reserve Statistical Release (H.15 Report) for two
year treasury constant maturities on the fifteenth day of that month, or the
first business day thereafter if the fifteenth day of the month falls on a
non-business day.

          "Physical Property" means banker's acceptances, commercial paper,
negotiable certificates of deposits and other obligations that constitute
"instruments" within the meaning of Section 9-105(l)(i) of the applicable UCC
and are susceptible to physical delivery and Certificated Securities.

          "Policies" means the standards, policies and procedures, including
but not limited to the credit and residual accrual policies applied by the
Servicer in originating Leases and those applied by the Servicer in its
collection and repossession activities.

          "Pool Factor" means, except with respect to any Series of Notes
issued in more than one Class, a number carried out to seven decimals
representing the ratio of the applicable Invested Amount as of such Record
Date (determined after taking into account any reduction in the Invested
Amount which will occur on the following Payment Date) to the applicable
Initial Invested Amount, and with respect to a Series of Notes having more
than one Class, as specified in the Indenture Supplement relating to such
Series.

          "Potential Amortization Event" means any occurrence or event which,
with the giving of notice, the passage of time or both, would constitute an
Amortization Event.

          "Potential Termination Event" means any occurrence or event which,
with the giving of notice, the passage of time or both, would constitute a
Termination Event.

          "Preferred Member" means a Person in whose name a Junior Preferred
Membership Interest or a Senior Preferred Membership Interest is registered
in the Register.

          "Preferred Membership Interests" means the Junior Preferred
Membership Interests or the Senior Preferred Membership Interests.

          "Principal Payment Amount" means, for any Settlement Date, the sum
of (a) the Lease Balance Declines for each Unit Lease for such Settlement
Date and (b) the aggregate Cost of all Eligible Paid-In Advance Vehicles that
became Rejected Paid-In Advance Vehicles during the immediately preceding
Monthly Period.

                                     -33-

<PAGE>

          "Principal Terms" is defined in Section 2.2 of the Base Indenture.

          "Proceeding" means any suit in equity, action or law or other
judicial or administrative proceeding.

          "Qualified Institution" means a depository institution organized
under the laws of the United States of America or any State thereof or
incorporated under the laws of a foreign jurisdiction with a branch or agency
located in the United States of America or any State thereof and subject to
supervision and examination by federal or state banking authorities which at
all times has the Required Rating and, in the case of any such institution
organized under the laws of the United States of America, whose deposits are
insured by the FDIC.

          "Qualified Trust Institution" means an institution organized under
the laws of the United States of America or any State thereof or incorporated
under the laws of a foreign jurisdiction with a branch or agency located in
the United States of America or any State thereof and subject to supervision
and examination by federal or state banking authorities which at all times
(i) is authorized under such laws to act as a trustee or in any other
fiduciary capacity, (ii) has not less than one billion dollars in assets
under fiduciary management, and (iii) has a long term deposits rating of not
less than "BBB-" by Standard & Poor's and Baa3 by Moody's.

          "Quarterly Compliance Certificate" is defined in Section 4.1(a) of
the Base Indenture.

          "Rating Agency" means, with respect to each Series of Notes, the
rating agency or agencies, if any, specified in the related Indenture
Supplement.

          "Rating Agency Condition" means, the notification in writing by the
Rating Agencies that a proposed action will not result in a reduction or
withdrawal by each such Rating Agency of the rating or credit risk assessment
of any Class of any Series of Outstanding Investor Notes rated or evaluated
by such Rating Agency or the rating or credit risk assessment of any series
of Preferred Membership Interests rated or evaluated by such Rating Agency.

          "Receivable Purchase Agreement" means the Receivable Purchase
Agreement, dated as of the Initial Closing Date, by and between SPV and VMS,
as amended, modified or supplemented from time to time in accordance with its
terms.

          "Receivable Purchase Termination Event" is defined in the
Receivable Purchase Agreement.

                                     -34-

<PAGE>

          "Record Date" means, with respect to each Series of Notes, the
dates specified in the related Indenture Supplement.

          "Recoveries" means any amounts received by the Servicer with
respect to Charged-Off Leases, including Collections received from Obligors
and liquidation proceeds of the related Leased Vehicles, net of (i) any
applicable rental receipts tax, sales and use tax, personal property tax, ad
valorem tax or any other tax or any governmental fees or charges, (ii) any
and all out-of-pocket costs and expenses incurred by the Servicer in
connection with such recovery and (iii) any amounts remitted to the related
Obligor as required by applicable law or the related Lease.

          "Register" means the register mentioned in Section 11.3 of the LLC
Agreement.

          "Registered Notes" is defined in Section 2.1 of the Base Indenture.

          "Rejected Paid-In Advance Vehicles" means, for any Monthly Period,
all Unit Paid-In Advance Vehicles which were sold or otherwise disposed of
after rejection thereof by the related Obligor during such Monthly Period.

          "Related Rights" means, with respect to any Unit, all Origination
Trust Assets to the extent such assets are associated with such Unit.

          "Repurchase Amount" means, with respect to any Series of Investor
Notes, the amount specified in the related Indenture Supplement.

          "Required Aggregate Asset Amount" means the sum of the Required
Asset Amounts with respect to all Series of Outstanding Investor Notes.

          "Required Asset Amount" means, with respect to any Series of
Investor Notes, the amount specified in the related Indenture Supplement.

          "Required Overcollateralization Amount" means, with respect to any
Series of Investor Notes, the amount specified in the related Indenture
Supplement.

          "Required Rating" means a short-term certificate of deposit rating
from Moody's of P-1 and from Standard & Poor's of "A-1" and a long-term
unsecured debt rating of not less than Aa3 by Moody's and "AA-" by Standard &
Poor's.

          "Requirements of Law" means, with respect to any Person or any of
its property, the certificate of incorporation or articles of association and
by-laws or other organizational or governing documents of such Person or any
of its property, and any law, treaty, rule or regulation, or determination of
any arbitrator or Governmental Authority, in each case applicable to or

                                     -35-

<PAGE>

binding upon such Person or any of its property or to which such Person or
any of its property is subject, whether Federal, state or local (including,
without limitation, usury laws, the Federal Truth in Lending Act and retail
installment sales acts).

          "Residual Value Loss" means, for any Unit Vehicle which became a
Residual Value Vehicle during a Monthly Period, an amount equal to (a) the
Stated Residual Value of such Unit Vehicle minus (b) all Termination Proceeds
with respect to such Unit Vehicle for such Monthly Period.

          "Residual Value Loss Ratio" means, for any specified Settlement
Date, the quotient, expressed as a percentage, of (a) the sum of the Residual
Value Losses for all Unit Vehicles that became Residual Value Vehicles during
the preceding Monthly Period minus all Termination Proceeds included in
clauses (i) and (ii) of the definition thereof for the preceding Monthly
Period for all Unit Vehicles that became Residual Value Vehicles during prior
Monthly Periods divided by (b) the sum of the Stated Residual Values for all
Unit Vehicles that became Residual Value Vehicles during the preceding
Monthly Period.

          "Residual Value Vehicles" means, for any Monthly Period, all Unit
Vehicles subject to Closed-End Leases (other than Unit Vehicles subject to
Charged-off Leases) which were sold or otherwise disposed of after
termination or expiration of the related Closed-End Lease during such Monthly
Period.

          "Responsible Officer" means, with respect to the Indenture Trustee,
any officer within the Corporate Trust Office, including any Assistant Vice
President, Vice President, any Secretary or Assistant Secretary or any other
officer of the Indenture Trustee customarily performing functions similar to
those performed by any Person who at the time shall be an above-designated
officer and having direct responsibility for administration of the Indenture
and the applicable Series Supplement and also any particular officer to whom
any corporate trust matter is referred because of such officer's knowledge of
and familiarity with the particular subject.

          "Revised Article 8" means Revised Article 8 (1994 Version) (and
corresponding amendments to Article 9) as promulgated by the National
Conference of Commissioners on Uniform State Laws.

          "Revolving Period" means, with respect to any Series of Investor
Notes, the period specified in the related Indenture Supplement.

          "S&P" or "Standard & Poor's" means Standard & Poor's Ratings
Service, a division of The McGraw-Hill Companies, Inc.

          "Securities Act" means the Securities Act of 1933, as amended.

                                     -36-

<PAGE>

          "Securities Intermediary" means a "securities intermediary" within
the meaning of Section 8-102(a)(14) of Revised Article 8.

          "Securitization" is defined in the Origination Trust Agreement.

          "Security Entitlement" means a "security entitlement" within the
meaning of Section 8-102(a)(17) of Revised Article 8.

          "Senior Preferred Member" means a Person in whose name a Senior
Preferred Membership Interest is registered in the Register.

          "Senior Preferred Membership Interests" means the Senior Preferred
Membership Interests issued pursuant to the LLC Agreement.

          "Series" means any Series of Investor Notes, which may include
within any such Series a Class or Classes of Investor Notes subordinate to
another such Class or Classes of Investor Notes.

          "Series Gain on Sale Account Percentage" means, with respect to any
Series of Investor Notes, the percentage specified in the related Indenture
Supplement.

          "Series Account" means any account or accounts established pursuant
to an Indenture Supplement for the benefit of a Series of Notes.

          "Series Administrator Fee," with respect to any Series of Notes,
that portion of the Administrator Fee payable from Collections allocable to
such Series pursuant to the related Indenture Supplement.

          "Series Closing Date" means, with respect to any Series of Investor
Notes, the date of issuance of such Series of Investor Notes, as specified in
the related Indenture Supplement.

          "Series 1999-1 SUBI Servicing Supplement" means the Series 1999-1
Servicing Supplement to the Origination Trust Servicing Agreement, dated as
of the Initial Closing Date, between the Origination Trust, Wilmington Trust
Company, as SUBI Trustee, SPV and the Servicer, as amended from time to time.

          "Series Note Termination Date" means, with respect to any Series of
Investor Notes, the date stated in the related Indenture Supplement.

          "Series Servicing Fee," with respect to any Series of Notes, that
portion of the Servicing Fee payable from Collections allocable to such
Series pursuant to the related Indenture Supplement.

                                     -37-

<PAGE>

          "Series Servicing Fee Percentage" means, with respect to any Series
of Notes, the amount specified in the related Indenture Supplement.

          "Series Termination Date" means, with respect to any Series of
Investor Notes, the date stated in the related Indenture Supplement as the
termination date.

          "Servicer" means VMS in its capacity as servicer under the
Origination Trust Servicing Agreement.

          "Servicer Termination Event" is defined in the Origination Trust
Servicing Agreement.

          "Servicing Fee" is defined in the Origination Trust Servicing
Agreement.

          "Settlement Date" means the 7th day of each month, or if such date
is not a Business Day, the next succeeding Business Day, commencing August 9,
1999.

          "Settlement Statement" is defined in Section 4.1 of the Base
Indenture.

          "Sold Units" means, collectively, the Initial Units and the
Additional Units.

          "Special Purpose Entity" is defined in the Origination Trust
Agreement.

          "SPV" means Raven Funding LLC, a Delaware limited liability
company.

          "Stated Residual Value" means, for any Unit Vehicle subject to a
Closed-End Lease, the lesser of (a) the stated residual value of such Unit
Vehicle established at the time of origination of such Closed-End Lease in
accordance with the Policies and (b) the Net Book Value of such Unit Vehicle
as of such day.

          "SUBI Assets" is defined in the Origination Trust Agreement.

          "SUBIs" means the Fleet Receivable SUBI and the Lease SUBI.

          "SUBI Certificates" means the Fleet Receivable SUBI Certificate and
the Lease SUBI Certificate.

          "SUBI Portfolio" is defined in the Origination Trust Agreement.

                                     -38-

<PAGE>

          "Subsidiary" means, with respect to any Person (herein referred to
as the "parent"), any corporation, partnership, association or other business
entity (a) of which securities or other ownership interests representing more
than 50% of the equity or more than 50% of the ordinary voting power or more
than 50% of the general partnership interests are, at the time any
determination is being made, owned, controlled or held by the parent or (b)
that is, at the time any determination is being made, otherwise controlled,
by the parent or one or more subsidiaries of the parent or by the parent and
one or more subsidiaries of the parent.

          "Tax Opinion" means an opinion of counsel to be delivered in
connection with the issuance of a new Series of Investor Notes to the effect
that, for United States federal income tax purposes, (i) the issuance of such
new Series of Notes will not affect adversely the United States federal
income tax characterization of any Series of Outstanding Notes or Class
thereof that was (based upon an opinion of counsel) characterized as debt at
the time of their issuance and (ii) the Issuer will not be classified as an
association or as a publicly traded partnership taxable as a corporation for
United States federal income tax purposes.

          "Termination Event" means any of a Receivable Purchase Termination
Event or a Transfer Termination Event.

          "Termination Proceeds" means for any Residual Value Vehicle for any
Monthly Period (a) all amounts received by the Servicer during such Monthly
Period upon, after or in connection with the termination of the related Lease
including, without limitation, (i) sales proceeds with respect to such
Residual Value Vehicle, net of any and all out-of-pocket costs and expenses
incurred by the Servicer in connection with such sale or other disposition
and any amounts remitted to the related Obligor as required by applicable law
or the related Lease and (ii) any and all insurance proceeds received in
connection with the occurrence of a casualty event in respect of such
Residual Value Vehicle and (b) any and all amounts billed to the related
Obligor in connection with the termination of such Lease, including any
Incidental Lease Termination Payments.

          "Three Month Average Charge-Off Ratio" means, with respect to any
Settlement Date, the average of the Charge-Off Ratios for such Settlement
Date and the two immediately preceding Settlement Dates.

          "Three Month Average Delinquency Ratio" means, with respect to any
Settlement Date, the average of the Delinquency Ratios for such Settlement
Date and the two immediately preceding Settlement Dates.

          "Three Month Average Paid-In Advance Loss Ratio" means, with
respect to any Settlement Date, the average of the Paid-In Advance Loss

                                     -39-

<PAGE>

Ratios for such Settlement Date and the two immediately preceding Settlement
Dates.

          "Three Month Average Residual Value Loss Ratio" means, with respect
to any Settlement Date, the average of the Residual Value Loss Ratios for
such Settlement Date and the two immediately preceding Settlement Dates.

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

          "Transaction Documents" means, collectively, the Indenture, the
Investor Notes, any agreements relating to the issuance or the purchase of
any of the Investor Notes, any agreements relating to any Credit Enhancement
for any Investor Notes, the LLC Agreement, the Transfer Agreement, the
Administration Agreement, the Management Agreement and the Origination Trust
Documents.

          "Transfer Agent and Registrar" is defined in Section 2.4 of the
Base Indenture.

          "Transfer Agreement" means the Transfer Agreement, dated as of the
Initial Closing Date, as amended as of October 28, 1999, between SPV and the
Issuer, as amended, modified or supplemented from time to time in accordance
with its terms.

          "Transfer Date" means, unless otherwise specified in the related
Indenture Supplement, with respect to any Series of Notes, the Business Day
immediately prior to each Payment Date.

          "Transferred Asset Payment" is defined in Section 2.3 of the
Transfer Agreement.

          "Transferred Assets" is defined in the Transfer Agreement.

          "Transfer Termination Event" is defined in the Transfer Agreement.

          "Twelve Month Average Charge-Off Ratio" means, with respect to any
Settlement Date, the average of the Charge-Off Ratios for such Settlement
Date and the eleven immediately preceding Settlement Dates.

          "Twelve Month Average Paid-In Advance Loss Ratio" means, with
respect to any Settlement Date, the average of the Paid-In Advance Loss
Ratios for such Settlement Date and the eleven immediately preceding
Settlement Dates.

          "Twelve Month Average Residual Value Loss Ratio" means, with
respect to any Settlement Date, the average of the Residual Value Loss Ratios

                                     -40-

<PAGE>

for such Settlement Date and the eleven immediately preceding Settlement
Dates.

          "UCC" means the Uniform Commercial Code as in effect from time to
time in the applicable jurisdiction.

          "Uncertificated Security" means an "uncertificated security" within
the meaning of the applicable UCC.

          "Unit" means a Vehicle, the related Lease and the Related Rights
associated therewith or a Paid-In Advance Vehicle and the Related Rights
associated therewith.

          "Unit Leases" means the Leases allocated to the Lease SUBI
Portfolio.

          "Unit Paid-In Advance Vehicles" means the Paid-In Advance Vehicles
allocated to the Lease SUBI Portfolio.

          "Unit Repurchase Payments" means, for any Settlement Date, the sum
of (a) the aggregate amount payable by the Servicer pursuant to Section 7.15
of the Series 1999-1 SUBI Servicing Supplement on such Settlement Date and
(b) the aggregate amount payable by SPV pursuant to Section 7.4 of the
Transfer Agreement on such Settlement Date.

          "Unit Vehicle" means the Leased Vehicles and Paid-In Advance
Vehicles allocated to the Lease SUBI Portfolio.

          "United States Security Entitlement" means a "Security Entitlement"
as defined in 31 C.F.R. Section 357.2, 24 C.F.R. Section 1.2, 12 C.F.R.
Section 912.1, 12 C.F.R. Section 1511.1, 12 C.F.R. Section 615.5450 or 31
C.F.R. Section 354.1.

          "United States" or "U.S." means the United States of America, its
fifty States and the District of Columbia.

          "U.S. Government Obligations" means direct obligations of the
United States of America, or any agency or instrumentality thereof for the
payment of which the full faith and credit of the United States of America is
pledged as to full and timely payment of such obligations.

          "UTI" is defined in the Origination Trust Agreement.

          "UTI Assets" is defined in the Origination Trust Agreement.

          "Vehicle" means an automobile, a truck, a truck chassis, a truck
body, a truck tractor, a truck trailer or another type of motorized vehicle

                                     -41-

<PAGE>

or equipment, together with any and all accessories, additions and parts from
time to time in or to any of the foregoing and all accessions thereto.

          "VMS" means PHH Vehicle Management Services LLC or any predecessor
in interest thereto (including, without limitation, PHH Fleet America
Corporation and Peterson, Howell & Heather, Inc.).

          "written" or "in writing" means any form of written communication,
including, without limitation, by means of telex, telecopier device,
telegraph or cable.

                                     -42-

                                     -11-Exhibit 4.3

                            GREYHOUND FUNDING LLC,
                                   as Issuer

                                      and

                           THE CHASE MANHATTAN BANK,
                             as Indenture Trustee

                      SERIES 2001-1 INDENTURE SUPPLEMENT

                         dated as of __________, 2001

                                      to

                                BASE INDENTURE

                           dated as of June 30, 1999

                   Floating Rate Asset-Backed Investor Notes

<PAGE>

                               Table of Contents

                                                                          Page

PRELIMINARY STATEMENT . . . . . . . . . . . . . . . . . . . . . . . . . . .  1
DESIGNATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  1
ARTICLE I DEFINITIONS . . . . . . . . . . . . . . . . . . . . . . . . . . .  1
ARTICLE II ARTICLE 5 OF THE BASE INDENTURE  . . . . . . . . . . . . . . . . 12
         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     Section 5A.3.  Determination of Interest. . . . . 15
         Section 5A.4     Monthly Application of Collections. . . . . . . . 16
         Section 5A.5     Payment of Monthly Interest Payment . . . . . . . 18
         Section 5A.6     Payment of Principal. . . . . . . . . . . . . . . 19
         Section 5A.7     The Administrator's Failure to Instruct the
                          Indenture Trustee to Make a Deposit or Payment. . 19
         Section 5A.8     Series 2001-1 Reserve Account . . . . . . . . . . 20
         Section 5A.9     Series 2001-1 Yield Supplement Account. . . . . . 22
         Section 5A.10    Series 2001-1 Distribution Account. . . . . . . . 23
         Section 5A.11    Lease Rate Caps . . . . . . . . . . . . . . . . . 24
ARTICLE III AMORTIZATION EVENTS . . . . . . . . . . . . . . . . . . . . . . 26
ARTICLE IV OPTIONAL PREPAYMENT  . . . . . . . . . . . . . . . . . . . . . . 28
ARTICLE V SERVICING AND ADMINISTRATOR FEES  . . . . . . . . . . . . . . . . 28
         Section 5.1 Servicing Fee  . . . . . . . . . . . . . . . . . . . . 28
         Section 5.2 Administrator Fee  . . . . . . . . . . . . . . . . . . 28
ARTICLE VI FORM OF SERIES 2001-1 NOTES  . . . . . . . . . . . . . . . . . . 29
         Section 6.1 Initial Issuance of Series 2001-1 Investor Notes.  . . 29
         Section 6.2 Global Notes.  . . . . . . . . . . . . . . . . . . . . 29
         Section 6.3 Definitive  Notes. . . . . . . . . . . . . . . . . . . 29
ARTICLE VII INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . 30
ARTICLE VIII MISCELLANEOUS  . . . . . . . . . . . . . . . . . . . . . . . . 30
         Section 8.1 Ratification of Indenture  . . . . . . . . . . . . . . 30
         Section 8.2 Obligations Unaffected . . . . . . . . . . . . . . . . 30
         Section 8.3 Governing Law  . . . . . . . . . . . . . . . . . . . . 30
         Section 8.4 Further Assurances . . . . . . . . . . . . . . . . . . 30
         Section 8.5 Exhibits . . . . . . . . . . . . . . . . . . . . . . . 30
         Section 8.6 No Waiver; Cumulative Remedies . . . . . . . . . . . . 31
         Section 8.7 Amendments . . . . . . . . . . . . . . . . . . . . . . 31
         Section 8.8 Severability . . . . . . . . . . . . . . . . . . . . . 31
         Section 8.9 Counterparts . . . . . . . . . . . . . . . . . . . . . 31
         Section 8.10 No Bankruptcy Petition  . . . . . . . . . . . . . . . 31
         Section 8.11 SUBIs . . . . . . . . . . . . . . . . . . . . . . . . 32
         Section 8.12 Notice to Rating Agencies . . . . . . . . . . . . . . 33
         Section 8.13 Conflict of Instructions  . . . . . . . . . . . . . . 33

                                      -i-

<PAGE>

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-

<PAGE>

          SERIES 2001-1 SUPPLEMENT, dated as of ________, 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 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 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 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.

<PAGE>

                                   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
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 the Luxemburger Wort or other daily
     newspaper 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.

          "Class A-1 Final Maturity Date" means the _______ 200_ Payment
     Date.

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

          "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.

                                       2

<PAGE>

          "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 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 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 ________20__ Payment
     Date.

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

          "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 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.

                                       3

<PAGE>

          "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).

          "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

                                       4

<PAGE>

     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.

          "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
     __________, 2001.

          "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

                                       5

<PAGE>

     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 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 ______ 200_ 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)

                                       6

<PAGE>

     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 (xi) 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 Closing Date" means _________, 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 A-1+ by Standard & Poor's and P-1 by Moody's and long-
     term unsecured debt ratings of at least AA- by Standard & Poor's and Aa3
     by Moody's.

          "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.

                                       7

<PAGE>

          "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 ___________, 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.

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

                                       8

<PAGE>

          "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.

                                       9

<PAGE>

          "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.

          "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 of
     determination, an amount equal to 14.9425% of the Series 2001-1 Initial
     Invested Amount; provided, however that if on any Settlement Date (1)
     the Three Month Average Charge-Off Ratio exceeds __%, (2) the Twelve
     Month Average Charge-Off Ratio exceeds __%, (3) the Three Month Average
     Residual Value Loss Ratio exceeds __%, (4) the Twelve Month Average
     Residual Value Loss Ratio exceeds __%, (5) the Three Month Average Paid-
     In Advance Loss Ratio exceeds __%, (6) the Twelve Month Average Paid-In
     Advance Loss Ratio exceeds __% or (7) the Three Month Average
     Delinquency Ratio for any Settlement Date exceeds __%, the Series 2001-1
     Required Enhancement Amount will equal the product of 15.9425% and the

                                      10

<PAGE>

     Series 2001-1 Initial Invested Amount on such Settlement 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 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.__% 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 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);

                                      11

<PAGE>

     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 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 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.

                                      12

<PAGE>

          "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.

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

                                      13

<PAGE>

          "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.

                                      14

<PAGE>

                                  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:

          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

                                      15

<PAGE>

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.

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

                                      16

<PAGE>

          (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.

          (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 (xi) 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.

                                      17

<PAGE>

          Section 5A.3    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 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

                                      18

<PAGE>

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

                                      19

<PAGE>

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).

          (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;

                                      20

<PAGE>

          (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 Servicing Fee for the Series 2001-1 Interest Period
     ending on such Payment Date;

          (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 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
     _________  200__ 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

                                      21

<PAGE>

     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; and

          (xii)  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

                                      22

<PAGE>

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 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 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

                                      23

<PAGE>

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 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.

                                      24

<PAGE>

          (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 Series 2001-1 Reserve
Account shall be under the sole dominion and control of the Indenture Trustee
for the benefit of the Series 2001-1 Investor Noteholders.  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.

                                      25

<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

                                      26

<PAGE>

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.

          (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

                                      27

<PAGE>

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 Series 2001-1 Yield Supplement Account shall be under the sole dominion
and control of the Indenture Trustee for the benefit of the Series 2001-1
Investor Noteholders.  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.

          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

                                      28

<PAGE>

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.  The
Series 2001-1 Distribution Account shall be under the sole dominion and
control of the Indenture Trustee for the benefit of the Series 2001-1
Investor Noteholders.

          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.__% per
annum.

          (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.__% per annum.

                                      29

<PAGE>

          (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.__% 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 AA- 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 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.

                                      30

<PAGE>

                                  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 ___%;

          (g)  the Three Month Average Residual Value Loss Ratio with respect
to any Settlement Date exceeds ____%;

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

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

          (j)  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;

          (k)  any Servicer Termination Event shall occur;

          (l)  any Termination Event shall occur;

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

                                      31

<PAGE>

          (n)  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;

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

          (p)  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;

          (q)  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;

          (r)  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;

          (s)  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;

          (t)  there shall have been filed against Avis, 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;

                                      32

<PAGE>

          (u)  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

          (v)  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 (q) through (v) 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 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 (p) 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 ________ 200__.  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 Fee.  A periodic servicing fee (the
"Series 2001-1 Servicing Fee") shall be payable to the Servicer on each
Payment Date for the preceding Monthly Period 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

                                      33

<PAGE>

first day of such Monthly Period times (c) the number of days in such Monthly
Period divided by 365 (or 366, as applicable) days. The Series 2001-1
Servicing Fee shall be payable to the Servicer on each Payment Date pursuant
to Section 5A.4(c)(iv) or (vi).

          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 preceding Monthly Period 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 such Monthly Period times (c)
the number of days in such Monthly 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 __________, 2001, among the Issuer, VMS, Avis and Chase 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

                                      34

<PAGE>

     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.

          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.

                                      35

<PAGE>

          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,
including, without limitation, in the case of the Issuer, the execution of
any financing or registration statements or similar documents or notices or
continuation statements relating to the Series 2001-1 Collateral for filing
or registration under the provisions of the UCC or similar legislation of any
applicable jurisdiction.

          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.

          (a)  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.

          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

                                      36

<PAGE>

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.

          (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.
Section 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

                                      37

<PAGE>

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.

          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.

                                      38

<PAGE>

          IN WITNESS 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:

                                      39

<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 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 _________,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

                                      A-2

<PAGE>

Indenture referred to on the reverse hereof, or be valid or obligatory for
any purpose.

                                      A-3

<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-4

<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 __________, 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 ________, 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 ________
200__.  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

                                      A-5

<PAGE>

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.

          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,

                                      A-6

<PAGE>

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.
Section 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 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

                                      A-7

<PAGE>

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 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.

                                      A-8

<PAGE>

          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-9

<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:_______________________<F1>

                                    Signature Guaranteed:

                               __________________________________

                               __________________________________

                                     A-10

<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 ASSET BACKED INVESTOR NOTES, CLASS A-2

                                     A-11

<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 _________, 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

                                     A-12

<PAGE>

Indenture referred to on the reverse hereof, or be valid or obligatory for
any purpose.

                                     A-13

<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-14

<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 __________, 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 _________, 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 ________
200__.  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

                                     A-15

<PAGE>

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.

          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

                                     A-16

<PAGE>

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.
Section 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 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

                                     A-17

<PAGE>

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 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.

                                     A-18

<PAGE>

          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-19

<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:_______________________<F2>

                                    Signature Guaranteed:

                               __________________________________

                               __________________________________

                                     A-20

<PAGE>

<F1>     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.

<F2>     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-21

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